Can Environmental Performance Protect Shareholder Value During the Covid-19 Pandemic?

This study aims to measure the influence of whether voluntary disclosure and environmental performance can affect shareholder value. Improved environmental performance is expected to provide access to new markets [1], especially during the economic crisis due to the COVID-19 pandemic. It is hoped that the company's environmental management performance can become positive additional information thereby influencing shareholder value to stimulate the capital market during the COVID19 pandemic. The company's environmental performance on shareholder value has developed into an attraction for researchers in recent years and is growing from year to year [2]. The result indicate that there is a strong and complex interplay between environmental performance, environmental disclosure, and shareholder value. Both sections of the hypothesis development underscore the importance of positive signals, transparency, and responsible practices in enhancing a company's reputation, reducing risk, and ultimately influencing stock market responses and firm value.