Analysis of How ESG Leader Stocks Performed in the 2024 Election Period Using the Sharpe Method

Authors

  • Renisa Lutfiah Harsono Department of Accounting, Accounting Study Program, Politeknik Negeri Madiun, Indonesia
  • Ulfa Rahmawati Department of Accounting, Accounting Study Program, Politeknik Negeri Madiun, Indonesia
  • Mukti Prasaja Department of Accounting, Accounting Study Program, Politeknik Negeri Madiun, Indonesia

DOI:

https://doi.org/10.18326/iaj.v6i1.71-93

Keywords:

ESG Leader Index, Optimal Portfolio, General Election, Sharpe, Single Index Model

Abstract

Objective & object:

This study aims to find out how the performance of the optimal portfolio made up of selected ESG Leader index stocks compares over three monthly periods: before, during, and after the 2024 general election. In the era of the 5.0 industrial revolution that prioritizes ESG, the IDX, in collaboration with Sustainalytics, launched a new index, the ESG Leader index, which interestingly outperformed the LQ45 index during the 2023-2024 election period.

Methods:

This study uses a descriptive method with a sample of twenty-nine selected ESG Leader index stocks. The data source used for reference and analysis in this study is secondary data. The data collection method used is documentation. Next, to determine the stocks included in the optimal portfolio, a single index model calculation was performed, and the performance of the optimal portfolio was calculated using the Sharpe method.

Results & Conclusions:

The results of the Sharpe method calculations on the optimal portfolio showed that the Sharpe value improved with each research period. In December 2023, the Sharpe value was 0.0882, followed by a Sharpe value of 1.0609 in January 2024. Furthermore, in February 2024, the Sharpe value of the optimal portfolio was 1.1686.

Limitations:

This study only looks at ESG Leader stocks from December 2023 to February 2024 using the Sharpe method.

Implications:

Single index model method to determine the optimal portfolio and the performance of the portfolio with the Sharpe method can be an option for investors in making investment decisions.

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Published

2026-08-21

How to Cite

Harsono, R. L., Rahmawati, U., & Prasaja, M. (2026). Analysis of How ESG Leader Stocks Performed in the 2024 Election Period Using the Sharpe Method. Islamic Accounting Journal, 6(1), 71–93. https://doi.org/10.18326/iaj.v6i1.71-93

Issue

Vol. 6 No. 1 (2026): ISLAMIC ACCOUNTING JOURNAL

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