From Framing to Investor Behavior: The Role of Capital Market Journalism in Building ESG Investment Preferences in Indonesia

This paper investigates the relationship between media framing of environmental, social, and governance (ESG) issues and investor behavior in Indonesia's capital markets. It proposes a mixed-methods research framework that integrates quantitative content analysis of capital market news with event study methodology to examine whether the intensity and character of ESG coverage correlate with abnormal returns and trading volume changes. Grounded in agenda-setting theory, framing theory, signaling theory, and the efficient market hypothesis, the study positions capital market journalism as an information intermediary that can either facilitate or hinder the development of ESG investment preferences in an emerging market context. The proposed framework details sampling, coding, and analytical strategies to link journalistic agenda-setting and framing to measurable market outcomes, offering implications for regulators, journalists, issuers, and investors in Indonesia’s sustainable finance ecosystem.