ESG and Firm Performance in Developing Countries: Evidence From ASEAN

IF 1 Q3 ECONOMICS
Etikonomi Pub Date : 2023-03-04 DOI:10.15408/etk.v22i1.25271
Makhdalena Makhdalena, Desi Zulvina, Yani Zulvina, Rizky Windar Amelia, A. Wicaksono
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引用次数: 1

Abstract

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. Therefore, studies in developing countries are still rare and mixed. This study examines the effect of Environmental, Social, and Governance (ESG) information on firm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) during 2010-2020. The information on ESG score and ROA as a proxy for firm performance measures ESG. Regression test results showed that ESG has a positive effect on firm performance. We also found that three components of ESG, environmental, Social, and Governance, positively affect firm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives affect the firm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive effect between ESG disclosure and company performance. ESG, in the long term, would build effective governance and increase shareholder value. The research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a firm operational and market performance.JEL Classification: G30, Q56, Q50How to Cite:Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.
发展中国家的ESG与企业绩效:来自东盟的证据
一些研究主要调查了环境、社会和治理对发达国家企业绩效的影响,在发达国家,市场已经成熟,投资者意识到企业的社会责任活动。因此,对发展中国家的研究仍然很少,而且参差不齐。本研究考察了环境、社会和治理(ESG)信息对东盟发展中国家企业绩效的影响。2010-2020年期间,我们观察了东盟发展中国家(印度尼西亚、马来西亚、菲律宾、泰国和越南)的公司。ESG得分和ROA作为公司业绩指标的信息衡量ESG。回归检验结果表明,ESG对企业绩效有正向影响。我们还发现,ESG的三个组成部分,环境、社会和治理,对公司绩效有积极影响。稳健性测试结果显示,总体ESG信息、环境信息和社会举措会影响公司的市场表现(托宾Q)。本研究的研究原创性证明,发展中国家的ESG披露对公司绩效具有正向影响。从长远来看,ESG将建立有效的治理并增加股东价值。研究的含义是,由于ESG信息增强了公司的运营和市场绩效,因此表明公司拥有ESG信息。JEL分类:G30,Q56,Q50如何引用:Makhdalena。,Zulvina,D.、Zulvina、Y.、Amelia,R.W.和Wicaksono,A.P.(2023)。发展中国家的环境、社会、治理和企业绩效:来自东南亚的证据。Etikonomi,22(1),65-78。https://doi.org/10.15408/etk.v22i1.25271.
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来源期刊
Etikonomi
Etikonomi ECONOMICS-
自引率
12.50%
发文量
29
审稿时长
12 weeks
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