企业可持续发展与企业财务绩效:来自马来西亚和印尼上市公司的证据

International Journal of Economics and Management Pub Date : 2022-08-20 DOI:10.47836/ijeam_16.2.05

Norashikin Ismail, N. Anridho, Mohamad Azwan Md. Isa, Nor Hadaliza ABD RAHMAN, N. Ismail.

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引用次数: 6

摘要

本研究的目的是研究马来西亚和印度尼西亚的企业可持续发展(ESG)对财务绩效的影响。样本包括2010-2019年10年间在马来西亚证券交易所上市的36家公司和在印度尼西亚证券交易所上市的24家公司。采用固定效应(FE)和综合效应分析表明，ESG实践与财务绩效呈正相关。这一结果表明，从事环境、社会和治理方面的公司具有更高的股东价值。良好的经济状况鼓励公司整合ESG方面，并以良好的财务回报(ROE)回报投资者。治理实践较少的公司将增加股东价值(ROE)。从本质上说，这一实证证实了利益相关者理论和代理理论。本研究的意义在于从esg实践中加强可持续发展，并与当前政策制定者的可持续金融议程保持一致。事实上，这项研究鼓励更多潜在投资者投资具有esg实践的公司。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Corporate Sustainability and Firms' Financial Performance: Evidence from Malaysian and Indonesian Public Listed Companies

The aim of study is to examine the impact of corporate sustainability (ESG) on the financial performance for Malaysia and Indonesia. A sample was selected comprising of 36 companies listed in Bursa Malaysia and 24 companies listed in Indonesia Stock Exchange over the ten-year period 2010-2019. Using fixed effect (FE) and pooled OLS suggest that ESG practices are positively associated with financial performance. This result implies that companies engaged in environmental, social and governance aspects have a higher shareholder value. A good economy condition encouraged companies to integrate ESG aspects and rewarded investors with good financial return (ROE). Companies with lesser governance practice would increase shareholders value (ROE). Essentially, this empirical evidence confirms stakeholder’s theory and agency theory. The implication of this study is to strengthen the development of sustainability from ESG practice and in line with current agenda of sustainable finance for the policymakers. Indeed, this study encourages more potential investors to invest companies with ESG practices.

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来源期刊

International Journal of Economics and Management Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.80

自引率

0.00%

发文量

期刊介绍： The journal focuses on economics and management issues. The main subjects for economics cover national macroeconomic issues, international economic issues, interactions of national and regional economies, microeconomics and macroeconomics policies. The journal also considers thought-leading substantive research in the finance discipline. The main subjects for management include management decisions, Small Medium Enterprises (SME) practices, corporate social policies, digital marketing strategies and strategic management. The journal emphasises empirical studies with practical applications; examinations of theoretical and methodological developments. The journal is committed to publishing the high quality articles from economics and management perspectives. It is a triannual journal published in April, August and December and all articles submitted are in English. IJEM follows a double-blind peer-review process, whereby authors do not know reviewers and vice versa. Peer review is fundamental to the scientific publication process and the dissemination of sound science.