Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/326439 
Authors: 
Year of Publication: 
2024
Citation: 
[Journal:] Cogent Business & Management [ISSN:] 2331-1975 [Volume:] 11 [Issue:] 1 [Article No.:] 2379568 [Year:] 2024 [Pages:] 1-16
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
This study investigates the impact of Environmental, Social, and Governance (ESG) score on the financial performance of listed companies in the Southeast Asia. The study contributes to the existing literature in providing an empirical evidence for a regional analysis in developing countries, particularly in Southeast Asia and extending the existing models by incorporating macroeconomic and COVID-19 variables. The study estimates the impact of ESG score on financial performance using the Fixed Effect Model from the panel data comprising 225 listed companies in the six countries in the Southeast Asia including Singapore, Malaysia, Thailand, Indonesia, Vietnam, and the Philippines in three years from 2020 to 2022. The statistics implies the ESG practices in Southeast Asia still insufficient and significant variations among enterprises. A one-year lagged ESG variable has a significantly positive impact on financial performance. The COVID-19 infection rate has a significant negative impact on the return on asset (ROA); meanwhile, the ROA experiences a slight increase with a rise in GDP growth. The results also enhance our understanding of ESG investments and underscores their importance in shaping investment choices, especially in rapidly developing Southeast Asian economies, where prioritizing ESG factors is crucial for sustainable development.
Subjects: 
Environmental, social, and governance score
Financial performance
covid-19
gDP growth
southeast asia
JEL: 
G32
G38
Q56
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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