The Impact of Environmental Social and Governance Disclosure on Firm Value and Financial Performance of Listed Companies in the Stock Exchange of Thailand
Keywords:
Environmental Social and Governance (ESG), Return on Assets (ROA), Firm ValueAbstract
This study aims to examine the impact of Environmental, Social, and Governance (ESG) disclosure on firm value and financial performance of listed companies in the Stock Exchange of Thailand. The analysis utilizes secondary data from 317 firm-year observations during the period 2021–2023, comprising companies that disclosed ESG data available in the Bloomberg database. Multiple regression analysis was employed to test hypotheses regarding the effects of ESG factors on firm value, measured by Tobin’s Q (market-based indicator), and financial performance, measured by Return on Assets (ROA) (accounting-based indicator).
The results reveal that environmental disclosure has a positive impact on both Tobin’s Q and ROA. Social disclosure shows no significant effect on either Tobin’s Q or ROA, while governance disclosure negatively affects Tobin’s Q but has no impact on ROA. These findings suggest that ESG, particularly the environmental dimension, plays a vital role in enhancing firm value from both market and accounting perspectives. In contrast, governance-related disclosures may influence market perception more than operational profitability. Regulators and listed companies should prioritize environmental disclosures aligned with corporate strategy and consider revising governance disclosure practices to better suit the Thai context.
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ต้นฉบับที่ได้รับการตีพิมพ์ในวารสารบัญชีปริทัศน์ มหาวิทยาลัยราชภัฏเชียงราย ถือเป็นกรรมสิทธิ์ของมหาวิทยาลัยราชภัฏเชียงราย ไม่อนุญาตให้นำข้อความทั้งหมดหรือบางส่วนไปพิมพ์ซ้ำ เว้นเสียแต่ว่าจะได้รับอนุญาตจากมหาวิทยาลัยราชภัฏเชียงราย เป็นลายลักษณ์อักษร
