The Effect of Environmental, Social, and Governance (ESG) Disclosure on the Firm Performance of Companies Listed on the Stock Exchange of Thailand
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This study aims to examine the impact of Environmental, Social, and Governance (ESG) disclosure, both in overall terms and by individual dimension, on firm value, return on assets (ROA), and return on equity (ROE) of companies listed on the Stock Exchange of Thailand. The sample comprises 139 listed firms that disclosed ESG information in the Bloomberg database during the period from 2021 to 2023, yielding a total of 250 firm-year observations. Multiple regression analysis was used for data analysis. The findings indicate that overall ESG disclosure has a positive effect on firm value (Tobin’s Q), ROA, and ROE. When analyzed by dimension, environmental (ENV) disclosure is positively associated with firm value, while social (SOC) disclosure is positively associated with ROE. However, governance (GOV) disclosure shows no significant impact on either firm value or financial performance. The findings highlight the importance of ESG disclosure, particularly in the environmental and social dimensions, in enhancing firm value and financial performance of Thai listed companies. Firms are therefore encouraged to emphasize ESG practices to foster sustainability and strengthen long-term investor confidence. Therefore, companies should prioritize ESG practices to promote sustainability and foster long-term investor confidence.
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บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของวารสารการบัญชีและการจัดการ
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับมหาวิทยาลัยมหาสารคาม และคณาจารย์ท่านอื่นๆในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว
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