อิทธิพลของผลการดำเนินงานด้านสิ่งแวดล้อม สังคม และธรรมาภิบาล (ESG) การปล่อยก๊าซเรือนกระจกและค่าตอบแทนผู้บริหารต่อโอกาสการลงทุน โดยมีต้นทุนเงินทุนเป็นตัวแปรส่งผ่าน สำหรับบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Sorunya  Limugsorn; Anek  Putthidech; Surachai Am-ugsorn

Authors

Sorunya Limugsorn Doctoral Student, Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi
Anek Putthidech Assistant Professor, Faculty of Science and Technology, Rajamangala University of Technology Suvarnabhumi
Surachai Am-ugsorn Assistant Professor, Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi

Keywords:

ESG, Greenhouse gas emissions, Executive compensation, Cost of capital, Investment opportunity set

Abstract

This study examines the direct and indirect effects of environmental, social, and governance (ESG) performance, greenhouse gas emissions, and executive compensation on firms’ investment opportunities, with the cost of equity capital serving as a mediating variable. The sample consists of firms listed on the Stock Exchange of Thailand that disclosed ESG information in the Bloomberg database during 2020–2023, yielding a total of 223 firm-year observations. Path analysis is employed to test the proposed relationships.

The results show that ESG performance, greenhouse gas emissions, and executive compensation have positive effects on firms’ investment opportunity sets. ESG performance is negatively associated with the cost of equity capital, whereas greenhouse gas emissions are positively associated with the cost of equity capital. Executive compensation does not exhibit a significant effect on the cost of equity capital. In addition, the cost of equity capital is found to have a positive effect on investment opportunities, suggesting that a higher cost of equity capital may reflect firms’ expansion into riskier projects with higher expected returns rather than serving as a constraint on investment. Regarding indirect effects, ESG performance negatively affects investment opportunities through the cost of equity capital, indicating that the cost of equity capital functions as an investment screening mechanism rather than a direct stimulus for investment expansion. In contrast, greenhouse gas emissions exert a positive indirect effect on investment opportunities through the cost of equity capital, reflecting firms’ proactive investments to adapt to transition risks associated with the shift toward a low-carbon economy. No indirect effect of executive compensation on investment opportunities through the cost of equity capital is observed. The findings highlight the role of ESG performance and greenhouse gas emissions in shaping the cost of equity capital and investment opportunities. They also provide practical implications for risk management and support the development of sustainable finance and investment policies.

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References

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