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All Journal Proceeding National Conference Business, Management, and Accounting (NCBMA)
Irma Rahma Utami
Universitas Pelita Harapan
Economics, Econometrics & Finance Social Sciences

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THE EFFECT OF ESG AND CAPITAL STRUCTURE ON FIRM VALUE IN ASEAN-5 Irma Rahma Utami; Eduard Ary Binsar Naibaho
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

The research is driven by the increasing demand for sustainable finance and the inconsistency of previous findings in emerging markets. This quantitative study addresses heteroskedasticity and cross-sectional correlation using panel data regression with Driscoll-Kraay Standard errors. A total of 1,070 observations for 2015-2024 are generated by the sample, which includes 107 non-financial companies in five ASEAN-5 countries. The t-test results indicate that the influence depends on the firm value proxy used. ESG and DER were not statistically significant in Model 1 (Tobin's Q). Nevertheless, PBV was significantly and positively impacted by both primary variables in Model 2 (PBV). The regression model (F-test) was statistically significant overall. These results suggest that the ASEAN-5 capital market is highly responsive to ESG and optimal debt usage (DER) when value is measured by PBV, which is consistent with both the Trade-off Theory and the Stakeholder Theory. The implication is that management is encouraged to prioritize ESG investments strategically, as these have been shown to improve market valuation (PBV) substantially.
Co-Authors Eduard Ary Binsar Naibaho