<![CDATA[Purpose: This study aims to analyze the influence of Environmental, Social, and Governance (ESG) performance on financial distress among consumer non-cyclicals companies in Indonesia, Malaysia, and Thailand during the 2020–2024 period. Methodology/approach: This study applies a quantitative approach using secondary data obtained from Refinitiv Eikon. Financial distress is measured using the modified Altman Z-Score model for emerging markets. The sample was selected through purposive sampling, resulting in 26 companies with 130 panel data observations. The analysis was conducted using panel data regression through the Chow and Hausman tests, with the Random Effect Model selected as the best estimation model. Findings: The results indicate that ESG performance and financial distress vary across companies. Simultaneously, environmental, social, and governance performance significantly influence financial distress. Partially, environmental performance has a significant negative effect on financial distress, while social and governance performance show no significant effect. Practical and Theoritical contribution/Originality: This study provides cross-country evidence on the role of ESG, particularly environmental performance, as a long-term risk management instrument in a defensive but financially vulnerable sector. Research Limitation: This study is limited to three Southeast Asian countries, one industrial sector, and a five-year observation period.]]>
