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All Journal ETIKONOMI Jurnal Online Mahasiswa (JOM) Bidang Keguruan dan Ilmu Pendidikan Al Ishlah Jurnal Pendidikan Indonesian Journal of Sustainability Accounting and Management Jurnal Manajemen Pendidikan Penelitian Kualitatif Jurnal JUMPED (Jurnal Manajemen Pendidikan) JURNAL PENDIDIKAN TAMBUSAI EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Pendidikan dan Konseling Instructional Development Journal Jurnal Akuntansi PEKBIS Journal of Educational Sciences Jurnal Magister Akuntansi Trisakti Media Riset Bisnis & Manajemen Journal of Education Technology Information Social Sciences and Health
Makhdalena Makhdalena
Economic Education Studies Program, Universitas Riau, Pekanbaru, 28293, Indonesia
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Library & Information Science Mathematics Neuroscience Nursing Public Health Social Sciences Other

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Journal : ETIKONOMI

 1 
ESG and Firm Performance in Developing Countries: Evidence From ASEAN Makhdalena Makhdalena; Desi Zulvina; Yani Zulvina; Rizky Windar Amelia; Aditya Pandu Wicaksono
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.25271

Abstract

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. Therefore, studies in developing countries are still rare and mixed. This study examines the effect of Environmental, Social, and Governance (ESG) information on firm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) during 2010-2020. The information on ESG score and ROA as a proxy for firm performance measures ESG. Regression test results showed that ESG has a positive effect on firm performance. We also found that three components of ESG, environmental, Social, and Governance, positively affect firm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives affect the firm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive effect between ESG disclosure and company performance. ESG, in the long term, would build effective governance and increase shareholder value. The research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a firm operational and market performance.JEL Classification: G30, Q56, Q50How to Cite:Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.
ESG and Firm Performance in Developing Countries: Evidence From ASEAN Makhdalena Makhdalena; Desi Zulvina; Yani Zulvina; Rizky Windar Amelia; Aditya Pandu Wicaksono
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.25271

Abstract

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. Therefore, studies in developing countries are still rare and mixed. This study examines the effect of Environmental, Social, and Governance (ESG) information on firm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) during 2010-2020. The information on ESG score and ROA as a proxy for firm performance measures ESG. Regression test results showed that ESG has a positive effect on firm performance. We also found that three components of ESG, environmental, Social, and Governance, positively affect firm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives affect the firm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive effect between ESG disclosure and company performance. ESG, in the long term, would build effective governance and increase shareholder value. The research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a firm operational and market performance.JEL Classification: G30, Q56, Q50How to Cite:Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.
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