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All Journal Business and Finance Journal Jurnal Akuntansi dan Keuangan
Prasetyo, Doni Iwan
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Economics, Econometrics & Finance

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COMPANY PERFORMANCE AND ESG DISCLOSURE: DOES COUNTRY GOVERNANCE MATTER? (EVIDENCE FROM SOUTHEAST ASIA) Prasetyo, Doni Iwan; Y Anni Aryani
Jurnal Bisnis dan Keuangan Vol 9 No 2 (2024): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v9i2.6063

Abstract

This study aims to examine the effect of ESG disclosure on company performance and to analyze the moderating effect of country governance on the relationship between ESG and company performance. The study population comprises real estate companies operating in five Southeast Asian countries: Indonesia, Malaysia, the Philippines, Singapore, and Thailand (ASEAN-5). The findings reveal that ESG disclosure negatively affects firm performance, highlighting a divergence from the increasing global emphasis on sustainability issues. This indicates that Southeast Asian stakeholders may still undervalue the importance of investments in ESG-related areas. However, the study also finds that good national governance significantly moderates this relationship, mitigating the adverse effects of ESG disclosure on firm performance. This underscores effective governance's crucial role in enhancing ESG practices' benefits. The research provides valuable insights for policymakers and business leaders in the region, emphasizing the need for improved governance structures to support sustainable business practices.
ESG, CEO Tenure, and Firm Performance: A Real Estate Dilemma in ASEAN-6 Prasetyo, Doni Iwan; Aryani, Y. Anni
Jurnal Akuntansi dan Keuangan Vol. 27 No. 2 (2025): NOVEMBER 2025 (Forthcoming Publication)
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.27.2.105-116

Abstract

This study examines the effect of ESG (Environmental, Social, and Governance) disclosure on the performance of real estate companies in the ASEAN-6 region, with CEO tenure as a moderating variable. Using panel data from 2016 to 2023, covering 424 observations of real estate firms listed on ASEAN-6 stock exchanges, this study employs the Random Effect Model (REM) to analyze the relationships between variables. The findings reveal that ESG disclosure has a negative and significant impact on firm performance, as measured by Tobin's Q. However, the interaction between ESG disclosure and CEO tenure exhibits a positive and significant effect. These results indicate that longer-tenured CEOs can moderate the relation-ship between ESG disclosure and firm performance. The implications of this research provide valuable insights for companies to enhance ESG transparency and consider leadership stability in optimizing long-term performance.
Co-Authors Y Anni Aryani Y. Anni Aryani