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All Journal Dinasti International Journal of Economics, Finance & Accounting (DIJEFA)
Ayu Nindita, Safira
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Economics, Econometrics & Finance

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ESG Impact on Firm Performance and Investment Efficiency Moderated by Board Cultural Diversity in Asean's Emerging Markets Ayu Nindita, Safira; Hanggraeni, Dewi
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 6 (2025): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i6.3530

Abstract

The study examines whether ESG performance improves Firm performance and Investment Efficiency (IE). The study also explores if Board Cultural Diversity (BCD) moderates ESG-Firm Performance and ESG-IE. A panel data collection of 129 nonfinancial Asean-5 enterprises from 2018 to 2022 was used. GLS regression is used to empirically test hypotheses and analyse data. ESG affected ROA and IE but not Tobin’s Q. Additionally, board cultural diversity moderated ESG-ROA interaction. In contrast, BCD cannot moderate ESG-IE relationships. The findings have implications for investors analysing corporate investment management and for stakeholders aware of ESG policies and BCD's impact on firm performance
Co-Authors Hanggraeni, Dewi