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All Journal Publikasi Pendidikan JURNAL ILMIAH MANAJEMEN & BISNIS The Indonesian Journal of Planning and Development Jurnal Tataloka Jurnal Manajemen & Keuangan JKBM (JURNAL KONSEP BISNIS DAN MANAJEMEN) Jurnal Ilmiah Universitas Batanghari Jambi Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) Journal of Regional and Rural Development Planning Islamic Management: Jurnal Manajemen Pendidikan Islam Almana : Jurnal Manajemen dan Bisnis Jurnal Ilmiah Mandala Education (JIME) Jurnal Manajemen JURNAL EKSBIS Sebelas Maret Business Review ULIN: Jurnal Hutan Tropis Jurnal Penelitian Manajemen Terapan (Penataran) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Bahtera Inovasi Daengku: Journal of Humanities and Social Sciences Innovation Journal of Economics and Business Letters Jurnal Teknologi Lingkungan Lahan Basah SENTRI: Jurnal Riset Ilmiah INDONESIAN JOURNAL OF URBAN AND ENVIRONMENTAL TECHNOLOGY Ranah Research : Journal of Multidisciplinary Research and Development Amal Ilmiah: Jurnal Pengabdian Kepada Masyarakat IIJSE INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen Optimum: Jurnal Ekonomi dan Pembangunan Gandhi: Jurnal pengabdian kepada Masyarakat (G-JPM) Research In Management and Accounting (RIMA) Khazanah Sosial
Ake Wihadanto
Universitas Terbuka
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The Influence of Environmental, Social, and Governance (ESG) on Price to Book Value (PBV), with Industry Classification as Moderation in ASEAN Companies 2013-2023 Tokit Masditok; Tri Gunarsih; Ira Geraldina; Ake Wihadanto
Khazanah Sosial Vol. 6 No. 2 (2024): Khazanah Sosial
Publisher : UIN Sunan Gunung Djati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ks.v6i2.38456

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) practices on the financial performance of publicly listed companies in the ASEAN region, with a focus on Price-to-Book Value (PBV). The study further examines the moderating effect of industry sector classification, comparing heavy and non-heavy industries during the period 2013–2023. he research employs a quantitative method using secondary data in the form of unbalanced panel data. Panel data regression analysis is conducted using EViews to evaluate the effect of ESG on PBV. The analysis includes testing for moderating effects of industry sector classification (heavy vs. non-heavy sectors) using t-tests and F-tests to assess the significance of ESG’s influence on PBV. The results demonstrate a significant positive relationship between ESG and PBV in ASEAN companies. Companies with higher ESG scores tend to have higher PBV, indicating better market valuation. The study also finds that industry sector classification moderates this relationship, with non-heavy industries benefiting more from ESG practices than heavy industries, which face higher implementation costs and regulatory challenges. The findings suggest that ESG implementation can be a strategic tool for improving corporate financial performance, particularly in emerging markets like ASEAN. For heavy industries, government incentives may be necessary to offset high compliance costs. The research highlights the need for enhanced ESG disclosures and more consistent reporting standards across ASEAN to facilitate better integration of sustainability into business practices. This study fills a gap in existing literature by focusing on ASEAN, a region with unique economic and regulatory contexts. It contributes new insights into how ESG practices affect company valuation in developing markets, particularly by incorporating industry sector classification as a moderating variable, thus providing a more nuanced understanding of ESG's financial implications in diverse industrial contexts.
Co-Authors Agung Wahyu Wicaksono Albar, Muhammad Iqbal Alfan Renaldi Andriyansah . Anita Maharani Ardiansyah, Dede Arie Wibowo Khurniawan Arie Wibowo Khurniawan, I Ariyantini, Dianita Baba Barus Bonita, Dwi Putri Bratakusumah, Deddy S. Chairuman, Mohamad Deddy S. Bratakusumah Deddy S. Bratakusumah Destriyanti, Putri Dewi Marina Erliza Noor Etty Puji Lestari Farhana, Leyli Gunawan, Fransiskus Xaverius Candra Guntur Bagus Pamungkas Hapzi Ali Harmini, Harmini Hiptiyah, Siti Maria Ign. Advent Susilojati Ira Geraldina Isti Fadah Istianingsih Istianingsih, Istianingsih Istianingsih Sastrodiharjo, Istianingsih Kabul Wahyu Utomo Kasful Anwar Masditok, Tokit Mirawati Mirawati Mohammad Toha Nataliani, Nadya Putri Ni Made Ayu Krisna Cahyadi Ni Made Ayu Krisna Cahyadi Nurhasanah Nurhasanah Nurlina Nurlina Paramitha, Diky Parno Parno Parno Permana, Mirza Permata Sakti Prabawa Eka Soesanta Rahmad Purnama, Rahmad RINI FEBRIANTI Rini Yayuk Priyati, Rini Yayuk Rizky, Roisman Rohima Rohima Rohima Rohima Rossanto Dwi Handoyo Rusdiyanto, Edi Said Kelana Asnawi Saptowinarno, Bambang Sembiring, Rinawati Setiadi, Doni Siska Wijayanti, Siska Suci Rahmawati Prima, Suci Rahmawati Tokit Masditok Tri Gunarsih Vita Elysia Vita Elysia Wibowo Khurniawan , Arie Widhy Firmansyah Widi Hidayat Widiyanto Widiyanto Wulandari, Ikhvani Zulfahmi Zulfahmi