<![CDATA[Environmental, social, and governance (ESG) considerations have become increasingly important in investment decisions; however, their relationship with firm value in the banking sector remains inconsistent across markets. This study examined the relationship between ESG performance and firm value among listed banks in Indonesia, Malaysia, Singapore, Thailand, and the Philippines during the 2021–2024 period. A quantitative approach was employed using secondary data obtained from annual reports, sustainability reports, and the Refinitiv database. Purposive sampling resulted in a sample of 28 banks, yielding 112 firm-year observations. Firm value was measured using Tobin’s Q, while sustainability performance was represented by the aggregate ESG score and the individual environmental, social, and governance pillar scores. Panel-data regression analysis was conducted using EViews 12, with model specification tests supporting fixed-effects estimation and robust standard errors applied to the aggregate ESG model. The results revealed a positive and statistically significant association between aggregate ESG performance and firm value, with a coefficient of 0.0026. However, none of the individual environmental, social, or governance pillars exhibited a statistically significant association with firm value in the pillar-level model. These findings suggest that integrated ESG performance may provide valuation-relevant information, although the results do not establish investor perceptions or causal mechanisms. The study concludes that stronger aggregate ESG performance is associated with higher firm value among the sampled ASEAN-5 banks and provides empirical evidence that may inform corporate sustainability strategies and investment assessments in the banking sector.]]>
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