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Relationship between ESG and Financial Performance: A Study of Listed Companies on the Stock Exchange of Thailand in SET ESG |
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| รหัสดีโอไอ | |
| Creator | Chatchawat Kriengsuntikul |
| Title | Relationship between ESG and Financial Performance: A Study of Listed Companies on the Stock Exchange of Thailand in SET ESG |
| Contributor | Wanrapee Banchuenvijit |
| Publisher | University of the Thai Chamber of Commerce |
| Publication Year | 2568 |
| Journal Title | Journal of Family Business and Management Studies |
| Journal Vol. | 17 |
| Journal No. | 1 |
| Page no. | 43-58 |
| Keyword | ESG, sustainability, firm value, firm performance |
| URL Website | www.fbmsjournal.com |
| Website title | fbmsjournal |
| ISSN | 2821-9643(online) |
| Abstract | This research investigates the relationship between ESG (Environment, Social and Governance) and the financial performance of the companies listed on the stock exchange of Thailand in SET ESG Index by considering ESG Score (both Total ESG Score and each pillar scores) assessed by ESG Book GmbH and 4 financial performances i.e. Return on Assets, Return on Equity, Return on Sales and Tobin’s Q of the companies listed on the stock exchange of Thailand in SET ESG Index for a period of 3 years from 2020 to 2022. This study showed that the total ESG Score, and G Score have a significant positive relationship with Tobin’s Q. However, the company with high ESG Scores and high foreign shareholding ratio will have significant negative impact on Tobin’s Q. The company with a high S Score will have a significant negative relationship with Return on Sales, however the relationship with Return on Sales will be positive if that company also has a higher foreign shareholding ratio. This study found that none of the ESG Scores or variables has a significant relationship with Return on Equity. |
