Articlediamond2020

THE IMPACT OF ESG PERFORMANCE TO FIRM PERFORMANCE AND MARKET VALUE

David Junius · Adriel Adisurjo · Y. Arief Rijanto · Yang Elvi Adelina

79 citations0/0 files storedJurnal Aplikasi Akuntansi

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Social Responsibility Reporting Corporate Identity and Reputation Corporate Governance and Financial Management

Abstract

This research aims to investigate the impact of ESG performance on firm performance and market value. Total samples used are 271 listed companies (1355 firm-years observations) in five years period (2013-2017), which consisted of four ASEAN countries (Indonesia, Malaysia, Singapore, and Thailand). This study is analyzed using multiple regression analyses with the random-effect model and descriptive statistic. The independent variable is ESG Score; the dependent variables are three performance indicators (Return on Assets, Return on Equity, and Tobin’s Q) and Price-Earnings ratio; the control variables are firm size, firm's age, financial leverage, and industry. This research contributes to broadening the scope of the literature review regardings ESG performance by analyzing it on developing countries and also by using rarely used dependent variables, market value. The finding in this research is there is no significant influence from ESG Score to Firm Performance and Market Value because ESG Score is not yet a part of firm performance measurement. This research is limited in conducting lag effect research with the lag period of only one year, and also the number of companies that already have ESG scores is limited.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 79 citations exist upstream.

References

1977The Determination of Financial Structure: The Incentive-Signalling Approach 1997The Corporate Social Performance and Corporate Financial Performance Debate 2017Does ESG performance have an impact on financial performance? Evidence from Germany 2007Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index 2018Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector 2004Corporate governance and market valuation in China 2010The role of corporate sustainability performance for economic performance: A firm-level analysis of moderation effects 2015A review of corporate sustainability reporting tools (SRTs)

Cited by

2024Does ESG disclosure really influence the firm performance? Evidence from India 2023The Moderating Role of Technological Innovation on Environment, Social, and Governance (ESG) Performance and Firm Value: Evidence from Developing and Least-Developed Countries 2024The role of Indonesian regulators on the effectiveness of ESG implementation in improving firms’ non-financial performance 2025ESG Scores as Indicators of Green Business Strategies and Their Impact on Financial Performance in Tourism Services: Evidence from Worldwide Listed Firms

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.