Articlegold2023

ESG Performance and Corporate Financial Risk of the Alternative Capital Market in Thailand

56 citations0/0 files storedCogent Business & Management

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Corporate Social Responsibility Reporting Sustainable Finance and Green Bonds Corporate Governance and Financial Management

Abstract

This study aims to investigate the pattern and level of environmental, social and governance (ESG) performance of listed companies in the alternative capital market of Thailand, and (2) to test for the relationship between ESG performance and corporate financial risk. The population and sample data are comprised of all the listed companies in the alternative capital market in Thailand, namely, the Market for Alternative Investment (MAI). Content analysis by scoring is used to quantify ESG performance in annual reports during the period 2017–2021, while corporate financial risk is measured by the ratio of debt on equity. Descriptive analysis, correlation matrix, and multiple regression are used to analyze the data of this study. The average scores of ESG performance are 6.182 out of 11 scores. In addition, there is an increase of ESG performance in annual reports of the listed companies from 5.540 to 7.180 scores during the period being studied. Finally, the result finds a negative relationship between ESG performance and corporate financial risk. The signaling theory demonstrates an explanation proposing that the increase of ESG performance can reduce corporate financial risk. Therefore, top-management and shareholders should pay attention to ESG responsibility because it can decrease risk as well as enhance sustainable development.

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References

2013Academy of Management Journal 2012Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors 2012Does it pay to be really good? addressing the shape of the relationship between social and financial performance 1970A Theoretical Framework for Monetary Analysis 2016Impact of ESG factors on firm risk in Europe 2014Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance 2018Does ESG Performance Enhance Firm Value? Evidence from Korea 2021The Impact of ESG Management on Investment Decision: Institutional Investors’ Perceptions of Country-Specific ESG Criteria

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