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All Journal Jurnal Reviu Akuntansi dan Keuangan ETIKONOMI Cakrawala Pendidikan Jurnal Akuntansi & Auditing Indonesia Jurnal Akuntansi Multiparadigma JIA (Jurnal Ilmiah Akuntansi) (JRAMB) Jurnal Riset Akuntansi Mercu Buana Jurnal Ilmiah Akuntansi Manajemen Jurnal Akuntansi Rahmatan Lil’alamin Journal of Community Services (RLA)
Aditya Pandu Wicaksono
Faculty Of Economics, Universitas Islam Indonesia
Humanities Economics, Econometrics & Finance Education Social Sciences Other

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Journal : ETIKONOMI

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ESG and Firm Performance in Developing Countries: Evidence From ASEAN Makhdalena Makhdalena; Desi Zulvina; Yani Zulvina; Rizky Windar Amelia; Aditya Pandu Wicaksono
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.25271

Abstract

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. Therefore, studies in developing countries are still rare and mixed. This study examines the effect of Environmental, Social, and Governance (ESG) information on firm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) during 2010-2020. The information on ESG score and ROA as a proxy for firm performance measures ESG. Regression test results showed that ESG has a positive effect on firm performance. We also found that three components of ESG, environmental, Social, and Governance, positively affect firm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives affect the firm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive effect between ESG disclosure and company performance. ESG, in the long term, would build effective governance and increase shareholder value. The research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a firm operational and market performance.JEL Classification: G30, Q56, Q50How to Cite:Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.
Co-Authors Adhetra Januar Putra Pratama Ahada Nur Fauziya Ari Santoso Arya Lintang Risang Bagus Briyan Efflin Syahputra Dekar Urumsah Desi Zulvina Fitra Roman Cahaya Gilang Nugroho Hadri Kusuma Kinanthi Putri Ardiami Makhdalena Makhdalena Muamar Nur Kholid, Muamar Nur Prabowo, Hendi Yogi Reny Lia Riantika Riana Mahfuroh Rizky Windar Amelia Rizky Windar Amelia Sigit Handoyo Wirawan Hardinto Wulan Suci Rachmadani Yani Zulvina