Impact of ESG Performance on Profitability and Firm Value: Experience of Companies Listed on the Stock Exchange of Thailand
ESGパフォーマンスが収益性と企業価値に与える影響：タイ証券取引所上場企業の経験 (AI 翻訳)
Ayman Abdalla Mohammed Abubakr, Ahmed Mahade, A. Musa, Zohoor Abdallah Mahmoud Hussin, Zaki Ahmad, Abbas Abdelrahman Adam Abdalla
🤖 gxceed AI 要約
日本語
タイ証券取引所上場75社の2014-2023年のデータを用いて、ESGパフォーマンスがROA、ROE、Tobin's Qに正の影響を与えることをGMMで実証。負債と現金比率は負の影響を示し、企業規模と年齢は異なる効果を持つ。持続可能な財務戦略と資本構造の最適化を提言。
English
Using GMM on 75 Thai listed firms from 2014-2023, this study finds that ESG performance positively impacts ROA, ROE, and Tobin's Q. Debt and cash ratios negatively affect all metrics, while firm size and age show mixed effects. It advocates sustainable financial practices and optimal capital structure for emerging markets.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の文脈では、SSBJ開示義務化が進む中、ESGスコアと財務指標の関係を示す本知見は、日本企業の投資家対応や統合報告書作成に示唆を与える。ただし、タイ市場の特殊性に留意が必要。
In the global GX context
Globally, this paper contributes to the ESG-financial performance literature with evidence from an emerging market. For ISSB/TCFD adopters, it reinforces the business case for ESG integration, though the Thailand-specific context may limit generalizability.
👥 読者別の含意
🔬研究者:Provides empirical evidence from Thailand on the ESG-financial performance link using GMM, useful for comparative studies in emerging markets.
🏢実務担当者:Suggests that improving ESG performance can enhance profitability and firm value, supporting corporate sustainability strategies.
🏛政策担当者:Offers local empirical support for Thailand's sustainability agenda, encouraging policies that promote ESG disclosure and integration.
📄 Abstract（原文）
This study examines the impact of Environmental, Social, and Governance Performance (ESGP) on profitability and firm value, focusing on 75 listed companies on the Stock Exchange of Thailand (SET) over the period 2014 to 2023. ESGP has emerged as a critical measure of corporate sustainability, yet its financial implications in emerging markets like Thailand remain underexplored. Employing the Generalized Method of Moments (GMM) approach the findings reveal that ESGP positively impacts ROA, ROE, and TBQ, emphasizing its role in enhancing operational efficiency, stakeholder trust, and market confidence. However, short- and long-term debt and cash ratio exhibit a negative impact on all financial metrics, highlighting inefficiencies linked to excessive leverage and liquidity. Firm size positively influences ROA and ROE but negatively affects TBQ, indicating challenges in market perception of growth potential for larger firms. Conversely, firm age positively impacts ROA, reflecting stability and operational experience, but presents mixed effects on ROE and TBQ due to innovation inertia and equity inefficiencies. Robustness checks using Difference GMM validate these findings, confirming the relationships between ESGP, financial metrics, and control variables. This study offers insights for corporate managers and policymakers, advocating for sustainable financial practices, optimal capital structures, and innovation-driven strategies to maximize profitability and market valuation. It contributes to the literature on sustainable finance by providing empirical evidence from an emerging market perspective and aligns with Thailand’s national sustainability agenda. JEL Classification: G32, G34, Q56, M14, C33
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/21582440261416260first seen 2026-07-01 05:51:43
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