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Environmental, Social, and Governance (ESG) Performance and Firm Value: Panel Data Evidence from ASEAN

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  • A Alifya Ariyandini

    (Universitas Indonesia)

Abstract

This study investigates the impact of corporate sustainability performance, measured through ESG scores, on firm value using a panel dataset of 568 publicly listed companies across Southeast Asia from 2019 to 2023. A random effects panel regression model, selected based on the Hausman test, is employed to estimate the relationship. The findings show that ESG performance has a positive and statistically significant effect on firm value, indicating that firms with stronger sustainability practices are viewed more favorably by investors. This suggests that ESG performance functions as a credible signal of corporate quality, strategic orientation, and risk management. The study contributes to the literature by extending the application of signaling theory within the ESG context and by providing empirical evidence from Southeast Asian emerging markets, where research remains limited. The results highlight that integrated ESG performance, captured through an aggregated score, plays an important role in enhancing firm valuation. These insights offer practical implications for managers, investors, and policymakers in promoting sustainability-driven value creation.

Suggested Citation

  • A Alifya Ariyandini, 2026. "Environmental, Social, and Governance (ESG) Performance and Firm Value: Panel Data Evidence from ASEAN," Advances in Economics, Business and Management Research,, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6239-709-5_181
    DOI: 10.2991/978-94-6239-709-5_181
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