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The Resilience of ASEAN 5 Company During Pandemics: Does ESG matter?

In: Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)

Author

Listed:
  • Amalia Siti Khodijah

    (Cipasung University)

  • Dewi Ratnasari Astuti

    (Cipasung University)

  • Anja Muhammad Zaenul Ihsan

    (Cipasung University)

Abstract

This paper sets out to determine the impact of Environmental, Social, and Governance (ESG) performance on the financial resilience of non-financial companies operating in ASEAN 5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand) during the COVID-19 pandemic. Using data from the Thomson Reuters database and the statistical software SPSS25, a linear regression model was employed to analyze panel data. The results reveal that Malaysian companies with a high ESG score experienced a reduction in asset turnover and operating profit volatility during the pandemic. However, no significant differences were found in asset turnover and operating profit margin based on ESG score for other countries. A pillar-wise analysis of the ESG score showed that all three pillars (E, S, and G) significantly impacted the resilience of Malaysian firms’ asset returns, while only pillars E and S influenced the operating profit margin. Overall, the study’s findings suggest that while engaging in ESG activities may not necessarily lead to better performance during a crisis, it still holds importance for both managers and investors.

Suggested Citation

  • Amalia Siti Khodijah & Dewi Ratnasari Astuti & Anja Muhammad Zaenul Ihsan, 2024. "The Resilience of ASEAN 5 Company During Pandemics: Does ESG matter?," Advances in Economics, Business and Management Research, in: Ratih Hurriyati & Lili Adi Wibowo & Sulastri Sulastri & Lisnawati Lisnawati (ed.), Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023), pages 180-185, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-443-3_26
    DOI: 10.2991/978-94-6463-443-3_26
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