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The Influence of ESG Disclosures on Firm Value in Thailand

Author

Listed:
  • Thanyaorn Yordudom

    (Faculty of Management Sciences, Prince of Songkla University, 90110, Songkhla, Thailand)

  • : Muttanachai Suttipun

    (Faculty of Management Sciences, Prince of Songkla University, 90110, Songkhla, Thailand)

Abstract

Objective - The study aimed (1) to investigate the extent and level of environmental, social and governance (ESG) disclosures of listed companies in Thailand Sustainable Investment (THSI) group from the Stock Exchange of Thailand (SET), and (2) to examine the influence of ESG disclosures on firm value. Methodology � Population and samples were 60 listed companies in THSI group from the SET. Content analysis by word counting was used to quantify the extent and level of ESG disclosures in corporate annual reporting during 2015 to 2019, while firm value was collected by the market price. Descriptive analysis, correlation matrix, and multiple regression were used to analyze the data from the SET. Findings � As the results, the extent and level of environmental, social, and governance disclosures were 309.91, 1196.12, and 1197.84 average words. The most common ESG disclosure was governance disclosure following by social and environmental disclosures. Moreover, the study found the positive influence of environmental and social disclosures on firm value, while there was a negative influence of governance disclosure on firm value. Novelty � This study is the first THSI group study of ESG disclosure in Thailand. Type of Paper - Empirical

Suggested Citation

  • Thanyaorn Yordudom & : Muttanachai Suttipun, 2020. "The Influence of ESG Disclosures on Firm Value in Thailand," GATR Journals jfbr178, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jfbr178
    DOI: https://doi.org/10.35609/jfbr.2020.5.3(5)
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    References listed on IDEAS

    as
    1. Bohyun Yoon & Jeong Hwan Lee & Ryan Byun, 2018. "Does ESG Performance Enhance Firm Value? Evidence from Korea," Sustainability, MDPI, vol. 10(10), pages 1-18, October.
    2. Michael L. Barnett & Robert M. Salomon, 2012. "Does it pay to be really good? addressing the shape of the relationship between social and financial performance," Strategic Management Journal, Wiley Blackwell, vol. 33(11), pages 1304-1320, November.
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    More about this item

    Keywords

    ESG disclosures; Firm value; Thailand.;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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