The relationship between of environment, Social, Governance (ESG) and the firm value of companies listed on the stock exchange of Thailand

Abstract

          The purpose of this research was to investigate the relationship between of Environmental Responsibility, Social and Corporate Governance (ESG), and the Firm value of Companies Listed on the Stock Exchange of Thailand over the 2017 – 2021 period, the total number of samples in this study were 446 samples. The statistics used for analysis consist of Descriptive statistics (minimum, maximum, mean, and standard deviation) and inferential statistics which were Pearson correlation and Multiple regression analysis techniques to analyze the hypothesis.

          The results showed that independent variables: Corporate Governance, Environmental Responsibility, Social and Governance and Cash Flow to Asset Ratio had no relationship with the firm value of companies listed on the Stock Exchange of Thailand, listing in Dow Jones Sustainability Indexes, Receiving the Sustainability Report Award for ESG disclosure and size had a relationship with the firm value of Companies Listed on the Stock Exchange of Thailand. Therefore, The business had Environmental responsibility, social, and corporate governance responsibilities that affect the current business value because the company being ranked or receiving an award may result in additional costs for the company.