Environmental Social and Governance (ESG) Business Management and Sustainable Growth of Thai Listed Companies

Abstract

This study examines the context, characteristics, and performance of companies listed on the Stock Exchange of Thailand (SET) in relation to the concept of sustainable business growth based on Environmental, Social, and Governance (ESG) principles, and how such performance influences investor interest. A mixed-methods research design was employed, combining qualitative and quantitative approaches. The qualitative phase involved an in-depth documentary analysis and secondary data review of 17 sample companies covering the period from 2015 to 2024. The quantitative phase utilized primary data collected via questionnaires from a questionnaire survey of 54 institutional investors (25 from Asset Management Companies and 29 from Securities Brokerage Firms). The findings reveal a structural shift within Thai listed companies, where ESG adoption has transitioned from a voluntary initiative into a fundamental “License to Operate.” This evolution is largely driven by global standards and the government’s BCG (Bio-Circular-Green) policy. Companies with standout ESG performance see a direct, positive impact on their long-term corporate value, proving that ESG acts as a strategic value driver that also opens doors to lower-cost capital. When it comes to capturing investor interest, the data shows a significant gap between what is expected and what is happening (t = 14.703, p < 0.001). With an expectation gap of 0.54, investor decision-making has hit the highest level of priority. This indicates that ESG metrics have officially shifted from a "nice-to-have" alternative to an absolute baseline for investment decisions. Ultimately, this means companies must move away from simply reporting activities and start delivering clear, quantitative outcomes to truly earn investor trust.