Tác động của môi trường, xã hội và quản trị doanh nghiệp (ESG) đến giá trị doanh nghiệp: Bằng chứng thực nghiệm tại các nước đang phát triển ở khu vực ASEAN

Abstract

This study examines the non-linear relationship between Environmental, Social, and Governance (ESG) factors and the firm value of listed companies in the Asean region from 2007 to 2023. Using panel data regression and the U-test, our findings reveal a U-shaped relationship between aggregate ESG scores and firm value, measured by Tobin’s Q while also
identifying the extreme point for ESG performance. This paper also explores variations in the impact of ESG across different countries. These results contribute to clarifying the role of ESG in developing countries and provide relevant policy implications for stakeholders in the context of global sustainable development