ESG and Firm Performance in Developing Countries: Evidence From ASEAN

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, investors are aware corporate social responsibility activities. Therefore, developing countries still rare mixed. This study examines effect Environmental, Social, Governance (ESG) information ASEAN countries. We observed companies (Indonesia, Malaysia, Philippines, Thailand, Vietnam) during 2010-2020. The ESG score ROA as proxy for measures ESG. Regression test results showed that has positive performance. also found three components ESG, Governance, positively affect Robustness overall information, environmental initiatives firm’s market (Tobin’s Q). Research originality this proves between disclosure company long term, would build effective increase shareholder value. research implication is to suggest due empirical testing enhances operational performance.JEL Classification: G30, Q56, Q50How Cite:Makhdalena., Zulvina, D., Y., Amelia, R. W., & Wicaksono, A. P. (2023). Firm Performance Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.