The Impact of Environmental, Social, and Governance (ESG) Practices on Firm Financial Performance of Southeast Asia Manufacturing Companies

Lucyana, Erdaningsi (2025) The Impact of Environmental, Social, and Governance (ESG) Practices on Firm Financial Performance of Southeast Asia Manufacturing Companies. S1 thesis, Universitas Andalas.

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Abstract

This study aims to examine the impact of Enivironmental, Social, and Governance (ESG) practices on firm financia performance of Southeast Asia manufacturing companies. The research sample includes manufacturing companies listed on the stock exchanges of six countries in Southeast Asia and have an ESG Score in 2019-2023 on the Thomson Reuters Eikon database. Panel regression analysis is used to examine the study hypotheses and achieve the study aims. The analysis is conducted using Eviews 13.0. This study shows that Environmental practices have a marginal positive impact on ROA and a significant positive impact on ROE. However, EP shows no significant impact on Tobin’s Q. Social practices have no significant impact on both ROA and ROE. However, SP positively impact Tobin’s Q, indicating improved market valuation through better reputation and investor confidence. Governance practices significantly improve ROA and ROE, reflecting better resource utilization and shareholder returns. However, GP has no significant impact on Tobin’s Q.

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