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Abstract
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) factors on Tobin's Q value in banking sector companies listed on the Stock Exchange in Southeast Asia. Using panel data from 21 banks over the period 2013 to 2022, this study found that social factors have a positive and significant influence on Tobin's Q, while environmental and governance factors do not show a significant influence. These results show the importance of companies to pay attention to social aspects in their ESG implementation to increase firm value.
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References
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- Agus, D. (2006). Mewujudkan good governance melalui pelayanan publik. Yogyakarta: UGM Press.
- Aisyah. (2016). Pengetahuan, sikap, dan tindakan konsumsi makanan berserat pada siswa SMK Negeri 6 Yogyakarta [Skripsi, Universitas Negeri Yogyakarta].
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- Qin, Y. (2023). ESG performance and firm value: Evidence from the banking sector. Journal of Sustainable Finance & Investment, 13(2), 456–472. https://doi.org/10.1080/20430795.2021.1901123
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References
Achmad, S. R. (2004). Sistem manajemen kinerja: Performance management system. Panduan praktis untuk merancang dan meraih kinerja prima. Jakarta: PT Gramedia Pustaka Utama.
Agus, D. (2006). Mewujudkan good governance melalui pelayanan publik. Yogyakarta: UGM Press.
Aisyah. (2016). Pengetahuan, sikap, dan tindakan konsumsi makanan berserat pada siswa SMK Negeri 6 Yogyakarta [Skripsi, Universitas Negeri Yogyakarta].
Akuba. (2020). Pengaruh kemampuan penalaran, efikasi diri dan kemampuan memecahkan masalah terhadap penguasaan konsep matematika. JNPM (Jurnal Nasional Pendidikan Matematika), 4(1), 44.
Alice, T. R. (2004). Hubungan antara komunikasi antar pribadi guru dan motivasi kerja guru dengan kinerja guru SMUK BPK PENABUR Jakarta. Jurnal Pendidikan Penabur, 1–21.
Ben Lahouel, B., Bruna, M. G., Zaied, Y. B., & Zmami, M. (2019). The curvilinear relationship between environmental, social, and governance scores and financial performance: Evidence from the international context. Journal of
Cleaner Production, 233, 989–1006. https://doi.org/10.1016/j.jclepro.2019.06.079
Deegan, C. (2006). Financial accounting theory (2nd ed.). McGraw-Hill Education.
Fain, M. (2020). Environmental, social and governance (ESG) disclosure and firm performance: A literature review. Accounting and Finance Research, 9(3), 1–10. https://doi.org/10.5430/afr.v9n3p1
Gao, L., Zhang, J., & Li, Y. (2023). Stakeholder-oriented ESG disclosure and firm value: Evidence from emerging markets. Sustainability, 15(4), 1–18. https://doi.org/10.3390/su15043321
Qin, Y. (2023). ESG performance and firm value: Evidence from the banking sector. Journal of Sustainable Finance & Investment, 13(2), 456–472. https://doi.org/10.1080/20430795.2021.1901123
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029