|
Exploring the link between Environmental,Social and Governance (ESG)disclosureand market value of the firm: evidencefrom Thai listed companies |
|---|---|
| รหัสดีโอไอ | |
| Creator | David Van Brecht |
| Title | Exploring the link between Environmental,Social and Governance (ESG)disclosureand market value of the firm: evidencefrom Thai listed companies |
| Contributor | Anastasia Maga |
| Publisher | Stamford International University, Thailand |
| Publication Year | 2561 |
| Journal Title | ASEAN Journal of Management & Innovation |
| Journal Vol. | 5 |
| Journal No. | 2 |
| Page no. | p 95-106 |
| Keyword | ESG, market value, value-relevance of non-financial information, ESG disclosure |
| URL Website | http://ajmi.stamford.edu |
| Website title | AJMI -ASEAN Journal of Management & Innovation |
| ISSN | 2351-0307 |
| Abstract | This paper explores the way market values the disclosure of non-financial information, namely the environmental, social and governance (ESG) activities of 719Thaipublicly traded corporations. We usedthe data from the Bloomberg ESG disclosure score as a reference for ESG activities in the valuation model provided by Ohlson (1995) to find the link between non-financial information and market value. Our results show the value relevance of both ESG disclosure used as a dummy variable in the model and ESG score as a continuous variable for the financial market in Thailand. Thisresearch contributes to the vast literature on value relevance of non-financial information and the relations between firm value and sustainability performanceby showing that the Thai market also responds favorably to ESG disclosure. In more general terms the research supports the efficient market hypothesis (suggested by Fama-1998) |
