Disentangling Environmental Social and Governance (ESG) Performance To Enhance Firm Value

Fiki Kartika, Hadri Kusuma and Yuni Nustini

Economic Studies journal, 2026, issue 3, 90-105

Abstract: This study investigates how different dimensions of Environmental, Social, and Governance (ESG) performance affect firm value. We distinguish between short-term ESG, long-term ESG, and ESG controversies. The analysis covers six Southeast Asian countries, including Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines over the period of 2008-2022. We employ Ordinary Least Squares (OLS) regression with robust standard errors and find that both short-term and consistent ESG efforts significantly enhance firm value, while ESG controversies show no significant effect. This study provides a more detailed understanding of ESG performance and its relationships to firm value in emerging markets by disentangling ESG performance into short term, long-term and controversy dimensions.

JEL-codes: F65 G32 G34 M14 Q56 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2026:i:3:p:90-105

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