Impact of ESG and Multinational Corporation Status on Stock Returns: Empirical Analysis of sSET-Listed Companies

  • Kulabutr Komenkul Dhurakij Pundit University
  • Phinyaphat Phinyaphat Sornsuwit Dhurakij Pundit University, Thailand
  • Nirunrat Tappandee Dhurakij Pundit University, Thailand
  • Chermarin Wattanathanitkul Dhurakij Pundit University, Thailand
  • Onanong Srimunta Dhurakij Pundit University, Thailand
  • Nattida Raksapol Dhurakij Pundit University, Thailand
  • Issrapon Boonchu Dhurakij Pundit University, Thailand
  • Surachai Suantubtim Dhurakij Pundit University, Thailand
Keywords: ESG, ESG impact, multinational corporations, stock returns, sSET

Abstract

This study explores the relationship between the Stock Exchange of Thailand Sustainability Index (sSET), Multinational Corporations (MNCs), and Environmental, Social, and Governance (ESG) criteria. Our analysis is based on a sample of 136 companies. We find that larger companies tend to experience lower stock returns, while Return on Assets (ROA) and Return on Equity (ROE) do not significantly impact stock returns. However, being a Multinational Corporation (MNC) is associated with higher stock returns, as is the case with Export Companies. This research highlights the growing significance of ESG factors in financial markets, providing valuable insights for both scholars and practitioners navigating the complexities of ESG-related information in finance.

Published
2023-12-05
Issue
Vol 2 (2023): ASEAN International Sandbox Conference
Section
Published Articles

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