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

Kulabutr Komenkul; Phinyaphat Phinyaphat Sornsuwit; Nirunrat Tappandee; Chermarin Wattanathanitkul; Onanong Srimunta; Nattida Raksapol; Issrapon Boonchu; Surachai Suantubtim

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

Authors

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.

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Published

2023-12-05

Issue

Vol. 2 (2023): ASEAN International Sandbox Conference

Section

Published Articles

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