Relationship between Financial Performance and Environment, Social and Governance of Listed Companies in Thailand

  • ณัฐนันทน์ ใจสะอาด
Keywords: Financial Performance, ESG, Environment, Society and Governance


This research examines the relationship between financial performance, which consists of the earnings before interest, taxes, depreciation, and Amortization (EBITDA margin), return on assets (ROA), return on equity (ROE), net return and Tobin's Q and the performance of Responsibility to the environment, society and good governance consisting of joining the Sustainable Stocks Group (THSI: Thailand Sustainability Investment) and sustainability awards (sustainability excellence). This research used data from the Stock Exchange of Thailand of 516 securities traded between January 2015 and December 2021. The results show that there is no significant relationship between ESG indexes and financial performance, except in the case Tobin’s Q, which has a positive relationship with the THSI index.