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March 10, 2026Business Strategy & Development

Do E, S, G, and Overall ESG Have the Same Effect on Financial Performance in Southeast Asian Companies?

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Authors

EHErna HidayahNCNoor Endah CahyawatiHZHanifah Zahra

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Overview

Examines the effect of ESG performance on financial outcomes in companies, suggesting key strategies for managers.

Key Points

  • This research investigates how environmental, social, and governance performance relates to financial outcomes for Southeast Asian companies.
  • Analyzed panel data from 660 firm-year observations between 2018 and 2022
  • Utilized panel regression techniques with a fixed-effects model
  • Focused on the Environmental, Social, and Governance pillars along with overall ESG scores
  • Positive and significant influence of Environmental, Social, and Governance pillars on financial performance
  • Higher overall ESG score correlated with negative financial performance
  • Findings indicate importance of strategic focus on specific ESG pillars for short-term benefits

Cite This Study

Hidayah et al. (2026) studied this question.

synapsesocial.com/papers/69af95b470916d39fea4d811https://doi.org/10.1002/bsd2.70297
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