Proceedings of the 10th International Conference on Accounting, Management, and Economics (10th ICAME 2025)

10th International Conference on Accounting, Management, and Economics (10th ICAME 2025)

📍Makassar, Indonesia🗓️ 6-8 October 2025
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Environmental, Social, and Governance (ESG) Performance and Firm Value: Panel Data Evidence from ASEAN

Authors
A Alifya Ariyandini1, *
1Universitas Indonesia, Depok, Indonesia
*Corresponding author. Email: a.alifya@ui.ac.id
Corresponding Author
A Alifya Ariyandini
Available Online 20 June 2026.
DOI
10.2991/978-94-6239-709-5_181How to use a DOI?
Keywords
ESG; Firm Value; ASEAN; Sustainability; Panel Data
Abstract

This study investigates the impact of corporate sustainability performance, measured through ESG scores, on firm value using a panel dataset of 568 publicly listed companies across Southeast Asia from 2019 to 2023. A random effects panel regression model, selected based on the Hausman test, is employed to estimate the relationship. The findings show that ESG performance has a positive and statistically significant effect on firm value, indicating that firms with stronger sustainability practices are viewed more favorably by investors. This suggests that ESG performance functions as a credible signal of corporate quality, strategic orientation, and risk management. The study contributes to the literature by extending the application of signaling theory within the ESG context and by providing empirical evidence from Southeast Asian emerging markets, where research remains limited. The results highlight that integrated ESG performance, captured through an aggregated score, plays an important role in enhancing firm valuation. These insights offer practical implications for managers, investors, and policymakers in promoting sustainability-driven value creation.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 10th International Conference on Accounting, Management, and Economics (10th ICAME 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
20 June 2026
ISBN
978-94-6239-709-5
ISSN
2352-5428
DOI
10.2991/978-94-6239-709-5_181How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - A Alifya Ariyandini
PY  - 2026
DA  - 2026/06/20
TI  - Environmental, Social, and Governance (ESG) Performance and Firm Value: Panel Data Evidence from ASEAN
BT  - Proceedings of the 10th International Conference on Accounting, Management, and Economics (10th ICAME 2025)
PB  - Atlantis Press
SP  - 2603
EP  - 2614
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-709-5_181
DO  - 10.2991/978-94-6239-709-5_181
ID  - Ariyandini2026
ER  -