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ESG and Firm Performance in Southeast Asia: Evidence from Tiger Cub Economies

Nguyen, Thi Thao Linh LU and Mulikh, Raudah Iftitah LU (2025) BUSN09 20251
Department of Business Administration
Abstract
Purpose: The purpose of this study is to explore the relationship between ESG performance and firm performance across the five tiger cub economies of Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, and to see whether it is affected by institutional factors of regulatory quality and government effectiveness.
Theoretical Perspective: The theoretical framework of this study is primarily based on institutional theory, combined with stakeholder theory. The literature also covers concepts of ESG and firm performance, namely financial indicators of ROA, ROE, and Tobin’s Q.
Methodology: Quantitative research with a deductive approach was conducted to fulfill the purpose of this thesis. The empirical data was collected from Thomson... (More)
Purpose: The purpose of this study is to explore the relationship between ESG performance and firm performance across the five tiger cub economies of Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, and to see whether it is affected by institutional factors of regulatory quality and government effectiveness.
Theoretical Perspective: The theoretical framework of this study is primarily based on institutional theory, combined with stakeholder theory. The literature also covers concepts of ESG and firm performance, namely financial indicators of ROA, ROE, and Tobin’s Q.
Methodology: Quantitative research with a deductive approach was conducted to fulfill the purpose of this thesis. The empirical data was collected from Thomson Reuters Refinitiv Eikon and World Bank database in a five-years period from 2019 to 2023.
Empirical Foundation: The study is grounded in the context of emerging tiger cub markets in Southeast Asia, focusing on 115 publicly listed companies dispersed in the five countries. The companies operate in 10 different industries, with the exception of financial institutions.
Conclusion: The findings of this study show that there are no significant direct effects in the relationships between each ESG dimensions and firm performance in the tiger cub economies. The results also indicate that significant positive moderating effects of institutional attributes of regulatory quality and government effectiveness are found only on the relationship between environmental performance and financial performance. (Less)
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author
Nguyen, Thi Thao Linh LU and Mulikh, Raudah Iftitah LU
supervisor
organization
course
BUSN09 20251
year
type
H1 - Master's Degree (One Year)
subject
keywords
Southeast Asia, ASEAN, tiger cub economies, ESG, firm performance, regulatory quality, government effectiveness
language
English
id
9193935
date added to LUP
2025-06-19 14:03:05
date last changed
2025-06-19 14:03:05
@misc{9193935,
  abstract     = {{Purpose: The purpose of this study is to explore the relationship between ESG performance and firm performance across the five tiger cub economies of Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, and to see whether it is affected by institutional factors of regulatory quality and government effectiveness.
Theoretical Perspective: The theoretical framework of this study is primarily based on institutional theory, combined with stakeholder theory. The literature also covers concepts of ESG and firm performance, namely financial indicators of ROA, ROE, and Tobin’s Q.
Methodology: Quantitative research with a deductive approach was conducted to fulfill the purpose of this thesis. The empirical data was collected from Thomson Reuters Refinitiv Eikon and World Bank database in a five-years period from 2019 to 2023.
Empirical Foundation: The study is grounded in the context of emerging tiger cub markets in Southeast Asia, focusing on 115 publicly listed companies dispersed in the five countries. The companies operate in 10 different industries, with the exception of financial institutions.
Conclusion: The findings of this study show that there are no significant direct effects in the relationships between each ESG dimensions and firm performance in the tiger cub economies. The results also indicate that significant positive moderating effects of institutional attributes of regulatory quality and government effectiveness are found only on the relationship between environmental performance and financial performance.}},
  author       = {{Nguyen, Thi Thao Linh and Mulikh, Raudah Iftitah}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{ESG and Firm Performance in Southeast Asia: Evidence from Tiger Cub Economies}},
  year         = {{2025}},
}