Date of Publication
12-2022
Document Type
Dissertation/Thesis
Degree Name
Bachelor of Science in Accountancy
Subject Categories
Accounting | Business Law, Public Responsibility, and Ethics | Management Sciences and Quantitative Methods
College
Ramon V. Del Rosario College of Business
Department/Unit
Accountancy
Honor/Award
Candidate for Best Thesis
Thesis Advisor
Joy S. Rabo
Defense Panel Chair
Editha O. Trinidad
Defense Panel Member
Michelle A. Ang
Abstract/Summary
With the rise of sustainable investments, the environmental, social, and governance performance (ESGP) of firms has been used to measure sustainability, and its influence on corporate financial performance (CFP) has been an interest of many studies. However, no conclusive evidence can be obtained from extant literature, which primarily focuses on the unidirectional ESGP-CFP relationship in developed economies. This study therefore aims to investigate the bidirectional ESGP-CFP relationship among publicly-listed companies in the ASEAN-4 emerging countries. Sensitive industries are also given focus due to their societal impacts. Using panel vector autoregression, some significant findings were revealed: a) for the ESGP-CFP link, an increase in ESGP may lead to an increase in market performance which reflects a firm’s current value and future prospects; and b) for the CFP-ESGP nexus, an increase in accounting performance based on historical financial data may lead to an increase in ESGP but an inverse impact is found in terms of market performance. Despite this, the study concluded that none of the variables ultimately impact the other as per the Granger causality test. A cross-country analysis, on the other hand, produced four significant, causal relationships. Since ESG reporting is in its infancy in the region, discrepancies between the overall ASEAN-4 and cross-country results may be attributed to the investment culture and ESG reporting practices in each of the sampled countries.
Abstract Format
html
Language
English
Recommended Citation
Beltrano, S. R., Follosco, S. S., Saraza, R. O., & Vinson, J. A. (2022). An analysis on the bidirectional causal relationship between ESG performance and corporate financial performance of publicly-listed companies under sensitive industries in the ASEAN-4 emerging countries. Retrieved from https://animorepository.dlsu.edu.ph/etdb_acc/37
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2022_Beltrano_PageswithSignature.pdf (901 kB)
2022_Beltrano_Chapter 1.pdf (1972 kB)
2022_Beltrano_Chapter 2.pdf (2192 kB)
2022_Beltrano_Chapter 3.pdf (1656 kB)
2022_Beltrano_Chapter 4.pdf (2815 kB)
2022_Beltrano_Chapter 5.pdf (1318 kB)
2022_Beltrano_References.pdf (1055 kB)
2022_Beltrano_Appendix A.pdf (1009 kB)
2022_Beltrano_Appendix B.pdf (923 kB)
2022_Beltrano_Appendix C.pdf (1387 kB)
2022_Beltrano_Appendix D.pdf (3359 kB)
Embargo Period
12-8-2022
