Date of Publication

10-2022

Document Type

Dissertation

Degree Name

Doctor of Philosophy in Business

Subject Categories

Business Administration, Management, and Operations

College

Ramon V. Del Rosario College of Business

Department/Unit

Decision Sciences and Innovation Dept

Thesis Advisor

Arnel Onesimo O. Uy

Defense Panel Chair

Reynaldo A. Bautista, Jr.

Defense Panel Member

Joy S. Rabo
Jaime T. Cempron
Liberty S. Patiu
Sheevun Di O. Guliman

Abstract/Summary

This study tests the moderating effect of country-level factors, economic freedom, and political stability, on the relationship between the company's sustainability activities as measured by its ESG score and its firm performance and value. As supported by the concept of Institutional Theory, the moderating effect was examined using a Multilevel Modelling approach. The samples gathered were from publicly listed companies in emerging countries across the Asia-Pacific Region. The results show that economic freedom does not significantly affect the relationship of ESG with the firm performance and value. At the same time, political stability was a significant moderator of the relationship between ESG and firm value. Hence, companies operating in emerging countries of the Asia-Pacific Region were recommended to invest heavily in sustainable activities and practices to boost the company valuation if they are working in a country with a high level of political stability. On the other hand, the investment managers are advised to consider the country's political stability before picking up investments in emerging countries included in the Asia-Pacific Region.

Abstract Format

html

Language

English

Format

Electronic

Keywords

Industries—Social aspects; Sustainable development—Pacific Area

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Embargo Period

12-11-2022

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