The impact of environmental, social, and governance performance on firm profitability: a panel study of listed firms in Thailand

This study explores the impact of environmental, social, and governance (ESG) performance on firm profitability: a panel study of listed firms in Thailand. The research examines a sample of companies over a ten-year period (2015–2024), comprising 228 firms listed on the Stock Exchange of Thailand (SET). This results in a total of 1,179 observations. A quantitative research design is employed, utilizing multiple linear regression analysis as the primary statistical method. Grounded in stakeholder theory and agency theory, the results reveal that the environmental, social, and governance (ESG) dimensions in Thailand demonstrate statistically significant and positive impacts on firm profitability, with significance levels observed at the 1 percent, 5 percent, and 10 percent, respectively. These findings provide policy recommendations and contribute to the literature on the relationship between ESG performance and firm profitability in Thailand.