The relationship between sustainability in annual report (56-1 one report) disclosure and firm performance in Thailand-SET100

The purpose of this study is to examine the relationship between SDGs adoption and firm performance, specifically return on equity (ROE) among listed companies in Thailand’s SET100 index. The analysis focuses on the period from 2021 to 2024, following the Thai SEC’s implementation of the mandatory 56-1 One Report, which emphasizes the disclosure of “Driving business for sustainability”. Seventeen SDGs are categorized into three independent variables aligned with the Triple Bottom Line theory: economic-related, social-related, and environmental-related dimensions. Firm size and leverage are included as control variables. The final sample consists of 417 firm-year observations, showing varying levels of SDGs engagement from no disclosure to full disclosure. The most frequently disclosed SDGs are Climate Action, Decent Work and Economic Growth, and Responsible Consumption and Production, while the least disclosed are Zero Hunger, Life Below Water and No Poverty. The result showed that social-related SDGs exhibit a statistically significant positive relationship with ROE at the 90% confidence interval.

本研究旨在探讨可持续发展目标（Sustainable Development Goals，SDGs）的采纳与企业绩效之间的关联，具体聚焦泰国SET100指数成分股上市公司的净资产收益率（Return on Equity，ROE）。分析时段为2021年至2024年，该时段紧随泰国证券交易委员会（Securities and Exchange Commission，SEC）推行强制要求的56-1号《单一报告》（One Report）规则，该规则强调"以可持续发展驱动商业运营"的信息披露要求。17项可持续发展目标依据三重底线理论（Triple Bottom Line Theory）被划分为三类自变量，分别对应经济维度、社会维度与环境维度。本研究同时纳入企业规模与杠杆率作为控制变量。最终样本包含417个企业-年度观测值，其SDGs参与度覆盖从完全不披露到全面披露的不同层级。披露频率最高的SDGs为气候行动、体面工作与经济增长，以及负责任消费和生产；披露频率最低的SDGs则为零饥饿、水下生物与消除贫困。研究结果显示，社会维度的SDGs与ROE之间存在90%置信水平下的统计显著正向关联。