Do SDGs Practices Enhance Firm Performance in Thailand? : A Multi-Year Analysis
Abstract
This study explores the relationship between involvement in Sustainable Development Goals (SDGs) activities and firm performance by focusing on six SDGs and their impact on Tobin's Q, return on assets (ROA), and return on equity (ROE) as performance measures.
The analysis utilizes data for the years 2019 to 2022, encompassing 474 firm-year observations from firms listed on the Stock Exchange of Thailand (SET) that voluntarily disclose their SDG activities data. Employing a fixed-effect panel regression model, we examine the effects on performance in the current year (t), the following year (t+1), and the year after (t+2) to capture both short-term and long-term impacts.
Our findings suggest that engaging in SDG activities provides long-term positive influence on firm performance even some SDGs show negative impact in a short run. These results support the Long-Term Value Creation proposition that integrating SDGs into a firm's strategy can lead to improved financial outcomes in the long term.
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บทความที่ได้รับตีพิมพ์เป็นลิขสิทธิ์ของวารสาร..... depend on policy
