The Impact of Environmental Management Disclosure and Financial Performance on the Market Value of Companies Listed in the Sustainability Index of the Stock Exchange of Thailand
Abstract
This study aims to examine the impact of environmental disclosure and financial performance on the stock value of companies listed in the Sustainability Index of the Stock Exchange of Thailand. The sample consisted of 252 companies during 2022–2024. Quantitative research methods were employed, including descriptive statistics, correlation analysis, and multiple regression analysis. The results indicate that both financial performance and environmental disclosure have limited explanatory power on stock value. Specifically, earnings per share (EPS) negatively affected P/E and EV/EBITDA ratios, while return on assets (ROA) positively influenced P/E. Regarding environmental factors, greenhouse gas management negatively impacted P/E, and water management negatively affected EV/EBITDA. In conclusion, financial and ESG-related variables are not primary determinants of stock value in Thai capital markets, possibly due to limited investor attention to ESG information and inconsistent disclosure standards. Future research should consider good governance, firm size, and international ESG reporting standards to enhance the accuracy and comprehensiveness of stock value explanations.
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