References
Adedeji, A. A., & Ogunfalu, K. M. (2023). Investments, governance quality, and industrial development in Africa. Economic Alternatives, 29(2), 344–373. https://doi.org/10.37075/EA.2023.2.07
Alfalih, A. A. (2022). ESG disclosure practices and financial performance: A general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions. Journal of Sustainable Finance & Investment, 13(4), 1506–1533. https://doi.org/10.1080/20430795.2022.2150511
Almustafa, H. (2022). National governance quality, COVID-19, and stock index returns: OECD evidence. Economies, 10(9), 1–16. https://doi.org/10.3390/economies10090214
Alsaleh, M., Abdul-Rahim, A. S., & Abdulwakil, M. M. (2021). The importance of worldwide governance indicators for transitions toward sustainable bioenergy industry. Journal of Environmental Management, 294, 1–13. https://doi.org/10.1016/j.jenvman.2021.112960
Aslam, E., & Haron, R. (2021). Corporate governance and risk-taking of Islamic banks: Evidence from OIC countries. Corporate Governance, 21(7), 1460–1474. https://doi.org/10.1108/CG-08-2020-0311
Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(S2), S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG performance, institutional investors’ preference and financing constraints: Empirical evidence from China. Borsa Istanbul Review, 22(S2), S157–S168. https://doi.org/10.1016/j.bir.2022.11.013
Bakri, M. A. (2021). Moderating effect of audit quality: The case of dividend and firm value in Malaysian firms. Cogent Business and Management, 8(1), 1–15. https://doi.org/10.1080/23311975.2021.2004807
Bătae, O. M., Dragomir, V. D., & Feleagă, L. (2021). The relationship between environmental, social, and financial performance in the banking sector: A European study. Journal of Cleaner Production, 290, 125791. https://doi.org/10.1016/j.jclepro.2021.125791
Bergh, D. D., Connelly, B. L., Ketchen, D. J., & Shannon, L. M. (2014). Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. Journal of Management Studies, 51(8), 1334–1360. https://doi.org/10.1111/joms.12097
Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2024). ESG performance and investment efficiency: The impact of information asymmetry. Journal of International Financial Markets, Institutions and Money, 91. https://doi.org/10.1016/j.intfin.2023.101919
Boeva, B. N., Zhivkova, S. G., & Stoychev, I. S. (2017). Global supply chains and sustainable development. In CBU International Conference Proceedings (Vol. 5, pp. 508-511). ISE Research Institute. https://doi.org/10.12955/cbup.v5.975
Cahan, S., De Villiers, C., Jeter, D., Naiker, V., & Van Staden, C. (2016). Are CSR disclosures value relevant? Cross-country evidence. European Accounting Review, 25(3), 579-611. https://doi.org/10.1080/09638180.2015.1064009
Chen, Y., Li, T., Zeng, Q., & Zhu, B. (2023). Effect of ESG performance on the cost of equity capital: Evidence from China. International Review of Economics & Finance, 83, 348–364. https://doi.org/10.1016/j.iref.2022.09.001
De Villiers, C., & Marques, A. (2016). Corporate social responsibility: Country-level predispositions and the consequences of choosing a level of disclosure. Accounting and Business Research, 46(2), 167-195. https://doi.org/10.1080/00014788.2015.1039476
Deegan, C. (2004). Financial accounting theory. McGraw-Hill Australia.
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of Multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
El-Sehwagy, A. M., & Bekheit, M. B. E. D. (2023). World governance indicators and corporate borrowing decisions in the G8 countries. Alexandria Journal of Accounting Research, 6(3), 125–147. https://aljalexu.journals.ekb.eg/article_268025.html?lang=en
Engelhardt, N., Ekkenga, J., & Posch, P. (2021). ESG ratings and stock performance during the COVID-19 crisis. Sustainability, 13(13), 7133. https://doi.org/10.3390/su13137133
Eriqat, I. O. A., & Al-Khazaleh, S. (2023). The impact of corporate-and country-level governance mechanisms on the firm’s disclosure quality: Evidence from MENA countries. Global Business and Finance Review, 28(7), 122–137. https://doi.org/10.17549/gbfr.2023.28.7.122
Feyisa, H. L., Ayen, D. D., Abdulahi, S. M., & Tefera, F. T. (2022). The three-dimensional impacts of governance on economic growth: Panel data evidence from the emerging market. Corporate Governance and Organizational Behavior Review, 6(1), 42–55. https://doi.org/10.22495/cgobrv6i1p3
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9781139192675
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1114910
Frotagheh, M., & Kardan, B. (2019). The relationship between governance indicators and firm performance. Iranian Journal of Accounting, Auditing & Finance, 3(3), 39–56. https://doi.org/10.22067/ijaaf.v3i3.89075
Gray, R., Kouhy, R., & Lavers, S. (1995). Constructing a research database of social and environmental reporting by UK companies. Accounting, Auditing & Accountability Journal, 8(2), 78–101. https://doi.org/10.1108/09513579510086812
Gray, R., Owen, D., & Adams, C. (Eds.). (1996). Accounting and accountability: Changes and challenges in corporate social and environmental reporting. Prentice-Hall.
Guerrero, O. A., & Castañeda, G. (2021). Does expenditure in public governance guarantee less corruption? Non-linearities and complementarities of the rule of law. Economics of Governance, 22(2), 139–164. https://doi.org/10.1007/s10101-021-00252-z
Handoyo, S., & Anas, S. (2024). The effect of environmental, social, and governance (ESG) on firm performance: The moderating role of country regulatory quality and government effectiveness in ASEAN. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2371071
Huynh, K. P., & Jacho-Chávez, D. T. (2009). Growth and governance: A nonparametric analysis. Journal of Comparative Economics, 37(1), 121–143. https://doi.org/10.1016/j.jce.2008.08.003
Indupurnahayu, Walujadi, D., Lysandra, S., Hurriyaturrohman, & Endri, E. (2023). Determinant of firm value: Evidence of oil palm plantation companies. Corporate & Business Strategy Review, 4(2), 124–131. https://doi.org/10.22495/cbsrv4i2art11
Jacoby, G., Liu, M., Wang, Y., Wu, Z., & Zhang, Y. (2019). Corporate governance, external control, and environmental information transparency: Evidence from emerging markets. Journal of International Financial Markets, Institutions and Money, 58, 269–283. https://doi.org/10.1016/j.intfin.2018.11.015
Jin, M., & Kim, B. (2022). The effects of ESG activity recognition of corporate employees on job performance: The case of South Korea. Journal of Risk and Financial Management, 15(7), 1–18. https://doi.org/10.3390/jrfm15070316
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046
Kelley, D. J., Bosma, N., Amorós, J. E., & Global Entrepreneurship Research Association (GERA). (2011). Global Entrepreneurship Monitor 2010 global report. Babson: Babson College.
Khan, M. A., Khan, A., Hassan, M. K., & Maraghini, M. P. (2024). Market response to environmental social and governance performance: A global analysis. Research in International Business and Finance, 67. https://doi.org/10.1016/j.ribaf.2023.102131
Kostyuk, A. N., Tchernyshov, K., & Kostyuk, H. (2004). Financial-industrial groups at the markets for corporate control and investments: The case of Ukraine. Corporate Ownership & Control, 2(2), 77-90. https://doi.org/10.22495/cocv2i2p7
Kuzey, C., Uyar, A., & Karaman, A. S. (2023). Over-investment and ESG inequality. Review of Accounting and Finance. https://doi.org/10.1108/RAF-10-2022-0279
Luo, Z., Li, Y., Nguyen, L. T., Jo, I., & Zhao, J. (2024). The moderating role of country governance in the link between ESG and financial performance: A study of listed companies in 58 countries. Sustainability, 16, 5410. https://doi.org/10.3390/su16135410
Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166, 1–16. https://doi.org/10.1016/j.jbusres.2023.114104
Manrique, S., & Martí-Ballester, C. P. (2017). Analyzing the effect of corporate environmental performance on corporate financial performance in developed and developing countries. Sustainability, 9(11), 1–30. https://doi.org/10.3390/su9111957
Massuga, F., Larson, M. A., Kuhl, M. R., & Doliveira, S. L. D. (2023). The influence of global governance on the sustainable performance of countries. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-023-03827-4
Mohamad, N. E. A., Saad, N. M., & Abdullah, F. N. (2021). Comparative analysis of environmental, social and governance (ESG) implementations across Asia. Global Business and Management Research, 13(4s), 554-563. http://gbmrjournal.com/pdf/v13n4s/V13N4s-49.pdf
Mooneeapen, O., Abhayawansa, S., & Mamode Khan, N. (2022). The influence of the country governance environment on corporate environmental, social and governance (ESG) performance. Sustainability Accounting, Management and Policy Journal, 13(4), 953-985. https://doi.org/10.1108/SAMPJ-07-2021-0298
Naeem, N., Cankaya, S., & Bildik, R. (2022). Does ESG performance affect the financial performance of environmentally sensitive industries? A comparison between emerging and developed markets. Borsa Istanbul Review, 22(S2), S128–S140. https://doi.org/10.1016/j.bir.2022.11.014
Naser, K., Al-Hussaini, A., Al-Kwari, D., & Nuseibeh, R. (2006). Determinants of corporate social disclosure in developing countries: The case of Qatar. Advances in International Accounting, 19, 1-23. https://doi.org/10.1016/S0897-3660(06)19001-7
Nguyen, T. (2021). Freedom of the press and corporate misconduct. Journal of Business Finance and Accounting, 48(9–10), 1668–1710. https://doi.org/10.1111/jbfa.12532
OECD. (2023). Sustainable finance in Asia: ESG and climate-aligned investing and policy considerations. https://www.oecd.org/finance/Sustainable-finance-Asia-ESG-climate-aligned-investing-policy-considerations.pdf
Otman, K. (2021). Corporate governance: A review of the fundamental practices worldwide. Corporate Law & Governance Review, 3(2), 53–66. https://doi.org/10.22495/clgrv3i2p5
Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(14), 7595. https://doi.org/10.3390/su14137595
Rahmaniati, N. P. G., & Ekawati, E. (2024). The role of Indonesian regulators on the effectiveness of ESG implementation in improving firms’ non-financial performance. Cogent Business & Management, 11(1), 2293302. https://doi.org/10.1080/23311975.2023.2293302
Rapp, M. S., & Roser, M. (2024). The importance of ESG, environmental sustainability, and the EU taxonomy for institutional investors: Survey evidence. SSRN. http://dx.doi.org/10.2139/ssrn.4851251
Saygili, E., Arslan, S., & Birkan, A. O. (2022). ESG practices and corporate financial performance: Evidence from Borsa Istanbul. Borsa Istanbul Review, 22(3), 525–533. https://doi.org/10.1016/j.bir.2021.07.001
Setiani, E. P. (2023). The impact of ESG scores on corporate financial performance: Moderating role of gender diversity. Nominal Riset Akuntansi dan Manajemen, 12(1), 128–139. https://doi.org/10.21831/nominal.v12i1.59778
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.2307/2329497
Singhania, M., & Saini, N. (2023). Institutional framework of ESG disclosures: Comparative analysis of developed and developing countries. Journal of Sustainable Finance & Investment, 13(1), 516–559. https://doi.org/10.1080/20430795.2021.1964810
Spence, M. (1978). Job market signaling. Quarterly Journal of Economics, 87, 281–306. https://doi.org/10.1016/B978-0-12-214850-7.50025-5
Starks, L. T. (2023). Presidential address: Sustainable finance and ESG issues—Value versus values. The Journal of Finance, 78(4), 1837-1872. https://doi.org/10.1111/jofi.13255
Suttipun, M. (2023). ESG performance and corporate financial risk of the alternative capital market in Thailand. Cogent Business & Management, 10(1), 2168290. https://doi.org/10.1080/23311975.2023.2168290
Tiwari, S., Bashir, S., Sarker, T., & Shahzad, U. (2024). Sustainable pathways for attaining net zero emissions in selected South Asian countries: Role of green energy market and pricing. Humanities and Social Sciences Communications, 11(93), 1–13. https://doi.org/10.1057/s41599-023-02552-7
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Wan, G., Dawod, A. Y., Chanaim, S., & Ramasamy, S. S. (2023). Hotspots and trends of environmental, social and governance (ESG) research: A bibliometric analysis. Data Science and Management, 6(2), 65–75. https://doi.org/10.1016/j.dsm.2023.03.001
Wang, K., Yu, S., Mei, M., Yang, X., Peng, G., & Lv, B. (2023). ESG performance and corporate resilience: An empirical analysis based on the capital allocation efficiency perspective. Sustainability, 15(23), 1–31. https://doi.org/10.3390/su152316145
Willim, A. P. (2015). Price book value & Tobin’s Q: Which one is better for measuring corporate governance? European Journal of Business and Management, 7(27), 1-10.
Yu, H., Ahn, M., & Han, E. (2023). Key driver of textile and apparel industry management: Fashion brand ESG and brand reputation. Frontiers in Environmental Science, 11, 1–14. https://doi.org/10.3389/fenvs.2023.1140004
Zhang, F., Qin, X., & Liu, L. (2020). The interaction effect between ESG and green innovation and its impact on firm value from the perspective of information disclosure. Sustainability, 12(5), 1–18. https://doi.org/10.3390/su12051866
Copyright (c) 2024 Laura Valinka Devi, Moch. Doddy Ariefianto, Rita Juliana