Influences of sustainability management of environmental social and governance on sustainable corporate finance of the listed companies in the stock exchange of Thailand

Abstract

This research aims to study the influences of sustainability management of environmental, social and governance on sustainable corporate finance of the listed companies in the Stock Exchange of Thailand including 1) the listed companies which have been selected to continuously get the Thailand Sustainability Investment award all of 29 companies and 2) the listed companies which have been selected to discontinuously get the Thailand Sustainability Investment award all of 17 companies, for 6 years from 2015 to 2018. This research is the mixed method research in both the Quantitative Research by using Descriptive Statistic Analysis, Comparison of means Analysis, Correlation Coefficient Analysis and Panel Data Regression Analysis with Hausman Test and the Qualitative Research by in-depth interview with 5 persons of the management of the Thailand Sustainability Investment awarded companies. The research results revealed that in continued Thailand Sustainability Investment awarded companies, the sustainability management of Environmental has negatively statistically significantly influenced the sustainable corporate finance by making Debt to Assets (DAR) to decrease and positively statistically significantly influenced it by making Market Value (TBQ), Return on Equity (ROE) and Return on Assets (ROA) to increase. In discontinued Thailand Sustainability Investment awarded companies, it found that the sustainability management of Social has negatively statistically significantly influenced sustainable finance by making Debt to Assets (DAR) to decrease and the sustainability management of governance has positively statistically significantly influenced sustainable corporate finance by making Market Value (TBQ), Return on Assets (ROA) and Return on Equity (ROE) to increase.