Over the past few years, the need for disclosing non-financial information has increased significantly, particularly regarding Environmental, Social, and Governance (ESG) aspects, as investors increasingly seek transparency in corporate practices beyond conventional financial reporting. This study aimed to analyze the relationship between ESG principles and corporate value, with an emphasis on how effective ESG implementation can enhance long-term value creation and sustainability. The research employed a Systematic Literature Review (SLR) approach, which involved identifying, evaluating, and synthesizing relevant evidence related to the research topic. A total of 30 selected articles were synthesized from an initial screening of 92 eligible articles based on predefined inclusion criteria. The findings, presented through a classification matrix, revealed that the impact of ESG disclosure on corporate value remained inconsistent across studies. These variations were influenced by regional contexts—for example, positive governance effects were more evident in Indonesia, varied across studies in Thailand, and remained significant in China even after the COVID-19 pandemic—as well as industry characteristics and external economic conditions, such as financial crises and macroeconomic uncertainty. Although the findings differed, the impact of ESG disclosure that was weak or insignificant in isolation was often strengthened when moderated by factors such as competitive advantage, governance mechanisms, and financing constraints. This study concluded that ESG disclosure alone was not sufficient to drive corporate value; instead, companies needed to integrate ESG practices with strategic advantages to achieve optimal outcomes. Future research is recommended to expand regional coverage and include broader industry sectors to generate more generalizable and comparable findings across different markets.Over the past few years, the need for disclosing non-financial information has increased significantly, particularly regarding Environmental, Social, and Governance (ESG) aspects, as investors increasingly seek transparency in corporate practices beyond conventional financial reporting. This study aimed to analyze the relationship between ESG principles and corporate value, with an emphasis on how effective ESG implementation can enhance long-term value creation and sustainability. The research employed a Systematic Literature Review (SLR) approach, which involved identifying, evaluating, and synthesizing relevant evidence related to the research topic. A total of 30 selected articles were synthesized from an initial screening of 92 eligible articles based on predefined inclusion criteria. The findings, presented through a classification matrix, revealed that the impact of ESG disclosure on corporate value remained inconsistent across studies. These variations were influenced by regional contexts—for example, positive governance effects were more evident in Indonesia, varied across studies in Thailand, and remained significant in China even after the COVID-19 pandemic—as well as industry characteristics and external economic conditions, such as financial crises and macroeconomic uncertainty. Although the findings differed, the impact of ESG disclosure that was weak or insignificant in isolation was often strengthened when moderated by factors such as competitive advantage, governance mechanisms, and financing constraints. This study concluded that ESG disclosure alone was not sufficient to drive corporate value; instead, companies needed to integrate ESG practices with strategic advantages to achieve optimal outcomes. Future research is recommended to expand regional coverage and include broader industry sectors to generate more generalizable and comparable findings across different markets.
This study examines the impact of Environmental, Social, and Governance (ESG) disclosure on corporate resilience of listed firms on the Vietnamese Stock Exchange by using Bloomberg ESG data. Using Generalized Least Squares (GLS) to address model deficiencies, the findings show that overall ESG disclosure is positively associated with corporate resilience. However, disaggregated results (environmental and governance) reveal negative relationships between environment and governance disclosures with firm profitability, while social disclosure shows no significant effect. The empirical results provide a more nuanced analysis within the Vietnamese context and highlight the differentiated effects of each ESG pillar by assessing ESG both as a composite index and through its disaggregated components. Based on the findings, the paper provides important implications for not only policymakers but also managers of listed companies. Policymakers are encouraged to enhance ESG disclosure frameworks through clear regulatory guidelines, whereas corporate leaders should integrate ESG into risk management and strategic planning to improve long-term performance, compliance, and resilience.
As the global focus shifts toward sustainability, the demand for credible Environmental, Social and Governance (ESG) information has accelerated. In emerging economies like Vietnam, following the national commitment to Net Zero by 2050, the role of independent assurance has become critical for ensuring financial transparency and investor confidence. While existing literature heavily explores the demand for ESG disclosures, research on the "supply side"- specifically the factors driving audit firms to provide these specialized services-remains remarkably scarce. This study addresses this gap by applying the Theory of Planned Behavior (TPB) to investigate the psychological and organizational determinants influencing the willingness of audit professionals to offer ESG assurance services. A quantitative research design was employed, utilizing a structured survey to collect data from 235 audit professionals across various firms in Vietnam. The conceptual model was tested using Structural Equation Modeling (SEM) to evaluate the relationships between the TPB constructs. The empirical findings confirm that a positive Attitude, strong Subjective Norms and high Perceived Behavioral Control all significantly and positively increase an auditor's intention to supply ESG assurance. Notably, Subjective Norms-perceived pressure from clients, industry competitors and regulatory bodies-emerged as the most influential driver in the Vietnamese context. Furthermore, the results indicate that behavioral intention is a robust predictor of the actual provision of these services. This research offers critical insights for audit firms in building internal capacity and for policymakers seeking to cultivate a reliable sustainable finance ecosystem in emerging markets.
This study aims to examine the determinants of environmental, social and governance (ESG) practices within Tunisian companies, in order to identify how the specific characteristics of companies influence their ESG engagement in the context of an emerging market. The analysis draws on survey data from 55 Tunisian firms across industrial, financial and consulting sectors. A principal component analysis (PCA)-based composite ESG index, aligned with the Tunis Stock Exchange framework, is constructed to assess performance across environmental, social and governance dimensions. The results reveal that governance and social practices are relatively advanced, while environmental initiatives remain limited. Larger, older, listed and group-affiliated firms exhibit higher ESG performance, suggesting that organizational resources and institutional pressures play a critical role in shaping ESG engagement in Tunisia. These findings provide insights for policymakers and corporate leaders. Strengthening regulatory incentives, improving ESG disclosure frameworks and supporting capacity-building initiatives could foster stronger environmental integration and more balanced ESG development across sectors. Furthermore, integrating ESG criteria into governance mechanisms and internal management tools appears essential to strengthen the alignment between financial performance and sustainable performance. This paper contributes to the ESG literature by providing novel empirical evidence from Tunisia, an underexplored context in sustainability research. By constructing a PCA-based composite ESG index aligned with the Tunis Stock Exchange framework and analysing firm-level determinants of ESG engagement, it offers new insights into how institutional and organizational factors shape ESG adoption in emerging economies. Finally, the study combines methodological rigor with strong contextual grounding, providing a fresh perspective on ESG dynamics in environments characterized by evolving and heterogeneous institutional pressures.
In the fast-paced business environment of to say, Environmental, Social and Governance (ESG) integration has become a strategic necessity for institutional investors and companies alike. No longer just about ethics, ESG is now a key factor in addressing emerging risks like climate change, data privacy, and regulatory compliance. It increases organizational resilience, promotes sustainable development, and is an effective brand differentiator. Companies that actively disclose their ESG initiatives establish more robust trust, brand value and values alignment with socially responsible consumers. Sophisticated ESG analytics and high quality information have allowed investors and marketers to embrace systematic, evidence based strategies that support transparency and authenticity. Strong ESG governance, with cross-functional leadership and customized reporting, guarantees integrated coverage and control. In the end, ESG is not a choice – it is an essential prerequisite for creating future- proof, credible, and value-anchored brands.
In emerging economies, integrating innovation, governance, and ESG criteria poses a strategic challenge, necessitating analyses that align these dimensions. This study, using data from 3483 observations of companies listed on B3 (2015-2022), examined the effects of these factors on economic-financial performance, alongside ESG’s role in mitigating CEO duality and promoting female board representation. Employing the Generalized Method of Moments (GMM), results revealed complex relationships: innovation positively impacted performance, solidifying its role as a competitive driver. CEO duality exhibited progressively negative effects, highlighting risks of power concentration. Female representation yielded ambiguous impacts, suggesting reliance on inclusion policies. ESG practices, though linked to operational costs and greenwashing in isolation, enhanced positive outcomes when combined with diversified boards, underscoring governance-sustainability synergies. Theoretically, the study integrated Stakeholder and Agency Theories, indicating ESG amplifies benefits in collaborative contexts but fails to offset governance gaps. Practically, it recommends balanced governance structures, separation of leadership roles, and gender diversity investments as strategic complements to ESG. Thus, the research underscores the relevance of multifaceted approaches for sustainable performance in emerging markets, offering insights into mitigating risks while leveraging innovation and governance synergies.
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