Purpose

This study aims to survey the extent, level and trend of environmental, social and governance (ESG) disclosures of top50 listed companies from Thailand, to test the different level of ESG disclosures of the companies between high profile industry and low profile industries and to examine the impact of ESG disclosures on the market reaction of top50 listed companies in Thailand.

Design/methodology/approach

Population and sample were top50 listed companies from the Stock Exchange of Thailand. Using corporate annual reports from 2015 to 2019, content analysis by word counting was used to quantify the extent, level and trend of ESG disclosures, while the market reaction was collected by the average stock price. Descriptive analysis, independent sample t-test, correlation matrix and multiple regression were used to analyze the data.

Findings

There was an increased level of ESG disclosures during the period being study. The most common ESG disclosures were social disclosure following by governance and environmental disclosures. Moreover, there were different levels of environmental disclosure of top50 listed companies between high and low profile industries, while no different levels of social and governance disclosures between high and low profile industries were found. Finally, the study found that environmental and social disclosures had a positive impact on market reaction, while there was a negative impact of governance disclosure on market reaction.

Originality/value

Thai investors can use ESG disclosures for their decision-making on investment.

中文翻译：

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环境、社会和治理披露对市场反应的影响：泰国上市公司 Top50 的证据

目的

本研究旨在调查泰国前50名上市公司的环境、社会和治理（ESG）披露程度、水平和趋势，测试高知名度行业和低知名度行业公司的ESG披露水平，并检验ESG披露对泰国上市公司50强市场反应的影响。

设计/方法/方法

人口和样本为泰国证券交易所上市公司前50名。使用2015年至2019年的企业年报，通过字数的内容分析来量化ESG披露的程度、水平和趋势，同时通过平均股价收集市场反应。采用描述性分析、独立样本t检验、相关矩阵和多元回归分析数据。

发现

在研究期间，ESG 披露水平有所提高。最常见的 ESG 披露是社会披露，其次是治理和环境披露。此外，上市公司50强的环境披露在高知名度和低知名度行业之间存在不同程度的差异，而在高知名度和低知名度行业之间没有发现不同程度的社会和治理披露。最后，研究发现环境和社会信息披露对市场反应有正向影响，而治理信息披露对市场反应有负向影响。

原创性/价值

泰国投资者可以使用 ESG 披露进行投资决策。