ESG Performance and Corporate Financial Risk of the Alternative Capital Market in Thailand

Figures & data

Table 1. Variable measurements

Variables	Notation	Measurement
ESG performance	ESG	Check list by scoring
Financial risk	RISK	Ratio of debt on equity
Firm size	SIZE	The natural logarithm of total asset
Profitability	ROA	Ratio of return on asset (ROA)
Auditor type	AUDIT	Dummy variables as 1 = Big4 auditors, and 0 = otherwise
COVID year	COVID	Dummy variables as 1 = COVID year, and 0 = otherwise

Table 2. Level and pattern of ESG performance during 2017 to 2021

ESG Performance	Mean	SD	Max	Min	Median
2017	5.5405	0.2078	11	0	5
2018	5.8739	0.1974	11	0	6
2019	6.0180	0.1928	11	0	6
2020	6.2973	0.1870	11	0	7
2021	7.1802	0.1737	11	0	7
Average	6.1820	2.0920	11	0	6

Table 3. Descriptive analysis of variables used in this study

Variables	Mean	SD	Max	Min
ESG	6.1820	2.0920	11	0
RISK	0.4327	0.2289	1.48	−0.46
SIZE	17.5599	25.0426	222.10	−6.06
ROA	3.0005	13.6465	107.59	−80.58
Variable		Number	Percent	Sum-percent
AUDIT	Big4 auditors	335	60	60
	Non-big4 auditors	220	40	100
		555	100
COVID	Before COVID	223	40	40
	COVID	332	60	100
		555	100

Table 4. Correlation matrix

Variables	RISK	ESG	SIZE	ROA	AUDIT	COVID
RISK	1	-	-	-	-	-
ESG	−.090*	1	-	-	-	-
SIZE	.262**	.024	1	-	-	-
ROA	−.329**	.066	.026	1	-	-
AUDIT	−.061	.079	.209**	.240**	1	-
COVID	.064	.182**	.027	.026	−.027	1

** is significant at 0.01 level, and * is significant at 0.05 level.

Table 5. Multiple regression

Variables	Model A		Model B
	B	t (sig.)	B	t (sig.)
Constant	.495	16.345**	.449	15.509**
ESG	−.010	−2.165*	−.010	−2.259*
SIZE	-	-	.003	7.062**
ROA	-	-	−.005	−8.195**
AUDIT	-	-	−.016	−.824
COVID	-	-	.036	1.999*
R Square	.008		.194
Adj R Square	.007		.187
F-value (sig.)	4.686**		26.418**
Max VIF	1.000		1.116
N	555		555

** is significant at 0.01 level, and * is significant at 0.05 level.