ผลการดำเนินงานด้านสิ่งแวดล้อม สังคม และธรรมาภิบาลที่ส่งผลต่อความสามารถในการทำกำไรอย่างยั่งยืนของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Supanee Hanchana; Nualprang Chaepthaisong; Somjai Boonmuenwai

Authors

Supanee Hanchana Master of Accountancy Program, Rajamangala University of Technology Ratchasima Campus Isan Ratchasima Campus
Nualprang Chaepthaisong Faculty of Business Administration, Rajamangala University of Technology Isan Nakhon Ratchasima Campus
Somjai Boonmuenwai Faculty of Business Administration, Rajamangala University of Technology Isan Nakhon Ratchasima Campus

Keywords:

Sustainable Profitability, Governance, Society, Environment

Abstract

This study aimed to examine the influence of Environmental, Social, and Governance (ESG) performance on the sustainable profitability of companies listed on the Stock Exchange of Thailand (SET). Purposive sampling was used to select 393 listed companies across two consecutive fiscal years (2023–2024), yielding a total of 786 firm-year observations. Financial sector companies and firms with incomplete data were excluded. Data were analyzed using descriptive statistics and multiple linear regression analysis. The findings showed that ESG performance had a statistically significant positive influence on Return on Assets (ROA). Examining each dimension, environmental performance had the strongest positive effect on ROA (β = 0.364, p < .01), reflecting the contribution of efficient energy and fuel resource management to profitability. Social performance also had a significant positive effect on ROA (β = 0.110, p < .01), indicating that investment in human capital through appropriate compensation and employee benefits directly enhances corporate productivity. Governance performance likewise had a significant positive effect on ROA (β = 0.104, p < .01), as robust corporate governance mechanisms reduce agency costs and strengthen investor confidence. These findings suggest that ESG performance should not be regarded merely as a cost burden but as a strategic mechanism that optimizes asset utilization and drives sustainable profitability in the long term.

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