financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2025-29-4-88-99finance-3844Research ArticleЗЕЛЕНОЕ ФИНАНСИРОВАНИЕЭкологические, социальные и управленческие (ESG) практики и их финансовые последствия: исследование рынков капитала Индонезии и МалайзииEnvironmental, Social, and Governance (ESG) Practices and Their Financial Implications: A Study of Indonesia and Malaysia Capital Marketshttps://orcid.org/0000-0002-0248-9060Аль АзизаУ. С.Al AzizahU. S.

Умму Салма Аль Азиза — PhD, доцент факультета экономики и бизнеса

Джакарта 

Ummu Salma Al Azizah — PhD, Assist. Prof., Faculty of Economy and Business

Jakarta 

ummusalma@uhamka.ac.idhttps://orcid.org/0000-0003-0415-4093ХаронР.HaronR.

Разали Харон — PhD, Институт исламского банковского дела и финансов

Куала-Лумпур 

Razali Haron — PhD, Institute of Islamic Banking and Finance

Kuala Lumpur 

hrazali@iium.edu.myУниверситет Мухаммадии им. профессора, доктора ХамкаИндонезияUniversitas Muhammadiyah Prof. Dr. HamkaIndonesiaМеждународный исламский университет МалайзииМалайзияInternational Islamic University MalaysiaMalaysia2025310820252948899Copyright © Аль Азиза У., Харон Р., 20252025Аль Азиза У., Харон Р.Al Azizah U., Haron R.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3844

С ростом значимости экологических, социальных и управленческих (ESG) факторов компании все чаще интегрируют ESG-принципы в свои процессы принятия решений. В то время как многочисленные исследования были посвящены ESG в развитых экономиках, лишь ограниченное количество работ изучает их влияние на развивающихся рынках. Цель исследования — определить связаны ли ESG-оценки с рыночной стоимостью компании и ее прибыльностью в Индонезии и Малайзии. В исследовании используются панельные данные Refinitiv Eikon и Всемирного банка за период 2010–2022 гг. Выборка состоит из 421 наблюдения за компаниями, не соответствующими требованиям шариата, в Индонезии и Малайзии за год. Для анализа применяются панельные регрессии со случайными и фиксированными эффектами, оценивающие связь между ESG-оценками и финансовыми показателями компаний. Финансовая эффективность измеряется по коэффициенту Тобина (рыночная стоимость компании), рентабельности активов (ROA) и рентабельности собственного капитала (ROE). Результаты показывают положительную и значимую связь между ESG-оценками и рыночной стоимостью (коэффициент = 3,655), а также ROE (коэффициент = 0,007), что свидетельствует о том, что высокая ESG-эффективность способствует росту стоимости компании и доходности акционеров. Однако выявлена отрицательная и значимая взаимосвязь между ESG-оценками и ROA (коэффициент = –0,000024). Это указывает на то, что интеграция ESG не всегда приводит к повышению эффективности использования активов. Исследование подчеркивает необходимость повышения осведомленности о ESG в Индонезии и Малайзии, особенно в направлении руководства компаниями к финансовым стратегиям, ориентированным на устойчивое развитие. С ростом значимости ESG для инвесторов понимание их влияния на финансовые показатели становится ключевым. Это важно для всех, кто работает в условиях меняющихся рыночных ожиданий.

As environmental, social, and governance (ESG) considerations gain prominence, companies are increasingly integrating ESG factors into their decision-making processes. While extensive research has examined ESG in developed markets, limited studies explore its impact on emerging economies. This study investigates whether ESG scores are positively associated with a firm’s market value and profitability in Indonesia and Malaysia. The study utilizes panel data from Refinitiv Eikon and World Bank covering the period 2010–2022. The sample consists of 421 firm-year observations from non-Shariah-compliant companies in Indonesia and Malaysia. The analysis employs random-effects and fixedeffects panel regressions to assess the relationship between ESG scores and corporate financial performance, measured by Tobin’s Q (market value), Return on Assets (ROA), and Return on Equity (ROE). The results indicate a positive and significant relationship between ESG scores and both market value (coefficient = 3.655) and ROE (coefficient = 0.007), suggesting that strong ESG performance enhances firm valuation and shareholder returns. However, the study finds a negative and significant association between ESG and ROA (coefficient = –0.000024), implying that ESG integration may not consistently improve asset efficiency. These findings highlight the mixed financial effects of ESG adoption in emerging markets. The study underscores the need for greater ESG awareness in Indonesia and Malaysia, particularly in guiding companies toward sustainability-driven financial strategies. As ESG integration continues to shape investment decisions, understanding its nuanced impact on financial performance is critical for stakeholders navigating evolving market expectations.

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The authors declare that there are no conflicts of interest present.