Abstract

The purpose of this study was to investigate the impacts sustainability rating scores (ESG) Rating), greenhouse gas intensity (Carbon Intensity) and financial performance (ROA and ROE) have on the firm value of listed companies in the Stock Exchange of Thailand's Sustainability Index (SET ESG Index). This quantitative study gathered secondary data from the Stock Exchange of Thailand database from 2018-2024 and annual reports. To test the research hypotheses, multiple regression analysis was employed, determining the relationships between sustainability, financial indicators, and firm value. The results revealed that sustainability components such as ESG Rating and Carbon Intensity yielded no significant impacts on firm value. Contrastingly, financial performance variables demonstrated a compelling relationship: Return on Equity (ROE) had a positive effect on firm value, while Return on Assets (ROA) displayed a negative correlation. These findings suggest that, in the short term, Thailand's capital market places more focus on financial results than on sustainability elements when valuing companies.

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