This study aims to investigate the impacts of Environmental, Social, and Governance (ESG) in total and individual performance (“E”, “S”, and “G”) on firms’ intellectual capital (IC) efficiency. The Value-Added Intellectual Coefficient (VAIC) and Modified Value-Added Intellectual Coefficient (MVAIC) were used to measure IC efficiency. Meanwhile, the annual ESG index data from the ASEAN-4 were used to measure ESG from 2015 to 2020. The results show “E”, “S”, and “G” and total ESG positively affect firms’ efficiency in managing IC. In addition, the industry type moderates these relationships in terms of that banks have a greater influence than non-banks. Our results are robust, indicating consistent results. This paper contributes to the literature by examining whether ESG is a determinant of non-financial performance; as far as our observation and knowledge, it is still very limited.

Bahasa Abstract

Penelitian ini bertujuan untuk menyelidiki dampak kinerja Environmental, Social and Governance (ESG) secara total dan individu (“E”, “S”, dan “G”) terhadap efisiensi intellectual capital (IC) perusahaan. Value-Added Intellectual Coefficient (VAIC) dan Modified Value-Added Intellectual Coefficient (MVAIC) digunakan untuk mengukur efisiensi IC, sedangkan data indeks ESG tahunan dari ASEAN-4 digunakan untuk mengukur ESG selama periode 2015 hingga 2020. Hasil penelitian menunjukkan “E”, “S”, dan “G” dan total ESG secara positif mempengaruhi efisiensi perusahaan dalam mengelola IC. Selain itu, jenis industri memoderasi hubungan ini. Hasil kami kuat, yang menunjukkan hasil yang konsisten. Makalah ini berkontribusi pada literatur dengan menguji apakah ESG merupakan penentu kinerja non-keuangan, sejauh pengamatan dan pengetahuan kami, masih sangat terbatas.


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