SUSTAINABILITY DISCLOSURE AND CORPORATE GROWTH: AN EMPIRICAL STUDY OF LISTED THAI COMPANIES

Authors

  • Wichan CHANTHAWONG Rajamangala University of Technology Suvarnabhumi, Thailand
  • Dararat PHOPRACHAK Rajamangala University of Technology Suvarnabhumi, Thailand
  • Anek PUTTHIDECH Rajamangala University of Technology Suvarnabhumi, Thailand
  • Kusuma DAMPITAKSE Rajamangala University of Technology Suvarnabhumi, Thailand
  • Surachai AM-UGSORN Rajamangala University of Technology Suvarnabhumi, Thailand

DOI:

https://doi.org/10.14456/aisr.2025.18

Keywords:

Sustainability Disclosure, Sustainable Growth, ESG, Stock Exchange of Thailand, Corporate Performance

Abstract

This study investigates the impact of sustainability disclosure on the sustainable growth of companies listed on the Stock Exchange of Thailand (SET). Using a dataset of 234 listed companies in 2023, structural equation modeling (SEM) was employed to analyze the relationships between environmental, social, and governance (ESG) disclosures and sustainable growth rates. The findings revealed a significant negative influence of environmental disclosure on sustainable growth, potentially due to initial substantial investments in ESG compliance. However, the effect of social disclosure on growth was also found to be negative, with investors often emphasizing environmental and governance disclosures, which provide more quantifiable insights into corporate risk management. Furthermore, although governance and economic disclosures exhibited a positive correlation with sustainable growth, the relationship was statistically insignificant. These results provide valuable implications for policymakers and corporate leaders in Thailand regarding the importance of strategically aligning sustainability reporting with business strategies. By fostering transparency in operations, companies can improve stakeholder confidence and drive long-term competitive advantages.

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Published

2025-08-03

How to Cite

CHANTHAWONG, W., PHOPRACHAK, D., PUTTHIDECH, A., DAMPITAKSE, K., & AM-UGSORN, S. (2025). SUSTAINABILITY DISCLOSURE AND CORPORATE GROWTH: AN EMPIRICAL STUDY OF LISTED THAI COMPANIES. Asian Interdisciplinary and Sustainability Review, 14(2), Article 7. https://doi.org/10.14456/aisr.2025.18

Issue

Vol. 14 No. 2 (2025): Asian Interdisciplinary and Sustainability Review

Section

Articles

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