Comparative Analysis of ESG Performance among ASEAN Firms: Evidence from Malaysia, Singapore, Thailand, and Indonesia

Abstract

This study examines the comparative Environmental, Social, and Governance (ESG) performance of firms in four ASEAN economies; Malaysia, Singapore, Thailand, and Indonesia from 2019 to 2023. Using secondary data obtained from Refinitiv Eikon Datastream, the analysis covers a final sample of 758 listed firms, representing 3,790 firm-year observations. The study employs a descriptive analytical approach to explore cross-country, temporal, and sectoral variations in ESG performance. The general findings show that ESG performance in ASEAN has improved steadily over the five-year period, though the rate and consistency differ among nations. Thailand continues to lead in both average ESG scores and reporting uniformity, reflecting strong regulatory frameworks and institutional support. Indonesia demonstrates sustained progress, possibly driven by sustainability regulations and the growing influence of the Otoritas Jasa Keuangan (OJK). Singapore maintains a stable yet moderate performance, consistent with its adherence to global standards such as the GRI and TCFD frameworks. Malaysia, however, exhibits a gradual decline in ESG scores and higher variability, suggesting uneven ESG adoption and differences in disclosure quality across sectors. Sectoral analysis indicates that Energy, Financials, and Industrials outperform Consumer and Technology industries, underscoring the role of regulatory enforcement and environmental exposure. Overall, the study concludes that ASEAN’s ESG landscape is evolving positively but remains fragmented, highlighting the need for stronger regional harmonisation to enhance comparability, transparency, and sustainable growth.