Open Access. Powered by Scholars. Published by Universities.®
Finance and Financial Management Commons™
Open Access. Powered by Scholars. Published by Universities.®
Articles 31 - 60 of 274
Full-Text Articles in Finance and Financial Management
The Impact Of Morningstar Rating On Mutual Fund Performance, Risk, And Flows Evidence In Thailand Equity Mutual Funds, Maythavee Leeruangsakul
The Impact Of Morningstar Rating On Mutual Fund Performance, Risk, And Flows Evidence In Thailand Equity Mutual Funds, Maythavee Leeruangsakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the role of Morningstar ratings in predicting mutual fund performance, persistence, and fund flows in the Thai mutual fund market. The research focuses on three main objectives. First, it examines the relationship between Morningstar ratings and performance metrics including net return, 1-factor alpha, 4-factor alpha, Sharpe ratio, and Sortino ratio and risk metrics, including maximum drawdown, standard deviation, and Value-at-Risk, using both matched-pair analysis and regression methods. Second, it explores the persistence of fund performance through quintile transition matrices, regression analysis of lagged 4-factor alpha, and the cross-product ratio. Third, it analyzes the relationship between Morningstar ratings …
The Impact Of Maturity Mismatch On Default Risk: Evidence From Thailand, Rujirat Tangjitsamarnmitr
The Impact Of Maturity Mismatch On Default Risk: Evidence From Thailand, Rujirat Tangjitsamarnmitr
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of maturity mismatch on default risk among listed companies in the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from 2011 to 2023. It also investigates the moderating roles of external and internal factors that affect the relationship between maturity mismatch and default risk. The study employs a naïve probability approach, a simplified version of the Merton model, to estimate default probability. The results show that maturity mismatch significantly increases the probability of default, meaning that firms that rely on short-term financing to fund long-term investments face a higher likelihood of …
Mispricing Of Set50 Index Futures Calendar Spreads: Evidence From The Thailand Futures Exchange, Lapat Nangsue
Mispricing Of Set50 Index Futures Calendar Spreads: Evidence From The Thailand Futures Exchange, Lapat Nangsue
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the mispricing of SET50 Index Futures calendar spreads on the Thailand Futures Exchange (TFEX), focusing on deviations from the cost-of-carry model. Using end-of-day data from 2019 to 2024, the study analyzes how mispricing evolves as contracts approach expiration. The findings reveal that mispricing intensifies during the rollover period—particularly within 10 trading days before maturity—suggesting increased cost and risk for investors. Open interest in deferred contracts is found to be significantly correlated with mispricing, while net positions by investor types do not show statistical significance. The study also examines the 6-month calendar spread, which demonstrates more pricing stability …
Corporate Climate Risk And Cash Holdings, Parima Limwong
Corporate Climate Risk And Cash Holdings, Parima Limwong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper studies how companies manage their cash when they face different types of climate risks. It uses data from public companies in the United States from 2002 to 2023. The study measures climate risks such as transition risk, physical risks, and regulatory risk by looking at climate related words in companies’ earnings calls and reports. It also uses a special index that shows how uncertain climate policy is, based on news articles. The results show that companies with high regulatory risk usually keep more cash because they expect extra costs from new rules. However, risks from natural disasters or …
The Impact Of Board Gender Diversity On Corporate Financial Performance In Southeast Asia: The Moderating Role Of Internationalization, Phanuwat Jianwattananukul
The Impact Of Board Gender Diversity On Corporate Financial Performance In Southeast Asia: The Moderating Role Of Internationalization, Phanuwat Jianwattananukul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of board gender diversity on corporate financial performance and investigates the moderating role of internationalization in the context of Southeast Asia. Using a panel dataset of publicly listed firms from five Southeast Asian countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) over the period 2014–2023, the analysis employs fixed effects regression models incorporating country, industry, and year fixed effects. The results show that board gender diversity is negatively and significantly associated with Tobin’s Q, indicating that increased female representation on boards is linked to lower market valuation. However, no significant effect is found on accounting-based …
Determinants Of M&A In Japan And Effect Of Governance Reform, Maytakorn Lumyongsathien
Determinants Of M&A In Japan And Effect Of Governance Reform, Maytakorn Lumyongsathien
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the evolving role of private equity (PE) in Japan’s mergers and acquisitions (M&A) landscape, with particular attention to three critical stages: target selection, deal completion, and the influence of board independence. Analyzing M&A transactions across the pre- and post-2015 period, we find that PE acquirors consistently target firms characterized by low profitability, high leverage, and high asset tangibility suggesting an emphasis on unlocking value through operational turnaround and debt-financed restructuring. The probability of deal completion increases when targets exhibit weaker financial performance but stronger collateral, consistent with the use of leveraged buyout strategies. Importantly, the implementation of …
Tax-Incentivized Esg Funds And Esg Bond Yields: Evidence From An Emerging Market, Phanjarat Daengnimvikul
Tax-Incentivized Esg Funds And Esg Bond Yields: Evidence From An Emerging Market, Phanjarat Daengnimvikul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the presence of an ESG yield spread in Thailand’s bond market and evaluates the impact of the Thai ESG Fund policy launched in Q4 2023. Using a matched sample of ESG and conventional bonds issued from 2018–2024, we apply Exact Matching, Propensity Score Matching (PSM), and Difference-in-Differences (DiD) techniques to examine whether ESG bonds offer lower yields and whether the introduction of tax-incentivized ESG funds has influenced bond pricing. Results indicate a significant ESG yield spread in both corporate and government segments prior to the policy. However, while the spread remained unchanged for government bonds, it narrowed …
The Impact Of Carbon Emissions On Stock Price Movements: Evidence From The Thai Market, Punnawit Saengchanthanu
The Impact Of Carbon Emissions On Stock Price Movements: Evidence From The Thai Market, Punnawit Saengchanthanu
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of carbon emissions on stock price movements in the Thai market, focusing on whether direct (Scope 1) and indirect (Scope 2 & 3) emissions influence stock returns. Additionally, it investigates how financial leverage moderates this relationship. Using data from 173 firms listed on the Stock Exchange of Thailand (SET) between 2019 and 2023, the study applies an abnormal return model to assess investor reactions to changes in carbon scores. The findings indicate that carbon emissions do not significantly impact stock prices, suggesting that Thailand’s market may not fully price carbon risk. These results align with …
The Impact Of Carbon Emissions On Corporate Financial Performance: The Moderating Role Of Corporate Governance, Pornpitak Jomsubjaroen
The Impact Of Carbon Emissions On Corporate Financial Performance: The Moderating Role Of Corporate Governance, Pornpitak Jomsubjaroen
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the relationship between corporate carbon emissions and financial performance, focusing on the moderating role of corporate governance. Using panel data from 1,368 firms across 22 countries in high-carbon-emitting industries between 2015 and 2024, the analysis incorporates Scope 1, Scope 2, Scope 3, and total emissions as independent variables. Financial performance is measured using both Return on Assets (ROA) and Tobin’s Q, while corporate governance is evaluated through ESG governance pillar scores. The findings reveal that Scope 1 emissions are positively and significantly associated with ROA, indicating that emission-intensive firms—especially in production-driven industries—may achieve higher profitability. Scope 2 …
Share Pledging And Firm Performance: Evidence From Thailand, Natchakan Kanjanaphan
Share Pledging And Firm Performance: Evidence From Thailand, Natchakan Kanjanaphan
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the relationship between share pledging intensity in credit balance accounts and firm performance and risk among publicly listed companies in Thailand. Using a balanced panel dataset of all common stocks listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from December 2015 to December 2024, the analysis explores how pledging activity relates to firm outcomes across different firm sizes. Firm performance is measured using Return on Assets (ROA) and Tobin’s Q, while firm risk is assessed through cash flow volatility, stock return volatility, and idiosyncratic volatility. Employing fixed effects panel regression …
The Effect Of Reit Characteristics And Regulations On Dividend Payment: Evidence From Thailand, Nitinat Vienthong
The Effect Of Reit Characteristics And Regulations On Dividend Payment: Evidence From Thailand, Nitinat Vienthong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study aims to examine the effects of various characteristics of Real Estate Investment Trusts (REITs) on dividend payouts among Thai REITs listed on the Stock Exchange of Thailand (SET) from 2018 to 2024. Specifically, it investigates how dividend smoothing, asset ownership structure, managerial gender, and regulatory policies influence dividend distributions. The analysis is conducted using a Fixed Effects panel regression model. The purpose of this study is to provide empirical insights to better understand the key drivers of dividend payment behavior among Thai REITs. The result of this study finds that. First, it investigates the extent to which Thai …
Following The Experts: Identifying What Influences Returns From Analyst Recommendations, Patitan Suppasupanya
Following The Experts: Identifying What Influences Returns From Analyst Recommendations, Patitan Suppasupanya
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of analyst consensus recommendations on stock returns in the Thai market, focusing on whether factors such as analyst qualifications, institutional ownership, and macroeconomic indicators influence the effectiveness of these recommendations. Using panel data from 30 stocks in the SET Index, this research employs a fixed effects regression model to analyze the relationship between analyst consensus and future stock performance. The findings reveal that while analyst consensus provides a general direction for investment decisions, its predictive power varies based on institutional ownership, consumer confidence, and unemployment rates. Institutional ownership appears to enhance the accuracy of recommendations, …
Competitiveness And The Impact Of Esg Scores On The Cost Of Debt, Jiranan Luangkrajang
Competitiveness And The Impact Of Esg Scores On The Cost Of Debt, Jiranan Luangkrajang
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the relationship between Environmental, Social, and Governance (ESG) scores and the cost of debt across Asian markets, focusing on the moderating role of market competition and the distinction between sustainability-focused and non-sustainability-focused firms. The analysis employs cross-sectional regression techniques and comprehensive statistical approaches, incorporating industry-level competitiveness measures and firm-level ESG performance. By examining how varying ESG scores influence borrowing costs under different competitive pressures, the study provides critical insights into corporate financial outcomes.
Comparative Effects Of Esg Disclosure And Performance On Corporate Debt Financing Costs: Evidence From The Asia-Pacific Region, Chanakan Mungkarak
Comparative Effects Of Esg Disclosure And Performance On Corporate Debt Financing Costs: Evidence From The Asia-Pacific Region, Chanakan Mungkarak
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines the comparative effects of ESG disclosure and ESG performance on corporate debt financing costs of the firms in Asia-Pacific countries during the year 2014 to 2023. Grounded in signaling and stakeholder theories, the analysis assesses whether lenders respond more to transparency or actual ESG implementation. The findings show that ESG performance consistently has a stronger and more significant impact on reducing borrowing costs than ESG disclosure. In models including both variables, only ESG performance remains significant. Robustness checks using an ESG gap score reveal that in developed economies, firms with misaligned disclosure and performance are penalized, while …
The Impact Of Quantitative Easing Policy On Bank Riskiness, Sandar Pyae Phyoe
The Impact Of Quantitative Easing Policy On Bank Riskiness, Sandar Pyae Phyoe
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impact of Quantitative Easing (QE) on bank riskiness across 18 countries from 2001 to 2023. Using a panel dataset and Generalized Method of Moments (GMM) estimation, this research explores the relationship between QE and bank risk-taking behavior, with a particular focus on differences between advanced and emerging economies. The results indicate that QE generally increases bank riskiness, as reflected by a significant decline in Z-Scores, particularly in advanced economies where prolonged monetary easing compresses net interest margins and incentivizes riskier lending practices. In emerging markets, however, the impact of QE appears delayed, with positive effects on …
Esg Performance And Its Impact On Systematic Risk And Idiosyncratic Risk: Evidence From Emerging Asia, Kunlaphat Trongpanich
Esg Performance And Its Impact On Systematic Risk And Idiosyncratic Risk: Evidence From Emerging Asia, Kunlaphat Trongpanich
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the relationship between ESG performance and corporate risk, focusing on systematic and idiosyncratic components. Using panel data from 264 listed companies in six Emerging Asian markets between 2014 and 2023, the analysis employs fixed-effects regression models. The results indicate that ESG performance significantly reduces idiosyncratic risk but has no clear effect on systematic risk. Among ESG pillars, the Social Score shows the strongest risk-reducing effect. Additionally, ESG proves more effective in mitigating firm-specific risk during periods of economic crisis, such as the COVID-19 pandemic, China stock market crash and the Russia–Ukraine conflict. Firms involved in ESG controversies …
Investors' Response On Movie Distributors' Achievements, Kanathip Bumroongchai
Investors' Response On Movie Distributors' Achievements, Kanathip Bumroongchai
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research examines the impact of movie-related factors on the abnormal returns of movie distributor stocks in the United States, focusing specifically on gross opening revenues and industry awards. The study analyzes nine firms using monthly data from 1995 to 2024 and applies the Ordinary Least Squares (OLS) model to test the hypotheses. The findings reveal that only awards received by competitors significantly reduce a firm’s abnormal returns, supporting both the Asymmetric Information Theory and Social Comparison Theory. In contrast, the gross opening revenues of a firm’s own movies do not lead to abnormal returns, aligning with the Efficient Market …
Do Regulatory Announcements Still Cause Price Volatility? : A Pre- And Post-Msr Analysis Of The Eu Ets, Pornnapat Kuleung
Do Regulatory Announcements Still Cause Price Volatility? : A Pre- And Post-Msr Analysis Of The Eu Ets, Pornnapat Kuleung
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines whether the introduction of the Market Stability Reserve (MSR) has changed how the EU Emissions Trading System (EU ETS) responds to regulatory policy announcements affecting EUA supply and demand. Using event study and volatility analysis, it compares 81 events across Pre-MSR (before 2019) and Post-MSR (after 2019) periods.Cumulative abnormal returns (CARs) are estimated via a mean-adjusted model and tested using Welch’s t-test. Volatility is assessed through a GARCH(1,1) model, with structural differences evaluated using a Likelihood Ratio Test and a bootstrap test.Findings show that the MSR has reduced overreaction and volatility in specific contexts—particularly during recurring supply-related …
กลยุทธ์การขาย Straddle Options ในคู่สกุลเงิน Usd/Thb: การศึกษาประสิทธิภาพในระยะยาว, กิตติพร ศันสนะวาณี
กลยุทธ์การขาย Straddle Options ในคู่สกุลเงิน Usd/Thb: การศึกษาประสิทธิภาพในระยะยาว, กิตติพร ศันสนะวาณี
Chulalongkorn University Theses and Dissertations (Chula ETD)
No abstract provided.
The Impact Of Esg And Digital Transformation On Firm Value: Evidence From Thailand, Chaiyavit Jungprasert
The Impact Of Esg And Digital Transformation On Firm Value: Evidence From Thailand, Chaiyavit Jungprasert
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper investigates the impact of Environmental, Social, and Governance (ESG) scores, digital transformation, and their incremental effect influence on corporate value, measured by Tobin's Q, among SET100 companies. The paper uses a fixed-effects panel regression with data from 2017 to 2023 to determine how these characteristics influence firm valuations. The result shows that ESG scores has a statistically significant positive effect on business value, implying that investors prefer companies with high ESG scores, particularly in the environmental and social domains. However, governance scores don't appear to have a major impact on firm value. Furthermore, the study shows that digital …
Narrative Economics As The Origins Of Momentum, Aung Khant Myat
Narrative Economics As The Origins Of Momentum, Aung Khant Myat
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the role of economic narratives in shaping momentum effects in U.S. equity markets from 1984 to 2017. Utilizing narrative attention measures developed by Bybee et al. (2024), we examine how narrative attention and narrative innovation influence both time-series and cross-sectional momentum returns, after adjusting for Fama-French factors. LARS is employed for variable selection, and rolling-window regressions are used to capture time-varying factor loadings. Through a combination of time-series and panel data analysis, we test hypotheses related to static, persistent, and asymmetric narrative effects, along with firm- and market-level moderators. While the results are mixed across subsamples and …
Does Esg Performance Influence Cash Holding Behavior? Evidence From Asia-Pacific Firms, Khin Sandy Kyaw
Does Esg Performance Influence Cash Holding Behavior? Evidence From Asia-Pacific Firms, Khin Sandy Kyaw
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study explores the relationship between Environmental, Social, and Governance (ESG) performance and corporate cash holdings among publicly listed firms in the Asia-Pacific region from 2010 to 2023. Grounded in stakeholder theory and the precautionary motive for cash, the analysis examines whether firms with higher ESG performance hold less cash and whether this relationship is moderated by financial constraints and financial distress. Employing panel fixed-effects regression, two-stage least squares (2SLS), and system GMM methods, the results consistently indicate that ESG performance is negatively associated with cash holdings. The moderating analyses reveal that financially constrained or distressed firms with high ESG …
Growth Stock Performance: Analysts And Investors, Klah Kanittanon
Growth Stock Performance: Analysts And Investors, Klah Kanittanon
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research study examines the earnings growth expectations for growth stocks from the perspectives of investors and analysts. Portfolios were categorized based on the earning growth expectations of investors and analysts, with returns measured using the Fama-French Three-Factor Model from 2011 to 2023 in the U.S. stock market. The portfolio returns based on analysts' expectations were significantly positive, indicating that analysts tend to underestimate earnings growth for growth stocks. In contrast, the portfolio returns based on investors' forecasts were close to zero and not statistically significant, implying that investors do not systematically overestimate or underestimate earnings growth expectations for growth …
A Customized Compartmental Epidemiological Model With Vaccination Groups For Covid-19 And Its Application To Pricing Pandemic Insurance Policies, Om Kanchanasakdichai
A Customized Compartmental Epidemiological Model With Vaccination Groups For Covid-19 And Its Application To Pricing Pandemic Insurance Policies, Om Kanchanasakdichai
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study presents an agent-based modeling framework designed to evaluate epidemic-responsive insurance mechanisms under behavioral and supply-side constraints. The model does not rely on empirical calibration or external datasets; instead, it explores how stylized agent behavior and systemic pressures jointly influence insurance uptake, coverage efficiency, and policy outcomes. The simulation integrates a stochastic SEIR+ disease progression structure with individual-level decision making shaped by perceived risk salience, scarcity sensitivity, and delayed response behavior. A two stage evaluation process is implemented: first, a global sensitivity analysis identifies the key drivers of agent and system behavior; second, a strategic policy simulation compares the …
Capm With Independent Regimes For The Alpha And Beta And An Application In Portfolio Optimization, Suwapith Payakapong
Capm With Independent Regimes For The Alpha And Beta And An Application In Portfolio Optimization, Suwapith Payakapong
Chulalongkorn University Theses and Dissertations (Chula ETD)
We develop a regime-dependent Capital Asset Pricing Model (CAPM), in which alpha and beta follow independent regime-switching processes, and use it in the mean-variance optimization (MVO) framework. Although the model does not significantly improve predictive metrics, we find that the predicted returns from the model have a larger rank correlation with the realized future returns than those from the historical mean and the common-regime CAPM, which assumes shared regime shifts between alpha and beta. The mean-variance portfolio derived from our model yields a superior out-of-sample risk-adjusted return compared to the portfolios derived from the equal-weight strategy, market index replication, the …
Esg Materiality Issues On Stock Returns: Stock Exchange Of Thailand, Napassorn Tinnakorn
Esg Materiality Issues On Stock Returns: Stock Exchange Of Thailand, Napassorn Tinnakorn
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impact of Environmental, Social, and Governance (ESG) materiality issues on stock returns in the Stock Exchange of Thailand (SET). Leveraging data from 90 listed companies between 2018 and 2021, the research examines whether firms focusing on material ESG issues demonstrate superior performance. Using an innovative SASB, MSCI, and MSCI-SASB ESG materiality framework, the study differentiates between material and immaterial ESG issues. By constructing portfolios based on ESG materiality scores and evaluating their performance through a comprehensive five-factor model, the research provides nuanced insights into ESG investing in an emerging market context. The study addresses a critical …
Does Observability Of Downgrade Risk Matter For Corporate Investment?, Thanwarat Limwattananukul
Does Observability Of Downgrade Risk Matter For Corporate Investment?, Thanwarat Limwattananukul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines firms’ capital investment decisions in relation to their credit ratings. As firms approach near-BBB credit ratings, they tend to change their behavior due to the fear of a downgrade. I found that, in general, Thai firms’ credit ratings do not influence investment decisions. However, as firms near BBB ratings, their behavior tends to shift. To clarify, firms at the lower end of the investment grade are inclined to make conservative investment decisions due to the risk of being downgraded to speculative grade. Therefore, the threat of a downgrade to speculative grade encourages managers to adopt more conservative …
The Effect Of Bank Liquidity Creation On Performance And Stock Returns: Evidence From Thailand, Wanlaya Boonsongkhoh
The Effect Of Bank Liquidity Creation On Performance And Stock Returns: Evidence From Thailand, Wanlaya Boonsongkhoh
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the relationship between bank liquidity creation, performance, and stock returns across 11 banks in Thailand from 2012 to 2021, spanning the economic crisis in Thailand and the COVID-19 pandemic. Liquidity creation measures the extent to which banks generate a money supply for the public, classified into liquidity created on the balance sheet and liquidity created both on and off the balance sheet categories. After controlling for macroeconomic and bank-specific variables, the results of a fixed-effects regression model reveal that next-period performance and stock returns deteriorate as liquidity creation levels increase. An inverted U-shaped relationship between liquidity creation …
The Effect Of Goodwill Impairment Avoidance On Future Performance Growth: Evidence From Thailand, Chantanit Limapichat
The Effect Of Goodwill Impairment Avoidance On Future Performance Growth: Evidence From Thailand, Chantanit Limapichat
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study explores the impact of goodwill impairment avoidance on the future financial performance growth of firms listed on the Stock Exchanges of Thailand (SET). Spanning 14 years from 2008 to 2021, the research analyzes 405 observations from 124 distinct firms, utilizing multivariate regression models to uncover the relationship. The study also focuses on understanding how Big 4 auditors can impact this dynamic. The study finds evidence that firms avoiding timely goodwill impairment exhibit lower performance growth in the subsequent year. Interestingly, the negative impact of goodwill avoidance is less pronounced for firms audited by one of the Big 4 …
Exploring The Link Between Esg Scores And Downside Risks Of Stock Returns During Periods Of Negative Shock : Evidence In Apac, Nattakij Summakarawa
Exploring The Link Between Esg Scores And Downside Risks Of Stock Returns During Periods Of Negative Shock : Evidence In Apac, Nattakij Summakarawa
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the empirical association between Environmental, Social, and Governance (ESG) factors and downside risks in stock returns during negative shocks focusing on 13 countries within the Asia-Pacific (APAC) region. The study assesses ESG performance using combined ESG scores, E pillar, S pillar, G pillar and controversy scores, examining their impact on downside risk measured by Value at Risk (VaR) and Maximum Drawdown (MDD). The sample includes publicly traded companies across diverse APAC countries from 2012 to 2021. The research contextualizes the global significance of ESG practices, emphasizing their role in mitigating financial risks and contributing to sustainable financial …