The Impact of Intellectual Capital on ESG Score: Empirical Evidence from Company Listed on the Stock Exchange of Thailand
Keywords:
MVAIC, Stock Exchange of Thailand, Intellectual Capital, Human Capital, ESG ScoreAbstract
This study investigated the relationship between intellectual capital and the business sustainability assessment as measured by Environmental, Social, and Governance scores (ESG Score) of companies listed on the Stock Exchange of Thailand (SET). The research focused on analyzing the roles of Intellectual Capital (IC) and Human Capital (HC) in influencing ESG scores. Data was obtained from the London Stock Exchange Group (LSEG) database. The sample comprises 212 firm-year observations from 75 listed companies in the resources, property and construction, and technology sectors during the period 2022–2024. Multiple regression analysis was conducted using a Fixed Effects Model.
The empirical results revealed that both Intellectual Capital and Human Capital were positively and significantly associated with ESG Score, indicating that companies capable of efficiently managing and leveraging their intellectual capital and human capital tend to achieve higher sustainability ratings. Furthermore, leverage ratio, measured by the debt-to-equity ratio, is also found to have a significant positive relationship with the ESG Score. In contrast, firm size, firm age, and profitability, did not show any significant statistical association with ESG Score.
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