Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 7 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

PENGARUH ESG PERFORMANCE DAN CAPITAL EXPENDITURE INTENSITY (CEI) TERHADAP MARKET VALUATION DAN PROFITABILITAS DI INDUSTRI TEKSTIL, PAKAIAN, DAN BARANG MEWAH: STUDI LINTAS DI INDONESIA, MALAYSIA, DAN THAILAND

PDF
  • Andreas Pandu Prasetya,
  • Prof. Agung Dharmawan Buhdadi, MM,Ph.D.,
  • Destria Kurnianti, SE., M.Sc
Andreas Pandu Prasetya
Universitas Negeri Jakarta
Prof. Agung Dharmawan Buhdadi, MM,Ph.D.
Universitas Negeri Jakarta
Destria Kurnianti, SE., M.Sc
Universitas Negeri Jakarta
DOI: https://doi.org/10.5281/zenodo.20977605.

Published 2026-06-25

Keywords

  • Sustainability,
  • keberlanjutan,
  • ESG,
  • intensitas belanja modal,
  • profitabilitas,
  • market valuation
    • ...More
    Less

How to Cite

PENGARUH ESG PERFORMANCE DAN CAPITAL EXPENDITURE INTENSITY (CEI) TERHADAP MARKET VALUATION DAN PROFITABILITAS DI INDUSTRI TEKSTIL, PAKAIAN, DAN BARANG MEWAH: STUDI LINTAS DI INDONESIA, MALAYSIA, DAN THAILAND. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(7). https://doi.org/10.5281/zenodo.20977605.

Abstract

This study examines the influence of ESG Performance and Capital Expenditure Intensity (CEI) on Market Valuation and Profitability in the textile, apparel, and luxury goods industry across Indonesia, Malaysia, and Thailand during 2019-2024. Using purposive sampling, the study selected 55 listed companies with a maximum of 330 firm-year observations. Panel data regression was estimated with clustered robust standard errors, using natural-log Tobin's Q (TQ) and ROA as the main proxies, and PBV and ROE as robustness proxies. The results show that ESG Performance does not significantly affect market valuation in the three countries. ESG Performance positively affects profitability in Indonesia through ROA at the 5% level, although the result is not robust to ROE, and it positively affects profitability in Thailand through ROA and ROE at the 10% level. ESG is not significant in Malaysia. CEI does not have a positive significant effect on market valuation; it shows only a marginal negative effect on Indonesia's PBV and a robust negative effect on Malaysia's ROA and ROE. Formal cross-country tests further show that the effects of ESG and CEI do not differ significantly across Indonesia, Malaysia, and Thailand at the 5% level. These findings indicate that ESG and capital expenditure effects in ASEAN's textile-related industries are more visible in selected profitability models than in market valuation, while institutional differences should be interpreted cautiously because they are not statistically confirmed in the formal interaction tests.
PDF

References

  1. Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management, 28(3), 429-444. https://doi.org/10.1108/IJAIM-09-2019-0108
  2. Alves, L. G. A., Sigaki, H. Y. D., Perc, M., & Ribeiro, H. V. (2020). Collective dynamics of stock market efficiency. Scientific Reports, 10, 21992. https://doi.org/10.1038/s41598-020-78707-2
  3. ASEAN-Japan Centre. (2018). ESG investment report 2018: Towards sustainable development in ASEAN and Japan. ASEAN-Japan Centre. https://www.asean.or.jp/main-site/wp-content/uploads/2024/03/ESG_web.pdf
  4. ASEAN. (2021). Framework for Circular Economy for the ASEAN Economic Community. ASEAN Secretariat. https://asean.org/wp-content/uploads/2021/10/Framework-for-Circular-Economy-for-the-AEC_Final.pdf
  5. Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182-194. https://doi.org/10.1108/MEQ-03-2017-0033
  6. Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(S2), S119-S127. https://doi.org/10.1016/j.bir.2022.11.006
  7. Baldini, M., Dal Maso, L., Liberatore, G., Mazzi, F., & Terzani, S. (2018). Role of country- and firm-level determinants in environmental, social, and governance disclosure. Journal of Business Ethics, 150(1), 79-98. https://doi.org/10.1007/s10551-016-3139-1
  8. Bhandari, K. R., Ranta, M., & Salo, J. (2022). The resource-based view, stakeholder capitalism, ESG, and sustainable competitive advantage: The firm's embeddedness into ecology, society, and governance. Business Strategy and the Environment, 31(4), 1525-1537. https://doi.org/10.1002/bse.2967
  9. Business-Indonesia. (2024, October 30). Govt readies plan to rescue textile giant Sritex, averts mass layoffs. Business Indonesia.
  10. Cameron, A. C., & Miller, D. L. (2015). A practitioner's guide to cluster-robust inference. Journal of Human Resources, 50(2), 317-372. https://doi.org/10.3368/jhr.50.2.317
  11. Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial Management, 23(3), 70-74. https://doi.org/10.2307/3665623
  12. Connelly, B. L., Certo, S. T., Reutzel, C. R., DesJardine, M. R., & Zhou, Y. S. (2025). Signaling theory: State of the theory and its future. Journal of Management, 51(1), 24-61. https://doi.org/10.1177/01492063241268459
  13. Cordis, A. S., & Kirby, C. (2017). Capital expenditures and firm performance: Evidence from a cross-sectional analysis of stock returns. Accounting & Finance, 57(4), 1019-1042. https://doi.org/10.1111/acfi.12193
  14. Deegan, C. M. (2019). Legitimacy theory: Despite its enduring popularity and contribution, time is right for a necessary makeover. Accounting, Auditing & Accountability Journal, 32(8), 2307-2329. https://doi.org/10.1108/AAAJ-08-2018-3638
  15. Dobrick, J., Klein, C., & Zwergel, B. (2023). Size bias in Refinitiv ESG data. Finance Research Letters, 55, 103847. https://doi.org/10.1016/j.frl.2023.103847
  16. Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315-334. https://doi.org/10.1007/s10551-019-04177-w
  17. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. https://doi.org/10.1016/j.gfj.2017.03.001
  18. Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. https://doi.org/10.1287/mnsc.2014.2038
  19. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
  20. Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757-1770. https://doi.org/10.1177/0149206321993576
  21. Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press.
  22. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
  23. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
  24. Global Reporting Initiative. (2021). GRI 1: Foundation 2021. Global Reporting Initiative.
  25. Grozdić, V., Marić, B., Radišić, M., Šebestová, J., & Lis, M. (2020). Capital investments and manufacturing firms' performance: Panel-data analysis. Sustainability, 12(4), 1689. https://doi.org/10.3390/su12041689
  26. IMARC Group. (2026). South East Asia textile market size, share, trends and forecast by raw material, product, application, and country, 2026-2034. IMARC Services Private Limited.
  27. Indonesia Investments. (2021). Textiles and textile products industry in Indonesia. Indonesia Investments.
  28. Khan, A., Qureshi, M. A., & Davidsen, P. I. (2020). How do oil prices and investments impact the dynamics of firm value? System Dynamics Review, 36(1), 74-100. https://doi.org/10.1002/sdr.1649
  29. Lang, L. H. P., & Stulz, R. M. (1994). Tobin's q, corporate diversification, and firm performance. Journal of Political Economy, 102(6), 1248-1280. https://doi.org/10.1086/261970
  30. Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19(2), 206-224. https://doi.org/10.1108/JAAR-01-2017-0024
  31. Martin, I. W. R., & Nagel, S. (2022). Market efficiency in the age of big data. Journal of Financial Economics, 145(1), 154-177. https://doi.org/10.1016/j.jfineco.2021.10.006
  32. Martínez-Ferrero, J., & García-Sánchez, I. M. (2017). Coercive, normative and mimetic isomorphism as determinants of the voluntary assurance of sustainability reports. International Business Review, 26(1), 102-118. https://doi.org/10.1016/j.ibusrev.2016.05.009
  33. Mordor Intelligence. (2026). Malaysia textile manufacturing market: Size, share & industry analysis. Mordor Intelligence.
  34. Research and Markets. (2024, September 23). Indonesia textile and clothing industry prospects report 2024: Imports, exports and foreign direct investment (FDI). Research and Markets.
  35. Ross, S. A., Westerfield, R. W., Jaffe, J., & Jordan, B. D. (2019). Corporate finance (12th ed.). McGraw-Hill Education.
  36. Silva, S. (2021). Corporate contributions to the Sustainable Development Goals: An empirical analysis informed by legitimacy theory. Journal of Cleaner Production, 292, 125962. https://doi.org/10.1016/j.jclepro.2021.125962
  37. Stock Exchange of Thailand. (2020). Sustainability report 2020. Stock Exchange of Thailand.
  38. Stock Exchange of Thailand. (2023). Sustainability disclosure and ESG guidance. Stock Exchange of Thailand.
  39. Textile Insights. (2025, March 13). Indonesia's textile industry faces crisis amid factory closures and layoffs. Textile Insights.
  40. Textiles Intelligence. (2024). Prospects for the textile and clothing industry in Malaysia, 2024. Textiles Intelligence.
  41. Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15-29. https://doi.org/10.2307/1991374
  42. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. https://doi.org/10.1108/JGR-11-2016-0029
  43. VietnamPlus. (2023, November 23). Vietnam's textile, apparel exports to top 40 billion USD in 2023: VITAS. VietnamPlus.
  44. Wooldridge, J. M. (2016). Introductory econometrics: A modern approach (6th ed.). Cengage Learning.
  45. World Trade Organization. (2024). Global value chains: Sectoral profiles: Textiles and clothing industry. World Trade Organization.
  46. Yavuz, M. S., Tatli, H. S., Bozkurt, G., & Öngel, G. (2025). Does ESG performance have an impact on financial performance? Evidence from Turkey. Journal of Entrepreneurship, Management and Innovation, 21(1), 24-42. https://doi.org/10.7341/20252112
  47. Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635. https://doi.org/10.3390/su10103635
  48. Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371-3387. https://doi.org/10.1002/bse.3089

Similar Articles

You may also start an advanced similarity search for this article.