ESG Integration and Sustainable Value Creation: A Qualitative Study on Corporate Performance, Financial Resilience, and Investor Confidence in Thailand’s Capital Market

Abstract

This study explores the impact of Environmental, Social, and Governance (ESG) indices on firm value, operational performance, bankruptcy risk, and investor decision-making among companies listed on the Stock Exchange of Thailand (SET). Recognizing that corporate success today extends beyond financial metrics, the research emphasizes ESG’s growing role as a strategic determinant of business sustainability and investor confidence. Employing a qualitative research design, data were collected through semi-structured interviews with corporate executives, sustainability managers, and institutional investors, complemented by documentary analysis of ESG disclosures and performance reports. Thematic analysis, following Braun and Clarke’s (2006) approach, was applied to identify key patterns and themes. The findings reveal that ESG practices are widely perceived as strategic assets that enhance firm reputation, stakeholder trust, and long-term value creation. Companies integrating ESG principles into strategic decision-making demonstrated improved operational efficiency, risk management, and financial stability. Additionally, strong ESG performance served as a positive signal of corporate reliability and ethical governance, influencing investor perceptions and investment decisions. Despite these benefits, challenges remain, including inconsistent reporting standards, limited ESG literacy among boards, and short-term profitability pressures. The study concludes that ESG adoption contributes not only to financial resilience but also to sustainable business development, offering valuable implications for corporate leaders, investors, and policymakers. The results underscore the importance of promoting standardized ESG disclosure frameworks and fostering a culture of sustainability-oriented management. Overall, this research enriches the understanding of ESG’s strategic role within Thailand’s emerging market context and supports the transition toward a more transparent, responsible, and sustainable investment ecosystem.