Equity valuation sensitivity to ESG ratings and the moderating role of firm profitability: evidence from the Stock Exchange of Thailand
This study examines the short-term market reaction to changes in the Stock Exchange of Thailand’s ESG ratings, namely the Thailand Sustainability Investment (THSI) list (2016–2022) and SET ESG Ratings (2023–2025). Furthermore, this study tests whether firm profitability, measured by return on assets (ROA), moderates th...