Purpose This study aims to survey the extent, level and trend of environmental, social and governance (ESG) disclosures of top50 listed companies from Thailand, to test the different level of ESG disclosures of the companies between high profile industry and low profile industries and to examine the impact of ESG disclosures on the market reaction of top50 listed companies in Thailand. Design/methodology/approach Population and sample were top50 listed companies from the Stock Exchange of Thailand. Using corporate annual reports from 2015 to 2019, content analysis by word counting was used to quantify the extent, level and trend of ESG disclosures, while the market reaction was collected by the average stock price. Descriptive analysis, independent sample t-test, correlation matrix and multiple regression were used to analyze the data. Findings There was an increased level of ESG disclosures during the period being study. The most common ESG disclosures were social disclosure following by governance and environmental disclosures. Moreover, there were different levels of environmental disclosure of top50 listed companies between high and low profile industries, while no different levels of social and governance disclosures between high and low profile industries were found. Finally, the study found that environmental and social disclosures had a positive impact on market reaction, while there was a negative impact of governance disclosure on market reaction. Originality/value Thai investors can use ESG disclosures for their decision-making on investment.

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Objective – The study aimed (1) to investigate the extent and level of environmental, social and governance (ESG) disclosures of listed companies in Thailand Sustainable Investment (THSI) group from the Stock Exchange of Thailand (SET), and (2) to examine the influence of ESG disclosures on firm value. Methodology/Technique – Population and samples were 60 listed companies in THSI group from the SET. Content analysis by word counting was used to quantify the extent and level of ESG disclosures in corporate annual reporting during 2015 to 2019, while firm value was collected by the market price. Descriptive analysis, correlation matrix, and multiple regression were used to analyze the data from the SET. Findings – As the results, the extent and level of environmental, social, and governance disclosures were 309.91, 1196.12, and 1197.84 average words. The most common ESG disclosure was governance disclosure following by social and environmental disclosures. Moreover, the study found the positive influence of environmental and social disclosures on firm value, while there was a negative influence of governance disclosure on firm value. Novelty – This study is the first THSI group study of ESG disclosure in Thailand. Type of Paper: Empirical Keywords: ESG Disclosures; Firm Value; Thailand. Reference to this paper should be made as follows: Yordudom, T; Suttipun, M. (2020). The Influence of ESG Disclosures on Firm Value in Thailand, J. Fin. Bank. Review, 5 (3): 108 – 114. https://doi.org/10.35609/jfbr.2020.5.3(5) JEL Classification: M40, M41, M48.

Although corporate financial performance is important in economic perspective, companies have to focus on environment, social, and governance responsibilties. This is because if the companies aim only profit without people and planet responsibilities, they will not accept all stakeholders' demands. Therefore, financial performance is not enough for needs of stakeholder groups. In Thailand, the Stock Exchange of Thailand (SET) has adopted environmental, social, and governance (ESG) disclosures to classify listed companies as Thailand Sustainable Investment (THSI). It is showed that croporate sustainability can create long-term investment rather than short-term investment. In addition, the environment, social, and governance disclosures allow the companies to develop more efficiency business and if the companies have transparency and quality of internal management, the corporations will reduce the risk of fraud, cost of training new employees as well as increase the quality and productivity of the products per employee (Association of Thai Securities Companies, 2018) There are fews prior related studied in Thailand investigated and examined influence of environment, social, and governance disclosures on firm value. Moreover, the literatures have provided conflicting results of the influence of environmental, social, and goverment disclosures on firm value. Keywords: ESG Disclosures; Firm value; THSI; Thailand

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