Environmental, Social, Governance and Firm Performance in Developing Countries: Evidence from Southeast Asian Etikonomi Volume 22 (1), 2023: 65 - 78 P-ISSN: 1412-8969; E-ISSN: 2461-0771 Makhdalena 1* , Desi Zulvina 2 , Yani Zulvina 3 , Rizky Windar Amelia 4 , Aditya Pandu Wicaksono 5 1,3 Universitas Riau, Indonesia 2 Universitas Sebelas Maret, Indonesia 4 Universitas Widya Dharma, Indonesia 5 Universitas Islam Indonesia, Indonesia E-mail: 1 makhdalena@lecturer.unri.ac.id, 2 desizulvina@gmail.com, 3 yani.zulvina@lecturer.unri.ac.id, 4 kiky.windar@gmail.com, 5 aditya.pandu@uii.ac.id *) Corresponding Author How to Cite: Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271. JEL Classiﬁcation: G30 Q56 Q50 Received: 21 March 2022 1 st Revision: 25 April 2022 2 nd Revision: 19 June 2022 Accepted: 01 August 2022 Abstract Several studies primarily investigate the inﬂuence of environmental, social, and governance on ﬁrm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. erefore, studies in developing countries are still rare and mixed. is study examines the eﬀect of Environmental, Social, and Governance (ESG) information on ﬁrm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, ailand, and Vietnam) during 2010-2020. e information on ESG score and ROA as a proxy for ﬁrm performance measures ESG. Regression test results showed that ESG has a positive eﬀect on ﬁrm performance. We also found that three components of ESG, environmental, Social, and Governance, positively aﬀect ﬁrm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives aﬀect the ﬁrm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive eﬀect between ESG disclosure and company performance. ESG, in the long term, would build eﬀective governance and increase shareholder value. e research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a ﬁrm operational and market performance. Keywords: sustainability; environment; corporate governance; social; ﬁrm performance