Survey data from 279 Thai listed firms were analysed with PLS-SEM to test links among regulatory pressure, ESG integration capability, internationalisation orientation, sustainability innovation, perceived authenticity and financial sustainability performance.
Key findings
- Sustainability innovation strengthened perceived ESG authenticity, while internationalisation had a weaker negative association with authenticity when expansion was not visibly supported by substantive practice. Authenticity was strongly linked to financial sustainability, and perceived greenwashing weakened strategic pathways.
Why this matters globally
The study adds emerging-market evidence to the global debate over whether ESG creates value or merely signals it. Capabilities appear more credible when translated into observable innovation and substantive practice.
Thai researcher contribution
Thailand-linked researchers from Mahidol University, Khon Kaen University and Bangkok Business College examined ESG mechanisms within Thai listed firms.
Limitations to consider
Perception-based measures are vulnerable to common-method and social-desirability bias. Cross-sectional data lack temporal ordering, perceived performance is not audited financial performance, and PLS-SEM does not prove causality.