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<p>This paper examines how geopolitical risk affects firm valuation and whether environmental, social, and governance (ESG) performance moderates this relationship in Asian markets. Using a panel of non-financial listed firms from Asian economies over 2000–2024, we find that geopolitical risk is negatively associated with firm value. We further show that this adverse association is weaker among firms with stronger ESG performance, indicating greater valuation resilience under geopolitical stress. Pillar-level evidence suggests that the moderating role is more pronounced for the Social and Governance dimensions than for the Environmental dimension. Additional analyses also show that the documented patterns vary across industries, financial-development environments, ownership structures, and firm size. Overall, the findings suggest that ESG is associated with greater resilience in firm valuation when geopolitical tensions rise in Asian markets.</p>

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Does ESG shield firm value from geopolitical risk? Evidence from Asian markets

  • 期刊论文

  • 发表日期：

    2026年6月23日

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  • Lam Thanh Nguyen,
  • Phung Dinh Tran

摘要

This paper examines how geopolitical risk affects firm valuation and whether environmental, social, and governance (ESG) performance moderates this relationship in Asian markets. Using a panel of non-financial listed firms from Asian economies over 2000–2024, we find that geopolitical risk is negatively associated with firm value. We further show that this adverse association is weaker among firms with stronger ESG performance, indicating greater valuation resilience under geopolitical stress. Pillar-level evidence suggests that the moderating role is more pronounced for the Social and Governance dimensions than for the Environmental dimension. Additional analyses also show that the documented patterns vary across industries, financial-development environments, ownership structures, and firm size. Overall, the findings suggest that ESG is associated with greater resilience in firm valuation when geopolitical tensions rise in Asian markets.