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This study investigates how ESG reporting and COVID-19 have affected firm performance across different industries using Economic Value Added (EVA) as a measure. An analysis of Malaysian publicly listed firms from 2016 to 2023 reveals that Industrials, Consumer Cyclicals, and Real Estate experienced significant post-pandemic declines, while the Energy remained resilient. Firms with longer ESG reporting histories suffered greater EVA declines, suggesting that sustainability commitments did not provide financial protection during periods of economic uncertainty. Additionally, ESG reporting did not lead to the expected improvements in performance, as Consumer Cyclicals, Industrials, and Technology recorded significant downturns. These findings highlight the importance of industry-specific ESG strategies that extend beyond regulatory compliance to strengthen business sustainability and drive long-term value creation.

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Beyond Compliance: How Sustainability Disclosures Shaped Operating Performance in Malaysian Industries Amid Pandemic Challenges

  • 会议论文

  • 发表日期：

    2026年

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  • Aik Nai Chiek,
  • Tan Kok Eng,
  • Salizatul Aizah Ibrahim

摘要

This study investigates how ESG reporting and COVID-19 have affected firm performance across different industries using Economic Value Added (EVA) as a measure. An analysis of Malaysian publicly listed firms from 2016 to 2023 reveals that Industrials, Consumer Cyclicals, and Real Estate experienced significant post-pandemic declines, while the Energy remained resilient. Firms with longer ESG reporting histories suffered greater EVA declines, suggesting that sustainability commitments did not provide financial protection during periods of economic uncertainty. Additionally, ESG reporting did not lead to the expected improvements in performance, as Consumer Cyclicals, Industrials, and Technology recorded significant downturns. These findings highlight the importance of industry-specific ESG strategies that extend beyond regulatory compliance to strengthen business sustainability and drive long-term value creation.