ESG Performance in Asia Stock Market During COVID-19: A Systematic Literature Review and Research Agenda

Abstract

Purpose: To give reliable information as a guidance for future research to analyze and developmore data comprehensively from research questions. There are three research questions.Firstly, how is Environment Social Governance (ESG) performance conducted among ASIAconutries in the context of influencing in ASIA stock market during COVID-19 pandemic?Secondly, what are the syntheses and limitations of this field from three different perspectives:the empirical findings, theories, and methodological specifications? Lastly, What should be theresulting research agenda on ESG performance in ASIA Stock Market?Design/methodology/approach: the systematic literature review (SLR) used, and doreviewing from three different perspectives: empirical, theoretical, and methodologicalframeworks.Findings: regarding the RQ1, the researcher can outline the extant literature related to ESG toASIA stock market. Some countries that already support the implementation of ESG are China,Japan, South Korea, Hong Kong, Bangladesh, Indonesia, Malaysia, Thailand, Singapore,Philippines, and Viet Nam. However, during the implementation, those companies havedifferent policies and still in the early stage. Concerning RQ2, and RQ3, the researcher canexplain three different points of perspectives, which are empirical results, theoreticalframework and methodology reviews.Research limitations/implications: this result can bring benefit for further researcher to useas a foundation material for doing analysis the role of ESG in ASIA stock market.Practical implications: This result will give input to policy maker such as governments andmanagements to conduct more concern about the implementation of ESG. Although theimplementation of ESG has already started in early stage, it is needed to make clear decisionor support as a mandatory report in each ASIA country. It is because ESG has successfullybeen noticed and considered by investors during the COVID-19 pandemic as a downtrendprotection for stock return.Originality/value: The term of CSR has transformed to ESG investment in the earliest 2000sonly in developed countries such as America and European countries. Nevertheless, not somany literature studies reporting the benefit of implementing ESG in the Asia stock market.The research scope is “during the COVID-19 period”, has become a new value beyond this study.