Although corporate financial performance is important in economic perspective, companies have to focus on environment, social, and governance responsibilties. This is because if the companies aim only profit without people and planet responsibilities, they will not accept all stakeholders' demands. Therefore, financial performance is not enough for needs of stakeholder groups. In Thailand, the Stock Exchange of Thailand (SET) has adopted environmental, social, and governance (ESG) disclosures to classify listed companies as Thailand Sustainable Investment (THSI). It is showed that croporate sustainability can create long-term investment rather than short-term investment. In addition, the environment, social, and governance disclosures allow the companies to develop more efficiency business and if the companies have transparency and quality of internal management, the corporations will reduce the risk of fraud, cost of training new employees as well as increase the quality and productivity of the products per employee (Association of Thai Securities Companies, 2018) There are fews prior related studied in Thailand investigated and examined influence of environment, social, and governance disclosures on firm value. Moreover, the literatures have provided conflicting results of the influence of environmental, social, and goverment disclosures on firm value.

Keywords: ESG Disclosures; Firm value; THSI; Thailand