ESG dan Kebijakan Dividen di Pasar ASEAN Berkembang: Perspektif Keberlanjutan
DOI:
https://doi.org/10.30640/inisiatif.v5i3.6951Keywords:
ASEAN-5, Dividend Policy, ESG Performance, Firm Performance, SustainabilityAbstract
Research on environmental, social, and governance practices and dividend policy has grown with the rising demand for sustainable corporate finance in emerging markets. This study examines the development of studies on ESG practices, sustainability reporting, and dividend policy in ASEAN-5 countries, namely Indonesia, Malaysia, Singapore, Thailand, and the Philippines. A systematic literature review was conducted using a structured selection process guided by PRISMA 2020. Articles were collected from Google Scholar and ScienceDirect using keywords related to ESG, sustainability, dividend policy, firm performance, and dividend payout ratio. The initial search identified 777 articles. After screening based on relevance, journal quality, publication period, and contextual fit, 27 articles were retained for synthesis. The findings show that research integrating ESG and dividend policy in ASEAN-5 remains limited, although publication activity increased sharply in 2023. The review identifies a clear gap in explaining how sustainability performance shapes dividend decisions in emerging ASEAN markets. This study offers directions for future research on sustainable financial management, corporate governance, and responsible investment in the ASEAN region
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