The Assessment of environmental management processes and fustainability factors of business organizations listed on the Stock Exchange of Thailand

Abstract

This study investigates the prioritization and characteristics of environmental management and sustainability practices among organizations listed on the Stock Exchange of Thailand (SET). It aims to (1) evaluate the prioritization of environmental management factors and Sustainable Development Goals (SDGs) across various industry groups; (2) analyze and compare environmental management factors in organizational operations using the Sustainability Report Assessment Form; and (3) develop guidelines for sustainability management through the Environmental, Social, and Governance (ESG) framework to support organizations in achieving long-term sustainability. The research analyzes annual sustainability reports from 2018 to 2020, encompassing 148 organizations purposively sampled across eight industry groups: Agriculture & Food Industry, Consumer Products, Financials, Industrial Products, Property & Construction, Resources, Services, and Technology. The assessment framework comprises 19 primary factors and 113 sub-issues, while the prioritization of 17 SDGs is also evaluated. Employing a mixed-methods approach, the study utilizes quantitative analyses, including descriptive statistics and Multivariate Analysis of Variance (MANOVA), to examine correlations and differences across industry groups. Scheffé post-hoc tests further explore these differences. Qualitative data from semi-structured interviews with 10 stakeholders are analyzed using content analysis to gain insights into the relationships between sustainability factors and practices. Key findings reveal that the Resources group comprises the highest proportion of companies (22.52%), followed by Services (19.23%). The prioritization of SDGs in sustainability reports was of moderate importance, with an average score of 2.92±1.90. SDG 8 (Decent Work and Economic Growth), SDG 13 (Climate Action), and SDG 3 (Good Health and Well-being) received the highest scores, while SDG 1 (No Poverty), SDG 14 (Life Below Water), and SDG 2 (Zero Hunger) were the least prioritized. Industry groups such as Property & Construction, Agriculture & Food Industry, and Industrial Products demonstrated higher sustainability performance, whereas Technology, Financials, and Consumer Products showed lower prioritization of SDGs. Environmental management factors scored an overall moderate average of 3.06, with 'Employees' receiving the highest stakeholder-related score (4.66) and 'Non-governmental Organizations' the lowest (1.25). The Industrials group recorded the highest prioritization score for environmental management factors (3.71), followed by Resources (3.25) and Property & Construction (3.16). Corporate Social Responsibility (CSR), Environmental Management, and Values and Norms ranked highest among factors, while Green/Eco Industry, Environmental Management Accounts, and Environmental Issues for Suppliers scored lowest. MANOVA results revealed significant differences in environmental management practices across industries, with notable variations in ecological innovation, strategic environmental management, and adoption of SDGs as business objectives. The study underscores areas requiring improvement. While many organizations integrate ISO standards and eco-labeling, CSR reporting and establishing dedicated sustainability divisions remain underdeveloped. Stakeholder engagement focuses on employees, consumers, and communities, while NGOs and industry associations are underrepresented. Environmental management strategies are well-integrated but lack comprehensive risk management and innovation in eco-friendly product development. Gaps persist in performance management systems, environmental decision-making processes, and the application of ecological accounting practices, particularly in resource efficiency and lifecycle assessments. Organizations must prioritize circular economy principles, align CSR activities with business objectives, and strengthen eco-industry integration. Enhanced supplier relations and comprehensive stakeholder engagement are crucial for fostering long-term sustainability. Additionally, broader attention to all SDGs, particularly poverty, hunger, and marine conservation, is essential to ensure holistic sustainability outcomes. This research concludes that the prioritization of environmental management factors varies significantly across industries and is shaped by unique sectoral contexts. While industrial groups emphasize regulatory compliance and pollution prevention, the Technology sector focuses on innovation and customer-driven solutions. The Resource, Agriculture, and Food Industry groups prioritize sustainability, environmental performance, and stakeholder engagement, while the Financials sector emphasizes risk assessment. The Service group underscores transparency and ecological performance disclosures. These findings offer valuable insights into decision-making processes and the development of sustainability goals. They highlight integrating environmental, social, and governance (ESG) factors into business operations to ensure long-term success and resilience.