IJBMC Volume 3, Issue 2, 2023


The Impact of Environmental, Social, Governance (ESG) Disclosure on Financial Performance of Listed Healthcare Companies in Bursa Malaysia: A Panel Data Study
Chua I-Vern Sharon, Zukarnain Zakaria, Vijayesvaran Arumugam, Mohd Roslan Ismail

There is increasing concern among policymakers globally towards business practices that could contribute to the climate change risk. Business’s operation focuses on profit are often performed at the expense of environmental preservation. Subsequently, on top of financial indicators, sustainability initiative has become one of the non-financial indicators used in evaluating the firm’s performance. Thus, the objective of this paper is to examine the impact of ESG disclosure on the financial performance of listed companies in the healthcare industry in Bursa Malaysia. Specifically, this paper investigates the impact of an individual component of ESG on the companies’ financial performance measured using ROE and Tobin Q. Random effects model of panel data spanning from 2016 to 2022 gathered from 15 healthcare-listed companies in Bursa Malaysia have been in the estimation. The results showed that overall ESG disclosure is positively associated with the firm’s ROE and market performance Tobin Q, but the relationship is only significant in the case of ROE. For individual ESG subcomponents, this paper found that environmental commitment is negatively and significantly associated with ROE, while for other components, social and governance, both are not significantly associated with ROE or Tobin Q. In conclusion, this study finds support that ESG as an aggregate can affect the financial performance of healthcare-related companies, but not the individual component of ESG. Therefore, ESG investments should be equally distributed amongst each pillar to produce a significant on the financial performance of the company.

Keywords: ESG, Sustainability, Financial Performance, Healthcare, Malaysia

List of references


Agarwal B., Gautam R. S., Jain P., Rastogi S., Bhimavarapu V. M., and Singh S. (2023). Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator. Journal of Risk and Financial Management. Feb 10;16(2):109.

Alareeni B. A., Hamdan A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society. Oct 26;20(7):1409–28.

Alkaraan F., Albitar K., Hussainey K., and Venkatesh V. (2022). Corporate transformation toward Industry 4.0 and financial performance: The influence of environmental, social, and governance (ESG). Technological Forecasting and Social Change. Feb;175:121423.

Atan R. Razali F. A., Jamaliah S., and Zainun S. (2016). Environmental, social and governance (ESG) disclosure and its effect on firm’s performance: A comparative study. Journal of Economics and Management. Jan

Christopher J. T., Jasman T. Hylmee M. and Samir D. (2021). The Impact of Sustainability Practices on Firm Financial Performance: Evidence from Malaysia. Management and Accounting Review. Dec 1;20(3).
Constantinescu D. (2021). Sustainability disclosure and its impact on firm’s value for Energy and Healthcare industry. Central European Economic Journal. Jan 1;8(55):313–29.

El Khoury R., Nasrallah N., and Toumi A. (2022). ESG and performance in public health-care companies: the role of disclosure and director liability. Competitiveness Review: An International Business Journal. Jun 10.

Elsayed K., and Paton D. (2005). The impact of environmental performance on firm performance: static and dynamic panel data evidence. Structural Change and Economic Dynamics. Sep;16(3):395–412.

Eng L. L., Fikru M., and Vichitsarawong T. (2021). Comparing the informativeness of sustainability disclosures versus ESG disclosure ratings. Sustainability Accounting, Management and Policy Journal. Dec 10.

Hamdi K., Guenich H., and Ben Saada M. (2022). Does corporate financial performance promote ESG: Evidence from US firms. Cogent Business & Management. Dec 20;9(1).

Lee S. P., and Isa M. (2022). Environmental, social and governance (ESG) practices and financial performance of Shariah-compliant companies in Malaysia. Journal of Islamic Accounting and Business Research. Aug 22.

Li C., Ba S., Ma K., Xu Y., Huang W., and Huang N. (2022). ESG rating events, financial investment behavior and corporate innovation. Economic Analysis and Policy. Nov.

Li T. T., Wang K., Sueyoshi T., and Wang D. D. (2021). ESG: Research Progress and Future Prospects. Sustainability. 2021 Oct 21;13(21):11663.

Lopez de Silanes F., McCahery J. A., and Pudschedl P. (2019). ESG Performance and Disclosure: A Cross-Country Analysis. SSRN Electronic Journal.

López-Toro A. A., Sánchez-Teba E. M, Benítez-Márquez M. D., and Rodríguez-Fernández M. (2021). Influence of ESGC Indicators on Financial Performance of Listed Pharmaceutical Companies. International Journal of Environmental Research and Public Health. Apr 25;18(9):4556.

Maqbool S., and Zameer M. N. (2018). Corporate social responsibility and financial performance: An empirical analysis of Indian banks. Future Business Journal. Jun;4(1):84–93.

Mark R. K., and Marc W. P. (2022). The Essential Link Between ESG Targets & Financial Performance. Harvard Business Review. 2022; 130-37.

Nollet J., Filis G., and Mitrokostas E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling. Jan; 52:400–7.

Smith M., Yahya K., and Marzuki Amiruddin A. (2007). Environmental disclosure and performance reporting in Malaysia. Asian Review of Accounting. Apr 3;15(2):185–99.

Trisnowati Y., Achsani N. A., Sembel R., and Andati T. (2022). The Effect of ESG Score, Financial Performance, and Macroeconomics on Stock Returns during the Pandemic Era in Indonesia. International Journal of Energy Economics and Policy. Jul 19;12(4):166–72.

Zafar M. B., Sulaiman A. A., and Nawaz M. (2022). Does corporate social responsibility yield financial returns in Islamic banking? Social Responsibility Journal. Jan 24.

For Website / News
BusinessToday | Malaysia’s Premier Business News Portal [Internet]. https://www.businesstoday.com.my/. Available from: https://www.businesstoday.com.my

Corporate Governance – REGULATION [Internet]. Sc.com.my. 2017. Available from: https://www.sc.com.my/regulation/corporate-governance

FTSE4Good Bursa Malaysia (F4GBM) Index [Internet]. http://www.bursamalaysia.com. Available from: https://www.bursamalaysia.com/trade/our_products_services/indices/ftse4good-bursa-malaysia-f4gbm-index

Sustainable and Responsible Investment – DEVELOPMENT | Securities Commission Malaysia [Internet]. http://www.sc.com.my. Available from: https://www.sc.com.my/development/sri

United Nations. (2015). The 17 Sustainable Development Goals [Internet]. United Nations. Available from: https://sdgs.un.org/goals

What is sustainable development · Sustainable Development Commission [Internet]. http://www.sd-commission.org.uk. Available from: https://www.sd-commission.org.uk/pages/what-is-sustainable-development.html#:~:text=%22Sustainable%20development%20is%20development%20that

For Book
Chiong, Paul Tiong Nyit. (2010) Examination of Corporate Sustainability Disclosure Level and Its Impact on Financial Performance. PhD thesis, University of Multimedia.

Hut N. (2022) Bringing ESG Principles to Healthcare. HFM Magazine. 27.

Prediction of Thai Consumers’ Behavioral Intentions to Use Home Energy Management System
Thanit Innual, Bordin Phayaphrom

This study aimed to investigate the factors influencing consumers’ intention to use home energy management systems (HEMS) in residential homes. A questionnaire survey was conducted with 500 representative groups of homeowners and residents in Bangkok and the Metropolitan Area of Thailand. Descriptive analysis and inferential statistical analysis were used to analyze the data. The results revealed that attitude toward behavior, perceived behavioral control, facilitating conditions, social influence, and performance expectancy have a significant impact on consumers’ intention to use HEMS, while effort expectancy had no significant impact. The study has contributed to provide practical guidelines for regulators, entrepreneurs, and policymakers to improve strategies for HEMS adoption and for marketers and stakeholders to plan distribution, consumer channels, and supply chain management.

Keywords: HEMS, UTAUT, TPB, consumers’ behavioral intentions, Thailand

List of References


Aggarwal, A. K., Syed, A. A., & Garg, S. (2019). Factors driving Indian consumer’s purchase intention of roof top solar. International Journal of Energy Sector Management.

Ahuja, D., & Tatsutani, M. (2009). Sustainable energy for developing countries. SAPI EN. S. Surveys and Perspectives Integrating Environment and Society, 2.1.

Ajzen, I. (2005). EBOOK: Attitudes, Personality and Behaviour. McGraw-hill education (UK).

Amin, M., & Zaman, M. (2021). Assessing the Adoption Behavior of E-Learning in a Developing Country in South East Asia: Predicting an Alternative Path to Behavioral Intention to Use. International Journal of Education and Development Using Information and Communication Technology, 17(3), 38–56.

Balakrishnan, R., & Geetha, V. (2021). Review on home energy management system. Materials Today: Proceedings, 47, 144–150.

Bekti, D. B. M., Prasetyo, Y. T., Redi, A. A. N. P., Budiman, A. S., Mandala, I. M. P. L., Putra, A. R., Persada, S. F., Nadlifatin, R., & Young, M. N. (2021). Determining Factors Affecting Customer Intention to Use Rooftop Solar Photovoltaics in Indonesia. Sustainability, 14(1), 280.

Berry, W. D., Feldman, S., & Stanley Feldman, D. (1985). Multiple regression in practice (Issue 50). Sage.

Billanes, J., & Enevoldsen, P. (2021). A critical analysis of ten influential factors to energy technology acceptance and adoption. Energy Reports, 7, 6899–6907.

Bizarrias, F. S., Cucato, J. da S. T., Strehlau, V. I., Ferreira, M. C. O., & da Silva, J. G. (2019). Relationship and search for discounts, and their effects on loyalty and e-commerce, when mediated by satisfaction and trust. International Journal of Professional Business Review, 4(2), 51–69.

Chatterjee, S., Rana, N. P., Khorana, S., Mikalef, P., & Sharma, A. (2021). Assessing Organizational Users’ Intentions and Behavior to AI Integrated CRM Systems: A Meta-UTAUT Approach. Information Systems Frontiers, 1–15.

Chel, A., & Kaushik, G. (2011). Renewable energy for sustainable agriculture. Agronomy for Sustainable Development, 31(1), 91–118. https://doi.org/10.1051/agro/2010029

Chen, C., de Rubens, G. Z., Xu, X., & Li, J. (2020). Coronavirus comes home? Energy use, home energy management, and the social-psychological factors of COVID-19. Energy Research & Social Science, 68, 101688.

Chen, C., Xu, X., Adams, J., Brannon, J., Li, F., & Walzem, A. (2020). When East meets West: Understanding residents’ home energy management system adoption intention and willingness to pay in Japan and the United States. Energy Research & Social Science, 69, 101616.

Choi, Y.-J., & Park, J.-W. (2018). A Study on the Shopping Behavior of Duty Free Shop Users. Journal of Distribution Science, 16(8), 39–50.

Daoud, J. I. (2017). Multicollinearity and regression analysis. Journal of Physics: Conference Series, 949(1), 012009.

Dwivedi, Y. K., Rana, N. P., Jeyaraj, A., Clement, M., & Williams, M. D. (2019). Re-examining the unified theory of acceptance and use of technology (UTAUT): Towards a revised theoretical model. Information Systems Frontiers, 21(3), 719–734.

EPPO. (2022). The Medium-Term Action Plan of Thailand’s Smart Grid Development Master Plan 2022 – 2031. https://thai-smartgrid.com/wp-content/uploads/2022/02/01-แผนขับเคลื่อนฯ-ระยะปานกลาง.pdf

Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5(1), 1–4.

Farrar, D. E., & Glauber, R. R. (1967). Multicollinearity in regression analysis: the problem revisited. The Review of Economic and Statistics, 92–107.

Fishbein, M. (1967). Attitude and the prediction of behavior. Readings in Attitude Theory and Measurement.

Godfrey, L. G. (1978). Testing for multiplicative heteroskedasticity. Journal of Econometrics, 8(2), 227–236.

Gunawan, I., Redi, A. A. N. P., Santosa, A. A., Maghfiroh, M. F. N., Pandyaswargo, A. H., & Kurniawan, A. C. (2022). Determinants of Customer Intentions to Use Electric Vehicle in Indonesia: An Integrated Model Analysis. Sustainability, 14(4), 1972.

Hair, J. F., Babin, B. J., Anderson, R. E., & Black, W. C. (2018). Multivariate data analysis . Boston: Cengage Learning.

Hair, J. F., Ringle, C. M., & Sarstedt, M. (2013). Partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long Range Planning, 46(1–2), 1–12.

Han, J., Choi, C.-S., Park, W.-K., Lee, I., & Kim, S.-H. (2014). Smart home energy management system including renewable energy based on ZigBee and PLC. IEEE Transactions on Consumer Electronics, 60(2), 198–202.

Hauke, J., & Kossowski, T. (2011). Comparison of values of Pearson’s and Spearman’s correlation coefficients on the same sets of data. Quaestiones Geographicae, 30(2), 87.

Hopkins, L., & Ferguson, K. E. (2014). Looking forward: The role of multiple regression in family business research. Journal of Family Business Strategy, 5(1), 52–62.

Hulin, C., Netemeyer, R., & Cudeck, R. (2001). Can a reliability coefficient be too high? Journal of Consumer Psychology, 10(1/2), 55–58.

Hyman, L., Lamb, J., & Bulmer, M. (2006). The use of pre-existing survey questions: Implications for data quality. Proceedings of the European Conference on Quality in Survey Statistics, 1–8.

Jang, H., & Topal, E. (2013). Optimizing overbreak prediction based on geological parameters comparing multiple regression analysis and artificial neural network. Tunnelling and Underground Space Technology, 38, 161–169.

Jobson, J. D. (1991). Multiple Linear Regression. In J. D. Jobson (Ed.), Applied Multivariate Data Analysis: Regression and Experimental Design (pp. 219–398). Springer New York. https://doi.org/10.1007/978-1-4612-0955-3_4

Kim, J. H. (2019). Multicollinearity and misleading statistical results. Korean Journal of Anesthesiology, 72(6), 558–569.

Kim, S., Lee, K.-H., Hwang, H., & Yoo, S. (2015). Analysis of the factors influencing healthcare professionals’ adoption of mobile electronic medical record (EMR) using the unified theory of acceptance and use of technology (UTAUT) in a tertiary hospital. BMC Medical Informatics and Decision Making, 16(1), 1–12.

Kotani, H., & Nakano, K. (2022). Purchase decision process and information acquisition of zero-energy houses in Japan. Journal of Asian Architecture and Building Engineering, 1–20.

Lau, L.-S., Choong, Y.-O., Wei, C.-Y., Seow, A.-N., Choong, C.-K., Senadjki, A., & Ching, S.-L. (2020). Investigating nonusers’ behavioural intention towards solar photovoltaic technology in Malaysia: The role of knowledge transmission and price value. Energy Policy, 144, 111651.

Lutfi, A. (2022). Factors Influencing the Continuance Intention to Use Accounting Information System in Jordanian SMEs from the Perspectives of UTAUT: Top Management Support and Self-Efficacy as Predictor Factors. Economies, 10(4), 75.

Mahapatra, B., & Nayyar, A. (2022). Home energy management system (HEMS): Concept, architecture, infrastructure, challenges and energy management schemes. Energy Systems, 13(3), 643–669.

MANSUR, D. M., SULE, E. T., KARTINI, D., OESMAN, Y. M., Putra, A. H. P. K., & CHAMIDAH, N. (2019). Moderating of the Role of Technology Theory to the Existence of Consumer Behavior on e-commerce. Journal of Distribution Science, 17(7), 15–25.

Masa’deh, R., AlHadid, I., Abu-Taieh, E., Khwaldeh, S., Alrowwad, A., & Alkhawaldeh, R. S. (2022). Factors Influencing Students’ Intention to Use E-Textbooks and Their Impact on Academic
Achievement in Bilingual Environment: An Empirical Study Jordan. Information, 13(5), 233.

Moidunny, K. (2009). The effectiveness of the national professional qualification for educational leaders (NPQEL). Unpublished Doctoral Dissertation, Bangi: The National University of Malaysia.

Montgomery, D. C., Peck, E. A., & Vining, G. G. (2021). Introduction to linear regression analysis. John Wiley & Sons.

Nurwidiana, N., Sopha, B. M., & Widyaparaga, A. (2021). Behavioral Factors Underlying Households’ Intention Toward Solar Photovoltaic Adoption.

O’brien, R. M. (2007). A caution regarding rules of thumb for variance inflation factors. Quality & Quantity, 41(5), 673–690.

Owusu, P. A., & Asumadu-Sarkodie, S. (2016). A review of renewable energy sources, sustainability issues and climate change mitigation. Cogent Engineering, 3(1), 1167990.

Popova, Y., & Zagulova, D. (2022). UTAUT Model for Smart City Concept Implementation: Use of Web Applications by Residents for Everyday Operations. Informatics, 9(1), 27.

Roscoe, J. T. (1975). Fundamental research statistics for the behavioral sciences [by] John T. Roscoe.

Sager, T. W. (2010). Kolmogorov-Smirnov test. In Encyclopedia of Research Design (pp. 664–668). SAGE Publications: Thousand Oaks, CA, USA.

Santosa, A. A., Prasetyo, Y. T., Alamsjah, F., Redi, A. A. N. P., Gunawan, I., Putra, A. R., Persada, S. F., & Nadlifatin, R. (2022). How the COVID-19 Pandemic Affected the Sustainable Adoption of Digital Signature: An Integrated Factors Analysis Model. Sustainability, 14(7), 4281.

Schober, P., Boer, C., & Schwarte, L. A. (2018). Correlation coefficients: appropriate use and interpretation. Anesthesia & Analgesia, 126(5), 1763–1768.

Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. john wiley & sons.

Shiferaw, K. B., & Mehari, E. A. (2019). Modeling predictors of acceptance and use of electronic medical record system in a resource limited setting: Using modified UTAUT model. Informatics in Medicine Unlocked, 17, 100182.

Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American Journal of Applied Mathematics and Statistics, 8(2), 39–42.

Srikranjanapert, M., Junlakarn, S., & Hoonchareon, N. (2021). How an Integration of Home Energy Management and Battery System Affects the Economic Benefits of Residential PV System Owners in Thailand. Sustainability, 13(5), 2681.

Stout, B., & Best, G. (2001). Effective energy use and climate change: needs of rural areas in developing countries.

Tabachnick, B. G., & Fidell, L. S. (2007). Using multivariate statistics. 5. Boston: Allyn and Bacon.

Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 425–478.

Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS Quarterly, 157–178.

Warkentin, M., Goel, S., & Menard, P. (2017). Shared benefits and information privacy: what determines smart meter technology adoption? Journal of the Association for Information Systems, 18(11), 3.

Wu, R., & Lee, J.-H. (2017). Use intention of mobile fingerprint payment between UTAUT and DOI in China. Journal of Distribution Science, 15(10), 15–28.

Xu, X., Chen, C., Washizu, A., Ishii, H., & Yashiro, H. (2018). Willingness to pay for home energy management system: A cross-country comparison. 2018 IEEE Power & Energy Society General Meeting (PESGM), 1–5.

Yang, H.-C. (2019). A study on performance improvement and perception difference of SMEs using TPB: Focusing on corporate ethical responsibility activities, personal characteristics and POS. Journal of Distribution Science, 17(8), 57–66.

Yew, M. H., Molla, A., & Cooper, V. (2022). Behavioural and environmental sustainability determinants of residential energy management information systems use. Journal of Cleaner Production, 356, 131778.

Yuen, K. F., Huyen, D. T. K., Wang, X., & Qi, G. (2020). Factors influencing the adoption of shared autonomous vehicles. International Journal of Environmental Research and Public Health, 17(13), 4868.

Zhang, K., & Yu, Z. (2022). Extending the UTAUT Model of Gamified English Vocabulary Applications by Adding New Personality Constructs. Sustainability, 14(10), 6259.

Zikmund, W. G., Babin, B. J., Carr, J. C., & Griffin, M. (2013). Business research methods. Cengage Learning.

Pengaruh Prinsip Akauntabiliti Dalam Pengurusan Governans Alam Sekitar Di Malaysia
Siti Hajar Binti Mokhter, Azahan Awang, Muhammad Asyraf Bin Mohd Azmi

Kealpaan dalam mengejar pembangunan yang pesat seringkali mengabaikan aspek alam sekitar berpunca daripada pengurusan dan tadbir urus alam sekitar yang lemah seterusnya mengakibatkan kerosakan alam sekitar. Menyedari akan pentingnya pengurusan alam sekitar yang baik maka konsep pembangunan lestari telah diperkenalkan. Dalam usaha mencapai pembangunan lestari, governans alam sekitar yang menyokong konsep governans kelestarian telah dijalankan oleh pihak-pihak berkepentingan mengikut perundangan dan akta yang telah ditetapkan. Salah satu prinsip governans alam sekitar yang baik adalah pengaruh akuantabiliti. Oleh itu, kajian ini adalah bertujuan untuk mengenalpasti pengaruh akauntabiliti dalam mempengaruhi governans alam sekitar di Malaysia. Kajian kualitatif menggunakan kaedah persampelan bertujuan dimana temubual mendalam seorang responden yang terlibat secara langsung dalam governans alam sekitar telah dipilih, serta kajian dokumen-dokumen perundangan yang melibatkan Akta Kualiti Alam Sekeliling 1974 telah dibuat. Analisis menunjukkan akauntabiliti memberi tumpuan kepada tanggungjawab kerajaan, sektor swasta dan masyarakat dalam governan alam sekitar di Malaysia. Jabatan Alam Sekitar (JAS) memainkan peranan penting dalam menguatkuasakan Akta Kualiti Alam Sekeliling 1974 dalam menangani pencemaran industri. Kerjasama dan tanggungjawab bersama antara pelbagai kementerian, agensi kerajaan, pihak industri dan masyarakat diiktiraf sebagai penting untuk governan alam sekitar yang berkesan.

Key words : pembangunan lestari, governan alam sekitar, prinsip akauntabiliti

List of References


Abdul Samad Hadi (2005). Pembandaran lestari: memebina kehidupan di Bandar. Siri Syarahan Pemikiran Bangi: Alam Sekitar dan Pembangunan. Bangi: LESTARI, UKM.

Afrizal, T. and Embong, A.R. (2013). Komuniti Dan Pengurusan Persekitaran: Beberapa Pengalaman Malaysia, Bangladesh, Zambia Dan Vietnam. Kajian Malaysia: Journal of Malaysian Studies, 31(2).

Ahmad, A.R. & Musa, K. (2016). Inisiatif Pembangunan Kampus Lestari Di institut Pengajian TInggi Malaysia : Tahap Kefahaman Kelestarian. Kelestarian Alam Sekitar, Ekonomi dan social di Malaysia:1-12. Penerbitan Universiti Pendidikan Sultan Idris.ISBN 978-967-0924-44-1.

Ali, M. (2013). Issues of Sustainability Assessment. Sustainability Assessment, 59–71. doi:10.1016/b978-0-12-407196-4.00005-2

Baker, S. (1997). The Politics of Sustainable Development. London: Routledge.

Broda-Bahm, K.T. (1999). Finding protection in definitions: The quest for environmental security. Argumentation and Advocacy, 35(4), pp.159-170.

Carr, David (2004). Moral Values and the Arts in Environmental Education : Towards an Ethics of Aesthetic Appreciation. Journal of Philosophy of Education. 38(2) : 221 – 239.

Choi, C (2009). Removing Market Barriers to Green Development: Principles and Action Projects to Promote Widespread Adoption of Green Development Practices. JOSRE, 1(1), 107- 138.

Clements, & Gido (2006). Effective Project Management, Canada: Thompson South-Western.

Dabelko, G.D. and Dabelko, D.D., 1995. Environmental security: Issues of conflict and redefinition. Environmental change and security project report, 1(1), pp.3-13.

Du Plessis, C. 2001. Agenda 21 for Sustainable Construction in Developing Countries. A Discussion Document. Report for the CIB and UNEP-IETC, CSIR Building Construction and Technology, Pretoria.

Floyd, R., 2008. The environmental security debate and its significance for climate change. The International Spectator, 43(3), pp.51-65.

Griffith, A., Stephenson, P., and Watson, P. 2000. Management System for Construction. Pearson Education Inc., New York, and Englemere Ltd., England. Mihaela Comanescu (2010) Increasing Responsibility towards Environment Theoretical and Applied Economics Volume XVII (2010), No. 5(546), pp. 59-72

Haliza Abdul Rahman. 2009. Penglibatan masyarakat awam di Malaysia dalam isu berkaitan persekitaran. Jurnal Sarjana (24), pp 49-65

Haque, M., 2017. Environmental Governans. Dlm. A. Farazmand (ed.), Global Encyclopedia of Public Administration, Public Policy, and Governance, DOI 10.1007/978-3-319-31816-5_1766-1

Hogenboom, J., A. P. J. Mol, et al. 2000. Dealing with Environmental Risks in Reflexive Modernity. In: M. J. Cohen (Ed.), Risk in the Modern Age. London: Macmillan Press Ltd., pp. 83-106

Jamaluddin. M. Jahi. 2008. Human habitat and environmental change: from cave dwellings to megacities. International conference on Human Habitat and Environment, organized by institute of the Malay World and Civilization (ATMA), UKM and Environmental management Society (EMS) Malaysia. Bangi 3-4 Disember.

Jamaludin Md. Jahi. 2001. Pengurusan alam sekitar di Malaysia: dari Stockholm ke Rio de Janeiro dan seterusnya. Syarahan Perdana Universiti Kebangsaan Malaysia, 16 Februari, Bangi. Penerbit Universiti Kebangsaan Malaysia.

Kooiman, J., 2003. Governing as Governance. London: Sage

Mazlan, Sytty Mazian, 2018. Governans Keselamatan dan Kesihatan Pekerjaan Dalam Aspek Kualiti Udara Dalaman. Thesis: Doctor of Philosophy, Institut Alam Sekitar dan Pembangunan, UKM.

McDonough, W., Braungart, M. & Dale, D. 2002. A building like a tree, a campus like a forest. New England: EBSCO Publishing

Mohammad, N., 2011. Urban environmental pollution in Malaysia: a case study. British Journal of Humanistic and Social Sciences, 3(1), pp.46-57.

Mohd Anuar, H., 2014. Environmental governance in Malaysia: An overview.

Mohammad Affendy Omardin & Nazirah Zainul Abidin. 2014. Konsep Dan Amalan Kesedaran Terhadap Isu-Isu Alam Sekitar Di Peringkat Awalan Projek Pembinaan Melalui Fasa Pengurusan Nilai. Social Sciences Postgraduate International Seminar.Universiti Sains Malaysia. ISBN 978-967-11473-1-3

Mol, A. P. J. 1996. Ecological Modernisation and Institutional Reflexivity: Ecological Reform in the Late Modern Age. Environmental Politics. 5(2): 302-323.

Norjan, Y., Nur Ibtisam, I., Rohana, S. & Rohayati, M. 2005. Tinjauan pengetahuan dan kesedaran alam sekitar di kalangan pelajar Orang Asli. Prosiding Seminar Kebangsaan Pengurusan Persekitaran 2005.

Rahman, H.A. 2016. Interaksi masyarakat dan alam sekitar dalam governans kelestarian. Governans Kelestarian Kesejahteraan Alam Sekitar dan Kesihatan Masysrakat di Malaysia: 1-12. Penerbitan Universiti Pendidikan Sultan Idris. ISBN 978-967-0924-45-8.

Razman, M.R. & Mokhtar M. 2016. Governans kelestarian melalui undang-undang persendirian dalam konteks aspek kecuaian undang-undang tort ke arah kesejahteraan habitat manusia di Malaysia, Governans Kelestarian Kesejahteraan Alam Sekitar dan Kesihatan Masysrakat di Malaysia: 137-150. Penerbitan Universiti Pendidikan Sultan Idris.ISBN 978-967-0924-45-8.

Robichaud, L. B., & Anantatmula, V. S. 2011. Greening Project Management Practices for Sustainable Construction. Journal of Management in Engineering, 27(1), 48-57.

Sands, P. 2003. Principle of environmental law. Cambridge: Cambridge University Press.

Sani, S., 2000. Anjakan paradigma dalam pengurusan alam sekitar di Malaysia: peranan universiti. Akademika, 57(1).

Shriberg, Micheal. 2002. Sustainability in US higher education: Organizational factors influencing campus environment performance and leadership. Thesis: Doctor of Philosophy Natural Resources of Environment. Michigan : University of Michigan.

Starke, L. 1990. Sign of Hope: Working towards our common future. Oxford: Oxford University Press.

Tengku-Hamzah, T. and Adeline, A., 2011. Making sense of environmental governance: a study of e-waste in Malaysia (Doctoral dissertation, Durham University).

United Nations Institute for Training and Research (UNITAR), United Nations Environmental Programme (UN Environment),2017. Introduction of Environmental Governance.

Van Harmelen, M., Van Leeuwen, M.S. and de Vette, T., 2005. International law of sustainable development: Legal aspects of environmental security on the Indonesian island of Kalimantan.

Yaacob, M.R., Yusof, M.F.M. and dan Perniagaan, F.K., 2013. Perindustrian dan Kelestarian Kualiti Alam Sekitar di Malaysia: Asas dan Pendekatan Teori Pemodenan Ekologikal. Prosiding PERKIM VIII, 2, pp.991-1003.