Abstract
This study examines how Environmental, Social, and Governance (ESG) practices independently influence the performance of rubber-based SMEs in Surat Thani Province, Thailand. Firm performance is measured using the Balanced Scorecard (BSC) framework, capturing financial, customer, internal process, and learning and growth dimensions. Multiple regression analysis of data from 398 firms reveals dimension-specific ESG effects: social practices exert the strongest positive impact (B = 0.42, p < .001), followed by environmental practices (B = 0.14, p < .001), while governance practices show no significant effect (B = 0.01, p = .711). The model explains 40% of variance in firm performance. These findings advance understanding of ESG as a multidimensional, non-uniform governance process in resource-dependent value chains and demonstrate the value of BSC-based performance measurement for capturing differentiated ESG outcomes.