This study examines the influence of Enterprise Risk Management (ERM) and Environmental, Social, and Governance (ESG) Risk on Financial Performance of companies within the ASEAN-5 region (Indonesia, Malaysia, Singapore, Thailand, Philippines), using board size as proxy for corporate governance acting as moderating variable. Utilizing data from 89 public listed companies in 2023 and employing multiple linear regression analysis, the findings reveal that ERM has a positive and significant impact on financial performance. Conversely, ESG Risk does not demonstrate a significant effect. While board size significantly influences financial performance as an independent variable, it does not strengthen the relationship between ERM and ESG Risk on financial performance in its moderating role. This research contributes to the limited empirical literature exploring board size as a moderator in the ERM-ESG-financial performance nexus specially in the ASEAN context.
Keywords: Enterprise Risk Management, ESG Risk, Financial Performance, Board Size, ASEAN-5.