The Interplay of Cash Balance, Board Diversity, and Shareholder Concentration on Stock Valuation: Esg Scores as a Key Mediator in the Asia-Pacific Manufacturing Sector

Abstract In recent years, the intersection of corporate financial health, governance structures, and environmental, social, and governance (ESG) performance has gained significant attention, particularly in the Asia-Pacific manufacturing sector, which contributes substantially to global emissions and faces mounting sustainability pressures. This study investigates the influence of cash balance, board gender diversity, and shareholder concentration on ESG disclosure and stock valuation within this region. The results show that cash balance and shareholder concentration negatively affect ESG disclosure, while board gender diversity improves it. Furthermore, ESG disclosure positively contributes to stock valuation, acting as a significant mediator between governance, financial conditions, and firm value. The findings highlight the challenges and opportunities for Asia-Pacific manufacturing companies in balancing financial resources with sustainability objectives amid regulatory transitions and investor expectations. The study also emphasizes the growing role of digitalization in ESG reporting and provides useful implications for policymakers, investors, and corporate leaders seeking to align financial performance with sustainable strategies.