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"Beneath the present 'globalization of inequality' lies the current repitition on a planetary scale of the emancipation of business interests from all extant socio-cultural institutions of ethically inspired supervision and control and, consequently, the immunization of profit. The state is today less and less able, and willing to promise its subjects existential security. On the fears that saturate the present-day society, politicians as much as the consumer markets are eager to capitalize. The disastrous side-effects and 'collateral damages' of global laissez faire, cannot be effectively dealt with separately from the rest of the planet in one corner of the globe. 'Social state' is no longer viable, only a 'social planet' may take over the functions that the social states tried, with varying success, to perform. There are valid reasons to suppose that on a globalized planet on which the plight of everyone everywhere determines the plight of all the others while being determined by them, one can no longer assure and effectively protect democracy 'separately' - in isolation, in one country, or in a few selected countries only. The fare of freedom and democracy in each land is decided and settled on the global stage; and only onn that stage it can be defended with a realistic chance of a lasting success. "

"Topik terkait environmental, social, dan governance dewasa ini menarik untuk diteliti karena semakin disadari pentingnya prinsip keberlanjutan dalam dunia bisnis. Penelitian ini menginvestigasi pengaruh pilar ESG dan kepemilikan negara terhadap biaya utang pada perusahaan non keuangan. Analisis dilakukan terhadap perusahaan publik di negara emerging Asia selama periode 2016 s.d. 2023 dengan menggunakan regresi data panel. Menggunakan berbagai teori seperti agency theory, stakeholder theory, dan signalling theory, penelitian ini membuktikan bahwa perusahaan milik negara dengan skor ESG yang lebih baik memiliki biaya utang yang lebih kecil. Temuan lainnya yaitu pilar social berpengaruh secara positif terhadap biaya utang. Untuk pilar environmental, walaupun berhubungan negatif dengan biaya utang, akan tetapi pengaruhnya tidak signifikan. Sementara pilar governance memiliki pengaruh negatif signifikan terdahap biaya utang sesuai dengan teori agensi. Hasil penelitian ini diharapakan dapat berkontribusi untuk memberikan wawasan kepada para stakeholder terutama para manajer dan pemilik perusahaan tentang peranan ESG dan kepemilikan negara terhadap besarnya biaya utang perusahaan.

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The increasing awareness of the importance of sustainability principles in the business world makes the topic of Environmental, Social, and Governance (ESG) highly relevant for current research. This study investigates the impact of ESG pillars and state ownership on the cost of debt for non-financial firms. The analysis is conducted on publicly listed companies in emerging Asian countries over the period from 2016 to 2023 using panel data regression. Applying various theories such as agency theory, stakeholder theory, and signaling theory, this research provides that state-owned enterprises with higher ESG scores incur lower costs of debt. Another finding is that the social pillar positively influences the cost of debt. For the environmental pillar, although it has a negative relationship with the cost of debt, the effect is not significant. Meanwhile, the governance pillar shows a significant negative impact on the cost of debt, aligning with agency theory. The results of this study aim to provide insights for stakeholders, particularly managers and company owners, on the role of ESG and state ownership in determining corporate debt costs."