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The business value of ESG performance: the Indian context
Asian Journal of Business Ethics Pub Date : 2016-02-18 , DOI: 10.1007/s13520-016-0064-4
Hemlata Chelawat , Indra Vardhan Trivedi

Today, business corporations across the globe are moving beyond the short-term myopic goal of profit maximization to long-term sustainability goals involving environmental, social and corporate governance (ESG) goals. This is due to the growing realization that ESG factors constitute a significant source of risk for the business and can affect their financial returns. Academic research has shown that improved ESG performance has lowered risk and enhanced financial performance but results seemed to vary widely across countries. Regrettably, this subject remains largely un-researched in the context of emerging economies, including India. This paper attempts to fill this much needed gap in sustainability literature in one of the largest emerging market economies, India. It empirically examines the impact of environmental, social and corporate governance (ESG) performance of companies on their financial performance, in India, using panel regression models. The findings of the study indicate that good corporate ESG performance enhances financial performance. The findings of this study have important implications for investors, corporate management as well as policymakers and regulators.

中文翻译:

ESG绩效的商业价值:印度背景

如今,全球的商业公司正在从实现利润最大化的短期近视目标转变为涉及环境,社会和公司治理(ESG)目标的长期可持续发展目标。这是由于人们日益认识到,ESG因素构成业务的重要风险来源,并且会影响其财务回报。学术研究表明,ESG绩效的提高降低了风险并提高了财务绩效,但结果在各个国家之间差异很大。令人遗憾的是,在包括印度在内的新兴经济体的背景下,这一主题仍未得到研究。本文试图填补最大的新兴市场经济体之一印度在可持续发展方面亟需解决的空白。它以经验的方式考察了环境的影响,印度的社会和公司治理(ESG)绩效,使用面板回归模型。研究结果表明,良好的企业ESG绩效可提高财务绩效。这项研究的结果对投资者,公司管理层以及政策制定者和监管者具有重要意义。
更新日期:2016-02-18
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