The purpose of this paper is to examine the relationship between financial performances and the extent of environmental, social and corporate governance (ESG) disclosure of Indian companies. The content analysis was used to analyse the ESG performance of the sample companies from their annual and sustainability reports. For this purpose, ESG disclosure index is constructed with the help of GRI framework, Clause 49 of listing agreement and relevant literature. Ordinary Least Square (OLS) method was used to examine the relationship between the ESG disclosure index and the independent variables, namely the financial performance, market performance, FIIs stake and leverage after statistically controlling the effects of a firm’s size and the industry type of the companies; results based on the formulated model indicated that financial and market performance have a positive and significant association with the level of ESG disclosure, whereas FIIs stake and leverage have a negative and significant association with the level of ESG disclosure. The findings are limited to the context of the study, and it was limited to Indian companies listed at Bombay Stock Exchange for the period 2013–2016. The sources of data in this study were companies’ annual and sustainability reports. The study may be constructive for organizations and statutory bodies to take into consideration in identification of corporate attributes that will enhance ESG disclosure, since it had been shown in literature that the voluntary corporate social responsibility and corporate governance reporting in India is generally low. In recent times, there has been an increase in ESG reporting, to address the increasing concerns of the stakeholders. Thus, this study will emphasize the level of activities through ESG reporting in Indian companies and help the government to ascertain the level of ESG activities through corporate social responsibility reporting among Indian companies. The study reveals the extent of the disclosure of ESG to companies annual and sustainability reports and constructed the CSR index based on GRI framework and Clause 49 of listing agreement.

中文翻译：

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环境，社会和公司治理（ESG）披露的决定因素：对印度公司的研究

本文的目的是研究印度公司的财务业绩与环境，社会和公司治理（ESG）披露程度之间的关系。内容分析用于从样本公司的年度和可持续性报告中分析其ESG绩效。为此，在GRI框架，上市协议第49条和相关文献的帮助下构建了ESG披露指数。在统计控制公司规模和行业类型的影响之后，使用普通最小二乘（OLS）方法检查ESG披露指数与自变量之间的关系，即财务绩效，市场绩效，FII股权和杠杆率。公司；基于公式化模型的结果表明，财务和市场绩效与ESG披露水平呈正相关关系，而FII的股权和杠杆与ESG披露水平呈负相关关系。研究结果仅限于研究背景，并且仅限于2013-2016年在孟买证券交易所上市的印度公司。这项研究的数据来源是公司的年度报告和可持续性报告。该研究对于组织和法定机构在识别将增强ESG披露的公司属性时应予以考虑具有建设性意义，因为文献已表明印度的自愿性公司社会责任和公司治理报告通常较低。近来，ESG报告有所增加，以解决利益相关者日益关注的问题。因此，本研究将通过印度公司通过ESG报告来强调活动的水平，并帮助政府通过印度公司之间的企业社会责任报告来确定ESG活动的水平。该研究揭示了ESG向公司年度和可持续发展报告的披露程度，并基于GRI框架和上市协议第49条构建了CSR指数。