Large enterprises have been at the forefront of environmental management with active participation in industrywide programs and adoption of a ‘beyond compliance’ approach. The present study revisits the premise of environmental–financial linkage in an Indian context with a focus on large listed enterprises. We develop a comprehensive dataset of 459 large listed Indian companies covering major manufacturing and service sectors of the economy over an eleven-year period from 2008–09 to 2018–19. Static and dynamic regression models are used to gauge the impact of environmental management practices on firm profitability (Return on Assets and Return on Equity) and market valuation (Tobin Q, Market to Book Value Ratio and Excess Valuation to sales ratio). Empirical results suggest a positive impact of environmental management on firm profitability and market valuation. These results are of interest to corporate and policy makers for recognizing the financial implications of corporate environmental management.

大型企业一直处于环境管理的前沿，积极参与全行业的计划并采用“超越合规”的方法。本研究以大型上市企业为重点，重新审视了印度背景下环境-金融联系的前提。我们开发了一个包含 459 家印度大型上市公司的综合数据集，涵盖了 2008-09 年至 2018-19 年的 11 年间经济的主要制造业和服务业。静态和动态回归模型用于衡量环境管理实践对公司盈利能力（资产回报率和股本回报率）和市场估值的影响（托宾 Q, 市净值比率和超额估值与销售额比率）。实证结果表明，环境管理对公司盈利能力和市场估值有积极影响。这些结果对企业和政策制定者感兴趣，因为他们认识到企业环境管理的财务影响。