Business integration with the internal and external world is gaining momentum in the light of Environment, Social, and Governance factors (ESG score) linkage to corporate financial performance (CFP). However, the impact of the ESG–CFP relationship varies across economies, industries, and institutional frameworks due to varying legal, social structures and expectations from stakeholders. The present study aims to test the bidirectional causality and autoregression effects between ESG disclosures and the firm value of Indian energy sector companies’ data using a four-wave cross-lagged panel structural equation modeling. Results indicate that the relationship is not bidirectional in the overall and individual elementsof ESG to firm value. We find AR effects to be stable, and there is a negative association found in the first two lags and a positive association found in the last lag. Research findings are beneficial for investors, fund managers, policymakers, and energy company managers. We further provide direction to executives on ESG investment and practices and lag period to reap the benefit of such investments through firm value.

鉴于环境、社会和治理因素（ESG 评分）与企业财务绩效 (CFP) 的联系，企业与内部和外部世界的整合正在获得动力。然而，由于不同的法律、社会结构和利益相关者的期望，ESG-CFP 关系的影响因经济体、行业和制度框架而异。本研究旨在使用四波交叉滞后面板结构方程模型测试 ESG 披露与印度能源部门公司数据的公司价值之间的双向因果关系和自回归效应。结果表明，ESG 的整体和个别要素与公司价值的关系不是双向的。我们发现 AR 效果是稳定的，在前两个滞后中发现负相关，在最后一个滞后中发现正关联。研究结果对投资者、基金经理、政策制定者和能源公司经理都有好处。我们进一步为高管提供 ESG 投资和实践的指导，以及通过公司价值从此类投资中获益的滞后期。