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Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: case of the Indian energy sector

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Abstract

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.

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Authors and Affiliations

  1. O. P. Jindal Global University, Sonipat, India

    Abhishek Behl

  2. K. J. Somaiya Institute of Management, Mumbai, India

    P. S. Raghu Kumari & Harnesh Makhija

  3. Symbiosis Centre for Management and Human Resource Development, Symbiosis International (Deemed University), Pune, India

    Dipasha Sharma

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Appendix

Appendix

See Tables

Table 1 Summary of variables used in this study
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Table 2 Pairwise correlation among environment score (E), social score (S), governance score (G), and firm value, and means and standard deviations
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Table 3 Fit indices for models 1 to 4
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Table 4 Hypothesis summary
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Table 5 Literature summary on ESG-CFP results direction
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Table 6 Literature summary on Methodology wise
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Table 7 Country and year wise distribution of publication
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Behl, A., Kumari, P.S.R., Makhija, H. et al. Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: case of the Indian energy sector. Ann Oper Res 313, 231–256 (2022). https://doi.org/10.1007/s10479-021-04189-8

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