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Green Finance, ESG Practices and Profitability: Evidence from Selected Food Processing Companies in India

グリーンファイナンス、ESG実践と収益性：インドの食品加工企業の証拠 (AI 翻訳)

Ms. Kavita Pareek, Dr. Roopali Prashant Kudare

Journal of Asia Entrepreneurship and Sustainability📚 査読済 / ジャーナル2026-05-28#ESG経営インパクト: 資金調達対象セクター: food_processing
DOI: 10.66635/7fpjys37
原典: https://doi.org/10.66635/7fpjys37

🤖 gxceed AI 要約

日本語

インドの食品加工企業5社を対象に、財務特性とESG採用準備態勢の関係を分析。利益率、流動性、収益成長からFREI指数を構築し、回帰分析でESG準備態勢への影響を評価。利益率が最も強い予測因子であり、財務力が持続可能性移行能力を支えることを示した。

English

This study examines the relationship between financial characteristics and ESG adoption readiness in five Indian food processing companies (FY2023-2025). Using a Financial Readiness for ESG Adoption Index (FREI) based on profitability, liquidity, and revenue growth, regression analysis reveals that profit margin is the strongest predictor of ESG readiness, explaining 71% of variance. The findings highlight the importance of financial strength for sustainability transitions and suggest targeted green finance for resource-constrained firms.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示義務化が迫る中、中小企業を含む食品産業のESG対応準備態勢の評価は重要。本稿のFREI指標は、財務体力とESG投資余力の関係を整理する枠組みとして、日本の食品企業の開示対応や金融機関の融資判断に示唆を与える。

In the global GX context

This paper contributes to global ESG literature by proposing a financial-readiness framework for sustainability adoption in emerging markets. It offers insights for regulators and financial institutions designing green finance instruments, and complements ISSB/CSRD-aligned disclosure efforts by linking financial capacity to ESG implementation.

👥 読者別の含意

🔬研究者:Provides a financial-readiness index (FREI) linking profitability to ESG adoption, useful for emerging market ESG research.

🏢実務担当者:Offers a framework to assess internal financial capacity for ESG investments, aiding sustainability planning and financing decisions.

🏛政策担当者:Highlights the need for targeted green finance instruments for firms with resource constraints, informing policy design.

📄 Abstract（原文）

The increasing integration of sustainability within financial decision-making has positioned Environmental, Social, and Governance (ESG) practices as a strategic priority for capital-intensive industries. This study examines the relationship between financial characteristics and ESG adoption readiness in five listed Indian food processing companies during FY2023–FY2025. Using secondary financial data, a Financial Readiness for ESG Adoption Index (FREI) is constructed based on profitability (profit margin), liquidity (current ratio), and revenue growth, representing firms’ internal capacity to undertake sustainability investments. Correlation analysis and multiple regression modelling are employed to evaluate the impact of financial variables on ESG readiness. The findings reveal that Profit Margin (β = 0.46, p < 0.01) is the strongest predictor of ESG readiness, followed by Current Ratio (β = 0.38, p < 0.05) and Revenue Growth (β = 0.29, p < 0.05). The model explains 71% of the variation in ESG readiness (R² = 0.71), indicating that financial strength significantly enables sustainability transition capacity. The study contributes to emerging market ESG literature by proposing a financial-readiness framework for sustainability adoption within the agribusiness sector. Policy implications highlight the importance of targeted green finance instruments for firms with resource constraints. The findings provide actionable insights for regulators, financial institutions, and corporate decision-makers pursuing sustainable growth in India’s food processing industry.

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