Effect of Environmental, Social and Governance Performance on Firm Valuation: A Study
環境・社会・ガバナンス（ESG）パフォーマンスが企業価値に与える影響に関する研究 (AI 翻訳)
D. Bansal, Saurabh Saurabh, Yashika Aneja, Rahul Singh
🤖 gxceed AI 要約
日本語
本研究は、インドの医薬品セクターを対象に、ESGパフォーマンスが企業価値に与える影響を分析。Tobin's Qと市場価値簿価比率を従属変数とし、ESGスコアを環境・社会・ガバナンスに分解して各要素の独立した効果を検証。企業規模とレバレッジをコントロール変数とした回帰分析により、ESGの一部要素が企業価値に有意な影響を与えることを示した。
English
This study investigates the effect of ESG performance on firm value in the Indian pharmaceutical sector. Using Tobin's Q and market-to-book ratio as value proxies, it decomposes ESG scores into environmental, social, and governance components. Controlling for firm size and leverage, regression analysis reveals that certain ESG pillars significantly impact firm valuation, providing empirical evidence from an emerging market context.
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
インド医薬品セクターに特化した研究だが、ESGと企業価値の関係は日本企業にも示唆を与える。特に、日本でも医薬品業界のESG開示が注目されており、本稿の分析枠組みは参考になる。
In the global GX context
This paper adds to the global ESG-firm value literature with evidence from a high-stakes emerging market sector. While India-specific, its findings on pillar-level effects may inform similar analyses in other jurisdictions, including the EU's CSRD and ISSB disclosure frameworks.
👥 読者別の含意
🔬研究者:Offers empirical evidence on ESG-value link in an under-studied sector (pharma) and market (India), useful for comparative studies.
🏢実務担当者:Limited direct applicability due to India focus, but highlights the materiality of ESG components for valuation.
🏛政策担当者:Provides insights into how ESG disclosure regulations might affect firm value in emerging markets.
📄 Abstract（原文）
ABSTRACT The integration of ESG criteria into corporate strategy and investment frameworks has intensified global scrutiny over whether responsible business conduct genuinely enhances firm value or merely imposes cost without commensurate return. This study investigates that question within the Indian pharmaceutical sector an industry uniquely positioned at the crossroads of commercial enterprise and public health obligation, yet largely overlooked in sector-specific ESG scholarship. Using secondary data from listed Indian pharmaceutical companies and firm value proxies of Tobin's Q and the market-to-book ratio, the study disaggregates composite ESG scores into their environmental, social, and governance components to examine each pillar's independent effect, while controlling for firm size and leverage. The pharmaceutical industry's exposure to chemical effluents, drug-safety obligations, clinical-trial governance, and multi-jurisdictional regulatory oversight makes it a setting where ESG shortfalls carry irreversible reputational and financial consequences, lending particular weight to this inquiry. India's structural characteristics concentrated ownership, evolving regulatory enforcement, and an emerging capital market diverge sufficiently from developed-economy contexts to render existing findings non-transferable without empirical verification. Keywords: ESG performance, firm value, pharmaceutical industry, Tobin's Q, market-to-book ratio, emerging markets, India, sustainable finance, corporate governance,
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55041/ijsrem58990first seen 2026-07-01 05:55:03
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