Sustainability and Global Investors: Evidence from India
サステナビリティとグローバル投資家：インドのエビデンス (AI 翻訳)
Bhakti Agarwal, Shailesh Rastogi
🤖 gxceed AI 要約
日本語
本研究は、インドのBSE S&P 500上場企業316社を対象に、ESGパフォーマンスがグローバル投資家に与える影響を分析。市場資本化を調整変数として、線形・非線形関係を分位点回帰で検証した。結果、ESGは低・中水準では正の線形効果を持つが、高水準では逆U字型の非線形関係が確認された。
English
This study analyzes the impact of ESG performance on global investors using data from 316 Indian listed firms (2011-2023). Employing quantile regression, it finds positive linear effects at low/moderate ESG levels but an inverted U-shaped nonlinear effect at high levels. Market capitalization moderates the relationship at low quantiles.
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
インドのESG投資事例を提供。日本企業が新興国市場でのESGと投資家行動の関係を理解するための参考となり、SSBJや統合報告書の対話に示唆を与える。
In the global GX context
Provides evidence from an emerging market on how ESG performance influences global investors, relevant for global disclosure frameworks like ISSB and TCFD, though the India-specific context limits direct generalizability.
👥 読者別の含意
🔬研究者:The nonlinear ESG-investor relationship and quantile regression approach offer methodological insights for emerging market studies.
🏢実務担当者:Corporate managers in India (or similar markets) can use firm size and ESG disclosure levels strategically to attract global investors.
🏛政策担当者:Regulators in emerging economies may consider how ESG disclosure standards can influence foreign investment patterns.
📄 Abstract（原文）
This article aims to determine the impact of environmental, social, and governance (ESG) performance on global investors. Moreover, the study uses market capitalization (proxy of firm size) as a moderator, where the effect of firm size on the relationship between ESG and global investors is assessed. This study measures linear and non-linear associations among the variables. Employing quantile regression for the 25th, 50th, and 75th quantiles, panel data regression analysis (QPDRA) is applied to examine the association between ESG score and global investors. For the study, data of 316 Bombay Stock Exchange (BSE) Standard & Poor’s (S&P) 500 listed non-financial enterprises in India during 12 years (2011–2023) are combined. The study found that ESG has positive and linear effects on global investors at low and moderate levels, whereas ESG has a negative non-linear association (forming an inverted U-shaped curve) with global investors as well. Furthermore, market capitalization also influences the relationship between ESG and global investors at low quantiles. This study’s findings help managers to consider firm size and ESG factors while attracting international investors to the business. The results also provide information on the potential future growth of corporations to the board of directors and other authorities. International shareholders’ activity and ownership diversification in small and large companies can improve sustainability disclosure standards. We do not observe any article reporting the linear and non-linear relationship where ESG, global investors, and market capitalization are assessed on Indian firms. The research’s conclusions can guide Indian businesses, outlining a workable structure for highlighting the value of ESG disclosure in investment aspects. Therefore, the current article ensures novelty and multiple contributions.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1177/22785337251399961first seen 2026-05-14 22:20:21
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