ESG disclosure & firm performance: A study of pre and post COVID period
ESG開示と企業業績：COVID前後の期間に関する研究 (AI 翻訳)
Ajay Dkhar, Binny Sharma
🤖 gxceed AI 要約
日本語
本研究はインドの上場企業55社を対象に、ESG開示が企業業績に与える影響をCOVID-19前後で分析。製造業では正の影響があるが、サービス業では有意でなく、パンデミック後には開示の価値が低下した。インドのBRSR枠組みへの示唆を提供。
English
This study examines the impact of ESG disclosure on firm performance using 55 Indian listed firms from 2016-2024. It finds positive effects in manufacturing but not services, and a weakened relationship after COVID-19. The results offer insights for India's BRSR framework.
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
インド新興市場の事例であり、日本のGX実務への直接適用は限定的。しかし、COVID-19のような外的ショックがESG開示の価値を変化させる点は、日本の統合報告やSSBJの動向を考える上で参考になる。
In the global GX context
Adds emerging market evidence to the global ESG disclosure literature, showing sectoral and temporal variation. Challenges the assumption that ESG disclosure always boosts performance, relevant for international standard-setters like ISSB.
👥 読者別の含意
🔬研究者:Provides panel data evidence from an understudied market, highlighting sectoral differences and the COVID-19 effect on ESG-performance link.
🏢実務担当者:Manufacturing firms may benefit from ESG disclosure, but service firms should scrutinize materiality; post-crisis, compliance-driven disclosure may not yield returns.
🏛政策担当者:Supports sector-specific ESG regulations (like India's BRSR) and cautions that mandatory disclosure without strategic integration may weaken financial benefits.
📄 Abstract（原文）
Purpose: This study investigates the effect of Environmental, Social, and Governance Disclosure (ESGD) on firm performance (FP) in India, while assessing sectoral differences and variations between the pre- and post-COVID-19 periods. The study further examines whether ESG disclosure patterns changed following the pandemic.Methodology: The analysis is based on panel data from 55 non-financial NSE-listed firms covering 2016–2024. ESGD scores were constructed using detailed content analysis grounded in the GRI 2022 framework. Firm performance was measured using the Market-to-Book Value ratio. Fixed Effects Models, supported by Welch’s t-test, descriptive statistics, correlation analysis, and diagnostic tests for heteroskedasticity, multicollinearity, and autocorrelation, were employed. Sector-wise and temporal regressions were conducted.Results: ESG disclosures increased significantly after COVID-19. ESGD positively influences firm performance for the full sample and the manufacturing sector, but shows no significant effect in the service sector. Pre-COVID results indicate a positive ESG–FP relationship, whereas post-COVID results show a negative and insignificant link, suggesting that pandemic-era sustainability reporting may be perceived as compliance-driven.Conclusions: This study investigates the relationship between ESG disclosure and firm performance in India, an underexplored emerging market. Using large Indian firms across sectors and pre- and post-COVID periods, the results show that ESG disclosure enhances firm performance in manufacturing firms but not in service firms, highlighting sectoral differences in ESG materiality. The weakened relationship after COVID-19 suggests that external shocks moderate the financial benefits of ESG practices. These findings support stakeholder and legitimacy theories, indicating that ESG disclosure creates value when aligned with stakeholder expectations and regulatory sensitivity. The study provides important implications for managers and policymakers to strengthen strategic ESG integration and sector-specific regulation under India’s BRSR framework.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.62486/digi2026269first seen 2026-05-15 18:23:00
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。