Sustainability Disclosure and Firm Value: A Panel Analysis of Indian Pharmaceutical Companies
サステナビリティ開示と企業価値：インド製薬企業のパネル分析 (AI 翻訳)
Jaba Chakraborty, Razia Nagina, Mandakini Paruthi, Farjana Salam, R. Saran
🤖 gxceed AI 要約
日本語
本研究は、2015年から2025年のインド製薬企業を対象に、ESG開示が企業価値に与える影響を分析した。パネルデータ回帰の結果、総合ESGスコアと市場価値の間には統計的に有意な関係は見られなかったが、社会（Social）の柱は有意な正の効果を示した。これは、新興市場の投資家がヘルスケア分野では環境よりも社会的影響を重視することを示唆している。
English
This study analyzes the impact of ESG disclosures on firm value for Indian pharmaceutical companies from 2015 to 2025. Using panel data regression, it finds that aggregate ESG performance is insignificant, but the Social pillar positively affects market valuation, suggesting investors in emerging markets prioritize social impact over environmental factors in specialized sectors like healthcare.
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
インド企業を対象とするが、セクター固有のESG指標の重要性を示し、日本企業の開示実務やSSBJ基準への示唆を含む。特に、社会指標の価値関連性が高い点は、日本の製薬企業の統合報告においても考慮すべき点である。
In the global GX context
This study adds to the literature on ESG materiality in emerging markets, highlighting that social factors can be more value-relevant than environmental in certain sectors. It underscores the need for sector-specific disclosure frameworks, relevant to ISSB and other global standard-setters working on industry-based guidance.
👥 読者別の含意
🔬研究者:This provides empirical evidence from an emerging market on the social pillar's importance for firm value, useful for comparative ESG research and materiality analysis.
🏢実務担当者:Corporate sustainability teams in pharma can focus on social metrics (e.g., labor practices, community impact) to strengthen investor communication and valuation.
🏛政策担当者:Regulators can note that sector-specific disclosure requirements may improve market efficiency; this supports initiatives like the ISSB's industry-based approach.
📄 Abstract（原文）
This research examines the impact of Environmental, Social, and Governance (ESG) disclosures on firm value within the Indian pharmaceutical sector from 2015 to 2025. Utilizing a panel data regression framework with fixed-effects estimation, the study analyses how composite ESG scores and individual pillars correlate with market performance as measured by Tobin’s Q. Controlling for firm size, leverage, and age, the empirical results indicate that while aggregate ESG performance shows a statistically insignificant correlation with market value, the 'Social' pillar emerges as a significant positive driver of firm valuation. These findings suggest that investors in emerging markets prioritise social impact and labour practices over environmental disclosures in specialized sectors like healthcare. The study provides critical insights for corporate managers and policymakers, suggesting that structural reforms in sustainability reporting should emphasise sector-specific metrics to enhance transparency and financial sustainability in transitional economies.Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.Article’s History: Received 15th of January, 2026; Revised 9th of February, 2026; Accepted 7th of March, 2026; Available online: 30th of March, 2026. Published as article in the Volume XXI, Issue, 2(92), March, 2026.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.57017/jaes.v21.2(92).06first seen 2026-05-05 23:13:19
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。