ESG Reporting and Shareholder Value in India: A Systematic Literature Review
インドにおけるESG報告と株主価値：体系的な文献レビュー (AI 翻訳)
Manoranjan Panda
🤖 gxceed AI 要約
日本語
この系統的文献レビューは、2000年～2025年のインドにおけるESG報告と株主価値の関係を検討した実証・理論文献を統合している。インド特有の制度（法定CSR義務、SEBIのBRSR枠組み）が市場反応に与える影響を分析し、ESG開示の質と評価指標との関連強化や、ESG論争が株価に与える影響を明らかにした。また、研究ギャップとして、BRSR前後の縦断的研究や業種別研究、第三者ESG評価の役割などを指摘する。
English
This systematic literature review synthesizes empirical and theoretical literature (2000–2025) on how ESG reporting relates to shareholder value in India. It examines India's unique institutional setting—statutory CSR mandate (Companies Act 2013) and evolving SEBI disclosure frameworks (BRR to BRSR)—and finds heterogeneous market responses, improved comparability with voluntary and mandated disclosure, and material impacts of ESG controversies on stock returns. Gaps include limited longitudinal studies, sectoral micro-studies, and research on investor heterogeneity.
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
インドは法定CSR義務やSEBIのBRSR枠組みにより、ESG報告の制度化が進んでいる。日本でもSSBJや有報でのサステナビリティ情報開示が進む中、インドの経験は開示制度の設計や効果について示唆に富む。特に、法定開示が市場評価に与える影響や、開示の質向上に向けた実証エビデンスは、日本の政策担当者や企業実務者にとって参考になる。
In the global GX context
India's statutory CSR mandate and SEBI's transition from BRR to BRSR provide a natural experiment for understanding the value relevance of ESG reporting in an emerging market. As global frameworks like ISSB and CSRD push for mandatory disclosure, India's experience—with both mandated and evolving requirements—offers insights into how disclosure quality, enforcement, and market reactions interact, relevant for policymakers and firms in other jurisdictions.
👥 読者別の含意
🔬研究者:Highlights key empirical findings and gaps in ESG-value literature for India, offering avenues for future research using quasi-experimental methods and longitudinal data.
🏢実務担当者:Provides evidence that ESG disclosure quality and regulatory mandates can affect firm valuation, informing corporate sustainability strategy and investor relations.
🏛政策担当者:Illustrates how regulatory design (mandatory vs. voluntary) and standard evolution (BRR to BRSR) shape ESG reporting effectiveness and market outcomes.
📄 Abstract（原文）
This systematic literature review (SLR) synthesizes empirical and theoretical literature (2000–2025) examining how environmental, social and governance (ESG) reporting in India relates to shareholder value. India provides a unique institutional laboratory: a statutory CSR mandate (Companies Act 2013, Section 135), evolving securities-market reporting requirements (SEBI’s BRR → BRSR), and rising investor/regulatory scrutiny through the 2020s. Statutory CSR (2013) produced heterogeneous market responses — some evidence of value destruction for mandated firms in event-study and quasi-experimental designs, indicating implementation/efficiency frictions; (2) voluntary ESG disclosure quality and the later SEBI BRSR framework improved comparability and strengthened the association between ESG transparency and valuation metrics for many firms; (3) ESG controversies and supply-chain ESG incidents materially affect short-term stock returns and longer-term value, conditional on media reach and disclosure; (4) evidence on causal channels (profitability, cost of capital, risk mitigation, reputation) is mixed and often context-dependent. Major gaps remain: limited longitudinal studies spanning pre- and post-BRSR eras, insufficient sectoral micro-studies (beyond mining and extractive industries), scarce research on investor heterogeneity and on the role of third-party ESG ratings in India. The review concludes with a research agenda and policy implications for firms, investors and regulators in India.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.36948/ijfmr.2026.v08i03.81338first seen 2026-06-15 05:11:11
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