Impact of ESG Disclosure on Financial Performance and Firm Valuation of Indian Listed Companies
インド上場企業におけるESG開示が財務業績と企業価値に与える影響 (AI 翻訳)
C G Mishra, Dr. CA Amar Kumar Behera
🤖 gxceed AI 要約
日本語
本研究は、インド上場企業のESG開示が財務業績と企業価値に与える影響を、2021年導入の義務的BRSR枠組みに焦点を当てて検証した。2018年から2024年の3,690社を分析し、義務的開示が透明性を高めて市場評価を向上させる一方、短期的な収益性コストが生じることを明らかにした。業種別分析では、社会開示が企業価値と株価評価に正の影響を与え、ガバナンス開示は資本コストを低減する。金融制約が部分的な媒介効果を持つことも示された。
English
This study examines the impact of ESG disclosure on financial performance and firm valuation of Indian listed companies, focusing on the mandatory BRSR framework. Using 3,690 firms from 2018-2024, it finds that mandated disclosure enhances transparency and market valuation but imposes short-term profitability costs. Industry analysis shows social disclosures positively affect firm value and stock valuation, while governance disclosures reduce cost of capital. Financial constraints partially mediate the relationship.
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BRSRは日本のSSBJと類似した義務的開示枠組みであり、透明性と短期的コストのトレードオフに関する示唆は日本の開示制度設計に参考となる。業種別効果や金融制約の媒介効果は、日本の実務にも応用可能な知見を提供する。
In the global GX context
This paper contributes empirical evidence from an emerging market on the impacts of mandatory ESG disclosure, relevant to global frameworks like ISSB and CSRD. It highlights the dual effect of market valuation gains and short-term profitability costs, offering insights for policymakers and corporates navigating disclosure mandates. Sector-specific results and the role of financial constraints add depth to the debate.
👥 読者別の含意
🔬研究者:Provides empirical evidence on mandatory ESG disclosure impacts in an emerging market, with financial constraints as a mediator.
🏢実務担当者:Highlights trade-offs of BRSR compliance; informs Indian corporates' disclosure strategy and multinationals with Indian operations.
🏛政策担当者:Supports mandatory ESG disclosure while stressing the need to manage short-term compliance costs for firms.
📄 Abstract（原文）
Abstract This study examines the impact of Environmental, Social, and Governance (ESG) disclosure on financial performance and firm valuation of Indian listed companies, with particular focus on the mandatory Business Responsibility and Sustainability Report (BRSR) framework introduced by SEBI in 2021. Using a quasi-natural experimental design and analysing 3,690 firms from 2018 to 2024, the research reveals that mandated ESG disclosure signals enhanced transparency and legitimacy, leading to higher market valuations. However, compliance imposes short-term profitability costs due to the trade-off between reputational benefits and operational burdens. The study further investigates the mediating role of financial constraints, finding that ESG disclosure positively impacts financial performance with financial constraints acting as a partial mediator. Industry-specific analysis demonstrates heterogeneous effects across sectors, with social disclosures showing significant positive effects on firm financial position, firm value, and stock valuation, while governance disclosures reduce the cost of capital. The findings contribute to stakeholder and institutional theory literature in emerging market contexts and provide actionable insights for regulators, corporate managers, and investors.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.5281/zenodo.21391715first seen 2026-07-18 05:58:52 · last seen 2026-07-18 05:59:08
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