ESG performance and stock price behavior: A study of select Indian companies
ESGパフォーマンスと株価行動：インドの特定企業の研究 (AI 翻訳)
M. Rao, Falguni Nayak
🤖 gxceed AI 要約
日本語
本研究は、インドSEBIのBRSRフレームワーク導入後のESGパフォーマンスと株価の短期的関係を、45社のBSE上場企業（9業種）のデータを用いて分析。記述統計とANOVA、回帰分析、サポートベクター回帰（SVR）を用いた結果、ESGスコアは短期株価に統計的に有意な影響を与えないことが示された。セクター間のESG格差は有意であり、IT・銀行セクターが高く、エネルギー部門が低い。
English
This study analyzes the short-term relationship between ESG performance and stock prices of 45 Indian BSE-listed companies across nine industries in the post-BRSR period (FY2023-24 and FY2024-25). Using descriptive statistics, ANOVA, regression, and Support Vector Regression (SVR), the findings show no statistically significant effect of ESG scores on short-term stock prices. Sectoral differences in ESG scores are significant, with IT and Banking sectors top and Energy sector bottom.
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
インドではSEBIがBRSRを導入し、ESG開示が進んでいるが、本論文は短期的にはESGスコアが株価に影響しないという実証結果を提示。日本でもSSBJ対応が進む中、ESG情報の短期的市場影響を過度に期待しない視点は、日本の実務家にとって参考になる。ただしサンプルが45社と小さく、業種偏りがある点に注意。
In the global GX context
As India implements mandatory ESG disclosure (BRSR), this paper provides evidence that ESG scores do not drive short-term stock price movements. For global audience, this adds empirical nuance to the debate on materiality of ESG information. However, the small sample size and Indian market context limit generalizability.
👥 読者別の含意
🔬研究者:The null result and use of SVR on ESG-stock price relationship may be of interest for replication in other emerging markets.
🏢実務担当者:Corporate sustainability teams should note that ESG scores may not provide immediate market rewards; long-term risk management focus is warranted.
🏛政策担当者:Regulators may consider that mandatory ESG disclosure alone does not guarantee short-term market pricing; further research on long-term effects is needed.
📄 Abstract（原文）
Environmental, Social and Governance (ESG) performance has become an important aspect of corporate accountability in India, especially with the implementation of Business Responsibility and Sustainability Reporting (BRSR) framework by SEBI. Although there is a developing regulatory focus, little empirical evidence is available regarding the relationship between the post BRSR period ESG and stock price at the company level. The proposed research will analyse the ESG performance of 45 BSE listed Indian-based companies in nine industries and explore the short-term effect on stock price behaviour of the financial year 2023-24 and 2024-25. The study uses descriptive statistics and One-Way ANOVA, correlation analysis, simple and multiple linear regression as well as Support Vector Regression (SVR) using the CRISIL ESG Ratings and NSE stock price data . Findings indicate that the average ESG score is 61.38 with sectoral difference being statistically significant (F=26.77, p=0.000) with the IT sector and Banking sector on the top and the Energy sector on the bottom. Simple linear regression (R 2=0.003, p=0.598), multiple linear regression (R 2=0.042, p=0.300) and SVR (R 2= -0.0946) all prove the absence of statistically significant effect of ESG performance on stock prices in the short term, thus accepting the null hypothesis. These results indicate that, even though the ESG scores might not cause short-term changes in the stock prices, they could be significant in the determination of the long term sustainability of the corporation and can be included in the long-term risk management model of the investors.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.30574/ijsra.2026.19.1.0640first seen 2026-07-18 08:17:04
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