Sustainable Finance and ESG Integration: Evidence, Contradictions, and Long-Term Performance Implications in India
サステナブルファイナンスとESG統合：インドにおける証拠、矛盾、長期的パフォーマンスの含意 (AI 翻訳)
Manish Shukla, Mitali Tiwari, Mojca Studen
🤖 gxceed AI 要約
日本語
本研究はインド上場企業10社を対象に、ESGスコアと財務パフォーマンス（ROE、ROA、負債コスト）の関連を分析。高ESG採用企業はROAが有意に高く（13.18%対4.64%）、負債コストが低い（7.83%対11.72%）ことを示した。ESGスコアとROAの相関0.72、負債コストとの相関-0.79を確認。セクター別の非線形効果も示唆。
English
This paper examines the link between ESG integration and corporate financial performance (ROE, ROA, cost of debt) for 10 Indian listed firms from FY2021-2025. High ESG adopters show significantly higher ROA (13.18% vs 4.64%) and lower cost of debt (7.83% vs 11.72%). Correlations: ESG-ROA 0.72, ESG-cost of debt -0.79. Non-linear effects across sectors are identified, offering implications for managers, policymakers, and investors in emerging markets.
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ESG統合実証は、日本企業のインド進出・投資判断に参考となる。特にESGスコアと負債コストの負の相関は、日本企業のサプライチェーンにおけるインド子会社の資金調達優位性を示唆。SSBJ対応が進む日本企業にも新興国でのESG実践の経済的裏付けを提供。
In the global GX context
This study contributes to global ESG-disclosure scholarship by providing firm-level evidence from a major emerging market (India) over a five-year period. It challenges linear assumptions about ESG returns, highlighting sector-specific and non-linear patterns. The strong negative correlation between ESG quality and cost of debt is particularly relevant for transition-finance discussions and ISSB-aligned reporting in developing economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence of ESG-CFP links in India, with non-linear patterns that challenge universal ESG-premium assumptions.
🏢実務担当者:Demonstrates that high ESG adoption can lower cost of debt by ~4 percentage points, a tangible financial incentive for Indian subsidiaries.
🏛政策担当者:Suggests that ESG integration may reduce systemic financial risk, supporting regulatory push for sustainability disclosures in emerging markets.
📄 Abstract（原文）
One of the most significant aspects of sustainable finance discussions today is the incorporation of Environmental/ Social/ Governance (ESG) criteria as part of corporate finance, especially within developing markets. This research focuses on how there could be a link between integrating ESG into corporate finance and the Corporate Financial Performance (CFP) of Indian Stock Exchange-listed companies by addressing both the conflicting evidence as well as non-linear performance trajectories seen in the body of literature. A purposive sample of ten BSE/NSE-listed organizations from five different sectors (Information Technology, Banking, Telecommunications, Energy, and Manufacturing) for the period of FY 2021 through FY 2025 will be used in this research. Descriptive statistics, Spearman rank correlation, and the Mann-Whitney U non-parametric test will be utilized to analyze the FP of high ESG adopters (ESG score ≥ 70) against low ESG adopters (ESG score ≤ 60). ROE, ROA, and CoD will be utilized to measure FP. High ESG adopters show a statistically significant difference in their return on assets (ROA) (Mean=13.18% vs. 4.64%) at the 0.007 level of significance while having a statistically significant difference in their cost of debt (Mean =7.83% vs 11.72%) at the less than 0.001 level of significance. The statistically significant difference in return on equity (ROE) (p=0.005) is also influenced by industry capital intensity and short-term costs associated with transitioning to ESG compliance. The correlation between ESG score and ROA is 0.72 (p=0.003), and the correlation between ESG score and cost of debt is -0.79 (p<0.001), indicating a strong negative relationship between ESG quality and financial risk. The findings provide firm-level results over time and by sector to the sustainable finance literature in India, as well as identifying situations in which the ESG return is non-linear. There are implications for corporate managers, policymakers and investors from these findings.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.51584/ijrias.2026.11050182first seen 2026-06-16 05:15:39
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