Do ESG scores reflect financial performance? A confidence interval-based analysis of Nifty50 Companies
ESGスコアは財務パフォーマンスを反映するか？Nifty50企業の信頼区間ベース分析 (AI 翻訳)
Guruansh Singh, Mr Sajan Mr Sajan
🤖 gxceed AI 要約
日本語
本論文は、インドのNifty50採用企業を対象に、ESGリスクスコアとROA・ROEの関連性を統計的に分析した。信頼区間推定やt検定を用いた結果、ESGリスクが高い企業（ESG遵守度が低い）ほど平均収益性が高い傾向がみられ、ESG重視企業が短期的に優れるという想定に疑問を投げかける。
English
This paper statistically analyzes the relationship between ESG risk scores and financial performance (ROA, ROE) for Indian Nifty50 firms. Using confidence intervals and t-tests, it finds that firms with higher ESG risk (lower ESG compliance) tend to have slightly higher average profitability, challenging the assumption that ESG-aligned companies outperform in the short term.
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
日本ではESG情報開示が進む中、本論文の知見は、ESGスコア改善が直ちに財務成果に結びつかない可能性を示唆する。日本の投資家や企業がESG戦略を評価する際に、短期的な財務効果を過信しないよう注意を喚起する材料となる。
In the global GX context
The paper adds Indian evidence to the global debate on ESG-financial performance linkage, suggesting that higher ESG compliance does not guarantee superior short-term profitability. This is relevant for investors and companies worldwide, especially in emerging markets, and encourages more nuanced, long-term analysis of ESG integration.
👥 読者別の含意
🔬研究者:This paper challenges the conventional ESG-financial performance assumption with Indian data, useful for cross-country meta-analyses or exploring contextual factors.
🏢実務担当者:Corporate sustainability teams should note that ESG improvements may not yield immediate financial returns; strategic, long-term perspective is needed.
📄 Abstract（原文）
This paper examines the association between Environmental, Social, and Governance (ESG) risk scores and accounting-based measures of financial performance—specifically Return on Assets (ROA) and Return on Equity (ROE)—across a selected sample of Indian firms listed in the Nifty50 index. As ESG becomes an integral part of investment screening, understanding its financial implications is vital. Drawing on publicly available ESG risk ratings and financial data, this research applies statistical methods grounded in accounting theory and implements them using Python-based tools such as confidence interval estimation and t-tests. The analysis reveals that firms with higher ESG risk (lower ESG compliance) do not necessarily underperform; in fact, they show slightly higher average profitability. This introduces skepticism about the assumed short-term financial superiority of ESG-aligned companies and suggests a need for deeper accounting-integrated ESG analysis.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.30574/wjarr.2026.29.3.0496first seen 2026-07-18 07:50:00
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