The Impacts of Environmental, Social and Governance Factors on Financial Performance Panel Study of Indian Firms

Abstract

The ESG score, consisting of environmental, social and governance factors, represents the non-financial performance of a firm. It is the quantitative measure of a firm’s CSR initiatives. This paper presents the impact of ESG scores on a firm’s financial performance in Indian companies. Utilising the Thomson Reuter ESG scores derived from the Refinitiv Eikon, this research aims to conduct a panel study of 168 publicly traded Indian firms, with data ranging from 2012 to 2021. It uses accounting- a