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<p>In the present business environment, the reputation of ‘environmental, social, and governance’ (ESG) parameters has increased considerably for companies and investors alike. This study examines the impact of ESG practices on corporate financial performance (CFP) outcomes by examining data from BSE-100 Indian-listed firms over thirteen years (2010–2022). Employing various financial parameters and ESG metrics, the study uses ‘Generalized Method of Moments’ (GMM) estimators for empirical evaluation. The results expose a consistent negative connection between ESG practices and CFP in earnings perspectives, but a positive correlation with value perspectives. Additionally, it was found that firm’s earnings do not influence the integration of ESG and return on equity (ROE). However, enterprises’ value and earnings impact the rapport between social aspects and CFP, while the governance factors spur the integration of G and TQ (Tobin’s Q). These outcomes provide important insights for decision-makers and investors looking to integrate sustainable practices into their corporate strategies and add to the more exhaustive treatise on sustainability and corporate disclosure.</p>

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ESG Integrations and Firm Financial Performance: Assessing the Moderating Influence of Earnings and Value

  • 期刊论文

  • 发表日期：

    2025年10月21日

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  • Umakanta Gartia,
  • Rajesh Bhue,
  • Ajaya Kumar Panda,
  • Swagatika Nanda

摘要

In the present business environment, the reputation of ‘environmental, social, and governance’ (ESG) parameters has increased considerably for companies and investors alike. This study examines the impact of ESG practices on corporate financial performance (CFP) outcomes by examining data from BSE-100 Indian-listed firms over thirteen years (2010–2022). Employing various financial parameters and ESG metrics, the study uses ‘Generalized Method of Moments’ (GMM) estimators for empirical evaluation. The results expose a consistent negative connection between ESG practices and CFP in earnings perspectives, but a positive correlation with value perspectives. Additionally, it was found that firm’s earnings do not influence the integration of ESG and return on equity (ROE). However, enterprises’ value and earnings impact the rapport between social aspects and CFP, while the governance factors spur the integration of G and TQ (Tobin’s Q). These outcomes provide important insights for decision-makers and investors looking to integrate sustainable practices into their corporate strategies and add to the more exhaustive treatise on sustainability and corporate disclosure.