The Impacts of Environmental, Social and Governance Factors on Financial Performance Panel Study of Indian Firms
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Master Thesis
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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
Keywords
Environmental, Social, Governance, ESG factor, CSR, Accounting based, Market
based, financial, performance, India, Firm value (Tobin’sQ), Cost of capital (WACC), Return
on assets (ROA), Return on equity (ROE), Earnings per share (EPS), Current Ratio (CR),
Stakeholder, Principal-Agent, Slack Resource