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ESG disclosure and financial success: a comparative dive into India's manufacturing and service sectors

Santi Gopal Maji & Prachi Lohia

International Journal of Sustainable Economy2025https://doi.org/10.1504/ijse.2025.145290article
ABDC C
Weight
0.37

What the paper says

This paper examines the financial impact of environmental, social, and governance (ESG) disclosure in Indian manufacturing and service companies. The study employs a panel approach by utilising secondary data for a sample of 209 Indian-listed firms for 2020 and 2021. Empirical analysis conducted using suitable panel regression models reveals a significant positive financial impact of ESG disclosure in both sectors. However, manufacturing firms display improved market value while the service-sector firms experience higher accounting profits. This study highlights the role of a firm's sector in explaining the consequent financial impact of ESG disclosure. It also emphasises the need for higher but material ESG disclosure and heightened investor awareness. Notably, this study represents the first comparative analysis of ESG's effect on the financial performance of Indian manufacturing and service firms by considering indigenous ESG ratings from the Credit Rating Information Services of India Limited (CRISIL).

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https://doi.org/https://doi.org/10.1504/ijse.2025.145290

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@article{santi2025,
  title        = {{ESG disclosure and financial success: a comparative dive into India's manufacturing and service sectors}},
  author       = {Santi Gopal Maji & Prachi Lohia},
  journal      = {International Journal of Sustainable Economy},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1504/ijse.2025.145290},
}

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ESG disclosure and financial success: a comparative dive into India's manufacturing and service sectors

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.