1

Does Environmental, Social, Governance (ESG)

Performance Have an Impact on Financial
Performance of a Company? (Evidence from India)
A Research Paper
Submitted for the Internal Project of

SVKM’s NMIMS Anil Surendra Modi School of Commerce

Indian Economy in Global Scenario
B.Sc. Finance Semester IV 2022-23

Research Mentor: Submitted

Dr. Charu Bhurat by:
Ayush Khandelwal D008
Deep Saraogi D013
Jash Chhabria D023
Kirti Agrawal D029
Siddhant Baid D057
Sneha Mulchandani D058
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Acknowledgement:

We extend our sincerest gratitude to our teacher Dr. Charu Bhurat, for her invaluable support
and guidance during the course of our research paper project. Her insightful feedback, timely
inputs, and consistent encouragement served as a beacon of motivation and kept us focused
on our work. Her unwavering dedication to excellence and passion for teaching have been a
great source of inspiration that has motivated us to pursue our research with the utmost
diligence and commitment. We are extremely grateful to her for her unwavering support and
help in our academic growth and development.

Abstract:

The objective of this study is to investigate the connection between Environmental, Social,
and Governance (ESG) performance and financial performance of Indian companies. By
examining a sample of 90 companies listed on the National Stock Exchange (NSE), the aim is
to determine if there exists a statistically significant relationship between ESG performance
and financial performance, and if this relationship varies across diverse sectors. The results
indicate a negative correlation between ESG performance and financial performance,
measured by Return on Assets (ROA), Return on Equity (ROE), Leverage and other
measures. This correlation is statistically insignificant, highlighting that companies with
higher ESG scores have no relation with better financial performance. Ultimately, the
research provides evidence that ESG performance does not play a crucial role in driving
financial performance in India. These findings are of great significance to investors,
policymakers, and companies that are under the contention that ESG will lead to better
financial growth in Indian firms..

Keywords: ESG, Environment, Social, Governance, India, Finance

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Table of Contents:

Sr. No. Particulars Pg. No.

1. Introduction 4
2. Literature Review 5

3. Objectives 6

4. Hypothesis 7

5. Methodology 7
6. Findings and Analysis 9

7. Conclusions 13
8. Recommendations 13

9. Limitations 14

10. References 14
11. 16
Appendix
12. Plagiarism Report 18
13. Contribution Table 19
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1. Introduction
In recent times, there has been a growing interest in the concept of Environmental, Social,
and Governance (ESG) performance, as investors and stakeholders have begun to recognize
the significance of sustainability and responsible business practices. ESG performance, in
essence, encompasses a company's performance in three critical areas: environmental
sustainability, social responsibility, and corporate governance. Although there is increasing
research on the relationship between ESG performance and financial performance,
particularly in emerging markets like India, this relationship remains unclear. India's rapidly
growing economy and increased focus on sustainability make it essential to understand how
ESG performance impacts financial performance in this context.

Thus, the purpose of this study is to examine the relationship between ESG performance and
financial performance in India, using a sample of 90 companies listed on the National Stock
Exchange (NSE). Our study seeks to investigate whether there exists a statistically significant
relationship between ESG performance and financial performance, and whether this
relationship varies across different sectors.

Through our research, we hope to provide significant insights into the connection between
ESG performance and financial performance in India. This understanding has significant
implications for investors, policymakers, and companies seeking to improve their financial
performance while simultaneously advancing their ESG goals. By analysing the impact of
ESG performance on financial performance, our study aims to contribute to a better
understanding of the role that sustainability and responsible business practices can play in
driving financial performance, particularly in emerging markets.

Figure 1: ESG Risk Triangles: Indian Context

Source: Authors’ Creation, Appendix 11.1

As shown in figure 1, ESG (Environmental, Social, and Governance) risk factors are
increasingly relevant for companies operating in India. Environmental risks include air and
water pollution, waste management, and climate change, and may be especially pertinent for
firms in sectors such as mining and manufacturing. Social risks involve issues related to
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human rights, labour practices, and community engagement, with textiles and agriculture
among the sectors facing particular risks. Governance risks are also important, encompassing
topics such as executive compensation, board composition, and transparency, as well as
bribery and corruption. Addressing these ESG factors can help companies to minimize risks,
enhance their reputation, and generate long-term sustainable value for stakeholders, making it
essential for companies in India to incorporate ESG considerations into their business
strategies.

2. Literature Review

As the global economy is developing, society is calling for the development of

environmental, social and governance (ESG) factors. The ESG principle was formally
proposed in 2004 and has been given increased importance ever since. (Li et al., 2021) This
study reviews the existing literature that provides contradictory results related to ESG and
financial performance in India while also taking global examples into consideration.
A number of papers provide insights which suggest that ESG practices can improve the
performance of firms. (Freiberg et al., 2019) Internationally, a study was conducted on US
S&P 500 listed firms where firm performance related ESG was broken into studies focusing
on environmental disclosure, corporate social responsibility disclosure, corporate governance
disclosure and overall ESG. These factors were used to determine the effect on financial,
operational and market performance of firms and it was found that disclosure of ESG had an
impact on firms financial, operational and market performance. (Alareeni & Hamdan, 2020)
Another study found a positive relationship between ESG contributions and financial
performance of firms in India by using empirical data and analysing the impact of ESG using
accounting based and market-based measures. (Chelawat & Trivedi, 2016)
A favourable relation between ESG and financial performance of firms has been suggested by
a number of previous studies. However, these studies also highlight that ESG disclosures
alone do not drive the financial success of the company. (Gao et al., 2022)
Studies encourage greater participation of investors in ESG-focused mutual fund schemes,
which can have a positive impact on society and the environment while also generating
financial returns. The findings of these papers can help mutual fund investors make informed
investment decisions by providing valuable insights into the potential benefits of ESG
investments. (EtAl, 2021) (Ray & Goel, 2022)
It was concluded that ESG investment thesis provides a better return while investing in
benchmarks. (Tiwari, 2022)
The findings of the study reveal that there is a positive relationship between investor
sentiment and ESG stock performance in India. The study concludes that investor sentiment
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plays a crucial role in influencing the stock performance of companies with high ESG scores.
Furthermore, the research highlights the importance of incorporating ESG factors into
investment decision-making, as companies with high ESG scores are likely to perform better
in the long run. (Dhasmana et al., 2023)
On the contrary, many findings have found a negative or zero correlation between ESG
practices of firms and their financial performance. (Halbritter & Dorfleitner, 2015)
A negative relationship was found between CSR and the financial performance of a firm in
the short run. According to these studies, as a company performs better, there is an increasing
societal expectation that it should engage in philanthropic activities. (Nollet et al., 2016)
Researchers analysed the performance and risk profile of selected companies in pre and post
ESG screening periods by using parametric and non-parametric analytical tools depending on
the nature of data and concluded that there was no significant connection between ESG and
the financial performance. (Sn & Singh, 2016)
While ESG compliance is becoming increasingly relevant in the corporate and commercial
environment, there is currently no specific legislation defining ESG compliance in India. This
highlights the need for continued research to better understand the relationship between ESG
compliance and sustainable development. (Pareek, 2022) One way to analyse the impact of
ESG on financial performance could be through probability ratios which include Return on
Assets (ROA) and Return on Equity (ROE). (Sandberg et al., 2022)
Environmental, social, and governance (ESG) performance has a complex and nuanced
relationship with financial performance in India. Some studies have found a positive
correlation between ESG performance and financial performance, whereas others have found
inconsistent or even negative results. Existing studies have differing and contradictory
perspectives, which underlines the need for further research in this area.

3. Objectives
After identifying the gaps in various research papers, the main objectives of the research
paper were decided. They are:
1. To analyse financial data from companies with varying degrees of ESG performance,
and to determine whether there is a correlation between ESG performance and financial
performance, as well as whether this relationship varies across different sectors,
geographies, and company sizes.
2. To provide insights into the potential implications of ESG considerations for retail
investors while investing in the company’s stocks.
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4. Hypothesis
H1: The ESG performance has an impact on the profitability of a company.

5. Methodology
The findings of this research are presented using a mixed-methods approach that includes
both primary and secondary data. The primary data was collected by administering a Google
Forms questionnaire to retail investors and descriptive statistics was used to ascertain their
long- and short-term perspectives. CRISIL's ESG score (2022) report was used to collect
secondary data from a cross-sectional study of 90 Indian companies listed on the Indian stock
exchange, representing six industries (15 each): IT, FMCG, Cement, Pharmaceuticals, Metal,
Industrial, and Capital products.
Table 1: Break-up of Sectors
Source: Authors, Appendix 11.2

Sector Number of Firms

IT 15
Metal 15
Pharmaceuticals 15
Industrial and Capital Goods 15
FMCG 15
Chemical 15
Total 90
This was required due to the lack of ESG-related information and disclosures provided by
many companies. CRISIL’s weightage in ESG rating was assigned as 35% to Environment
score, 25% to Social Score, and 40% to the Governance score as per figure 2. (CRISIL, 2022)

Figure 2: ESG Score Assessment Framework

Source: CRISIL ESG Report 2022 Methodology

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As shown in figure 3, CRISIL assessed the respective companies on 17 key aspects to arrive
on the ESG Score, ranging from, environmental penalties, protests, child labour, regulatory
actions on directors, legal battles and adverse publicity. (CRISIL, 2022)

Figure 3: Parameters Assessed for ESG Score

Source: CRISIL ESG Report 2022 Methodology

Moneycontrol® provided the relevant financial ratios, such as Return on Asset and Return on
Equity, and other financial indicators of the sample companies. In order to investigate the
relationship between ESG scores and financial performance, descriptive statistics, correlation
and regression analyses were carried out. The Return on Asset and Return on Equity were
used as dependent variables, and ESG scores served as the independent variable in this study.
Control variables, such as Leverage and the size of the firm, were included in the study to
prevent any data biases. This strategy was in line with prior research in the field.
To establish a relationship between the independent variable on the two dependent variables
along with control variables, a model is established with the help of previous studies. The
difference exists in the context of the sample selected and the geographical location that is the
Indian market.
ROA= α + β1 ESG score + β2 Control variables + ε
ROE= α + β1 ESG score + β2 Control variables + ε

where, Control variables are Leverage (Debt/Equity) and Size of the firm (Total revenue)
The data included here pertains to Financial Year 2022.
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Figure 4: Research Model

Source: Authors’ Creation

6. Findings and Analysis

O1: To analyse financial data from companies with varying degrees of ESG performance,
and to determine whether there is a correlation between ESG performance and financial
performance, as well as whether this relationship varies across different leverages and
company sizes

Table 2: Descriptive Statistics

Source: Authors; Appendix 11.3
Variables Observations Mean SD* Minimum Maximum
ESG* 90 55.91 8.06 38 76
E* 90 43.78 13.56 22 81
S* 90 51.83 7.95 27 67
G* 90 68.97 6.47 51 82
ROA* 90 12.8% 7.77% -8.38% 48.02%
ROE* 90 23.44% 20.97% -12.63% 131.99%
Leverage 90 0.22 0.35 0 2.23
Revenue** 90 8.68 1.47 6.27 12.4
*Abbreviations: E: Environmental Score, S: Social Score, G: Governance Score, ESG: Environmental Social Governance Score, ROA:
Return on Assets, ROE: Return on Equity, SD: Standard Deviation
**Note: Natural log of revenue is considered in the calculations for ease of interpretation.

Descriptive statistics are shown in table 2 for all the variables that we used for the study. In
the sample employed of 90 Indian firms from various sectors, Return on Assets (ROA) has a
mean of 12.8% with values ranging from -8.38% to 48.02%. Return on Equity (ROE) has a
mean of 23.44% with values ranging from -12.63% to 131.99% which indicates a significant
variation. Same is reflected in high skewness and kurtosis values. The ESG scores vary from
38 to 76 with a mean of 55.91, indicating an “Adequate” strength according to CRISIL’s ESG
ratings. (CRISIL, 2022) The mean of the leverage, which is the mean D/E ratio, resulted in
0.22 or 22%. There are outliers in the leverage results and a standard deviation of 0.35 or
35%. The revenue as measured by the natural log of revenue is spread between 6.27 and 12.4
with a mean of 8.68 which was used for comparisons and correlation calculations.
Table 3: Correlation Matrix
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Source: Authors; Appendix 11.4
Variables E* S* G* ESG* ROA* ROE* Leverage Revenue
E* 1
S* 0.672 1
G* 0.567 0.469 1
ESG* 0.94 0.791 0.772 1
ROA* 0.087 0.076 0.05 0.086 1
ROE* 0.047 0.041 0.082 0.061 0.703 1
Leverage -0.07 -0.029 0.043 -0.042 -0.225 0.329 1
Revenue 0.585 0.512 0.211 0.537 0.065 0.018 0.02 1
*Abbreviations: E: Environmental Score, S: Social Score, G: Governance Score, ESG: Environmental Social Governance Score, ROA:
Return on Assets, ROE: Return on Equity

The correlation matrix in table 3, helps us understand the correlation between ESG scores
which is the independent variable and certain ratios of the 90 companies included in the
sample which are the dependent variable. The correlation values of 1 suggesting the variable
sharing the strongest correlation and a value of 0 suggesting no correlation at all.
In the above correlation matrix it can be seen that the correlation between ESG scores and
Return on Assets is 0.086 therefore it can be concluded that both the variables are weakly
positively correlated. The correlation between ESG scores and Return on Equity is 0.061
therefore it can be concluded that both the variables are weakly positively correlated. The
correlation between ROA Leverage is -0.225 signifying a weak negative correlation between
the two which indicates that as leverage increases, ROA decreases and vice-versa. For
correlation between ROE and Leverage is 0.329 indicating a moderate positive correlation
between the variables. The only correlation which can be seen is between Return on Equity
and Return on Asset, which is not a part of the study.
Based on the correlation matrix it can be concluded that the ESG score has a very
insignificant amount of impact on the profitability of companies and a reason for this could be
that not a lot of importance is given to ESG in India.

Table 4: Regression Model

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Source: Authors; Appendix 11.5

ROA* ROE*
Variable Coefficient P-value t-stat Coefficient P-value t-stat
ESG* score 0.08 0.4180 0.8137 0.16 0.5655 0.5769
Leverage -4.95 0.0333 -2.1625 19.61 0.0015 3.2711
Size of the
firm 0.34 0.5419 0.6123 0.26 0.8634 0.1726
Observations : 90 t value at df 89 (two tailed): 1.987
*Abbreviations: ESG: Environmental Social Governance Score, ROA: Return on Assets, ROE: Return on Equity

The results from the regression model as presented in Table 4 are in line with the results
obtained from the correlation matrix. There is negligible impact of ESG on ROA and ROE.
The desired p-value of a significant model is less than 0.05 and as observed, the p-value in the
case of ROA and ROE with ESG score is 0.4180 and 0.5655 respectively which is
significantly higher than the desired value rendering the relation insignificant. A negative
relation can be seen between Leverage and ROA and ROE with p-value less than 0.05 with a
negative coefficient for ROA implying that as the leverage decreases, profitability increases
and vice-versa.
Furthermore, the null hypothesis is:
H0 = The ESG score does not have an impact on the profitability of companies.
The t-stat value of ROA and ROE is 0.8137 and 0.5769 respectively against the tabular t-
value of 1.987 at degree of freedom 89. This demonstrates that the value lies in the ‘fail to
reject’ area signifying that the hypothesis (H1) is wrong and we reject it.
Hence, the study remarks that ESG though positively related, there is negligible impact of
ESG performance on the profitability of firms in the Indian market. This is true for most
developing economies and signals that as the economy progresses towards a developed stage,
it might have a positive impact on the financial performance of companies. As for developing
markets like India, this might happen due to multiple reasons such as limited regulations in
devising the ESG standards, resource constraints and long-term vs short-term vision that is
following the conventional practice of focusing on those expenditures that lead to faster
returns.
However, it is worth highlighting that India possesses significant potential to utilise the ESG
aspect within its markets leading to a visible positive impact of ESG on the financial
performance of companies in the long-run.
O2: To provide insights into the potential implications of ESG considerations for retail
investors while investing in the company’s stocks.
In the primary data collected, ESGs' importance for investors to invest varies in the short and long
run. According to the analyzed data, 27.59% of respondents have never considered ESG as a factor in
the long-term performance of the company while others have varying risk associations, as shown in
the table below.
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Table 5: Investors perception on importance of ESG factors on company performance
Source: Authors, Appendix 11.5, 11.6

I have never considered it 27.59%

No impact 25.00%

Neutral 19.83%

Low impact 15.52%

Strong impact 12.07%

The overall average for the importance given to the ESG scores while investing in a company showed
a neutral stance of 3.03/5. This was also supported by the fact that at least 62.16% of the respondents
gave neutral or low importance to the company’s ideological alignment with their own. This showed
that there does not need to be a high level of conviction between individual investors and the
company’s actions regarding ESG.
This statement was further proved by the fact that there remained a negative correlation between the
importance given to a company’s ESG score while investing and whether the investor was willing to
settle for reduced profit by investing in the companies that had a higher ESG score. This comparison
showed that even if the ESG score was prominent when investing, profitability took precedence.

Table 6: Willingness of investors to accept slightly lower profits for ESG benefits
Source: Authors, Appendix 11.5, 11.6
I have never considered it 33.62%

No, I don't believe so 26.72%

Neutral 24.14%

Yes, somewhat believe 11.21%

Yes, strongly believe 4.31%

In terms of perception, the company gains a negative perception of risk. 42 percent of the respondents
associated either moderate or high risk with companies with a low ESG score. Companies with high
ESG scores were thought to be better able to deal with climate change and the regulatory changes that
came with it.

7. Conclusion
This paper investigates the relationship between Environmental, Social, and Governance
(ESG) performance and the financial performance of Indian companies. The objectives of the
research are to analyse financial data from companies with varying levels of ESG
performance and to determine if there is a correlation between ESG performance and financial
 13

performance, as well as if this relationship varies across sectors, geographies, and company
sizes. In addition, the research intends to shed light on the potential implications of ESG
factors for retail investors when purchasing the company's stock.
In this study, descriptive statistics, correlation, and regression analyses were used to find out
if there was a link between ESG scores and financial performance. Control variables like
leverage and firm size were used in the study to get rid of any bias in the data. Table 2 shows
the study's results, which show that the ROA and ROE numbers for the sample companies are
very different. According to CRISIL's ESG ratings, the ESG scores range from 38 to 76 with
a mean of 55.91, indicating "adequate" strength. The research model set up the relationship
between the independent variable (ESG score), the two dependent variables (ROA and ROE),
and the control variables.
The findings will contribute to a greater comprehension of the role of sustainability and
responsible business practices in promoting financial performance in emerging markets such
as India. Investors, policymakers, and businesses seeking to incorporate ESG considerations
into their business strategies can benefit from the findings of this study. Nonetheless, it is
essential to recognise that ESG compliance is not yet defined by specific legislation in India,
and that the field is still developing.
Overall, the study sheds light on what ESG factors might mean for retail investors when they
buy stock in a company. The findings indicate that environmental, social, and governance
(ESG) performance can have an effect on financial performance and that this relationship
varies by leverage and company size. The research emphasizes the significance of
contemplating ESG factors when investing in companies, particularly for retail investors, as
they can have an effect on the financial returns of their investments.

8. Recommendations
According to Boston Consulting Group, major growth opportunities arise to companies that
have a strong reputation with respect to ESG practices. Although the findings of the study
indicate that individual investors prefer to focus on profitability, this is true only with respect
to the short-run. Investors tend to have a neutral stance about a company’s ESG practices,
however as seen in the correlation and regression model, ESG has an impact on a company’s
long-term performance. In an emerging market like India, companies may lag behind
developed markets with respect to their ESG scores. However, investors need to identify the
potential benefits of considering a company's ESG practices in order to capitalize on
opportunities and safeguard themselves and the economy in the future from rapidly rising
sustainability issues.

9. Limitations:

1. For the research a sample study was undertaken and not a census study and hence findings
may not be a true representation of the entire population.
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2. Non-probability sampling based on the researcher’s convenience, that is, convenience

sampling has been done in the research therefore bias could have existed.
3. Cross-Sectional descriptive study is undertaken which shows that the findings are only true
for the year 2023 and may change in the foreseeable future.
4. The primary data was collected through an online self-administered questionnaire due to
which the personal doubts of the respondents could not be resolved and the questionnaire
could have been filled by someone else or false information could have been provided.
5. Researchers have little control over the data's quality because they did not collect it
themselves. The accuracy of the data may not be confirmed since they are not aware of the
criteria that were used to collect the data.

10. References

1. Alareeni, B., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-
listed firms. Corporate Governance, 20(7), 1409–1428. https://doi.org/10.1108/cg-06-
2020-0258
2. Chelawat, H., & Trivedi, I. (2016). The business value of ESG performance: the Indian
context. Asian Journal of Business Ethics, 5(1–2), 195–210.
https://doi.org/10.1007/s13520-016-0064-4
3. Dhasmana, S., Ghosh, S., & Kanjilal, K. (2023). Does investor sentiment influence ESG
stock performance? Evidence from India. Journal of Behavioral and Experimental
Finance, 37, 100789. https://doi.org/10.1016/j.jbef.2023.100789
4. EtAl, A. a. a. S. B. (2021). “A Study On The Sustainable Investment Funds With Sepcial
Reference To State Bank Of India Esg Mutual Fund Shcemes.” Turkish Journal of
Computer and Mathematics Education, 12(6), 261–266.
https://doi.org/10.17762/turcomat.v12i6.1363
5. Freiberg, D., Rogers, J., & Serafeim, G. (2019). Pathways to Materiality: How
Sustainability Issues Become Financially Material to Corporations and Their Investors.
Social Science Research Network. https://doi.org/10.2139/ssrn.3482546
6. Gao, W., Li, M., & Zou, C. (2022). Analysis of the Impact of ESG on Corporate Financial
Performance under the Epidemic Based on Static and Dynamic Panel Data. Wireless
Communications and Mobile Computing, 2022, 1–12.
https://doi.org/10.1155/2022/6851518
7. Halbritter, G., & Dorfleitner, G. (2015). The wages of social responsibility — where are
they? A critical review of ESG investing. Review of Financial Economics, 26(1), 25–35.
https://doi.org/10.1016/j.rfe.2015.03.004
8. https://www.crisil.com/content/dam/crisil/our-businesses/india_research/sustainability-
yearbook-2022/methodology/crisil-esg-methodology.pdf. (2019). www.crisil.com.
9. Li, T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research Progress and Future
Prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663
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10. Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and
financial performance: A non-linear and disaggregated approach. Economic Modelling, 52,
400–407. https://doi.org/10.1016/j.econmod.2015.09.019
11. Pareek, M. (2022, October 25). Making ESG Work: Examining the Changing ESG
Regulations in India. https://deliverypdf.ssrn.com/delivery.php?
ID=4201250030020740060880130850741150920960200340230250011220750030660800
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9071082013073018112075021018062085067120002023022072125108101092120011100
024099080092101094028101112078127084&EXT=pdf&INDEX=TRUE
12. Ray, R. S., & Goel, S. K. (2022). Impact of ESG score on financial performance of
Indian firms: static and dynamic panel regression analyses. Applied Economics, 1–14.
https://doi.org/10.1080/00036846.2022.2101611
13. Sandberg, H., Alnoor, A., & Tiberius, V. (2022). Environmental, social, and
governance ratings and financial performance: Evidence from the European food industry.
Business Strategy and the Environment. https://doi.org/10.1002/bse.3259
14. Sn, S., & Singh, V. (2016). An Analysis of the Impact of ESG Screening on Financial
Performance of Selected Indian Companies. Social Science Research Network.
https://doi.org/10.2139/ssrn.3376752
15. Tiwari, R. (2022, November 19). ESG Investments for Sustainability with Superior
Returns in Indian Equity Market. https://ssrn.com/abstract=4281553
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11. Appendix
11.1 ESG Triangles

11.2 Break-Up of Sectors

11.3 Descriptive Statistics

 17
11.4 Correlation Matrix

11.5 Regression Model

11.5 Survey Questionnaire

1. How often do you invest in a company that is solely known for its environmentally
friendly practices or products?
2. Do you believe that a company's social governance practices, such as diversity,
employee welfare, and community engagement, can impact its long-term stock
performance?
3. Would you be willing to accept slightly lower returns on investment in exchange for
investing in a company with strong ESG practices?
4. How do you perceive companies with poor ESG practices in terms of their long-term
stock performance?
5. Do you think that companies with strong ESG practices are better positioned to
address future challenges and risks, such as climate change or regulatory changes?
6. Would you be more likely to invest in a company that actively communicates its ESG
practices and progress to its shareholders and stakeholders?
7. How important is the alignment of a company's values and purpose with your own
values and beliefs when you consider investing in its stock?
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11.6 Survey Responses

11.7 Excel Workings - Google Sheet Link

https://docs.google.com/spreadsheets/d/
1R5lEh_q__XJRNPzHRguFz6DWi4hf6aAm/edit?
usp=sharing&ouid=100063080101286582497&rtpof=true&sd=true

11.8 Plagiarism Report

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12. Contribution Table

Ayush Khandelwal D008  Findings – Second Objective

 Introduction
 Abstract
 Survey Preparation & Analysis
 Literature Review

Deep Saraogi D013  Findings – First Objective

 Gathering ESG/Company Data
 Literature Review
 Conclusion

Jash Chhabria D023  Findings – First Objective

 Correlation Matrix
 Descriptive Statistics
 Methodology
 Literature Review

Kirti Agrawal D029  Findings – First Objective

 Regression Model
 Methodology
 Literature Review

Siddhant Baid D057  Findings – First Objective

 Gathering ESG/Company Data
 Literature Review
 Hypothesis

Sneha Mulchandani D058  Findings – Second Objective

 Survey Preparation & Analysis
 Recommendations
 Limitations