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September 5, 2025International Journal of Environmental Sciences

Do ESG and CSR Awards and Recognitions Influence the Stock Market? Evidence from India

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Authors

KVKarthika VRNVN. VijayakumarASA. Saravanan

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Overview

Event study reveals that ESG and CSR awards do not significantly influence investor decisions in India.

Key Points

  • The analysis found generally negative AARs and CAARs surrounding the event days, indicating little impact on stock returns.
  • This study utilized an event study methodology to evaluate investor response to CSR and ESG awards from 2018 to 2023.
  • Results suggest that ESG and CSR awards do not significantly influence investor behaviors towards firm performance in the stock market.
  • The findings call for firms to authentically integrate ESG practices into their core strategies to positively impact investor perceptions.

Cite This Study

VR et al. (2025) studied this question.

synapsesocial.com/papers/68c23922b210217d6477b0a8https://doi.org/10.64252/qezrcq41
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