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September 5, 2025Business and Society Review

Unpacking the ESG–financial performance nexus: The moderating effect of volatility on Indian companies

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Authors

ADAshutosh DashHRHimanshu Sekhar Rout

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Overview

Analysis reveals ESG negatively affects Tobin's Q and stock returns in Indian firms, suggesting volatility may moderate these effects.

Key Points

  • ESG scores negatively affect Tobin's Q and stock returns, suggesting investor caution.
  • The study analyzed 37 Indian companies from 2013 to 2022 using a dynamic panel data model.
  • Volatility mitigates the negative impact of ESG on Tobin's Q and stock returns while enhancing ROCE.
  • Findings indicate corporate managers should align ESG strategies with market conditions and risk factors.

Cite This Study

Dash et al. (2025) studied this question.

synapsesocial.com/papers/68c23a2cb210217d6477f912https://doi.org/10.1111/basr.70020
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