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September 25, 2025South Asian Journal of Business Studies

Angels or Sinners? Exploring the halo effect in ESG investing in Indian equities

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Authors

RRRajan Raju

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Overview

Analysis reveals ESG scores may not enhance portfolio performance in Indian markets, suggesting complexity in valuation impacts.

Key Points

  • Higher ESG scores do not consistently lead to improved portfolio returns in the Indian equity market.
  • Equal-weighted high-ESG portfolios show marginally better downside risk characteristics during the analysis.
  • Market valuation premiums for high-ESG firms are inconsistent, influenced by sector and size effects.
  • ESG integration is vital for institutional investors in India as they navigate strategic investment decisions.

Cite This Study

Rajan Raju (2025) studied this question.

synapsesocial.com/papers/68d5bd64dc445aa9033b0145https://doi.org/10.1108/sajbs-02-2025-0087
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Also Consider

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