Does ESG affect firm performance : A study with reference to select Indian companies
Sutanuka Shawsutanukashaw@gmail.comDepartment of CommerceHiralal Bhakat CollegeNalhati, West Bengal, 731220, IndiaView full profile → , Debdas Rakshitdebdasrakshit69@gmail.comDepartment of CommerceHiralal Bhakat CollegeNalhati, West Bengal, 731220, IndiaView full profile → , *Kiranmay BeraCorresponding authorkiranmay.bu@gmail.comDepartment of CommerceHiralal Bhakat CollegeNalhati, West Bengal, 731220, IndiaView full profile →
* Corresponding author · click or hover a name for details
- Received:
- 01 Apr 2026
- Published Online:
- 30 Sep 2026
- Article type:
- Research Article
- Language:
- EN
- Article no.:
- JSMS-1712
- Pages:
- 1083–1091
Abstract
In modern times, the significance of sustainability and ESG considerations haveincreased for stakeholders, who now factor them into their valuable decisions. The primary object of this paper is to find out the connection between ESG and firm performance, specifically in terms of profitability, capital structure, and cost of capital. We selected NSE 500 companies for our study. For this analysis, static panel data model has been used. We have observed a positive link with ROCE whereas, ESG has a considerable adverse effect on WACC and DER. Firms that disclose ESG information boost their reputation additionally, bolster investor confidence, leading to a competitive advantage.
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References
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