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Analysis of corporate sustainability performance and corporate financial performance causal linkage in the Indian context

机译：企业可持续发展绩效及企业财务业绩因果关系分析印度语境

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This paper aims to explore the relationship between corporate sustainability performance (CSP) and corporate firm performance (CFP) for a sample of the top 500 Indian firms covering the period from 2008 to 2018. CSP variables have been considered at both aggregate and disaggregate levels of environmental, social and governance performance. CFP has been evaluated in both accounting and market-based measures. Rigorous statistical methods have been used to evaluate the bidirectional causality and intensity of the CSP-CFP relationship using the Granger causality test and multiple regression for panel data. A sectoral level trend analysis is presented?dividing the firms in various industries and classifying them in ESI vs non-ESI sectors. The findings indicate the absence of causality among CSP and CFP variables in either direction and suggest that the CSP-CFP linkage is mostly insignificant for Indian firms at the aggregate level. At an individual level, some negative association is found between CSP and CFP. This relationship has an adverse impact on CSP-CFP linkage in both cases, which means that Indian firms don’t get the financial performance benefits of investments done for sustainability. Our findings with mostly insignificant results for this relation also means that firms with higher or lower CSP on ESG dimensions will perform likewise in terms of CFP. The findings have practical implications for corporates, academicians, and policymakers alike given sustainability as a high focus area for all.
机译：本文旨在探讨企业可持续发展绩效（CSP）和企业公司企业绩效（CSP）与2008年至2018年期间的500名印度公司样本之间的关系。在综合和分解层面都被考虑了CSP变量环境，社会和治理表现。 CFP已在会计和基于市场的措施中进行了评估。已经使用严格的统计方法来评估使用GRANGER因果关系测试和面板数据的多元回归来评估CSP-CFP关系的双向因果关系和强度。提出了部门水平趋势分析？将公司划分在各种行业中，并在ESI与非ESI部门进行分类。结果表明，在任一方向上没有CSP和CFP变量之间的因果关系，并表明CSP-CFP联系在总水平上的印度公司大多是微不足道的。在个人级别，CSP和CFP之间存在一些负关联。这种关系对两种情况下的CSP-CFP联系有不利影响，这意味着印度公司没有获得可持续性投资的财务绩效效益。我们对这一关系的大多是微不足道的结果的调查结果也意味着在ESG尺寸上具有更高或更低的CSP的公司将同样在CFP方面表现。该调查结果对企业，院士和政策制定者具有实际影响，使得可持续性作为所有人的高焦点。

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