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Does ESG reporting enhance firm performance?

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  • Sahu, Smruti Ranjan
  • Sur, Jagan Kumar

Abstract

The paper investigates the linkage of environmental, social, and governance (ESG) disclosures with firm performance in the Indian market. We examined the linkage between firm performance, as measured by Tobin's Q, and ESG disclosure scores using information obtained from the Bloomberg database for Indian enterprises between 2014 and 2022. Higher ESG disclosure scores, particularly for environmental and social dimensions, are related to more robust firm performance. In contrast, firm age and size negatively affect ESG disclosure and performance. Additionally, we have performed quantile regression to address the data heterogeneity. The paper will help investors and regulators understand ESG practices in the emerging market and how they will impact corporate value. Additionally, mandating ESG reporting can serve as a catalyst for promoting long-term sustainability and strategic growth among firms.

Suggested Citation

  • Sahu, Smruti Ranjan & Sur, Jagan Kumar, 2026. "Does ESG reporting enhance firm performance?," Journal of Policy Modeling, Elsevier, vol. 48(3).
    • Handle: RePEc:eee:jpolmo:v:48:y:2026:i:3:s0161893825001346
    DOI: 10.1016/j.jpolmod.2025.12.002
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