International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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ESG Reporting and Shareholder Value in India: A Systematic Literature Review

Author(s) Mr. Manoranjan Panda
Country India
Abstract This systematic literature review (SLR) synthesizes empirical and theoretical literature (2000–2025) examining how environmental, social and governance (ESG) reporting in India relates to shareholder value. India provides a unique institutional laboratory: a statutory CSR mandate (Companies Act 2013, Section 135), evolving securities-market reporting requirements (SEBI’s BRR → BRSR), and rising investor/regulatory scrutiny through the 2020s. Statutory CSR (2013) produced heterogeneous market responses — some evidence of value destruction for mandated firms in event-study and quasi-experimental designs, indicating implementation/efficiency frictions; (2) voluntary ESG disclosure quality and the later SEBI BRSR framework improved comparability and strengthened the association between ESG transparency and valuation metrics for many firms; (3) ESG controversies and supply-chain ESG incidents materially affect short-term stock returns and longer-term value, conditional on media reach and disclosure; (4) evidence on causal channels (profitability, cost of capital, risk mitigation, reputation) is mixed and often context-dependent. Major gaps remain: limited longitudinal studies spanning pre- and post-BRSR eras, insufficient sectoral micro-studies (beyond mining and extractive industries), scarce research on investor heterogeneity and on the role of third-party ESG ratings in India. The review concludes with a research agenda and policy implications for firms, investors and regulators in India.
Keywords ESG Reporting, Shareholder Value, Corporate Social Responsibility, BRSR, Firm Valuation, Sustainability Disclosure, Stock Returns, India.
Field Business Administration
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-06-13
DOI https://doi.org/10.36948/ijfmr.2026.v08i03.81338
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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