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Does climate governance moderate the relationship between ESG reporting and firm value? Empirical evidence from India

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  • Mishra, Geeti
  • Patro, Archana
  • Tiwari, Aviral Kumar

Abstract

Climate governance is an integral part of Environment, Social and Governance (ESG) and contributes to a firm's value by reducing risks, identifying opportunities, enhancing stakeholder relations, and promoting long-term sustainability. Firms that effectively integrate climate considerations into their governance structures are better positioned to thrive in a changing business landscape, ultimately benefiting their financial performance. Using 2,881 firm-year observations from the year 2016–2021 in the Indian context, we empirically find that ESG reporting decreases the firm value. We identified board characteristics (board independence, board meetings, board busyness, and board size) that ameliorate the firm value. Our results are robust to a battery of tests.

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  • Mishra, Geeti & Patro, Archana & Tiwari, Aviral Kumar, 2024. "Does climate governance moderate the relationship between ESG reporting and firm value? Empirical evidence from India," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 920-941.
    • Handle: RePEc:eee:reveco:v:91:y:2024:i:c:p:920-941
    DOI: 10.1016/j.iref.2024.01.059
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