Impact of financial performance on environmental sustainability in the presence of credit constraints: evidence from Indian manufacturing firms

Debarati Ghosh, Abhishek Dutta and Meghna Dutta

Journal of Sustainable Finance & Investment, 2026, vol. 16, issue 3, 841-857

Abstract: The purpose of the study is to examine the relationship between corporate environmental sustainability through the lens of energy intensity and the financial performance of firms in the presence of credit constraints. Employing panel data on Indian manufacturing firms, the study found an inverted U-shaped relationship between energy intensity and financial performance. While, credit-constraints act as an impediment towards achieving reduced energy intensities, an improvement in financial performance lessens the inimical impact of credit constraints on corporate environmental sustainability. Our findings might help policy formulation in achieving the Mission 2070 Net Zero Emission goal as recently pledged by India.

Date: 2026
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DOI: 10.1080/20430795.2022.2122688

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