Analysis of sustainability reporting and SDG disclosures using NLP - evidence from the Indian pharmaceutical sector

Jyoti Singh and Meena Bhatia

Afro-Asian Journal of Finance and Accounting, 2026, vol. 16, issue 4, 529-547

Abstract: With sustainability reporting gaining momentum globally, the pressure on companies to enhance their sustainability disclosures has been ever-increasing from regulators and investors. The aim of this research paper is to analyse the evolving sustainability disclosures by pharmaceutical companies in India with a focus on the balance of positive and negative sentiments, and thematic trends, based on the United Nations Sustainable Development Goals (SDGs) 2030. Sustainability disclosures in the annual reports of NIFTY 20 pharma companies has been done using natural language processing method from 2015-2022. Analysis shows that the breadth and depth of sustainability disclosures are increasing across the companies included in the study. Thematic analysis revealed that emphasis on environmental aspects is growing as compared to social and governance factors. The results corroborate that companies use sustainability disclosure to signal positive sentiments, as there is a significant degree of voluntarism in narrative disclosures. This study would assist stakeholders in comprehending the topics of sustainability disclosures.

Keywords: sustainability reporting; environmental, social and governance; ESG; India; sentiment analysis; natural language processing; NLP; pharmaceutical; sustainable development goals; SDGs; narrative disclosures. (search for similar items in EconPapers)
Date: 2026
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