How Green (performance) are the Indian Green Stocks – Myth Vs Reality

Saumitra Bhaduri and Ekta Selarka ()
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Ekta Selarka: (corresponding author) Professor at Madras School of Economics, Chennai

Working Papers from Madras School of Economics,Chennai,India

Abstract: Socially responsible investing gains attention following the perception of Covid-19 pandemic as the “sustainability” crisis. Environmental, Social, and Governance (ESG) characteristics emerge as essential factors for the assessment of sustainability and social impact of an investment leading investor focus in ESG-focused investment for meeting non-financial, societal values with investment objectives. This paper contributes to the ongoing debate on impact of ESG investing on firm value in the Indian context by analysing the risk-adjusted performance of the two ESGfocused indices – Nifty ESG100 and Nifty100 Enhanced - over a sample period of July 2018 to Dec 2022. The paper also examines whether ESG strategies of firms can reduce the downside risk sensitivity during crisis periods by testing the hypothesis that the socially responsible firms suffered less during the Coronavirus pandemic.

Keywords: ESG; India; Risk-adjusted Performance; Pandemic; Crash risk (search for similar items in EconPapers)
JEL-codes: G30 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2024-07
New Economics Papers: this item is included in nep-env
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