Title: Do institutional investors care about ESG performance: evidence from India

Authors: Kalyani Mulchandani; Ketan Mulchandani; Megha Jain

Addresses: Mukesh Patel School of Technology Management and Engineering, NMIMS University (Deemed to be University), Mumbai, India ' Anil Surendra Modi School of Commerce, NMIMS University (Deemed to be University), Mumbai, India ' Jaipuria Institute of Management Indore, Indore, India

Abstract: Socially responsible investors (SRIs) evaluate ESG performance of firm and that is why firms have started disclosing ESG parameters in the annual reports. This study is focused on examining the impact of institutional ownership on the firm's sustainability behaviour in the Indian context. Data is collected for eight years from 2013 to 2020 for non-banking and non-finance companies for which continuous relevant data are available for all the years. Total of 736 observations is considered for the purpose of analysis. After examining the data, it is found that institutional ownership affects ESG performance negatively and unlevered firms score better ESG ratings than their counterparts.

Keywords: institutional ownership; ESG disclosures; socially responsible; panel data regression model; India.

DOI: 10.1504/IJICBM.2023.130932

International Journal of Indian Culture and Business Management, 2023 Vol.29 No.1, pp.136 - 149

Received: 08 Oct 2021
Accepted: 13 Feb 2022
Published online: 14 May 2023 *

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