Faculty Publications
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Item Does Board Gender Diversity Enhance the Sustainable Performance of Firms? Empirical Evidence From India(Emerald Publishing, 2025) Poornima, S.; Gopalakrishna, B.V.; Samanta, M.This study explores the link between board gender diversity and corporate sustainability disclosure. The study employs 417 Indian companies to investigate how the incorporation of corporate sustainability disclosure and gender diversity on the board of directors interrelate. The findings show that companies with a higher proportion of female directors enhance sustainable disclosure by taking favorable reporting measures to address environmental issues, social welfare concerns, and governance problems. The companies with more women on board incorporate highly sensitive initiatives regarding the environment, society, and overall governance. These results suggest that women directors add valuable diversity, leading to better decisions and a stronger focus on social and environmental concerns. This study extends the prevailing literature on gender studies and sustainability by presenting empirical recommendations about the role of females in corporate decision-making, specifically related to the sustainability of Indian firms. © 2026 Dhishna Pannikot. All rights reserved.Item ESG Investment and Sustainability Reporting: A Systematic Review for Future Research(Springer Nature, 2023) Poornima, S.; Gopalakrishna, B.V.Sustainable finance is an area of study that looks beyond the simple number of risk and return. It looks over the impact of investment on ESG, i.e., environment, society, and governance factors. This paper conducts a comprehensive review of research works on ESG and its disclosures using the TCCM framework and thematic analysis, specifically in the Indian context, to determine future research priorities and research gaps in India. The search parameters identified 50 research papers, 44 of which were accepted for analysis. The study identified a gap in the available literature that allows for future observation. The study agenda in this review may help researchers to construct specific research fields around the discovered gaps. ESG investment has emerged as a critical problem for businesses. As a result, a considerable study in this sector is required to grow this topic as an operational investment area. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd 2023.Item Assessing the Impact of ESG Factors on Firm Performance: Empirical Evidence from CRIP Sector(Springer Science and Business Media Deutschland GmbH, 2025) Rajath, B.S.; Abhilash, G.; Devarajappa, S.; Geetha, V.; Devi, G.; Jain, S.K.; Priyanka, H.B.; Kalli, R.In recent times, managers and politicians have been impacted by key variables such as ethics, corporate governance, and ESG, leading to investment choices and the establishment of strong rules. There is an increasing focus on the understanding of environmental stability and the socio-economic growth of nation-states, which has led to the priority of sustainable and responsible investment methods. Nevertheless, there remains a void in investigating the CSR- and associated corporate characteristics that impact business performance The main purpose of the current research is to explore the influence of ESG factors on company performance, with a special emphasis on the Infrastructure, Construction, Real Estate, Infrastructure, and Project (CRIP) sectors. The research employed the Crisil ESG database, providing comprehensive financial data and ESG ratings of 42 organizations. Fixed effect panel regression was performed to evaluate the impact of ESG disclosure on company performance. The data revealed that the combined ESG score has a positive and large effect on the (WACC) Weighted Average Cost of Capital. The findings from the study are meant to aid varied stakeholders for policy-making and strategic decision-making in the Indian CRIP business. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2025.Item Impact of environmental, social, and governance disclosures on debt financing decisions: evidence from India(Springer Science and Business Media B.V., 2025) Poornima, S.; Gopalakrishna, G.; Samanta, M.In recent years, the incorporation of Environmental, Social, and Governance (ESG) disclosures into corporate strategic planning has attracted global attention, yet its implications for firms’ capital structure decisions remain underexplored, particularly in emerging markets. In light of India’s dynamic financial and regulatory developments, examining the impact of ESG disclosures on corporate debt strategies is relevant. The study explores the association between ESG disclosure and corporate debt financing practices in the Indian context. Utilizing a panel of 692 listed firms from 2011 to 2022, the study employs panel regression and two-step system GMM techniques to investigate how ESG disclosure influences access to long-term debt, cost of debt, target leverage, speed of leverage adjustment, and financial constraints. The results indicate that companies that provide extensive ESG disclosures tend to secure long-term debt at lower costs, suggesting that lenders perceive strong ESG disclosure as a signal of lower risk. Furthermore, these firms maintain their target leverage and exhibit faster adjustments when they deviate from it, reflecting enhanced financial discipline and reduced adjustment costs. Finally, high ESG disclosing firms experience significantly fewer financial constraints, emphasizing the significance of ESG in improving creditworthiness and access to capital. The results remain consistent across various model specifications and alternative variable measures. The study contributes novel empirical insights on the impact of ESG on capital structure and offers practical implications to corporate managers, institutional investors, and regulatory authorities by underlining the prominent role of transparent ESG reporting in fostering responsible financial decision-making. © The Author(s), under exclusive licence to Springer Nature B.V. 2025.Item Does ESG disclosure reduce corporate risk taking? Evidence from Indian firms(Emerald Publishing, 2025) S, P.; Gopalakrishna, G.; Samanta, M.Purpose – The present study examines the impact of ESG disclosures on corporate risk-taking behavior in India, a context that remains underexplored in the existing literature. Design/methodology/approach – Using panel regression models, the study analyses 680 Indian firms from 2011 to 2022, and we assert that ESG disclosure reduces corporate risk-taking. Findings – We find a significant negative relationship between ESG disclosure and corporate risk-taking, indicating that firms with higher ESG transparency are less likely to engage in risk-taking behavior. The inverse relationship holds for both business group-affiliated and standalone firms, with a stronger effect observed in stand-alone firms. While the impact is modest in group firms, ESG remains a significant governance tool, especially in complex structures. Our instrumental variable test, using industry averages, confirms the negative relationship between ESG disclosure and risk, while Oster’s test suggests that unobserved factors do not significantly alter this relationship. The results remain robust across alternative risk measures, reinforcing the risk-mitigating role of ESG disclosures. Originality/value – By extending the analysis to both business group-affiliated and standalone firms, and by highlighting India’s unique corporate landscape, this study contributes novel empirical evidence to the limited literature on ESG disclosure and firm risk in emerging markets. © 2025 Emerald Publishing Limited