Analysis reveals CSR expenditures and practices improve environmental sustainability, suggesting significant benefits for firms.
The present study focuses on the impact of Corporate Social Responsibility (CSR) on environmental sustainability in India using different variants of panel and cross-sectional regressions. Environmental sustainability is measured using 1) emissions and 2) the E-score of companies (a novel dataset constructed by us using the ESG scores of select companies as released by CRISIL). Likewise, for robustness, we also use two separate measures of CSR of companies namely a) gross CSR expenditure of companies and b) the CSR Environment index. The results of empirical estimation results clearly reveal that CSR significantly contributes to environmental sustainability. Our study also concludes that the companies Research and Development (R&D) expenditure plays a major role in supporting the above findings.
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Bagga et al. (2025) studied this question.
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