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September 24, 2025South Asian Journal of Business Studies

Angels or Sinners? Exploring the halo effect in ESG investing in Indian equities

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Authors

RRRajan Raju

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Overview

This analysis reveals ESG scores influence valuation and performance in Indian equities, highlighting investment implications.

Key Points

  • Higher ESG scores do not consistently enhance portfolio returns in the Indian equity market.
  • Equal-weighted high-ESG portfolios exhibit marginally better downside risk characteristics.
  • The market does not consistently assign valuation premiums to high-ESG firms, indicating complex sectoral impacts.
  • Findings provide insights for institutional investors integrating ESG considerations into investment strategies.

Cite This Study

Rajan Raju (2025) studied this question.

synapsesocial.com/papers/68d6d8548b2b6861e4c3e54ehttps://doi.org/10.1108/sajbs-02-2025-0087
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