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This research aims to explore the connection between ESG scores and stock market performance in India over five years.

May 21, 2026Open Access

ESG Scores and Stock Valuation of Sustainable Companies in India: An Empirical Analysis (2019–2024)

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This research aims to explore the connection between ESG scores and stock market performance in India over five years.
Analyzed 30 NIFTY100 companies across six sectors from 2019 to 2024.
Applied Pearson correlation and Ordinary Least Squares (OLS) regression.
Utilized one-way ANOVA for comparative analysis.
Found a significant positive relationship between ESG scores and long-term stock returns (R² = 0.784, p < 0.001).
Identified a strong positive association between the P/B ratio and ESG scores.
Noted that IT and FMCG sectors exhibited above-average ESG performance and returns.

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Empirical analysis reveals a positive link between ESG scores and stock returns in India, indicating investment value.

Sivaranjith Thekkot Sivaraman (2026) studied this question.

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