FinTech Development and Corporate Innovation: Implications for ESG Performance and Financial Resilience - An Exploratory Study of Indian Listed Companies

The study being reviewed has both theoretical and practical qualities. The study aims to introduce the framework linking Fintech evolution to corporate innovation and ESG performance, along with the financial resilience testing through the analysis of empirical data from India. There are nine companies that do not have relations to financial activities of the study. All of them will be analysed in the period of FY2023-FY2025 (27 case studies). To analyse these 27 companies ROA and operating margin ratio will be used along with statistical procedures. The data for fiscal years FY2023-FY2025 reveals that the sales growth was 15.39%, operating profit growth was at the level of 16.97%, the net profit growth constituted 33.76%, and cash flows growth equalled 37.91%, while borrowing decreased by 9.90%. The Debt/Assets ratio fell from 15.49% to 12.55% (p = 0.049, Cohen’s dz = −0.77). The relationship between ROA and CFO/assets was very strong (r = 0.774, p < 0.001) and the inverse relationship between ROA and the ratio of Debt/assets (r = −0.631, p < 0.001) was confirmed using rank-based tests. The results indicate that it is possible to achieve financial resilience and present a clear empirical basis for general claims about links between FinTech, innovation, and ESG. The study must avoid unfounded causal claims and establish a basis for future research with larger samples in India.