SUSTAINABLE GOVERNANCE, ESG PERFORMANCE AND FIRM VALUE: A DYNAMIC PANEL-DATA INVESTIGATION OF BRSR-REPORTING FIRMS IN THE INDIAN MANUFACTURING SECTOR

Registration ID: IJNRD_328889

Published ID: IJNRD2610100

: https://doi.org/10.56975/ijnrd.v11i10.328889

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Ruffee, Dr Namita garg

Sustainable Corporate Governance; ESG performance; Corporate Valuation; BRSR Framework; Value Creation

Background: Companies are increasingly aware that sustainability, which has become a key element of corporate decision-making, cannot be separated from post financial outcomes. The comparative nature of sustainability-related information in India has improved with the initiation of the Business Responsibility and Sustainability Reporting ((BRSR)) framework. Nevertheless, a clearer picture of the impact sustainable governance and ESG performance have on firm value is still yet to be determined; with specific focus in the Indian manufacturing sector. Objective: The major objective of this article is to evaluate the independent relationship between sustainable governance mechanisms & ESG performance as well as whether these outcomes in turn provide crucial value creation through firm value among BRSR-reporting Indian manufacturing firms Methods: It employs a quantitative longitudinal research design based on 250 firm-year observations (2021–2025) over five years, using a panel of 50 Indian manufacturing firms. This is typically expressed through board independence, board diversity, mentally establishing sustainability oversight and accountability embodied into a Sustainable Governance Index (SGI). Aggregate ESG score and separate environmental, social, and governance dimensions are used to assess ESG performance, while Tobin s Q measures firm value; control variables include firm size, leverage, profitability, and sales growth. We use a dynamic panel-data framework based on System Generalised exclusive Method of Moments (System-GMM) which accounts for persistence in firm value, potential endogeneity, reverse causality and unobserved firm-specific effects. Results: The early results show that sustainable governance is a positive structural influence on overall ESG performance. The evidence of positive associations between sustainable governance and social or governance performance is stronger than the evidence with environmental performance. Our findings produced in the first analysis (firm-value) of sustainable governance are positively related with Tobin’s Q, meaning it has a positive integrated relation to firm value. Aggregate ESG performance, on the other hand, is not contemporaneously predictive of firm value in the working specification. The results indicate that strong ESG performance does not directly lead to greater market cap, and that ESG may indeed be a channel through which sustainable governance affects firm value. Conclusion: The study suggests that sustainable governance mechanisms may be critical in enhancing ESG-related outcomes and sustained corporate value creation, content likely underpinning India emerging sustainability-reporting environment. It further emphasizes separating ESG disclosure from ESG performance, and it establishes an active framework to analyze the governance–ESG–firm value link with firm-level BRSR, financial and market data.

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Ruffee & Dr Namita garg (October-2026). SUSTAINABLE GOVERNANCE, ESG PERFORMANCE AND FIRM VALUE: A DYNAMIC PANEL-DATA INVESTIGATION OF BRSR-REPORTING FIRMS IN THE INDIAN MANUFACTURING SECTOR. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 11(10), a920-a934. https://doi.org/10.56975/ijnrd.v11i10.328889

Volume 11 Issue 10, October-2026

Pages : a920-a934

Paper Reg. ID: IJNRD_328889

Published Paper Id: IJNRD2610100

Research Area: Commerce All

Author Type: Indian Author

Country: Pathankot, Punjab, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2610100.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2610100

Crossref DOI: https://doi.org/10.56975/ijnrd.v11i10.328889

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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