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Article

Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator

by
Bhakti Agarwal
1,
Rahul Singh Gautam
1,
Pooja Jain
2,
Shailesh Rastogi
1,
Venkata Mrudula Bhimavarapu
3,* and
Saumya Singh
1
1
Symbiosis Institute of Business Management, Symbiosis International (Deemed University), Pune 412115, India
2
Amity Business School, Amity University, Gwalior 474020, India
3
Symbiosis School of Banking and Finance, Symbiosis International (Deemed University), Pune 412115, India
*
Author to whom correspondence should be addressed.
J. Risk Financ. Manag. 2023, 16(2), 109; https://doi.org/10.3390/jrfm16020109
Submission received: 22 December 2022 / Revised: 5 February 2023 / Accepted: 8 February 2023 / Published: 10 February 2023
(This article belongs to the Special Issue ESG-Investing and ESG-Finance)
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Abstract

Environmental, social, and governance (ESG) activities have become essential and viable activities of corporations because of the increase in concern for environmental, social, and governance issues. The motive of this research is to measure the effect of ESG on the financial performance (FP) of healthcare corporations using the market-to-book value (MTB) ratio as a proxy of FP. A sample of 33 pharma companies in India from 2011 to 2020 has been considered. The study relies on the panel data method to assess the association between ESG and FP. The potential moderating role of competition has also been studied to simplify their relationship in this framework. The finding of this study is that there is a significant negative association between ESG and FP, and it is also found that when competition is used as a moderator, it results in a significantly positive impact on the ESG and FP of healthcare companies. This study increases the understanding of the association between ESG and FP and helps corporations to formulate corporate strategies and stakeholders to make investment decisions. The originality of this study is that it addresses the impact of competition on ESG and FP of the healthcare industry and will become foundational literature for future studies.
Keywords: ESG; financial performance; competition; healthcare; corporate governance ESG; financial performance; competition; healthcare; corporate governance

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MDPI and ACS Style

Agarwal, B.; Gautam, R.S.; Jain, P.; Rastogi, S.; Bhimavarapu, V.M.; Singh, S. Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator. J. Risk Financ. Manag. 2023, 16, 109. https://doi.org/10.3390/jrfm16020109

AMA Style

Agarwal B, Gautam RS, Jain P, Rastogi S, Bhimavarapu VM, Singh S. Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator. Journal of Risk and Financial Management. 2023; 16(2):109. https://doi.org/10.3390/jrfm16020109

Chicago/Turabian Style

Agarwal, Bhakti, Rahul Singh Gautam, Pooja Jain, Shailesh Rastogi, Venkata Mrudula Bhimavarapu, and Saumya Singh. 2023. "Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator" Journal of Risk and Financial Management 16, no. 2: 109. https://doi.org/10.3390/jrfm16020109

APA Style

Agarwal, B., Gautam, R. S., Jain, P., Rastogi, S., Bhimavarapu, V. M., & Singh, S. (2023). Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator. Journal of Risk and Financial Management, 16(2), 109. https://doi.org/10.3390/jrfm16020109

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