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<p>This study examines the relationship between Environmental, Social, and Governance (ESG) disclosures and firm financial performance in the Indian tourism and hospitality sector. Although ESG practices have gained significant attention from investors, regulators, and stakeholders, empirical evidence on their financial implications in emerging markets remains limited. This study measures ESG disclosure using a text-mining approach applied to corporate annual reports. Specifically, the Sentence-BERT (SBERT) model is employed to identify and quantify environmental, social, and governance disclosures from firms’ textual reports. The empirical analysis uses a panel dataset of 73 publicly listed hospitality and tourism firms in India covering the period 2015–2024. Firm financial performance is measured using accounting-based indicators. Panel regression techniques, including pooled Ordinary Least Squares (OLS), fixed-effects models, and dynamic panel estimation using the Generalized Method of Moments (GMM), are employed to examine the relationship between ESG disclosure and firm performance. The findings provide mixed evidence regarding the financial impact of ESG disclosure. While initial results indicate a negative relationship with short-term profitability, the effects weaken after controlling for firm-specific factors and dynamic performance, suggesting that ESG initiatives may represent long-term strategic investments.</p>

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ESG disclosure and financial performance in Indian hospitality firms using text mining

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月3日

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  • Dileep G. Menon,
  • Sangeetha Gunasekar,
  • Badri Narayanan Gopalakrishnan

摘要

This study examines the relationship between Environmental, Social, and Governance (ESG) disclosures and firm financial performance in the Indian tourism and hospitality sector. Although ESG practices have gained significant attention from investors, regulators, and stakeholders, empirical evidence on their financial implications in emerging markets remains limited. This study measures ESG disclosure using a text-mining approach applied to corporate annual reports. Specifically, the Sentence-BERT (SBERT) model is employed to identify and quantify environmental, social, and governance disclosures from firms’ textual reports. The empirical analysis uses a panel dataset of 73 publicly listed hospitality and tourism firms in India covering the period 2015–2024. Firm financial performance is measured using accounting-based indicators. Panel regression techniques, including pooled Ordinary Least Squares (OLS), fixed-effects models, and dynamic panel estimation using the Generalized Method of Moments (GMM), are employed to examine the relationship between ESG disclosure and firm performance. The findings provide mixed evidence regarding the financial impact of ESG disclosure. While initial results indicate a negative relationship with short-term profitability, the effects weaken after controlling for firm-specific factors and dynamic performance, suggesting that ESG initiatives may represent long-term strategic investments.