Examining the impact of environmental, social & governance practices on firm value creation in India: A study of automobile industry
Abstract
This research investigates the connection between Environmental, Social, and Governance (ESG) practices and the value of firms within the Indian automobile sector. By conducting a thorough quantitative examination of ESG scores alongside financial performance metrics, it was discovered that robust ESG performance, especially in the realms of environmental sustainability and social accountability, is linked to improved financial results. Firms pouring resources into electric vehicles, minimising emissions, and prioritising employee well-being experienced enhanced market capitalisation and stock performance. The research highlights that the incorporation of ESG principles not only meets moral responsibilities but also boosts financial outcomes in a fiercely competitive international marketplace. The results indicate that Indian automobile firms can achieve considerable benefits by emphasising ESG considerations, and it is essential for policymakers to encourage these practices to foster enduring growth and sustainability.
References
Agrawal, R., Wankhede, V.A., Kumar, A. & Luthra, S. (2021). Analysing the roadblocks of circular economy adoption in the automobile sector: Reducing waste and environmental perspectives. Business Strategy and the Environment, 30(2), pp.1051–1066. doi: 10.1002/bse.2669.
Al-Tahat, M., (2017). A review of sustainable innovation practices in the automobile industry. Energy Efficiency, 10(2), pp.335–350. doi: 10.1007/s12053-016-9481-x.
Andrews, S., & Newth, J., (2020). Business strategies for environmental sustainability in the automotive industry. Business Strategy and the Environment, 29(3), pp.1051–1066. doi: 10.1002/bse.2379.
Bang, J.-H., & Lee, W.S. (2023). Constructing ESG management performance indicators for small and medium-sized enterprises: Focusing on the automotive parts manufacturing industry. Journal of Society of Korea Industrial and Systems Engineering, 46(3), pp.89–100. doi: 10.11627/jksie.2023.46.3.089.
Bhargava, A., Bhargava, D., Kumar, P.N., Sajja, G.S. & Ray, S., (2022). Industrial IoT and AI implementation in vehicular logistics and supply chain management for vehicle mediated transportation systems. International Journal of System Assurance Engineering and Management, 13(S1), pp.673–680. doi: 10.1007/s13198-021-01581-2.
Brown, C., & Thomas, L., (2021). The future of autonomous vehicles and their environmental impact. Technological Advances in Sustainable Mobility, 17(5), pp.521–536. doi: 10.1016/j.tam.2021.04.012.
Chen, S., & Zhang, X., (2020). Comparative analysis of sustainability reporting in the automotive industry: A global perspective. Journal of Corporate Social Responsibility, 18(2), pp.254–268. doi: 10.1007/s11301-020-00178-3.
Dangelico, R.M., and Pujari, D., 2018. The evolution of environmental sustainability practices in the automotive industry: Towards a sustainable competitive advantage. Journal of Business Ethics, 149(2), pp.563–589. doi: 10.1007/s10551-016-3024-4.
Dinca, M.S., Vezeteu, C.,D. & Dinca, D., 2022. The relationship between ESG and firm value. Case study of the automotive industry. Frontiers in Environmental Science, 10. doi: 10.3389/fenvs.2022.1059906.
do Carmo, M., Neto, M.S. & Donadone, J.C. (2019). Financialization in the automotive industry: Shareholders, managers, and salaries. Journal of Economic Issues, 53(3), pp.841–862. doi: 10.1080/00213624.2019.1646609.
Dufresne, A., (2020). Building a greener future in the automobile industry: A roadmap for carbon-neutrality. Journal of Environmental Sustainability, 12(2), pp.143–161. doi: 10.1155/2020/3583927.
Durga Prasad Jasti, V., Pounraj, D., Jawarneh, M., Meenakshi, Venkata Hari Prasad, P. & Ray, S. (2024). Conversational AI and cloud platform. In: Conversational Artificial Intelligence. Wiley, pp.635–653. doi: 10.1002/9781394200801.ch35.
Finkelstein, L., & Sun, Y., (2019). Towards green supply chains in automotive industry: An analysis of environmental and economic implications. Journal of Supply Chain Management, 55(3), pp.1–12. doi: 10.1111/jscm.12233.
Fisher, J. & Williams, H., (2020). Technological innovations and their role in shaping the future of automotive sustainability. Sustainable Technology and Development, 5(4), pp.214–227. doi: 10.1016/j.steched.2019.12.008.
Friede, G., Busch, T. & Bassen, A., (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), pp.210–233. doi: 10.1080/20430795.2015.1118917.
Ghosh, R., & Mukherjee, A., (2022). Circular economy in automotive manufacturing: A transition towards sustainability. Resources, Conservation and Recycling, 170, p.105246. doi: 10.1016/j.resconrec.2021.105246.
Gupta, A., (2019). Sustainability-driven innovation in the automotive industry: A case study approach. Sustainability Science, 14(5), pp.1075–1086. doi: 10.1007/s11625-019-00763-2.
Hammer, C., & Jackson, C., (2019). Emission reduction technologies: Global perspectives in the automotive sector. Energy Reports, 5, pp.439–444. doi: 10.1016/j.egyr.2019.02.003.
Hardi, I., Idroes, G.M., Hardia, N.A.K., Fajri, I., Furqan, N., Noviandy, T.R. & Utami, R.T. (2023). Assessing the linkage between sustainability reporting and Indonesia’s firm value: The role of firm size and leverage. Indatu Journal of Management and Accounting, 1(1), pp.21–28. doi: 10.60084/ijma.v1i1.79.
Hardi, I., Idroes, G.M., Utami, R.T., Dahlia, P., Mirza, M.A.F., Humam, R.A., Chairunnisa, R., Hardia, N.A.K. & Mahdani, R., (2023). Dynamic impact of inflation and exchange rate in Indonesia’s top 10 market capitalization companies: Implications for stock prices. Indatu Journal of Management and Accounting, 1(2), pp.51–59. doi: 10.60084/ijma.v1i2.110.
Hardi, I., Ray, S., Attari, M.U.Q., Ali, N. & Idroes, G.M. (2024). Innovation and economic growth in the top five Southeast Asian economies: A decomposition analysis. Ekonomikalia Journal of Economics, 2(1), pp.1–14. doi: 10.60084/eje.v2i1.145.
Hardi, I., Saputra, J., Hadiyani, R., Maulana, A.R.R. & Idroes, G.M. (2023). Decrypting the relationship between corruption and human development: Evidence from Indonesia. Ekonomikalia Journal of Economics, 1(1), pp.1–9. doi: 10.60084/eje.v1i1.22.
Harris, D., (2022). Integrating sustainability in automotive industry operations: A global perspective. International Journal of Operations & Production Management, 42(3), pp.304–326. doi: 10.1108/IJOPM-07-2020-0564.
Jacobsen, K., & Lutz, L., (2018). The impacts of electric vehicle adoption in the automotive industry: A global perspective. Technological Forecasting and Social Change, 132, pp.189–198. doi: 10.1016/j.techfore.2017.06.036.
Kumar, A., Soni, P., Kumar, P., Sharma, P., & Purohit, H., (2021). The role of sustainability practices in the automotive supply chain. Supply Chain Management Review, 25(4), pp.50–63. doi: 10.1096/scmr.2021.0579.
Kumar, P., & Jha, S., (2021). Integrating sustainability into the automotive business strategy. Strategic Management Review, 19(3), pp.245–267. doi: 10.1080/1071712.2020.1831753.
Lee, D., & Parker, M., (2022). Emerging technologies and their impact on sustainability practices in the automotive industry. Renewable and Sustainable Energy Reviews, 151, p.111510. doi: 10.1016/j.rser.2021.111510.
Lee, K., (2019). Policy approaches to promoting sustainability in the global automotive industry. Environmental Policy and Governance, 29(1), pp.75–89. doi: 10.1002/eet.1873.
Lee, M.T., Raschke, R.L. & Krishen, A.S. (2022). Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation. Journal of Business Research, 138, pp.1–11. doi: 10.1016/j.jbusres.2021.08.061.
Morandi, S.,& Powell, J., (2022). Overcoming sustainability challenges in the automotive supply chain. International Journal of Production Economics, 247, p.108352. doi: 10.1016/j.ijpe.2021.108352.
Orsato, R.J. & Wells, P. (2007). The automobile industry & sustainability. Journal of Cleaner Production, 15(11–12), pp.989–993. doi: 10.1016/j.jclepro.2006.05.035.
Patel, R., & Singh, P., (2022). Green technology integration in automotive manufacturing: Challenges and opportunities. Sustainable Manufacturing and Design, 6(4), pp.69–82. doi: 10.1016/j.susman.2022.10.003.
Paterson, R., & Stanley, G., (2018). Evolution of green production systems in the automotive sector. Journal of Cleaner Production, 188, pp.585–592. doi: 10.1016/j.jclepro.2018.04.001.
Perkins, G. & Murmann, J.P. (2018). What does the success of Tesla mean for the future dynamics in the global automobile sector? Management and Organization Review, 14(3), pp.471–480. doi: 10.1017/mor.2018.31.
Phillips, S., & Roberts, D., (2018). Green marketing and sustainable development in the automobile industry. Journal of Environmental Marketing, 12(4), pp.55–72. doi: 10.1002/jem.299.
Podgórski, D. (2021). Automotive industry and circular economy: The impact of new regulations. Environment, Development and Sustainability, 23(5), pp.8201–8218. doi: 10.1007/s10668-021-01437-x.
Ray, S. & Hardi, I. (2024). Refining ESG disclosure’s role in corporate economic, environmental, and social sustainability performance. Indatu Journal of Management and Accounting, 2(1), pp.1–8. doi: 10.60084/ijma.v2i1.144.
Rinne, J., & Janson, E., (2020). Analyzing consumer behavior towards electric vehicles: Impact of ESG principles in automotive industry. Transportation Research Part A: Policy and Practice, 136, pp.258–274. doi: 10.1016/j.tra.2020.05.006.
Smith, K., & Thomas, S., (2020). Assessing the environmental impact of electric vehicles in global automotive production. International Journal of Environmental Science and Technology, 17(3), pp.1201–1212. doi: 10.1007/s13762-019-02404-x.
Snyder, S., & Williams, S., (2021). ESG performance and market value in the automotive industry. Journal of Business Finance & Accounting, 48(5), pp.763–785. doi: 10.1111/jbfa.12345.
Soroka, S., & O’Leary, J., (2018). The future of eco-friendly vehicles: An analysis of trends in automotive technology. Transportation Research Part D: Transport and Environment, 62, pp.679–690. doi: 10.1016/j.trd.2018.05.015.
Thommandru, A., Espinoza-Maguiña, M., Ramirez-Asis, E., Ray, S., Naved, M. & Guzman-Avalos, M. (2023). Role of tourism and hospitality business in economic development. Materials Today: Proceedings, 80, pp.2901–2904. doi: 10.1016/j.matpr.2021.07.059.
Thompson, H.,& Chang, H., (2020). Understanding the role of government policy in automotive sustainability. Public Policy Review, 14(2), pp.45–56. doi: 10.1080/15685248.2020.1733525.
Torres, S., & McKenna, P., (2020). The impact of electric vehicles on the automotive industry: Challenges and opportunities. Journal of Cleaner Production, 245, p.118756. doi: 10.1016/j.jclepro.2019.118756.
Varde, Y., Malik, A., Mehta, A. & Ray, S. (2023). An Indian perspective on the linkage between environmental, social and governance score and cost of capital. European Economic Letters (EEL), 13(5), pp.420–426.
Wang, F., & Yu, Z., (2023). Innovation in sustainable manufacturing processes in the automotive sector. Sustainability Engineering, 9(2), pp.112–123. doi: 10.1007/s12053-021-04032-0.
White, G., & Zhao, J., (2021). Strategic alliances and collaborations in the sustainable automotive sector. Journal of Business Strategy, 42(4), pp.23–34. doi: 10.1108/JBS-05-2020-0157.
Wilson, R., & Wang, X., (2022). Sustainable sourcing and green supply chain management in the automotive industry. Environmental and Sustainability Education Journal, 11(1), pp.67–81. doi: 10.1080/14735910.2022.1129389.
Xu, F., & Hsu, C., (2023). The future of the automotive industry: Embracing digital transformation and sustainability. Industrial Engineering Journal, 34(2), pp.45–59. doi: 10.1109/IEJ.2023.1129876.
Yeh, T., Xiao, Y. & Daniel, S.J. (2023). Stakeholder influences on management control systems for ESG governance and reporting in the global automotive industry. Journal of Corporate Accounting & Finance. doi: 10.1002/jcaf.22671.
Z., Sun, L., Hijioka, Y., Nakajima, K. & Fujii, M. (2023). Systematic review of circular economy strategy outcomes in the automobile industry. Resources, Conservation and Recycling, 198, p.107203. doi: 10.1016/j.resconrec.2023.107203.
Zhang, T., & Zhang, Y., (2021). Green innovations in automotive manufacturing: Trends and drivers. Technovation, 105, p.102229. doi: 10.1016/j.technovation.2021.102229.
Zhou, G., Liu, L. and Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), pp.3371–3387. doi: 10.1002/bse.3089.
Al-Tahat, M., (2017). A review of sustainable innovation practices in the automobile industry. Energy Efficiency, 10(2), pp.335–350. doi: 10.1007/s12053-016-9481-x.
Andrews, S., & Newth, J., (2020). Business strategies for environmental sustainability in the automotive industry. Business Strategy and the Environment, 29(3), pp.1051–1066. doi: 10.1002/bse.2379.
Bang, J.-H., & Lee, W.S. (2023). Constructing ESG management performance indicators for small and medium-sized enterprises: Focusing on the automotive parts manufacturing industry. Journal of Society of Korea Industrial and Systems Engineering, 46(3), pp.89–100. doi: 10.11627/jksie.2023.46.3.089.
Bhargava, A., Bhargava, D., Kumar, P.N., Sajja, G.S. & Ray, S., (2022). Industrial IoT and AI implementation in vehicular logistics and supply chain management for vehicle mediated transportation systems. International Journal of System Assurance Engineering and Management, 13(S1), pp.673–680. doi: 10.1007/s13198-021-01581-2.
Brown, C., & Thomas, L., (2021). The future of autonomous vehicles and their environmental impact. Technological Advances in Sustainable Mobility, 17(5), pp.521–536. doi: 10.1016/j.tam.2021.04.012.
Chen, S., & Zhang, X., (2020). Comparative analysis of sustainability reporting in the automotive industry: A global perspective. Journal of Corporate Social Responsibility, 18(2), pp.254–268. doi: 10.1007/s11301-020-00178-3.
Dangelico, R.M., and Pujari, D., 2018. The evolution of environmental sustainability practices in the automotive industry: Towards a sustainable competitive advantage. Journal of Business Ethics, 149(2), pp.563–589. doi: 10.1007/s10551-016-3024-4.
Dinca, M.S., Vezeteu, C.,D. & Dinca, D., 2022. The relationship between ESG and firm value. Case study of the automotive industry. Frontiers in Environmental Science, 10. doi: 10.3389/fenvs.2022.1059906.
do Carmo, M., Neto, M.S. & Donadone, J.C. (2019). Financialization in the automotive industry: Shareholders, managers, and salaries. Journal of Economic Issues, 53(3), pp.841–862. doi: 10.1080/00213624.2019.1646609.
Dufresne, A., (2020). Building a greener future in the automobile industry: A roadmap for carbon-neutrality. Journal of Environmental Sustainability, 12(2), pp.143–161. doi: 10.1155/2020/3583927.
Durga Prasad Jasti, V., Pounraj, D., Jawarneh, M., Meenakshi, Venkata Hari Prasad, P. & Ray, S. (2024). Conversational AI and cloud platform. In: Conversational Artificial Intelligence. Wiley, pp.635–653. doi: 10.1002/9781394200801.ch35.
Finkelstein, L., & Sun, Y., (2019). Towards green supply chains in automotive industry: An analysis of environmental and economic implications. Journal of Supply Chain Management, 55(3), pp.1–12. doi: 10.1111/jscm.12233.
Fisher, J. & Williams, H., (2020). Technological innovations and their role in shaping the future of automotive sustainability. Sustainable Technology and Development, 5(4), pp.214–227. doi: 10.1016/j.steched.2019.12.008.
Friede, G., Busch, T. & Bassen, A., (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), pp.210–233. doi: 10.1080/20430795.2015.1118917.
Ghosh, R., & Mukherjee, A., (2022). Circular economy in automotive manufacturing: A transition towards sustainability. Resources, Conservation and Recycling, 170, p.105246. doi: 10.1016/j.resconrec.2021.105246.
Gupta, A., (2019). Sustainability-driven innovation in the automotive industry: A case study approach. Sustainability Science, 14(5), pp.1075–1086. doi: 10.1007/s11625-019-00763-2.
Hammer, C., & Jackson, C., (2019). Emission reduction technologies: Global perspectives in the automotive sector. Energy Reports, 5, pp.439–444. doi: 10.1016/j.egyr.2019.02.003.
Hardi, I., Idroes, G.M., Hardia, N.A.K., Fajri, I., Furqan, N., Noviandy, T.R. & Utami, R.T. (2023). Assessing the linkage between sustainability reporting and Indonesia’s firm value: The role of firm size and leverage. Indatu Journal of Management and Accounting, 1(1), pp.21–28. doi: 10.60084/ijma.v1i1.79.
Hardi, I., Idroes, G.M., Utami, R.T., Dahlia, P., Mirza, M.A.F., Humam, R.A., Chairunnisa, R., Hardia, N.A.K. & Mahdani, R., (2023). Dynamic impact of inflation and exchange rate in Indonesia’s top 10 market capitalization companies: Implications for stock prices. Indatu Journal of Management and Accounting, 1(2), pp.51–59. doi: 10.60084/ijma.v1i2.110.
Hardi, I., Ray, S., Attari, M.U.Q., Ali, N. & Idroes, G.M. (2024). Innovation and economic growth in the top five Southeast Asian economies: A decomposition analysis. Ekonomikalia Journal of Economics, 2(1), pp.1–14. doi: 10.60084/eje.v2i1.145.
Hardi, I., Saputra, J., Hadiyani, R., Maulana, A.R.R. & Idroes, G.M. (2023). Decrypting the relationship between corruption and human development: Evidence from Indonesia. Ekonomikalia Journal of Economics, 1(1), pp.1–9. doi: 10.60084/eje.v1i1.22.
Harris, D., (2022). Integrating sustainability in automotive industry operations: A global perspective. International Journal of Operations & Production Management, 42(3), pp.304–326. doi: 10.1108/IJOPM-07-2020-0564.
Jacobsen, K., & Lutz, L., (2018). The impacts of electric vehicle adoption in the automotive industry: A global perspective. Technological Forecasting and Social Change, 132, pp.189–198. doi: 10.1016/j.techfore.2017.06.036.
Kumar, A., Soni, P., Kumar, P., Sharma, P., & Purohit, H., (2021). The role of sustainability practices in the automotive supply chain. Supply Chain Management Review, 25(4), pp.50–63. doi: 10.1096/scmr.2021.0579.
Kumar, P., & Jha, S., (2021). Integrating sustainability into the automotive business strategy. Strategic Management Review, 19(3), pp.245–267. doi: 10.1080/1071712.2020.1831753.
Lee, D., & Parker, M., (2022). Emerging technologies and their impact on sustainability practices in the automotive industry. Renewable and Sustainable Energy Reviews, 151, p.111510. doi: 10.1016/j.rser.2021.111510.
Lee, K., (2019). Policy approaches to promoting sustainability in the global automotive industry. Environmental Policy and Governance, 29(1), pp.75–89. doi: 10.1002/eet.1873.
Lee, M.T., Raschke, R.L. & Krishen, A.S. (2022). Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation. Journal of Business Research, 138, pp.1–11. doi: 10.1016/j.jbusres.2021.08.061.
Morandi, S.,& Powell, J., (2022). Overcoming sustainability challenges in the automotive supply chain. International Journal of Production Economics, 247, p.108352. doi: 10.1016/j.ijpe.2021.108352.
Orsato, R.J. & Wells, P. (2007). The automobile industry & sustainability. Journal of Cleaner Production, 15(11–12), pp.989–993. doi: 10.1016/j.jclepro.2006.05.035.
Patel, R., & Singh, P., (2022). Green technology integration in automotive manufacturing: Challenges and opportunities. Sustainable Manufacturing and Design, 6(4), pp.69–82. doi: 10.1016/j.susman.2022.10.003.
Paterson, R., & Stanley, G., (2018). Evolution of green production systems in the automotive sector. Journal of Cleaner Production, 188, pp.585–592. doi: 10.1016/j.jclepro.2018.04.001.
Perkins, G. & Murmann, J.P. (2018). What does the success of Tesla mean for the future dynamics in the global automobile sector? Management and Organization Review, 14(3), pp.471–480. doi: 10.1017/mor.2018.31.
Phillips, S., & Roberts, D., (2018). Green marketing and sustainable development in the automobile industry. Journal of Environmental Marketing, 12(4), pp.55–72. doi: 10.1002/jem.299.
Podgórski, D. (2021). Automotive industry and circular economy: The impact of new regulations. Environment, Development and Sustainability, 23(5), pp.8201–8218. doi: 10.1007/s10668-021-01437-x.
Ray, S. & Hardi, I. (2024). Refining ESG disclosure’s role in corporate economic, environmental, and social sustainability performance. Indatu Journal of Management and Accounting, 2(1), pp.1–8. doi: 10.60084/ijma.v2i1.144.
Rinne, J., & Janson, E., (2020). Analyzing consumer behavior towards electric vehicles: Impact of ESG principles in automotive industry. Transportation Research Part A: Policy and Practice, 136, pp.258–274. doi: 10.1016/j.tra.2020.05.006.
Smith, K., & Thomas, S., (2020). Assessing the environmental impact of electric vehicles in global automotive production. International Journal of Environmental Science and Technology, 17(3), pp.1201–1212. doi: 10.1007/s13762-019-02404-x.
Snyder, S., & Williams, S., (2021). ESG performance and market value in the automotive industry. Journal of Business Finance & Accounting, 48(5), pp.763–785. doi: 10.1111/jbfa.12345.
Soroka, S., & O’Leary, J., (2018). The future of eco-friendly vehicles: An analysis of trends in automotive technology. Transportation Research Part D: Transport and Environment, 62, pp.679–690. doi: 10.1016/j.trd.2018.05.015.
Thommandru, A., Espinoza-Maguiña, M., Ramirez-Asis, E., Ray, S., Naved, M. & Guzman-Avalos, M. (2023). Role of tourism and hospitality business in economic development. Materials Today: Proceedings, 80, pp.2901–2904. doi: 10.1016/j.matpr.2021.07.059.
Thompson, H.,& Chang, H., (2020). Understanding the role of government policy in automotive sustainability. Public Policy Review, 14(2), pp.45–56. doi: 10.1080/15685248.2020.1733525.
Torres, S., & McKenna, P., (2020). The impact of electric vehicles on the automotive industry: Challenges and opportunities. Journal of Cleaner Production, 245, p.118756. doi: 10.1016/j.jclepro.2019.118756.
Varde, Y., Malik, A., Mehta, A. & Ray, S. (2023). An Indian perspective on the linkage between environmental, social and governance score and cost of capital. European Economic Letters (EEL), 13(5), pp.420–426.
Wang, F., & Yu, Z., (2023). Innovation in sustainable manufacturing processes in the automotive sector. Sustainability Engineering, 9(2), pp.112–123. doi: 10.1007/s12053-021-04032-0.
White, G., & Zhao, J., (2021). Strategic alliances and collaborations in the sustainable automotive sector. Journal of Business Strategy, 42(4), pp.23–34. doi: 10.1108/JBS-05-2020-0157.
Wilson, R., & Wang, X., (2022). Sustainable sourcing and green supply chain management in the automotive industry. Environmental and Sustainability Education Journal, 11(1), pp.67–81. doi: 10.1080/14735910.2022.1129389.
Xu, F., & Hsu, C., (2023). The future of the automotive industry: Embracing digital transformation and sustainability. Industrial Engineering Journal, 34(2), pp.45–59. doi: 10.1109/IEJ.2023.1129876.
Yeh, T., Xiao, Y. & Daniel, S.J. (2023). Stakeholder influences on management control systems for ESG governance and reporting in the global automotive industry. Journal of Corporate Accounting & Finance. doi: 10.1002/jcaf.22671.
Z., Sun, L., Hijioka, Y., Nakajima, K. & Fujii, M. (2023). Systematic review of circular economy strategy outcomes in the automobile industry. Resources, Conservation and Recycling, 198, p.107203. doi: 10.1016/j.resconrec.2023.107203.
Zhang, T., & Zhang, Y., (2021). Green innovations in automotive manufacturing: Trends and drivers. Technovation, 105, p.102229. doi: 10.1016/j.technovation.2021.102229.
Zhou, G., Liu, L. and Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), pp.3371–3387. doi: 10.1002/bse.3089.
Authors
Kumar, R. (2025). Examining the impact of environmental, social & governance practices on firm value creation in India: A study of automobile industry. Journal of Environment and Sustainability Education, 3(1), 31–42. https://doi.org/10.62672/joease.v3i1.45
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.