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Cited by 11Corporate Social Responsibility ReportingFinancial Markets and Investment StrategiesSustainable Finance and Green Bonds

The DOI matches its Crossref record.

The Social Pillar of ESG: Exploring the Link Between Social Sustainability and Stock Price Synchronicity

Potharla, Srikanth, Turubilli, Surya Kumari, Shekar, Mylavaram Chandra·2024·Indian Journal of Corporate Governance
DOI 10.1177/09746862241236551
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Abstract

This study examined the association between the social sustainability aspects of environmental, social and governance (ESG) initiatives and stock price synchronicity in 146 publicly listed companies in India from 2011 to 2021. Social sustainability is gauged using indicators such as community engagement, adherence to human rights, customer loyalty, consumer health and safety protection, and employee welfare. Panel data regression with industry-year fixed effects reveals a positive association between social sustainability and stock price synchronicity. This finding suggests that the stocks of companies with strong social issue management are more aligned with market movements. The findings indicate that investors value ethical management, commitment to human rights and employee satisfaction. The insights provided by this study are vital for investors’ fund allocation decisions, highlighting the importance of workforce and supply chain diversity, fair workplace practices, human rights compliance and product integrity in informed investment decision-making. Overall, the research confirms the economic benefits that social sustainability bestows on companies and their investors.

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Crossref · 10.1177/09746862241236551

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Metadata

Authors
Potharla, S., Turubilli, S. K., & Shekar, M. C.
Affiliations
  • ICFAI Business School (IN)
  • Indian Institute of Management Visakhapatnam (IN)
  • Institute of Public Enterprise (IN)
Corresponding author
Shekar, Mylavaram Chandra
ORCID
Venue
Indian Journal of Corporate Governance
Publisher
SAGE Publications
Published
2024-03-21
Volume
17
Issue
1
Pages
130-152
ISSN
  • 0974-6862 (ISSN-L)
  • 2454-2482
DOI
10.1177/09746862241236551
OpenAlex
W4393054769
Cited by
11
References
0
Citations by year
2026: 7 · 2025: 4
FWCI
3.71
Type
journal article
Language
en
Open access
closed
Licence
journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations
  • Indian Journal of Corporate Governance (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
Keywords
social sustainability, ESG, stock price synchronicity, community participation, human rights, employee welfare, customer loyalty, consumer health and safety, ethical management

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