Do ESG and SDG-9 innovations enhance financial performance? Empirical evidence from India’s Top 100 listed firms (2019–2023) Manoj Panda, Yogesh Mahajan, Manohar Kapse, Vinod Sharma, Laszlo Vasa Investment Management and Financial Innovations, 2026 Type of the article: Research ArticleAbstractSustainable innovation has become an important driver of corporate value creation in emerging economies like India, where firms increasingly align their operations with Environmental, Social, and Governance (ESG) practices and Sustainable Development Goal 9 (SDG-9). Despite this rising importance, the financial impact of ESG and SDG-9 innovations on firm performance remains underexplored in the Indian context. This study aims to empirically examine the impact of ESG and SDG-9 innovations on firm value, profitability, and shareholder returns among the top 100 listed Indian companies during the period 2019–2023. Using panel data drawn from the Bloomberg and Refinitiv databases, the study applies multiple regression models and random-effects estimations to evaluate the relationships between innovation indicators (ESG and SDG-9 scores) and financial metrics such as Tobin’s Q, Return on Assets (ROA), and Return on Equity (ROE). The findings reveal that ESG innovation scores do not have a statistically significant effect on firm value and profitability. In contrast, SDG-9 innovation exhibits a positive and significant relationship with both ROA and ROE, indicating that companies integrating infrastructure, industrialization, and innovation goals achieve superior financial performance. On average, firms reporting SDG-9 innovations show a 4.27-point higher ROE and 0.51-point improvement in ROA than non-reporting firms. These results highlight that SDG-9 aligned innovation contributes directly to financial value creation, whereas ESG innovation yields more intangible or long-term benefits, offering critical insights for managers, investors, and policymakers promoting sustainable business growth in India.
The Impact of Fintech Acquisition on Acquirers in India: A Study on Financial Performance and Parameters Manoj Panda, Pankaj Sharma, Manohar Kapse, Vinod Sharma Australasian Accounting Business and Finance Journal, 2025 This study examines the long-run impact of acquisitions of fintech firms on the financial performance of acquiring firms in India from 2010-2023. The research utilised advanced econometric methods such as fixed effect panel regression and iterative generalised method of moments. The research focuses on key performance indicators, which include return on assets (ROA), net profit margin (NPM), average share price (ASP), current ratio (CR), and financial leverage (FL). A total sample of 155 mergers and acquisitions deals consisting of both financial and non-financial listed firms taken from Bloomberg have been considered in this research. The findings show that fintech takeovers are documented as a two-edged sword. The ASP rose considerably after the acquisition, indicating improved market value, while ROA and NPM declined. The CR shows improved liquidity, and FL indicated a higher equity base than debt after the acquisition. The research indicates that it is difficult for fintech acquirers to attain operational synergies even though the market is favourable. The study also emphasises the critical role of effective post-merger integration and strategic alignment in realising the full potential of fintech acquisition. This research yields valuable insights for financial institutions and policymakers who want to navigate the transformation of fintech by providing a comprehensive analysis of the financial implications of such acquisitions. The study reveals that fintech M&A demands proper due diligence, strong integration planning, and early stakeholder commitment to maximise long-term financial benefits while avoiding risks. Further research directions include exploring industry-specific impacts and assessing the influence of macroeconomic conditions on post-acquisition performance.
ESG factors in M&A in India: Performance and market insights from 2010 to 2023 Manoj Panda, Pankaj Sharma, Vasa László, Manohar Kapse, Vinod Sharma, et al. Investment Management and Financial Innovations, 2024 This study assesses the impact of mergers and acquisitions on Environmental, Social, and Governance (ESG) performance and market value of acquiring companies operating in India. Data were collected and analyzed from 69 M&A announcements from January 2010 to June 2023, sourced from the Bloomberg database. The analysis reveals a positive correlation between the post-merger market value of acquiring firms and their ESG performance, indicating that an improvement in ESG factors is associated with increased market value after mergers. Additionally, a positive correlation was identified between acquiring companies’ post-merger ESG performance and their target firms’ pre-merger ESG performance. This finding suggests that when acquiring a target firm with high ESG performance, the acquirer is likely to experience an improvement in its own post-merger ESG performance. Moreover, both the post-merger market value and ESG performance of the acquirer are likely to improve with the profitability and size of firms but will have a negative impact based on the leverage components of the acquiring firms. 
“Do ESG and SDG-9 innovations enhance financial performance? Empirical evidence from India’s Top 100 listed firms (2019–2023)” YM M Panda, V László, M Kapse, V Sharma "Investment Management and Financial Innovations" 23 (1), 228-242 , 2026 2026
Financial implications of fintech acquisitions in India: a study on shareholder returns and acquisition dynamics M Panda, P Sharma, D Sharma Afro-Asian Journal of Finance and Accounting 16 (2), 245-276 , 2026 2026
The impact of fintech acquisition on acquirers in India: A study on financial performance and parameters M Panda, P Sharma, M Kapse, V Sharma Australasian Accounting, Business and Finance Journal 19 (1) , 2025 2025 Citations: 4
“ESG factors in M&A in India: Performance and market insights from 2010 to 2023” M Panda, P Sharma, V László, M Kapse, V Sharma, Y Mahajan "Investment Management and Financial Innovations" 21 (2), 309-322 , 2024 2024 Citations: 2
Impact of cross-border mergers and acquisitions on short-term gain to shareholders of target firms in India–effect of the mode of payment and industry relatedness M Panda, M Joshipura Afro-Asian Journal of Finance and Accounting 12 (5), 648-677 , 2022 2022 Citations: 7
Effect of mergers and acquisitions on short-term gain to equity shareholders of acquiring firms in India M Joshipura, M Panda Afro-Asian Journal of Finance and Accounting 9 (1), 1-20 , 2019 2019 Citations: 5
MOST CITED SCHOLAR PUBLICATIONS
Impact of cross-border mergers and acquisitions on short-term gain to shareholders of target firms in India–effect of the mode of payment and industry relatedness M Panda, M Joshipura Afro-Asian Journal of Finance and Accounting 12 (5), 648-677 , 2022 2022 Citations: 7
Effect of mergers and acquisitions on short-term gain to equity shareholders of acquiring firms in India M Joshipura, M Panda Afro-Asian Journal of Finance and Accounting 9 (1), 1-20 , 2019 2019 Citations: 5
The impact of fintech acquisition on acquirers in India: A study on financial performance and parameters M Panda, P Sharma, M Kapse, V Sharma Australasian Accounting, Business and Finance Journal 19 (1) , 2025 2025 Citations: 4
“ESG factors in M&A in India: Performance and market insights from 2010 to 2023” M Panda, P Sharma, V László, M Kapse, V Sharma, Y Mahajan "Investment Management and Financial Innovations" 21 (2), 309-322 , 2024 2024 Citations: 2
“Do ESG and SDG-9 innovations enhance financial performance? Empirical evidence from India’s Top 100 listed firms (2019–2023)” YM M Panda, V László, M Kapse, V Sharma "Investment Management and Financial Innovations" 23 (1), 228-242 , 2026 2026
Financial implications of fintech acquisitions in India: a study on shareholder returns and acquisition dynamics M Panda, P Sharma, D Sharma Afro-Asian Journal of Finance and Accounting 16 (2), 245-276 , 2026 2026
