Journal of Advances in Developmental Research

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ESG Disclosure and Shareholder Wealth Creation in Emerging Markets: Evidence from BRICS and Beyond

Author(s) Dr. Navneet
Country India
Abstract This study investigates the relationship between Environmental, Social, and Governance (ESG) disclosure quality and shareholder wealth creation in emerging market economies. Using a panel dataset of 1,248 publicly listed firms across ten emerging markets—Brazil, Russia, India, China, South Africa, Indonesia, Mexico, Turkey, Poland, and Malaysia—over the period 2012–2022, this research employs a fixed-effects regression framework augmented by two-stage least squares (2SLS) instrumental variable estimation to address endogeneity concerns. Findings reveal a statistically significant positive association between comprehensive ESG disclosure and cumulative abnormal returns (CARs) over short- and long-horizon event windows. The effect is particularly pronounced in the environmental and governance dimensions, while the social dimension yields heterogeneous results across country contexts. Moderating analysis indicates that institutional quality and financial market development amplify the ESG–wealth nexus, while high information asymmetry attenuates it. The results remain robust after controlling for firm size, leverage, profitability, industry classification, and macroeconomic variables. This paper contributes to the growing literature on sustainable finance by providing large-sample causal evidence from the Global South context and offering practical implications for policymakers, institutional investors, and corporate governance reformers.
Keywords ESG disclosure, shareholder wealth, emerging markets, corporate governance, sustainable finance, cumulative abnormal returns, BRICS
Published In Volume 17, Issue 1, January-June 2026
Published On 2026-05-07
Cite This ESG Disclosure and Shareholder Wealth Creation in Emerging Markets: Evidence from BRICS and Beyond - Dr. Navneet - IJAIDR Volume 17, Issue 1, January-June 2026.
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