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100			_aPotharla, Srikanth _953166
245			_aIs ESG data financially viable? A case of stock price synchronicity
260			_aManagement and Labour Studies
300			_a49(1), Feb, 2024: p.62-81
520			_aAccording to the information efficiency view, stock price synchronicity reflects the degree of integration of firm-specific information with market-level information. Stock price synchronicity is higher (lower) when there is a higher (lower) level of integration between the firm and the overall market information. As the disclosure of environmental, social and governance data provides more firm-specific, non-financial, value-relevant information to the market, stock prices reflect such information efficiently. It leads to more information efficiency and lower synchronicity of stock prices. Against this backdrop, the present study examines the relationship between ESG and its component scores and stock price synchronicity using a sample of 163 Indian companies reporting their ESG scores through the Thomson Reuters database from 2011 to 2021. The findings of the study confirmed that the ESG score and the scores of its components (except the governance score) have a significant negative impact on stock price synchronicity and a significant positive impact on idiosyncratic volatility. This is consistent with the information efficiency viewpoint, implying that ESG disclosure has value relevance in the capital market and that investors in the Indian market consider ESG information when making investment decisions. – Reproduced https://journals.sagepub.com/doi/full/10.1177/0258042X231181758
650			_aESG Data, Financial Viability, Stock Price Synchronicity, Information Efficiency, Market Integration, Firm-Specific Information, Non-Financial Disclosure, ESG Scores, Capital Market, Investment Decisions, Idiosyncratic Volatility, Governance Score, Sustainability Reporting, Thomson Reuters Database, Indian Companies, ESG Disclosure, Value Relevance, Investor Behavior, Corporate Transparency, Market Dynamics. _953167
773			_aManagement and Labour Studies
906			_aFINANCIAL MARKETS
942			_cAR