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Does Ownership Structure Affect Environmental, Social and Governance Activity? Evidence from the Banking System of an Emerging Economy

In recent years, there is an increasing interest in the literature in investigating whether and how corporate ownership structure may influence corporate social responsibility (CSR), but despite some attempts, this relationship still lacks in-depth empirical exploration. Building on extant insights, we analyze the relationship between environmental, social and governance (ESG) activity and the ownership structure of the Indian banking system. Our sample includes 37 publicly traded Indian banks observed over the period 2015–2020. Through random effect regression models accounting for the existence of selection bias, we find that the banks’ decision to engage in ESG activities is associated with the investors’ geographical region of origin rather than the types of investors. Our study brings knowledge to the extant literature, shedding light on the role of the ownership structure in driving ESG oriented decisions and actions.