Harnessing Environmental, Social and Governance (ESG) Initiatives: Unveiling Their Impact on the Performance of Indian Hospitals and Financial Outcomes

The growing concern for environmental, social, and governance has made ESG initiatives vital and feasible business endeavours. This research work seeks to measure the impact of ESG on Institutions ' financial performance (FP) by substituting the market-to-book value (MTB) ratio.  Indian hospitals between 2011 and 2020 were considered to evaluate the relationship between FP and ESG. To make their relationship more straightforward to understand in this paradigm, research has also been done on competition's possible moderating impact. The study concludes a strong negative correlation between FP and ESG. Additionally, it finds that using competition as a moderator considerably favours FP and ESG for Indian hospitals. This research concludes with a better understanding of the relationships between firm performance and ESG, which helps stakeholders and corporations build corporate strategies and investment decisions. This study is unusual because it investigates how competition impacts ESG and FP in Clinical Pharmacy.