2321-5763 (Online)
0976-495X (Print)

Author(s): Srijita Mandal, Sarbani Mitra

Email(s): ,

DOI: 10.52711/2321-5763.2023.00045   

Address: Srijita Mandal1*, Sarbani Mitra2
1Research Scholar, Department of Commerce, University of Calcutta, 87/1, College Street, Kolkata – 700073.
2Professor and Head, Department of MBA(HRM), Indian Institute of Social Welfare and Business Management Management House, College Square West, Kolkata – 700073, West Bengal, India.
*Corresponding Author

Published In:   Volume - 14,      Issue - 4,     Year - 2023

Investors are pillar of any country’s economy. They are investing their hard-earned money for the development of the company as well as gaining profit for themselves. This study emphasized on the perception of investors based on Kolkata by considering ESG (Environmental, Social and Governance) before taking their investment decision. ESG consideration for investing decisions is becoming more common as a crucial aspect of sustainable development due to global financial crisis. ESG analyses the characteristics of investments that affect risk management, sustainable return, and accountability. Primary data has been collected with the help of Google Form with well-structured questionnaire by using Likert 5-point scale from 55 investors in Kolkata to do this research work. Descriptive statistics, reliability test, normality test and Mann Whitney U test have been done to justify the objectives of the study. Kolmogorov-Smirnov and Shapiro-Wilk test result suggest that the data are non-normal and it indicates performing of non-parametric test. Analysis of the study applied Mann Whitney U test to know the interdependency on the basis of gender and investment horizon as grouping variable. It reveals that there is no interdependency between gender and investment horizon with investors’ perception of their investment decision in Kolkata based on ESG performance of the company.

Cite this article:
Srijita Mandal, Sarbani Mitra. Investors’ Perception of their Investment Decision on the Basis of ESG – A Case Study in Kolkata. Asian Journal of Management. 2023;14(4):273-2. doi: 10.52711/2321-5763.2023.00045

Srijita Mandal, Sarbani Mitra. Investors’ Perception of their Investment Decision on the Basis of ESG – A Case Study in Kolkata. Asian Journal of Management. 2023;14(4):273-2. doi: 10.52711/2321-5763.2023.00045   Available on:

1.    Sultana S. Zulkifli N and Zainal D. Environmental, Social and Governance (ESG) and Investment Decision in Bangladesh. Sustainability.2018; 10(6): 1831.
2.    DasSK.Investment Behaviour of Middle-Class Households: An Empirical Analysis. Asian Journal of Management. 2012; 3(3): 123-133.
3.    Patni I and Gupta DK. Exploring the Behavioral Biases for Equity Investment: An Empirical Study on Active Investors of Jaipur City. Asian Journal of Management. 2015; 6(3): 159-162.
4.    Zhao Y. Elahi E. Khalid Z. Sun Xand Sun F.Environmental, Social and Governance Performance: Analysis of CEO Power and Corporate Risk. Sustainability. 2023; 15(2): 1471.
5.    Ahmed K. To Study the Impact Assessment of Demographic Variables (Gender) on Investors Decision Making in Stock Market. Emerging Issues in Finance. 2017; 14.
6.    Jha A. Singh N. Chauhan SSand Mehendale S. Environmental Awareness in Small and Medium Scale Enterprises - A Methodological and Thematic Review. Asian Journal of Management. 2018; 9(1): 779-784.
7.    Barik P and Pandey BB. The Key Role of Human Resource Management in Corporate Social Responsibility (Environmental Protection) in Chhattisgarh State. Asian Journal of Management. 2016; 7(3): 201-206.
8.    Alam Land Masoom MR. The Role of Institutional Investors as the Next Frontier in Corporate Governance: A Case on Dhaka Stock Exchange (DSE). Asian Journal of Management. 2016; 7(4): 263-271.
9.    Raheja S and Dhiman B. Influence of Personality Traits and Behavioural Biases on Investment Decision of Investors. Asian Journal of Management. 2017; 8(3): 819-826.
10.    Hariharan C and Babu M. Price Behaviour of Indian Sustainable Investment - A Comparative Study. Research Journal of Humanities and Social Sciences. 2018;9(4):865-869.
11.    Shalhoob H and Hussainey K. Environmental, Social and Governance (ESG) Disclosure and the Small and Medium Enterprises (SMEs) Sustainability Performance. Sustainability. 2023; 15(1): 200.
12.    Zhang C. Zhang S. Zhang Y. Yang Y and Lan K. Does Green Finance Policy Contribute to ESG Disclosure of Listed Companies? A Quasi-Natural Experiment from China. 2023; DOI:
13.    Bairagi P and Chakraborty A. Influence of Risk-Perception on Retail Investors’ Decision Making. 2021; Available at SSRN 3846839.
14.    Ouni Z. Ben Mansour J and Arfaoui S. Board/Executive Gender Diversity and Firm Financial Performance in Canada: The Mediating Role of Environmental, Social, and Governance (ESG) Orientation. Sustainability. 2020; 12(20): 8386.
15.    Al Amosh H and Khatib SF.ESG Performance in the Time of COVID-19 Pandemic: Cross-Country Evidence. Environmental Science and Pollution Research. 2023; 1-16.
16.    Taha R.Al-Omush A and Al-Nimer M. Corporate Sustainability Performance and Profitability: The Moderating Role of Liquidity and Stock Price Volatility-Evidence from Jordan. Cogent Business and Management. 2023; 10(1): 2162685.
17.    Sadiq M. Ngo TQ. Pantamee AA. Khudoykulov K. Thi Ngan T and Tan LP. The Role of Environmental, Social and Governance in Achieving Sustainable Development Goals: Evidence from ASEAN Countries. Economic Research - Ekonomska Istraživanja. 2023; 36(1): 170-190.
18.    Fei W. Wei F. Chunxia Z and Zhen W.The Impact of Environmental, Social and Governance, Board Diversity and Firm Size on the Sustainable Development Goals of Registered Firm in China. Economic Research-Ekonomska Istraživanja. 2023; 36(1): 668-686.
19.    Di Natale L and Cordella A. ESG Tech: Guiding ESG Regulation and Digital Governance.Proceedings of the 56th Hawaii International Conference on System Sciences. 2023.
20.    Kaushiva A.Green Growth Strategy for Sustainable Development: India's Green Growth Strategy. Research Journal of Humanities and Social Sciences. 2016; 7(2): 82-88.

Recomonded Articles:

Author(s): Sanjay Kanti Das

DOI:         Access: Open Access Read More

Author(s): Madhav Mahajan, Sarthak Gandhi, Yashasvi Katyayan

DOI: 10.5958/2321-5763.2019.00021.0         Access: Open Access Read More

Author(s): GoutamTanty, P K Patjoshi

DOI: 10.5958/2321-5763.2016.00029.9         Access: Open Access Read More

Author(s): Shruthi. M. P, T. Manjunatha

DOI: 10.5958/2321-5763.2018.00167.1         Access: Open Access Read More

Author(s): R. Shridhar, Radhika Shrivastava

DOI: 10.5958/2321-5763.2018.00114.2         Access: Open Access Read More

Author(s): Anupreet Kaur Mokha

DOI: 10.5958/2321-5763.2018.00026.4         Access: Open Access Read More

Author(s): Santosh Kumar, Vikash Kumar

DOI: 10.5958/2321-5763.2017.00210.4         Access: Open Access Read More

Author(s): Vaishali Waikar, Yamini Karmarkar

DOI: 10.5958/2321-5763.2018.00001.X         Access: Open Access Read More

Asian Journal of Management (AJM) is an international, peer-reviewed journal, devoted to managerial sciences. The aim of AJM is to publish the relevant to applied management theory and practice...... Read more >>>

RNI: Not Available                     
DOI: 10.5958/2321-5763 

Recent Articles