IJSMT Journal

International Journal of Science, Strategic Management and Technology

An International, Peer-Reviewed, Open Access Scholarly Journal Indexed in recognized academic databases · DOI via Crossref The journal adheres to established scholarly publishing, peer-review, and research ethics guidelines set by the UGC

ISSN: 3108-1762 (Online)
webp (1)

Plagiarism Passed
Peer reviewed
Open Access

GREEN MARKETING STRATEGY AND FINANCIAL PERFORMANCE OF NSE-LISTED COMPANIES: A MIXED-METHODS PANEL ANALYSIS USING THE 7PS FRAMEWORK (FY2021-2025)

AUTHORS:
Vaidhya Uday Narendrabhai
Mentor
Dr. Ashish Prafulkumar Bhuva
Affiliation
Department of Commerce, Kadi Sarva Vishwavidyalaya, Gandhinagar, Gujarat.
CC BY 4.0 License:
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract

This study actually explores how green marketing strategy (GMS), operationalized through the 7Ps framework, impacts financial performance and sustainability practices of five NSE-listed Indian companies in America—Adani Green Energy (AGEL), Tata Power, Mahindra & Mahindra (M&M), ITC Limited, and Hindustan Unilever (HUL)—during FY2021-2025. The study is based on a natural resource-based view (NRBV), stakeholder theory, and signaling theory integrated approach, using a contemporary mixed-methods design. It employs a balanced panel (N = 25 firm-year observations) and measures financial performance through three complementary proxy trackers: Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q. The GMS composite score is prepared from ESG disclosure intensity, green branding, and eco-certification sub-indices. OLS regression, Shapiro-Wilk normality test, Pearson and Spearman correlations, and one-way ANOVA are used. The results show that GMS does not have a statistically significant effect on ROA (Beta = -2.158, p = 0.261), ROE (Beta = -0.518, p = 0.780), and Tobin's Q (Beta = 0.248, p = 0.636); however, the GMS scores continuously increase across all companies (range: 5.60 to 7.78), showing overall financial improvement. These findings are set in the context of India’s post-SEBI BRSR mandate era and provide new evidence of the gestation lag in gaining financial returns from GMS in emerging economies. The study adds useful insights for corporate strategists and institutional investors focused on ESG, using a novel 7Ps GMS index and a sector-diverse Indian panel dataset.

Keywords
Green Marketing Strategy 7Ps Framework NSE-Listed Companies Financial Performance Tobin's Q BRSR Natural Resource-Based View Panel Data
Article Metrics
Article Views
16
PDF Downloads
1
HOW TO CITE
APA

MLA

Chicago

Copy

Narendrabhai, V. U. (2026). Green Marketing Strategy and Financial Performance of NSE-Listed Companies: A Mixed-Methods Panel Analysis Using the 7Ps Framework (FY2021-2025). International Journal of Science, Strategic Management and Technology, 02(7). https://doi.org/10.55041/ijsmt.v2i7.014

Narendrabhai, Vaidhya. "Green Marketing Strategy and Financial Performance of NSE-Listed Companies: A Mixed-Methods Panel Analysis Using the 7Ps Framework (FY2021-2025)." International Journal of Science, Strategic Management and Technology, vol. 02, no. 7, 2026, pp. . doi:https://doi.org/10.55041/ijsmt.v2i7.014.

Narendrabhai, Vaidhya. "Green Marketing Strategy and Financial Performance of NSE-Listed Companies: A Mixed-Methods Panel Analysis Using the 7Ps Framework (FY2021-2025)." International Journal of Science, Strategic Management and Technology 02, no. 7 (2026). https://doi.org/https://doi.org/10.55041/ijsmt.v2i7.014.

References

  1. Aggarwal, P., & Kadyan, P. (2023). Business responsibility and sustainability reporting and firm financial performance: Evidence from NSE-listed companies. Journal of Cleaner Production, 387, 135811.

  2. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. Creswell, W. (2014). Research design: Qualitative, quantitative, and mixed methods approaches (4th ed.). Sage.

  3. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.

  4. Freeman, R. E. (1984). Strategic management: A stakeholder approach.

  5. Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986-

  6. Kumar, , Polonsky, M., Dwivedi, Y. K., & Kar, A. (2021). Green information quality and green brand evaluation. European Journal of Marketing, 55(7), 2037-2071.

  7. Mishra, , & Sharma, P. (2023). Green marketing in India: Emerging opportunities and challenges. Journal of Strategic Marketing, 31(2), 299-314.

  8. Saunders, , Lewis, P., & Thornhill, A. (2019). Research methods for business students (8th ed.). Pearson. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.

  9. Tarmuji, , Maelah, R., & Tarmuji, N. H. (2016). The impact of ESG practices on economic performance. International Journal of Trade, Economics and Finance, 7(3), 67-74.

Ethics and Compliance
✓ All ethical standards met
This article has undergone plagiarism screening and double-blind peer review. Editorial policies have been followed. Authors retain copyright under CC BY-NC 4.0 license. The research complies with ethical standards and institutional guidelines.
Indexed In
Similar Articles
Predictiv: A Real-Time Stock Market Platform with Multi-Source Data Integration and Portfolio Management
string(12) "L.Rajan Roop" Roop, L.et al.
(2026)
DOI: 10.55041/ijsmt.v2i4.379
Negative Effects of Social Media in E-Commerce:Consumer Trust, Fraud, and Digital Deception
string(24) "Kshetrimayum Bagio Singh" Singh, K. B.
(2026)
DOI: 10.55041/ijsmt.v2i4.461
Strategic Planning of Electric Vehicle Charging Station in the Power Distribution Network
string(11) "Mohan Manna" Manna, M.et al.
(2026)
DOI: 10.55041/ijsmt.v2i6.022
Scroll to Top