Correction to: Journal of Social and Economic Development (2023) 25 (Suppl 1):S1–S4 https://doi.org/10.1007/s40847-023-00316-2


In this article, the sentence beginning “The issue has eight papers...” was incorrect and should have been as “The issue has nine papers in all dealing with different aspects of sustainable finance.”

The comments to one of the special issue papers was missing and should have read as follows.

The eighth paper titled The ‘S’ in ESG and Its Moderating Role in Determining the Performance-Based CEO Compensation by Chetana Rath and Malabika Deo, empirically examines the moderating role of the social disclosure in determining the performance-based CEO compensation. The specific objectives of the paper are to investigate the role of social disclosures and gender diversity in the relationship between firm performance and CEO compensation in socially responsible companies, to see if the academic specialization of CEOs affects pay performance and to examine the effect of various social and gender-related policies on CEO compensation. The authors use data from 67 firms in the NSE NIFTY 100 ESG Index and employ suitable panel data models.

The findings indicate that disclosing Environmental, Social, and Governance (ESG) information is a critical factor for the enduring success of organizations. CEOs who prioritize ESG transparency tend to receive higher compensation. However, the effectiveness of social disclosure scores in enhancing sustainability reporting within organizations requires further improvement by diversifying corporate boards. In particular, the inclusion of women on boards is highlighted as beneficial for social disclosure efforts, attributed to their generally more generous and environmentally conscious characteristics. Additionally, the study notes that the impact of social disclosures on the relationship between executive pay and company performance is influenced by the company's ownership structure and specific policies related to social issues.