Research on how ESG impacts the financial performance of companies in emerging countries (India). My main focus/plan will be to do a test on how different industries in India are impacted differently by ESG. The results I get will show whether they impact the same way or different way from companies in developed countries where consumer/ government influence is much higher. My topic is specific as I will test how different industries in India are impacted by ESG and I will pick 1 company in each of the major industries in India. I will not be able to pick all industries so my focus will be on the industries with the major GDP contributors in India in 2021. I will pick the company according to market size and based on it being a publicly-traded company so that the data collected is accurate. This area is quite interesting as I would like to compare how different industries are influenced by their ESG score while also including other factors that may influence financial performance such as competition which I will determine by the market share of that firm concerning other competitors. I will do this by measuring the company revenue divided by the total market revenue in that industry. I will try keeping my topic-specific to two factors; sales growth rate and revenue growth rate. I will test the two dependent variables with independent variables such as ESG score, size, age, revenue, sales, competitors in the market and the company's market share. This area was previously answered but they did not mention how ESG may impact the financial performance of different industries and did not include competition.

I need assistance with what tests I could run to find my results using state. I was thinking to use random effects panel data? Please suggest how I could do this or even what other tests I could use. My time frame for data collection has to be no less than the past 5 years.