Aligning Corporate Social Responsibility with Sustainable Development Goals: A Regression-Based Analysis of BSE30 Companies in India

Abstract

This paper investigates the congruence of the CSR initiatives of BSE30 companies in India with the United Nations 
Sustainable Development Goals (SDGs) from 2018 to 2023. We apply a fixed effects panel regression framework to 
study the effect of firm level financial metrics Return on Equity (ROE), Debt to Equity Ratio (DER), CSR Spending, 
and Total Assets along with macroeconomic metrics like GDP Growth and Repo Rate on the SDG Index. The findings 
indicate that ROE and CSR Spending are positively associated with SDG alignment, whereas increased DER and 
Repo Rates have negative impacts on sustainability performance. Firm size (Total Assets) and GDP Growth are not 
significant. These results highlight the importance of financial health, quality CSR spending, and easing monetary 
policies toward corporate sustainability. The research offers policymakers, investors, and business leaders practical 
guidance to embed SDGs into business strategy.