Panel Data Study: CSR Disclosures and Financial Performance Purnima Bhatnagar*, Shalini Nigam** AbstrAct This paper investigates the effect of CSR disclosures on fnancial performance (EPS) for select frms belonging to the Banking, ITES, Oil, Gas and Energy, and Automotive sectors during the pre-mandatory disclosure period in India (2011-13), i.e. prior to the Companies Act, 2013. This is the frst study to view CSR from the perspective of the National Voluntary Guidelines in India, prevalent as a guideline for frms to organize their CSR in India. The study utilized panel data regression with 60 frm-year observations using market capitalization, debt-equity ratio, Industry, research and development intensity, and advertisement expense as control variables. The results revealed that disclosures of ethical, transparent, and accountable functioning, safe and sustainable products, stakeholder management, and policy advocacy impacted EPS positively. Disclosures associated with employee well-being, environmental CSR, and inclusive growth practices were negatively associated with EPS. The direction of the association of Human rights disclosures with EPS varied depending on the model utilized. The study is relevant in acquiring new information about the disclosure practices of large frms in the years immediately preceding the implementation of the Companies Act 2013, a landmark milestone for CSR in India. Keywords: Corporate Social Responsibility, Ethics, Environmental Communication, Stakeholder Management, Inclusive Growth, Voluntary Guidelines, Financial Performance * Assistant Professor, Department of Management, Faculty of Social Sciences, Dayalbagh Educational Institute (Deemed University), Dayalbagh, Agra, Uttar Pradesh, India. Email: pbhatnagar.dei@gmail.com ** Professor, Department of Management, Faculty of Social Sciences, Dayalbagh Educational Institute (Deemed University), Dayalbagh, Agra, Uttar Pradesh, India. Email: shalinidb@gmail.com Drishtikon: A Management Journal 13 (2) 2022, 51-74 http://www.publishingindia.com/drishtikon/