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We use newly-available Indian panel data to estimate how the returns to planting-stage investments vary by rainfall realizations. We show that the forecasts significantly affect farmer investment decisions and that these responses account for a substantial fraction of the inter-annual variability in planting-stage investments, that the skill of the forecasts varies across areas of India, and that farmers respond more strongly to the forecast where there is more forecast skill and not at all when there is no skill. We show, using an IV strategy in which the Indian government forecast of monsoon rainfall serves as the main instrument, that the return to agricultural investment depends substantially on the conditions under which it is estimated. Using the full rainfall distribution and our profit function estimates, we find that Indian farmers on average under-invest, by a factor of three, when we compare actual levels of investments to the optimal investment level that maximizes expected profits. Farmers who use skilled forecasts have increased average profit levels but also have more variable profits compared with farmers without access to forecasts. Even modest improvements in forecast skill would substantially increase average profits.

Environmental, social, and corporate governance (ESG) aspects are currently one of the important things that investors consider. This is related to the company's efforts to participate in protecting the environment to achieve sustainability. The ESG aspect is expected to be able to increase profitability which later with ESG can also affect company value. The purpose of this study is to analyze whether ESG can affect company profitability and firm value as well as moderate profitability to firm value. Samples were selected using a purposive sampling technique which was then analyzed using linear regression. The research object is a company listed on the Indonesia Stock Exchange from 2016 to 2021 that already has an ESG score, the data of which was obtained from Bloomberg. The results showed that ESG had no effect on profitability and firm value, profitability had a significant effect on firm value, and ESG had not been able to moderate profitability on firm value. The results of this study have implications that ESG aspects need to be aligned with company goals and improvements to all ESG aspects also need to be done. ESG is not only carried out to fulfill regulatory requirements.