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Daniele, Alessandro <1994>. "il rating ESG". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19427.
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L'elaborato approfondisce il mondo delle agenzie di rating della finanza sostenibile, studiando l'evoluzione del mercato, il mutamento dei criteri utilizzati per giudicare le imprese e fa un confronto con i rating finanziari.
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Arias, Mariakamila. "ESG Disclosures & Materiality". Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2011.
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Increasing concern regarding environmental, social, and governance (ESG) impacts are influencing investor decisions. The growing risk of climate change impacts poses a risk to long-term sustainable economic growth and returns. Additionally, increasing societal concern over corporate ESG impacts also poses a risk to corporate efficiency and success. As a result of these increasing risks investors, both retail and institutional, are participating in ESG investment strategies. Such strategies take into account corporate ESG impacts and behaviors, however, ESG information and data is not easily available. This thesis will examine the current ESG investing landscape, more specifically what investors are demanding. For the most part, investors want reliable data that they can use in their investment strategies, however, the ESG information available is insufficient, unreliable, and incomparable as ESG reporting and disclosures are not currently mandated by the Securities and Exchange Commission (SEC). One available solution to this obstacle is the Sustainability Accounting Standards Board (SASB), which guides corporations on how to optimally disclose on its ESG impacts. Unfortunately, this solution on its own is not enough. SEC intervention is clearly needed to enforce and regulate ESG disclosure to avoid the challenges of voluntary ESG reporting. Furthermore, the concept of materiality implies a corporate duty to report on ESG issues as there is strong evidence indicating its influence over investors' decisions. Likewise, the SEC has a duty to regulate this information. While this thesis suggests the SASB framework as a possible solution to the deficiency of ESG information, its goal is not to solve the issue, but rather merely begin the discussion.
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Dreon, Alessandro <1996>. "ESG E CREDIT QUALITY". Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17580.
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La tesi si concentra sugli aspetti ambientali, sociali e di governo societario (ESG), temi che hanno conosciuto un'importante espansione negli ultimi dieci anni, ma che hanno radici molto più storiche. Dapprima si ripercorre la storia di questi all'interno del mondo finanziario, per poi dimostrare come questi temi siano oggi diventati parte integrante dell'agire imprenditoriale. Infatti, la nascita delle agenzie di rating ESG ha permesso di capire che gli aspetti sostenibili hanno impatti sui risultati finanziari delle società, in termini sia di performance che di rischio. Dato che molti studi sono già stati condotti sul legame tra aspetti ESG e performance, la tesi è volta a verificare, attraverso un'appropriata analisi, la presenza di un legame tra ESG e rischio di credito.
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Kemi, Inga y Anton Samuelsson. "Företagsstorlek och ESG-betyg : En kvantitativ studie om företagsstorlekens påverkan på ESG-betyget". Thesis, Högskolan i Gävle, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-35146.
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Sammanfattning Titel: Företagsstorlek och ESG-betyg Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Anton Samuelsson och Inga Kemi Handledare: Jan Svanberg Datum: 2021 – Januari Syfte: ESG-betygen spelar en nyckelroll som den vanligaste proxyn för hållbarhetsprestation inom hållbar finansiering. Tidigare studier visar dock att företag har incitament att vara kreativa med hållbarhetsupplysningar, som ligger till grund för ESG-betygen. Incitamenten kan överföras till företagsstorlek då större företag möter en högre press från samhället att vara hållbart ansvarstagande. Om företagens storlek är positivt relaterad till ESG-betyget behöver det också åtföljas av motsvarande förändring i hållbarhetsprestation. Återspeglar inte ESG-betygen hållbarhetprestationen riskerar kapitalet att fördelas mot icke-hållbara företag. Syftet med denna studie är därför att förklara sambandet mellan företagsstorlek och ESG-betyg. Metod: Studien utgår från en positivistisk forskningsfilosofi med en deduktiv ansats. Studien har en kvantitativ strategi och en longitudinell design som genomförts med data på ett urval bestående av 5 658 publika företag vilka erhållit ESG-betyg mellan åren 2015-2019. Studien baseras på sekundär data inhämtad från databasen Thomson Reuters Eikon. Data har analyserats i statistikprogrammet SPSS. Resultat & slutsats: Studiens resultat påvisar att företagens storlek har ett positivt samband med ESG-betyget. Studiens resultat visar vidare att det positiva sambandet inte åtföljs av en ökad grad av hållbarhet. Således drar studien slutsatsen att ESG-betyget inte fungerar optimalt och är i behov av en snabb modifiering. Examensarbetets bidrag: Studiens resultat ger information till investerare som vill investera i hållbara företag. Eftersom ESG-betyget inte återspeglar hållbarhetsprestationen bör inte investerare förlita sig på ESG-betyget i investeringsbesluten. Studiens resultat ger också information till mätinstituten som tillhandahåller ESG-betyg. Då studien visar att det förekommer företagsstorlek-bias kan åtgärder göras för att få ESG-betyget att fungera mer korrekt. Studiens resultat ger vidare information till forskningen inom ESG-betygen. Detta genom att påvisa hur sambandet ser ut i verkligheten. Förslag till fortsatt forskning: Ett förslag till fortsatt forskning är att göra en liknande undersökning, men som innefattar fler mätinstitut som tillhandahåller ESG-betyg. I denna studie används miljödimensionen som proxy för datatillgänglighet och hållbarhet. Ett förslag till fortsatt forskning är att undersöka om detta också är applicerbart inom dimensionerna samhälle och företagsstyrning. Nyckelord: ESG-betyg, företagsstorlek, hållbarhetsrapportering, hållbarhetsredovisning, SRIAbstract Title: Company size and ESG ratings Level: Student thesis, final assignment for Bachelor Degree in Business Administration Author: Anton Samuelsson and Inga Kemi Supervisor: Jan Svanberg Date: 2021 – January Aim: Investors play an important role in the global sustainability goals by allocating capital to sustainable companies. Previous research, on the other hand, shows that companies have incentives to be creative with sustainability information, which ESG ratings are largely based on. These incentives can be applied to company size. Larger companies face a higher pressure from society to be sustainably responsible. If the size of the companies is positively related to the ESG rating, it also needs to be accompanied by corresponding change in sustainability performance. If the ESG rating does not reflect sustainability performance, capital risks being allocated to non-sustainable companies. The purpose of this study is therefore to explain the relationship between company size and ESG ratings. Method: The study assumes a positivistic research philosophy with a deductive approach. The study uses a quantitative strategy and a longitudinal design implemented with data of a sample consisting 5 658 unique companies that have received ESG ratings, in the years 2015-2019. The study uses secondary data collected from the database Thomson Reuters Eikon. The data have been analyzed in the statistical software package called SPSS. Result & Conclusions: The results indicate that company size has a positive relationship with the ESG rating. The results indicate that the positive relationship does not attend on a higher level of sustainability. Thus, the study concludes that ESG rating does not function optimally and is in need of a quick modification Contribution of the thesis: The result provides information for investors interested in investing in sustainable companies. Since the ESG rating does not reflect the sustainability performance, investors should not rely on the ESG-rating in the investment decision. The result also provides information to the rating agencies which provide the ESG-ranking. As the study indicates that there exists a company size bias, actions can be taken to correct the ESG-ranking. The result of this study also provides information to the research field of ESG ratings. Suggestions for future research: A suggestion for further studies is to conduct a similar research but include other rating agencies of ESG ratings. A suggestion for further studies is to investigate if this also is applicable in the social and governance dimensions. Key words: ESG-rating, company size, sustainability reporting, sustainability disclosure, SRI
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Ahlin, Filip y Anton Wahlstedt. "ESG-investerande och portföljresultat : En studie av ESG-investerande utifrån metoden bäst-i-klassen". Thesis, KTH, Optimeringslära och systemteori, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-170167.
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Till följd av en mer globaliserad och industriell omvärld har hållbarhetsfrågor sett till miljö och samhälle blivit en vardaglig rubrik i finansvärlden. Att företag ska ha aktivt arbete mot hållbarhet och ansvarstagande är på så när en självklarhet om inte ett måste. Denna studies syfte är att undersöka ansvarsfullt investerande och portföljresultat. För att analysera detta förhållande fokuserar arbetet på ESG där dess dimensioner inkluderas gemensamt genom optimering, diskussion och slutsats. Arbetet berör hur ESG kan integreras i investeringsprocessen men tyngden av studien och den övergripande frågan angriper diskussionen kring en portföljs resultat vid inkluderande av ESG. Metoder som används är Modern portföljteori kombinerat med implementering av ESG enligt ”bäst-i-klassen”. Studiens resultat leder till slutsatsen att ESG utöver dess positiva effekter, förutsatt en korrekt bedömning, på hållbarhet även är finansiellt argumenterbart för investerare.As a result of a more globalized and industrial world, sustainability issues in terms of the environment and society has become an everyday heading in the financial world. The fact that companies should work actively towards sustainability and accountability is today a necessity rather than a choice. The purpose of this study is to research responsible investment (RI) and portfolio performance. To examine this relationship the study focuses on ESG where its dimensions will be included jointly through optimization, discussion and conclusion. The report outlines how ESG can be integrated into the investment process, but the weight of the study addresses the discussion of a portfolio's performance at the inclusion of ESG. Methods used are Modern Portfolio Theory (MPT) combined with the implementation of ESG according to "best-in-class". The results of the study lead towards the conclusion that ESG in addition to its positive effects, provided an accurate assessment, on sustainability also is financially arguable for investors.
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Olsson, Linda y Gustav Dahlin. "ESG och finansiell prestation : En studie om ESG-betygs inverkan på avkastning och risk". Thesis, Linköpings universitet, Produktionsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-179910.
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Salata, Gloria <1995>. "SRI investment and ESG rating: analysis of the flaws of the ESG rating agencies". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19254.
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In recent decades Socially Responsible Investments (SRI) are becoming an increasingly important and developed reality. Despite the increased importance, the rapid growth that has seen them protagonists has not allowed to develop adequate standards for monitoring performance in the three Environmental, Social and Governance factors (ESG). This lack of standardisation and transparency in the ESG rating agencies’ assessment processes leads to a not clear assessment of the performance of this kind of investment; as a consequence, there is often a climate of distrust about the SRI. The aim of this study is to identify the flaws in the ESG rating processes and to understand their consequences in order to underline the pressing need to move the first steps towards standardization.
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Smoljan, Marin y Jonatan Danielsson. "Hållbart ESG-sparande: Investmentbolag vs fonder : en komparativ studie mellan investmentbolag och fonder inom ESG". Thesis, Högskolan Kristianstad, Fakulteten för ekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-21193.
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Gällande den drastiska ökningen av hållbarhetens popularitet i samhället, har denna uppsats lagt en fot i ämnet. Uppsatsens syfte är att undersöka skillnader i avkastning i förhållande till tagen risk mellan sparformerna investmentbolag och fonder. Sparformerna har även kategoriserats i olika ESG-kategorier; hög, låg och obefintlig. Uppsatsens data har samlats in i form av historiska data för de utvalda investmentbolagen och fonderna via systemet Infront. Statistiska analyser har sedan gjorts med hjälp av ANOVA-tester, först och främst för de sex olika portföljerna med ESG-kategoriseringen och slutligen för sparformerna i sig. ANOVA-testerna påvisar inte någon signifikant skillnad mellan portföljernas avkastning och risk, vilket innebär att skillnaderna i avkastning och risk inte var tillräckligt stora för att kunna visa resultat. Vidare blev det ingen signifikant skillnad mellan sparformernas avkastning, däremot visades en signifikant skillnad gällande jämförelsen mellan sparformernas risk. Detta innebär att urvalets fonder hade en relativt låg risk jämfört med investmentbolagen, och slutsatsen blir då att investerare bör överväga investeringar i fonder utifrån denna studie. Något som läsaren bör ha i åtanke är att studien inte gäller för samtliga fonder och investmentbolag, utan är en förminskad undersökning vad gäller antalet fonder och investmentbolag som uppsatsen redogör för. Uppsatsens resultat bör därför tas med försiktighet.Med tanke på Corona-viruset gjordes både presentationen och oppositionen via Zoom.
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Andersson, Rönning Simon y Jacob Rönning. "ESG-betyg och företagsvärdering : En studie om ESGs påverkan av en akties värdering". Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-79061.
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Hållbarhet har blivit ett allt mer förekommande begrepp, idag kommunicerar de flesta företagen att de på ett eller annat sätt försöker bidra till en bättre och mer hållbar värld. Ett viktigt begrepp inom hållbarhet är ESG som står för miljö, socialt ansvar och bolagsstyrning. ESG bygger vidare på det äldre konceptet CSR som handlar om företagens ansvarstagande i samhället.Syftet med studie är att analysera om ett företags ESG-betyg har en signifikant påverkan på dess värdering, samt om ESG-betyget bidrar till en lägre eller högre värdering av ett företag. Företagens ESG-betyg kommer tillämpas som en sammanvägd variabel och som en uppdelad variabel efter miljö, socialt ansvar och bolagsstyrning. I studien behandlas 44 företag börsnoterade på OMX Stockholm Large Cap under perioden 2004 – 2019. För att mäta värderingen används olika nyckeltal som tar hänsyn till företagens börsvärde i relation till deras tillgångar eller intjäning.Resultatet visar att ett företags värdering påverkas i olika stor utsträckning av ESG-betyget beroende på vilket nyckeltal som tillämpas för att mäta värderingen. Det finns ingen regression där ESG har en signifikant påverkan på samtliga nyckeltal. Slutsatsen från analysen visar att ett bra ESG-betyg tenderar att dra upp värderingen, detsamma gäller när företag jobbar med socialt ansvar och bolagsstyrning. Fokus på miljö tenderar dock till att sänka värderingen för de regressionerna där ESG har haft en signifikant påverkan på värderingen.Sustainability has become a more and more recognized concept, today all the major corporations communicate that they are trying to contribute to a better and more sustainable world. An important term when it comes to sustainability is ESG which stands for Environmental, Social and Governance. ESG originates from CSR which stands for Corporate Social responsibility.This study aims to determine if ESG-rating have a significant impact on the valuation of a company, this study also aims to determine if the impact is positive or negative. The ESG-rating will be used as compounded variable and as variables divided into Environmental, Social and governance. This study consists of 44 companies listed on OMX Stockholm Large Cap between 2004-2019. In order to measure valuation, different key-ratios will be used, the key-ratios measure the market cap relative to different measures of assets and earnings.The result from this study shows that the impact ESG has on valuation varies depending on which key-ratios that are used in order to measure valuation. ESG does not have a significant impact on all the key-ratios. This study concluded that a high ESG-rating tend to increase valuation, that was also the case for Social and Governance. While high rating for environmental tend to decrease the valuation where the regression shows that ESG has a significant effect on the valuation.
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Heger, Levin y Lisa Åkerman. "Momentum in ESG Indexes : A study on the passive capital flows effect on ESG stock prices". Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185265.
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The aim with this thesis is to investigate whether increased capital flows to ESG screened indexes create higher price-to-earnings (P/E) ratios and momentum in the included stocks during the chosen time period of three years, from 2018 to 2020. The thesis will evaluate the capital flows to ESG indexes and compare both performance and P/E ratios between those and their corresponding Mother indexes. The study will also look at the development of capital flows, performance and P/E ratios separately in the four chosen geographical indexes; Global, Europe, US and Emerging Markets. The theoretical framework goes through four relevant subjects for this study; passive investing, ESG, momentum and the P/E ratio. The study has shown that the capital flows in all four ESG indexes increased during the chosen time period. Moreover, it could be proven that three out of four ESG indexes outperformed their Mother indexes, namely, Global, Europe and Emerging Markets. In the U.S. the Mother index outperformed the ESG index. Three out of four geographical indexes also had a higher increase in the average P/E ratio than their mother indexes. Here, the Global market stood out as the one that had a lower increase in P/E ratio than its Mother index. Lastly, regression analyses were made to see the relationship between the variables capital flows, average P/E ratios in the indexes and the performance of the indexes. The study showed significantly that capital flows is the explanatory variable for the increased P/E ratios on the European ESG index. However, for the other indexes no significant correlation could be proved. This led to an interesting discussion and conclusion, and also left us with a question mark. What is the reason behind this result on the European market, and why was it not possible to see any significant correlation on the other markets? Further research in this field is needed and some ideas are discussed in the last chapter of the thesis.
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Moscan, Nicola <1994>. "Sustainable Investing: ESG Mutual Funds Performance". Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15128.
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Sustainability has become an integrating part of our society as the world faces significant issues related to pollution and resources mismanagement. The finance sector has not been spared. In fact, new forms of investments have been divulgated, following the investors’ growing demand for sustainable products. This study aims at analyzing the performance of ESG (“Environmental, Social and Governance”) mutual funds, comparing them with a sample of conventional open-end funds. Our data belong to the 2008-2018 period, with a specific focus on European and American equity-focused funds. Funds whose activity ceased during the selected time-window have been excluded to get rid of the survivorship bias. Multifactor models are the designated tool through which we seek to give empirical evidence to our results. In particular, we are going to exploit two models, the well known Carhart 4-factor model, and the Fama and French 5-factor model. Moreover, we are attempting to integrate an additional “ESG” factor which accounts for the sustainability component. The final part of the paper comments the results of the regressions, with the goal of offering a clear picture of which results that investors should expect when sustainable-wise components have been integrated into the investment strategy.
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Bosco, Edoardo <1993>. "Disclosure ESG e Performance di Portafoglio". Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/16051.
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Si sente sempre più parlare di sostenibilità: essa rappresenta la capacità di perdurare nel tempo di un processo. Di frequente il concetto è considerato nella sola accezione ambientale tuttavia è auspicabile che tutte le attività dell’uomo siano indirizzate alla sostenibilità, incluse le attività economiche. Con questa tesi di laurea si è quindi voluto considerare assieme aspetti sostenibili e aspetti finanziari, captando il legame tra sostenibilità e andamenti dei mercati.
Dopo aver definito alcuni elementi di sostenibilità, passando dall’evoluzione della Corporate Social Responsibility, agli aspetti ESG e alla normativa attuale sulla disclosure non finanziaria, si passa all’analisi dei dati per analizzare come il fornire informazioni al mercato relativamente all’uso delle risorse e alla sostenibilità dei processi, abbia una relazione alla performance economica.
Per fare questo, si è utilizzato un dataset di 171 aziende europee e si è riscontrato come i portafogli di azioni costruiti in base a degli score di ESG disclosure, abbiano delle performances diverse. Le prestazioni rispecchiano in qualche modo la propensione o meno alla pubblicazione di dati ESG.
Sono state infine tratte delle conclusioni relative alla ricerca e come possono essere utilizzati i dati non finanziari per migliorare sensibilmente quelli finanziari.
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Franco, Gabriele <1995>. "Investimenti ESG: rating, rischio e rendimento". Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/16754.
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Il presente lavoro si concentra sullo studio di Environmental, Social and Governance, tematica di particolare importanza che, a causa delle ricorrenti notizie degli ultimi anni, ha attirato l’attenzione di numerosi addetti ai lavori della finanza. Nella parte iniziale dell’elaborato, si analizza il significato dell’acronimo ESG: l’importanza e la motivazione per cui investire in modo green al giorno d’oggi è fondamentale, considerando il fatto che le agenzie di rating tendono a premiare le aziende che sono socialmente responsabili e che rispettano alcuni importanti parametri nella valutazione del management societario, dell’etica aziendale e della gerarchia all’interno della società. Successivamente, viene effettuata un’analisi riguardante il rendimento e il rischio associato alle aziende cosiddette ESG, confrontandole con altre realtà che non prestano attenzione alle tematiche ambientali. L’analisi viene effettuata dalla prospettiva dell’investitore, che deve decidere su quale tipologia di strumento è meglio investire i propri risparmi tenendo conto della vasta scelta presente nel mercato. Inoltre, si effettua un’analisi sulla struttura finanziaria delle società classificate ESG prestando attenzione al rapporto tra capitale di rischio e capitale di debito e come vengono impiegate le risorse finanziarie raccolte tramite le emissioni di titoli di debito cosiddetti green bond. Infine, si conclude approfondendo come l’impatto delle news sul climate change influenza il mercato delle società ESG e sulle scelte di investimento che devono essere effettuate con una maggiore consapevolezza della realtà attuale e con la massima conoscenza in materia.
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Urio, Sebastiano <1996>. "ESG rating e rischio di credito". Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17688.
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Dantini, Giacomo <1994>. "ESG as an assessment of risk". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19060.
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L'investimento socialmente responsabile è un approccio di investimento che integra principi etici nelle decisioni finanziarie, una delle strategie più comuni è l'integrazione ESG: consiste nell'associare sistematicamente fattori legati a criteri ambientali, sociali e di governance a criteri finanziari. Il ragionamento alla base di questo approccio si basa sulla teoria che tali fattori possono aiutare gli investitori a identificare i rischi e le opportunità che non emergono attraverso l'analisi finanziaria convenzionale.
Questa tesi è uno studio empirico sull'efficacia dei punteggi ESG come valutazione del rischio e come indicatore del potenziale rendimento. Lo studio è un confronto tra i portafogli composti da azioni dell'SP500; i portafogli sono creati classificando le azioni in base alla loro performance sia per quanto riguarda al loro punteggio ESG, fornito da MSCI, sia in base a indicatori di misurazione del rischio più tradizionali come il Beta e la standard deviation.
L'obiettivo della tesi è quello di valutare se ci sono benefici finanziari apprezzabili nell'incorporare i punteggi ESG nelle decisioni finanziarie.
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Obrizzo, Simone <1996>. "ESG valuation: a web scraping approach". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19299.
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The investment industry and the investors in the recent years have raised the demand for financial instruments of companies that are environmentally, socially responsible and have good governance practices. This thesis aims to evaluate the level of ESG responsible activities of targeted companies through a web scraping method. The bots created with Python programming language are used to retrive all the text from the sustainability web pages of the single companies. The text retrieved is analyzed and the relation with financial performances is measured. The method proposed helps to assign a ESG score to companies that are not currently rated by ESG rating agencies.
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Roveroni, Alessandro <1997>. "Principal Component Analysis on ESG data". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19941.
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The objective of the dissertation is to perform a principal component analysis on ESG data. The ESG database is provided by the ESG-Credit.eu project and contains information of 11.104 firms of all Europe. The research focuses on companies residing in French, Italy and Germany. The data present in the database are extracted from three different sources of information: Bloomberg, Thomson Reuters Eikon and CDP. The number of overall measures collected is 609 distributed among the three main pillars of the ESG score: Environment, Social and Governance. In the 20th century, ESG has played a crucial role in the financial environment, especially when it comes to the selection of investments and analysis of financial performance. It derives that the main purpose of the analysis in this research is to determine how clear and transparent is the information provided by the ESG data and which sub-components have the highest impact on each pillar (E, S, G) and on the overall score. By analysing the Principal Components, it would also be possible to determine whether the information contributed by each pillar is redundant or not. Finally, a principal component analysis of the data prior and post the “Paris Agreement on Climate Change” signed in 2016 is performed in order to evaluate the impact of the agreement on ESG data and a possible change of influence of the sub-components on the overall score.
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Lahti, Jens y Lovisa Westgärds. "ESG-betyg och Företagsrisk : En kvantitativ studie på 591 europeiska företag om ESG-betygets effekt på företagsrisk". Thesis, Högskolan i Gävle, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-35987.
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Syfte: Företagens hållbarhetsarbete har fått större betydelse för företag och dess intressenter, ett bristande hållbarhetsarbete kan anses riskfyllt och resultera i högre kostnader. Intresset för att studera företags hållbarhetsarbetes påverkan på företagsrisken växte fram. Tidigare forskning inom forskningsområdet har gett motstridiga slutsatser. Syftet med studien är därför att förklara om det föreligger något samband mellan ESG-betyg och företagsrisk hos europeiska företag. Studien kommer även undersöka respektive dimension av ESG-betygets effekt på företagsrisken, för att kunna studera vilken dimension som anses påverka riskuppfattningen mest. Metod: Studien utgår från en positivistisk forskningsfilosofi med en deduktiv ansats. Studien har genomförts med en kvantitativ metod och ett longitudinellt tidsperspektiv med data insamlat under år 2015–2019 för 591 europeiska företag med ett ESG-betyg i Refinitiv Eikons databas. Studien baseras på sekundärdata från Refinitiv som analyserats med hjälp av statistikprogrammet IBM SPSS. Resultat & slutsats: Studiens resultat visar att det finns ett negativt samband mellan det aggregerade ESG-betyget och företagsrisk. Företag med ett högre ESG-betyg kan således reducera företagsrisken. Studien ger även bevis för att den sociala dimensionen av ESG-betyget har den största reducerande effekten av företagsrisk, detta indikerar att företag som investerar i social hållbarhet som samhällsansvar, mänskliga rättigheter, produktansvar och arbetskraft har störst möjlighet att reducera den upplevda risken. Examensarbetets bidrag: Studien bidrar till ytterligare empiriska bevis på hur företagens hållbarhetsarbete påverkar dess företagsrisk och fyller även det forskningsgap som finns på europeiska företag. Vårt resultat tyder även på att ESG-faktorer är relevanta för investerare vilket resulterar i att investerare sänker sitt avkastningskrav, en konsekvens som även genererar nyttig kunskap till företag då ett ökat ESG-betyg reducerar kostnaden för eget kapital. Förslag till fortsatt forskning: Trots att vi undersökt både det aggregerade ESG-betyget och dess olika dimensioners påverkan på företagsrisken finns det utrymme att studera vilka indikatorer av respektive betyg som har effekt på företagsrisken. Detta skulle vara av intresse då det ger företag ytterligare vägledning i vilka faktorer som har störst inverkan på investerarnas avkastningskrav. Vår studie bygger på ESG-betyg från Refinitiv Eikon vilket innebär att studien begränsas med att kunna generalisera resultatet till ESG-betyg från en annan leverantör. Förslag till vidare forskning är således att inkludera fler databaser i studien för att kunna dra slutsatser kring ESG-betygets påverkan på företagsrisk i sin helhet.
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Kjerstensson, Lovisa y Hanna Nygren. "ESG Rating and Corporate Bond Performance : An analysis of the effect of ESG rating on yield spread". Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-161328.
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This research evaluates the relationship between ESG score of the firm and its effect on the performance of their bonds. The study looks at listed companies on the Nordic countries ’ stock exchanges and tries to establish a relationship between ESG score and corporate bond yield spread. The study finds that no such relationship can be established and therefore that a high ESG score does not imply a decreased level of required risk premium by bond investors and a decreased or stabilized cost of debt for companies in the Nordic countries. Further, the study will contribute to a theoretical discussion by using the Stakeholder Theory, Legitimacy Theory, The Resource-Based View and finally the Agency theory in order to further analyze the underlying dynamics of this proposed relationship.
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Martí, i. Masana Guillem. "ESG Audit: modelo de ráting para la ESG. Parametrización de la relación de la empresa con su entorno". Doctoral thesis, Universitat Abat Oliba, 2016. http://hdl.handle.net/10803/398204.
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Aquest estudi proposa un model de ràting per valorar la relació de les empreses amb el seu entorn de manera objectiva, contrastable, quantificable i comparable. lnspirat en els models utilitzats per les agencies de qualificació de risc, el model ESG Audit ofereix una escala de qualificació alfabètica que permet resumir una gran quantitat d'informació. Ara per ara, aquesta informació s'ofereix en format qualitatiu i obliga als analistes a llegir extensos informes de RSC dissenyats per les empreses com a eina de comunicació corporativa.
Amb la voluntat de demostrar que la relació de l’empresa amb el seu entorn, té rellevància més enllà del màrqueting, aquest estudi es fonamenta en la ESG, un concepte de base analítica que facilita la identificació del seu valor comptable. Així s'aconsegueix demostrar que mantenir una bona relació amb l'entorn no és una qüestió filantròpica, sinó que té una gran influencia en la consecució deis objectius de l'empresa.Esta tesis doctoral propone un modelo de ráting para valorar la relación de las empresas con su entorno de una forma objetiva, contrastable, cuantificable y comparable. Inspirado en los usados por las agencias de calificación de riesgo, el modelo ESG Audit ofrece una escala de calificación alfabética que permite resumir una gran cantidad de información. Por ahora, esta información se ofrece en formato cualitativo y obliga a sus analistas a leer extensos informes de RSC diseñados por las empresas como herramienta de comunicación corporativa. Con voluntad de demostrar que la relación de la empresa con el entorno tiene relevancia más allá del marketing éste estudio se fundamenta en la ESG, un concepto de base analítica que facilita la identificación de su valor contable. Así se logra demostrar que mantener una buena relación con el entorno no es una cuestión filantrópica, sino que tiene gran influencia en la consecución de los objetivos de la empresa.
This study proposes a model of rating to evaluate the relationship of the companies with their environment in an objective, contrastable, measurable and comparative way. Inspired in the used by the risk rating agencies, the ESG Audit model offers a scale of alphabetical qualification that allows resuming a huge quantity of information. For now, this information is offered in a qualitative format and forces the analyst to read extensive reports of CSR designed by companies as an advertising tool. With the willingness of demonstrate that the relationship of the company with its environment has relevance beyond the marketing, this study is based on ESG, a concept with an analytic base that facilitates the identification of its accounting value. lt manages to demonstrate that keeping a good relationship with the environment is not a philanthropic matter, but has a big influence in the achievement of the company's objectives.
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Harnett, Elizabeth S. "Responsible investment and ESG : an economic geography". Thesis, University of Oxford, 2018. http://ora.ox.ac.uk/objects/uuid:2ea40d92-cec6-48a1-8461-c6bd29d09622.
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There is a growing awareness of, and commitment to, Responsible Investment (RI) in the institutional investment markets internationally. RI is defined as the consideration of environmental, social and/or governance (ESG) issues in long-term oriented investment decision-making. As the role of ESG in determining investment risk and opportunity becomes more evident, and as ESG data becomes more available, RI is increasingly seen as an area of potential investment innovation. This thesis applies institutional, evolutionary and relational economic geography theories to examine this trend, exploring the mainstreaming of RI through novel empirical and conceptual research. This thesis examines the investment learning processes and information channels available in Western liberal market economies of the UK, US and Australia. It adopts economic geography knowledge and innovation frames towards answering the question: 'Now that ESG information is more widely available in the investment markets, why has this not catalysed a greater shift towards RI integration in mainstream investment decisions?'. Learning, language and leadership factors within the institutional investment industry are all argued to help answer this question. This research uses a mixed method approach, with analysis based on a survey of 154 investment professions, 97 semi-structured interviews and a case of RI innovation. This thesis develops a conceptual framework of the communication channels and information sources used in investors' innovation-decision-process, drawing attention to the importance of both social and asocial learning processes in generating and sharing knowledge about climate issues within investment markets. Following this, the thesis examines the role of 'local buzz' and 'global pipelines' in facilitating access to, and uptake of, ESG information. Levels of buzz and pipelines are found to vary in different financial centres, and are facilitated by formal and informal networking linked to RI groups. Importantly, then, this thesis finds that both spatial and relational proximity influence investors' access to ESG information and RI knowledge. The second half of this thesis examines whether and how RI information, knowledge and practice can be integrated into existing individual and organisational decision-making frameworks. It highlights the need to better translate RI information into investment-relevant language, and provides an example of how environmentally-driven stranded assets can be reframed as a version of sunk costs, contributing novel spatial-temporal theorisations of this concept. Through an illustration of RI decision-making by the investment consultant Mercer and the University of Sydney endowment fund, this thesis highlights that the capacity to integrate RI through the investment chain does exist. However, willingness to do so is found to be hindered by institutional and organisational path dependent norms, reduced only in some firms by seeing RI as an innovative area of competitive advantage from growing client demand. This thesis therefore finds that RI is being adopted in increasingly more mainstream investment firms, but this is not always fully integrated throughout the firm, and that uptake is geographically varied based on exposure to networks of information and knowledge sharing, and institutional, organisational and individual norms. Ultimately, this thesis therefore contributes towards understandings of the processes underpinning the mainstreaming of RI, but also contributes to broader economic geographies of investment, knowledge sharing and innovation.
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Avril, Luc-Lao. "ESG Integration in AP1 Systematic Equity Strategies". Thesis, KTH, Matematisk statistik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-234854.
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Responsible investing consists of buying more sustainable stocks, or green stocks, and selling the controversial ones. As a pension fund, and with the current climate regulations, it is a concern for Första AP-fonden to know if responsible investing is a plus value for financial aspects. Since our commissioner also has interests in factor strategies, rule-based systematic investment strategies, and possesses some, we will study and explain what are factor strategies. Financial benefits from responsible investing could be explained by savings made on carbon taxes, if a company has a strong environmental policy. On the other hand, factor strategies have proven to work well historically, like the Fama-French value strategy which performed more than decently during the 80s, growing up to around 10 times the initial budget. By using an optimization approach, that maximizes ESG and factor scores with equal importance, we observed that half of the factors had lower performance when combined with ESG. Moreover, the factor portfolios lost their initial characteristics after ESG integration. We concluded that quality was the most promising candidate for a potential new systematic strategy.Hållbart värdeskapande kan definieras som ett sätt att skaffa en mer hållbar portfölj, genom att investera i hållbara företag, som bidrar till att använda naturresurser, humankapital och finansiellt kapital mer ansvarsfullt än andra. Som allmän pensionsfond med de pågående diskussionerna om klimatförändringar gör det intressant att undersöka om integration av ESG-(miljöansvar, socialt ansvarstagande, bolagsstyrning) aspekter i investeringsbesluten kan bidra till att leverera en långsiktigt hög avkastning i linje med Första AP-fondens uppdrag. Dessutom är regelbaserade systematiska strategier (så kallade faktor strategier) av stort intresse för Första AP fonden. Hållbart värdeskapande skulle kunna förbättra dessa strategier genom att tillföra mer robust information än den som vanligtvis finns i de mest bolagens balansräkningar. Därför är det naturligt att undersöka effekterna av integrering av ESG i mest vanliga systematiska aktie strategierna. Genom att lösa ett optimeringsproblem får vi portföljer som maximerar både ESG och traditionella riskfaktorer. Analysen har visat att efter ESG integreringen, förlorade faktorportföljerna delvis sina egenskaper. Det går att konstatera att Quality factor portfölj är den bästa kandidaten för ESG integrering.
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Fernkvist, Karin. "Hållbarhetsrapportering - skapar ESG-faktorer värde för investerare?" Thesis, Högskolan i Gävle, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-23775.
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Syftet med detta arbete är att öka förståelsen hur hållbarhetsrapportering bidrar med värde ur investerares perspektiv samt studera vilken dimension av ESG som bidrar till högst värde. I studien tillämpas en kvalitativ ansats för att besvara studiens syfte samt frågeställningar. Detta tillsammans med intervjuer och en litteraturgenomgång. Studien har visat på att ESG-dimensionerna ger upphov till värde, dock föreligger det varierande värderelevans mellan dem. Dimensionerna visar på olika nyckeltal som är av värde för investerare.
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Cancelli, Lorenzo <1995>. "ESG and Firms' Creditworthiness: An Empirical Analysis". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19846.
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Individual and institutional investors have considerably increased their interest in environmental, social and governance (ESG). In the last decade, the amount of assets under management in socially responsible investment products has grown. Given the ever-growing importance that Millennial and Z generations have posed and are posing on the theme, this trend is intended to accelerate. Nevertheless, a clear understanding of the economic benefits of investing in ESG product is still missing. Several types of research have documented copious positive economic effects related to ESG: lower cost of capital, cost reduction, productivity uplift and profitability are just a few examples. Being factors influencing corporate creditworthiness, these ones could considerably impact companies credit risk indicators. The aim of this thesis is to identify empirical evidence of a relationship between ESG parameters and credit default swap spread with reference to corporate fixed income.
In the first chapter, a general overview of ESG world and its principal aspects will be discussed. Different distinctions of sustainability investments will be analysed, by concentrating on the aim they pursuit. Subsequently, an analysis of the work undertaken by SRI and UN PRI will be taken into consideration. At the end of the chapter, the attention will be focused on the reasons why investors should use ESG in their investment decision-making and the myths around the process of environmental, sustainable and governance factors integration.
The second chapter will focus on the relation between ESG and creditworthiness. Initially, it will be centred around the concept of corporate social responsibility and the influencing factors of corporate creditworthiness. Instead, in the second part, a more detailed analysis of ESG and creditworthiness factors will be put under the lens. Lastly, an examination of different models, such as Merton model and Fama & MacBeth regression model together with the economic transmission channel, will be viewed.
The last chapter will be composed of an ordered regression model between ESG parameters and corporate default swap (CDS) spreads. The use of CDS swap is justified by the fact that it represents a good market proxy for credit risk. Therefore, the aim is to understand whether exists a relationship with parameters or just with some of them.
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Moschioni, Monica <1997>. "ESG rating: l’impatto delle sue variazioni sull’equity". Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21131.
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Questo studio è volto ad approfondire il mondo dell’ESG (Environmental, Social e Governance) e in particolare si focalizza sull’ESG rating.
I primi capitoli sono più teorici, il primo capitolo infatti presenta una panoramica generale sull’ESG, con lo scopo di darne una definizione chiara, di presentarne la storia e la regolamentazione. Il secondo capitolo invece pone l’attenzione sulle peculiarità degli ESG rating, dalla loro costruzione alle differenze presenti tra le diverse agenzie.
Nella seconda parte della tesi si entra nel vivo di questo lavoro, concentrandosi su un’analisi più empirica. Il terzo capitolo è volto a presentare il campione di aziende selezionato ed a esplicare la metodologia utilizzata. Nel quarto capitolo si procede alla vera e propria analisi, che consiste nel valutare l’impatto degli upgrade e dei downgrade dell’ESG rating sull’equity.
Data l’importanza sempre crescente assunta dagli ESG rating, dall’analisi ci si attende che ci sia una relazione diretta tra la variazione dei rating e la variazione dei rendimenti dell’equity e in particolare ci si aspetta che se il punteggio ESG subisce un upgrade, ci sia un miglioramento anche per l’equity. Viceversa nel caso in cui tale rating subisca un downgrade, si prevede un peggioramento anche per l’equity.
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Bui, Thi Mai Anh y Alessandra Frongillo. "How does the market perceive ESG in IPOs : Investigating how ESG factors affect IPO Underpricing in the U.S. market". Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172446.
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Environmental, Social and Governance (ESG) integration in financial activities is a crucial topic that is gaining importance in financial markets. During the years, many studies have been conducted about Initial Public Offering (IPO) and underpricing since they are fundamental aspects of firms’ lifecycle. Nevertheless, none of these studies have appropriately related firms’ ESG characteristics to IPO underpricing. In order to fill this knowledge gap, this thesis’s purpose is to investigate whether the ESG factors of a firm have effects on its IPO underpricing in the U.S stock market. The U.S has been chosen as it is the biggest stock market in the world and because of the quality and reliability of the data available for this country. A quantitative study is applied to investigate the relationship between ESG characteristics of the firms and the level of underpricing. First, to obtain the measurement of the ESG level of the pre-IPO firms, we have conducted two textual analysis of IPO prospectus, namely, term frequency and sentiment analysis. These indicators aim to show the disclosure level of ESG factors and whenever ESG is perceived negatively or positively by the market. Successively, the multiple regression is performed for each ESG indicator to find which measures have the analytical abilities to explain IPO underpricing. Based on the multiple regression results, we can conclude that the frequency of environmental & governance terms occurred in IPO prospectus, the negative tone, and the overall sentiment of the environmental context are significantly explaining IPO underpricing. These results have given meaningful answers for our research. The market does not perceive the social factors of a firm in the IPO context. On the other hand, environmental and governance aspects still attract the market’s attention in different ways. The market is concerned about the disclosure level of the governance activities and whether these activities are sufficiently mentioned in the prospectus. Meanwhile, the market takes into serious consideration the environmental activities of a firm by assessing the qualities of these activities. Moreover, the market is more sensitive to the negative information about environmental content than positive information in the IPO context. The textual analysis methods applied in this thesis have some limitations. However, this study has the reliability to confirm that some companies’ ESG factors affect IPO underpricing. As a consequence, it is possible to state that the market cares about ESG issues.
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Bring, Viktor y Malcolm Jobe. "En studie om ESG-betygets effekt på avkastning". Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-177670.
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Bakgrund: Den ökade populariteten av ESG som investeringsgrund har gett upphov till en intressant diskussion kring huruvida ESG-betyg har en effekt på avkastning eller inte. En del forskning tar ståndpunkten att en hållbar profil med fokus på ESG påverkar avkastning positivt. De som associerar sig med denna ståndpunkt belyser att investerare kan influera arbete mot en hållbar framtid utan att det ska ge en negativ effekt i önskade avkastningskrav. Däremot finns en motpol i en del av forskningen som hävdar att ESG berör avkastning negativt. Därtill hävdar vissa studier att det finns en diskrepans mellan sektorer på marknaden gällande eventualiteten av ESG:s effekt på riskfyllda tillgångar. Därav är ämnet av intresse med anledning av den motstridiga forskningen angående effekten ESG-betyget har på avkastning. Syfte: Uppsatsens syfte är att historiskt analysera ESG-betygets eventuella effekt på avkastningen för bolag noterade på OMX Stockholm Large Cap, för att utreda om ESG-betyg kan vara en drivande faktor. Studien har som delsyfte att undersöka om det råder några skillnader i hur ESG-betyget påverkar avkastning i olika sektorer. Metod: Studien har antagit en deduktiv ansats med en kvantitativ metod för att uppfylla syftet. Med grund i dessa metodval analyseras urvalet genom teoretiskt grundade variabler. Studien använder balanserad paneldata som karaktäriseras som kort panel. Resultat: Observerade resultat av rapporten understryker att ESG-betyg återger en försumbar effekt på avkastningen i samtliga regressioner. Koefficienterna för ESG-betygen är dock statistiskt icke-signifikanta. Således kan inte författarna fastställa ESG-betygets inverkan på avkastning för bolagen i urvalet. Däremot finns det tidigare forskning på området som finner liknande resultat som denna studie.Background: The rising popularity of ESG investing has provided for an interesting deliberation whether the ratio influences stock returns or not. There are those who assert that emphasizing upon ESG yields higher stock returns for investors. Hence, reiterating that investors can contribute to a sustainable future without interfering with desired capital gains. However, there is research that indicates that the incorporation of ESG impedes potential stock returns. Furthermore, previous studies have indicated that there is a potential disparity between sectors of the market, meaning that ESG might have a varied effect. The topic is henceforth of interest due to the contradicting results regarding the effects of ESG on stock returns. Aim: This study aims to analyze and clarify whether ESG-score is a determining factor in the return of stocks listed on OMX Stockholm Large Cap during the time period 2011-2019. The report will also investigate if there is a difference in its possible impact acrossvarious industries. Methodology: The study has utilized a deductive and quantitative approach to effectuate the aim of the report. Furthermore, the report has used a balanced panel data with a short panel. Results: The results of the report emphasize that the ESG-score has a negligible effect on stock returns across all industries. However, the coefficients for the ESG-score are statistically insignificant, which means that no conclusion can be established regarding its effect on the selection of stocks listed on OMX Stockholm Large Cap. Nonetheless, there is previous research that supports the findings of the report.
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Latino, Carmelo <1994>. "The environmental, social and governance (ESG) investing landscape". Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15961.
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Questo lavoro contribuisce alla discussione sugli investimenti ambientali, sociali e di governance (ESG), con l'intenzione di formare un'analisi completa di questo fenomeno. La tesi utilizza una visione olistica per identificare gli ostacoli e le opportunità di investimento. La prima parte della ricerca si concentra sull'affidabilità delle agenzie di rating ESG. Particolare attenzione viene data alla convergenza dei risultati offerti da queste agenzie, evidenziando la mancanza di una definizione accettata a livello globale di investimenti ESG come una tassonomia chiara ed estesa. La seconda parte si concentra sulle prestazioni e sul ruolo di questa classe di investimenti nel campo della gestione patrimoniale. Per quanto riguarda le prestazioni, le ricerche precedenti non hanno ancora mostrato consenso. Questo studio suggerisce diversi approcci e prove empiriche per mostrare la sovraperformance degli investimenti ESG rispetto agli investimenti "non ESG" negli ultimi otto anni. Inoltre, attraverso analisi di portafoglio, saranno analizzati gli effetti del rating ESG sul rendimento delle obbligazioni societarie e sulla struttura del capitale delle società, aprendo le porte a ulteriori ricerche. Infine, grazie alla collaborazione di Crèdit-Agricole Italia, sono stati intervistati esperti nel settore della gestione patrimoniale per disegnare sviluppi e scenari futuri.
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Bortoletto, Emanuele <1994>. "ESG a new boundary for hedge fund investing". Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17174.
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In questo lavoro viene analizzata una tematica che ormai dal 2010 ha un ruolo fondamentale e sempre più importante nel mercato: gli investimenti ESG (Environmental, Society and Governance). Oggi non è più abbastanza soffermarsi sull’ analizzare la mera performance finanziaria di un investimento, ma è altresì necessario valutare il suo impatto sociale e le esternalità che genera. È opinione diffusa che l’integrazione dei criteri ESG può migliorare il profilo rischio/rendimento dei portafogli. L’ attenzione viene focalizzata sugli investitori istituzionali più rilevanti, in particolare sugli Hedge Funds, che si servono delle loro abilità finanziarie avanzate per trarre i vantaggi più ampi da questi strumenti. La prassi conferma che i caratteri ESG sono sfruttabili dalle imprese per rendere qualitativamente meglio nel lungo periodo, riuscendo a sviluppare una maggiore resilienza alle crisi grazie a rendimenti nella media superiori ai concorrenti. Le strategie di investimento sostenibili presentano un rischio di tracking error più alto, se gestite con riferimento ai benchmark tradizionali, ovvero non conformi ai criteri ESG. Nella parte finale vengono analizzati due fondi d’ investimento che operano su aree geografiche diverse, per poi farne un confronto sulla base dei dati analizzati con i principali indicatori di performance economica.
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Via, Edoardo <1996>. "Rating ESG Divergenze e applicazione dell'Integrale di Choquet". Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17680.
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L'elaborato si pone l'obiettivo di approfondire la tematica della divergenza dei rating ESG formulati dalle ESG rating agencies, entità il cui ruolo è divenuto sempre più centrale a seguito del processo di responsabilizzazione e sensibilizzazione che ha interessato il panorama finanziario nel corso dell'ultima decade e i cui modelli di elaborazione dei rating ESG verranno descritti allo scopo di dimostrare l'assenza di una metodologia standard di analisi delle performance di sostenibilità aziendali, in contrapposizione alla sistematizzazione del processo di formulazione dei rating di credito forniti dalle credit rating agencies, per motivo oggetto di ulteriore approfondimento.
Il tema della divergenza dei rating ESG sarà dunque declinato nei suoi diversi driver, analizzando il contributo e la rilevanza di ciascuno, con l'obiettivo di evidenziare quanto la divergenza dei rating possa tradursi in un ostacolo allo sviluppo sostenibile stesso, disincentivando l'adozione di prassi aziendali e di investimento responsabili, vanificando il sopracitato percorso di sensibilizzazione e responsabilizzazione. Infine, si proporrà un modello alternativo di aggregazione dei dati che concorrono a determinare il rating finale ESG; tale modello matematico, noto come Integrale di Choquet, verrà calato e applicato al mondo dei rating ESG, cogliendone vantaggi, svantaggi e opportunità.
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Scapin, Riccardo <1995>. "Evoluzione degli Investimenti ESG nell'industria del risparmio gestito". Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21090.
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Il tema della sostenibilità ha assunto una importanza sempre più crescente negli ultimi anni coinvolgendo molti aspetti della vita di consumatori, risparmiatori e istituti finanziari. La tesi vuole focalizzarsi su una analisi sull'evoluzione, sempre più presente, degli investimenti sostenibili nel mercato finanziario, con un particolare focus nell'industria del risparmio gestito e la presenza nello stesso mercato di sempre più numerosi prodotti "green". Tutto questo cercando di dimostrare il loro potenziale in termini di guadagno sia dal punto di vista economico sia dal punto di vista ambientale.
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Sari, Martina <1996>. "ESG integration and financial performance. Investment analysis of ESG portfolios compared with traditional ones utilising equally weighted and mean-variance methods". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19033.
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Nowadays, Environmental, Social, and Governance (ESG) factors have gained significant attention from investors, consequently playing a key role in investment decision-making.
Several studies have shown the importance of ESG factors, documenting that portfolio management strategies that integrate ESG criteria perform better compared to other traditional approaches based solely on considering financial value.
Since ESG integration is a relatively new concept that is still undergoing development by legislators and financial services companies, this study aims to present the main elements that define sustainable investment. Moreover, it aims to highlight the lack of general rules on the identification, evaluation, and construction of both ESG factors and their related financial instruments such as indices and ratings.
However, the principal objective of this project was to conduct a financial analysis of ESG portfolios in comparison with traditional ones, assessing whether there is a positive correlation between ESG integration and the financial outperformance of the investments. In addition, a sector analysis was undertaken to explore where companies with better ESG performance operate mostly in.
As per its findings, portfolios composed by companies with the best ESG scores yield to higher and better risk-return profiles than those composed of companies with a weak ESG profile, confirming the evidence present in the existing literature concerning the sustainability investing frontier.
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Zeidan, Mellqvist Oskar y Elin Sjödin. "ESG och finansiell prestation under covid-19-pandemin : En kvantitativ studie om svenska företags finansiella prestation under pandemin kopplat till ESG-betyg". Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-177609.
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Background: Sustainability is a commonly discussed topic that continues to grow and has become more important in investment decisions. The opinions regarding the relationship between sustainability and financial performance are divided, and research in the field indicates different results. ESG has gained greater focus because of the Covid-19 pandemic, and widespread claims that companies and funds with higher ESG score would have greater resilience have emerged. Purpose: The main purpose of this study is to investigate and analyse a possible relationship between ESG score and financial performance for Swedish listed companies during the Covid-19 pandemic. The sub-purpose of the study is to investigate whether sector divisions affect the ESG's significance for financial performance. Method: In this study, a quantitative method with a deductive approach was used. The data material was obtained from Refinitiv Eikon and comprised data from 306 companies. The examined period of the study refers to the year 2020. The statistical models applied were univariate analysis, bivariate analysis, and multiple regression analysis. Conclusion: The results indicate a negative relationship between ESG and financial performance during the Covid-19 pandemic. There is a spread regarding financial performance between the sectors, but it is not possible to draw concrete conclusions about the sectors' impact. This study contributes to the literature in the field of sustainability and financial performance by analyzing empirical data during the Covid-19 pandemic.Bakgrund: Hållbarhet är ett aktuellt ämne som fortsätter att växa och får allt mer betydelse vid investeringsbeslut. Det råder delade meningar kring sambandet mellan hållbarhet och finansiell prestation och forskning inom ämnet visar på olika resultat. ESG har fått större fokus till följd av covid-19-pandemin, och utbredda påståenden om att bolag och fonder med högre ESG-betyg skulle ha större motståndskraft har växt fram. Syfte: Syftet med denna studie är att undersöka och analysera eventuella samband mellan ESG-betyg och finansiell prestation för svenska noterade bolag under covid-19-pandemin. Studiens delsyfte är att undersöka om sektorindelning påverkar ESG:s betydelse för finansiell prestation. Metod: I denna studie användes en kvantitativ metod med en deduktiv ansats. Datamaterialet inhämtades från Refinitiv Eikon och omfattade data från 306 bolag. Studiens undersökningsperiod avser år 2020. De statistiska modellerna som tillämpats är univariat analys, bivariat analys och multipel regressionsanalys. Slutsats: Studiens resultat tyder på ett negativt samband mellan ESG och finansiell prestation under covid-19-pandemin. Det förekommer spridning avseende finansiell prestation mellan sektorerna, men det går däremot inte att dra konkreta slutsatser kring sektorernas påverkan. Denna studie bidrar till litteraturen inom området för hållbarhet och finansiell prestation genom analys av empiriska data under covid-19-pandemin.
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Gilmore, John Y. "Testing for systematic ESG fund construction and independence measures". Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/118551.
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Thesis: S.M. in Engineering and Management, Massachusetts Institute of Technology, System Design and Management Program, 2018.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 39-40).
There has been significant research concerning the investment case for Environmental, Social and Governance Funds (ESG), however research into how these funds are constructed has been less studied. The purpose of this study is not to investigate the risk return case for ESG funds. Instead, this study will focus on the uniqueness of construction, and underlying assets of ESG specific funds. The majority of ESG classified investing is done through fund firms who self willingly vet their existing funds to ESG guidelines. It is more elocutionary, rather than a focused construction methodology. The hypothesis of this study is that funds created specifically for ESG investing are built on this same methodology, and are adapted from an existing fund very similar to the S&P 500. To test for uniqueness, large cap US equity ESG funds were compared against how many of the underlying assets were shared with the S&P 500. Signals found heavy overlap. However when looking at how the underlying assets are weighted in the fund verse the S&P 500, differences become more pronounced. Interestingly in the aggregate, the portion of the ESG funds dedicated to stocks that are not included in the S&P 500 were not that significant. There are several funds that are constructed with very different underlying assets than the S&P 500 Index, and funds that are very similar. This study then investigated how much of the underlying assets of each fund differed from the S&P 500 by adjusting the weights of just the underlying assets which it shares with each fund to measure the effect of dilution from the removed "non-ESG" compliant stocks. The resulting increase in overlap was significant for several individual funds, but modest for all funds. Then this study sampled to find if there is more overlap with different common index funds. Interestingly, there was often a higher overlap with the S&P 500 than with a fund's stated benchmark such as the Russell 1000 or Russell 1000 Value Index. Finally this study looked for correlations between the 3 month, 1 year, 3 year and Morningstar ESG peer performance percentiles. Modest correlations were found slightly favoring funds which were more similar to the S&P 500. Then correlations between each fund's management fee and similarity in the underlying assets were tested. There is evidence that the more unique the fund is, the higher the management fee. However, there is no evidence of correlation between the fund's management fee and the fund's Morningstar ESG score. The take away from this study is that some funds are very similar to index funds, like the S&P 500, while other funds have very little in common with standard index funds. There was significant overlap in the underlying assets and the S&P 500, however there was also significant differences in how the underlying assets were weighted. There was not a one to one exchange with a non-ESG compliant underlying asset with another asset with similar characteristic but was ESG compliant.
by John Y. Gilmore.
S.M. in Engineering and Management
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Filho, SebastiÃo Andrà Alves de Lima. "O que a Escola Superior de Guerra (ESG) Ensinava". Universidade Federal do CearÃ, 2011. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=10817.
Texto completoResumen
Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgicoA tese investiga os significados dos ensinamentos da Escola Superior de Guerra (ESG) referente ao desenvolvimento, a integraÃÃo nacional e ao progresso da ciÃncia e da tecnologia no Brasil no perÃodo 1949-1976. Para tanto, trata de estabelecer relaÃÃes entre a criaÃÃo da Escola, o perfil de seus âalunosâ e a finalidade de seus cursos, especificamente o Curso Superior de Guerra. O trabalho identifica que os ensinamentos da ESG se caracterizavam por posiÃÃes antidemocrÃticas, anticomunistas e favorÃveis a implantaÃÃo, no paÃs, de um modelo de desenvolvimento capitalista dependente. Indica que a ESG era uma instituiÃÃo militar de formaÃÃo de âelites orgÃnicasâ, posicionadas entre as camadas sociais de grande poder de articulaÃÃo e mobilizaÃÃo polÃtica, favorecendo, principalmente, a politizaÃÃo das ForÃas Armadas dispostas a controlar a direÃÃo do Estado brasileiro.
The thesis investigates the meanings of the teachings of the War College (ESG) for the development, national integration and progress of science and technology in Brazil in the period 1949-1976. For this purpose, is to establish relations between the creation of the School, the profile of his "students" and the purpose of their travels, specifically the Course of War. The paper identifies that the teachings of ESG positions were characterized by undemocratic, anti-communist and favorable the deployment in the country a model of dependent capitalist development. Indicates that the ESG was an institution for training of "elites organic", positioned between the layers of great social networking power and political mobilization, promoting the politicization of the Armed Forces unwilling to control the direction of the Brazilian state.
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Ruberg, Nicolaas. "Bert goes sustainable: an NLP approach to ESG financing". Master's thesis, Alma Mater Studiorum - Università di Bologna, 2021. http://amslaurea.unibo.it/24787/.
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Environmental, Social, and Governance (ESG) factors are a strategic topic for investors and financing institutions like the Brazilian Development Bank (BNDES). Currently, the bank’s experts are developing a framework based on those factors to assess companies' sustainable financing. We identify an opportunity to use Natural Language Processing (NLP) in this development. This opportunity arises from the observation that a critical document to the ESG analysis is the company annual activity report. This document undergoes a manual screening, and later it is decomposed, and its parts are redirected to specialists’ analysis. Therefore, the screening process would largely benefit from NLP to automate the classification of text excerpts from the annual report.
The proposed solution is based on different Bidirectional Encoder Representations from Transformers (BERT) architectures, which rely on the attention mechanism to achieve optimal results on sentence-level analysis tasks. We devised a text classification task to enable the analysis of excerpts from the annual activity report of companies considering three categories, according to the ESG reference standard, the Global Reporting Initiative (GRI).
To establish a benchmark, we implemented a baseline solution using a classic NLP approach, Naïve Bayes, which got a 51% accuracy and 50,33% F1-score. RoBERTa and BERT-large achieved 88% accuracy and almost 85% F1-score, the best results obtained from our experiments with different BERT architectures. Also, Albert showed to be a possible alternative for limited memory devices, with 85% accuracy and 78.5924% F1-score.
Finally, we experimented with a multilingual setup that would be interesting for a scenario where the BNDES wants a more generic model that can analyze English or Portuguese annual reports. Bert multilingual model reached almost 86% accuracy and 81.18% F1-score.
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Jakobsson, Robin Jari Mattias y Leo Lundberg. "The Effect of ESG Performance on Share Price Volatility". Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149982.
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Environmental, Social, and Governance (ESG) investing is growing rapidly. Previous research in the area, has mostly been centered around ESG/CSR and its link to corporate financial performance, cost of capital and idiosyncratic risk. Furthermore, relevant previous research is presented that in part challenges the traditional market models and suggests that total risk is a relevant risk factor, instead of only the systematic risk, as proposed by normative theory. In this study, we develop two separate panel regression models, with separate dependent variables. Realized volatility and a GARCH (1,1) estimate of volatility. This is done in order to gain insight into if there is, as propositioned, a negative relation between high ESG/CSR performance and volatility of the shares, i.e. the total risk of the shares. The study uses ESG and financial data from Thomson Reuters Eikon database. The sample size is 481 firms from the S&P 500 Index, for the years 2009-2016. The results of this study indicate that there is a statistically significant negative relationship between high ESG/CSR performance and share price volatility. This result adds to the discussion that challenges existing theory.
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MAGNÚSDÓTTIR, KAREN y GUSTAV BERNDTSON. "An Exploratory Study of ESG and R&D". Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-300119.
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With the increased relevance of sustainability in society these last years, initiatives have been made to create tools for reporting and measuring sustainability in companies. Recently the EU chose to favour the ESG system, which stands for Environmental, Social and Governance, to create more homogeneity in this sector. Being a relatively recent field, some aspects of the metrics, as well as its interaction with other economic metrics, has not been thoroughly studied. Therefore, this study investigates the relationship between R&D investment and ESG metrics, to see if there is some correlation between the two. In this study a linear regression model with data from listed companies from Sweden, Denmark and Norway, is conducted to analyse the relationship. The results were inconclusive, but seem to indicate that there might be a relationship between the E variables and R&D intensity.Med den ökade relevansen av hållbarhet i samhället de senaste åren har fler initiativ tagits för att skapa metoder för att rapportera och mäta detta. EU har för att skapa enhetlighet inom frågan nyligen tagit initiativ att börja införandet av ett av dessa system, ESG, som står för Environmental, Social och Governance. Då det är ett relativt nytt ramverk är inte alla variabler och dess interaktioner med andra mer etablerade ekonomiska mätdata fullkomligt kartlagda. Denna studie fokuserar därför på att undersöka förhållandet mellan ESG faktorer och investeringar i forskning och utveckling. Studien gör detta genom att göra en linjär regressionsmodell av data från börsnoterade företag från Sverige, Norge och Danmark. Resultatet av studien kunde inte uppvisa ett signifikant samband, men om kunde delvis peka på en samband vissa E variabler och FoU intensitet.
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Lima, Filho Sebastião André Alves de. "O que a Escola Superior de Guerra (ESG) ensinava". reponame:Repositório Institucional da UFC, 2011. http://www.repositorio.ufc.br/handle/riufc/24611.
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LIMA FILHO, Sebastião André Alves de. O que a Escola Superior de Guerra (ESG) ensinava. 2011. 288f. – Tese (Doutorado) – Universidade Federal do Ceará, Programa de Pós-graduação em Sociologia, Fortaleza (CE), 2011.Submitted by Gustavo Daher (gdaherufc@hotmail.com) on 2017-08-08T12:12:10Z No. of bitstreams: 1 2011_tese_saalimafilho.pdf: 2500904 bytes, checksum: cf50ac522271edb628d71bc72a66b777 (MD5)
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The thesis investigates the meanings of the teachings of the War College (ESG) for the development, national integration and progress of science and technology in Brazil in the period 1949-1976. For this purpose, is to establish relations between the creation of the School, the profile of his "students" and the purpose of their travels, specifically the Course of War. The paper identifies that the teachings of ESG positions were characterized by undemocratic, anti-communist and favorable the deployment in the country a model of dependent capitalist development. Indicates that the ESG was an institution for training of "elites organic", positioned between the layers of great social networking power and political mobilization, promoting the politicization of the Armed Forces unwilling to control the direction of the Brazilian state.
A tese investiga os significados dos ensinamentos da Escola Superior de Guerra (ESG) referente ao desenvolvimento, a integração nacional e ao progresso da ciência e da tecnologia no Brasil no período 1949-1976. Para tanto, trata de estabelecer relações entre a criação da Escola, o perfil de seus “alunos” e a finalidade de seus cursos, especificamente o Curso Superior de Guerra. O trabalho identifica que os ensinamentos da ESG se caracterizavam por posições antidemocráticas, anticomunistas e favoráveis a implantação, no país, de um modelo de desenvolvimento capitalista dependente. Indica que a ESG era uma instituição militar de formação de “elites orgânicas”, posicionadas entre as camadas sociais de grande poder de articulação e mobilização política, favorecendo, principalmente, a politização das Forças Armadas dispostas a controlar a direção do Estado brasileiro.
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Boffo, Riccardo <1995>. "ESG Investing: Performances and impact in Italy and U.S". Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/18123.
Texto completoResumen
This Master’s thesis analyses performances of Environmental, Social and Governance (ESG) portfolios built through specific investment approaches in different geographical regions (Italy and U.S.). The intention is to understand how certain ESG investment strategies affect portfolio performances and how these compare to the benchmark portfolio. Moreover, the work aims to study how the application of these criteria affects the sustainability of these portfolios through an analysis of selected environmental, social and governance metrics.
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Zecchin, Francesca <1997>. "Influenza dei fattori ESG sulla valutazione del merito creditizio". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19741.
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Negli ultimi anni è cresciuta notevolmente l’attenzione riguardo agli impatti sociali dell’agire d’impresa, tanto da diventare un tema oggetto di numerosi studi. I cambiamenti climatici, i disastri naturali e altri considerevoli eventi su scala globale hanno portato investitori e imprese a rivedere il loro modus operandi e l’intero processo decisionale al fine di compiere delle scelte che limitino l’impatto, soprattutto a livello ambientale, e possano in alcuni casi andare a supporto delle problematiche attuali. Il seguente lavoro ha come obiettivo quello di analizzare l’influenza della dimensione ambientale, sociale e di governance di un’impresa sulla valutazione del merito creditizio della stessa in modo tale da incentivare l’intero mondo imprenditoriale ad avvicinarsi a tali tematiche, comprendendo l’importanza di questo cambiamento per ottenere benefici sia nella sfera economico-finanziaria sia in quella sociale ed ambientale. Inizialmente viene approfondito il rischio di credito, dando una panoramica relativa al processo di assegnazione del rating creditizio. Successivamente, si affronta il tema della responsabilità sociale d’impresa e del concetto di creazione di valore condiviso, spostandosi poi alla nascita e all’attuale considerazione dei criteri ESG sul fronte degli investimenti. Collegandosi a quest’ultimo argomento viene presa in disamina la tematica relativa ai rating ESG e alla loro considerazione all’interno dei credit rating. Infine, attraverso un’analisi empirica, si va a studiare il grado di correlazione tra i due rating per verificare se una migliore valutazione relativa al merito creditizio deriva anche da migliori performance connesse ai fattori ESG.
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Paoletti, Simone <1998>. "Integrazione della dimensione ESG nella valutazione del merito creditizio". Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21948.
Texto completoResumen
Nel mondo attuale le tematiche di sostenibilità hanno assunto rilevanza in diversi ambiti, incluso quello economico-finanziario ed in particolare quello bancario.
Questa evoluzione è stata accompagnata da un parallelo cambiamento a livello di regolamentazione che ha visto un’integrazione della dimensione della sostenibilità anche all’interno dell’analisi del rischio di credito.
L’integrazione ora ricordata è un aspetto di novità importante per il mondo bancario ed ad oggi non vi sono studi empirici specificatamente dedicati a questo tema.
Si tratta di un mondo nuovo, ancora da esplorare.
Nonostante l’assenza di letteratura sul tema e di dati a disposizione, l’elaborato cercherà di analizzare il legame tra i due mondi, ovvero quello bancario e quello relativo alla sostenibilità, attraverso l’esame delle pratiche di valutazione del merito creditizio.
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Ammann, Reto. "ESG Integration Among Large Nordic Institutional Asset Owners : Mapping Large Nordic Institutional Asset Owners’ Approaches to Sustainability and ESG Integration in the Investment Process". Thesis, KTH, Hållbar utveckling, miljövetenskap och teknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-256486.
Texto completoResumen
Traditional investing is mainly concerned with creating a financial return on investment for the investor and hence disregards other non-financial issues such as adverse environmental and societal impacts. This negligence of negative impacts in the investment process is beginning to be addressed with the emergence of environmental, social, and governance (ESG) investing, socially responsible investing (SRI), and other sustainable investing types. Therefore, this thesis aims to establish if and how large Nordic institutional asset owners integrate sustainability and ESG concerns into their respective investment processes. Moreover, a secondary goal is to determine what type of investing the current investment processes of the seasset owners resembles most. The thesis utilizes a qualitative methodology in order to gather the necessary data-points. All the information in this thesis comes from publicly available sources such as annual reports and sustainability reports. The study found that the asset owners analyzed utilize ESG integration in their investment processes. The asset owners have specific guidelines that pertain to ESG issues, and screen for non-compliance to ensure that investments with potentially detrimental effects on society are excluded from their respective portfolios. Aminority of the asset owners also utilizes best-in-class screening to identify investments with the strongest ESG performance. Hence, the asset owners, in general, are located between SRI and ESG investing on the motivation spectrum.
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Ridne, Ahlqvist Martin y Timmy Fredriksson. "Investerare, hållbarhet & ESG : En fråga om legitimitet och autopoiesis?" Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30652.
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Mooij, Stephanie. "The (mis)alignment of ESG perspectives in the investment chain". Thesis, University of Oxford, 2018. http://ora.ox.ac.uk/objects/uuid:2fce07f2-0f77-4c0c-9dc1-f0a4aa8bfd35.
Texto completoResumen
As evidenced by the rapid increase of United Nations Principles for Responsible Investment (UNPRI) signatories, the integration of environmental, social and governance indicators (ESG) in investment decisions has become a popular topic. However, despite its popularity, there is no consensus among practitioners on what this actually means and how it should be tackled. The obvious lack of standardization is reflected by divergent ESG rating procedures, incomparable company sustainability reports and the widely differing strategies by asset managers and asset owners. This is a substantial hurdle as it can cause misalignment of perspectives within the investment chain, which keeps ESG from being pushed up the agenda. There appear to be substantial struggles on the road to ESG integration and several questions arise; are the perspectives on ESG integration aligned between companies, asset managers and asset owners? Where do possible obstacles on the road to responsible investment reside, what are they and how can they be overcome? My main findings are four-fold. First, I find ESG reporting fatigue among companies due to the sheer number of ESG ratings and rankings. Companies should not let this overwhelm them and be clear that they only respond to a handful. Investors should only use it as a starting point and ensure that it does not become a substitute for a real conversation with their portfolio companies about ESG. This interest is necessary for top management to sign off on sustainability initiatives. Second, I find that asset owners are not as convinced of the business case of ESG as asset managers and companies are. This is often reflected in the way they select, monitor and review their asset managers. Third, the lack of in-depth ESG due diligence by asset owners likely lets asset managers get away with decoupling statements from actions. More specifically, it appears that ESG and finance are often still separated. Lastly, companies are more reactive than proactive when it comes to ESG efforts. The main driver for them to embark on their ESG journey is the consumer. We can therefore play a significant role in creating a more sustainable world, either as the beneficiary or the consumer.
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Teixeira, João César Gomes. "Equity research Galp Energia SGPS SA : ESG approach to valuation". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20854.
Texto completoResumen
Mestrado em FinançasEste projeto contém uma análise financeira abrangente da Galp Energia S.G.P.S., S.A. (GALP.LS). Foi realizado de acordo com os padrões do trabalho final de Mestrado em Finanças do ISEG e escrito de acordo com as orientações do CFA Institute Research Challenge. A GALP é uma empresa portuguesa integrada de Petróleo e Gás, com uma presença significativa em toda a cadeia de valor da indústria. Esta está presente em alguns dos projetos de Upstream mais rentáveis do mundo e tem sido líder de mercado em Portugal no segmento de Downstream, apresentando mais de 40% da quota de mercado. Através da utilização de um modelo DCF, foi obtida uma recomendação de COMPRA com um preço alvo €12,06 por ação para o final do ano de 2020, implicando um potencial de crescimento de 26% a partir do preço de fecho de 9 de março de 2020. A pesquisa original foi complementada no trabalho atual de forma a considerar a crescente curiosidade do mercado pela integração de critérios ESG na avaliação de empresas. Usando uma abordagem de Value Driver Adjustment, conseguimos alcançar o melhor dos dois mundos: utilização de práticas de avaliação bem enraizadas (Value Drivers) e a integração da análise das práticas de Responsabilidade Social nessa mesma avaliação. Através desta análise, concluímos que as políticas de ESG dão à GALP uma vantagem competitiva sobre seus pares, levando a um aumento da sua avaliação de €0,73/ação.
This project covers a comprehensive financial analysis of Galp Energia S.G.P.S., S.A. (GALP.LS). It was conducted following the ISEG's Master in Finance final work standards and written following the guidelines from the CFA Institute Research Challenge. GALP is a Portuguese Integrated Oil & Gas company, with a significant presence throughout the industry value chain. This company is present in some of the most profitable Upstream projects in the world and has been the market leader in Portugal in its Downstream segment with more than 40% of its market share. A Free Cash Flow to the Firm approach was used to reach a BUY recommendation with a 2020YE price target of €12.06/sh, implying a +26% upside potential from the March 9th, 2020 closing price of €9.58/sh. The original research is complemented in the current work to address the increasing demand of the market for the integration of ESG criteria in the valuation of companies. By using a Value Driver Adjustment (VDA) approach, we manage to achieve the best of both worlds: the use of deep-rooted valuation practices (Value Drivers) and Socially Responsible practices integration in the valuation. Through our analysis we concluded that the company's ESG policies will lead a competitive advantage over its peers, leading to an increase in its valuation of €0.73/sh.
info:eu-repo/semantics/publishedVersion
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Correia, Alexandre Diogo Figueira da Silva. "ESG performance, tax avoidance and external financing decisions in Europe". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20881.
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Mestrado em FinançasEste estudo pretende analisar se a evasão fiscal afeta o custo de capital das empresas na Europa, tomando em consideração o nível de ESG das empresas. Enquanto que as atividades de planeamento fiscal podem gerar um maior fluxo de caixa depois de impostos, como resultado de um menor pagamento de imposto para os governos, estas podem também levar a resultados futuros incertos e arriscados, o que pode impor vários riscos para as empresas. Particularmente, tomando em atenção a estrutura de capital das empresas, esses riscos podem afetar significativamente as decisões de financiamento por afetarem o custo de capital próprio e o custo de capital alheio. No entanto, temos também que ter em consideração um tema cada vez mais relevante relacionado com a responsabilidade e impacto social das empresas, que pode também ter um papel importante nas decisões de financiamento. Para analisar, recorremos aos ratings de ESG fornecidas pela Thomson Reuters. Testámos se os ratings de ESG podem moldar a relação entre o planeamento fiscal e o custo de capital. Os resultados sugerem que os investidores reagem positivamente a elevadas pontuações de ESG quando investem em empresas que praticam atividades de planeamento fiscal. Esse efeito é especialmente capturado pelas componentes Social e Governança. Este estudo contribui para a literatura existente sobre planeamento fiscal e custo de capital, adicionando um tem não tem sido suficientemente explorado e que pode influenciar a relação dessas duas variáveis e, particularmente, a reação dos investidores.
This paper aims to study whether tax avoidance affects company's cost of capital in Europe, taking into consideration company's level of ESG. While tax avoidance activities may generate a higher after-tax cash-flow as a result of lower cash tax payments to the governments, those outcomes can be uncertain, which could impose several risks. Specifically, looking at firm's capital structure, those risks could significantly affect the firm's financing decisions by affecting both the cost of equity and the cost of debt. However, we also need to take into consideration an increasingly topic related to firm's responsibility and social impact that may also play an important role in financing decisions. We take advantage of the ESG Scores from Thomson Reuters. We test whether ESG performance scores shape the relationship between tax avoidance and cost of capital. Results suggest that investors perceive higher levels of ESG performance positively when investing in firms that engage in tax avoidance activities. The effect is mostly captured by the Social and Governance components. The study contributes to the literature on tax avoidance and cost of capital, adding a topic that is not sufficiently explored and could influence the final relationship between those two variables and, particularly, the investors' reaction.
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Broberg, Piller William y August Harryzon. "ESG-investerande : En studie om fonders riskjusterade avkastning utifrån hållbarhetsbetyg". Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276762.
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Hållbarhet har kommit att bli en av denna generations största utmaningar och som ett resultat av ett globalt växande klimatfokus har regeringar och mellanstatliga organisationer utformat allt mer omfattande regleringar och initiativ för att möta samhällets krav på en hållbar utveckling. Att företag ska engagera sig i hållbarhetsarbete och ta socialt ansvar anses allt mer som en självklarhet och följaktligen har hållbarhetsfrågor inte enbart fått större inslag inom företag och dess ledningsgrupper, utan även hos investerare. Denna studie har som syfte att analysera huruvida ESG påverkar den justerade avkastningen på fonder i Sverige och Norden. För att analysera detta förhållande fokuserar studien på fonders hållbarhetsbetyg grundade på hållbarhetsparametrarna miljö, socialt ansvar och bolagsstyrning (ESG). I denna studie utforskar vi den övergripande frågan om konceptet ESG och för en diskussion kring dess inverkan på fondpriser. Metoden som används innefattar de finansiella kvoterna Sharpe, Sortino och Treynor samt Jensens Alfa, vars värden i sin tur jämfördes mot urvalet av fonder i studien som rangordnats efter Morningstars hållbarhetsbetyg. Studiens resultat leder till slutsatsen att det inte finns något tydligt positivt eller negativt samband mellan fonders riskjusterade avkastning och dess hållbarhetsbetyg.Sustainability has become one of the biggest challenges for the current living generation and as a result of the increased focus on the climate issue, governments and intergovernmental organizations have designed increasingly comprehensive regulations and initiatives in order to meet society's demands for sustainable development. That companies should become more involved in sustainability work and take social responsibility is increasingly regarded as a matter of course, and consequently sustainability issues have not only gained greater importance within companies and its management groups, but also with investors. The purpose of this study is to analyse whether ESG affects the adjusted returns for funds in Sweden and the Nordics. In order to analyse this relationship the study focuses on the sustainability rating of mutual funds that are based on the sustainability parameters environmental, social and corporate governance, together referred to as ESG. In this study, we explore the overall concept of ESG and discuss its impact on fund prices. The method being used includes the financial quotas Sharpe, Sortino, Treynor and Jensen's Alpha, whose values in turn was compared against the selection of funds in the study ranked according to their respective Morningstar sustainability rating. The results of the study lead to the conclusion that there is no clear correlation, neither positive nor negative, between the funds risk-adjusted returns and its sustainability rating.
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Carlsson, Julia y Olsson Sofia Bergbom. "ESG-score och styrelsen : Svenska företags hållbarhetsredovisning, könsdiversifiering och styrelsepositioner". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-447479.
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The main purpose of this study is to investigate whether board diversity and women in a leading position (CEO or chairman of the board) have an impact on a firm’s ESG-score. To investigate whether a larger share of women on the board of directors have a positive impact on a firm’s ESG-score observations were made on firms that were listed on the Stockholm Stock Exchange during the years 2015-2019. Secondary data has been used and retrieved from Thomson Reuters Eikon database and some of the data has been manually retrieved. A regression analysis with fixed effects was conducted to measure the possible link between ESG-score and women on corporate boards and women in leading position. The results from the regression indicate that women on corporate boards are positively affecting the firm’s ESG-score but no link between ESG-score and women in leading position was found. The study’s findings contribute to the literature about women on corporate boards and sustainability reporting.Könsdiversifiering och hållbarhetsfrågor är två aktuella ämnen som företag bör beakta i sin dagliga verksamhet. Uppsatsen undersöker sambandet mellan företagens hållbarhetsarbete, könsdiversifiering bland styrelsemedlemmar och kön i ledande position. Uppsatsens observationer genomförs på svenska företag som är noterade på Stockholmsbörsen under perioden 2015–2019. Datan som används har samlats in från Thomson Reuters Eikon databas, men även hämtats manuellt från respektive företags årsredovisning och hållbarhetsrapport. De svenska företagens hållbarhetsarbete mäts i form av ett ESG-score, vilket är ett mått på hur företaget arbetar med hållbarhet i miljö-, sociala- och styrningsfaktorer. För att undersöka sambandet så genomförs multipla regressionsanalyser med hjälp av fixed effects model. Även t-tester har genomförts för att ytterligare undersöka sambanden, samt korrelationsanalyser för att undvika spuriösa samband. Den beroende variabeln har varit ESG-score och oberoende variabler har varit GEND som visar andelen kvinnor i styrelsen, samt GILP som dummy variabel som visar om det finns en kvinna i någon av de ledande positionerna (verkställande direktör eller styrelseordförande). Det resultat vi finner utifrån analyserna visar på att det finns ett positivt signifikant samband mellan företagets ESG-score och andelen kvinnor i styrelsen. Resultatet är i linje med majoriteten av tidigare studier som genomförts inom ämnesområdet, resultatet kan även förklaras utifrån intressentmodellen. Utifrån resultaten finner vi inget resultat som visar på ett positivt samband mellan ESG-score och kvinnor i ledande position. Uppsatsens syfte är att bidra med kunskap kring de båda ämnesområdena, hållbarhetsrapportering och könsdiversifiering i företagsstyrelser.
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Olovsson, Linnéa y Daniel Martinsson. "Hållbarhetsarbete, en värdeskapare eller värdesänkare? : ESG-betygets samband med marknadsvärderingen". Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185476.
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Hållbarhetsarbete har erhållit ett ökat intresse de senaste åren och har blivit en allt mer viktig del i företagens arbete. För att mäta hur väl ett företag arbetar hållbart så har ESG-betyget utvecklats vilket konkretiserar och kvantifierar företagens hållbarhetsarbete utifrån tre faktorer, miljömässig hållbarhet, socialt ansvarstagande och bolagsstyrning. Genom den ökade exponeringen av hållbarhet har även investerare börjat ta ställning till hållbarhetsfrågor i sina investeringsbeslut. Denna studentuppsats ämnar undersöka sambandet mellan svenska företags ESG-betyg och dess marknadsvärdering för att kartlägga om investerare anser hållbarhetsarbete som något värdeskapande eller värdesänkande. Sekundärt kommer de tre delarna av ESG-betyget, nämligen miljö, socialt ansvarstagande och bolagsstyrning, att individuellt studeras för att finna ut om någon del av betyget har ett starkare samband med marknadsvärdering än de andra. Företagen som undersöks i studien är svenska börsnoterade aktiebolag som kvalificerat sig in på Large Cap-listan på Nasdaq Stockholm. Vidare behöver bolagen även ha betygsatts genom ESG-betyg från Thomson Reuters Eikon. Tidsperioden som studeras är 2016-2020. För att studera det eventuella sambandet mellan företagens marknadsvärdering och dess ESG-betyg tar studien avstamp i tidigare studier inom området. Baserat på dessa formuleras en första regressionsmodell och statistiska hypoteser som kommer testas genom regressionsanalys. Resultatet som erhålls genom den slutgiltiga regressionsanalysen är att ESG-betyg och marknadsvärdering har ett svagt positivt samband samt att bolagsstyrning har ett starkt positivt samband med värderingen. Gällande betyg för miljö och socialt ansvarstagande kunde inte något signifikant samband till marknadsvärderingen påvisas. De redovisade resultaten kommer slutligen att diskuteras utifrån ett teoretiskt perspektiv där kopplingar görs till tidigare forskning inom ämnet. Vidare kommer aktieägarteorin, intressentmodellen och effektiva marknadshypotesen ligga till grund för analys av studiens resultat, såväl som diskussionen. För att kunna använda resultatet bortom teorin kommer även praktiska implikationer av uppsatsen att diskuteras.