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Sustainability in Finance - Real Efects and Capital Market Consequences.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Sustainability in Finance - Real Efects and Capital Market Consequences./
Author:	Buchholz, Daniel.
Description:	1 online resource (143 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-08, Section: B.
Contained By:	Dissertations Abstracts International85-08B.
Subject:	Climate change. -
Online resource:	click for full text (PQDT)
ISBN:	9798381456950

Sustainability in Finance - Real Efects and Capital Market Consequences.
Buchholz, Daniel.

Sustainability in Finance - Real Efects and Capital Market Consequences. - 1 online resource (143 pages)

Source: Dissertations Abstracts International, Volume: 85-08, Section: B.

Thesis (Ph.D.)--Universitaet Hamburg (Germany), 2023.

Includes bibliographical references

In recent years, organizations such as the World Economic Forum (WEF) have identified various sustainability-related risks as some of the most urgent and pressing that the world is currently facing, with climate change being the most prominent example (WEF, 2021, 2022). Given the vast sums of capital needed to pursue the multinational sustainability goals aimed at attenuating these risks, institutional investors are under pressure to adapt their investment portfolios (OECD, 2022). Hence, sustainability, frequently going by the term 'environmental, social, and governance' (ESG), is of increasing importance for society, firms, and investors. As a consequence, various ESG initiatives have emerged in recent years led by central banks (NGFS, 2022), and multilateral organizations (UN PRI, 2022) as well as investors (IIGCC, 2023). These include the introduction of new asset classes such as green bonds (Flammer et al., 2019), reporting frameworks (i.e., the Global Reporting Initiative and the Sustainability Accounting Standards Board), and are also reflected in ongoing regulation on non-financial reporting, especially within the European Union (Fiechter et al., 2022). Similarly, the attention of scientific research in accounting and finance has also shifted towards sustainability. While the first studies on the social responsibilities of enterprises were skeptical regarding the value of ESG activities (e.g., Friedman, 1970), later ones have found that companies pursuing ESG objectives can generate moral capital from stakeholders and thus benefit from engaging in ESG. For example, strong ESG performance provides a shielding effect in the case of corporate misconduct and other negative events (Christensen, 2016; Godfrey et al., 2009). Moreover, an increasing amount of literature, such as the studies by McWilliams and Siegel (2001), Deng et al. (2013), and Friede et al. (2015), underlines the value of pursuing sustainability-related actions for profit-maximizing companies and investors. Overall, there is ample evidence that the pursuit of ESG objectives can have direct implications for firms' financial performance.With this increasing interest of academia and practitioners, the topic of sustainable finance has also received intensive scrutiny. For example, some capital market participants have been accused of greenwashing, referring to claims which make a company or investor appear sustainably-oriented without them actually following through (S. Kim & Yoon, 2022). Furthermore, recent studies show that the data which is frequently used to assess companies' ESG performance varies substantially across rating providers (Berg et al., 2022; Busch et al., 2022; Dimson et al., 2020). This indicates that there is no single truth as to which actions foster sustainability (Christensen et al., 2022) or how to adequately measure these actions in the first place (Berg et al., 2022). As a consequence, some scholars have called for the analysis of specific sub-categories of ESG rather than examining it as a combined measure (Berg et al., 2022; Edmans, 2023). This dissertation aims to follow up on this recommendation by analyzing distinct emerging environmental and social topics (i.e., the first two pillars of ESG) and whether they inuence capital market outcomes.1.2 Research ObjectiveThis dissertation explores two research questions. It contributes to the literature dealing with the importance of environmental and social issues for institutional investors and analyzes how they are, on the one hand, affected by changes in the sustainability efforts of their portfolio companies and, on the other, how institutional investors can themselves induce such changes on a firm level.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798381456950Subjects--Topical Terms:

1009004
Climate change.
Index Terms--Genre/Form:

554714
Electronic books.

Sustainability in Finance - Real Efects and Capital Market Consequences.
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504 $a Includes bibliographical references
520 $a In recent years, organizations such as the World Economic Forum (WEF) have identified various sustainability-related risks as some of the most urgent and pressing that the world is currently facing, with climate change being the most prominent example (WEF, 2021, 2022). Given the vast sums of capital needed to pursue the multinational sustainability goals aimed at attenuating these risks, institutional investors are under pressure to adapt their investment portfolios (OECD, 2022). Hence, sustainability, frequently going by the term 'environmental, social, and governance' (ESG), is of increasing importance for society, firms, and investors. As a consequence, various ESG initiatives have emerged in recent years led by central banks (NGFS, 2022), and multilateral organizations (UN PRI, 2022) as well as investors (IIGCC, 2023). These include the introduction of new asset classes such as green bonds (Flammer et al., 2019), reporting frameworks (i.e., the Global Reporting Initiative and the Sustainability Accounting Standards Board), and are also reflected in ongoing regulation on non-financial reporting, especially within the European Union (Fiechter et al., 2022). Similarly, the attention of scientific research in accounting and finance has also shifted towards sustainability. While the first studies on the social responsibilities of enterprises were skeptical regarding the value of ESG activities (e.g., Friedman, 1970), later ones have found that companies pursuing ESG objectives can generate moral capital from stakeholders and thus benefit from engaging in ESG. For example, strong ESG performance provides a shielding effect in the case of corporate misconduct and other negative events (Christensen, 2016; Godfrey et al., 2009). Moreover, an increasing amount of literature, such as the studies by McWilliams and Siegel (2001), Deng et al. (2013), and Friede et al. (2015), underlines the value of pursuing sustainability-related actions for profit-maximizing companies and investors. Overall, there is ample evidence that the pursuit of ESG objectives can have direct implications for firms' financial performance.With this increasing interest of academia and practitioners, the topic of sustainable finance has also received intensive scrutiny. For example, some capital market participants have been accused of greenwashing, referring to claims which make a company or investor appear sustainably-oriented without them actually following through (S. Kim & Yoon, 2022). Furthermore, recent studies show that the data which is frequently used to assess companies' ESG performance varies substantially across rating providers (Berg et al., 2022; Busch et al., 2022; Dimson et al., 2020). This indicates that there is no single truth as to which actions foster sustainability (Christensen et al., 2022) or how to adequately measure these actions in the first place (Berg et al., 2022). As a consequence, some scholars have called for the analysis of specific sub-categories of ESG rather than examining it as a combined measure (Berg et al., 2022; Edmans, 2023). This dissertation aims to follow up on this recommendation by analyzing distinct emerging environmental and social topics (i.e., the first two pillars of ESG) and whether they inuence capital market outcomes.1.2 Research ObjectiveThis dissertation explores two research questions. It contributes to the literature dealing with the importance of environmental and social issues for institutional investors and analyzes how they are, on the one hand, affected by changes in the sustainability efforts of their portfolio companies and, on the other, how institutional investors can themselves induce such changes on a firm level.
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