dc.contributor.advisor | Qureshi, Muhammad Azeem | |
dc.contributor.author | Kirkerud, Sina | |
dc.contributor.author | Tran, Kim Theresa | |
dc.date.accessioned | 2019-10-15T10:57:07Z | |
dc.date.available | 2019-10-15T10:57:07Z | |
dc.date.issued | 2019 | |
dc.identifier.uri | https://hdl.handle.net/10642/7671 | |
dc.description | Master i økonomi og administrasjon | en |
dc.description.abstract | This study investigates the value relevance of environmental, social and
governance (ESG) performance for stock prices in Europe. The analysis is
conducted using the Ohlson price model, which allows us to examine the
association between ESG and stock price, where stock price is a function
of financial and non-financial information. We apply a data panel of 5354
firm-year observations during the period 2011 – 2017 collected from the
Thomson Reuters Eikon Database. The sample consists of 791
companies in member countries of the EU and EFTA. Our results indicate
that ESG performance is value relevant for stock prices in Europe. This is
consistent with previous research. We also find that board gender diversity
is positively associated with ESG and stock prices. However, when
analyzing the individual ESG scores, the governance pillar is not
significant. Furthermore, our results suggest that the association between
high ESG score and stock prices is stronger among companies operating
in environmentally sensitive industries. Overall, the study is in line with the
stakeholder theory as ESG score has a positive and significant effect on
stock price while providing relevant and valuable information regarding
stock prices in Europe. Our study is motivated by the increasing
discussion of sustainability world-wide. We aim to provide insight on how
ESG score is reflected in stock prices in Europe and contribute with
relevant information on sustainable investments for managers, investors
and stakeholders. | en |
dc.language.iso | en | en |
dc.publisher | OsloMet - Oslo Metropolitan University | en |
dc.subject | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | en |
dc.subject | Board gender diversity | en |
dc.subject | Sustainability | en |
dc.subject | Value relevance | en |
dc.subject | Stock prices | en |
dc.subject | Shareholder theories | en |
dc.subject | Stakeholder theories | en |
dc.subject | Environmental performances | en |
dc.subject | Social performances | en |
dc.subject | Governance performances | en |
dc.title | Value relevance of ESG: Is ESG performance value relevant for stock prices in Europe? | en |
dc.type | Master thesis | en |
dc.description.version | publishedVersion | en |