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ESG Performance and Cost of Equity - The Role of Materiality.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	ESG Performance and Cost of Equity - The Role of Materiality./
作者:	Cardoso, Liliana Patricia Fernandes.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	78 p.
附註:	Source: Dissertations Abstracts International, Volume: 84-01, Section: B.
Contained By:	Dissertations Abstracts International84-01B.
標題:	Community. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29138035
ISBN:	9798835524358

ESG Performance and Cost of Equity - The Role of Materiality.
Cardoso, Liliana Patricia Fernandes.

ESG Performance and Cost of Equity - The Role of Materiality. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 78 p.

Source: Dissertations Abstracts International, Volume: 84-01, Section: B.

Thesis (M.Fin.)--Universidade do Porto (Portugal), 2020.

This item must not be sold to any third party vendors.

Companies play a crucial role in the transition towards a more sustainable future. However, the financial resources that they have available to support that transition are limited. Thus, there has to be a match between the company's sustainable strategy and its financial reality. For that reason, although several researches have been already conducted to assess the effects of Environmental, Social and Governance (ESG) practices on financial performance, there is still a lot to learn particularly about the nuances of the relationship. Therefore, this study aims to investigate the relationship between ESG activities and implied cost of equity as well as the moderating role of materiality considerations. The study covers companies from 15 European countries over the time span 2002 - 2019 and, in methodological terms, it employs two-way fixed effects techniques. The results of this study suggest that in the recent years (i.e. 2013 - 2019) companies with a better ESG profile seem to benefit from lower costs of equity financing. In addition, we find that this relation ESG performance - implied cost of equity is more evident in sectors where the materiality (economic relevance) of ESG issues is above average. Nonetheless, when focusing our attention on the top tercile of the distribution of ESG scores, our findings indicate that top-ranking ESG observations are associated with a higher implied cost of equity, which is line with the idea that after a certain point some overinvestments concerns and/or agency problems start to arise. The contribution of this study to the literature is threefold. Firstly, it has an European context while the majority of the research on this issue is based on either international or US samples. Secondly, this study adds to the research by considering the recent years which yield valuable insights under the light of the legitimacy theory. And, thirdly, it contributes by providing a comparative analysis of top- versus low-raking ESG performances and also by considering the material relevance of ESG issues per sector. Moreover, this study concludes by offering some practical recommendations grounded on these findings.

ISBN: 9798835524358Subjects--Topical Terms:

531337
Community.

ESG Performance and Cost of Equity - The Role of Materiality.
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500 $a Source: Dissertations Abstracts International, Volume: 84-01, Section: B.
500 $a Advisor: Ribeiro, Claudia.
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520 $a Companies play a crucial role in the transition towards a more sustainable future. However, the financial resources that they have available to support that transition are limited. Thus, there has to be a match between the company's sustainable strategy and its financial reality. For that reason, although several researches have been already conducted to assess the effects of Environmental, Social and Governance (ESG) practices on financial performance, there is still a lot to learn particularly about the nuances of the relationship. Therefore, this study aims to investigate the relationship between ESG activities and implied cost of equity as well as the moderating role of materiality considerations. The study covers companies from 15 European countries over the time span 2002 - 2019 and, in methodological terms, it employs two-way fixed effects techniques. The results of this study suggest that in the recent years (i.e. 2013 - 2019) companies with a better ESG profile seem to benefit from lower costs of equity financing. In addition, we find that this relation ESG performance - implied cost of equity is more evident in sectors where the materiality (economic relevance) of ESG issues is above average. Nonetheless, when focusing our attention on the top tercile of the distribution of ESG scores, our findings indicate that top-ranking ESG observations are associated with a higher implied cost of equity, which is line with the idea that after a certain point some overinvestments concerns and/or agency problems start to arise. The contribution of this study to the literature is threefold. Firstly, it has an European context while the majority of the research on this issue is based on either international or US samples. Secondly, this study adds to the research by considering the recent years which yield valuable insights under the light of the legitimacy theory. And, thirdly, it contributes by providing a comparative analysis of top- versus low-raking ESG performances and also by considering the material relevance of ESG issues per sector. Moreover, this study concludes by offering some practical recommendations grounded on these findings.
520 $a As empresas desempenham um papel crucial na transicao para um futuro mais sustentavel. No entanto, os recursos financeiros que elas tem disponiveis para apoiar essa transicao sao limitados. Portanto, tem que existir um alinhamento entre os objetivos de sustentabilidade de uma empresa e sua realidade financeira. Por esse motivo, apesar de ja existirem diversos estudos acerca das praticas empresariais em materias de sustentabilidade e o reflexo dessas mesmas praticas em termos financeiros, ainda existem muitos aspetos a explorar nessa relacao, nomeadamente, as suas nuances.Deste modo, este estudo tem como principal objetivo investigar a relacao entre as praticas empresariais de sustentabilidade (em termos ambientais, sociais e governativos) e o custo de capital proprio, assim como o papel moderador das consideracoes de materialidade nessa relacao. O estudo abrange empresas de 15 paises europeus entre 2002 e 2019 e, em termos metodologicos, o modelo utiliza efeitos fixos.Os resultados deste estudo sugerem que nos ultimos anos (de 2013 a 2019) as empresas com melhores praticas ambientais parecem beneficiar de custos de capital proprio mais baixos. Alem disso, as nossas estimativas indicam que essa relacao entre desempenho sustentavel e custo de capital proprio parece ser mais evidente em setores em que a materialidade (relevancia economica) das questoes ambientais, sociais e governativas esta acima da media.No entanto, focando a atencao no tercil superior da distribuicao das pontuacoes que refletem o desempenho das empresas em termos de sustentabilidade, os resultados indicam que desempenhos extraordinarios aparentam estar associados a um custo de capital mais elevado, o que esta em linha com a ideia de que, a partir de certo ponto, comecam a surgir duvidas acerca da rentabilidade e proposito de certos investimentos.Este estudo contribui para a literatura em tres vertentes. Primeiro, e baseado no contexto europeu enquanto que a maioria da pesquisa nesta materia e baseada em amostras americanas ou internacionais. Segundo, contribui por considerar anos mais recentes. Finalmente, acrescenta novas perspetivas nao so por comparar praticas empresariais de sustentabilidade com perfis opostos, mas tambem por ter em conta aspetos acerca da materialidade dessas mesmas praticas. O estudo termina com recomendacoes praticas assentes nestes resultados.
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