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The Environmental and Financial Performance of European Green Energy Investments.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The Environmental and Financial Performance of European Green Energy Investments./
作者:	Andrade, Nuno Miguel Santos.
面頁冊數:	1 online resource (75 pages)
附註:	Source: Dissertations Abstracts International, Volume: 83-04, Section: B.
Contained By:	Dissertations Abstracts International83-04B.
標題:	Investments. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28784468click for full text (PQDT)
ISBN:	9798480626759

The Environmental and Financial Performance of European Green Energy Investments.
Andrade, Nuno Miguel Santos.

The Environmental and Financial Performance of European Green Energy Investments. - 1 online resource (75 pages)

Source: Dissertations Abstracts International, Volume: 83-04, Section: B.

Thesis (Master's)--Universidade do Minho (Portugal), 2020.

Includes bibliographical references

This paper addresses the relationship between environmental and financial performance of energy companies. For this purpose, we compare the performance of green energy portfolios of European stocks compared to their non-green counterparts from 2009 to 2018. Furthermore, we form portfolios based on the dimensions of the Environmental ASSET4 ESG pillar, namely the Environmental Pillar, Emission Reduction, Resource Reduction and Product Innovation dimensions and compare the performance of high-rated portfolios against low-rated portfolios.Our results show that, for the most part, green energy portfolios are very similar to non-green portfolios in terms of performance, with most of our results not showing any statistical difference between green and non-green portfolios. However, when analyzing performance across different sub-periods, namely from 2009 to 2013 and 2014 to 2018, we observe an improvement in abnormal returns. These results suggest that, over time, the performance of green stocks improved but these improvements are not enough to outperform that of non-green portfolios.Regarding the ranked-based portfolios, the results show that, overall, high-rated and low-rated portfolios perform similarly but, when considering a 50% cut-off and when using a sector benchmark (the MSCI Energy EU), as well as in the 2014 to 2018 subperiod, the high-rated portfolio formed on the Resource Reduction dimension significantly outperforms the low-rated portfolio.Overall, our results suggest that investors will not suffer financial penalties by forming portfolios based on green energy screening.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2023

Mode of access: World Wide Web

ISBN: 9798480626759Subjects--Topical Terms:

566987
Investments.
Index Terms--Genre/Form:

542853
Electronic books.

The Environmental and Financial Performance of European Green Energy Investments.
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502 $a Thesis (Master's)--Universidade do Minho (Portugal), 2020.
504 $a Includes bibliographical references
520 $a This paper addresses the relationship between environmental and financial performance of energy companies. For this purpose, we compare the performance of green energy portfolios of European stocks compared to their non-green counterparts from 2009 to 2018. Furthermore, we form portfolios based on the dimensions of the Environmental ASSET4 ESG pillar, namely the Environmental Pillar, Emission Reduction, Resource Reduction and Product Innovation dimensions and compare the performance of high-rated portfolios against low-rated portfolios.Our results show that, for the most part, green energy portfolios are very similar to non-green portfolios in terms of performance, with most of our results not showing any statistical difference between green and non-green portfolios. However, when analyzing performance across different sub-periods, namely from 2009 to 2013 and 2014 to 2018, we observe an improvement in abnormal returns. These results suggest that, over time, the performance of green stocks improved but these improvements are not enough to outperform that of non-green portfolios.Regarding the ranked-based portfolios, the results show that, overall, high-rated and low-rated portfolios perform similarly but, when considering a 50% cut-off and when using a sector benchmark (the MSCI Energy EU), as well as in the 2014 to 2018 subperiod, the high-rated portfolio formed on the Resource Reduction dimension significantly outperforms the low-rated portfolio.Overall, our results suggest that investors will not suffer financial penalties by forming portfolios based on green energy screening.
520 $a Este estudo investiga a relacao entre o desempenho financeiro e ambiental de empresas de energia na Europa. Com este objetivo, comparamos o desempenho de carteiras de energia verde com carteiras de energia nao verde no periodo de 2009 a 2018. De forma a comparar o desempenho ambiental com o desempenho financeiro, criamos carteiras baseadas nas dimensoes do "Environmental ASSET4 ESG pillar", nomeadamente as dimensoes Ambiental, Reducao de emissoes, Reducao de recursos e Inovacao de produto.Os nossos resultados mostram que, na maioria dos casos, as carteiras de energia verde sao muito semelhantes as carteiras de energia nao verde em termos de desempenho financeiro, nao havendo na maioria dos casos diferenca estatisticamente significativas. No entanto, ao analisar o desempenho dos subperiodos (de 2009 a 2013 e 2014 a 2018), observamos uma melhoria do desempenho. Estes resultados sugerem que, ao longo do tempo, o desempenho financeiro das acoes verdes melhoraram, embora nao o suficiente para superar de forma significativa as carteiras de acoes nao verdes.Considerando as carteiras baseadas na classificacao ESG, na sua maioria, os nossos resultados mostram que as carteiras "high-rated" e "low-rated" tem um desempenho semelhante, mas quando consideramos um "cut-off" de 50% e o indice do sector de energia (MSCI Energy EU), e tambem o subperiodo de 2014 a 2018, a carteira "highrated" formada na dimensao de Reducao de recursos supera em termos financeiros a carteira "low-rated".No geral, os nossos resultados sugerem que os investidores nao sofrem qualquer tipo de penalizacoes financeiras ao formar carteiras baseadas em criterios de energia verde.
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