東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Sustainability in Finance - Real Efe...

Buchholz, Daniel.

Linked to FindBook

Google Book

Amazon

博客來

Sustainability in Finance - Real Efects and Capital Market Consequences.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Sustainability in Finance - Real Efects and Capital Market Consequences./
Author:	Buchholz, Daniel.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2023,
Description:	143 p.
Notes:	Source: Dissertations Abstracts International, Volume: 85-08, Section: B.
Contained By:	Dissertations Abstracts International85-08B.
Subject:	Climate change. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30779850
ISBN:	9798381456950

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

Sustainability in Finance - Real Efects and Capital Market Consequences. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 143 p.

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

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

In recent years, organizations such as the World Economic Forum (WEF) have identied 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, rms, 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 reected in ongoing regulation on non-nancial reporting, especially within the European Union (Fiechter et al., 2022). Similarly, the attention of scientic research in accounting and nance has also shifted towards sustainability.While the rst 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 benet from engaging in ESG. For example, strong ESG performance provides a shielding eect 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 prot-maximizing companies and investors. Overall, there is ample evidence that the pursuit of ESG objectives can have direct implications for rms' nancial performance.With this increasing interest of academia and practitioners, the topic of sustainable nance 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 rst place (Berg et al., 2022). As a consequence, some scholars have called for the analysis of specic 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 rst 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, aected by changes in the sustainability eorts of their portfolio companies and, on the other, how institutional investors can themselves induce such changes on a rm level.

ISBN: 9798381456950Subjects--Topical Terms:

2079509
Climate change.

Sustainability in Finance - Real Efects and Capital Market Consequences.
LDR:04826nmm a2200361 4500 001 2402163
005 20241028051442.5
006 m o d
007 cr#unu||||||||
008 251215s2023 ||||||||||||||||| ||eng d
020 $a 9798381456950
035 $a (MiAaPQ)AAI30779850
035 $a (MiAaPQ)Hamburg10379
035 $a AAI30779850
035 $a 2402163
040 $a MiAaPQ $c MiAaPQ
100 1 $a Buchholz, Daniel. $3 3772382
245 1 0 $a Sustainability in Finance - Real Efects and Capital Market Consequences.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2023
300 $a 143 p.
500 $a Source: Dissertations Abstracts International, Volume: 85-08, Section: B.
500 $a Advisor: Bassen, Alexander;Lopatta, Kerstin.
502 $a Thesis (Ph.D.)--Universitaet Hamburg (Germany), 2023.
520 $a In recent years, organizations such as the World Economic Forum (WEF) have identied 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, rms, 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 reected in ongoing regulation on non-nancial reporting, especially within the European Union (Fiechter et al., 2022). Similarly, the attention of scientic research in accounting and nance has also shifted towards sustainability.While the rst 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 benet from engaging in ESG. For example, strong ESG performance provides a shielding eect 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 prot-maximizing companies and investors. Overall, there is ample evidence that the pursuit of ESG objectives can have direct implications for rms' nancial performance.With this increasing interest of academia and practitioners, the topic of sustainable nance 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 rst place (Berg et al., 2022). As a consequence, some scholars have called for the analysis of specic 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 rst 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, aected by changes in the sustainability eorts of their portfolio companies and, on the other, how institutional investors can themselves induce such changes on a rm level.
590 $a School code: 0661.
650 4 $a Climate change. $2 bicssc $3 2079509
650 4 $a Litigation. $3 3564647
650 4 $a Sustainability. $3 1029978
650 4 $a Mining. $3 3544442
690 $a 0640
690 $a 0404
690 $a 0454
690 $a 0551
710 2 $a Universitaet Hamburg (Germany). $3 3697674
773 0 $t Dissertations Abstracts International $g 85-08B.
790 $a 0661
791 $a Ph.D.
792 $a 2023
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30779850