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Government owned firms’ emphasis on ESG

Senkova, Tatiana Aleksandrovna; Earnest, Steffy
Master thesis
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URI
https://hdl.handle.net/11250/2688514
Date
2020
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  • Master of Science [963]
Abstract
We investigate 489 firms’ emphasis on ESG during the period from 2009 to 2018.

We expand existing research by investigating the impact of government ownership

on a firm’s ESG scores. We find that government ownership causes ESG scores to

be significantly higher in the year 2009 in comparison to firms that do not have

government ownership. However, this significant difference between ESG scores

of government owned firms and non-government owned firms is reduced by the

year 2018 as a result of convergence of their scores. Furthermore, we find evidence

that for a given government owned firm, an increase in ESG score causes a positive

movement in financial performance (Tobin’s Q). We also establish evidence of

bidirectional causality between ESG and Tobin’s Q. Lastly, we document that

should both government owned and non-government owned firms be exposed to a

single industry-specific factor, the upward trend in ESG score is similar for both

groups. Our results collectively indicate that government owned firms are ahead of

their non-government counterparts in their ESG focus.
Description
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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