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Is the Philosopher's Stone Green? An Event Study on Market Reactions to Green Initiatives in Listed Companies

Hembre, Jesper Nordgaard; Engen, Chrisander Kollen
Master thesis
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2940647 (1).pdf (3.051Mb)
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https://hdl.handle.net/11250/2827345
Utgivelsesdato
2021
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Samlinger
  • Master of Science [1116]
Sammendrag
This thesis aims to investigate whether shifts in ESG can be driven

by nancial incentives rather than sustainability itself by employing

an event study methodology. We rst analyse abnormal trading

volumes and nd that the shifts carry a signi cant weight. Next,

we investigate if the shifts carry any price impact by analysing abnormal

returns. We nd that only the more material shifts carry

a price impact from the abnormal return analysis. Lastly, we nd

that companies are improving their sustainable performance by

analysing the development in ESG ratings and pillar scores following

the shifts. We conclude that shifts in ESG are not driven by

the hypothesised nancial incentives, and that companies are improving

their sustainable performance after the announced shift.
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Masteroppgave(MSc) in Master of Science in Finance/(Financial Economics) - Handelshøyskolen BI,2021
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Handelshøyskolen BI

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