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dc.contributor.author
Lazopoulou, Aikaterina
en
dc.date.accessioned
2021-09-29T10:37:16Z
dc.date.available
2021-09-29T10:37:16Z
dc.date.issued
2021-09-29
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/29905
dc.rights
Default License
dc.subject
Market valuation
en
dc.subject
Environmental social governance
en
dc.subject
Stakeholder theory
en
dc.subject
Agency theory
en
dc.title
The valuation relevance of ESG dimensions:
en
heal.type
masterThesis
en_US
heal.secondaryTitle
An empirical analysis of STOXX© Europe 600 index
en
heal.generalDescription
This study attempts to broaden our horizons in understanding whether there are any actual value creators among the multiple dimensions which compose the rating in ESG performance.
en
heal.dateAvailable
2021-06-29
heal.language
en
en_US
heal.access
free
en_US
heal.license
http://creativecommons.org/licenses/by-nc/4.0
en_US
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in International Accounting, Auditing and Financial Management
en_US
heal.publicationDate
2020-12-15
heal.abstract
This dissertation was written as part of the MSc in International Accounting, Auditing and Financial Management at the International Hellenic University. This study attempts to broaden our horizons in understanding whether there are any actual value creators among the multiple dimensions which compose the rating in ESG performance. Extant literature presents contradictory findings and questions the direction of the causality of the positive association between firm value and CSR performance. While other researchers focus basically on one dimension of CSR, namely the environment, we embrace a more aggregate approach and explore multiple dimensions concerning the corporate social governance performance of a company. Furthermore, this is the first study to our knowledge that examines whether there is a relation between the effective tax rate and the environmental, social, or financial performance. I provide an empirical analysis to corroborate my research by utilizing a sample of 1.429 firm-year observations of European corporations and by employing a linear-price model that correlates the market value of equity and the different aspects of ESG combined score. The findings of this study support that ESG performance has market valuation implications, while some ESG dimensions are more statistically significant than others. In addition, descriptive statistics evidence that energy-intensive industries, which are more strictly regulated, are more incentivized and perform better in particular ESG areas, such as resources use, emissions management, community impact and workforce safety and advancement.
en
heal.advisorName
Sikalidis, Alexandros
en
heal.committeeMemberName
Leventis, Stergios
en
heal.academicPublisher
IHU
en
heal.academicPublisherID
ihu
en_US
heal.temporalCoverage
2015-2019
en


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