I dagsläget står vår omvärld inför flertal utmaningar utifrån ett miljö- och socialt perspektiv. En effekt av detta är att efterfrågan av hållbara investeringsalternativ har ökat hos privatpersoner. I takt med att medvetenheten om hur privatpersoners investeringar kan bidra till en förbättrad omvärld har andelen svenska människor som söker investeringar i hållbara fonder ökat. Genom att investera pengar i hållbara fonder kan privatpersoner påverka hur företag arbetar ur ett miljö- och socialt perspektiv. Hållbara fonder söker investeringsalternativ som leder till en positiv klimatpåverkan och social påverkan genom ett långsiktigt värdeskapande. Information om hur hållbara fondbolag går till väga för att identifiera och investera i hållbara alternativ är dock bristande vilket kan leda till att privatpersoner inte vet hur deras pengar hanteras utav fondbolagen vid val av investeringar. Denna studie har som syfte att beskriva och analysera vilka investeringsstrategier svenska fondbolag använder för att identifiera hållbara investeringar. Studien har anpassat en kvalitativ metod och, med hjälp av fyra semistrukturerade intervjuer med svenska fondbolag, samlat in data avseende hur de går till väga innan, under och efter investeringsbeslut. Studiens slutsats är att fondbolagen använder negativ- och positiv screening baserat på ESG-kriterier för att identifiera hållbara investeringsalternativ. Efter det att fondbolagen har investerat i ett företag använder fondbolagen olika former av engagemang för att säkerställa att investeringen fortsatt förblir hållbar. / The global community is currently facing various environmental and social challenges, leading to an increased demand for sustainable investment options among private individuals. In response, the proportion of Swedish individuals seeking sustainable investment options has grown. This study describes and analyzes the investment strategies used by Swedish fund companies to identify sustainable investments. A qualitative method was applied and included four semi-structured interviews with Swedish fund companies. The results indicate that fund companies use negative and positive screening based on ESG criteria to identify sustainable investment opportunities and employ various forms of engagement to ensure the sustainability of the investment. This study contributes to the understanding of how fund companies identify sustainable investments and can inform private individuals on the processes used by such companies.

This thesis contributes to the currently still sprawling literature on the force of sustainable investing together with the “Big Five” personality structure (Openness to Experience, Conscientiousness, Extraversion, Agreeableness and Neuroticism). By investigating which personality trait, based on the Big Five personality taxonomy, that was willing to exchange revenue for a higher ESG rating in a hypothetical investment fund, we were able to determine when private investors were willing to pay more for a more sustainable investment. We use new data from our own questionnaire where the respondents are adult individuals residing in Sweden who has invested in the stock market. The data was analyzed with an econometric approach and for the regression ordinary least square and tobit was used. The results revealed that two personality traits (conscientiousness and agreeableness) tended to be less interested in sustainable investments, as they were not willing to pay for a fund with a higher ESG rating, unlike Openness to Experience, where the willingness to pay was high. The other two traits also showed a positive relationship and thus willingness to trade revenue for sustainability. This thesis contributes to the knowledge on how the personality of the private investors can motivate investment decisions and the preference of companies they invest in.

Environmental, Social and Governance (ESG) integration in financial activities is a crucial topic that is gaining importance in financial markets. During the years, many studies have been conducted about Initial Public Offering (IPO) and underpricing since they are fundamental aspects of firms’ lifecycle. Nevertheless, none of these studies have appropriately related firms’ ESG characteristics to IPO underpricing. In order to fill this knowledge gap, this thesis’s purpose is to investigate whether the ESG factors of a firm have effects on its IPO underpricing in the U.S stock market. The U.S has been chosen as it is the biggest stock market in the world and because of the quality and reliability of the data available for this country.  A quantitative study is applied to investigate the relationship between ESG characteristics of the firms and the level of underpricing. First, to obtain the measurement of the ESG level of the pre-IPO firms, we have conducted two textual analysis of IPO prospectus, namely, term frequency and sentiment analysis. These indicators aim to show the disclosure level of ESG factors and whenever ESG is perceived negatively or positively by the market. Successively, the multiple regression is performed for each ESG indicator to find which measures have the analytical abilities to explain IPO underpricing. Based on the multiple regression results, we can conclude that the frequency of environmental & governance terms occurred in IPO prospectus, the negative tone, and the overall sentiment of the environmental context are significantly explaining IPO underpricing. These results have given meaningful answers for our research. The market does not perceive the social factors of a firm in the IPO context. On the other hand, environmental and governance aspects still attract the market’s attention in different ways. The market is concerned about the disclosure level of the governance activities and whether these activities are sufficiently mentioned in the prospectus. Meanwhile, the market takes into serious consideration the environmental activities of a firm by assessing the qualities of these activities. Moreover, the market is more sensitive to the negative information about environmental content than positive information in the IPO context. The textual analysis methods applied in this thesis have some limitations. However, this study has the reliability to confirm that some companies’ ESG factors affect IPO underpricing. As a consequence, it is possible to state that the market cares about  ESG issues.

Background: During recent years, the growing attention to environmental, social, and governance factors (ESG) as a recognized sustainability performance measurement has led to that corporate participation in sustainable development as one of the main concerns among stakeholders. The Nordic countries have been outstanding leaders in terms of sustainability for years and consistently ranked excellent on ESG scores. The role of ESG and its effect on value creation has been widely discussed by academics and stakeholders, but the results differ. Purpose: This thesis aims to study the relationship between ESG scores and a firm’s performance in terms of ROE in Nordic countries between 2020 to 2022 and investigate whether investing in environmental innovation strengthens or weakens the correlation between the two variables. The study uses both stakeholder and shareholder theories to explain the results. Method: The linear regression models were conducted on data collected from Thomson Reuters Eikon’s database (2023) between 2020-2022 on 150 firm observations and 450 firm-year observations to fulfil the study's purpose. Conclusion: The findings show a significant positive relationship between ESG scores and ROE, but environmental innovation weakened this relationship. The conclusions were drawn that Nordic firms which take more value into sustainability practices, especially ESG scores, enhance their financial performance, which is supported by the stakeholder theory. But firms with higher ESG, which invest more in environmental innovation, wouldn't pay off through better financial performance in the short run. Furthermore, the results from statistical models for two dummy variables, year, and country, indicate that the relationship between ESG scores and financial performance is neither significantly affected by time nor significantly by Nordic countries.

No description available.

This study investigates the integration of Environmental, Social, and Governance (ESG) priorities into Employer Value Propositions (EVPs) within the context of higher education institutions, specifically focusing on Swedish universities. The research aims to explore how ESG priorities are perceived and experienced by faculty and staff, and how these priorities align with employees' personal values and expectations. By addressing this gap, the study seeks to understand the impact of ESG integration on employee perceptions and the overall attractiveness of the university as an employer.The study employs a qualitative methodology, utilizing in-depth semi-structured interviews with faculty and staff members across multiple campuses of Luleå University of Technology (LTU). The interviews provide rich, contextual insights into the participants' views on the university’s ESG initiatives, including comprehensive environmental programs, strong social responsibility efforts, and ethical governance practices, along with the effectiveness of communication strategies in conveying these priorities.The findings reveal that these ESG initiatives significantly influence employees' perceptions of their university’s commitment to sustainable and ethical practices. Specifically, the integration of ESG priorities not only enhances employees' sense of pride and commitment but also fosters a positive work culture when these initiatives align with their personal values and expectations. The study identifies key areas where ESG efforts can be strengthened to further align with employee values, thereby shaping a compelling EVP that attracts and retains environmentally, socially, and ethically conscious talent.Theoretical implications include enhanced stakeholder alignment, while practical implications highlight improved employee engagement and satisfaction through ESG initiatives. The research contributes to the existing literature by filling the gap regarding the qualitative exploration of ESG integration in EVPs within the higher education sector from an employee perspective. Furthermore, it offers practical recommendations for university administrators to effectively communicate and implement ESG priorities, ensuring alignment with employee expectations and enhancing overall organizational attractiveness.

Institutional Investors own a large share of publicly traded companies, controlling a significant amount of the economy‟s working capital. These investors currently use little or no sustainability-related information to make their decisions, reinforcing a loop of increasingly unsustainable growth. This paper puts forward a new investment strategy that recognizes true movement towards sustainability and its link with bottom line benefits for investors: Strategic Sustainable Investing (SSI). To achieve this desired future, Institutional Investors must be able to recognize corporations that are strategically leading the transition towards sustainability. An Analysis Tool was developed to help address this need by identifying sectoral Emerging Sustainability Issues (ESI) using a consensus-based scientific definition of sustainability. Once ESIs are identified, companies‟ strategies regarding each issue are assessed. This Tool was scrutinized by a panel of experts in the financial and sustainable development industries, and was tested on three companies within the Unconventional Oil & Gas Sector in Canada. Results confirmed the usefulness of a tool that can recognize which companies are leading the sustainable development agenda, and identified the need for future research on the financial materiality of sustainability-oriented actions.

With a growing risk of food insecurity in the face of extreme population growth, the world is in need of hands-on solutions that could combine a significant increase in food production while decreasing the effects of agriculture on the environment. Such a solution could be provided through cultivating staple crops in Indoor Vertical Farming facilities, however, due to its high expenses, these developments have stagnated, lacking financial support. As this financial support could be provided by Impact Investors, this thesis explores the relevance of non-financial factors and how they relate to the financial returns as well as how much it influences an Impact Investors decision to invest. The primary data was collected through a quantitative survey, including a fictional scenario based upon the cultivation of wheat in an Indoor Vertical Farming. The results were analyzed and interpreted through the lens of the Willingness to Pay concept and the Rational Choice Theory.The results showed that in the case of this study, the respondents were most willing to pay for the factors water, yield, and emissions. However, regardless of the positive impact of these factors, they lacked the influence to get them to commit to the presented scenario as they still prioritized financial returns as the base of decision. Lastly, another prominent driver behind the investors likelihood to invest was found to be age, where younger investors were much more likely to invest than the older respondents. / Med en ökande risk för livsmedelsosäkerhet parallellt med extrem befolkningstillväxt behöver världen praktiska lösningar som kan kombinera en betydande ökning av livsmedelsproduktionen utan ökad belastning på miljön från intensifierat jordbruk. En sådan lösning kan tillhandahållas genom odling av stapelgrödor i vertikala jordbruksanläggningar inomhus, men på grund av dess höga kostnader blir denna utveckling stagnerad på grund av saknat ekonomiskt stöd. I och med att en möjlig väg att säkra ekonomiska stöd kan tillhandahållas av Impact Investors undersöker denna avhandling relevansen av icke-finansiella faktorer och hur de relaterar till den finansiella avkastningen samt hur mycket det påverkar ett Impact Investors beslut att investera. De primära uppgifterna samlades in genom en kvantitativ enkätundersökning, baserat på ett fiktivt scenario om odling av vete i ett vertikalt jordbruk inomhus. Resultaten analyserades och tolkades genom perspektiven 'Willingness to Pay' och 'Rational Choice Theory'. Resultaten visade att respondenterna i den här studien var mest villiga att betala för faktorerna vatten, avkastning och utsläpp. Oavsett de positiva effekterna av dessa faktorer saknade de dock tillräckligt inflytande för att få investerarna att helt engagera sig i det presenterade scenariot eftersom de fortfarande prioriterade ekonomisk avkastning som främsta beslutsunderlag. Slutligen visade sig att en annan framstående drivkraft bakom investerarnas sannolikhet att investera var ålder, där yngre investerare var mycket mer benägna att investera än de äldre respondenterna.

This ethnographic study explores how various stakeholders perceive and experience the corporate social responsibility (CSR) environment in China, highlighting both its benefits and challenges. Since 2019, China has increasingly engaged in environmental and social initiatives, including the "2030 Peak Carbon Emissions" and "2060 Carbon Neutrality" plans, and has prioritized triple distribution as a national strategic framework for achieving shared prosperity goals. Many companies have responded actively to national policies by integrating CSR themes into their management systems and business strategies. However, there has been limited investigation into how the concept, guidelines, and measures of CSR are perceived and experienced by specific stakeholder groups in practical settings. Documenting the experiences of certain stakeholders in the early stages of rapid CSR development is crucial for informing government and organizational CSR initiatives, assessing policy plans, and providing valuable insights for future policy-making. This study employs an anthropological approach rarely used in CSR research. From 2021 to 2022, individual data was collected through participatory observation of CSR consulting firms and in-depth interviews with stakeholders in Shanghai. Starting from individual cases, the paper explores the complexity of individual thoughts and behaviors in CSR activities. A thinking map based on common characteristics was constructed based on the language used by respondents to describe how their world operates. The results indicate differences in CSR awareness among respondents, with state-owned enterprises seen as the main bearers of CSR. Government policies and mainstream trends significantly influence CSR practices, emphasizing the importance of government quality in establishing a trustworthy and capable social environment. The role of civil society in CSR needs to be further strengt hened, as the lack of conditions for organizational and individual participation in public policy -making undermines the significance of CSR in providing moral leadership. Some respondents express skepticism about the authenticity of CSR, primarily due to a lack of internal employee care culture, which is a key persuasive factor in stimulating employee interest in CSR.

Syfte: Ett växande intresse för CSR och dess betydelse lyfter fram rollen av bolagsstyrning. Bland annat ifrågasattes styrelsens roll i att utveckla strategier och uppfylla krav från diverse intressentgrupper. Frågan om finansiell prestation, eller tillgängligheten av finansiella resurser, kan påverka förhållandet mellan CSR och styrelseegenskaper har sällan undersökts tidigare. Syftet med denna studie är därmed uppdelat i två frågeställningar; den första delen undersöker hur styrelseegenskaperna påverkar CSR. Vidare behandlar den andra delen potentiella modererande effekter av finansiell prestation på förhållandet. Metod: Studien utgår från en positivistisk forskningsfilosofi och en tvärsnittsforskning som bygger på en kvantitativ strategi. Data inhämtades via Refinitiv Eikon om 433 börsnoterade nordiska bolag för året 2021. Behandling och analys av data genomfördes via SPSS; ett statistiskt mjukvaruprogram. Resultat & slutsats: Resultaten tyder på positiva och statistiskt signifikanta effekter av styrelsens storlek, andelen kvinnor i styrelsen respektive andelen oberoende styrelseledamöter på CSR. Likaså fanns ett positivt samband mellan CSR och finansiell prestation samt att påverkan av styrelsestorleken på CSR positivt stärks av finansiell prestation. Däremot indikeras att påverkan av andelen kvinnor i styrelsen respektive andelen oberoende styrelseledamöter på CSR försvagas av finansiell prestation.  Examensarbetets bidrag: Studiens resultat har praktiska och teoretiska bidrag. Studiens teoretiska bidrag avser resultatens tillägg i den nuvarande forskningen om förhållandet mellan CSR och styrelsen. Studiens empiriska resultat kan därmed användas för att bättre förstå hur styrelsesammansättningen kan uppmuntra ansvarsfullt beteende. Förslag till fortsatt forskning: Genom studiens resultat har vi kunnat föreslå tre ytterligare frågor för fortsatt undersökning. Den första frågan föreslår att VD:ns personlighet, engagemang och värderingar kan vara en närmare indikator på hur VD-dualitet kan påverka CSR. För det andra, föreslås vidare behandling av företagsbeteende mot CSR under olika ekonomiska förhållanden. Slutligen, har tidigare studier föreslagit vidare undersökning av interaktionseffekterna av styrelsens beståndsdelar för närmare indikation av en effektiv styrelsesammansättning. Syftet är att undersöka den gemensamma effekten av styrelsesammansättningen på CSR, till skillnad från att se hur enskilda egenskaper påverkar CSR. / Aim: The growing interest in corporate social responsibility and discussions of its importance inquired the role of corporate governance by numerous researchers. Specifically, the board has been highlighted as a pilar to developing strategies and maintaining the goals of diverse stakeholders. The role of financial performance, or the availability of slack financial resources, is a question rarely posed in its effects on the relation between the previously mentioned variables. The objective of this study is thereby divided into two inquiries; the first part investigates the effects of board characteristics on CSR, whereas the second part explores potential moderation effects of financial performance on the relationship.  Method: This study employs a positivistic research philosophy and cross-sectional research design based on a quantitative strategy. Data was collected through Refinitiv Eikon on 433 Nordic public firms for the year 2021. Processing and analysis of data was conducted through a statistical software program, SPSS.   Results & conclusions: Our findings suggest positive and statistically significant effects of board size, proportion of female board members and proportion of independent board members on CSR, respectively. Likewise, we find that financial performance has a positive effect on CSR and positively accentuates the effects of board size on CSR. Meaning that, higher financial performances positively influence firms’ level of CSP and accentuate the effects of board size on CSR. However, the effects of the proportion of female board members and proportion of independent board members are respectively weakened by firms’ financial performance. Contribution of the thesis: The findings of this study have practical and theoretical contributions. Theoretical contributions refer to our additions to the current research bank by providing more evidence on the effects of board characteristics on CSR. Practical contributions regard the empirical results given the limitations of the study, which can aid in understanding how specific board structures can encourage socially responsible behavior.  Suggestions for future research: Findings of the study inquired the role of three additional topics in relation to CSR. First, our insignificant results for CEO-duality is an additional indication to instead investigate the role of CEOs’ personalities and their engagement toward CSR-related questions, especially in institutional settings with coercive standards for socially responsible behaviors. Second, differences between fostering and declining economical/market conditions may result in re-prioritizations of goals and reformulations of CSR-strategies. Thereby inquiring if economic conditions may be a moderating factor in the relationship between CSR and financial performance. Third, researchers have suggested further investigation on the interaction effects between board characteristics due to their influence on one-and-another.