This study aims to identify whether a relationship between ESG performance and financial performance exists for Nordic publicly-listed companies, by conducting a multiple linear regression analysis. Also, it will be observed which (if any) ESG variables are of relevance. The regression analysis conducted in this study arrives at the conclusion that there is a relationship between ESG performance and financial performance. However, the models have low explanatory power, with Adjusted R^2 values of 0.36 for the accounting-based financial measure Return on Assets (ROA), and 0.30 for the market-based financial measure Tobin´s Q.In both the ROA and Tobin's Q model, social variables are the most significant. Supplier evaluation disclosure is the only variable that is highly significant and positively correlated to both ROA and Tobin's Q. Consistent with previous literature, our results show that female board participation is positively correlated with ROA. The results also show that ROA correlates negatively with compensation of board members and senior executives being linked to environmental and social factors. In conclusion, some variables were identified that are significant for financial performance. However, the overall explanatory power of the model is low. It is suggested that future studies adopt a materiality approach. / Denna studie syftar till att identifiera om det finns ett samband mellan ESG-prestanda och finansiell prestanda för nordiska börsnoterade företag genom att utföra en multipel linjär regression. Dessutom observeras vilka (ifall några alls) ESG-variabler som är relevanta. Regressionen som genomförts i denna studie drar slutsatsen att det finns en relation mellan ESG-prestanda och finansiell prestanda. Dock så har modellerna låg förklaringsgrad, med justerat R^2-värde på 0,36 för det redovisningsbaserade måttet "Return on Assets" (ROA) och 0,30 för det marknadsbaserade måttet "Tobin's Q". I både ROA- och Tobin's Q-modellerna är sociala variabler de mest signifikanta. Publicering av leverantörsutvärdering är den enda variabeln som är högt signifikant och positivt korrelerad med både ROA och Tobin's Q. I linje med tidigare litteratur visar våra resultat att andel kvinnor i styrelsen är positivt korrelerat med ROA. Resultaten visar också att ROA korrelerar negativt med kompensation av styrelseledamöter kopplat till miljö- och sociala faktorer. Allt som allt lyckades studien att identifiera vissa ESG variabler som är signifikanta för finansiell prestanda. Dock så förblir förklaringsgraden av modellen i sin helhet låg. Därför föreslås det att framtida studier lägger fokus på materialitet.

Using 1980 - 2012 annual data, the study empirically investigates the dynamic relationship between financial development and economic growth in three developing countries (South Africa, Brazil and Kenya) and three developed countries (United States of America, United Kingdom and Australia). The study was motivated by the current debate regarding the role of financial development in the economic growth process, and their causal relationship. The debate centres on whether financial development impacts positively or negatively on economic growth and whether it Granger-causes economic growth or vice versa. To this end, two models have been used. In Model 1 the impact of bank- and market-based financial development on economic growth is examined, while in Model 2 it is the causality between the two that is explored. Using the autoregressive distributed lag (ARDL) bounds testing approach to cointegration and error-correction based causality test, the results were found to differ from country to country and over time. These results were also found to be sensitive to the financial development proxy used. Based on Model 1, the study found that the impact of bank-based financial development on economic growth is positive in South Africa and the USA, but negative in the U.K – and neither positive nor negative in Kenya. Elsewhere the results were inconclusive. Market-based financial development was found to impact positively in Kenya, USA and the UK but not in the remaining countries. Based on Model 2, the study found that bank-based financial development Granger-causes economic growth in the UK, while in Brazil they Granger-cause each other. However, in South Africa, Kenya and USA no causal relationship was found. In Australia the results were inconclusive. The study also found that in the short run, market-based financial development Granger-causes economic growth in the USA but that in South Africa and Brazil, the reverse applies. On the other hand bidirectional causality was found to prevail in Kenya in the same period. / Economics / DCOM (Economics)

This dissertation describes the manner by which a multinational corporation (MNC) enacts a market-based logic with a locally embedded partner in a complex and unfamiliar operating setting to fulfil both business and social objectives. It examines a hybrid partnership between BP, an MNC, and SSP, a rural Indian non-governmental organisation (NGO). Together, the organisations trained rural women, who were affiliated with SSP, as agents to distribute and sell BP’s ‘smokeless’ cookstoves and fuel pellets to households who cook on smoky firewood stoves. The research draws on two theories—neo-institutional organizational theory and real markets theory—to examine the process by which logics are aligned across partners and projected and translated into the rural Indian exchange setting. It constructs a four-actor model (MNC, NGO, agent, customer) to explore the exchange relationships between the actors at the meso- and micro-levels. At the meso-level, it explains how the MNC and NGO’s non-aligned logics, asymmetric power dynamics, and lack of mutual trust contribute to the venture’s failure. In addition, the NGO was so determined to succeed as a professional, market-driven, channel partner that it shed part of its identity as a civil advocacy organisation and adopted mainstream commercial practices that were not sensitive to the needs of its local stakeholders. At the micro-level, the partners did not come to a common understanding with the agents regarding the cultural challenges they faced marketing the stove. Moreover, the marketing strategy glossed over the multi-layered social relationships and culinary, behavioural, and religious practices that needed to be translated for the technology to meet the needs of consumers. Using gritty ethnographic data, the dissertation highlights a challenge that large, foreign companies face when entering ‘Base of the Pyramid’ markets, namely the inconsistency between the MNC’s market logic and the wider associational logics that motivate village agents and customers.

L'approche sectorielle consiste à envisager la limitation ou la réduction des émissions mondiales de gaz à effet de serre secteur par secteur. Une telle approche implique un changement de paradigme par rapport à l'approche dominante de la diplomatie climatique qui s'articule principalement autour d'engagements portant sur l'ensemble de l'économie des différents Etats Parties. La principale question à laquelle tente de répondre la présente thèse de doctorat est de déterminer de quelle manière et sous quelles conditions la diplomatie climatique pourrait s'appuyer sur une approche sectorielle pour accroître l'efficacité des efforts internationaux de lutte contre les changements climatiques. Il s'agit de déterminer si la généralisation de démarches, de politiques, d'actions ou de mesures par secteur pourrait permettre de réduire substantiellement et au moindre coût les émissions de gaz à effet de serre. Pour ce faire, de nombreuses pistes de réflexions sont envisagées : des négociations distinctes au sein d'organisations internationales spécialisées, des initiatives sectorielles volontaires, des partenariats internationaux, des démarches sectorielles et autres mesures par secteurs concertées, des mécanismes sectoriels fondés sur le marché. Dans chaque cas de figure, il s'agit d'examiner dans quels secteurs, mais également autour de quelles parties prenantes et à partir de quels mécanismes, des démarches sectorielles pourraient concrètement émerger / Sectoral approaches refer to a series of new proposals, which focuses on the limitation of world greenhouse gas emission on a sector-by-sector basis. Thess approaches relie on a change of paradigm with regard to the dominant approach of the international climate regime, which is based upon an economy-wide approach towards GHG emissions. The main issue addressed by this PhD dissertation is to clarify how and under which conditions a sectoral approach could efficiently and effectively contribute to the reduction of global greenhouse gas emissions. Could sector-specific initiatives, policies, actions and measures practically reduce GHG emissions at the lowest cost? In which sectors? Involving which stakeholders? Relying on which legal, economic or financial instruments? A sectoral approach could potentially be implemented through different legal/economic/financial means: separated sectoral negotiations within specialised international organisations, voluntary sectoral initiatives, international sector-based partnerships, cooperative approaches and sector-specific actions and/or sectoral market-based mechanisms. Subsequently, this dissertation evaluates the relevance and the practical feasibility of various sector-based proposals during the first period of commitment and beyond 2012

The study examines the dynamic relationship between financial development and investment in three Southern African countries (Botswana, South Africa and Mauritius) during the period 1976 – 2014 using annual data. The motivation for selecting these countries is mainly based on their different characteristics in their economic and financial structure. Employing the Autoregressive Distributed Lag (ARDL) bounds test approach, the study examines the role of financial development in boosting investment; and the causal relationship between financial development and investment. The study makes use of composite financial development indices and divides financial development into bank-based and market-based financial development. In addition, both the impact of bank- and market-based financial development on investment, on the one hand; and the causality between bank- and market-based financial development and investment, on the other, were examined within the flexible accelerator model/framework. For both models, both bank-based and market-based financial development are assumed as having an accelerator-enhancing effect on investment. Empirical results show that, for Botswana, the impact of bank-based financial development on investment is positive in both the short run and the long run while no impact of market-based financial development is found for both periods. For South Africa, the effect of bank-based financial development on investment is found to be negative in the short run and has no impact in the long run. However, market-based financial development has only a positive effect on investment in the long run. For Mauritius, market-based financial development is the only type of financial development found to have a significant positive effect on investment, and only, in the short run. The results of the causality test show that: for Mauritius, both bank-based and market-based financial development tend to drive investment, both in the short run and in the long run; while- in South Africa, investment drives both bank-based and market-based financial development only in the short run. In Botswana, bank-based and market-based financial development and investment drive each other in the short run while investment tends to only drive bank-based financial development in the long run. Therefore, all three countries show differing results and tend to confirm that there are inter-country differences that determine the relationship between investment and financial development. The inter-country differences maybe as a result of the different stages of financial and economic development for each country. / Economics / D. Phil. (Economics)

<p>The Lake Bosomtwe impact crater is located in the Ashanti region of Ghana, West Africa. The impact crater diameter from rim to rim is approximately 10.5 km wide with a lake located at the center. Three different districts touch the lake containing 155,000 hectacres of land. There are approximately 7,500 people from 24 villages, and 12 of those villages reside within walking distance of the lake shore. Within the last ten years, the lake has been subjected to overfishing and environmental degradation. The health of the lake has declined due to overfishing and algae blooms caused by improper fertilization rates. Because of these factors, residents of the area have been forced to transition to subsidence farming as their main vocation. According to the Ghana Statistical Service group, 97.6% of the population participates in some form of rural crop farming (Ghana Statistical Service, 2010). Experience with common practices such as crop rotation, fertilizer use, and erosion control is extremely limited. The lake has not been recommended for recreational use due to the excess runoff in the form of agrochemicals, liquid, and organic waste. Caged aquaculture and traditional fishing within Lake Bosomtwe is currently illegal.</p><p><br></p><p>A comprehensive Institutional Review Board (IRB) survey was developed for the six primary research questions to be examined. From these six research questions, 147 specific questions were developed. Three of the 147 questions were to obtain Global Positioning System (GPS) data for community households, pit latrines, and water wells or boreholes. This study sought to interview 10-15 farmers per village, for each of the 12 villages located along the shore of Lake Bosomtwe of their perspective on land use change/cover in the Lake Bosomtwe area, current farming practices, current water sanitation and hygiene practices, and current fishing practices. These surveys were collected in the form of oral responses, for which 118 small-holder farmers were interviewed. Of the participants surveyed, 66% were qualified to answer all questions, and 100% of participants completed the survey.</p><p><br></p><p>Some specific statistical tests were conducted based of market assessment survey. It was determined that no association between gender and level of education existed. Meaning, that female participants interviewed have just as many opportunities as male participants to pursue education beyond Junior High School (JHS). Yield averages between the villages on the north side of the lake with road access and villages on the southern portion of the lake with limited to no road access were determined to be significantly different. It was determined that road access does affect village yield. When comparing average usable yields between villages located on the northern side of the lake with road access or between villages on the southern side of the lake with limited to no road access, these results were not statistically significant. No significant difference in the scores for villages with road access on the northern side of the lake and villages with limited to no road access on the southern side of the lake existed. Therefore, road access does not affect village usable yield. Through statistical analysis an association was determined between people who practice bathing and washing in the lake and those who practice fishing as a form of livelihood.</p><p><br></p><p>Four decision matrices were created to prioritize the following items: Farm Components, technologies to showcase at an appropriate technology center, improved farming practices to showcase through Demonstration Plots, and extension outreach topics. The top three results for the Farm Components were: Appropriate Technology Center (ATC), Demonstration Plots, and a Micro-Credit Union. The top three technologies to showcase as part of the ATC are: PICS Bags, Moisture Meters, and Above-Ground Aquaculture. The three demonstration plots recommended terracing/erosion control, crop rotation, and cover crops. The highest priority extension outreach topics were: basic home/farm finance, improving health through washing stations, and post-harvest loss prevention. The top three priorities of each decision matrix will be the focus of further study, so that these topics can be developed and programs focusing on these needs can be implemented in collaboration with the community partners.</p>

Using 1980 - 2012 annual data, the study empirically investigates the dynamic relationship between financial development and economic growth in three developing countries (South Africa, Brazil and Kenya) and three developed countries (United States of America, United Kingdom and Australia). The study was motivated by the current debate regarding the role of financial development in the economic growth process, and their causal relationship. The debate centres on whether financial development impacts positively or negatively on economic growth and whether it Granger-causes economic growth or vice versa. To this end, two models have been used. In Model 1 the impact of bank- and market-based financial development on economic growth is examined, while in Model 2 it is the causality between the two that is explored. Using the autoregressive distributed lag (ARDL) bounds testing approach to cointegration and error-correction based causality test, the results were found to differ from country to country and over time. These results were also found to be sensitive to the financial development proxy used. Based on Model 1, the study found that the impact of bank-based financial development on economic growth is positive in South Africa and the USA, but negative in the U.K – and neither positive nor negative in Kenya. Elsewhere the results were inconclusive. Market-based financial development was found to impact positively in Kenya, USA and the UK but not in the remaining countries. Based on Model 2, the study found that bank-based financial development Granger-causes economic growth in the UK, while in Brazil they Granger-cause each other. However, in South Africa, Kenya and USA no causal relationship was found. In Australia the results were inconclusive. The study also found that in the short run, market-based financial development Granger-causes economic growth in the USA but that in South Africa and Brazil, the reverse applies. On the other hand bidirectional causality was found to prevail in Kenya in the same period. / Economics / D. Com. (Economics)

L’objectif de cette étude est d’appréhender, à travers l’exemple du système européen d’échange des quotas d’émission de gaz à effet de serre, les conditions d’efficacité d’un instrument particulier de réalisation du développement durable : la technique de marché. Définie comme un instrument de police consistant en la poursuite d’un objectif de politique publique, préalablement défini par les pouvoirs publics, au moyen de la création volontaire d’un marché, c’est-à-dire l’organisation d’échanges d’« unités » entre opérateurs économiques, la technique de marché est utilisée de manière privilégiée en matière environnementale. La création ex nihilo d’un marché pour protéger l’environnement ne doit pas induire en erreur : la technique de marché ne conduit pas à une substitution de la liberté à la puissance publique. Au contraire, la technique de marché n’est efficace que si elle est sous-tendue par une action publique forte. Une intervention permanente – au stade de l’élaboration et de la mise en oeuvre de cet instrument – et multiforme – au niveau international, régional et national – de la puissance publique est nécessaire. La « main invisible » du marché ne produit ses effets que grâce à la « main visible » de la puissance publique. / By taking the example of the European Union emission trading system, the objective of the present study is to understand the conditions of effectiveness of a specific tool: the market-based instrument. Market-based instrument is defined as a tool of policing aiming at the achievement of a public policy objective (pre-established by public authorities) with the creation of a market, i.e. the organisation of exchanges of “units” between economic operators. This tool is widely used in environmental law. The ex nihilo creation of a market in order to protect the environment must not mislead: the market-based instrument does not lead to a shift from public action to freedom. To the contrary, the effectiveness of the market-based instrument depends on a strong public action. A permanent (i.e. both during the preparation and the implementation of this tool) and multifaceted (i.e. at international, regional and national levels) public intervention is therefore required. The “invisible hand” of the market could only be effective with the “visible hand” of public authorities.

Diploma thesis deals with the procedures for valuation of property according to the methodologies used by banks UniCredit Bank and ČSOB. This diploma thesis describes the principles of valuation of assets. In this thesis there are mentioned basic concepts of banking. It carries out a detailed analysis, description and comparison of selected valuation methodologies used by banks and methodologies used in appraiser´s work, who prepares evaluations for banking institutions. Based on the findings an analysis of the different methodologies is made.

This study emanates from the worldwide issue of climate change, as well as the need for all nations to make an effort to reduce their carbon emissions and move towards greener economies. It delves into South Africa's current command-and-control environmental enforcement regime and highlights the pitfalls that allow major air polluters to avoid sanction of any form in many instances. This poor environmental enforcement and compliance effectively means that South Africa is unlikely to be capable of meeting targets set under international agreements. The study confirms that environmental enforcement is inadequately addressed in South Africa. This is attributable to the inherent shortcomings of command-and-control approaches, including that they are inflexible and offer few incentives for firms to modify behaviour to reduce emissions. Poor enforcement of environmental legislation results in negative externalities caused by air pollution being borne by people who did not create such pollution. The study therefore advocates the use of market-based mechanisms as an alternative to traditional command-and-control approaches to environmental enforcement. In light of the South African government's recent publication of the Draft Carbon Tax Bill, carbon taxes as a subset of market-based environmental enforcement mechanisms have the potential to better enforce the polluter pays principle. Mexico, arguably the most forward-thinking developing nation in terms of climate change mitigation, has taken numerous steps towards meeting international commitments, including the implementation of a carbon tax. While South Africa's proposed carbon tax does differ from Mexico's in some respects, the basic premise remains the same and some comparisons can be made in this regard, with accompanying lessons to be learned. Such lessons include that it is imperative that the carbon tax must be set at a high enough rate to meet international commitments whilst at the same time avoiding adverse economic effects, maintaining social welfare and stabilising economic output levels. The proposed carbon tax, while unable to achieve this on its own, is a good place to start and should be utilised in conjunction with the Draft Climate Change Bill to effectively and efficaciously bring about the required change. The proposed carbon tax undoubtedly has the potential to better hold major air polluters responsible for their CO2 and other GHG emissions. / Private Law / LL. M.