Sustainability is a broad concept where sustainability factors have become more fundamental during the recent years. However, the importance of these factors has not been as central when explaining stock returns. Thus, we perform this study with the aim to investigate the relationship between sustainability factors and financial performance. Specifically, by investigating the relationship between environmental, social and governance (ESG) variables and risk premiums. This is evaluated during the period 2014 to 2021, based on stocks included in the MSCI ACWI index. The explanatory variables are used as different levels of sustainability factors, where they reach from ESG scores at the top, down to raw data points at the bottom. To investigate this relation, Panel regression is used, which is a common method when analyzing data including both time series and cross-sectional data. Further, we evaluate if the dependencies vary across sectors, different market performance periods, time periods, and geographical regions. The results obtained show a clear general trend, that sustainability factors have had a positive impact on financial performance. However, this result diverges depending on sectors, time periods, regions, and market performance. Further, we see an increasingly positive effect from sustainability factors over time, and differences arise when analyzing individual sectors. To sum up, from results, we can not conclude that highly ranked companies, in the shape of ESG scores, have yielded higher risk premiums over the observed period.  Based on that the relation has diverged during different time periods, which implies that further outcomes become more unreliable. The relationship between sustainability factors and financial performance is not the same in all sectors, which opposes the general result. We recommend that investors should be aware when investing sustainably because sectors and time periods have a great impact on potential outcomes. / Hållbarhet är ett väldigt brett begrepp, där flertalet hållbarhetsfaktorer under senaste åren har fått en större betydelse inom finans. Hållbarhetsfaktorer är dock oftast inte lika centralt när det kommer till att förklara avkastning. Därför genomförs denna studie för att undersöka relationen mellan hållbarhetfaktorer och finansiell prestationsförmåga, mer specifikt genom att undersöka sambandet mellan ESG variabler och riskpremier, vilket undersöks under perioden 2014 till 2021 på företag som är inkluderade i MSCI ACWI index. Som förklarande variabler används olika nivåer av hållbarhetsfaktorer, där skalan sträcker sig från sammanvägda poäng högst upp till rådatapunkter längst ner. För att undersöka denna relation används Panel regression, vilket är vanligt förekommande i studier som undersöker data som innehåller både tidsserier samt tvärsektioner, vilket även kallas för Panel data. Vidare undersöker även studien ifall detta samband varierar beroende på sektorer, geografiska regioner, tidsperioder och olika marknadsfaser. De erhållna resultaten visar en tydlig generell linje, att hållbarhetsfaktorer har haft en positiv påverkan på finansiell prestanda. Dock uppstår divergenser beroende på vilken tidsperiod, region och marknadsprestanda och sektor som analyseras. Resultatet påvisar att den positiva effekten från hållbarhetsfaktorer ökar över tiden, samt att den uppstår tydliga skillnader beroende på vilken sektor som analyseras. Slutligen, från resultatet, kan vi inte dra slutsatsen att högt rankade företag, i form av ESG scores, har generellt generat högre riskpremier under den observerade tidsperioden. Detta baserat på att hållbarhetsfaktorers påverkan har divergerat över den observerade tidsperioden, vilket betyder att framtida utfall blir mer oberäkneliga. Samtidigt är relationen mellan hållbarhetsfaktorer och finansiell prestanda inte den samma över sektorer, vilket går emot det generella resultatet. Vi rekommenderar därför investerare att vara varsamma vid investeringar baserade på hållbarhetsfaktorer, där sektorer och tidsperioder har centrala roller i potentiella utfall.

The aim of the thesis is to investigate determinants of corporate bond and CDS contract pricing using a sample of 34 European companies over the period 2008-2014. This work extends existing literature by studying differences in determinants of bond and CDS spreads not only for different time periods, but also for different sets of companies grouped by geography, industry, and profitability. The results reveal that bond and CDS spreads are generally influenced by similar factors, with a company's credit rating being the most influential factor. Nevertheless, the investigation of time-specific estimations suggests that firm-specific factors play a more significant role in pricing bonds, whereas market factors have a higher impact on CDS spreads. The analysis of the subsamples reveals substantial differences in regression results for individual groups of companies, which suggests a presence of idiosyncratic factors. Our conclusion is that the pricing of bonds and CDS contracts is not only time-dependent, but also unique for different groups of companies, which implies a necessity to use different pricing models for individual contracts.

This paper examines the history of nuclear energy, safety developments of reactors and nuclear energy policy from the 1950s on. I investigate the effects of nuclear accidents on energy policy with the help of a panel dataset of 31 countries from 1965-2009, using annual data about the capacity of reactors under construction, primary energy consumption, as well as three nuclear accidents scaled INES five or higher by the International Atomic Energy Agency. After determining the extent of the accident impact in the different countries, I find that neither Three Mile Island nor Lucens had a worldwide negative effect on construction starts, while Chernobyl did. The effect of Chernobyl is however shown to wear-off in certain geographical clusters, after ten to thirty years. I find that nuclear capacity enlargement shows a significant persistence, but it was also driven by primary energy consumption in the past five decades. The effects of real interest rates, inflation, or gross domestic product on reactor construction were not found significant. Thus, an accident is likely to have a negative and long lasting impact in the country where it happened, and possibly in countries affected by the direct consequences, or where governments are subject to severe public pressure.It is difficult to estimate the consequences Fukushima is going to have on worldwide power plant constructions, but areas closer to the accident might be affected more negatively and for a longer time. Growing concerns of energy supply security and greenhouse gas emissions may counteract this impact at the legislative level. (author's abstract) / Series: Department of Economics Working Paper Series

Universiẗat, Diss.--Regensburg, 2008.

[pt] O objetivo deste trabalho foi investigar a validade da hipótese da restrição financeira ao investimento fixo em uma amostra de empresas brasileiras não financeiras de capital aberto, listadas em bolsa de valores, entre 1995 e 2003. O estudo pretende contribuir para o debate dos motivos da reduzida participação do crédito no financiamento ao investimento fixo no Brasil. A teoria da restrição financeira ao investimento postula que, quando existem imperfeições no mercado de capitais, a estrutura de capital é relevante para as decisões empresariais e as decisões de investimento dependem da disponibilidade de recursos internos. A intensidade das restrições financeiras depende do grau de assimetria informacional e das condições financeiras das empresas. Por conseguinte, a sensibilidade do investimento à disponibilidade de recursos internos varia de acordo com as características das empresas. Procurou-se, então, analisar a intensidade das restrições financeiras em função de tamanho, rentabilidade, distribuição de dividendos, liquidez, endividamento e controle de capital. A amostra foi formada por 160 empresas. Foram adotados o modelo de investimento baseado em Fazzari e Petersen (1993), a metodologia empírica desenvolvida por Fazzari, Hubbard e Petersen (1988) e o método de regressão em painel. Os resultados permitiram concluir que as empresas brasileiras listadas em bolsa de valores enfrentaram restrições financeiras aos seus investimentos fixos durante o período estudado. / [en] The purpose of this study was to examine the hypothesis of financial restriction on fixed investment in a sample of Brazilian non-financial public companies, between 1995 and 2003. The study intends to contribute to the debate concerning the reasons for the low share of credit in the financing of fixed investment in Brazil. The theory of financial restriction on investment presupposes that when there are market capital imperfections, the capital structure is important for business decisions and that the investment decisions depend on the availability of cash flow. The intensity of financial restrictions depends on the degree of informational asymmetry and the financial conditions of companies. Consequently the sensitivity of investment to the availability of cash flow varies according to corporate characteristics. Thus an attempt was made to relate the intensity of financial restrictions to size, profitability, dividend pay out, liquidity, indebtedness, and control. 160 corporations were included in the sample. The study adopted an investment model based on Fazzari and Petersen (1993), an empirical methodology developed by Fazzari, Hubbard and Petersen (1988) and a panel regression method. It can be concluded from the results that Brazilian public companies indeed faced financial restrictions on their fixed investments between 1995 and 2003.

This study examines the relationship between financial conditions and on-field success among 36 prominent European football clubs from 2010 to 2017. The research employs panel regression analysis to explore how clubs’ financial indicators such as wage costs, increasing revenues, debt-equity ratios, and return on assets correlate with their sporting performance. The findings suggest a substantial association between these financial factors and the clubs’ achievements. In particular, the results emphasize the importance of wage costs and increasingrevenues in boosting a club’s capacity to invest in high-quality players, thereby improving sporting outcomes. The presence of a top globally ranked player also has a significant impacton a club’s performance. These findings carry important policy implications for club management and governing bodies, particularly in revising wage regulations and promoting vigilant financial management for sustainable growth and competitiveness.

The defense spending plays a significant role in the decision-making process of setting up a defense policy. The economy of a state, its performance and development rank among the main factors that influence the size of this public expenditure. At a time of economic stagnation in the Western European countries, the ongoing public debt crisis affects to a ever growing extent all areas of public spending, including the defense. This work aims to contribute to the current knowledge in the field of defense economy and public finance by investigating the influence of the state debt on defense spending. The first part of the work is dedicated to defining the economy of defense and providing a brief summary of its historical development, followed by a discussion of defense as a pure public good. This chapter analyzes the issue of public debt and explains how the major schools of economic theory approach this problem. The second part outlines the previous research in the field of defense spending and debt, their development and the potential relationship with macroeconomic variables. The third chapter presents and discusses the results of empirical research that is based on the theoretical assumptions and models introduced in the first two chapters. The analysis was performed on time series from the period of 1978 to 2011 (34 years) for seven NATO member states: Belgium, Denmark, France, Italy, Netherlands, UK and USA. The empirical analysis was performed by the statistical methods of regression and panel regression. The primary hypothesis on the existence of a relationship between the public debt and defense spending was confirmed and the partial hypothesis that this relationship is negative was refuted.

Environmental degradation is a coining issue of our time. Hardly any place in the world is spared from its repercussions. Governments on all administrative levels have begun to take action. It has been acknowledged that local governments are playing a key role in combating the sources and adverse effects of environmental degradation. However, there is considerable variation in the extent to which local governments adopt environmental policies and activities. This paper investigates the determinants of local government involvement in the Local Nature Conservation Program (LONA), a nature protection initiative in Sweden, by analyzing a panel data set covering all 290 Swedishmunicipalities from 2010 to 2019. The study aims to contribute to the longstanding debate in the field whether economic or political variables matter more for explaining local differences in environmental policy adoption. For that purpose, four hypotheses have been derived from four competing theories of urban politics - capacity theory; the economic imperatives model; pluralist theory; and regime theory. The hypotheses are tested by building four statistical models using Poisson fixed effects estimation techniques and including functional form transformations and interaction effects. The results found cultural diversity in the local polity, political interest in the constituency, and socioeconomic characteristics of the residents to be the strongest predictors of municipal LONA-involvement. Contrary to previous research findings, municipal administrative capacity and population size are found to have no effect. The influences of fiscal capacity and political orientation of the governing coalition are ambivalent. Hence, whether economic or political variables are more important for LONAinvolvement is inconclusive. Findings suggest that both matter but that their explanatory power seems more pronounced when considering their joint effects. It appears that fiscal characteristics function as opportunity constraints but that the way local governments manage these circumstances is causing the differences between municipal LONAapplication outcomes. Moreover, it seems that LONA has been successful in engaging smaller and fiscally strapped municipalities by helping them overcome the barriers usually associated with these constraints.

Research of the relationship between human capital and economic growth has been significantly developing since 1960s'. This thesis aims to contribute to the topic of human capital, map its importance in the theoretical and empirical economics and examine the influence on macroeconomic growth. In most of the countries human capital and education are budgeted mainly from the public resources thus is the human capital theory important for the public sector as well. First part of the thesis presents the main growth models and its evolution concerning also the human capital. In the second part there is a summary of the most important empirical literature. In the third part I present and comment the results of the empirical analyses. The benchmark data panel covers 92 countries within years 1960-2005. The method of analyses is panel data regression. The primary finding of the thesis is confirmation of the positive influence that human capital has on the economic growth. Third part also tests the most adequate proxy of the human capital. The quality of the human capital as well as the link between quantity and quality are also reflected in the regression analyses.

Die Biodiversitätskrise des Anthropozäns wird vor allem durch vom Menschen bedingte Umweltveränderungen verursacht. Naturschutzgebiete sind ein globaler Eckpfeiler des Umweltschutzes und besonders wichtig für den Erhalt von Großsäugern. Fortschreitender menschlicher Einfluss sowie zunehmender Verlust und die Zerteilung von Lebensräumen innerhalb und außerhalb von Naturschutzgebieten beeinflussen deren Effektivität und Wert für den Umweltschutz stark, besonders in Zeiten sozioökonomischer und institutioneller Schocks mit reduzierten Ressourcen für den Umweltschutz. Der Zusammenbruch der Sowjetunion im Jahr 1991 war solch ein Schock und das Ziel dieser Doktorarbeit war es, besser zu verstehen, wie dieser Schock die Landnutzung, die Effektivität von Naturschutzgebieten und die Populationsdynamik von Wildtieren beeinflusst hat. Der europäische Teil Russlands bot sich deshalb als Untersuchungsgebiet an, da es eine vom Menschen stark beeinflusste Region ist, welche Lebensraum für Großsäuger aufweist sowie ein Netzwerk von Naturschutzgebieten besitzt, die über Langzeitdaten zur Biodiversität verfügen. Diese Doktorarbeit verwendete umfassende Datensätze und interdisziplinäre Ansätze, um die Veränderungen in Landnutzung, Jagddruck, Naturschutzgebieten, Lebensräumen und Populationsdynamiken von Wildtieren in post-sowjetischer Zeit zu beobachten und auszuwerten. Die Ergebnisse zeigen, dass der sozioökonomische und institutionelle Schock nach 1991 einen verringerten Landnutzungsdruck zur Folge hatte, bedingt durch die weit verbreitete Aufgabe von Landwirtschaft und generell abnehmende Raten von Waldeinschlag. Naturschutzgebiete spielten eine wichtige Rolle beim Schutz der Biodiversität und profitierten von vergrößerten Lebensräumen für Großsäuger. Wildtierpopulationsdynamiken waren in post-sowjetischer Zeit wesentlich beeinflusst von Landnutzungswandel und Jagddruck. Diese Forschungsergebnisse leisten einen wertvollen Beitrag zur Unterstützung des Biodiversitätsmonitorings. / The biodiversity crisis of the Anthropocene era is mainly caused by human-induced environmental changes such as land-use change and the overexploitation of wildlife. Protected areas are a cornerstone of the global conservation efforts and particularly important for preserving large mammals. Increasing human impact and continued loss and fragmentation of wildlife habitats inside and outside protected areas strongly affect their effectiveness and conservation value, especially during times of socio-economic and institutional shocks with reduced resources for nature conservation. The breakdown of the Soviet Union in 1991 was such a shock and the overall aim of this thesis was to contribute to a better understanding of how this shock affected land use, protected area effectiveness, and wildlife dynamics in European Russia. European Russia served as a representative area for such a study as it is a human-dominated region, which harbors large mammal species and a long-established network of scientific protected areas providing long-term biodiversity data. The overall aim of this thesis was assessed by using a broad range of data and interdisciplinary approaches to monitor and evaluate changes in land use and hunting pressure, protected areas, wildlife habitats, and species population dynamics in post-Soviet times. The results of this thesis revealed that the socio-economic and institutional shock after 1991 resulted in reduced land-use pressure due to widespread farmland abandonment and overall lowered rates of forest logging in European Russia. Protected areas played an important role in halting threats to biodiversity and benefitted from increased large mammals’ habitat within their zone of interaction. Wildlife dynamics were significantly affected by land-use change and hunting pressure in post-Soviet times. The findings of this thesis provide a valuable contribution to support biodiversity monitoring and overcome knowledge gaps on biodiversity conservation.