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.

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.

Dans la théorie financière classique, les marchés sont supposés efficients et lesinvestisseurs sont réputés rationnels. Ils sélectionnent leurs portefeuilles sur la base deparamètres financiers définis, en fonction de leur propre aversion au risque. Avec ledéveloppement de l’Investissement Socialement Responsable (ISR) dans le milieu des années90, un vaste champ de recherche s’ouvre en sélection de portefeuilles. En effet, lesinvestisseurs intègrent des éléments extra-financiers dans leur stratégie de gestion de portefeuille, en rupture avec la théorie financière classique.Ainsi, le développement de ce nouveau type d’investissement a enthousiasmé lacommunauté scientifique et les publications académiques se sont multipliées. Cependant ces recherches se sont concentrées sur les performances des ISR des grandes places financières occidentales, avec des résultats divergents. L'objectif de cette thèse est d’approfondir l'analyse du comportement financier des fonds et indices SR issus de trois marchés émergents – Afrique du Sud, Brésil et Inde – compte tenu des risques spécifiques de ces places financières et de ces fonds, et d’apprécier leur intérêt en termes de diversification internationale des portefeuilles.Notre thèse se compose de quatre chapitres indépendants, qui suivent une certainelogique d’écriture et de composition afin de répondre au mieux à nos questions de recherche. Les deux premiers chapitres introduisent l’objet et le champ de cette étude. Ils présentent un intérêt essentiellement théorique pour conceptualiser l’objet de la recherche et contextualiser son champ d’application.Les deux derniers chapitres sont consacrés aux analyses empiriques. Les ISR y sontanalysés comme objets de performances financières pures, mais aussi comme vecteurs de diversification de portefeuille ce qui, à notre connaissance, est encore relativement absent des publications académiques. D’autre part, deux échelles de temps et d’espace ont été croisées en scindant la recherche selon les différentes phases de la crise financière de 2008, et en analysant les performances en dimensions locales et internationales. Sur le champ théorique, cette étude apporte de nouveaux éléments concernant la compréhension des ISR dans une logique interculturelle, en questionnant la perception del’éthique, les stratégies financières qui en résultent, et leurs impacts économiques. Lesrésultats empiriques ont démontré l’intérêt financier des ISR dans ces trois marchés en termesde performances et de diversification de portefeuilles, d’un point de vue domestique etinternational. / According to traditional financial theory, markets are deemed efficient and investors rational. They base the choice of their portfolios on well-defined financial parameters, following their own risk aversion. With the development of socially responsible investments (SRIs) in the middle of the 90s, a vast domain of research became available when selectingone’s portfolio. Indeed, investors integrate new elements which are out of the financial scope to their strategy of portfolio management, thus diverging from the traditional financial theory. The birth and development of this new type of investments has triggered the scientific community’s enthusiasm with more and more academic publications being written on the matter. Research has mostly tackled SRIs related to the main western marketplaces withdiverging results. The objective of this thesis is to deepen the analysis of the financial behavior of these funds and socially responsible indicators from three emerging markets – South-Africa, Brazil and India – while taking into consideration the risks specific to thesemarketplaces and funds, and to appreciate their interest in terms of internationaldiversification of portfolios.This thesis is divided into four independent sections which follow a certain logic in writing and composition in order to answer our questions in the best way possible. The two first sections will introduce the subject and domain of this research. They will mostly deal with the theoretical aspect in order to conceptualize the research’s subject and put it into context. The two following sections will focus on empirical analysis. SRIs will be analyzed as pure financial performances, but also as vectors of diversification for portfolios which is, to our knowledge, relatively absent from academic publications. Moreover, two scales were used for space and time, dividing the research according to the different phases of the 2008financial crisis and by analyzing performances following local and international dimensions. On the theoretical aspect, this study brings new elements concerning the comprehension of SRIs in a cross-cultural context, by questioning ethical perception, resulting financial strategies, and their economic impact. The empirical results have shown the financial interest for SRIs in these three markets in terms of performance and diversification of portfolios, from both a domestic and an international point of view. / Na teoria financeira clássica, os mercados são supostamente eficientes e osinvestidores supostamente racionais. Esses últimos selecionam suas carteiras de açõesbaseando-se em parâmetros financeiros definidos em função do seu sentimento de aversão aorisco. Com o desenvolvimento do Investimento Socialmente Responsável (ISR), meados dosanos 90, abriu-se um vasto campo de pesquisa em seleção de carteiras de ações. De fato, osinvestidores integram dados extra-financeiros na elaboração de suas estratégias de gestão dascarteiras de ações, rompendo, assim, com a teoria financeira clássica. O desenvolvimento desse novo tipo de investimento entusiasmou a comunidadecientífica e multiplicaram-se as publicações acadêmicas. As pesquisas concentraram-se nasperformances dos ISR nos grandes mercados financeiros ocidentais, obtendo-se entretantoresultados divergentes. O objetivo dessa tese é aprofundar a análise do comportamentofinanceiro dos fundos e índices SR nos mercados emergentes – África do Sul, Brasil e Índia –levando em conta seus riscos específicos e apreciar o seu interesse no que concerne adiversificação internacional das carteiras de ações.Nossa tese compõe-se de quatro capítulos independentes seguindo uma lógica deredação e composição afim de responder da melhor forma possível as questões da pesquisa.Os dois primeiros capítulos introduzem o objeto do campo de pesquisa. Eles apresentam uminteresse essencialmente teórico para conceituar o objeto da pesquisa e contextualizar o seucampo de aplicação. Os dois últimos capítulos são consagrados as análises empíricas. Os ISR sãoanalisados como objetos de performances financeiras puras e também como vetores dediversificação das carteiras de ações, o que, a nosso conhecimento, ainda é relativamenteausente das publicações acadêmicas. Por outro lado, duas escalas de tempo e espaço foramcruzadas dividindo a pesquisa segundo as diferentes fases da crise financeira de 2008 eanalisando as performances a nível local e internacional.No campo teórico esse estudo traz novos elementos para a compreensão dos ISRdentro de uma visão intercultural, questionando a percepção da ética, as estratégiasfinanceiras resultantes e seus impactos econômicos. Os resultados das análises empíricasdemonstraram o interesse financeiro dos ISR nos três mercados em termos de performances ede diversificação tanto no nível nacional que internacional.