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Bakgrund: Dagligen kan vi läsa om människans överkonsumtion och ohållbara levnadssätt. Det finns ett ökat intresse för hållbara placeringsalternativ bland privatpersoner. Bland den svenska befolkningen sparar 8 av 10 myndiga personer aktivt i värdepapper, varav en tredjedel valde en investering med fokus på hållbarhet under 2020. Efterfrågan och finansiella flöden till hållbara produkter har de senaste åren ökat, varför det ter sig både aktuellt och intressant att undersöka varför det skett. Syfte: Syftet med studien är att undersöka och analysera ett specifikt urval av variabler för att se vilka faktorer som påverkar privatpersoner att investera hållbart eller inte. Metod: En deduktiv ansats har genomsyrat metodarbetet och studien har genomförts med en kvantitativ enkätundersökning som vidare kompletterats med kvalitativa intervjuer. Enkätundersökningen besvarades av 86 respondenter varav 5 respondenter senare valdes ut till intervju. Data har bearbetats med univariata analyser samt bi- och multivariata analyser bestående av 1 beroende variabel, bestämd till “vikten av hållbarhet” som förklarats med hjälp av 18 oberoende variabler. Resultat: Studiens regressionsanalys utmynnade i 5 signifikanta respektive 13 ickesignifikanta oberoende variabler. De variabler som föreföll signifikanta på lägst signifikansnivå blev social påverkan följt av överavkastning i förhållande till hållbarhet. Slutsats: Analysen av resultatet gav indikationer på att avkastning inte behöver var en motsättning till hållbarhet, samtidigt som de som väljer att inte beakta hållbarhet är av denna åsikt. Hållbara investeringar görs i högre grad, trots att investeraren har ett lägre förtroende för hållbarhetsrapportering / Background: We can daily read about human overconsumption and unsustainable lifestyles. An increased interest in sustainable investment alternatives has been seen among private investors. Among the Swedish population, 8 out of 10 adults actively save in securities, of which a third chose an investment with a focus on sustainability in 2020. The demand for sustainable products has increased in recent years, which also seems current and interesting to examine why it has happened.  Purpose: The purpose of the study is to examine and analyse a specific selection of variables to see which factors influence individuals to invest sustainably or not.  Methodology: A deductive approach has permeated the methodological work and the study has been carried out with a quantitative survey which is further supplemented with qualitative interviews. The questionnaire was answered by 86 respondents, of which 5 were later selected for an interview. A regression analysis was pursued consisting of 1 dependent variable, “importance of sustainability”, which was explained using 18 independent variables.  Results: The study's regression analysis resulted in 5 significant and 13 non-significant independent variables, respectively, where the most significant variables were social impact followed by excess return in relation to sustainability.  Conclusion: The analysis of our findings indicate that financial return does not have to be a contradiction to sustainability, as well as those who do not value sustainability values the financial return. Sustainable investments are being made, even though the credibility for the sustainability reports is somewhat low.

This paper analyzes sustainable investments of Swedish mutual funds. Morningstar’s CarbonRisk Score (CRS) - funds exposure to a future of low-carbon economy - is analysed in termsof returns, management fees and flows. The CRS measure was introduced March 2018 with ahistorical series from March 2017, without the market being aware. Analysing CRS before theintroduction is therefore greenwashing-bias free. An empirical approach with regressions findthat there is a payoff between return and alignment with a low-carbon economy future, CRS.A 1% increased abnormal return causes a 0.13 standard deviations higher CRS. Regressionsalso find no relationship between management fee and CRS. A correlation between flow andCRS is found but no causality. The shown payoff between return and CRS implies that fundswhich are well-performing are less sustainable. Fund managers maximising their returnthereby lead to unsustainable investments. To handle this, a policy of tax relief or subsidyshould be implemented for investing sustainable. The tax relief or subsidy should beproportional to the increased return renounced when investing sustainable.

Green bonds present a promising tool enabling investors in fixed-income mar- kets to finance environmental projects. Yet, the pricing of green bonds with respect to conventional bonds remains an open question. This thesis in- vestigates the existence of a yield differential between green and equivalent conventional bonds in the secondary market. By matching green bonds with synthetic conventional bonds and performing a fixed effects panel regression of the yield spread, we find evidence of a small negative premium associ- ated with green bonds ("green premium"): as a result of high demand from value-seeking investors, the yield of green bonds is on average 1.12 basis points lower than that of their conventional counterparts. The variation in the magnitude of the green premium with bond characteristics is further examined through a cross-sectional regression. We show that external ver- ification of the bond's green credentials and assurance on its post-issuance allocation report significantly increase the estimated green premium. Finally, the green bond's yield seems to decrease in case proceeds are used to finance new projects, while refinancing existing projects results in an increase in the bond's yield. Our findings provide valuable insights into the field of green bond pricing. While the...

Venture Capital can play a key role for our future by placing their capital in sustainable investments. They have the capacity to fuel new ventures, sprung from ideas on how to solve the sustainability challenges we face today. In this paper we research the drivers and barriers for sustainable venture capital investment decisions. Our findings show that increased knowledge on sustainability issues is affecting the general public opinion, policies and governance and the way we choose to live, consume and do business. This in turn increases the market potential for sustainable businesses. Therefore, sustainable investments are more and more considered as a good investment, not only in regard to social and ecological aspects but also financial returns. A model with our findings showing the drivers and barriers for sustainable venture capital investment decisions will be presented aiming encourage and push toward a more sustainable future.

Hållbarhet är i fokus och hållbara investeringar är en förutsättning för att utvecklingen av det globala hållbarhetsarbetet ska lyckas. Ett hållbart investeringsalternativ är gröna obligationer, som idag är en efterfrågad produkt av investerare. Obligationsmarknaden används av företag som ett alternativ till finansiering i form av banklån. Här möts företag och investerare i syfte att utbyta pengar mot räntebärande värdepapper, där investeraren erhåller ränteutbetalningar för sitt utlånade kapital. År 2008 emitterades världens första gröna obligation och utvecklingen i antal emitterade gröna obligationer har sedan dess varit extraordinär. Gröna obligationer är likt konventionella obligationer ett räntebärande värdepapper, med skillnaden att emissionskapitalet för gröna obligationer är avsett att användas till att minska miljö- och klimatpåverkan. Genom en investering i gröna obligationer är investeraren med och finansierar gröna projekt och bidrar till en mer hållbar utveckling. Tidigare forskning har lett till varierande slutsatser där majoriteten antyder att det finns en premie förknippat med gröna obligationer. Många av de tidigare forskningarna har studerat obligationsmarknaden på global nivå. Denna studie avser att undersöka premiens förhållande på den svenska obligationsmarknaden och se huruvida svenska bolag emitterar gröna obligationer till en lägre avkastning. Syftet med studien är att påvisa huruvida det finns skillnader i spread mellan gröna obligationer och konventionella obligationer på den svenska obligationsmarknaden. Detta förhållande undersöks genom en kvantitativ studie som bygger på en deduktiv ansats. I studien används en matchningsmetod för att studera fenomenet om en premie för gröna obligationer existerar. Gröna och konventionella obligationers spread jämförs inom bolagen och resultatet sammanfattas i en övergripande marknadsanalys. De slutsatser som dras av studien är att det inte finns någon statistiskt signifikant skillnad mellan gröna och konventionella obligationers spread, och därmed att gröna obligationer inte emitteras med en sämre avkastning än jämförbara konventionella obligationer. Från denna studie drar vi därmed slutsatsen att gröna obligationer på den svenska obligationsmarknaden inte emitteras med någon premie. / Sustainability is in focus and sustainable investments are a prerequisite for the progress of global sustainability work. Green bonds are an example of a sustainable investment alternative and is today a sought-after product by investors. The bond market is used by companies as an alternative to financing projects through bank loans. Organizations and investors meet for the purpose of exchanging money for interest-bearing securities, where the investor receives interest payments for his lent capital. In 2008, the world's first green bond was issued and the development in the number of issued green bonds since then has been extraordinary. Like conventional bonds, green bonds are an interest-bearing security, with the difference that the issued capital for green bonds is intended to be used to reduce the environmental and climate impact. Through an investment in green bonds, the investor participates in and finances green projects and contributes to a more sustainable development. Previous research has led to varying conclusions where the majority suggest that there is a premium associated with green bonds. Many of the previous researches have studied the bond market on a global level. This study intends to examine the premium relationship in the Swedish bond market and conclude whether or not Swedish companies issue green bonds at a lower return. The purpose of the study is to demonstrate whether there are differences in spreads between green bonds and conventional bonds in the Swedish bond market. This relationship is investigated through a quantitative study based on an deductive approach. The study uses a matching method to study the phenomenon of a premium for green bonds. The spreads of green and conventional bonds are compared within the companies and the results are summarized in an overall market analysis. The first conclusion drawn from this study is that there is no statistically significant difference between the spread of green and conventional bonds, seen across the entire Swedish bond market. This indicates that green bonds are not issued with a lower return than comparable conventional bonds. The second conclusion drawn from this study is that green bonds in the Swedish bond market are not issued with any premium. The study shows that green bonds are as profitable as conventional bonds from the same company, and also lead to a more diversified portfolio. This paper is written in Swedish.

Inledning: Studien har sin utgångspunkt i ett praktisk problem på Södra Skogsägarna angående en upplevd svårighet att bedöma hållbara investeringar. Att göra investeringar med hållbarhetshänsyn har blivit allt vanligare vilket kan bero på den ökade uppmärksamheten kring ämnet. Södras verksamhet präglas av en mängd investeringar vilka är betydelsefulla för företagets framtid och överlevnad. Syfte: Syftet med studien är att definiera och kartlägga vad hållbara investeringar är. Författarna ska även analysera Södras investeringsbedömning och hur de hanterar hållbarhetsaspekter i den. Studien ska bidra till att ge ett förslag på hur företag kan anpassa sin investeringsbedömning för att bättre ta hänsyn till hållbarhetsaspekter. Metod: Denna studien är en empiriskt driven fallstudie av kvalitativ karaktär. Det teoretiska materialet baseras på vetenskapliga artiklar och litteratur från Linnéunivesitets bibliotek. Det empiriska materialet grundar sig på semistrukturerade intervjuer och dokument. För att studien ska anses vara trovärdig har vi beaktat ett antal kvalitetskriterier och forskningsetiska överväganden.  Slutsats: Slutligen ges rekommendationer på hur Södra Skogsägarna kan anpassa sin inventeringshandbok och investeringsrutin för att beakta hållbara investeringar. Huvudsakligen handlar det om hur företaget ska hantera klassindelning, kalkylmetoder, kalkylränta och kvalitativ information. / Introduction: The study is based on a practical problem at Södra Skogsägarna regarding a perceived difficulty in consider sustainable investments. Making investments with sustainability considerations has become increasingly common, which may be due to the increased attention to the subject. Södra's operations are characterized by a large number of investments which are important for the company's future and survival. Purpose: The purpose of the study is to define and map what sustainable investments are. The authors will also analyze Södra's investment appraisal and how they handle sustainability aspects in it. The study will help to give a suggestion on how companies can adapt their investment assessment to better take into account sustainability aspects. Method: This study is an empirically driven case study of qualitative character. The theoretical material is based on scientific articles and literature from the library at Linnaeus University. The empirical material is based on semi-structured interviews and documents. For the study to be considered credible, we have considered a number of quality criteria and research ethical considerations. Conclusion: Finally recommendations are made on how Södra Skogsägarna can adapt their investment manual and investment routine to consider sustainable investments. It is mainly about how the company should handle class division, calculation methods, interest rate and qualitative information.

Background and Problem: Global climate change presents the biggest challenge humanity has ever faced. As the Ecological Footprint metric and behaviour towards sustainable investment can present essential contributions to humanity’s sustainability transition, they have gained significant importance over the last years. However, it is largely unexplored if living and consuming sustainably also affects how savings are allocated when investing.  Purpose: The purpose of this study is to contribute to the current body of knowledge by studying the motivations and backgrounds that drive the decision of individuals to invest sustainably. Thus, we investigate the relationship between people’s Ecological Footprint and their sustainable investment behaviour. Method: This study follows a positivist research approach where quantitative data is gathered through a structured questionnaire from 290 respondents with financial literacy and sustainability awareness. The results are analysed through a logistic regression and then interpreted and discussed in the context of the frame of reference.  Conclusion: The results indicate that individuals with a lower Ecological Footprint and thus a higher awareness of sustainability are more likely to invest sustainably. Consequently, this study showed that individuals who consumed more sustainably tend to act more sustainably in other areas and levels. Moreover, this study adds new knowledge to the literature regarding individual’s consumption behaviour and its relationship with sustainable investments.

This study deals with the critical analysis of sustainable investments and, therefore, ESG practices on financial performance during the year 2020, when the Covid-19 pandemic hit the financial market. The analysis examines sustainable investments in terms of their actual sustainability, risk, and earnings potential. For an improved tangibility of the findings, the overall market of the developed countries is represented by the two sample indices MSCI World and its sustainable benchmark MSCI World SRI. The analysis focuses on performance, volatility, and gross returns. Additionally, the knowledge of three financial experts supplements the analysis and connects the findings with their professional experience. The interview questions focused on the transparency and traceability of a sustainable investment product, the movement from shareholder-value to the stakeholder approach, the risk of sustainable investments, and the return analysis. The analysis shows that the Covid-19 pandemic has influenced the behavior of investors through the increasing importance of social and environmental topics. The analysis determines that intransparency and greenwashing of sustainable investments pose a danger to investors and are favored by a lack of legal framework conditions. Furthermore, the results reveal that ESG engagement reduces the agency problem and can be considered a stakeholder issue. An examination of market data shows that sustainable investments have a lower extreme risk and are thus subject to lower fluctuations in value during the year of the pandemic. In addition, sustainable investments show an abovemarket average development of value growth and gross returns. The conclusion is that sustainable investments are still in the development stage and need quickly binding legal regulations. Nevertheless, the lower risk, the above-market average performance, and the increasing demand point to a long-term establishment of sustainable investments in the market.

Områdesbeskrivning: Hållbara fonder har med tiden blivit ett alltmer populärt investeringsalternativ för fondsparare. Tillsammans med en högre hållbarhetsmedvetenhet bland konsumenter, har företag behövt anpassa sina strategier för att nå upp till samhällets förväntningar kring hållbarhet. Den högre efterfrågan på hållbara alternativ, har bidragit till att antalet hållbara fonder har ökat med tiden. Fondbolagens implementering av mer hållbara strategier, medför en positiv marknadsföring för de bolagen och därigenom även en större lönsamhet. Samtidigt som hållbarhetsaspekten har blivit ett alltmer populärt fokuseringsområde för fondbolagen, har populariteten bidragit till striktare förordningar, för huruvida fondbolagen ska kunna marknadsföra sina fonder som hållbara. Bland annat innebär de nya förordningarna att fondbolagen har större upplysningsplikt gentemot investerarna, som ska få möjligheten att granska om fondbolagens ageranden, når upp till deras preferenser eller inte. Unga personer har genom tidigare undersökningar, visat på högt hållbarhetsmedvetande. Därav anses det intressant att studera hur unga vuxnas preferenser är och hur det påverkar deras inställning till att investera i hållbara fonder.  Syfte: Undersökningen syftar till att undersöka huruvida ekonomistudenter värdesätter hållbara fonder idag och om de anser det som troligt att de kommer att investera i hållbara fonder i framtiden. Studenternas preferenser om hållbara fonder, kan ge en indikation på hur fondbolagen kan skapa legitimitet gällande investeringar i hållbara fonder, gentemot studiens målgrupp. Metod: En kvantitativ metodundersökning har gjorts för att studera ekonomistudenters inställning till hållbara investeringar. Det empiriska materialet har insamlats med hjälp av en enkät online, vilken skickades ut till hela populationen. Hypoteser har framställts gällande huruvida studenters preferenser om hållbarhet och fonder, påverkar deras inställning till att investera i hållbara fonder.Resultat: Studiens resultat framhäver att studenternas preferenser om hållbarhet och fonder, har en positiv påverkan på hur deras inställning är kring investeringar i hållbara fonder. Resultatet från studien bekräftas av tidigare forskning, att privata investerare efterfrågar fonder som uppfyller deras etiska värderingar. Studien visar att unga vuxna, trots att de är i början av sitt livssparande, eftersträvar hållbara alternativ. Exempelvis anser de flesta studenterna, att de är villiga att få en lägre avkastning, om deras investeringar överensstämmer med deras etiska ställningstaganden. För fondbolagens sida visar det att hållbara strategier gynnar deras legitimitetssökande. Samtidigt visar resultatet att om hållbara fonders förvaltningar inte anses vara hållbara, kan det bidra till ett legitimitetsgap gentemot studiens population. Begränsningar: Studien är avgränsad till att studera preferenserna hos ekonomistudenter på Högskolan i Borås, vilka hör till gruppen unga vuxna. Avgränsningen gjordes, eftersom en studie där alla unga vuxna hade inkluderats, hade blivit alltför omfattande. Samma tanke låg till grund för valet att endast inkludera ekonomistudenter på en högskola, istället för alla högskolor i Sverige. Anledningen till att ekonomistudenter valdes till populationen, var framförallt för att de studenterna ansågs ha ett större intresse i studiens ämnesområde. / Area description: With time, sustainable funds have become a more popular investment alternative for fund savers. Together with a higher sustainable awareness among consumers, companies have had to adapt their strategies to reach up to the sustainable expectations from the society. The higher demand on sustainable alternatives, have contributed to that the number of sustainable funds have increased with time. The fund companies implementation of more sustainable alternatives, results in a positive marketing for those companies and thereby even a larger profitability. In the same time as the sustainability aspect has become a more popular focus area for the fund companies, the popularity have contributed to more strict regulations. These regulations include that the fund companies have a duty of disclosure towards the investors, who will get the possibility to examine if the fund companies actions, reach up to the investors preferences or not. Young adults have in previous studies, showed to have high sustainable awareness. With that in mind, it seems interesting to study how young adults preferences are and how these affect their attitude to invest in sustainable funds. Purpose: The purpose of this research is to study how students of economics, value sustainable funds today and if they see it likely that they will invest in sustainable funds in the future. The students preferences about sustainable funds, can give an indication on how fund companies can create legitimacy concerning investments in sustainable funds, towards the population in this research. Method: A quantitative research method have been used to study the students of economics, attitudes about investments in sustainable funds. The empirical material have been collected with an online survey, which was sent to the entire population in this study. Hypotheses have been made about how students preferences about sustainability and funds, affects their attitudes on investing in sustainable funds. Result: The results of this study highlights that the students preferences about sustainability and funds, have a positive effect on how their attitudes are about investments in sustainable funds. The result from this study confirms from previous research, that many private investors request funds which fulfill their ethical values. The study shows that young adults, even if they are in the beginning of their life savings, seek after sustainable alternatives. For example, most students consider that they are willing to get a lower return on their savings, if their investments corresponds with their ethical values. Regarding the fund companies, this study shows that sustainable strategies benefits their legitimacy seeking. At the same time, the results from this study shows that if the investments from the sustainable funds are not sustainable, a legitimacy gap can arise towards the population of this study.Limitations: This research is limited to study the preferences of economics students at Högskolan i Borås, which belong to the group of young adults. The limitation was made because a study with all young adults included, would have become to comprehensive. The same thought was behind the decision to only include economics students on one university, instead of including all universities in Sweden. The reason that economics students was choicen to the population, was mainly because these students seems to have more interests in the subject matter of this research.