ESG ratings have become a recognised sustainability performance measurement throughout the world. The Nordic countries Sweden, Finland, Denmark, and Norway are ranked top four in the world when it comes to ESG ratings. However, do investors in these countries recognise the sustainability performance of the firms in their investment decisions? The purpose of this study was to see if Nordic investors value ESG factors, by testing for a relationship between high ESG ratings and corporate financial performance. To be able to fulfil this purpose, several multiple regression models were conducted on data for a time-span between 2007-2017 on 108 firm observations and 995 firm-year observations. Corporate financial performance was represented by the dependent variables Tobin’s Q and Return on Assets as measurements for market and accounting performance respectively. The results showed a significant positive relationship between several ESG ratings and market performance, while no significantly positive, nor negative, relationship could be found between accounting performance and ESG ratings. Based on the results from the tests, conclusions were drawn that Nordic investors do value ESG ratings when choosing their investments, indicating that companies can benefit from having good sustainability policies. This thesis challenges the classical view of profit maximisation being the ultimate interest of shareholders, as it shows a positive relationship between ESG and financial market performance. The results indicate that investors take more factors into consideration in their investment decisions than only financial accounting returns. Therefore, conclusions have been made that the Stakeholder theory better explains value creation than the Shareholder theory does. This because the Stakeholder theory emphasises that firms maximise value by taking all stakeholders affected by their business cycle into account, not only the shareholders. Furthermore, based on the results, this thesis concludes that Nordic investors’ interests are in line with the society’s interests as they do value ESG ratings when investing. No previous study on the topic has been conducted on the Nordic market, thus this study fills a research gap on the relationship between financial performance and corporate sustainability.

Para aqueles que acreditam que ética e negócios são instâncias separadas (tese da separação), Freeman e outros (2010) argumentam que eles podem estar juntos (tese da integração). Os autores defendem que a teoria do stakeholder é uma forma através da qual isso pode ocorrer. Nos certames da teoria do stakeholder, Phillips (2003) propôs o princípio de equidade do stakeholder, que resumidamente consiste em uma proposta que visa garantir um relacionamento ético entre organização e seus stakeholders. No presente estudo, se considera como stakeholder aqueles grupos que possuem obrigações mútuas com uma organização que vão além daquelas determinadas pelo que a moralidade da sociedade estabelece. Assim, com o objetivo de compreender como o princípio de equidade do stakeholder está presente, ou ausente, em uma organização específica, foi realizada uma pesquisa exploratória qualitativa, através de entrevistas em profundidade. As entrevistas transcritas foram analisadas através da análise de conteúdo, com técnica categorial, se tendo, as seguintes categorias: (A) moral, ética e justiça; (B) esquema cooperativo; (C) stakeholders: meios ou fins? Durante a análise, se compreendeu que o princípio de equidade do stakeholder está presente no relacionamento da Organização em questão com seus stakeholders conforme propôs Phillips (2003). Como achados, o trabalho levanta reflexões sobre o modelo genérico de esquema cooperativo, mostrando que os stakeholders derivativos podem ser menos frequentes do que aparentam ser. Também foi percebido pelo autor do estudo que ética, moral e justiça são conceitos que causam confusão aos entrevistados, o que leva a crer que é possível que outros membros da sociedade não tenham esses conceitos assimilados, merecendo mais atenção ao ensino de tais disciplinas. Por fim, o autor da presente dissertação destaca que o uso do bom senso, assim como agir honestamente e criar laços com outros indivíduos são caminhos para se manter uma boa relação com stakeholders. De forma a concluir o estudo, é feito um apelo para maior conscientização moral, não só dos administradores, mas também da sociedade, visando um mundo melhor para todos. / For those who believe that ethics and business are separated instances (separation thesis), Freeman et al (2010) argue that it can be together (integration thesis). The authors defend that the stakeholder theory is a way by which it can happen. In the field of stakeholder theory Phillips (2003) proposed the principle of stakeholder fairness which consists in a proposal that aims to guarantee an ethical relationship between organization and its stakeholders. In the present study stakeholder is considered as those groups which have mutual obligations with an organization. This obligations goes beyond those determined by what the society's morality has established. This study aims to comprehend how the principle of stakeholder fairness is, or is not, present in the management of an organization's stakeholders. For this purpose a qualitative explanatory research was done using deep interviews that were also transcript and analyzed by the categorical content analyses technique. It was proposed the following categories: (A) moral, ethics and justice; (B) cooperative scheme; (C) stakeholders: ways or endings? It was comprehended that the principle of stakeholder fairness is present in the relationship between the studied organization and its stakeholders as it was proposed by Phillips (2003). As findings the work brings thoughts about the generic model of the cooperative scheme showing that derivatives stakeholders can be less frequent as they seem to be. It was also realized by the author of the study that ethics, moral and justice are concepts that made confusion on the interviewers. It leads to believe that it's possible that other members of the society also do not have understood this concepts. This way the teaching of this disciplines deserves more attention. At the end, the author of the present dissertation detaches that the use of good sense, honest behavior and also the creation of ties with other individuals are good ways to keep a good relationship with stakeholders. In a way of concluding the study it was made an appeal for more moral consciousness not only for managers but also for the society, aiming a better world for everybody.

Despite the globally growing interest in corporate responsibility (CR), there is little practical as wellas academic knowledge of CR practises in the media sector. The aim of this study is to make acontribution to the evolving understanding of what CR implies in the media sector by applying astakeholder approach to a case study, which is Alma Media, a Finnish media corporation. Firstly,from the corporate perspective, the objective of this study is to provide Alma Media with a CRagenda, based on the CR priorities defined in stakeholder interviews. Secondly, from a moretheoretical point of view, this study aims to evaluate the stakeholder theory as a means of definingthe CR characteristics of the media sector in Finland.The main body of the primary data is collected by 44 stakeholder interviews, supportedby participant observation at the case company. The data is structured with content analysis andanalysed according to the stakeholder categorisation of Mitchell, Agle and Wood (1997) in order toprioritise between the different stakeholders and their CR interests.The findings indicate Alma Media’s CR priorities are a mix of media ethics (reliability,responsible journalism, journalistic integrity), traditional CR issues (environment, personnel) andcultural responsibility (locality, citizenship). Most stakeholder demands concerns environmentalresponsibility. To understand media CR on a general, global level, further research is needed toconfirm the findings of this study and, particularly, to highlight the international differences andsimilarities in media CR.Concerning the theoretical objective of the study, the study concludes that the Mitchell,Agle and Wood model helps to identify the priority stakeholders and CR issues but fails to capturethe multi-dimensional nature of the power attribute and the role of stakeholder networks in themanagement of CR. Thus, stakeholder theory provides valuable insight into CR management butfurther research on stakeholder network models is needed.

Preventing the environmental impacts of economic growth is an important goal in today’s marketplace. This concern for a sustainable future incentivises marketing based around sustainability. The food and beverage industry had its fair share of criticism as its production uses more natural resources than most industries. One industry that has been ahead of other food processors in adopting environmental practices is the wine industry. The close relationship between wine and places is undisputable and so strong that people frequently visit places of wine production in the form of wine tourism contributing significantly to regional economies. For wine to be associated with sustainability, regional stakeholders would be required to represent similar values. The branding of places is far more intricate than branding of products and needs the support of those stakeholders involved. Such support is often discussed as a shared place identity. Only limited previous research has addressed whether the communication of sustainability enhances business performance. No research to date has empirically tested whether a shared stakeholder identity influences the relationship between sustainability branding and business success. To close this gap, a sequential mixed methods procedure was specified using quantitative questionnaires with 420 subjects and 20 qualitative interviews. A model with consequences of sustainability branding and a shared place identity was established using extant research. Mostly existing scales were adapted to fit this research context and tested with a structural modelling approach among Australian and German wineries. It was found that practicing and communicating sustainability significantly influences performance on an individual winery and regional destination level. Furthermore, a shared place identity has been established as a critical success factor in the relationship between sustainability branding and place performance. Both theoretical and practical implications can be drawn from this research. The results have provided empirical evidence on the direct relationship between sustainability and performance, in addition to the moderating role of a shared place identity. These findings extend the tourism literature which states that businesses practicing sustainably, enhance their own performance as well as the overall regional performance. It also extends stakeholder theory by establishing that a shared place identity strengthens this relationship even further, highlighting the need for regional management to initiate a shared sense of identification. Practically, regional managers who are eager to enhance economic performance should be actively involved in developing relationships between the individual wineries and the regional management in order to foster a shared place identity. Furthermore, it is of major importance to establish positive attitudes toward sustainability among winery owners. This can be done by building the confidence of winery owners by offering infrastructures for learning and support about sustainability.

This study explores the necessity of stakeholder inclusivity, particularly the inclusivity of teachers, in the development of the national policy pertaining to the programme and promotion requirements of the National Curriculum Statement Grades R – 12 in the Department of Basic Education. Through the qualitative exploration of data drawn from in-depth interviews, the study found that bureaucracy and a top-down approach drives policy development in the basic education system of South Africa. While most of the stakeholders indicated that they are only consulted at a public comment phase of the policy development, they viewed this as asking for their endorsement as opposed to genuine and constructive inputs. As such, educational policy developer’s end up missing an opportunity to engage and learn from stakeholders and ultimately the policy reaches the implementation phase with loopholes. Therefore, adopting a consultative approach throughout the life cycle of the policy development with not only the body of stakeholders who have a say by virtue of their power, but also with those whose say was initially restricted as a result of having less influential power in the formulation of educational objectives, might be the breakthrough being strived for in developing policies that will lead to the achievement of quality learner outcomes. / Mini Dissertation (MPhil)--University of Pretoria, 2017. / Communication Management / MPhil / Unrestricted

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Thesis (MTech (Public Relations Management))--Cape Peninsula University of Technology, 2017 / In popular opinion political public relations practitioners have long been regarded as spin doctors. Their lane of actions is mostly viewed as propaganda and they are perceived as spin doctors who manipulate power-relations. The pervasive role of public relations in political campaigns cannot be denied as political actors rely on communication to reach their key stakeholders. While it can be used as an important tool that can mediate in these power relations, the facts remain in the case of this study that the political party campaign communication was rather reactive than strategic. The answer lays in the accurate application of the strategic nature and role of public relations. I believe that there is a strategic public relations role that is evident and has to be played in political party campaign communication. As a matter of fact, public relations strives to ensure an effective and efficient communication on behalf of its organisation. The purpose of this study was to explore the application of public relations principles in political parties’ campaign communication of the Democratic Alliance, in the context of three other political parties in a regional newspaper during the build-up to the 2014 South African general elections. Four distinct political parties were at the centre of this research, namely African National Congress, Democratic Alliance, Economic Freedom Fighters and Agang. Particular attention was given to the elite parties, African National Congress, and Democratic Alliance; the main environment of the study. It is true that political parties ‘communication with stakeholders reflects in essence public relations. Managing communication to promote the organisational agenda is to talk about issues important to both the public and the political party. This suggests that an effective political organisation will act on a two-way operation to build a common political position that influences public attitudes. Hence, a comparative case study was used as the strategy of inquiry. I conducted a content analysis of the political party campaign communication of the Democratic Alliance, covered in the Cape Times newspaper; as well as their election manifesto, to identify the public relations principles and strategies that were used. The daily newspapers were surveyed from January 8 to May 7, 2014. An overall of one hundred and forty-four related newspapers articles were analysed and formed the data for analysis. A close reading and counting of frequencies of varieties of themes in the newspaper revealed that the Democratic Alliance, as well as the African National congress, took a tactical and responsive approach, rather than a strategic and proactive approach, to their political party campaign communication. News coverage indicated that there was extensive counterpunching to other political parties ‘statuses, but very little promotion or management of the issues included in their election manifesto. Nkandla was the most controversial issue covered in the pre-election media coverage; while the proposed merger with AGANG; and the subsequent fall out was damaging to both political parties ‘reputation and relationship with voters. Therefore, more research on this topic needs to be undertaken, as public relations is crucial in translating public opinions to the organisation. In the political scope, this can serve as an attempt to adjust the socio-political environment to suit the political principles, as well as to help the political principles adjust to the environment by creating the right balance to mutual benefit an organisation and its publics that further ensures a real participatory democracy. Further studies should be done to investigate whether, the advocacy of the two-way symmetrical, as a way to central route to persuasion, along with the dialogical approach can impact on more effective decisions making, and ultimately create a more dynamic public sphere that seeks the resolution of socio-political conflicts. This new knowledge will lead to guidelines for public relations practitioners and can provide useful insights for political communication specialists.

Background: Corporate Social Responsibility has been studied since the 1970s, but was originally controversial and met opposition from e.g. Milton Friedman who viewed a company’s responsibility as being strictly economic. Since then, CSR has grown in scope and importance, especially within the fast fashion industry, and is now a central part of academia and business operations. However, the debate whether companies’ responsibilities are only economic or also include responsibilities such as social, environmental, and transparency- related is still ongoing, and it is therefore interesting to study how companies view their own responsibilities. Purpose: Our research aims to fill the existing research gap regarding how companies view their responsibilities by providing an overview of how the CSR work has changed over time in fast fashion companies. Research Question: How has the focus of the CSR work changed over time in large, international, fast-fashion companies? Methods: A qualitative content analysis inspired by grounded theory was used to answer the research question. The data material consisted of H&M’s sustainability reports from 2002, 2005, 2008, 2011, 2014, 2017 and 2019. The material was categorized into social, environmental or transparency dimensions, along with several under-categories. A simpler analysis of news articles regarding sustainability during the period 2002-2019 was also performed. Results: The results suggest that the fast fashion industry has increased their sense of responsibility as the expectations of stakeholders in the area has grown, and that CSR work increasingly is seen as a possible competitive advantage. The results also show that the most difficult parts to fulfill is the ethical level of the CSR pyramid, due to the difficulty of comprehending and fulfilling the stakeholders’ different expectations and demands, and the social dimension, because of its profound complexity, especially within fast-fashion.

Intressenter är allt mer engagerade kring miljön vilket har bidragit till att det har blivit viktigare för intressenter att göra hållbara beslut. Att företag tar hänsyn till sina intressenter och redovisar sitt arbete gällande hållbara frågor i en hållbarhetsrapport kan bidra till att företaget uppnår legitimitet, vilket kan vara avgörande för deras överlevnad. För att intressenter skall kunna ta beslut eller investera i företag vill de kunna jämföra företag emellan, detta för att kunna fatta dem rätta besluten oavsett vad det gäller. Men då riktlinjerna för hur företag skall eller bör rapportera är många kan det betyda att resultatet kan variera stort och påverka jämförbarheten. Global Reporting Initiative är det mest använda ramverket inom hållbarhetsrapportering, men är endast ett hjälpmedel med riktlinjer för hur rapporteringen bör gå till. Syftet med denna studie var därför att undersöka om hållbarhetsrapporter, med ramverket GRI, påverkar intressenters tolkning och jämförelse mellan företag.    För att uppnå syftet med studien och kunna besvara frågan genomfördes sju semistrukturerade intervjuer. Genom att studera två anonyma företags hållbarhetsrapporter fick respondenterna besvara frågor angående jämförbarhet, tolkning och legitimitet. Genom att analysera respondenternas svar utifrån legitimitetsteorin, intressentteorin och jämförbarhet resulterade studien i att sex av sju respondenter ansåg att rapporterna avvek väldigt mycket från varandra, varav den ena var bristfällig gällande många aspekter. De hade svårt att tolka och förstå den ena rapporten vilket också bidrog till att det i princip var omöjligt att uppnå legitimitet och jämförbarhet för dessa företag. Respondenterna hade önskat att det fanns en standard och standardiserade nyckeltal för att lättare uppnå jämförbarhet. Detta tyder på att behovet av ett tydligt och mer följdriktigt ramverk kan vara betydande för att öka legitimiteten, trovärdigheten och jämförbarheten i rapporterna. / The topic of sustainability is a topic that most people are familiar with. But something that is relatively new and foreign to most is sustainability reporting.  companies report how they work on issues related to the environment, social conditions, staff, respect for human rights and countering corruption. Reporting this to its stakeholders can be significant as it displays and create legitimacy and be crucial to the company's existence. Stakeholders also want to be able to compare companies in order to make the right decisions, but this can be problematic as there are several ways to report the same matter. Therefore, the purpose of the study is to investigate how comparability and legitimacy are affected based on how companies prepare their sustainability report. What the study finds is that legitimacy and comparability are negatively affected by the few guidelines that currently prevail.

Purpose: The aim of this thesis is to examine the link between CSR and EM in the EU manufacturing sector. The former is measured by ESG scores whereas the latter is approximated by discretionary accruals. Moreover, the corporate governance theories of stakeholder and agency are used as starting points. Method: Accruals are calculated using the so-called Modified Jones model. A linear regression equation with five variables is used to calculate the effect of CSR scores on the levels EM. In order to capture the difference, if any, regarding the link between CSR and EM between companies with high CSR scores and those with lower scores, three models are developed – the top 30 percent (model 1), the bottom 70 percent (model 2) and all companies (model 3). Findings: The results indicate CSR scores negatively affect the levels of EM. The causation is statistically significant. Implication: The findings of this study imply CSR practices are not used to hide weaker earnings in the manufacturing sector of the EU. Value: The study contributes to the literature on the link between CSR and EM by focusing on a specific sector that is often scrutinized for its negative environmental footprint. The choice of using three models is also seen to be of additional value.