Titel: Finns det något samband mellan ESG-score och finansiell prestation för företag  inom finansmarknaden i Europa? En kvantitativ studie på 52 banker i Europa. Nivå: Examensarbete på grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Hakki Arhan Altunsayar och Ensar BujupiHandledare: Jan Svanberg  Datum: 2023 – majSyftet: Syftet med denna studie är att undersöka hur ESG-score påverkar den finansiella  prestationen för företag inom finansmarknaden i Europa.  Metod: Denna studie har en positivistiskt forskningsfilosofi med en hypotetiskt- deduktiv ansats. Studien innefattar en kvantitativ strategi som har genomförts med data från 52 banker inom finansmarknaden i Europa för året 2021. Studiens data är hämtad från databasen Refinitiv Eikon. Datan har sedan analyserats i statistikprogrammen SPSS och Minitab.  Resultat och slutsats: Studiens resultat visar att det förekommer ett svagt icke signifikant negativt samband mellan ESG-betyg och finansiell prestation i banker som är lokaliserade och verksamma inom Europa.  Examensarbetets bidrag: Studien bidrar till att fylla ett forskningsgap där vi tar reda på om det råder ett samband mellan ESG-betyg och finansiell prestation inom finansmarknaden i Europa, då tar vi specifikt hänsyn till bankerna inom marknaden, studien bidrar till forskningsområdet företagsekonomi med inriktning redovisning.  Förslag till fortsatt forskning: Det krävs ytterligare forskning med andra typer av analyser och fler variabler. Detta för att kunna dra en mer omfattande slutsats om det förekommer samband mellan ESG-score och finansiella prestationer på finansmarknaden i Europa.  Nyckelord: CSR, Legitimitetsteorin, ESG, Intressentteorin, finansiella prestationer. / Title: Is there a relationship between ESG scores and financial performance of financial  market companies in Europe? A quantitative study of 52 banks in Europe Level: Final assignment for Bachelor’s Degree in Business Administration  Author: Ensar Bujupi & Hakki Arhan Altunsayar  Supervisor: Jan Svanberg  Date: 2023 - May  Aim: The purpose of this study is to investigate how the ESG-score affects the financial performance of companies within the financial market in Europe.  Method: This study has a positivistic research philosophy with a hypothetical- deductive approach. The study includes quantitative strategy that has been carried out with data from 52 banks in the financial market for the year 2021. The data for the study has been taken from Refinitiv Eikon database. The data has then been analyzed in statistical programs such as SPSS and Minitab.  Results and conclusions: The results of the study show that there is a weak non- significant negative relationship between ESG ratings and financial performance in banks located and operating within Europe.  Contribution of the thesis: The study contributes to filling a research gap where we find out if there is a relationship between ESG ratings and financial performance within the financial market in Europe, then we specifically take into account the banks within the market, the study contributes to the research area of business finance with a focus on accounting.  Suggestions for future research: Further research is required with other types of analyzes and more variables. This is to be able to draw a more comprehensive conclusion if there is a connection between the ESG score and financial performance on the financial market in Europe.  Key words: CSR, Legitimacy theory, ESG, Stakeholder theory, financial performance.

This thesis aims to examine what impact the Covid-19 pandemic has on the pay-performance relationship. This study performs an OLS regression analysis of total CEO compensation on accounting and market-based firm performance for 2017-2020 using 233 Swedish listed firms. The results could not find a positive relationship between total CEO compensation and firm performance during 2017-2020. The findings rather indicate that Swedish CEOs are rewarded for failure. Moreover, the results could not find support for a weaker pay-performance sensitivity. These results contribute to the existing research by giving insights into the effects of financial distress on the pay-performance relationship in Sweden.

Sustainability work has garnered increasing attention in society and among stakeholders. A key concept within sustainability is ESG, which encompasses environmental, social work, and corporate governance. The ESG concept builds upon CSR, which focuses on companies' societal responsibilities. Due to inconsistent findings in previous research, there is a growing interest in exploring the impact of sustainability work on companies' financial performance. Thus, this study aims to examine the relationship between sustainability work (ESG) and financial performance within the banking sector of Sweden, Denmark, Norway, Finland, and Iceland. To achieve this goal, correlations between ESG ratings and ROA, as well as ROE, were analyzed for 148 companies in the aforementioned countries. The data was obtained from the Refinitiv Eikon database and analyzed using the statistical software IBM SPSS. The results indicated a positive association between sustainability work (ESG) and financial performance, with corporate governance having a greater influence on financial performance compared to social and environmental factors. Further research suggestions include conducting similar studies in other countries and industries, as results may differ. Additionally, exploring alternative databases apart from Refinitiv Eikon could be beneficial to assess if different results are obtained.

Thesis (M.COM. (Accounting)) -- University of Limpopo, 2022 / The corporate sustainability performance (CSP) journey is coupled with many complex issues which have subsequently eliminated the boundary between legal and discretionary social practices. In South African JSE SRI listed organisations, sustainability performance programmes are regarded as tools for redressing socioeconomic disparities. However, the influence of sustainability performance on organisations‟ financial performance becomes a vital notion in contemporary sustainable development debates as evidenced by extensive inconclusive literature that has its long roots in the research field. The aim of the study is to examine how corporate sustainability performance influences organisations‟ financial performance which is return on assets (ROA). Through content analysis, secondary data were extracted from annual integrated reports of 175 purposively sampled South African organisations registered on the Johannesburg Stock Exchange (JSE SRI Index) for the years 2009-2019. The study employs cross-sectional time series feasible generalised least regression (FGLS) to test the correlation between the dimensions of corporate sustainability performance and return on assets as a proxy for organisational financial performance. The study results confirm that employees‟ health and safety sustainability performance programmes have a significant and positive impact on return on assets, whereas CSP programmes in community social activities have a positive and significant influence on return on assets. An insignificant relationship exists between Eco-investments (socially responsible investments) and return on assets (ROA). The study concluded that there is a significant association between CSP and ROA. The findings further confirm that control variables (leverage ratio, current ratio, total assets turnover, operating profit margin and price earnings ratio) have an effect on the correlation between CSP and ROA. The results have potential implications for corporate sustainability performance policy makers in South Africa, and contribute to corporate sustainability performance/organisations‟ financial performance debate. The study further stresses that continuous review of CSP policies is imperative to ensure that sustainable business practices are achieved.

Thesis (M.Com. (Accounting)) -- University of Limpopo, 2022 / For organisations to be successful, they need key stakeholders like shareholders, customers, employees, banks and the community. These stakeholders are essential in any profit-based organisation. All stakeholders have needs, which have to be balanced. However, it is difficult to balance the needs of different stakeholders as they have different preferences. This study seeks to determine how different needs of stakeholders can be balanced and which of these stakeholders an organisation can prioritise to create value in the organisation. The study used a quantitative method to extract secondary data from the Johannesburg Stock Exchange. The judgemental sampling method was utilised to selected 68 organisations from the JSE, which were utilised to determine which stakeholder has an impact on the value of an organisation. The study did not choose any industry but generalised. The results of the study indicate that shareholders, customers and banks (debtholders) have no effect on the financial performance of the organisation. This means that stakeholders do improve value in an organisation. However, the results further revealed that the community and employees have a positive influence on financial performance. Future researchers can choose one industry to determine how these particular stakeholders influence the financial performance of organisations in a particular industry. In addition, more stakeholders can be identified that are key to organisations. / National Research Fund through Risk and Vulnerability Science Centre

This study aims to investigate how the proportion of female leaders on corporate boards affects firm financial performance during crises. The study investigates Swedish mid-cap and large- cap companies during COVID-19. The years observed are 2018-2021, where the two first years served as the pre-crisis periods, while the two latter as the crisis period. The sample includes 266 companies listed at Nasdaq Stockholm. Regression analysis is performed to investigate if there is a more positive relationship between the proportion of women on corporate boards and firm financial performance during a crisis. The firm financial performance measurements used are return on equity, return on assets, operating margin and Tobin’s Q. Moreover, in accordance with critical mass theory, the study examines if there is a significant relationship between a proportion of at least 40 % women on the board of directors, and financial performance during a crisis. The results of the study show no significant results for either a stronger relationship between the proportion of women and firm financial performance during a crisis or a threshold of 40 % proportion of women on the board. The study contributes to the current literature by expanding the research on gender and crisis management on a corporate level as well as explores the relationship between female board directors and firm financial performance in the Swedish market which has not been executed previously.

In 2019 there were a total of 1090 mergers and acquisitions, more commonly known as M&As made in Sweden. The value of these were around 60 million euro. This compared to the 1990s where the number of M&A transactions were around half of what it is today. There is no doubt that M&As have become a popular strategy for companies to create added value. However, there are some uncertainties regarding if companies benefit from these kinds of transactions. Many of the previous studies point out that companies have had difficulties integrating the merged companies to create added value. This is also the case with financial measurements. The aim of this study was to analyse if there is a significant relationship between acquisitions and financial performance measured with ROE, ROA and EBITDA-margin for Swedish companies during the period 2013–2018. Data on 27 acquisitions were collected from Orbis and Retriever Business. This study uses a quantitative method and a deductive approach. A paired t-test has been used to analyse if there is a significant relationship between acquisitions and financial performance. The result of this study shows that there is no significant relationship between acquisitions and financial performance measured in ROE, ROA and EBITDA-margin. This study concludes that there could be other motives than to create financial added value for the merged companies. It is possible that the decisions of the managers to acquire may have been inspired by motives such as increased independency or empire building. / Under år 2019 genomfördes det i Sverige totalt 1090 fusioner och förvärv, mer känt under begreppet M&A. Det sammanlagda värdet låg på ungefär 60 miljoner euro. Detta är tillskillnad från 90-talet där antalet fusioner och förvärvtransaktioner per år var runt hälften mot var det är idag. Det råder ingen tvekan om att fusioner och förvärv har blivit en alltmer populär strategi för svenska företag i ett försök att skapa värde. Det finns en del otydligheter kring ifall företag faktiskt gynnas av sådana transaktioner. Mycket av den tidigare forskningen menar att företagen har svårigheter att integreras och skapa ett mervärde av de sammanslagna bolagen. Detta gäller även för de finansiella måtten. Studiens syfte var att analysera om det finns ett statistiskt signifikant samband mellan förvärv och finansiell prestation mätt i ROE, ROA samt EBITDA-marginal för svenska företag under 2013–2018. Data för 27 förvärv har samlats in genom Orbis samt Retriever Business. Studien använder sig av en kvantitativ metod och deduktiv ansats. Ett beroende t-test har genomförts med syfte att undersöka om det finns ett statistiskt signifikant samband mellan förvärv och finansiell prestation. Studiens resultat tyder på att det inte finns ett samband mellan förvärven och finansiell prestation mätt i varken ROE, ROA eller EBITDA-marginal. Slutsatserna var att det kan finnas andra motiv än att skapa ett finansiellt mervärde för de ihopsatta bolagen. Det är möjligt att besluten av företagsledare att förvärva kan ha varit inspirerade av motiv såsom ökad självständighet eller imperiebyggande.

This thesis aims to take part of and contribute to the continuously ongoing debate ongender diversity, more specific about gender diversity in the operational level includingthe gender of CEO in Swedish firms across the Large cap, Mid Cap and Small Cap lists.The purpose is to analyze whether there is a statistical significance between operationalgender diversity and financial performance as well as firm volatility. The thesis uses aquantitative method with an OLS multiple regression analysis on a total of 448 Swedishlisted firms. The measures used for performance are return on assets (ROA) and return onequity (ROE), as well as volatility as a risk measure. The test variables used are femaleCEO and female executives, against the control variables females in the board, sector,market capitalization and full-time employees. The results of the thesis suggest that thereis not any significant correlation between the gender of the CEO and firm performance aswell as volatility, and there is neither any significant correlation between the genderdiversity amongst the executives and the firm performance or stock volatility.

Several studies have been conducted with the purpose to investigate the connections between real estate financial performance and ESG performance, mostly on asset level. The literature on ESG disclosure and real estate financial performance is not as explored. On portfolio level there have been different studies investigating if the number of green buildings affects the financial performance of real estate companies, yielding different results which shows that more attention is required in the research area. This paper has investigated disclosure of certified properties in Swedish real estate companies as well as EPRA sBPR participation and effects on the total return index of individual stocks. Panel data models are constructed using daily trading data from fifteen Swedish real estate companies. The results of the analysis indicate that there are positive signs associated with disclosure of green properties and in being part of organizations with clear sustainable ambitions, however the fact that there is not an overwhelming consistency in the results of all models can be seen as a signal that there is still uncertainty in the market around the usefulness of implementing information on certified buildings. For participation in EPRA sBPR a positive effect is found, being significant with cluster robust standard errors. For receiving a sBPR award the effect is slight but positive which is in line with previous findings. It still seems that there is disagreement in the business world on the paths to choose to efficiently incorporate ESG into business decisions. The results of this paper indicating that returns of real estate stocks are only in some cases significantly conditioned by green factors can also reflect this general level of uncertainty in the market. / Ett flertal studier har genförts i syfte att undersöka förhållandet mellan fastigheters finansiella prestanda och ESG prestanda, mestadels på tillgångsnivå. Litteraturen om ESG information och finansiell information för fastigheter är inte lika utforskad. På portfolionivå har olika studier undersökt om antalet gröna byggnader påverkar den finansiella prestanda hos fastighetsbolag, vilket gett olika resultat vilket visar att mer uppmärksamhet för forskningsområdet är nödvändigt. Det här examensarbetet undersöker information om certifierade fastigheter för svenska fastighetsbolag såväl som EPRA sBPR deltagande och effekter på totalavkastningsindexet för individuella aktier. Panel datamodeller konstrueras med hjälp av dagliga handelsdata från femton svenska fastighetsbolag. Resultaten av analysen visar på att det finns positiva tecken associerad med information om gröna fastigheter och att delta i organisationer med tydliga hållbara ambitioner. Samtidigt så visar inkontinensen i resultaten av alla modeller indikationer på att det fortfarande är osäkerhet på marknaden med användbarheten av att offentliggöra information om certifierade byggnader. För deltagande i EPRA sBPR så observeras en positiv effekt som är signifikant med kluster robusta standardfel. För att erhålla en sBPR utmärkelse är effekten liten men positiv vilket är i linje med tidigare observationer. Det verkar som att det fortfarande råder oenighet i affärsvärlden om vilken väg som ska väljas för att effektivt inkorporera ESG i affärsbeslut. Resultaten i det här examensarbetet som indikerar att avkastningen för börsnoterade fastighetsbolag bara i vissa fall signifikant påverkas av gröna faktorer kan också spegla nivån av osäkerhet på marknaden.

Any mitigation action will neglect climate change impacts (CCI) (Gillett et al., 2011: 83; Parry et al., 2009: 1102) occurring in a change of average weather patterns as well as in an increase in frequency and magnitude of extreme weather events (EWE) (IPCC, 2007: 8 and 52 f.; IPCC, 2012: 119 f.). For this thesis of special interest are businesses of the construction industry. Construction activities are carried out in an open environment which makes the construction companies´ highly impacted on weather conditions compared to many other sectors (Wedawatta et al., 2010: 364). Furthermore, the construction sector is a fundamental part in any economy (Wedawatta, et al. 2010: 365; Squicciarini and Asikainen, 2011: 672). In mitigation literature a sound amount of studies researches on the relation of corporate fi-nancial performance (CFP) and emissions. Guenther et al. (2012) analyzed empirical studies with regard to their connection between environmental and financial performance of corpo-rations whereby the majority of results implement a positive as well as negative relation. Therefore, this thesis investigates a possible association of implemented measures as re-sponse to the CC and the financial performance on a corporate level. In particular, the aim of this thesis is to analyze the association between corporate financial performance (CFP) and implemented climate change adaptation measures (CCAM) especially for companies of the construction industry. For providing a solid base for this point of interest the affection for construction businesses by CC and the response to the CCI of construction businesses is in-vestigated in addition. For the investigation of an association between CCAM and CFP the statistical methodology of regression was applied. The results clearly support the raised hypothesizes by computing a relationship between these variables in both directions. The results gained in this thesis stress adaptation to CC as a crucial proxy to handle CCI by mitigating risks and exploiting oppor-tunities. Nevertheless, still a reluctant attitude of businesses exists for the implementation of CCAM. This was found in literature and could be reassured by the results of the content analysis since businesses connote CCAM often with increasing cost and expenses and do not draw back on the effect on financial performance. This thesis found a positive effect of im-plemented CCAM on ROA on the short-run. These findings do refer to appropriate CCAM in terms of the right amount. For the opposite direction it was investigated, that if a construc-tion business is financially impacted by CC, an increase in slack causes the implementation of adaptation measures. By the implementation of adaptation measures the dependency from environmental changes is increased (RDT) and the companies´ structure becomes more het-erogenic (RBV). Financial slack is proved to be important to keep the company flexible in taking action. Especially, if a company is financially impacted by CCI financial slack is used for implementing measures.:1 Introduction 2 Theory 2.1 Resource Dependence Theory 2.2 Resource Based View 2.3 Organizational Slack 3 State of Research 3.1 Introduction to Climate Change Adaptation 3.2 Climate Change Mitigation and Adaptation Literature dealing with CFP 3.3 Financial Implication of CCI and CCAM 3.4 Climate Change Impacts and Adaptations Measures on Construction Enterprises 3.4.1 Construction Enterprises and their specific Value Chain 3.4.2 CCI on Construction Enterprises 3.4.3 CCAM for Construction Enterprises 3.5 Hypothesis development 4 Methodology 4.1 Content Analysis 4.2 Regression Analysis 4.2.1 Multiple Linear Regression Analysis 4.2.2 Poisson and Negative Binominal Regression Analysis 4.3 Model description 4.3.1 Operationalization of the Content Analysis 4.3.2 Operationalization of the Regression Analysis 5 Results 5.1 Results of the Content Analysis 5.2 Results of the Regression Analysis 5.2.1 Results of the Multiple Linear Regression 5.2.2 Results of the Negative Binomial Regression 6 Discussion, Limitation, and Further Research 6.1 Discussion of Results for the Association between CFP and CCAM 6.2 Limitations and Further Research 7 Conclusion