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The aim of this thesis is to investigate whether certain information, in this case, ESG rating, contributes to better firm performance on the stock market during Covid-19, or whether variables such as size and industry have a higher degree of explanation. The thesis takes on a quantitative method and uses statistical models to analyze secondary data from Refinitiv Eikon. Empirical results provide no evidence that ESG ratings would affect stock market performance during Covid-19. Furthermore, size and industry do not increase the degree of explanation for the relationship. This can be explained by investors' outlook on sustainable investments and the relevance of ESG on the Swedish stock market. Previous research on the relationship between performance in the stock market and ESG ratings has mainly examined larger economies such as the US and the UK or had a global focus. By focusing on the Swedish stock market and including the variables size and industry in the relationship between stock performance and ESG, the thesis adds to a further understanding of the Swedish stock market. This thesis also broadens the perspective of ESG by questioning it as a relevant source of information.

This dissertation contains three essays on the non-pecuniary preferences pertaining to financial asset characteristics and their implications for asset pricing. The first essay considers the pricing implications of screens adopted by socially responsible investors. A model including such investors reconciles the empirically observed risk-adjusted sin-stock abnormal return with a systematic “boycott risk premium” which has a substantial financial impact that is, however, not limited to the targeted firms. The boycott effect cannot be displaced by litigation risk, a neglect effect, and liquidity considerations, or by industry momentum and concentration. The boycott risk factor is valuable in explaining cross-sectional differences in mean returns across industries and its premium varies directly with the relative wealth of socially responsible investors and with the business cycle. The second essay generalizes Fama (1996)’s concept of Multi-Factor Efficiency without being limited by additional random state variables that must affect future investment opportunities. Incorporating non-pecuniary preferences into a representative investor’s utility function generates multi-factor pricing implications. A representative investor chooses among expected returns, variances, and levels of characteristics according to their taste, which gives rise to an N-fund separation theorem with static characteristics. If a portfolio is built to maximize the exposure to the asset characteristics, the covariance between asset returns and this portfolio returns will be identical to the underlying characteristics. Such identity makes obsolete any attempts to distinguish between characteristics and risk exposures as the driving forces behind the cross-sectional variation in stock returns. The third essay develops a procedure for deriving systematic factors from characteristics, based on maximizing each factor’s exposure to a characteristic subject to a given level of factor variance. The resulting characteristic-mimicking portfolios (CMP) price mean asset returns identically as the original characteristics, irrespective of the underlying model. Accordingly, differences in the performance of mimicking factors and characteristics in explaining mean returns should be interpreted as an artifact of arbitrary procedural choices for generating mimicking factors. Factors and characteristics may be distinguished usefully only by determining if CMPs have significant explanatory power for the time series of returns. / Thesis / Doctor of Philosophy (PhD)

The concept Enviromental, Social and Governance (ESG) has become an issue of growing importance and relevance, with sustainability-related investments soaring in the recent decade. In Sweden, private equity represents a large portion of the capital markets. As a result, private equity is an intriguing case study in developing ESG investments. This thesis analyzes how different Nordic private equity companies work with ESG within the investing process. The fundamental causes of ESG's ascent and the momentum of the investing theme were found via a qualitative study based on semi-structured interviews with eight private equity associates and seven with traditional- and investment banks. According to the findings, the current incentive is driven by more significant knowledge of ESG-related risks and possibilities, altering personal beliefs and legislative expectations. Given the sector's possibility to influence change inside their investment firms via governance-, operational-, financial-, and ESG-methods, the respondents found a point of agreement in their confidence that ESG would have a substantial long-term influenceon the private equity industry. Even though the private equity industry is aware of sustainability, stakeholders have yet to agree on definitions and the most effective ways to incorporate it into investment operations. ESG is virtually entirely evaluated for typical private equity firms during the pre-investment process, often known as the screening phase. While specialized sustainability and impact partners are integrated across the investment process, their peers may learn from them since they have successfully done so. The disparity among stakeholders illustrates that private equity sustainability is still a work in progress, driven by the varied stakeholders' specific interests and aspirations. / Konceptet Enviromental, Social and Governance (ESG) har blivit en fråga av växande betydelse och relevans, med hållbarhets-relaterade investeringar som skjutit i höjden under det senaste decenniet. I Sverige utgör private equity en stor del av kapitalmarknaderna. Detta gör private equity till en spännande fallstudie av utvecklingen av ESG i investeringsprocesser. Detta examensarbete analyserar hur olika nordiska private equity-bolag arbetar med ESG inom investeringsprocessen. De grundläggande orsakerna till ESG:s uppgång och den snabba utvecklingen inom den här typen av investeringar hittades via en kvalitativ studie baserad på semistrukturerade intervjuer med åtta private equity-bolag och sju med traditionella- och investeringsbanker. Enligt resultaten drivs det nuvarande incitamentet av mer betydande kunskap om ESGrelateraderisker och möjligheter, vilket förändrar personliga övertygelser och lagstiftande förväntningar. Med tanke på sektorns möjlighet att påverka förändringar inom sina företag via styrning-, operationella-, finansiella- och ESG-metoder, fann de intervjuade en gemensam syn till sitt förtroende att ESG kommer ha ett betydande långsiktigt inflytande på private equity-industrin. Även om private equity-branschen är medveten om hållbarhet, har intressenterna ännu inte kommit överens om definitioner och de mest effektiva sätten att införliva det i investeringsverksamheten. ESG utvärderas praktiskt taget helt för typiska private equity-företag under förinvesteringsprocessen, ofta känd som screeningsfasen. Även om specialiserade hållbarhets- och påverkanspartners är integrerade i investerings-processen, kan deras konkurrenter lära av dem, eftersom de har lyckats med det. Skillnaden mellan intressenter illustrerar att hållbarhet inom private equity fortfarande är ett pågående arbete, driven av de olika intressenternas specifika intressen och ambitioner.

Yes / Open research practices seek to enhance the transparency and reproducibility of research. Whilst there is evidence of increased uptake in these practices, such as study preregistration and open data, facilitated by new infrastructure and policies, little research has assessed general uptake of such practices across psychology university researchers. The current study estimates psychologists’ level of engagement in open research practices across universities in the United Kingdom and Ireland, while also assessing possible explanatory factors that may impact their engagement. Data were collected from 602 psychology researchers in the UK and Ireland on the extent to which they have implemented various practices (e.g., use of preprints, preregistration, open data, open materials). Here we present the summarised descriptive results, as well as considering differences between various categories of researcher (e.g., career stage, subdiscipline, methodology), and examining the relationship between researcher’s practices and their self-reported capability, opportunity, and motivation (COM-B) to engage in open research practices. Results show that while there is considerable variability in engagement of open research practices, differences across career stage and subdiscipline of psychology are small by comparison. We observed consistent differences according to respondent’s research methodology and based on the presence of institutional support for open research. COM-B dimensions were collectively significant predictors of engagement in open research, with automatic motivation emerging as a consistently strong predictor. We discuss these findings, outline some of the challenges experienced in this study, and offer suggestions and recommendations for future research. Estimating the prevalence of responsible research practices is important to assess sustained behaviour change in research reform, tailor educational training initiatives, and to understand potential factors that might impact engagement. / Research funding: Aston University. Article funding: Open access funding provided by IReL.

No / This paper examines the continuous intention by healthcare professionals to use the Internet of Medical Things (IoMT) in combination with responsible artificial intelligence (AI). Using the theory of Diffusion of Innovation (DOI), a model was developed to determine the continuous intention to use IoMT taking into account the risks and complexity involved in using AI. Data was gathered from 276 healthcare professionals through a survey questionnaire across hospitals in Bahrain. Empirical outcomes reveal nine significant relationships amongst the constructs. The findings show that despite contradictions associated with AI, continuous intention to use behaviour can be predicted during the diffusion of IoMT. This study advances the under- standing of the role of responsible AI in the continued use of IoMT in healthcare and extends DOI to address the diffusion of two innovations concurrently.

O senso de urgência para a preservação do planeta e a gestão responsável das organizações, ocupa uma posição de destaque no início do século XXI, na agenda de corporações, escolas de negócios, governos e organizações sem fins lucrativos. O Principles for Responsible Management Education (PRME) surgiu em 2007, como uma resposta à demanda de organizações participantes do Pacto Global da ONU (UN Global Compact), para a formação de líderes responsáveis e compromissados com o desenvolvimento sustentável. Atualmente a iniciativa PRME tem uma estrutura composta por aproximadamente 700 escolas de negócios, distribuídas em 85 países. Apesar de ser uma rede com mais de 10 anos de existência, com alcance global, nenhuma pesquisa até então investigou o PRME sob o enfoque das redes interorganizacionais e suas variáveis determinantes de efetividade. O objetivo geral desta pesquisa é verificar se o PRME é uma rede interorganizacional efetiva no nível da rede inteira, identificando as relações lógicas das suas características. Uma primeira análise qualitativa de conteúdo investiga documentos institucionais do PRME em busca da comprovação de sua efetividade, posteriormente, são analisados os relatórios de progresso individuais de membros exemplares, chamados PRME Champions, para a avaliação das variáveis que contribuem positivamente para a efetividade no nível da rede. Seis proposições são extraídas da revisão da literatura para serem discutidas empiricamente. As contribuições desta pesquisa são o fornecimento de subsídios teórico-empíricos sobre governança aos stakeholders de redes em busca de efetividade, em especial ao PRME, e a ampliação da compreensão no campo teórico sobre redes interorganizacionais. A pesquisa demonstra efeitos positivos do modo de governança, da estrutura, do funcionamento e do contexto sobre a efetividade no nível da rede inteira. Os dados apresentaram como determinantes da efetividade da rede os seguintes aspectos: existência de controle por organizações externas, organização, sistema de reuniões, agenda escrita, a transparência na comunicação à comunidade externa, o relacionamento dos gestores da rede com agentes externos, a liderança ativa, a liderança em rede, a estabilidade do ambiente, a presença de cultura cívica e o senso de colaboração e cooperação. A existência de comitê de direção, planejamento conjunto da rede, regras formalizadas e a negociação das direções da rede com stakeholders, exercem efeito moderado sobre a efetividade da rede. / The sense of urgency for the preservation of the planet and responsible management of organizations occupies a prominent position in the early 21st century, on the agenda of corporations, business schools, governments, and non-profit organizations. The Principles for Responsible Management Education (PRME) emerged in 2007 as a response to the demand of participating UN Global Compact organizations for the education of responsible and committed leaders in sustainable development. Currently, the PRME initiative has a structure composed of about 700 business schools, distributed in 85 countries. Despite being a network with more than 10 years of existence, with global reach, none research investigated the PRME under the approach of interorganizational networks and their determinants of effectiveness. The general aim of this research is to verify if the PRME is an effective interorganizational network at the whole network level, identifying the logical relations of its characteristics. A first qualitative content analysis investigates PRME institutional documents to prove its effectiveness, and then the individual progress reports of exemplary members, called the PRME Champions, are analyzed for the evaluation of variables that contribute to the effectiveness at the network level. Six propositions are drawn from the literature review to be discussed empirically. The contributions of this research are the provision of theoretical and empirical subsidies on governance to network stakeholders in search of effectiveness, the PRME in particular, and expansion of understanding in the theoretical field on interorganizational networks. Research shows positive effects of governance, structure, functioning, and context on effectiveness at the whole network level. The data presented as determinants of the network effectiveness the following aspects: the existence of external control, meeting organization, written agenda, transparency in communication to the external community, active leadership, network leadership, the relationship of network managers with external agents, the presence of civic culture, and the sense of collaboration and cooperation. The existence of a steering committee, joint planning of the network, formalized rules, and the negotiation of network directions with stakeholders, has a moderate effect on the network effectiveness.

While the concept of Corporate Social Responsibility (CSR) is widely used, it is not seen as the most appropriate to describe responsible business activities in Small, Medium and Micro-sized Enterprises (SMMEs). The concept of Responsible Business Practices (RBP) is better suited to SMMEs, although the theory is still based in the broader literature of CSR. Choices and decisions made by the owners/managers of SMMEs regarding the expenditures for RBP may reflect various influences. These influences may be conscious and purposely orientated toward a personal set of beliefs, but may also be indirectly, subconsciously influenced. This research will explore the influences behind expenditure decisions. Structured questionnaires will be used to reveal conscious influences that play a role in decision-making in SMMEs. The primary objective of this study is to investigate the aspects that consciously influence the decision-makers at SMMEs in Tshwane, South Africa, to expend resources on RBP. The study also aims to determine the awareness of, perceptions about and attitudes towards RBP among SMME decision-makers, as well as to determine the RBP activities SMMEs are involved in. Relationships between the extent of RBP engagement and the level of RBP awareness, the activities involved in, and the respondents’ highest level of education will be discussed. Key differences between the respondents’ age, highest level of education and gender with regards to the influencing aspects are also covered. The study contributes to the body of knowledge on individual-level studies in the RBP field and makes a contribution to the South African SMME literature that focuses on the doing of responsible business. It also addresses the gap in RBP knowledge by investigating the influences on RBP decisions in SMMEs, as the small business decision-making processes might prioritise influencing aspects differently than that in larger organisations. / Business Management / M. Com. (Business Management)

O senso de urgência para a preservação do planeta e a gestão responsável das organizações, ocupa uma posição de destaque no início do século XXI, na agenda de corporações, escolas de negócios, governos e organizações sem fins lucrativos. O Principles for Responsible Management Education (PRME) surgiu em 2007, como uma resposta à demanda de organizações participantes do Pacto Global da ONU (UN Global Compact), para a formação de líderes responsáveis e compromissados com o desenvolvimento sustentável. Atualmente a iniciativa PRME tem uma estrutura composta por aproximadamente 700 escolas de negócios, distribuídas em 85 países. Apesar de ser uma rede com mais de 10 anos de existência, com alcance global, nenhuma pesquisa até então investigou o PRME sob o enfoque das redes interorganizacionais e suas variáveis determinantes de efetividade. O objetivo geral desta pesquisa é verificar se o PRME é uma rede interorganizacional efetiva no nível da rede inteira, identificando as relações lógicas das suas características. Uma primeira análise qualitativa de conteúdo investiga documentos institucionais do PRME em busca da comprovação de sua efetividade, posteriormente, são analisados os relatórios de progresso individuais de membros exemplares, chamados PRME Champions, para a avaliação das variáveis que contribuem positivamente para a efetividade no nível da rede. Seis proposições são extraídas da revisão da literatura para serem discutidas empiricamente. As contribuições desta pesquisa são o fornecimento de subsídios teórico-empíricos sobre governança aos stakeholders de redes em busca de efetividade, em especial ao PRME, e a ampliação da compreensão no campo teórico sobre redes interorganizacionais. A pesquisa demonstra efeitos positivos do modo de governança, da estrutura, do funcionamento e do contexto sobre a efetividade no nível da rede inteira. Os dados apresentaram como determinantes da efetividade da rede os seguintes aspectos: existência de controle por organizações externas, organização, sistema de reuniões, agenda escrita, a transparência na comunicação à comunidade externa, o relacionamento dos gestores da rede com agentes externos, a liderança ativa, a liderança em rede, a estabilidade do ambiente, a presença de cultura cívica e o senso de colaboração e cooperação. A existência de comitê de direção, planejamento conjunto da rede, regras formalizadas e a negociação das direções da rede com stakeholders, exercem efeito moderado sobre a efetividade da rede. / The sense of urgency for the preservation of the planet and responsible management of organizations occupies a prominent position in the early 21st century, on the agenda of corporations, business schools, governments, and non-profit organizations. The Principles for Responsible Management Education (PRME) emerged in 2007 as a response to the demand of participating UN Global Compact organizations for the education of responsible and committed leaders in sustainable development. Currently, the PRME initiative has a structure composed of about 700 business schools, distributed in 85 countries. Despite being a network with more than 10 years of existence, with global reach, none research investigated the PRME under the approach of interorganizational networks and their determinants of effectiveness. The general aim of this research is to verify if the PRME is an effective interorganizational network at the whole network level, identifying the logical relations of its characteristics. A first qualitative content analysis investigates PRME institutional documents to prove its effectiveness, and then the individual progress reports of exemplary members, called the PRME Champions, are analyzed for the evaluation of variables that contribute to the effectiveness at the network level. Six propositions are drawn from the literature review to be discussed empirically. The contributions of this research are the provision of theoretical and empirical subsidies on governance to network stakeholders in search of effectiveness, the PRME in particular, and expansion of understanding in the theoretical field on interorganizational networks. Research shows positive effects of governance, structure, functioning, and context on effectiveness at the whole network level. The data presented as determinants of the network effectiveness the following aspects: the existence of external control, meeting organization, written agenda, transparency in communication to the external community, active leadership, network leadership, the relationship of network managers with external agents, the presence of civic culture, and the sense of collaboration and cooperation. The existence of a steering committee, joint planning of the network, formalized rules, and the negotiation of network directions with stakeholders, has a moderate effect on the network effectiveness.

Problématique : L’innovation responsable en santé est un domaine en croissance qui vise à contribuer à une meilleure gouvernance des systèmes de santé. Par contre, il y a actuellement très peu d’outils qui rendent plus opérationnels ses concepts et qui visent à soutenir des choix éclairés par les détenteurs d’enjeux du domaine de la santé. Objectifs : Ce projet de recherche a pour objectifs d’évaluer la fiabilité d’un Outil de dépistage et d’évaluation de l’innovation responsable en santé (IRS) et d’accroitre sa fiabilité lors de son application. Méthodes : Le devis de recherche mixte repose sur l’évaluation quantitative de la fiabilité de l’outil par le biais d’une mesure d’accord interjuges et sur le développement et l’évaluation quantitative et qualitative d’un Guide d’utilisation visant à accroitre la facilité d’utilisation de l’outil. Des entrevues semi-dirigées ont été conduites auprès de (n=6) participants et participantes, afin de faire ressortir les points de convergence et de divergence concernant le Guide d’utilisation. Résultats : Les coefficients de Gwet calculés pour l’accord interjuges varient entre 0,693 et 1, ce qui signifie que l’accord varie de « substantiel » à « parfait ». Les commentaires des participants et des participantes ont fait ressortir que le Guide d’utilisation était complet sur le plan de l’information présentée, bien qu’un peu redondant. Des recommandations sont proposées afin de réviser le guide. Conclusion : Ce projet contribue à la santé publique en produisant des connaissances utiles sur l’application d’outils par des équipes interdisciplinaires. L’Outil IRS dont la fiabilité est maintenant mieux connue pourra également, à plus long terme, favoriser les initiatives responsables en santé. / Abstract Introduction: Responsible innovation in health is a growing field of research that aims to contribute to better governance of health systems. There are currently very few tools to support its operationalization and the choices stakeholders in the health field make. Objectives: The objectives of this research project are to assess the reliability of a Responsible Innovation in Health (RIH) screening and assessment Tool and how its reliability may be increased during its application. Methods: The mixed methods study design is based on the quantitative evaluation of the reliability of the Tool by means of a measure of interrater agreement and on the development and evaluation of a user guide aiming to increase the usability of the Tool. Semi-structured interviews were conducted with (n = 6) participants, in order to highlight the points of convergence and divergence concerning the user guide. Results: The Gwet coefficients calculated for the interrater agreement vary between 0.693 and 1, which means that the agreement varies from “substantial” to “perfect”. Participants’ comments indicated that the user guide was comprehensive in terms of the information presented, although somewhat redundant. Recommendations are suggested in order to revise the guide. Conclusion: This project contributes to public health by producing useful knowledge on the application of tools by interdisciplinary teams. The IRS Tool, whose reliability is now better known, may also, in the longer term, encourage responsible health initiatives.