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Background: During recent years, the growing attention to environmental, social, and governance factors (ESG) as a recognized sustainability performance measurement has led to that corporate participation in sustainable development as one of the main concerns among stakeholders. The Nordic countries have been outstanding leaders in terms of sustainability for years and consistently ranked excellent on ESG scores. The role of ESG and its effect on value creation has been widely discussed by academics and stakeholders, but the results differ. Purpose: This thesis aims to study the relationship between ESG scores and a firm’s performance in terms of ROE in Nordic countries between 2020 to 2022 and investigate whether investing in environmental innovation strengthens or weakens the correlation between the two variables. The study uses both stakeholder and shareholder theories to explain the results. Method: The linear regression models were conducted on data collected from Thomson Reuters Eikon’s database (2023) between 2020-2022 on 150 firm observations and 450 firm-year observations to fulfil the study's purpose. Conclusion: The findings show a significant positive relationship between ESG scores and ROE, but environmental innovation weakened this relationship. The conclusions were drawn that Nordic firms which take more value into sustainability practices, especially ESG scores, enhance their financial performance, which is supported by the stakeholder theory. But firms with higher ESG, which invest more in environmental innovation, wouldn't pay off through better financial performance in the short run. Furthermore, the results from statistical models for two dummy variables, year, and country, indicate that the relationship between ESG scores and financial performance is neither significantly affected by time nor significantly by Nordic countries.

Background: The demand for ESG reporting has increased significantly in recent years. Simultaneously, in 2016, ESG reporting was implemented in the annual accounts act as a mandatory part. Consequently, ESG reporting has increased and gained focus from larger organizations. Stakeholder and shareholder theory are two main theoretical concepts that can explain and help portray the reporting of ESG. Recent developments have raised questions regarding how the information should be reported and targeted to whom. Purpose: This thesis aims to investigate how the top four banks in Sweden are portraying their ESG reporting. The study will analyze if the portrayal of ESG is biased toward any specific stakeholders. Method: The method used in this thesis combines quantitative and qualitative methods, as the authors found it most suitable to achieve the most thorough results. Interviews represents the qualitative method, and the coding of annual reports represents the quantitative method. Additionally, the thesis is built upon an abductive approach that enables the authors to alter between theory and empery, allowing the understanding to emerge along with the thesis. Ultimately, the mixed method and abductive approach produced the best conditions to fulfill the purpose. Findings: Even though theory suggests that the leading banks in Sweden should be able to achieve maximal satisfaction among all stakeholders simultaneously, it seems unrealistic to do so in reality. However, reaching maximal satisfaction is still the main goal for the banks, as stakeholder theory also suggests. The second finding is the presence of stakeholder pressure when portraying ESG reporting among the leading banks in Sweden. The report shows that the banks will act in stakeholders' interests when exposed to pressure from internal and external stakeholders. A more general finding is the dominance of stakeholder theory in ESG reporting amongst the leading banks in Sweden. Over the last years, the reporting towards stakeholders has increased significantly, while shareholder-targeted reporting has remained stable. However, it is still worth mentioning that the assumption of shareholder theory still somewhat holds.

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.

Abstract Background: The increasing professionalization of sports clubs has led to a shift in their objectives to include social responsibility in addition to sporting success. The change is due to the demand from society for organizations to contribute back to society and the need for clubs to maintain authentic relationships within their communities. Swedish elite football clubs are no exception, as they engage in socially responsible activities contributing to Swedish society. The clubs' shared practices can be explained by institutional isomorphism, a core concept within institutional theory. Purpose: The purpose of the thesis is to explore how stakeholders' expectations concerning CSR are managed within Swedish elite football clubs and what incentivizes the clubs to conduct CSR. The thesis will provide an understanding of how CSR is conducted and illuminate current management practices between organizations and stakeholders. Method: A qualitative interview study has been conducted with the support of secondary sources such as websites and documents. Purposive and snowball sampling has been applied to acquire relevant interview participants. The thesis utilized thematic analysis to arrive at meaningful and rich conclusions. Conclusion: The conclusion states that managing stakeholder expectations in CSR requires involving them in the process and considering their feedback and demands. The incentives for CSR include stakeholder pressures and a desire to contribute to society. Communication, information sharing, and collaboration are crucial in managing relationships between organizations and stakeholders.

Skogen är en väsentlig del i Sveriges ekonomi och står för 10% av den totala varuexporten. Utöver att skogen bidrar finansiellt är det en resurs som påverkas starkt av klimatförändringar. Skogen kan ses som en obegränsad resurs om den hanteras rätt och därför är hållbarhetsredovisningen av särskild vikt för bolagen inom branschen. Förutom att varorna kan ersätta fossila material bidrar den även med att absorbera koldioxid. Om avverkningen inte sker hållbart försvinner dessa effekter och skadar istället klimatet. Skogsindustrin har en rad olika intressenter eftersom den påverkar klimatet i en sådan hög utsträckning. Den är en känslig och komplex bransch som generellt har ett lågt förtroende från konsumenter. Det leder till att företagen har ett stort ansvar att tillgodose intressenternas informationsbehov i deras hållbarhetsredovisning. Det är en komplex uppgift att uppnå balans mellan olika intressenters efterfrågan eftersom skogen påverkar både individer och samhället i stort. Däremot är det intressant att undersöka hur hållbarhetsredovisningen har utvecklats över tid och om samhällsdebatten kring klimatet har bidragit med ett ökat fokus på miljön. Studiens syfte är att skapa förståelse för vad svenska börsnoterade skogsbolag rapporterar i hållbarhetsredovisningen och hur denna redovisning tillgodoser olika intressentgruppers informationsbehov. Det här för att bidra med kunskap om hur skogsbolagen prioriterar sina intressenters informationsbehov. Studiens metod är en kvalitativ innehållsanalys och utgår från en deduktiv ansats. Tidigare forskning används som stöd för att kategorisera skogsbolagens hållbarhetsredovisningar. Genom det här bidra det till nya kunskaper om hur utvecklingen av rapporteringen ser ut inom branschen. Det globala ramverket Global Reporting Initiative används som referensram för kodningen tillsammans med tidigare forskning. Den kvalitativa innehållsanalysen sker genom att undersöka fyra börsnoterade skogsbolags hållbarhetsredovisningar för år 2011 och 2020. Studien undersöker utvecklingen med tio års intervall för att förändringen utläses tydligare över längre perioder. Studiens resultat visar på att det ökade intresset inom hållbarhet har skapat en förändring i skogsbolagens hållbarhetsredovisning. Resultatet framför hur kategorin miljöansvar har ökat kraftigt inom hållbarhetsredovisningen för de inkluderade företagen i studien. Utöver det här har studien visat på att både primära och sekundära intressenters informationsbehov tillgodoses, men att det också finns delar i hållbarhetsredovisningen som inte uppfyller deras efterfrågan. Resultaten visar på hur det finns en brist på ekonomiskt ansvar i hållbarhetsredovisningen inom skogsindustrin. Därför har studien funnit att informationsbehovet av miljörapportering är viktigare för de flesta intressenter. Studiens resultat ger dessutom stöd åt tidigare forskning som belyst att den etiska och positiva grenen av intressentteorin bör behandlas parallellt för att ge en rättvis bild av verkligheten Studiens slutsats är att hållbarhetsredovisningen hos de svenska börsnoterade företagen visade på att utvecklingen utifrån GRIs sex kategorier främst bestod av en ökning av kategorin miljöansvar. Det visade också att både år 2011 och år 2020 var fördelningen relativt ojämn då ekonomiskt ansvar har få observationer medans miljöansvar dominerar samtliga bolag båda åren. När rapporteringen presenteras enligt triple bottom line så är det en jämnare fördelning mellan miljöansvar och socialt ansvar. Däremot dras slutsatsen att information om miljön har utvecklats mest positivt enligt triple bottom line rapporteringen med. / Forests are an essential part of the Swedish economy and account for 10% of total exports of goods. In addition to contributing financially, forests are a resource that is strongly affected by climate change. Forests can be seen as an unlimited resource if managed properly and therefore sustainability reporting is of particular importance for companies in the sector. As well as being a substitute for fossil materials, it also helps to absorb carbon dioxide. If harvesting is not done sustainably, these effects disappear and instead damage the climate. The forest industry has a range of stakeholders because it has such a large impact on the climate. It is a sensitive and complex industry with generally low consumer confidence. As a result, companies have a major responsibility to meet the information needs of stakeholders in their sustainability reporting. Achieving a balance between different stakeholder demands is a complex task as forests affect both individuals and society at large. However, it is interesting to examine how sustainability reporting has evolved over time and whether the social debate on climate has contributed to an increased focus on the environment.  The aim of the study is to gain an understanding of what Swedish listed forest companies report in their sustainability reports and how these reports meet the information needs of different stakeholder groups. This is to contribute knowledge on how forest companies prioritize the information needs of their stakeholders. The study method is a qualitative content analysis and is based on a deductive approach. Previous research is used to support the categorisation of forest companies' sustainability reports. Through this, it contributes to new knowledge about the development of reporting in the industry. The Global Reporting Initiative global framework is used as a frame of reference for the coding along with previous research. The qualitative content analysis is conducted by examining the sustainability reports of four listed forestry companies for the years 2011 and 2020. The study examines trends at ten-year intervals so that change is more clearly inferred over longer periods.  The results of the study show that the increased interest in sustainability has created a change in the sustainability reporting of forestry companies. The results highlight how the category of environmental responsibility has increased significantly within the sustainability reporting of the companies included in the study. In addition to this, the study has shown that the information needs of both primary and secondary stakeholders are being met, but that there are also elements in the sustainability report that do not meet their demand. The results show how there is a lack of financial accountability in the sustainability reporting of the forest industry. Therefore, the study has found that the information needs of environmental reporting are more important for most stakeholders. Moreover, the results of the study support previous research that highlighted that the ethical and positive branches of the stakeholder theory should be treated in parallel to provide a fair picture of the reality  The study concludes that the sustainability reporting of Swedish listed companies showed that the development based on the six GRI categories consisted mainly of an increase in the category of environmental responsibility. It also showed that in both 2011 and 2020 the distribution was relatively uneven, with financial responsibility having few observations while environmental responsibility dominating all companies in both years. When the reporting is presented according to the triple bottom line, there is a more even distribution between environmental and social responsibility. However, it is concluded that information on the environment has developed most positively according to the triple bottom line reporting.

Date: 2023-05-31 Level: Bachelor thesis in Business Administration, 15 credits Institution:School of Business, Society and Engineering, Mälardalen University Authors: Josef Andehaymanot (01/03/03) Jonas Höggren (99/03/05) Nicholas Malki (00/11/13) Title: Assessing ESG Reporting Practices in Swedish Banks: Approaches, and Barriers. Supervisor: Edward Gillmore Keywords: Sustainability reporting, transparency, accountability, disclosure barriers, stakeholder theory, corporate social responsibility, environment social governance.  Research questions: 1. How do Swedish banks integrate ESG into reporting and disclosure? 2. What are the barriers to improving transparency and accountability into this process? Purpose: The purpose of this thesis is to explore the challenges Swedish banks are faced with in their sustainability reporting practices, as well as to deduce solutions and add potential contributions to the development of standardized frameworks in reporting practices by conducting interviews with sustainability experts, both in banks, and a consultancy firm. Method: Non-standardized semi-structured interviews was the main method adopted for this thesis’ exploratory qualitative research, the data was then comparatively analyzed, bank by bank. Conclusion: The challenges and barriers identified in this study emphasize the need for standardized reporting frameworks, enhanced data collection process, stakeholder engagement, and employee education in sustainable initiatives. By addressing these issues banks can improve transparency and accountability in their ESG reporting process, contributing to a more sustainable future.

[pt] O esporte é um relevante meio de inserção social. Segundo a Constituição Federal do Brasil, é dever do Estado fomentar práticas desportivas formais e não-formais. Além de proporcionar uma vida mais saudável, gera empregos, fornece entretenimento e fomenta a economia. A gestão esportiva, contudo, é uma área de pesquisa que está em sua infância, com estudos indicando lacunas diversas. Em contraste, o Brasil observou investimentos bilionários serem direcionados ao esporte durante a era dos megaeventos esportivos, desde os Jogos Pan-Americanos Rio2007 até os Jogos Paralímpicos Rio2016. Colheu, contudo, além de resultados esportivos abaixo do esperado, escândalos de desvios de recursos associados à deficiência de governança de entidades esportivas, notadamente aquelas responsáveis pela gestão de fundos públicos, indicando que o esporte não padece de falta de investimento, mas de problemas de gestão e governança que dificultam o desenvolvimento de seu potencial esportivo, social e econômico. Desde então, stakeholders do esporte têm cobrado maior adoção de práticas de governança que atuem sobre a gestão dos fundos públicos destinados ao esporte. Utilizando a Teoria dos Stakeholders como arcabouço teórico, esse estudo busca propor um macro modelo para a governança na aplicação dos fundos públicos para o esporte brasileiro, a partir das percepções dos stakeholders, alertando para desvios do modelo atual e propondo melhorias. Adotando como epistemologia o pragmatismo, cujas lentes entendem que a pesquisa ocorre em um contexto social, histórico e político, os dados foram colhidos em entrevistas realizadas com 16 representantes de 14 grupos de stakeholders do esporte, bem como em mais de 20 eventos da indústria do esporte observados pelo pesquisador entre 2018 e 2021, e de pesquisa documental. O software NVivo foi utilizado para suportar o processo de consolidação, análise e categorização dos dados. Os resultados indicaram que o investimento público anual no esporte, mesmo após a era dos megaeventos, ainda monta valores bilionários que, na percepção dos stakeholders, contudo, continuam sendo mal direcionados e, portanto, desperdiçados. O modelo sugerido integra 12 proposições (P) que abordam questões referentes às motivações (P1) e objetivo (P2) do financiamento público ao esporte, à relevância de uma estratégia centralizada para o esporte nacional (P3), às diversas fontes de financiamento (P7) e ao exemplo positivo do modelo das Forças Armadas (P12); às barreiras de desequilíbrio de recursos em favor do esporte de alto rendimento (P4), desperdício de recursos (P5), concentração de poder nos gestores (P9), deficiência crítica de métodos e indicadores de avaliação esportiva para o investimento realizado (P6); e à necessária organização dos stakeholders mais salientes para o alcance dos objetivos constitucional e por eles esperados (P8). Há também a percepção de que os modelos de governança, à luz dos escândalos ocorridos durante a era dos megaeventos, começaram, desde então, a serem implementados com rigor crescente, ao ponto de que, embora a relevância de tais modelos seja opinião unânime, alguns stakeholders entendam que atualmente há excessos que acabam por distorcer o papel de uma governança adequada, paradoxalmente prejudicando o desenvolvimento do esporte e de seu potencial econômico e social no país. / [en] Sport is a relevant tool for social inclusion. According to the Federal Constitution of Brazil, it is a State s duty to promote formal and non-formal sporting practices. In addition to providing a healthier life, it creates jobs, provides entertainment and boosts the economy. Sports management, however, is an area of research that is in its childhood, with studies indicating several gaps. In contrast, Brazil saw billionaire investments being directed to sport during the era of sports mega-events, from Rio2007 Pan American Games to Rio2016 Paralympic Games. It has harvested, however, in addition to sporting results lower than expected, financial scandals associated with the lack of governance in sports entities, notably those responsible for public funds management. indicating that Brazilian sport does not suffer from lack of financial investment, but from management and governance issues that hinder the development of its sporting, social and economic potential. Since then, sport stakeholders have started to demand greater adoption of governance practices that could act on sports public funds management. Using Stakeholders Theory as theoretical lens, this study suggests a macro model for governance in the application of public funds for Brazilian sport, based on its stakeholders perceptions, calling attention for current deviations and proposing improvements. Adopting pragmatism as epistemology, whose lens understands that research takes place in a social, historical and political context, data was collected from 16 in-depth interviews done with 14 stakeholder sport groups representatives, as well as during more than 20 sport industry events observed by the researcher between 2018 and 2021, and documentary research. NVivo software was used to support data consolidation, analysis and categorization process. Results indicate that annual public investment in sport, even after sports mega-events era, still amounts to billions that, in stakeholders perception, however, continue to be misdirected, hence, wasted. The suggested model integrates 12 propositions (P) that address issues related to the motivations (P1) and objective (P2) of public funding for sport, the relevance of a national sport centralized strategy (P3), the various funding sources (P7) and the positive example of Brazilian Military Forces model for sports (P12); the barriers of resource imbalance in favor of high-performance sport (P4), waste of resources (P5), concentration of power in managers (P9), critical deficiency of sport evaluation methods and indicators for invested public funding (P6); and the necessary organization of the most salient stakeholders to achieve the constitutional and their own goals for sport development in Brazil (P8). There is also a perception that governance models, in light of the scandals that took place during the sports mega-events era in Brazil, have since begun to be implemented with increasing rigor, to the point that, although the relevance of governance approaches is an unanimous opinion, some stakeholders understand that there are extreme governance actions that end up distorting the role of adequate governance, paradoxically harming sport development and its economic and social potential in Brazil.