Publication
An investors perspective: can an esg aware investor achieve abnormal returns on the stock market? - the case of the utility industry
| Summary: | This thesis analyzes the impact of ESG performance on stock returns in capital markets. Da tasets of globally listed companies in the automotive, chemical, apparel manufacturer and re tailer, and utility industries are considered. Portfolios with the best (worst) ranked companies in terms of ESG are constructed. The results of four multiple regression models show no sig nificant results for portfolios composed of the best ESG companies in any of the considered industries. Portfolios consisting of the lowest-rated chemical and apparel manufacturer and re tailer companies generate significantly positive abnormal returns, while the automotive and utility portfolios show no significant results. |
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| Main Authors: | Spaeth, Hannah |
| Subject: | Esg Sustainable finance Investment approach Stock returns Utility industry |
| Year: | 2023 |
| Country: | Portugal |
| Document type: | master thesis |
| Access type: | open access |
| Associated institution: | Universidade Nova de Lisboa |
| Language: | English |
| Origin: | Repositório Institucional da UNL |
| Summary: | This thesis analyzes the impact of ESG performance on stock returns in capital markets. Da tasets of globally listed companies in the automotive, chemical, apparel manufacturer and re tailer, and utility industries are considered. Portfolios with the best (worst) ranked companies in terms of ESG are constructed. The results of four multiple regression models show no sig nificant results for portfolios composed of the best ESG companies in any of the considered industries. Portfolios consisting of the lowest-rated chemical and apparel manufacturer and re tailer companies generate significantly positive abnormal returns, while the automotive and utility portfolios show no significant results. |
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