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ESG Investments : exploring the impact of sustainability on financial performance

Johannessen, Thea Aasheim; Tveiterås, Åsne Lovise
Master thesis
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URI
https://hdl.handle.net/11250/2648593
Date
2019
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  • Master Thesis [3384]
Abstract
In this thesis, we investigate the relationship between sustainability, measured by ESG

score, and financial performance. The time period of the study is 2008-2018. We perform

three different analyses. The first is a global analysis of all 11 years. In the second analysis,

we split the sample into two sub-periods. Finally, we investigate the relationship for

companies in the United States and Europe separately. We find that there is no indication

of a positive relationship. Moreover, the results suggest that the relationship is more

negative than neutral. This is especially evident globally for small companies, globally in

the period 2009-2013, as well as for American companies. We also look at the relationship

at the industry level and find that there are differences between industries. The findings

in Health Care suggest that investing in sustainable companies destroys value. In Real

Estate and Technology on the other hand, the results demonstrate a neutral relationship.

Consequently, sustainable investments in these industries will neither create or destroy

value.

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