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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Integrating ESG data into valuation models |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 58 |
| Date | 2020 |
| Abstract Text | The effect of ESG performance on financial performance is of great interest for researchers and investors. While the existing literature has established a positive aggregate effect of ESG on financial performance, this paper analyzes which specific ESG variables are material for the most relevant financial performance variables, and how these relationships affect valuation. Based on a large panel dataset of financial data and ESG ratings, the positive aggregate effect of ESG is confirmed and the material ESG variables for different industries are identified. Furthermore, the impact of the material ESG variables on stock valuation is demonstrated by integrating the results into a valuation model. |
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