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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | ESG Certification as a Value Driver for Companies on the Swiss Stock Exchange |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 44 |
| Date | 2022 |
| Abstract Text | This thesis analyzes ESG-certified SPI companies’ stock performance on a portfolio level and stock level, operating profitability, and WACC from 2016-2021. The companies were analyzed, controlling for systemic risk factors and other performance factors. The panel-data regressions were conducted both with OLS and fixed effects to control for unobserved heterogeneity. No significant impact of the ESG rating on the stock performance was found. Furthermore, the results showed a slightly negative effect on the operating profitability and no apparent effect on the WACC. However, methodological concerns and the short sampling period make it difficult to draw a causal link. |
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