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Tekijä:Semenova, N.
Hassel, L.G.
Nilsson, H.
Otsikko:The value relevance of environmental and social performance: Evidence from Swedish SIX 300 companies
Lehti:Liiketaloudellinen aikakauskirja
2010 : 3, p. 265-292
Asiasana:financial accounting
stock markets
listed companies
Nordic countries
Vapaa asiasana:environmental performance
social performance
Tiivistelmä:With close attention around the world, environmental, social, and governance performance (herein as: perf.) is becoming a focus of many companies, investors, financial analysts, and accounting policy makers. This paper offers insight into how environmental and social perf. is reflected in the market value of listed SIX 300 companies on OMX Stockholm. The applied Ohlson valuation model is tested using data from the GES Investment Services (R) risk ratings for creating a holistic view on the long-term extra-financial perf. and for disaggregating the effects of various dimensions of environmental and social perf. on stock prices. Based on the evidence there is found support for the value relevance of environmental perf. at both aggregated and sub-aggregated levels. In the social dimension, there is found support for community and supplier relations.
SCIMA tietueen numero: 274159
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