Sustainable Finance, Investors' Preferences and Shareholder Value

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Type and Duration

PhD-Thesis, since February 2017

Coordinator

Chair in Business Administration, Banking and Financial Management

Main Research

Wealth Management

Field of Research

Banking and Finance

Description

The dissertation deals with the issue of sustainability in the area of finance focusing on investors' preferences and shareholder value. For the doctoral thesis, a cumulative approach is applied. The dissertation will be composed of at least three different research papers.
The first project deals with the question whether sustainable investing by a company has an impact on the decision making process of investors. Therefore we analyze stock price reactions on different ESG-parameters.
In the second paper we focus on the research area of social impact investing. In contrast to the commonly applied ESG-criteria in asset management (passive), the objective of impact investing is an active, sustainable development. The paper seeks to compare investors' decisions regarding the application of ESG-parameters and impact investing, respectively.
Originally used in the field of marketing research to determine the value of attributes of products or services in the eyes of individuals, conjoint analysis methodology is applied in this finance research project. We use the technique to investigate the effect of sustainable investing on stakeholders' satisfaction in cooperation with practitioners.

Keywords

Sustainable finance, Impact investing, investors, preferences