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- Hassel, Lars G., 1950-, et al.
(författare)
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Engagement dialogue as a Nordic sustianable and responsible investment (SRI) strategy
- 2019
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Ingår i: Challenges in managing sustainable business. - Basingstoke : Palgrave Macmillan. - 9783319932651 - 9783319932668 ; , s. 179-204
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Bokkapitel (refereegranskat)abstract
- This chapter explores engagement dialogue as a sustainable and responsible investment (SRI) strategy from a Nordic investor perspective. The Nordic model of engagement dialogue is grounded in the Nordic model of corporate governance and stakeholder capitalism. Based on a proprietary database from a professional SRI agent, this chapter conducts an in-depth analysis of engagement dialogue between Nordic institutional investors and MSCI World companies regarding environmental, social, and corruption risks. The main characteristics of the Nordic model of engagement dialogue are an incident-based approach, norm-based compliance, a small number of engagement cases, and long-term emphasis on risk reduction as opposed to short-term financial gains. The chapter notes that successful forms of engagement dialogue target global companies with higher levels of pre-engagement environmental, social and governance (ESG) performance, ESG transparency, and operating performance than a matched sample. Their performance remains superior to the matched sample in the post-engagement period. The chapter consequently extends previous literature on SRI strategies in the Anglo-Saxon model of activism based on shareholder resolutions, whereby companies are targeted owing to corporate governance risks and low financial performance.
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- Manzhynski, Siarhei, et al.
(författare)
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Sustainable value creation of nine countries of the Baltic region : value, changes and drivers
- 2015
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Ingår i: Journal of Cleaner Production. - Oxford : Elsevier. - 0959-6526 .- 1879-1786. ; 108, s. 637-646
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Tidskriftsartikel (refereegranskat)abstract
- The Baltic region comprises countries of great diversity. They have in common that they all face the challenge to combine a sound economic development with the stewardship for their environmental, social and economic resources. Using the Sustainable Value approach we first analyse their overall sustainability performance. We then further develop the value drivers of Sustainable Value to enhance the explanatory power of our analysis. We find that there are significant differences between countries. We show both conceptually and using our examples that there is no unambiguous link between economic growth, environmental and social stewardship and the efficient use of resources.
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- Semenova, Natalia, Dr, 1978-, et al.
(författare)
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Private engagement by nordic institutional investors on environmental, social, and governance risks in global companies
- 2019
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Ingår i: Corporate governance. - : John Wiley & Sons. - 0964-8410 .- 1467-8683. ; 27:2, s. 144-161
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Tidskriftsartikel (refereegranskat)abstract
- Research question/issueThe paper examines private engagements related to environmental, social, and governance (ESG) incidents as a corporate governance mechanism used by Nordic institutional investors to influence MSCI World companies. The questions addressed are how an agent‐led collaborative engagement is carried out, what are the characteristics of the target companies selected, and if the successful engagements can improve ESG performance compared with pre‐engagement and incomplete cases.Research findings/insightsA unique data set of 355 private engagements of a professional agent on behalf of its Nordic clients is studied on environment, human and labor rights, and corruption risks between 2005 and 2013. An engagement process of the agent is described with focus on sequence and duration of actions of private engagement dialogues before filing a resolution. Successful private engagements, when target companies adopt the proposed ESG changes, are 27.6%. The incident‐driven private engagements target companies rated with high market values and ESG performance. ESG performance and transparency increase for succeeded engagements in the postengagement period and relative to incomplete engagements.Theoretical/academic implicationsThe paper provides empirical support for a social movement‐based influence of private engagements on target companies and adds to the broad‐scale empirical literature on investor activism. In the Nordic governance setting, an agent‐coordinated private engagement is seen as a social movement that supports targeting companies with a potential for change.Practical/policy implicationsInsights are offered to actors in the value chain in financial markets by demonstrating that successful ESG engagements have the potential to change portfolio company ESG practices.
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- Semenova, Natalia, Dr, 1978-, et al.
(författare)
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The Performance of Investor Engagement Dialogues to Manage Sustainability Risks
- 2019
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Ingår i: The Nordic Journal of Business. - : Aalto university. - 2342-9003 .- 2342-9011. ; 68:2, s. 5-22
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Tidskriftsartikel (refereegranskat)abstract
- This empirical study investigates the performance of a collaborative dialogue process where active Nordic investors interact with target companies behind the scenes to manage sustainability risks. The question addressed is what are the financial and nonfinancial characteristics of targets that provide opportunities for a successful dialogue process. The social movement theory of interest-driven collective action and the dialogic theory of effective communication are used as the conceptual framework with which to examine a proprietary dataset covering 326 dialogues with MSCI World companies. The results indicate that the performance of an agent-led collaborative dialogue process depends on the target company’s characteristics. The responsiveness of targets to the direct requests of the agent for comments, the willingness of targets to make an effort to implement changes raised by the agent throughout ongoing negotiations, and the success of the dialogue process are systematically related to the sustainability and financial attributes of targets.
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