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Semenova, Natalia, DrORCID iD iconorcid.org/0000-0001-9670-5942
Publications (10 of 26) Show all publications
Semenova, N. (2020). Company receptivity in private dialogue on sustainability risks. Sustainability, 12(2), 1-14, Article ID 532.
Open this publication in new window or tab >>Company receptivity in private dialogue on sustainability risks
2020 (English)In: Sustainability, ISSN 2071-1050, E-ISSN 2071-1050, Vol. 12, no 2, p. 1-14, article id 532Article in journal (Refereed) Published
Abstract [en]

This study examines empirically the efficiency of private collaborative dialogues between Nordic institutional investors and companies included in the MSCI (Morgan Stanley Capital International) World stock market index. It contributes to an understanding of the conditions that allow active institutional investors to elect to work with more receptive and progressive companies and improve the efficiency of private engagement and dialogue. Stakeholder silence theory and Gond et al.’s model of company perceptions of enablers and barriers to the success of engagement are introduced to analyse the efficiency of private dialogue. The study investigates a proprietary dataset covering the characteristics of 109 complete dialogue processes related to material environmental, social, and corruption issues. The dialogues are led by a professional engagement agent in collaboration with its Nordic clients. The multivariate regression analysis shows that sustainability risk, bureaucracy, and experience are the specific conditions under which the target company can become more receptive to activism by making more progress to address institutional investors’ requests during the hidden dialogue process.

Place, publisher, year, edition, pages
MDPI, 2020
Keywords
Sustainability risks, Investor activism, Private dialogue, Engagement, Efficiency
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-90856 (URN)10.3390/su12020532 (DOI)000516824600090 ()
Available from: 2020-01-10 Created: 2020-01-10 Last updated: 2020-04-28Bibliographically approved
Semenova, N. & Hassel, L. (2019). Efficiency of engagement related to sustainability performance of companies. In: Presented at the Nordic Conference in Management Accounting, Linköping, Sweden, January 31-February 1, 2019: . Paper presented at Nordic Conference in Management Accounting, Linköping, Sweden, January 31-February 1, 2019.
Open this publication in new window or tab >>Efficiency of engagement related to sustainability performance of companies
2019 (English)In: Presented at the Nordic Conference in Management Accounting, Linköping, Sweden, January 31-February 1, 2019, 2019Conference paper, Oral presentation only (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-79643 (URN)
Conference
Nordic Conference in Management Accounting, Linköping, Sweden, January 31-February 1, 2019
Note

Ej belagd 191007

Available from: 2019-01-19 Created: 2019-01-19 Last updated: 2019-10-07Bibliographically approved
Hassel, L. G. & Semenova, N. (2019). Engagement dialogue as a Nordic sustianable and responsible investment (SRI) strategy. In: Susanne Arvidsson (Ed.), Challenges in managing sustainable business: reporting, taxation, ethics and governance (pp. 179-204). Basingstoke: Palgrave Macmillan
Open this publication in new window or tab >>Engagement dialogue as a Nordic sustianable and responsible investment (SRI) strategy
2019 (English)In: Challenges in managing sustainable business: reporting, taxation, ethics and governance / [ed] Susanne Arvidsson, Basingstoke: Palgrave Macmillan, 2019, p. 179-204Chapter in book (Refereed)
Abstract [en]

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.

Place, publisher, year, edition, pages
Basingstoke: Palgrave Macmillan, 2019
Keywords
Sustainable and responsible investments (SRI), Investor activism, Private engagements, Environmental, social and governance (ESG) risks, Transparency, Performance
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-75303 (URN)10.1007/978-3-319-93266-8_8 (DOI)2-s2.0-85063532648 (Scopus ID)9783319932651 (ISBN)9783319932668 (ISBN)
Available from: 2018-06-07 Created: 2018-06-07 Last updated: 2020-05-13Bibliographically approved
Semenova, N. & Hassel, L. (2019). Private engagement by Nordic institutional investors on environmental, social, and governance risks in global companies. Corporate governance: An International Review, 27(2), 144-161
Open this publication in new window or tab >>Private engagement by Nordic institutional investors on environmental, social, and governance risks in global companies
2019 (English)In: Corporate governance: An International Review, ISSN 0964-8410, E-ISSN 1467-8683, Vol. 27, no 2, p. 144-161Article in journal (Refereed) Published
Abstract [en]

Research question/issue The 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/insights A 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 implications The 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 implications Insights 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.

Place, publisher, year, edition, pages
Wiley-Blackwell, 2019
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-79641 (URN)10.1111/corg.12267 (DOI)000461838500004 ()2-s2.0-85059635156 (Scopus ID)
Available from: 2019-01-19 Created: 2019-01-19 Last updated: 2019-08-29Bibliographically approved
Semenova, N. & Hassel, L. G. (2019). The performance of investor engagement dialogues to manage sustainability risks. The Nordic Journal of Business, 68(2), 5-22
Open this publication in new window or tab >>The performance of investor engagement dialogues to manage sustainability risks
2019 (English)In: The Nordic Journal of Business, ISSN 2342-9003, E-ISSN 2342-9011, Vol. 68, no 2, p. 5-22Article in journal (Refereed) Published
Abstract [en]

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 atributes of targets.

Place, publisher, year, edition, pages
Aalto university, 2019
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-90858 (URN)
Available from: 2020-01-10 Created: 2020-01-10 Last updated: 2020-01-23Bibliographically approved
Semenova, N. (2019). The value relevance of carbon disclosure strategies: a review of accounting research. In: Helen Borland, Adam Lindgreen, François Maon, Joëlle Vanhamme, Véronique Ambrosini, & Beatriz Palacios Florencio (Ed.), Business strategies for sustainability: (pp. 264-284). Abingdon-on-Thames: Routledge
Open this publication in new window or tab >>The value relevance of carbon disclosure strategies: a review of accounting research
2019 (English)In: Business strategies for sustainability / [ed] Helen Borland, Adam Lindgreen, François Maon, Joëlle Vanhamme, Véronique Ambrosini, & Beatriz Palacios Florencio, Abingdon-on-Thames: Routledge, 2019, p. 264-284Chapter in book (Refereed)
Place, publisher, year, edition, pages
Abingdon-on-Thames: Routledge, 2019
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-74601 (URN)9781138311343 (ISBN)9780429458859 (ISBN)
Available from: 2018-05-28 Created: 2018-05-28 Last updated: 2020-05-13Bibliographically approved
Semenova, N. & Hassel, L. (2018). ESG risk management in MSCI World companies: the influence of institutional investors. In: Presented at the 2018 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Auckland, New Zealand, July 1-3, 2018: . Paper presented at 2018 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Auckland, New Zealand, July 1-3, 2018.
Open this publication in new window or tab >>ESG risk management in MSCI World companies: the influence of institutional investors
2018 (English)In: Presented at the 2018 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Auckland, New Zealand, July 1-3, 2018, 2018Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-74377 (URN)
Conference
2018 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Auckland, New Zealand, July 1-3, 2018
Available from: 2018-05-16 Created: 2018-05-16 Last updated: 2020-05-13Bibliographically approved
Semenova, N. (2017). Accountability for climate change: the valuation effects of carbon disclosures. In: Presented at the 43rd European International Business Academy (EIBA) Conference: "International Business in the Information Age", Milan, Italy, December 14-16, 2017: . Paper presented at 43rd European International Business Academy (EIBA) Conference "International Business in the Information Age".
Open this publication in new window or tab >>Accountability for climate change: the valuation effects of carbon disclosures
2017 (English)In: Presented at the 43rd European International Business Academy (EIBA) Conference: "International Business in the Information Age", Milan, Italy, December 14-16, 2017, 2017Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-72843 (URN)
Conference
43rd European International Business Academy (EIBA) Conference "International Business in the Information Age"
Available from: 2018-04-14 Created: 2018-04-14 Last updated: 2020-05-13Bibliographically approved
Semenova, N. & Hassel, L. (2017). Influence of private shareholder activism on company ESG disclosure and performance. In: Presented at the 40th European Accounting Association Annual Congress, Valencia, Spain, May 10-12, 2017: . Paper presented at 40th European Accounting Association Annual Congress, Valencia, Spain, May 10-12, 2017.
Open this publication in new window or tab >>Influence of private shareholder activism on company ESG disclosure and performance
2017 (English)In: Presented at the 40th European Accounting Association Annual Congress, Valencia, Spain, May 10-12, 2017, 2017Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Identifiers
urn:nbn:se:lnu:diva-72844 (URN)
Conference
40th European Accounting Association Annual Congress, Valencia, Spain, May 10-12, 2017
Available from: 2018-04-14 Created: 2018-04-14 Last updated: 2020-05-13Bibliographically approved
Semenova, N. & Hassel, L. (2016). Corporate environmental, social and governance (ESG) engagements. In: Research seminar on responsible business: March 16-17 2016, Tampere, Finland. Paper presented at Research seminar on responsible business, March 16-17 2016, Tampere, Finland.
Open this publication in new window or tab >>Corporate environmental, social and governance (ESG) engagements
2016 (English)In: Research seminar on responsible business: March 16-17 2016, Tampere, Finland, 2016Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-74545 (URN)
Conference
Research seminar on responsible business, March 16-17 2016, Tampere, Finland
Note

Ej belagd 180810

Available from: 2018-05-25 Created: 2018-05-25 Last updated: 2020-05-13Bibliographically approved
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ORCID iD: ORCID iD iconorcid.org/0000-0001-9670-5942

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