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Semenova, Natalia, Dr
Publications (10 of 24) Show all publications
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: 2019-09-11Bibliographically 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. (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: 2019-10-10Bibliographically 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: 2019-10-07Bibliographically 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: 2018-12-10Bibliographically 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: 2018-12-10Bibliographically 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: 2018-08-10Bibliographically approved
Semenova, N. & Hassel, L. (2016). ESG risk management by Nordic institutional investors. In: 28th Asian-Pacific Conference on International Accounting Issues : Program & Proceedings: November 6-9, 2016, Maui, Hawaii. Paper presented at 28th Asian-Pacific Conference on International Accounting Issues : November 6-9, 2016, Maui, Hawaii (pp. 73-73).
Open this publication in new window or tab >>ESG risk management by Nordic institutional investors
2016 (English)In: 28th Asian-Pacific Conference on International Accounting Issues : Program & Proceedings: November 6-9, 2016, Maui, Hawaii, 2016, p. 73-73Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

Investor engagement, as a private dialogue with companies on Environmental Social and Governance (ESG) risks, is a growing Sustainable and Responsible Investment (SRI) strategy in the financial markets. Institutional investors have become less silent in their external ESG risk management of companies in their investment portfolios. This study examines private ESG dialogues by Nordic institutional investors with global companies and their subsequent implications. The decision of institutional investors to engage with companies is associated with the financial risk inherent in ESG incidents.

In this paper, social movement theory and the theory of rational activism provide the theoretical underpinnings for social pressures and investors’ decisions to execute their voice by means of active engagement in the form of private dialogues in relation to ESG risks. Legitimacy theory explains the need for companies to respond to ESG activism of investors and regain their legitimacy in terms of risk management.

The aim of the study is to model the process of investor engagement, examine the characteristics of ESG engagements and the characteristics of companies that lead to activism and whether active engagements affect governance, sustainability reporting quality and financial performance of target companies. The areas of engagement are corruption, environment, human rights and labor rights. The study employs a proprietary database of 858 ESG engagements in a sample of MSCI World companies targeted by Nordic institutional investors since 2005.

Results show that engagements are driven primarily by ESG risks and not current financial underperformance. 29 % of target companies have adopted ESG changes at the end of period. Successful engagements receive good response and progress ratings by the professional engagement services. The engagement processes tend to take 10 subsequent dialogues and require 3.73 years of engagement duration. We find that companies targeted for activism tend to be larger, more profitable and have lower market value than the control group. Results confirm that ESG policy; performance and reporting quality improve after activism.

National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-74546 (URN)
Conference
28th Asian-Pacific Conference on International Accounting Issues : November 6-9, 2016, Maui, Hawaii
Available from: 2018-05-25 Created: 2018-05-25 Last updated: 2018-08-10Bibliographically approved
Semenova, N. & Hassel, L. (2016). The moderating effects of environmental risk of the industry on the relationship between corporate environmental and financial performance. Journal of Applied Accounting Research, 17(1), 97-114
Open this publication in new window or tab >>The moderating effects of environmental risk of the industry on the relationship between corporate environmental and financial performance
2016 (English)In: Journal of Applied Accounting Research, ISSN 0967-5426, E-ISSN 1758-8855, Vol. 17, no 1, p. 97-114Article in journal (Refereed) Published
Abstract [en]

Purpose– Industries differ in their environmental impacts, such as emissions, water and energy use, fuel consumption and hazardous wastes, which will have implications for how environmental performance translates to operating performance and market value at company level. By incorporating industry-specific differences of environmental impacts, this paper includes industry-level environmental risk as a moderating factor on the relationship between two indicators of corporate environmental performance (CEP) (management and policy) and corporate financial performance (profitability and market value). The paper aims to discuss these issues.

Design/methodology/approach– Using panel data of US companies across all industries, the paper empirically tests a regression model, which includes an interaction effect representing both the form and strength of dependency of CEP on the environmental risk of the industry. The paper adopts the natural resource based theory to argue that financial returns are a decreasing function of CEP in high environmental impact industries, where environmental spending beyond compliance is costly and there is not much opportunity for consumer orientation.

Findings– The results show that environmental management has different impacts on operating performance at high and low environmental risk of the industry (form of relationship) while environmental policy (reporting) has a stronger signal on market premium in industries with low rather than high environmental risk (strength of relationship). Differences in both form and strength of moderating effects are demonstrated.

Research limitations/implications– Further research can introduce other industry-specific moderating factors, such as the disclosure maturity of the industry and the institutionalization of environmental disclosures across boarders in the industries, in order to explore the complexity of the relationship.

Practical implications– The results of the paper are relevant to investors, company managers and a broad group of stakeholders when considering both industry- and company-level environmental risks.

Originality/value– Previous studies have relied on controlling for industry membership. This paper uses an industry-specific environmental variable, environmental risk of the industry, to examine the form and strength of moderating effects.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2016
Keywords
Environmental impacts, Environmental policy, Market value, Moderating effects, Environmental management, Corporate environmental performance, Corporate financial performance, Environmental risk of the industry, Operating performance
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-49449 (URN)10.1108/JAAR-09-2013-0071 (DOI)
Available from: 2016-01-30 Created: 2016-01-30 Last updated: 2017-11-30Bibliographically approved
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