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  • 1.
    Cerin, Pontus
    et al.
    Åbo Akademi University, Finland ; Royal Institute of Technology, Sweden ; Swedish Energy Agency, Sweden.
    Hassel, Lars
    Åbo Akademi University, Finland ; Umeå University, Sweden.
    Semenova, Natalia
    Åbo Akademi University, Finland.
    Energy performance and housing prices2014In: Sustainable Development, ISSN 0968-0802, E-ISSN 1099-1719, Vol. 22, no 6, p. 404-419Article in journal (Refereed)
    Abstract [en]

    We investigate whether mandatory energy performance certificates of existing residential properties contribute to property price premiums after the implementation of the EU directive on the energy performance of buildings in the Swedish private housing market. Analysing mandatory energy performance certificates of the 2009–2010 private housing transactions, we find that energy performance is associated with transaction price in situations when it is conditional on a reference benchmark. We also document property price premiums for energy performance within housing segments built before 1960 and those with a lower transaction price per square metre. Our results suggest that the property market values energy performance, and we make recommendations on which housing segments need policy support to encourage energy improvements. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment.

  • 2.
    Hassel, Lars G.
    et al.
    University of Gävle, Sweden.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Engagement dialogue as a Nordic sustianable and responsible investment (SRI) strategy2019In: 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.

  • 3.
    Hassel, Lars
    et al.
    Umeå University, Sweden.
    Semenova, Natalia
    Åbo Akademi University, Finland.
    The added value of environmental, social and governance performance and sustainable and responsible investment on company and portfolio levels - what can we learn from research?2013In: CSR and beyond: a Nordic perspective / [ed] Atle Midttun, Norway: Cappelen Damm AS, 2013, 1, p. 137-163Chapter in book (Other academic)
  • 4. Semenova, Natalia
    A share of the price - ESG found to be a part of stock market value2012In: Magesine, p. 12-14Article in journal (Other (popular science, discussion, etc.))
  • 5.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Accountability for climate change: the valuation effects of carbon disclosures2017In: Presented at the 43rd European International Business Academy (EIBA) Conference: "International Business in the Information Age", Milan, Italy, December 14-16, 2017, 2017Conference paper (Refereed)
  • 6.
    Semenova, Natalia
    Umeå University.
    Environmental management and corporate performance: reviewing the moderating role of environmental impacts of the industry2015In: Economic Systems, ISSN 2309-2076, Vol. 4, p. 24-30Article in journal (Refereed)
    Abstract [en]

    This study examines the relationship between corporate environmental management and corporate financial performance by analyzing the moderating effects of environmental impacts of the industry and the different approaches of the moderated regression analysis. The study shows that the environmental impacts of the industry have a significant moderating effect on the form of the relationship between the environmental management and the operating performance of the companies. In high-impact or polluting industries, such as oil and gas, metals and mining and pulp and paper, company-specific environmental management is costly and reduces the short-term operating performance of companies. In low-impact or clean industries, such as banking, software and insurance, the relationship between corporate environmental management and the market premium is stronger than in high-impact industries (strength ofrelationship). The long-term premium in market value is, on average, higher and more attuned to benefits to corporate environmental management in low-impact industries than in high-impact industries. The research provides consistent evidence of form and strength of moderating effects using the empirical approaches of the panel data moderated regression analysis, the plotting technique and the subsample analysis.

  • 7.
    Semenova, Natalia
    Åbo Akademi University.
    Essays on the Value Relevance of Environmental and Social Performance2011Doctoral thesis, monograph (Other academic)
  • 8.
    Semenova, Natalia
    Åbo Akademi University, Finland ; Umeå University.
    Information asymmetry in environmental information: Evidence on size and industry effects on market value among Swedish SIX 300 companies2011In: Oikos/PRI Young Scholars Finance Academy "The Future of Responsible Investment", January 23-28 2011, Gais, Switzerland, 2011Conference paper (Refereed)
  • 9.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The value relevance of carbon disclosure strategies: a review of accounting research2019In: 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)
  • 10.
    Semenova, Natalia
    et al.
    Umeå University, Sweden.
    Hassel, Lars
    Umeå University, Sweden.
    A comparative study of environmental risk and opportunity metrics2014In: Proceedings of the 14th International Scientific Conference: 'Economics and Management - Methods, Models, Technology', Ufa, Russia, October 9-11, 2014, Ufa: Ufimskij gosudarstvennyj aviacionnyj techničeskij universitet , 2014, Vol. 2, p. 57-60Conference paper (Refereed)
  • 11.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Finland.
    Hassel, Lars
    Åbo Akademi University, Finland ; Umeå University, Sweden.
    Asymmetry in value relevance of environmental performance (EP) information: contingency effects of size and industry2013In: Journal of Modern Accounting and Auditing, ISSN 1548-6583, E-ISSN 1935-9683, Vol. 9, no 6, p. 777-789Article in journal (Refereed)
    Abstract [en]

    Contemporary research documents a positive but weak price premium from environmental performance (EP). The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 (SIX 300) companies listed on the Stockholm Stock Exchange (OMX Stockholm). Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is. however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.

  • 12.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Finland.
    Hassel, Lars
    Asymmetry in value relevance of environmental performance: Role of industry and size2011In: PRI−Mistra/SIRP Academic Conference "Dynamics of Responsible Investment" September 27-28 2011, Stigtuna, Sweden, 2011Conference paper (Refereed)
  • 13.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars
    Umeå University.
    Corporate environmental, social and governance (ESG) engagements2016In: Research seminar on responsible business: March 16-17 2016, Tampere, Finland, 2016Conference paper (Refereed)
  • 14.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars
    University of Gävle, Sweden.
    Efficiency of engagement related to sustainability performance of companies2019In: Presented at the Nordic Conference in Management Accounting, Linköping, Sweden, January 31-February 1, 2019, 2019Conference paper (Refereed)
  • 15.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars
    Umeå University.
    ESG risk management by Nordic institutional investors2016In: 28th Asian-Pacific Conference on International Accounting Issues : Program & Proceedings: November 6-9, 2016, Maui, Hawaii, 2016, p. 73-73Conference paper (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.

  • 16.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars
    University of Gävle, Sweden.
    ESG risk management in MSCI World companies: the influence of institutional investors2018In: Presented at the 2018 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Auckland, New Zealand, July 1-3, 2018, 2018Conference paper (Refereed)
  • 17.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars
    Umeå University.
    Influence of private shareholder activism on company ESG disclosure and performance2017In: Presented at the 40th European Accounting Association Annual Congress, Valencia, Spain, May 10-12, 2017, 2017Conference paper (Refereed)
  • 18.
    Semenova, Natalia
    et al.
    Umeå University, Sweden.
    Hassel, Lars
    Umeå University, Sweden.
    On the Validity of Environmental Performance Metrics2015In: Journal of Business Ethics, ISSN 0167-4544, E-ISSN 1573-0697, Vol. 132, no 2, p. 249-258Article in journal (Refereed)
    Abstract [en]

    Different proprietary databases have been used extensively in research to assess the environmental performance and environmental risk of companies. This study explores the convergent validity of the environmental ratings of MSCI ESG STATS (formerly known as Kinder, Lydenberg, and Domini Research & Analytics; KLD), Thomson Reuters ASSET4 (ASSET4) and Global Engagement Services (GES). The study shows that the ratings have common dimensions, but on aggregate, they do not converge. On the environmental opportunity side, KLD environmental strengths, and ASSET4 and GES environmental performance metrics correlate highly and provide convergent scores for US companies from 2003–2011. On the environmental risk side, KLD environmental concerns converge with the GES environmental industry risk and company emissions from the ASSET4 database. Further analysis confirms that industry-related risks are drivers of company-specific environmental performance.

  • 19.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars
    University of Gävle, Sweden.
    Private engagement by Nordic institutional investors on environmental, social, and governance risks in global companies2019In: Corporate governance: An International Review, ISSN 0964-8410, E-ISSN 1467-8683, Vol. 27, no 2, p. 144-161Article in journal (Refereed)
    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.

  • 20.
    Semenova, Natalia
    et al.
    Umeå University, Sweden.
    Hassel, Lars
    Umeå University, Sweden.
    The moderating effects of environmental risk of the industry on the relationship between corporate environmental and financial performance2016In: Journal of Applied Accounting Research, ISSN 0967-5426, E-ISSN 1758-8855, Vol. 17, no 1, p. 97-114Article in journal (Refereed)
    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.

  • 21.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Finland.
    Hassel, Lars
    Umeå University, Sweden.
    Value of corporate responsibility2011In: Corporate responsibility, Kahbarovsk: Khabarovsk State Academy of Economics and Law , 2011, p. 144-148Chapter in book (Other academic)
    Abstract [en]

    In a rapidly growing and changing field of corporate responsibility and sustainable and responsible investment, the impact of corporate social performance (CSP) and corporate environmental performance (CEP) on corporate market value is increasingly important for investors and companies. Comprehensive literature reviews indicate that the overall effect is positive but weak. This paper advances prior literature by arguing that CSP and CEP create potentially intangible value beyond the value of financial statements and introduces holistic extra-financial performance ratings into an accounting valuation model. This paper finds that environmental performance and some dimensions of social performance are specific extra-financial drivers of corporate market value. The evidence also supports weak positive average relations that are, however, driven by industry and size differences.

  • 22.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Finland.
    Hassel, Lars
    Umeå University, Sweden;Åbo Akademi University, Finland.
    Cerin, Pontus
    Energy performance and housing prices2012In: PRI-CBERN Academic Network Conference "Evolution of Responsible Investment: Navigating Complexity", October 1-3 2012, Toronto, Canada, 2012Conference paper (Refereed)
  • 23.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Turku, Finland.
    Hassel, Lars
    Umeå University.
    Ismagilova, Larisa
    Lindfelt, Lise-Lotte
    Corporate Social Responsibility2006Book (Refereed)
  • 24.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Finland.
    Hassel, Lars
    Åbo Akademi University, Finland ; Umeå University, Sweden.
    Nilsson, Henrik
    The Stockholm School of Economics, Sweden.
    The value relevance of environmental and social performance: evidence from Swedish SIX 300 companies2010In: Liiketaloudellinen Aikakauskirja, ISSN 0024-3469, E-ISSN 2242-4296, no 3, p. 265-292Article, book review (Refereed)
    Abstract [en]

    Environmental, social, and governance performance has attracted close attention around the world and is becoming a focus of many companies, investors, financial analysts, and accounting policy makers. This paper provides insight into how environmental and social performance is reflected in the market value of listed SIX 300 companies on OMX Stockholm. Applying the Ohlson valuation model, we express the market value of equity as a function of the book value of equity, accounting earnings, and environmental and social performance, where the last two variables are the proxies for other valuerelevant information. We test this model with data from the GES Investment Services® risk ratings that enable us to create a holistic view on the long-term extra-financial performance and to disaggregate the effects of various dimensions of environmental and social performance on stock prices. The evidence presented in this study finds support for the value relevance of environmental performance at both aggregated and sub-aggregated levels. In the social dimension, support is found for community and supplier relations. We contribute empirical findings to the current debate on the relations between environmental and social performance and shareholder value, and demonstrate the extra-financial value of environmental and social performance.

1 - 24 of 24
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