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  • 1.
    Berg, Natalia
    Linnaeus University, School of Business and Economics, Department of Economics and Statistics (NS).
    Due-diligence and private environmental disclosure2022In: Presented at Nationella Redovisningskonferensen, Lund, Sweden, December 1-2, 2022, 2022Conference paper (Refereed)
  • 2.
    Berg, Natalia
    Linnaeus University, School of Business and Economics, Department of Management (MAN).
    Sustainability Reporting: Opportunities and Challenges2023In: Presented at AES (Akademin för ekonomistyrning i staten) Forskardag 2023, Stockholm University, January 12, 2023, 2023Conference paper (Refereed)
    Abstract [sv]

    Natalia Berg, docent vid Linnéuniversitetet visade resultat från sin forskning om hållbarhetsredovisning som bland annat väcker frågor om vad det är som rapporteras och vad det är som görs? Rubriken för presentationen, som gavs på engelska, var ”Sustainability reporting: Opportunities and Challenges”.

  • 3.
    Berg, Natalia
    Linnaeus University, School of Business and Economics, Department of Management (MAN).
    The mitigation of negative environmental impacts2023In: Presented at the MIRAI 2.0 Research and Innovation Conference: "Creating Resilient and Sustainable Societies", Umeå, Sweden, November 13-17, 2023, 2023Conference paper (Refereed)
  • 4.
    Berg, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The Value of Environmental, Social and Governance Factors2022In: Presented at MIRAI 2.0 Research and Innovation Conference - "Sharing ONE future: Integrative Knowledge and Sustainable Transformation towards a Better World", November 15-18, Fukuoka, Japan, 2022Conference paper (Other academic)
  • 5.
    Berg, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management (MAN).
    Pircher, Brigitte
    Linnaeus University, Faculty of Social Sciences, Department of Political Science.
    Accounting for Green Public Procurement2024Conference paper (Refereed)
  • 6.
    Berg, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management (MAN).
    Svanberg, Jan
    University of Gävle, Sweden.
    Material Environmental Disclosure in Private and Public Reports2023In: Presented at the 32nd Asian-Pacific Conference on International Accounting Issues, Gold Coast, Australia, October 15-17, 2023, 2023Conference paper (Refereed)
  • 7.
    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.

  • 8.
    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.

  • 9.
    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)
  • 10. 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.))
  • 11.
    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: The 43rd European International Business Academy (EIBA) Conference: "International Business in the Information Age", Milan, Italy, December 14-16, 2017, European International Business Academy , 2017Conference paper (Refereed)
  • 12.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    An analysis of business actions in private social reporting2021In: Handbook of Sustainability-Driven Business Strategies in Practice / [ed] Stefan Markovic;Cristina Sancha;Adam Lindgreen, Edward Elgar Publishing, 2021, p. 323-337Chapter in book (Refereed)
  • 13.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Company receptivity in private dialogue on sustainability risks2020In: Sustainability, E-ISSN 2071-1050, Vol. 12, no 2, p. 1-14, article id 532Article in journal (Refereed)
    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.

  • 14.
    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.

  • 15.
    Semenova, Natalia
    Åbo Akademi University.
    Essays on the Value Relevance of Environmental and Social Performance2011Doctoral thesis, monograph (Other academic)
  • 16.
    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, Oikos/PRI Young Scholars Finance Academy , 2011Conference paper (Refereed)
  • 17.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Management control systems in response to social and environmental risk2021Conference paper (Other academic)
  • 18.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Management control systems in response to social and environmental risk in large Nordic companies2021In: International journal of corporate social responsibility, ISSN 2366-0066, Vol. 6, article id 13Article in journal (Refereed)
    Abstract [en]

    This empirical study investigates the relationships between management control systems and social and environmental risks. Building on Simons’ Levers of Control conceptual framework, this study proposes that companies facing social and environmental risks will enhance the quality of their management control systems by integrating social and environmental elements into management control systems in order to manage the related risks. The study uses a longitudinal dataset of the 1179 largest listed Nordic companies for the period 2014–2018. The multivariate regression confirms a negative relationship between the social and environmental integration and social and environmental risks. The results indicate that the social and environmental integrated performance measurement system and strategy implementation are not congruent with the social and environmental risks that the companies face. Nordic companies have not adopted the social and environmental integrated measurement system and strategy in response to social and environmental risks. When the number of social and environmental incidents increase and companies meet high levels of social and environmental risks, their management control systems do not match the related risks. Such social and environmental integration should be improved in order to prevent wider negative implications of the incidents on the natural environment and society in large.

  • 19.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The discourse of company actions in private social reporting2020In: Presented at the 21th Annual Conference on Finance and Accounting, Prague, Czech Republic, May 22, 2020, Prague University of Economics and Business , 2020Conference paper (Refereed)
  • 20.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The Public Effect of Private Sustainability Reporting: Evidence from Incident-Based Engagement Strategy2023In: Journal of Business Ethics, ISSN 0167-4544, E-ISSN 1573-0697, Vol. 182, p. 559-572Article in journal (Refereed)
    Abstract [en]

    This study examines whether private information exchange between institutional investors and public companies in engagement dialogs on sustainability issues improves the publicly disclosed measurements of the target company’s financial and non-financial performance and transparency. It uses a unique dataset containing 326 private reports related to environmental, social, and anti-corruption recommendations to address material incidents among publicly traded MSCI World Index portfolio companies of Nordic institutional investors. The results indicate that target companies appear to have similar values with matched companies on sustainability performance and transparency ratings in the 3 years following the initiation of private reporting. Unexpected sustainability incidents are subsequently reflected in the next year’s fall in the market value of target companies relative to MSCI World Index. This paper provides empirical evidence for the legitimacy-based provision of private sustainability information used in a larger disclosure system of public companies.

  • 21.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The public effects of private sustainability disclosure: a Nordic stakeholder governance perspective2020In: Presented at the 4th International Conference on European Company Law and Corporate Governance: "The Role of Sustainable Company for Sustainable Society in post COVID-19 time", Zagreb, Croatia, November 26-27, 2020, University of Zagreb , 2020Conference paper (Refereed)
    Abstract [en]

    This study examines whether private disclosure on sustainability risks affects the public performance and disclosure of companies that sustainable and responsible (SRI) investors attempt to influence in hidden, behind the‐scenes dialogues. Private engagement and dialogue is the direct corporate governance mechanism of investor activism on sustainability risks prior to or independent of a shareholder resolution. A unique data set is provided by the professional agent of Nordic institutional investors for 326 private reports in relation to engagement cases trigged by environmental and social incidents in MSCI World companies. This study finds that the changes requested by Nordic SRI investors in private disclosures are, in 29.8 per cent of cases, made by the target companies. However, an initiation of private dialogue and disclosure in relation to environmental and social incidents, on average, decreases the subsequent change in market value and sustainability performance ratings of target companies in relation to a matched sample. This study finds no evidence of significant public effect of private disclosures on the target companies’ sustainability performance, sustainability transparency and financial performance in three years following an initial targeting. This study interprets empirical findings as confirming the use of private engagement and disclosure in the Nordic stakeholder model of corporate governance. The findings reveal the difficult detection of financial and sustainability outcomes of private disclosure by means of public information vehicle.

  • 22.
    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)
  • 23.
    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: Institute of Economics and Management , 2014, Vol. 2, p. 57-60Conference paper (Refereed)
  • 24.
    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.

  • 25.
    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, PRI Academic Network , 2011Conference paper (Refereed)
  • 26.
    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, Tampere University , 2016Conference paper (Refereed)
  • 27.
    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: The Nordic Conference in Management Accounting, Linköping, Sweden, January 31-February 1, 2019, Nordic Association of Management Accounting , 2019Conference paper (Refereed)
  • 28.
    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, Asian-Pacific Conference , 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.

  • 29.
    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: The 2018 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Auckland, New Zealand, July 1-3, 2018, Accounting and Finance Association of Australia and New Zealand , 2018Conference paper (Refereed)
  • 30.
    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: The 40th European Accounting Association Annual Congress, Valencia, Spain, May 10-12, 2017, European Accounting Association , 2017Conference paper (Refereed)
  • 31.
    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.

  • 32.
    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.

  • 33.
    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.

  • 34.
    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.

  • 35.
    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, PRI Academic Network , 2012Conference paper (Refereed)
  • 36.
    Semenova, Natalia
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Hassel, Lars G.
    Umeå University, Sweden.
    The performance of investor engagement dialogues to manage sustainability risks2019In: The Nordic Journal of Business, ISSN 2342-9003, E-ISSN 2342-9011, Vol. 68, no 2, p. 5-22Article in journal (Refereed)
    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.

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  • 37.
    Semenova, Natalia
    et al.
    Åbo Akademi University, Turku, Finland.
    Hassel, Lars
    Umeå University.
    Ismagilova, Larisa
    Lindfelt, Lise-Lotte
    Corporate Social Responsibility2006Book (Refereed)
  • 38.
    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.

  • 39.
    Svanberg, Jan
    et al.
    University of Gävle, Sweden;Royal Melbourne Institute of Technology, Australia.
    Ardeshiri, Tohid
    University of Gävle, Sweden.
    Samsten, Isak
    Stockholm University, Sweden.
    Öhman, Peter
    Mid Sweden University, Sweden.
    Neidermeyer, Presha E.
    West Virginia University, USA.
    Rana, Tarek
    Royal Melbourne Institute of Technology, Australia.
    Semenova, Natalia
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Danielson, Mats
    Stockholm University, Sweden;International Institute for Applied Systems Analysis (IIASA), Austria.
    Corporate governance performance ratings with machine learning2022In: International Journal of Intelligent Systems in Accounting, Finance & Management, ISSN 1055-615X, E-ISSN 1099-1174, Vol. 29, no 1, p. 50-68Article in journal (Refereed)
    Abstract [en]

    We use machine learning with a cross-sectional research design to predict governance controversies and to develop a measure of the governance component of the environmental, social, governance (ESG) metrics. Based on comprehensive governance data from 2,517 companies over a period of 10 years and investigating nine machine-learning algorithms, we find that governance controversies can be predicted with high predictive performance. Our proposed governance rating methodology has two unique advantages compared with traditional ESG ratings: it rates companies' compliance with governance responsibilities and it has predictive validity. Our study demonstrates a solution to what is likely the greatest challenge for the finance industry today: how to assess a company's sustainability with validity and accuracy. Prior to this study, the ESG rating industry and the literature have not provided evidence that widely adopted governance ratings are valid. This study describes the only methodology for developing governance performance ratings based on companies' compliance with governance responsibilities and for which there is evidence of predictive validity.

  • 40.
    Svanberg, Jan
    et al.
    University of Gävle, Sweden.
    Öhman, Peter
    Mid Sweden University, Sweden.
    Samsten, Isak
    Stockholm University, Sweden.
    Neidermeyer, Presha
    West Virginia University, USA.
    Rana, Tarek
    Royal Melbourne Institute of Technology University, Australia.
    Berg, Natalia
    Linnaeus University, School of Business and Economics, Department of Management (MAN).
    Predictive Machine Learning in Assessing Materiality: The Global Reporting Initiative Standard and Beyond2024In: Artificial Intelligence for Sustainability: Innovations in Business and Financial Services / [ed] Thomas Walker;Stefan Wendt;Sherif Goubran;Tyler Schwartz, Palgrave Macmillan, 2024, p. 105-131Chapter in book (Refereed)
    Abstract [en]

    Sustainability reporting standards state that material information should be disclosed, but materiality is not easily nor consistently defined across companies and sectors. Research finds that materiality assessments by reporting companies and sustainability auditors are uncertain, discretionary, and subjective. This chapter investigates a machine learning approach to sustainability reporting materiality assessments that has predictive validity. The investigated assessment methodology provides materiality assessments of disclosed as well as non-disclosed sustainability items consistent with the impact materiality GRI (Global Reporting Initiative) reporting standard. Our machine learning model estimates the likelihood that a company fully complies with environmental responsibilities. We then explore how a state-of-the-art model interpretation method, the SHAP (SHapley Additive exPlanations) developed by Lundberg and Lee (A unified approach to interpreting model predictions. Advances in Neural Information Processing Systems, 2017-December, pp 4766–4775, 2017), can be used to estimate impact materiality.

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