Análisis de la inversión socialmente responsable en los mercados bursátiles europeos

  1. Pereira Da Guia Arraiano, Irene
Supervised by:
  1. María del Mar Miralles Quirós Director
  2. José Luis Miralles Quirós Co-director

Defence university: Universidad de Extremadura

Fecha de defensa: 18 November 2016

Committee:
  1. Fernando Gómez-Bezares Pascual Chair
  2. José Ramos Pires Manso Secretary
  3. Eliseo Navarro Arribas Committee member
  4. Alejandro Balbás de la Corte Committee member
  5. Salvador Cruz Rambaud Committee member

Type: Thesis

Teseo: 432995 DIALNET

Abstract

Socially Responsible Investment has grown enormously in recent years. This has been the source for the increasing of empirical research not only in the financial investment area but also in the corporate finance field. In this context, the aim of this Thesis is to analyze socially responsible investment and its influence on financial investment and Shareholders’ value creation for stocks markets of Denmark, Spain Finland, France, Holland, Italy and Norway during the 2001-2013 period. To that end, we consider those companies that elaborate social reports following the Global Reporting Initiative (GRI) rules. Moreover, we consider those companies included in the Global 100 list which are the best companies all over the world in terms of sustainability. Finally, we also consider those firms that are included in the Dow Jones Sustainability Index Europe (DJSI Europe). The empirical analysis includes a classical return-risk test for socially responsible portfolios. Finally, we analyze, from a corporate finance perspective, whether these social rules create value for shareholders distinguishing between non-financial firms and the special case of banks.