Universités

University of Westminster researchers find no causal relationship between corporate social responsibility and financial risk, University of Westminster, 10.05.2022

New research led by Dr Julie Ayton, Senior Lecturer in Finance, has rejected any causality between corporate social performance and financial risk, contrary to what previous evidence has found. Speaking about the significance of the research findings, Dr Ayton said: “Our paper’s main contribution and originality arises from both the methodology and the data. We were able to access monthly corporate social responsibility data from Covalence SA, showing that it is possible and necessary to use monthly data for more insightful analysis of corporate social responsibility.”

Responsabilité Environnementale & Sociale des Entreprises du Territoire néo-aquitain, Université de Pau et des Pays de l’Adour, 17.06.2020

Les laboratoires du CATT et du CRAJ ont obtenu conjointement un financement de la région Nouvelle Aquitaine pour mener à bien un projet d’études des pratiques de responsabilité sociale et environnementale des entreprises (RSE) installées en territoire néo-aquitain ainsi qu’un projet de construction d’un réseau de recherche pluridisciplinaire sur ce territoire. (…) Données ESG (Environnement, Social, Gouvernance) : Pour l’étude RESET, en complément de l’analyse de l’enquête menée auprès d’entreprises de plus de 9 salariés situées en Nouvelle-Aquitaine et en Aragon sur leurs pratiques de RSE, les chercheurs s’appuient sur les données COVALENCE.

Integrating corporate social responsibility and financial performance, Amelia Bilbao-Terol, Mar Arenas-Parra, Susana Alvarez-Otero, Verónica Cañal-Fernández, University of Oviedo, Management Decision, 12 July 2018

In this paper, data for firms’ CSR performance evaluation come from Vigeo and Covalence rating agencies. They gather different and complementary information about companies in terms of ESG criteria. (…) This could be due to the different sources of information and methodologies used by these two agencies. (…) Of course, both evaluations are valuable and, therefore, an aggregation process would appear useful. (…) The authors present a hybrid TOPSIS methodology on transformed scores of both the CSR valuations and the financial ratios.

ESG Impact on Market Performance of Firms: International Evidence, Jean-Michel Sahut, IPAG Business School, Paris, France; Hélène Pasquini-Descomps, HEG Haute Ecole de gestion de Genève, Switzerland, International Management, 2015

We propose below an original study of over 200 large US, UK, and Swiss companies, based on the availability of ESG scores and Fama-French factors. Our study on the performance of companies will compare their ESG ratings available from Covalence with their market performance adjusted for various factors during the 2007—2011 period. We measured the change in the market value of a stock using a five factor linear market model derived from Carhart’s model.