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Assessment of ESG ratings on companies’ financial performances in Europe across different sectors.

Dallemagne, Arthur
(2023)

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Details

Supervisors
Pouchain, Frédéric
Faculty
Louvain School of Management
Degree label
Master [120] : ingénieur de gestion, à finalité spécialisée
Abstract
This master thesis aims to assess the impact of ESG ratings on companies’ financial performances in Europe in different sectors. This study is carried out as the ESG landscape is evolving at an exponential pace over the past few years and aims to address the literature gap of the subject. For this purpose, the thesis is composed of a literature review, an assessment of the fast-evolving ESG landscape, a qualitative analysis to grasp businesses perspectives on the topic and a quantitative analysis based on a one-time period to test hypotheses on a Bloomberg dataset for different sectors. Europe, who is a global leader for the ESG market development and hold 84% of global sustainable assets, recently introduced new stricter regulation (i.e.: the CSRD) to modernise the current NFRD. Our qualitative analysis shows that companies could not find any relationship between ESG matters and financial performances up to date. Nevertheless, these companies expect this relationship to become significant and bigger in the future. Our quantitative analysis, based on about 400 selected securities, shows as well that our Bloomberg dataset does not support the idea that there is a relationship between ESG ratings and companies’ financial performances.