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The impact of ESG disclosure in quaterly reports on stock performance : a quantitative analysis

Lovens, Emile
(2023)

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LOVENS_89882100_2023.pdf
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Details

Supervisors
Thewissen, James
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
This thesis explores the relationship between Environmental, Social and Governance (ESG) disclosure in quarterly reports and stock performance. Using text-mining techniques and statistical analyses, we investigate ESG disclosure evolution, associated firm characteristics and the impact on stock returns. Findings reveal increased ESG reporting and links with firm size, profitability and industry. A slight positive association with stock performance is found, but long- term portfolio analysis shows no outperformance for higher ESG disclosure. These results have implications for investors, companies and regulators, emphasizing ESG disclosure's growing importance in the business world.