The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study

Detalhes bibliográficos
Autor(a) principal: Sumpmann, Nadine
Data de Publicação: 2022
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/27106
Resumo: Mestrado Bolonha em Finanças
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spelling The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory studySustainabilityAnna Karenina PrincipleESGBetaDividendsRoEfsQCAMestrado Bolonha em FinançasFactors that have an impact on the sustainability of a firm are oftentimes intertwined. This is why the Anna Karenina principle provides a different angle and a more holistic approach to the existing research in this field. Derived from the very first sentence of Tolstoy’s novel “All happy families are alike; each unhappy family is unhappy in its own way”, it translates to the overarching question of this paper: Is there a set of financially measurable prerequisites that are key to a sustainable firm and are all sustainable firms similar. Instead of analyzing the effects of isolated factors, a set of prerequisites are identified and analyzed individually and regarding their causal relations with one another. The identified prerequisites are lower tail risk, lower β-factor, higher dividend yield, higher RoE / RoA, and lower WCR. The first part of this question is approached by comparing the mean average of firms with high ESG ratings to firms with low ESG ratings for each prerequisite. Potential interconnections of characteristics are identified under the fsQCA. This methodology also gives way to further classify characteristics as necessary, sufficient and core or peripheral conditions. Under the comparison of the mean average, the results for the analysis of the tail risk are inconclusive. For all the other characteristics, the initial assumptions could be confirmed. Low WCR was identified as a necessary condition. Yet, there are no causal connections between conditions. The second part of the question is tackled by employing a dispersion analysis. The results were mixed. For the β-factor, RoA, and WCR the assumption that sustainable firms are more alike e.g. display lower dispersion could be confirmed. Concerning RoE, there is some evidence for the AKP, when adjusted for the effects of outliers. However, for dividend yields this assumption could not be verified, yet explained by volatility asymmetry. While dividends can, potentially, rise against infinity, they are floored at zero. However, the key finding of this paper, was that sustainable firms are generally more alike and distinct between high and low ESG ratings for certain factors, as described above. Yet, what is striking and remains to be explored in more detail is the key importance of the operational efficiency of a sustainable firm.Instituto Superior de Economia e GestãoGonçalves, TiagoRepositório da Universidade de LisboaSumpmann, Nadine2023-01-31T15:26:28Z2022-122022-12-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/27106engSumpmann, Nadine (2022). “The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestãoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:56:30Zoai:www.repository.utl.pt:10400.5/27106Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:10:39.733024Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
title The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
spellingShingle The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
Sumpmann, Nadine
Sustainability
Anna Karenina Principle
ESG
Beta
Dividends
RoE
fsQCA
title_short The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
title_full The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
title_fullStr The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
title_full_unstemmed The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
title_sort The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study
author Sumpmann, Nadine
author_facet Sumpmann, Nadine
author_role author
dc.contributor.none.fl_str_mv Gonçalves, Tiago
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Sumpmann, Nadine
dc.subject.por.fl_str_mv Sustainability
Anna Karenina Principle
ESG
Beta
Dividends
RoE
fsQCA
topic Sustainability
Anna Karenina Principle
ESG
Beta
Dividends
RoE
fsQCA
description Mestrado Bolonha em Finanças
publishDate 2022
dc.date.none.fl_str_mv 2022-12
2022-12-01T00:00:00Z
2023-01-31T15:26:28Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/27106
url http://hdl.handle.net/10400.5/27106
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Sumpmann, Nadine (2022). “The Anna Karenina Principle applied to sustainable finance characteristics of a sustainable firm : an exploratory study”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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