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  • 1. Cerin, Pontus
    et al.
    Hassel, Lars
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet (USBE). Åbo Akademi University, Turku, Finland.
    Semenova, Natalia
    Åbo Akademi University, Turku, Finland.
    Energy performance and housing prices2014Ingår i: Sustainable Development, ISSN 0968-0802, E-ISSN 1099-1719, Vol. 22, nr 6, s. 404-419Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We investigate whether mandatory energy performance certificates of existing residential properties contribute to property price premiums after the implementation of the EU directive on the energy performance of buildings in the Swedish private housing market. Analysing mandatory energy performance certificates of the 2009–2010 private housing transactions, we find that energy performance is associated with transaction price in situations when it is conditional on a reference benchmark. We also document property price premiums for energy performance within housing segments built before 1960 and those with a lower transaction price per square metre. Our results suggest that the property market values energy performance, and we make recommendations on which housing segments need policy support to encourage energy improvements.

  • 2.
    Hassel, Lars
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet (USBE).
    Semenova, Natalia
    The Added Value of Environmental, Social and Governance Performance and Sustainable and Responsible Investment on Company and Portfolio Levels: What Can We Learn from Research?2013Ingår i: CSR and Beyond: A Nordic Perspective / [ed] Atle Midttun, Oslo: Cappelen Damm AS, 2013, s. 137-164Kapitel i bok, del av antologi (Refereegranskat)
  • 3.
    Hassel, Lars
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Företagsekonomi. Åbo Akademi University.
    Semenova, Natalia
    Åbo Akademi University.
    Value of Corporate Responsibility2011Ingår i: Corporate Reponsibility, Kahbarovsk: Khabarovsk State Academy of Economics and Law , 2011, s. 144-148Kapitel i bok, del av antologi (Övrigt vetenskapligt)
  • 4.
    Semenova, Natalia
    et al.
    Department of Accounting, Åbo Akademi University, Turku, Finland.
    Hassel, Lars
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet (USBE).
    Financial outcomes of environmental risk and opportunity for US companies2008Ingår i: Sustainable Development, ISSN 0968-0602, Vol. 16, nr 3, s. 195-212Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    The study extends previous research on the relation between environmental and financial performance in two ways. First, we recognize that inherent environmental risk differs among industries. Increased levels of industry risk cause companies to have lower market values even if they are more profitable than companies in low risk industries. Second, we decompose the multi-dimensional environmental opportunity construct into dimensions of preparedness and performance. As an extension of previous research on the economic value of environmental performance, we show that the reputational benefits of environmental preparedness mainly increase market value, while environmental performance also can bring operational benefits to financial performance. In high risk or polluting industries, environmental management is costly and reduces the operating performance of companies. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

  • 5.
    Semenova, Natalia
    et al.
    Handelshögskolan Åbo Akademi.
    Hassel, Lars G
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Företagsekonomi. Åbo Akademi University, Turku, Finland.
    Asymmetry in Value Relevance of Environmental Performance (EP) Information: Contingency Effects of Size and Industry 2013Ingår i: Journal of Modern Accounting and Auditing, ISSN 1548-6583, E-ISSN 1935-9683, Vol. 9, nr 6, s. 777-789Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    Contemporary research documents a positive but weak price premium from environmental performance (EP). The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 (SIX 300) companies listed on the Stockholm Stock Exchange (OMX Stockholm). Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is. however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.

  • 6.
    Semenova, Natalia
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Företagsekonomi.
    Hassel, Lars G
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Företagsekonomi.
    On the Validity of Environmental Performance Metrics2015Ingår i: Journal of Business Ethics, ISSN 0167-4544, E-ISSN 1573-0697, Vol. 132, nr 2, s. 249-258Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    Different proprietary databases have been used extensively in research to assess the environmental performance and environmental risk of companies. This study explores the convergent validity of the environmental ratings of MSCI ESG STATS (formerly known as Kinder, Lydenberg, and Domini Research & Analytics; KLD), Thomson Reuters ASSET4 (ASSET4) and Global Engagement Services (GES). The study shows that the ratings have common dimensions, but on aggregate, they do not converge. On the environmental opportunity side, KLD environmental strengths, and ASSET4 and GES environmental performance metrics correlate highly and provide convergent scores for US companies from 2003–2011. On the environmental risk side, KLD environmental concerns converge with the GES environmental industry risk and company emissions from the ASSET4 database. Further analysis confirms that industry-related risks are drivers of company-specific environmental performance.

  • 7.
    Semenova, Natalia
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Företagsekonomi.
    Hassel, Lars G
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Företagsekonomi.
    The moderating effects of environmental risk of the industry on the relationship between corporate environmental and financial performance2016Ingår i: Journal of Applied Accounting Research, ISSN 0967-5426, E-ISSN 1758-8855, Vol. 17, nr 1, s. 97-114Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    Purpose–Industries differ in their environmental impacts, such as emissions, water and energy use, fuel consumption and hazardous wastes, which will have implications for how environmental performance translates to operating performance and market value at company level. By incorporating industry-specific differences of environmental impacts, this paper includes industry-level environmental risk as a moderating factor on the relationship between two indicators of corporate environmental performance (CEP) (management and policy) and corporate financial performance (profitability and market value). The paper aims to discuss these issues. Design/methodology/approach– Using panel data of US companies across all industries, the paper empirically tests a regression model, which includes an interaction effect representing both the form and strength of dependency of CEP on the environmental risk of the industry. The paper adopts the natural resource based theory to argue that financial returns are a decreasing function of CEP in high environmental impact industries, where environmental spending beyond compliance is costly and there is not much opportunity for consumer orientation. Findings– The results show that environmental management has different impacts on operating performance at high and low environmental risk of the industry (form of relationship) while environmental policy (reporting) has a stronger signal on market premium in industries with low rather than high environmental risk (strength of relationship). Differences in both form and strength of moderating effects are demonstrated. Research limitations/implications– Further research can introduce other industry-specific moderating factors, such as the disclosure maturity of the industry and the institutionalization of environmental disclosures across boarders in the industries, in order to explore the complexity of the relationship. Practical implications– The results of the paper are relevant to investors, company managers and a broad group of stakeholders when considering both industry- and company-level environmental risks. Originality/value– Previous studies have relied on controlling for industry membership. This paper uses an industry-specific environmental variable, environmental risk of the industry, to examine the form and strength of moderating effects.

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