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The adoption of environmental-social-governance principles in investment management. Current practices and bibliographic overview

Mousourakis Konstantinos

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Summary

Nowadays the problems concerning the environment and our society have increased to a significant extent. For this reason, all members of society are trying to adopt a more responsible way of life with the aim of leaving a healthier environment and a better society to the next generations. Businesses being a key member of society try to act more responsibly in order to limit their negative impact on the environment and society in general. For this reason, they undertake corporate social responsibility actions to contribute to the so-called sustainable development. With the change in business mentality, the way and the type of investments has changed too. Now, in addition to the concept of classical investment, the concept of socially responsible investment (SRI) has also been developed. Socially responsible investment is the investment in which, in addition to financial criteria, environmental, social and corporate governance criteria (ESG criteria) are used by investors to compose their portfolios. These portfolios which contains responsible investments are called green portfolios or ESG portfolios or sustainable portfolios. This thesis aims to present the basic principles and concepts of the ESG, of the socially responsible investment (SRI) and the strategies used to create green portfolios, through the study of international literature and articles. The chapters in which this thesis has been divided are as follows: In the 1st chapter, an introduction to basic concepts is made which will help the reader to form a general idea of the subject. The 2nd chapter introduces us to the concept of corporate social responsibility (CSR) of businesses. The 3rd chapter introduces us to the concepts of ESG practices, factors and criteria, while in the 4th chapter an attempt is made to determine the relationship between ESG performance and financial performance of companies, through international literature and articles. In the 5th chapter we refer to the concept of socially responsible investment (SRI) but also to the strategies followed by socially responsible investors, while in the 6th chapter we refer to the main stock market indices of SRI. In chapter 7 we study the effect of ESG strategies on the financial risk management and in chapter 8 we refer to some case studies of companies exposed to extreme ESG risks. In the 9th and 10th chapters we refer to the management of major crises and bank lending from the perspective of the ESG framework. In the 11th chapter, some multi-criteria analysis methods are presented for the creation of green portfolios. Finally, the 12th chapter summarizes the conclusions of this thesis and some possible future extensions.

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