Vilas Naval, Pablo
Serrano Cinca, Carlos (dir.)
Universidad de Zaragoza,
2022
Resumen: Esta tesis doctoral está motivada por la creciente importancia que los mercados financieros otorgan a la información no financiera. Actualmente, 1 de cada 3 euros bajo gestión profesional en los Estados Unidos sigue algún tipo de estrategia sostenible frente a los uno de cada ocho de 2010 (USIF, 2010; USIF, 2020). Además, la mitad de los 28 billones de inversión necesarios para lograr el objetivo de cero emisiones de carbono para 2050 no son rentables (EUROSIF, 2021). En este contexto, los mercados de capitales juegan un papel crucial para financiar la transición ecológica. Esta tesis doctoral pretende contribuir a este objetivo estudiando la idoneidad de los índices de sostenibilidad para guiar aquellos flujos de inversión que siguen criterios ambientales sociales y de gobernanza (ASG); la capacidad de los ratings ASG para identificar compañías comprometidas con temas ambientales y sociales; los factores que empujan a las compañías a mejorar sus registros ambientales y sociales; así como hasta qué punto los inversores valoran los ratings ASG de los fondos de inversión a la hora de tomar sus decisiones de inversión.
Resumen (otro idioma): This doctoral thesis is motivated by the growing importance of nonfinancial factors in capital markets. Currently, in the United States, one dollar out of three under professional management follows some kind of sustainable investment strategy, up from one dollar out of eight in 2010 (USIF, 2010; USIF, 2020). In addition, half of the 28 trillion dollars of investments necessary to achieve the zero net carbon emissions by 2050 are not profitable (EUROSIF, 2021). In this context, capital markets can play a crucial role in financing the ecological transition. This doctoral thesis aims to contribute to this transition by analyzing the suitability of sustainability equity indices in guiding investment flows that follow environmental, social, and governance (ESG) criteria; the adequacy of ESG ratings to identify companies that are committed to environmental and social issues; the factors that push companies to improve their environmental and social indicators; and to what extent investors value the ESG ratings of mutual funds when making their investment decisions.
Resumen (otro idioma): This doctoral thesis is motivated by the growing importance of nonfinancial factors in capital markets. Currently, in the United States, one dollar out of three under professional management follows some kind of sustainable investment strategy, up from one dollar out of eight in 2010 (USIF, 2010; USIF, 2020). In addition, half of the 28 trillion dollars of investments necessary to achieve the zero net carbon emissions by 2050 are not profitable (EUROSIF, 2021). In this context, capital markets can play a crucial role in financing the ecological transition. This doctoral thesis aims to contribute to this transition by analyzing the suitability of sustainability equity indices in guiding investment flows that follow environmental, social, and governance (ESG) criteria; the adequacy of ESG ratings to identify companies that are committed to environmental and social issues; the factors that push companies to improve their environmental and social indicators; and to what extent investors value the ESG ratings of mutual funds when making their investment decisions.
Pal. clave: sector de finanzas y seguros
Titulación: Programa de Doctorado en Contabilidad y Finanzas
Plan(es): Plan 499
Área de conocimiento: Ciencias Sociales y jurídicas
Nota: Presentado: 18 11 2022
Nota: Tesis-Univ. Zaragoza, , 2022
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