Hållbarhetsnyheters påverkan på börsbolag beroende på storlek
: en kvantitativ studie om hur ESG-nyheter påverkar avkastningen för svenska bolag listade på Large- och Mid cap

Translated title of the thesis: The impact of sustainability news on listed companies depending on size: a quantitative study on how ESG news affects the stock return for Swedish companies listed on Large- and Mid cap
  • Martin Vibreg
  • Jakob Björk

    Student thesis: Bachelor


    Since the law on how the preparation of a separate sustainability report was introduced by the Swedish government in 2016, sustainability has become an increasingly important part of the companies operations. Furthermore, the interest in sustainability has gained a broader consensus in the financial sector, where the goal is to achieve sustainable development for the country by steering towards investments that are sustainable in the long term.

    The purpose of the study is to analyze how the market responds when publishing sustainability news and whether there is a difference depending on the size of the company.

    In order to investigate the market reaction, an event study was conducted based on the publication of sustainability news between the years 2010-2020. Furthermore, multiple regressions have been applied to be able do discern significant differences and answer the study ́s hypotheses and finally the research question.

    The results of the study ́s hypothesis tests show that there are no significant differences in market reaction regarding how Swedish companies, listed on Large- and Mid cap, are affected when publishing sustainability news. The conclusion of the analysis therefore raises the issue of whether sustainability news has an impact on a company ́s stock return, or whether stakeholders instead value other factors such as value maximization.

    Limitations of the study are partly based on the few news items that have been studied. Another limiting factor from a size perspective is that the study has excluded Small cap. A recommendation for further research is thus to have a wider selection of news and to include Small cap to get a holistic perspective of the Swedish stock market.

    Date of Award2020-Jun-25
    Original languageSwedish
    SupervisorEmil Numminen (Supervisor) & Heléne Tjärnemo (Examiner)

    Educational program

    • Degree of Bachelor of Science in Business and Economics

    University credits

    • 15 HE credits

    Swedish Standard Keywords

    • Business Administration (50202)


    • esg
    • sustainability
    • abnormal return
    • large cap
    • mid cap
    • event study
    • stakeholder theory

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