ESG performance in emerging markets : Evidence from the BRICS countries

Juulia Järvinen ESG performance in emerging markets Evidence from the BRICS countries   UNIVERSITY OF VAASA School of Accounting and Finance Author: Juulia Järvinen Title of the Thesis: ESG performance in emerging markets: Evidence from the BRICS countries Degree: Master’s degree in Finance Programme: Finance Supervisor: Janne Äijö Year: 2022 Pages: 73 ABSTRACT : This thesis studies the relationship between ESG performance and corporate financial performance of companies operating in the emerging markets by analyzing companies’ stock returns compared to their ESG scores. Companies corporate responsibility is evaluated with ESG scores, which are formed based on companies’ abilities to fulfill its obligations related to the environment, social responsibility and good governance. The time period is set for 2015-2019, lasting for five years. The interest in responsible investing has been growing a lot faster in developed markets than in emerging markets, which is why there were limited amount of data available before the year 2015 for emerging markets’ ESG performance. In addition to that, the impact of the global pandemic wanted to be excluded from the study, which is why the time period in this study ends in year 2019. The theory part of this thesis includes a presentation of the basics of responsible investing, its history as well as some previous studies in the field. Sustainability and ESG matters have interested the academic world as well as investors widely during the last decade, and the trend seems to be growing constantly. Emerging markets play a significant role in the global economic growth, which is why studying ESG performance in the emerging markets is important for investors wanting to invest in the emerging markets. The relationship between companies ESG performance and financial performance has been widely studied and the majority of the results show a positive relationship, but the field still lacks a clear consensus. The impact of ESG in the emerging markets have not received as much attention in the academic world as ESG in developed countries. This thesis seeks to answer questions whether companies’ corporate social performance affect their stock returns in emerging markets and to what extent. The empirical part of this study includes a thorough analysis to study the relationship between companies’ ESG performance and stock returns. Five major emerging market countries are selected for this study; Brazil, Russia, India, China and South Africa. Different regression models are used to evaluate companies’ performance and the different regression models are applied for different portfolios. The different portfolios are formed based on previous literature and companies’ ESG scores. The regressions are performed for three different portfolios; the first portfolio includes companies with the highest ESG scores, the second portfolio companies with the lowest ESG scores and the third portfolio is formed by using the high portfolio in a long position and the low portfolio in a short position. The results of this thesis suggest that there exists possibilities for investors to receive abnormal returns by using a simple ESG investing strategy, where investor buys stocks with high ESG performance and sells stocks with low ESG performance.Tämä tutkimus tutkii kehittyvillä markkinoilla toimivien yritysten vastuullisen suorituskyvyn ja taloudellisen suorituskyvyn välistä suhdetta analysoimalla yritysten osaketuottoja suhteessa niiden ESG pisteisiin. Yritysten vastuullisuutta arvioidaan ESG pisteillä, jotka koostuvat yrityksen kyvystä suoriutua velvoitteista liittyen ympäristöön, yhteiskuntavastuuseen ja hyvään hallintotapaan. Ajanjaksoksi tähän tutkimukseen on määritelty vuodet 2015-2019, kestäen yhteensä viisi vuotta. Vastuullinen sijoittaminen on kasvattanut suosiota kehittyvillä markkinoilla hitaammin kuin kehittyneillä markkinoilla, minkä vuoksi ESG-pisteitä ei ollut saatavilla monen yrityksen osalta ennen vuotta 2015. Lisäksi tutkimuksesta haluttiin jättää pois globaalin pandemian vaikutus, minkä takia tutkimus päättyy vuoteen 2019. Tutkimuksen teoriaosassa käydään läpi vastuullisen sijoittamisen perusteet ja historia, sekä esitellään aikaisempia tutkimuksia aiheesta. Vastuullisuus ja vastuullinen sijoittaminen ovat kiinnostaneet niin tutkijoita kuin sijoittajia laajasti viimeisien vuosikymmenien aikana. Tämä trendi on ollut kasvussa erityisesti viime vuosien aikana, ja kehitys näyttää jatkuvan samanlaisena myös tulevaisuudessa. Kehittyvät markkinat ovat merkittävässä roolissa globaalissa talouskasvussa, minkä vuoksi yritysten vastuullisen suorituskyvyn selvittäminen niillä markkinoilla on tärkeää sijoittajille, jotka haluavat sijoittaa kehittyville markkinoille. Yritysten suorituskykyä vastuullisuuden mittareilla ja sen yhteyttä yritysten taloudellisen suorituskykyyn on tutkittu laajasti. Suurin osa näistä tutkimuksista on löytänyt positiivisen yhteyden näiden kahden muuttujan välillä, mutta selvää yksimielisyyttä aiheeseen ei ole löydetty. Vastuullisuuden vaikutusta kehittyvillä markkinoilla ei ole tutkittu yhtä paljon kuin sen vaikutusta kehittyneillä markkinoilla, minkä takia tämän tutkimuksen tarkoituksena on tutkia onko yrityksen saamilla ESG-pisteillä yhteyttä sen osaketuottoihin. Tutkimukset, joita aiheesta on tehty ovat löytäneet sekä positiivisia, negatiivisia, että neutraaleja yhteyksiä näiden välillä. Tämän tutkimuksen empiirisessä osassa toteutetaan perusteellinen analyysi vastuullisen ja osaketuottojen suhteen arvioimiseksi. Tutkimukseen on valittu viisi kehittyvien markkinoiden suurta maata: Brasilia, Venäjä, Intia, Kiina sekä Etelä-Afrikka. Suorituskykyjen arvioimiseksi käytetään erilaisia regressiomalleja, joita käytetään eri portfolioille. Eri portfoliot muodostetaan aikaisempien tutkimuksien mukaisesti perustuen yritysten ESG pisteisiin. Regressioanalyysit toteutetaan kolmelle eri portfoliolle; ensimmäinen portfolio sisältää yritykset, joilla on korkeimmat ESG-pisteet, toinen portfolio sisältää yritykset, joilla on matalimmat ESG-pisteet, ja kolmas portfolio joka muodostetaan ostamalla korkeat ESG-pisteet omaava portfolio ja lyhyeksi myymällä matalat ESG-pisteet omaava portfolio. Tulokset tästä tutkimuksesta osoittavat, että kehittyvillä markkinoilla sijoittajalle esiintyy mahdollisuuksia saavuttaa markkinoista poikkeavia tuloksia noudattamalla yksinkertaista ESG-sijoitusstrategia, jossa sijoittaja ostaa osakkeet, joilla on korkeat ESG pisteet, ja myy osakkeet, joilla on matalat ESG-pisteet

Escaping into sexual play: A consumer experience perspective

Sexual play may offer an escape from everyday stress. As the consumer culture has extended into our bedrooms, escapism through sexual play can be regarded as an affective consumer experience. This study analyses how experiential value is created through escapism in sexual play enabled by the use of sex toys. The study follows a mixed-methods strategy, combining results from a consumer survey (n = 517) with expert interviews (n = 26). A principal outcome is an advanced conceptual framework where playfulness operates as a dynamic motor for consumers’ sexual boundary transgressions. Loosening these sexual boundaries may have its downsides. The larger is the realm of regular sexual life, the harder it is to escape it to gain experiential value. The balance between sexual play and everyday life ensures that the dynamic motor of playfulness operates steadily, upkeeping the elasticity of boundaries. The practical implications are discussed.</p

Association between first language and SARS-CoV-2 infection rates, hospitalization, intensive care admissions and death in Finland : a population-based observational cohort study

Funding Information: VH has received a grant from Finska L?kares?llskapet. AJ has received a grant from Wilhelm och Else Stockmanns stiftelse and speaker honoraria from Astellas, GlaxoSmithKline, Sanofi, Thermo Fisher, MSD, OrionPharma and UnimedicPharma. JH has recieved grants from NordForsk, Government research funding and Kirsti och Tor Johansson's hj?rt och cancerstiftelse. The authors declare that they have no other conflicts of interest in relation to this work. This work was supported by a research grant from Finska L?kares?llskapet. Funding Information: VH has received a grant from Finska Läkaresällskapet . AJ has received a grant from Wilhelm och Else Stockmanns stiftelse and speaker honoraria from Astellas , GlaxoSmithKline , Sanofi , Thermo Fisher , MSD , OrionPharma and UnimedicPharma . JH has recieved grants from NordForsk , Government research funding and Kirsti och Tor Johansson’s hjärt och cancerstiftelse . The authors declare that they have no other conflicts of interest in relation to this work. This work was supported by a research grant from Finska Läkaresällskapet . Publisher Copyright: © 2021 The AuthorsObjectives: Motivated by reports of increased risk of coronavirus disease 2019 (COVID-19) in ethnic minorities of high-income countries, we explored whether patients with a foreign first language are at an increased risk of COVID-19 infections, more serious presentations, or worse outcomes. Methods: In a retrospective observational population-based quality registry study covering a population of 1.7 million, we studied the incidence of severe acute respiratory syndrome coronavirus 2 (SARS-CoV2), admissions to specialist healthcare and the intensive care unit (ICU), and all-cause case fatality in different language groups between 27th February and 3rd August 2020 in Southern Finland. A first language other than Finnish, Swedish or Sami served as a surrogate marker for a foreign ethnic background. Results: In total, 124 240 individuals were tested, and among the 118 300 (95%) whose first language could be determined, 4005 (3.4%) were COVID-19-positive, 623 (0.5%) were admitted to specialized hospitals, and 147 (0.1%) were admitted to the ICU; 254 (0.2%) died. Those with a foreign first language had lower testing rates (348, 95%CI 340-355 versus 758, 95%CI 753-762 per 10 000, p < 0.0001), higher incidence (36, 95%CI 33-38 versus 22, 95%CI 21-23 per 10 000, p < 0.0001), and higher positivity rates (103, 95%CI 96-109 versus 29, 95%CI 28-30 per 1000, p < 0.0001). There was no significant difference in ICU admissions, disease severity at ICU admission, or ICU outcomes. Case fatality by 90 days was 7.7% in domestic cases and 1.2% in those with a foreign first language, explained by demographics (age-and sex adjusted HR 0.49, 95%CI 0.21-1.15). Conclusions: The population with a foreign first language was at an increased risk for testing positive for SARS-CoV-2, but when hospitalized they had outcomes similar to those in the native, domestic language population. This suggests that special attention should be paid to the prevention and control of infectious diseases among language minorities. (C) 2021 The Authors. Published by Elsevier Ltd on behalf of European Society of Clinical Microbiology and Infectious Diseases.Peer reviewe

Synthesis and In Vitro Evaluation of a Set of 6-Deoxy-6-thio- carboranyl D-Glucoconjugates Shed Light on the Substrate Specificity of the GLUT1 Transporter

Glucose-and sodium-dependent glucose transporters (GLUTs and SGLTs) play vital roles in human biology. Of the 14 GLUTs and 12 SGLTs, the GLUT1 transporter has gained t h e most widespread recognition because GLUT1 is overexpressed in several cancers and is a clinically valid therapeutic target. We have been pursuing a GLUT1-targeting approach in boron neutron capture therapy (BNCT). Here, we report on surprising findings encountered w i t h a set of 6-deoxy-6-thio-carbora n y l D-glucoconjugates. In more detail, we show that even subtle structural changes in t h e carborane cluster, and the linker, may significantly reduce the delivery capacity of GLUT1-based boron carriers. In addition to providing new insights on the substrate specificity of this important transporter, we reach a fresh perspec t i v e on the boundaries within which a GLUT1-targeting approach in BNCT can be further refined.Peer reviewe

Exploring the Biochemical Foundations of a Successful GLUT1-Targeting Strategy to BNCT: Chemical Synthesis and In Vitro Evaluation of the Entire Positional Isomer Library of ortho-Carboranylmethyl-Bearing Glucoconjugates

Boron neutron capture therapy (BNCT) is a noninvasive binary therapeutic modality applicable to the treatment of cancers. While BNCT offers a tumor-targeting selectivity that is difficult to match by other means, the last obstacles preventing the full harness of this potential come in the form of the suboptimal boron delivery strategies presently used in the clinics. To address these challenges, we have developed delivery agents that target the glucose transporter GLUT1. Here, we present the chemical synthesis of a number of ortho-carboranylmethyl-substituted glucoconjugates and the biological assessment of all positional isomers. Altogether, the study provides protocols for the synthesis and structural characterization of such glucoconjugates and insights into their essential properties, for example, cytotoxicity, GLUT1-affinity, metabolism, and boron delivery capacity. In addition to solidifying the biochemical foundations of a successful GLUT1-targeting approach to BNCT, we identify the most promising modification sites in d-glucose, which are critical in order to further develop this strategy toward clinical use.Peer reviewe

Addressing the Biochemical Foundations of a Glucose-Based "Trojan Horse"-Strategy to Boron Neutron Capture Therapy: From Chemical Synthesis to In Vitro Assessment

Boron neutron capture therapy (BNCT) for cancer is on the rise worldwide due to recent developments of in-hospital neutron accelerators which are expected to revolutionize patient treatments. There is an urgent need for improved boron delivery agents, and herein we have focused on studying the biochemical foundations upon which a successful GLUT1-targeting strategy to BNCT could be based. By combining synthesis and molecular modeling with affinity and cytotoxicity studies, we unravel the mechanisms behind the considerable potential of appropriately designed glucoconjugates as boron delivery agents for BNCT. In addition to addressing the biochemical premises of the approach in detail, we report on a hit glucoconjugate which displays good cytocompatibility, aqueous solubility, high transporter affinity, and, crucially, an exceptional boron delivery capacity in the in vitro assessment thereby pointing toward the significant potential embedded in this approach

DNA methylation signatures of aggression and closely related constructs : A meta-analysis of epigenome-wide studies across the lifespan

DNA methylation profiles of aggressive behavior may capture lifetime cumulative effects of genetic, stochastic, and environmental influences associated with aggression. Here, we report the first large meta-analysis of epigenome-wide association studies (EWAS) of aggressive behavior (N = 15,324 participants). In peripheral blood samples of 14,434 participants from 18 cohorts with mean ages ranging from 7 to 68 years, 13 methylation sites were significantly associated with aggression (alpha = 1.2 x 10(-7); Bonferroni correction). In cord blood samples of 2425 children from five cohorts with aggression assessed at mean ages ranging from 4 to 7 years, 83% of these sites showed the same direction of association with childhood aggression (r = 0.74, p = 0.006) but no epigenome-wide significant sites were found. Top-sites (48 at a false discovery rate of 5% in the peripheral blood meta-analysis or in a combined meta-analysis of peripheral blood and cord blood) have been associated with chemical exposures, smoking, cognition, metabolic traits, and genetic variation (mQTLs). Three genes whose expression levels were associated with top-sites were previously linked to schizophrenia and general risk tolerance. At six CpGs, DNA methylation variation in blood mirrors variation in the brain. On average 44% (range = 3-82%) of the aggression-methylation association was explained by current and former smoking and BMI. These findings point at loci that are sensitive to chemical exposures with potential implications for neuronal functions. We hope these results to be a starting point for studies leading to applications as peripheral biomarkers and to reveal causal relationships with aggression and related traits.Peer reviewe

DNA methylation signatures of aggression and closely related constructs: A meta-analysis of epigenome-wide studies across the lifespan

DNA methylation profiles of aggressive behavior may capture lifetime cumulative effects of genetic, stochastic, and environmental influences associated with aggression. Here, we report the first large meta-analysis of epigenome-wide association studies (EWAS) of aggressive behavior (N = 15,324 participants). In peripheral blood samples of 14,434 participants from 18 cohorts with mean ages ranging from 7 to 68 years, 13 methylation sites were significantly associated with aggression (alpha = 1.2 × 10-7; Bonferroni correction). In cord blood samples of 2425 children from five cohorts with aggression assessed at mean ages ranging from 4 to 7 years, 83% of these sites showed the same direction of association with childhood aggression (r = 0.74, p = 0.006) but no epigenome-wide significant sites were found. Top-sites (48 at a false discovery rate of 5% in the peripheral blood meta-analysis or in a combined meta-analysis of peripheral blood and cord blood) have been associated with chemical exposures, smoking, cognition, metabolic traits, and genetic variation (mQTLs). Three genes whose expression levels were associated with top-sites were previously linked to schizophrenia and general risk tolerance. At six CpGs, DNA methylation variation in blood mirrors variation in the brain. On average 44% (range = 3-82%) of the aggression-methylation association was explained by current and former smoking and BMI. These findings point at loci that are sensitive to chemical exposures with potential implications for neuronal functions. We hope these results to be a starting point for studies leading to applications as peripheral biomarkers and to reveal causal relationships with aggression and related traits.</p

Projektin laadunvarmistuksen kehittäminen

Tämän opinnäytetyön tavoitteena oli päivittää Maskun Talotekniikkatiimi Oy:n työmaan laatusuunnitelma vastaamaan todellisia laadunvarmistustoimia. Yrityksessä on käynnissä laadunhallinnan parannushanke, jonka tarkoituksena on yhtenäistää projektien laadunvalvonnan toimet ja ennen kaikkea niiden raportointi. Laatu ja sen valvonta on yksi menestyksekkään yrityksen toiminnan kulmakivistä, joten se tulee pystyä esittämään ylpeästi tilaajille. Opinnäytetyön teoriaosuudessa käsiteltiin laatua ja laadunhallintaa yleisesti sekä laadunhallinnalle asetettuja määräyksiä ja vaatimuksia. Työn lopussa esiteltiin laadunhallintatyökaluja ja laadunvarmistustoimia, joiden on tarkoitus jatkua koko projektin läpi. Työssä käytettiin lähteinä rakennusalan laadunhallintaa sekä urakoitsijoiden laadunvarmistusta koskevaa alan kirjallisuutta, kuten esimerkiksi Rakennustiedon RT-kortistoja. Kirjallisten lähteiden lisäksi pidettiin haastattelu yrityksen työnjohtajille, jonka avulla saatiin mukaan heidän näkemystään toimivasta laatusuunnitelmasta. Opinnäytetyön lopputulokseksi saatiin yritykselle päivitetty työmaan laatusuunnitelma. Laatusuunnitelman ideana on sen muokattavuus, sillä se täydentyy aina kohdekohtaisilla yksityiskohdilla. Valmis laatusuunnitelma on esitetty liitteissä

Tasa-arvo- ja yhdenvertaisuussuunnitelma Humppilan kunnan varhaiskasvatukseen

Opinnäytetyön tarkoituksena oli tuottaa tasa-arvo- ja yhdenvertaisuussuunnitelma Humppilan kunnan varhaiskasvatukseen. Tavoitteena oli luoda käytännönläheinen ja konkreettinen työkalu varhaiskasvattajille arkeen sekä lisätä tietoisuutta tasa-arvosta varhaiskasvatuksen laadun parantamiseksi. Opinnäytetyön keskeisiä käsitteitä ovat sensitiivisyys, tasa-arvo ja varhaiskasvatus. Keskeiset käsitteet luovat pohjan ja teorian opinnäytetyöhön Opinnäytetyön tilaajana toimi Humppilan kunnan varhaiskasvatus. Idea tasa-arvo- ja yhdenvertaisuussuunnitelmasta tuli tilaajalta. Humppilan kunnan varhaiskasvatuksessa ei vielä ollut kyseistä suunnitelmaa tehtynä, joten suunnitelman toteuttaminen opinnäytetyönä oli ajankohtainen. Opinnäytetyö on kehittämispainotteinen. Opinnäytetyön aineistonkeruumenetelmänä käytettiin haastatteluja henkilökunnalle sekä lapsille. Haastattelujen avulla saatiin tietoa tasa-arvon ja yhdenvertaisuuden toteutumisen nykytilanteesta. Opinnäytetyössä käsitellään teoriatietoa keskeisistä käsitteistä. Tasa-arvoa ja yhdenvertaisuutta käsiteltiin lakien, varhaiskasvatussuunnitelman perusteiden, YK:n lapsenoikeuksien sekä erilaisten artikkelien pohjalta. Opinnäytetyön tilaaja arvioi valmista suunnitelmaa ja hyväksyi sen