| fullrecord |
[{"key": "dc.contributor.advisor", "value": "Onkila, Tiina", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Saari, Suvi", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2020-12-16T08:47:35Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2020-12-16T08:47:35Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2020", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/73244", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Vastuullinen sijoittaminen sek\u00e4 ESG n\u00e4k\u00f6kulmien sis\u00e4llytt\u00e4minen sijoitusp\u00e4\u00e4t\u00f6sten tekoon on nostanut suosiotaan sek\u00e4 sijoittajien ett\u00e4 salkunhoitajien parissa. ESG-termi tulee englanninkielisist\u00e4 sanoista environment, social ja governance, jotka viittaavat ymp\u00e4rist\u00f6\u00f6n, yhteiskuntaan sek\u00e4 yrityshallinnollisiin n\u00e4k\u00f6kulmiin. Vaikka n\u00e4iden n\u00e4k\u00f6kulmien huomioonottaminen on joskus n\u00e4hty olevan mahdollisesti haitallista sijoitusten tuotton\u00e4kymien kannalta, on tuo n\u00e4kemys pitk\u00e4lti unohdettu ja nykyisin meill\u00e4 on paljon todisteita siit\u00e4 ett\u00e4 vastuullinen sijoittaminen on vahvasti linkitetty positiivisesti sek\u00e4 sijoitusten tuottavuuteen ett\u00e4 riskien parempaa hallinnointiin. Varainhoitajat ovat kilpaa julkistamassa uusia ESG-n\u00e4k\u00f6kulmat huomioon ottavia rahastoja, ja voidaankin varmasti jo todeta ett\u00e4 vastuullinen sijoittaminen on tullut j\u00e4\u00e4d\u00e4kseen, eik\u00e4 vain vaihtoehtoisena sijoitusmuotona, vaan valtavirran keinona t\u00e4ytt\u00e4\u00e4 varainhoitajien ensimm\u00e4inen ja kaikkein t\u00e4rkein teht\u00e4v\u00e4; tuottojen maksimointi. Nyt kun sijoitussektori on siirtynyt vahvasti vastuullisen sijoittamisen pariin, olisi mielenkiintoista n\u00e4hd\u00e4 ovatko jotkut tietyt vastuulliselle sijoittamiselle ominaiset tavat suositumpia tai yleisempi\u00e4 kuin toiset. Ent\u00e4 onko n\u00e4iss\u00e4 eroa jos verrataan eurooppalaisia ja pohjoisamerikkalaisia varainhoitajia?\n\nSiit\u00e4 syyst\u00e4, t\u00e4m\u00e4 tutkimus vertailee eroja n\u00e4iden kahden markkina-alueiden varainhoitajien julkisessa kommunikoinnissa kahden ESG sis\u00e4llytt\u00e4mistavan v\u00e4lill\u00e4; vaikuttamisen ja poissulkemisen. Vaikuttaminen on k\u00e4yt\u00e4nn\u00f6ss\u00e4 sijoittajien keino k\u00e4ytt\u00e4\u00e4 osakkeenomistajan asemaansa vuoropuhelun k\u00e4ynnist\u00e4miseen yritysten kanssa. Vaikuttaminen pyrkii nimens\u00e4 mukaisesti vaikuttamaan yritysten tapaan hoitaa ESG riskej\u00e4 ja mahdollisuuksia. Poissulkukeino puolestaan rajaa sijoituksista pois sellaiset yritykset tai sektorit joita sijoittaja ei koe vastuullisiksi tai joissa ESG riskit ovat korkeat. N\u00e4m\u00e4 kaksi ESG:n sis\u00e4llytt\u00e4mistapaa ovat usein n\u00e4hty vastakkaisina l\u00e4hestymistapoina, ja siksi on mielenkiintoista n\u00e4hd\u00e4 onko n\u00e4iss\u00e4 erilaisia painotuksia eri markkina-alueilla.\n\nT\u00e4h\u00e4n tutkimukseen valittiin yhteens\u00e4 30 varainhoitajaa, 15 suurinta varainhoitajaa sek\u00e4 Euroopasta ett\u00e4 Pohjois-Amerikasta. Vertailun kohteena ovat dokumentit ja muu informaatio liittyen vaikuttamiseen ja poissulkumenetelm\u00e4\u00e4n, joka on n\u00e4iden varainhoitajien nettisivuilla julkisesti saatavilla. Erityisesti vertailun kohteena on vaikuttamisen politiikan julkinen saatavuus, henkil\u00f6resurssit jotka ovat omistettu ESG analyysille sek\u00e4 vaikuttamisen toimille, kuinka monta yrityst\u00e4 ja erillist\u00e4 ESG aihetta on ollut vaikuttamisen kohteena vuoden aikana, ja kuinka n\u00e4m\u00e4 ovat jakautuneet ESG:n kolmelle pilarille; ymp\u00e4rist\u00f6, yhteiskunta ja yrityshallinto. Vertailussa on my\u00f6s varainhoitajien julkisesti saatavilla olevat poissulkukriteerit jotka p\u00e4tev\u00e4t kaikkiin sijoituksiin. T\u00e4ss\u00e4 tutkimuksessa ei ole huomioitu sellaisia poissulkukriteerej\u00e4, jotka ovat rahastokohtaisia eiv\u00e4tk\u00e4 siten p\u00e4de kaikkiin sijoituksiin.\n\nTutkimuksessa selvi\u00e4\u00e4, ett\u00e4 eurooppalaisilla varainhoitajilla on enemm\u00e4n henkil\u00f6st\u00f6resursseja joiden p\u00e4\u00e4teht\u00e4v\u00e4n\u00e4 on ESG analyysi ja vaikuttamisty\u00f6. Eurooppalaiset varainhoitajat tekiv\u00e4t vaikuttamisty\u00f6t\u00e4 useampien yritysten kanssa kuin pohjoisamerikkalaiset, mutta pohjoisamerikkalaiset olivat aktiivisempia vaikuttamisty\u00f6n kokonaism\u00e4\u00e4r\u00e4ss\u00e4. Pohjoisamerikkalaiset varainhoitajat ovat vahvasti keskittyneet yrityshallintoon liittyviin asioihin vaikuttamisty\u00f6ss\u00e4\u00e4n, ja vaikka Euroopassa yrityshallinto oli my\u00f6skin vallitsevin osa-alue, olivat ymp\u00e4rist\u00f6- ja yhteiskunta-asiat vahvemmin edustettuina kuin Pohjois-Amerikassa.\n\nMit\u00e4 tulee poissulkumenetelmiin, eurooppalaisten ja pohjoisamerikkalaisten varainhoitajien v\u00e4lill\u00e4 oli suuri ero. Pohjoisamerikkalaiset varainhoitajat eiv\u00e4t juurikaan julkaisseet poissulkukriteerej\u00e4 nettisivuillaan, ja t\u00e4m\u00e4 n\u00e4ytt\u00e4\u00e4 olevan selv\u00e4sti suositumpaa Euroopassa. Vaikka pohjoisamerikkalaiset varainhoitajat yleisesti ottaen julkaisivat v\u00e4hemm\u00e4n n\u00e4ihin ESG n\u00e4k\u00f6kulmiin liittyv\u00e4\u00e4 materiaalia nettisivuillaan, oli ero kuitenkin selv\u00e4sti suurempi poissulkukriteerien kohdalla.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Responsible investing and ESG are becoming more widely accepted as an important part of investments and the fiduciary duty of asset managers. In fact, responsible investing has become mainstream and integrating ESG aspects into the investment decision making is often seen beneficial for the investors. Now that asset managers are moving to the ESG space, it is interesting to see what are the most favoured ESG approaches and if there are any differences between U.S. and Europe.\n\nThis study compares the public disclosures of both U.S. and European asset managers and focuses on two ESG approaches often used in responsible investing; negative screening that excludes harmful or unsustainable sectors and companies, and engagement which is part of active ownership and aims to \u2013 instead of excluding the companies \u2013 to use the shareholder position to influence the companies. These two approaches are also often seen as the opposite approaches, but interestingly enough, can be used to complement each other. \n\nAltogether 30 asset managers were chosen for this study and they represent the 15 biggest (in terms of assets under management) asset managers from both Europe and U.S. This study looks into the data that is publicly disclosed by these companies, and compares their public approaches to these two previously introduced ESG investment styles. More specifically, this study compares the public availability of engagement policies, dedicated human resources, engagement volumes and the ESG breakdown of those. It also compares the company level exclusion criteria (meaning that it applies to all of their investments, not only to specific funds, geographies or asset classes) that the asset management companies are openly communicating on their websites.\n\nWhat comes to engagement data and dedicated resources, European asset managers seem to be disclosing more information than their American competitors. Data also shows that European asset managers are dedicating more resources into ESG analysis and engagement and are more active in engaging when looking at the average number of engaged companies. However, the U.S. asset managers had bigger average in the total number of engagements. Engagements in the U.S. are clearly focused on addressing the governance aspects, and while the majority of engagements in Europe were also focusing on governance, in Europe the engagement activities were more evenly distributed between the environmental, social and governance aspects. \n\nWhen comparing the exclusion policies between European and U.S. asset managers, it seems clear that U.S. asset managers have not been so eager to set up corporate level policies to exclude certain sectors, or at least to disclose those publicly. The difference seems to be smaller when it comes to disclosing information about engagement activities.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2020-12-16T08:47:35Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2020-12-16T08:47:35Z (GMT). No. of bitstreams: 0\n Previous issue date: 2020", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "75", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "ESG (Environment", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Social and Governance)", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "responsible investment (RI)", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "exclusions", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "company engagement", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "active ownership", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Responsible investing in Europe and the U.S. : comparison on asset managers\u2019 exclusionary criteria and engagement activities", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202012167187", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Yritysten ymp\u00e4rist\u00f6johtaminen", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Corporate Environmental Management", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "20425", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "vastuullisuus", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "kest\u00e4v\u00e4 kehitys", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "sijoitukset", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "responsibility (properties)", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "sustainable development", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "investments", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
|