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Sustainable Finance: Emerging Challenges and Opportunities Read chapter Read first chapter

2021 | OriginalPaper | Chapter

8. Norwegian Pension Fund’s Portfolio: What Happens to the Companies Divested for Environmental Concerns?

Authors : Stefano Dell’Atti, Viviana Fanelli, Federica Miglietta

Published in: Contemporary Issues in Sustainable Finance

Publisher: Springer International Publishing

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Abstract

We investigate how international investors evaluate the behaviour of those companies that have been excluded from the portfolio of the Norwegian Government Pension Fund-Global (GPF-G) due to environmental concerns. We concentrate on the excluded companies, to check if they are punished by SR concerned investors for their unethical environmental production and suffer from reputational damage. In particular, we focus on the 37 companies that have been excluded on the 14 of April 2016 that are listed on nine international stock markets. Building on the methodology generally used in these cases, we run an event study analysis to assess the stock price reaction to the public announcement of exclusion and to detect if an abnormal price reaction around the event exists.

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previous chapter Family Firms as Prominent Investment Organizations of Social Finance: An Empirical Analysis of U.S. Family Foundations
next chapter Women’s Empowerment Through Social Entrepreneurship and Impact Investing in Myanmar
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Metadata
Title
Norwegian Pension Fund’s Portfolio: What Happens to the Companies Divested for Environmental Concerns?
Authors
Stefano Dell’Atti
Viviana Fanelli
Federica Miglietta
Copyright Year
2021
Publisher
Springer International Publishing
Book
Contemporary Issues in Sustainable Finance

Print ISBN: 978-3-030-65132-9

Electronic ISBN: 978-3-030-65133-6

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-3-030-65133-6_8