PhD conferral Ms Clarissa v. Hauptmann, MSc.
Supervisors: prof.dr. R. Bauer; prof.dr. S. Kleimeier, prof.dr. G. Serafeim
Co-supervisor: dr. S. Straetmans
“Sustainable Finance; ESG performance and disclosure in the capital market context”
Keywords: capital market, sustainability
This dissertation examines the dynamics between corporate sustainability and capital market outcomes. It uncovers the role and impact of financial institutions on fostering sustainability, addresses the value-relevance of sustainability disclosures, and examines the effects of leadership diversity on capital market outcomes.
The research shows that weak corporate sustainability performance results in higher bank loan costs when the lending bank has strong performance. It was also shown that companies run by female top executives have better access to bank loan capital, but that this advantage is conditional on the cultural environment. Furthermore, she shows that sustainability disclosure reduces stock price co-movements with the industry and market, reflecting valuable firm-specific information.