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Deze masterproef gaat over legitimiteit en CSR-rapportering. Er werd eerst een uitgebreide literatuurstudie gemaakt en vervolgens werd er een onderzoek gedaan. Dit onderzoek hield een kwalitatieve studie in. Er werd nagegaan welk type legitimiteit bedrijven nastreven door het gebruik van retoriek in hun CSR-rapporten.

CSR. --- Legitimiteit. --- Rapportering. --- Retoriek.

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In order to know whether or not the corporate social responsibility (CSR) initiative and its related commitments are actually improving the company's performance, it is necessary to have in place procedures for reporting and verification, each of which are important tools for measuring change and communicating those changes to the company's stakeholders. While certain CSR and corporate sustainability disclosures have now become minimum legal requirements in some jurisdictions, in general such disclosures are still a voluntary matter and companies have some leeway as to the scope of their disclosures and how they are presented to investors and other stakeholders. This book is intended to be a practical introduction to sustainability reporting and communications that begins by discussing material legal and regulatory considerations and the some of the major sustainability reporting frameworks and then continues with detailed illustrations of how companies might create and distribute their sustainability reports and develop and implement their CSR communications strategies

Social responsibility of business. --- Corporate governance. --- Sustainability. --- Reporting. --- Communications. --- CSR.

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Although corporate social responsibility (CSR) has been adopted by many companies, few of them are practicing it with any formal strategy, and the common situation seems to be a portfolio of disparate CSR programs and initiatives, some of which the support core strategy and others of which appear adjacent and discretionary. The diversity of potential CSR initiatives is one issue; however, developing a strategic orientation is complicated by the fact that each company has its own unique set of drivers and motivations for CSR and ideas and responsibilities for those initiatives come from all parts and levels of the organization.Strategic planning for sustainability is far from easy or precise, if only because it requires that simultaneous consideration be given not only to economic performance and development but also to environmental protection and the social well-being of employees and other persons and groups outside of the organization. This book is intended as a comprehensive guide to the key steps required to strategically approach becoming a successful sustainable business including conducting a CSR assessment, developing a CSR strategy and the accompanying business case, developing and implementing CSR commitments, and measuring the performance and effectiveness of the planning initiative.

Sustainability. --- Social responsibility of business. --- Strategic planning. --- Strategy. --- Triple bottom line. --- CSR.

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Our society pays increasingly attention to the sustainable development and to the respect of the environment. The trend to be green encourages companies to be socially responsible. To prove their CSR, companies make extra financials reports. The problem of these reports is that few of them are externally audited. Only some regulations oblige companies to make their environmental report audited, otherwise it is mainly a voluntary request. Consequently, we do not really know if the data included in the reports are correct and we are not sure of what is actually done by the companies to be responsible. This essay question about the tools that are levers to the request of external audit for environmental reports and especially if the CSR is one of the lever.

CSR --- External audit --- Environmental report --- Stakeholders --- GRI --- ISEA 3000 --- AA1000AS --- Sciences économiques & de gestion > Comptabilité & audit

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The global aim of this thesis is to verify whether sustainability constitutes a relevant factor in capturing the variation of stock returns through a quantitative analysis. In order to check the validity of our hypothesis, which is that sustainability does indeed capture variation of stocks returns, the Fama and French Five-factor model has been adapted to a 6-factor model, adding a sustainability factor to the other validated factors, which are size, value, profitability and investment. 

Sustainability is clearly a hot topic in present times, as a world trend has been increasing over the past year in a worldwide bench of different sectors, including finance. Here, we analyze the history of sustainability in finance, going through relating topics such as ESG, ethics, corporate social responsibility and responsible investments in finance, since they have also encountered an importance growth in business. Sustainability clearly plays a role in today’s business world, which is why it is worth to analyzing if it also plays a role in capturing stock return variations.

The data used in this paper comes from the Thompsons Reuters Database. The sample has been created from all the NYSE stocks having an ESG score, which had the key figure of sustainability level for a corporation and which also correspond to our sample filtration. The sample we examine extends from January 2003 to December 2017, and is therefore composed of 180 months of data. 

The methodology used in our portfolio and factor construction is the same as that employed by Fama and French. The results consequently helped us compare whether sustainability of a corporation was worthy of consideration while investing in their stocks, for an investor who seeks to maximize his return for a given level of risk, or minimize his risk for a given level of return. 

Our findings concluded that even if a difference of returns does exist between stocks considered sustainable and unsustainable, our sustainable factor could not significantly help to capture return variations. The results of this paper can, indeed, be ameliorated over time as sustainability is a growing trend which may well lead to more significant result in the future and also provide wider sample of data.

Sustainable Investing, Fama & French, CSR, SRI, ESG, CAPM --- Sciences économiques & de gestion > Finance