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Är ESG Covid-vaccinet som företag behövde?

Lewandrowski, Adam LU ; Ablat, Nurzat LU and Hård, Felix LU (2026) FEKH89 20252
Department of Business Administration
Abstract (Swedish)
Titel: Är ESG Covid-vaccinet som företag behövde?

Seminariedatum: 2026-01-15

Kurs: FEKH89, Examensarbete i Finansiering på kandidatnivå, 15 HP

Författare: Ablat, Nurzat; Hård, Felix; Lewandrowski, Adam

Handledare: Bengtsson, Elias

Nyckelord: ESG, utdelning, Covid-19, Signaleringsteori, Agentteori

Syfte: Syftet med studien är att studera skandinaviska börsnoterade bolag för att undersöka om det finns tydliga samband mellan utdelningsnivåerna och ESG-score under perioden 2017–2022. Studien avser att belysa hur ESG samt delkomponenterna E/S/G påverkar utdelningarna före och under Covid-19 perioden, där perioden 2020–2022 behandlas som pandemiperiod.

Metod: Kvantitativ, deduktiv ansats. Multipel OLS-regression med... (More)
Titel: Är ESG Covid-vaccinet som företag behövde?

Seminariedatum: 2026-01-15

Kurs: FEKH89, Examensarbete i Finansiering på kandidatnivå, 15 HP

Författare: Ablat, Nurzat; Hård, Felix; Lewandrowski, Adam

Handledare: Bengtsson, Elias

Nyckelord: ESG, utdelning, Covid-19, Signaleringsteori, Agentteori

Syfte: Syftet med studien är att studera skandinaviska börsnoterade bolag för att undersöka om det finns tydliga samband mellan utdelningsnivåerna och ESG-score under perioden 2017–2022. Studien avser att belysa hur ESG samt delkomponenterna E/S/G påverkar utdelningarna före och under Covid-19 perioden, där perioden 2020–2022 behandlas som pandemiperiod.

Metod: Kvantitativ, deduktiv ansats. Multipel OLS-regression med kluster-robust standardfel och en interaktionsmodell med Covid dummy används för att jämföra perioderna.

Teoretiska perspektiv: Studien utgår från tidigare forskning om sambandet mellan ESG och företags utdelningspolicy. Dessutom bygger studien på signalling theory och agency theory för att tolka sambandet mellan ESG och utdelningspolicy.

Empiri: Studiens empiriska underlag består av 835 företagsårsobservationer från börsnoterade företag i Sverige, Norge och Danmark under perioden 2017–2022. Datamaterialet omfattar ESG-betyg (totalt samt E, S och G), utdelningsmått (dividend yield och dividend payout ratio) samt finansiella kontrollvariabler.

Slutsats: ESG är statistiskt kopplat till dividend yield under 2017–2019 men inte under 2020–2022. Dividend payout ratio uppvisar inget statistiskt säkerställt samband med ESG i någon period, och samma mönster gäller för delkomponenterna E/S/G. (Less)
Abstract
Title: Is ESG the Covid-vaccine companies needed?

Seminar date: 2026-01-15

Course: FEKH89, Bachelor Degree Project in Theory of Corporate Finance, 15 ECTS

Authors: Ablat, Nurzat; Hård, Felix; Lewandrowski, Adam

Advisor: Bengtsson, Elias

Key Words: ESG, Dividends, Covid-19, Signaling Theory, Agency Theory

Purpose: This study examines listed Scandinavian firms to assess whether ESG performance is associated with dividend outcomes over the period 2017–2022. The analysis further investigates whether the relationship differs between the pre-pandemic period (2017–2019) and the pandemic and post-pandemic period (2020–2022), and whether the effects vary across the Environmental, Social, and Governance pillars.

Methodology:... (More)
Title: Is ESG the Covid-vaccine companies needed?

Seminar date: 2026-01-15

Course: FEKH89, Bachelor Degree Project in Theory of Corporate Finance, 15 ECTS

Authors: Ablat, Nurzat; Hård, Felix; Lewandrowski, Adam

Advisor: Bengtsson, Elias

Key Words: ESG, Dividends, Covid-19, Signaling Theory, Agency Theory

Purpose: This study examines listed Scandinavian firms to assess whether ESG performance is associated with dividend outcomes over the period 2017–2022. The analysis further investigates whether the relationship differs between the pre-pandemic period (2017–2019) and the pandemic and post-pandemic period (2020–2022), and whether the effects vary across the Environmental, Social, and Governance pillars.

Methodology: The study applies a quantitative, deductive research design. Multiple OLS regressions are estimated with cluster-robust standard errors, and an interaction model with a Covid dummy is used to compare the two periods.

Theoretical perspective: The study builds on prior research on ESG and corporate payout policy and is grounded in signaling theory and agency theory to interpret how ESG may relate to dividend decisions and investor perceptions.

Empirical Foundation: The empirical sample comprises 835 firm-year observations from listed firms in Sweden, Norway, and Denmark for 2017–2022. The dataset includes ESG ratings (aggregate and E/S/G components), dividend measures (dividend yield and dividend payout ratio), and firm-level financial control variables.

Conclusion: ESG is statistically associated with dividend yield in 2017–2019, but not in 2020–2022. No statistically significant relationship is found between ESG and the dividend payout ratio in either period, and the same pattern holds for the E/S/G subcomponents. (Less)
Please use this url to cite or link to this publication:
author
Lewandrowski, Adam LU ; Ablat, Nurzat LU and Hård, Felix LU
supervisor
organization
alternative title
En empirisk analys av sambandet mellan ESG-betyg och utdelningspolicy, 2017-2022 i Skandinavien
course
FEKH89 20252
year
type
M2 - Bachelor Degree
subject
keywords
ESG, utdelning, Covid-19, Signaleringsteori, Agentteori
language
Swedish
id
9220423
date added to LUP
2026-02-12 16:53:58
date last changed
2026-02-12 16:53:58
@misc{9220423,
  abstract     = {{Title: Is ESG the Covid-vaccine companies needed?

Seminar date: 2026-01-15

Course: FEKH89, Bachelor Degree Project in Theory of Corporate Finance, 15 ECTS

Authors: Ablat, Nurzat; Hård, Felix; Lewandrowski, Adam

Advisor: Bengtsson, Elias
 
Key Words: ESG, Dividends, Covid-19, Signaling Theory, Agency Theory

Purpose: This study examines listed Scandinavian firms to assess whether ESG performance is associated with dividend outcomes over the period 2017–2022. The analysis further investigates whether the relationship differs between the pre-pandemic period (2017–2019) and the pandemic and post-pandemic period (2020–2022), and whether the effects vary across the Environmental, Social, and Governance pillars.

Methodology: The study applies a quantitative, deductive research design. Multiple OLS regressions are estimated with cluster-robust standard errors, and an interaction model with a Covid dummy is used to compare the two periods.

Theoretical perspective: The study builds on prior research on ESG and corporate payout policy and is grounded in signaling theory and agency theory to interpret how ESG may relate to dividend decisions and investor perceptions.

Empirical Foundation: The empirical sample comprises 835 firm-year observations from listed firms in Sweden, Norway, and Denmark for 2017–2022. The dataset includes ESG ratings (aggregate and E/S/G components), dividend measures (dividend yield and dividend payout ratio), and firm-level financial control variables.

Conclusion: ESG is statistically associated with dividend yield in 2017–2019, but not in 2020–2022. No statistically significant relationship is found between ESG and the dividend payout ratio in either period, and the same pattern holds for the E/S/G subcomponents.}},
  author       = {{Lewandrowski, Adam and Ablat, Nurzat and Hård, Felix}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Är ESG Covid-vaccinet som företag behövde?}},
  year         = {{2026}},
}