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Esg pricing in the Australian equity market: an empirical analysis
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| 1.25 MB | Adobe PDF |
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This study investigates how an organisation’s environmental, social and governance (ESG)rating is priced in to the Australian equity market and the implications this has on the firm valuation. The study utilises a blended ESG rating, and also analysis the impact of each respective ESG pillar, so as to provide insight on the individual effect of each pillar on organisation value. The study is conducted over the top 200 firms listed on the ASX200 and utilises commonly applied relative valuation multiples such as enterprise value / earnings-before-interest-tax-and-depreciation (EVEBITDA), price-to-earnings next twelve months (PENTM)and price-to-book (PB),as a basis for value.
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Finance Esg ratings Relative valuation metrics Blended Esg rating Esg pillars