Leite, António NogueiraRollmann, Julian Karl2023-09-222023-09-222023-01-182022-12-16http://hdl.handle.net/10362/158116This thesis analyzes the impact of ESG performance on stock returns in capital markets. Da tasets of globally listed companies in the apparel manufacturer and retailer are considered. Port folios with the best (worst) ranked companies in terms of ESG are constructed. The results of four multiple regression models show no significant results for portfolios composed of the best ESG companies in any of the considered industries. Portfolios consisting of the lowest-rated apparel manufacturer and retailer companies generate significantly positive abnormal returns.engKeywords: esgSustainable financeInvestment approachStock returnsApparel manufacturers and retailers industrymaster thesis203314484