Integrering av klimatrisk och ansvarsfulla investeringar i form av gröna obligationer är ett tidsenligt och allt mer växande område på den finansiella marknaden och vi ser stora möjligheter i fortsatt forskning på ämnesområdet. Studien har delvis syftat till att beskriva och analysera hur klimatrisker involveras vid kapitalförvaltares investeringar i gröna
obligationer. Ytterligare har syftet varit att beskriva varför involveringen uttryckts på ett visst sätt. Studiens sammantagna syfte lyfte ett intresse i att göra en liknande studie med fokus på emittenten av den gröna obligationen och dennes perspektiv.
Författarna ser även intresse och relevans i att göra en uppföljningsstudie på samma område i framtiden och efter en tid av en etablerad taxonomi (TCFD) och/ eller utvecklade metoder för kvantifieringen av klimatrisker. Detta för att undersöka om det utvecklat integreringen och utsträckningen av klimatriskarbetet med gröna obligationer och andra ansvarsfulla
investeringar.
Referenser
Aleksandrova-Zlatanska, S., Kalcheva D, Z. (2019). Alternatives for Financing of Municipal Investments- Green Bonds. Review of Economic and Business Studies. 12(1), 57–77.
Alvehus, J. (2019). Skriva uppsats med kvalitativ metod: en handbok. Stockholm: Liber.
Avanza. (2020). Handeln i allt fler räntefonder stängs. Hämtad 2020-05-11 från
https://www.avanza.se/placera/redaktionellt/2020/03/20/allt-fler-rantefonder-stangs.html Banga, J. (2019). The green bond market: a potential source of climate finance for developing countries. Journal of Sustainable Finance & Investment 9(1), 17-32.
DOI: 10.1080/20430795.2018.1498617
Brealey R.A., Myers, S.C., Allen, F. (2017). Principles of corporate finance. New York:
Mcgraw-Hill.
Bromiley, P., McShane, M.K., Nair, A., Rustambekov, E. (2015). Enterprise risk
management: review, critique, and research directions. Long Range Plann. 48(4), 265-276.
DOI:10.1016/j.lrp.2014.07.005
Choudhry, M., Alexander, C. (2013). An Introduction to Value-At-Risk. New York: John Wiley & Sons, Incorporated.
Cican S.I. (2014). Comparative study between traditional and enterprise risk management- a theoretical approach. Annals of the University of Oradea: Economic Science. 23(1), 276-282.
Danske Bank. (2019). Från 38 miljarder till 70 miljarder kronor - gröna obligationer växer i Sverige. Hämtad 2020-01-30 från
https://nextconomy.se/fran-38-miljarder-till-70-miljarder-kronor-grona-obligationer-vaxer-i-sverige/
David, M. & Sutton, C,D. (2016). Samhällsvetenskaplig metod. Lund: Studentlitteratur AB.
Drzik, J., Nakada, P., Schuermann,T. (1998). Risk Capital Measurement in Financial Institutions - Part One. The Journal of Lending & Credit Risk Management. 81(1), 22-27.
Financial Stability Board. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. Hämtad 2020-05-17 från
https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-2017-TCFD-Report-11052018.pdf
Finansinspektionen. (2020). Tillstånd att driva fondverksamhet. Hämtad 2020-03-31 från https://www.fi.se/sv/marknad/sok-tillstand/fond-vardepappersfonder/driva-fondverksamhet/
Gianfrate, G., Peri, M. The Green advantage: exploring the convenience of issuing green bonds. Journal of Cleaner Production, 219, 127-135.
Global Adaptation & Resilience Investment Working Group. (2016). Bridging the Adaptation Gap: Approaches to Measurement of Physical Climate Risk and Examples of Investment in Climate Adaptation and Resilience. Hämtad 2020-03-31 från
http://427mt.com/wp-content/uploads/2016/11/GARI-2016-Bridging-the-Adaptation-Gap.pdf Holliwell, J. (1997). The Financial Risk Manual. London: Pearson Education.
Horsch, A., Richter, S. (2017). Climate Change Driving Financial Innovation: The Case of Green Bonds. Journal of Structured Finance, 23(1), 79-90. DOI:10.3905/jsf.2017.23.1.079 Hoyt, R. E. & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management:
Evidence from the U.S. Insurance Industry. The Journal of Risk and Insurance. 78(4), 795-822.
ICMA. (2018). Green Bond Principles Voluntary Process Guidelines for Issuing Green Bonds. Hämtad 2020-03-31 från
https://www.icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/
International Energy Agency. (2015). Energy and climate change - World Energy Outlook Special Briefing for COP21
http://climateknowledge.org/figures/Rood_Climate_Change_AOSS480_Documents/IEA_CO P21_Paris_Briefing_IntEnerAgen_2015.pdf
Jagannathan, R., Ravikumar, A., & Sammon, M. (2019). Forthcoming. Environmental, social and governance criteria: Why investors are paying attention. Journal of Investment
Management. NBER Working Papers No.24063
Jankensgård, H. (2019). A Theory Of Enterprise Risk Management. Corporate Governance.
19(3), 565-579. DOI 10.1108/CG-02-2018-0092
Jönsson, L.E., Persson, A., & Sahlin, K. (2011). Institution. Malmö: Liber AB.
Kleffner, A.E., Lee, R.B. & McGannon, B. (2003). The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review. 6(1), 53-73.
Kreuger, P., Sautner, Z., & Starks, L. T. (2019). The Importance of Climate Risks for Institutional Investors. Swiss Finance Institute Research Paper No. 18-58
European Corporate Governance Institute - Finance Working Paper No.610/2019 Kvale, S., & Brinkmann, S., (2014) Den kvalitativa forskningsintervjun. Lund:
Studentlitteratur.
Lackovic, I.D. (2017). Enterprise Risk Management: a literature survey. I P. Potocan, V., Kalinic,P., Vuletic, A. (Red.) Economic and Social Development. (s.364-370). Zagreb:
https://www.researchgate.net/profile/Tomasz_Studzieniecki/publication/321716996_Passeng er_air_transport_in_the_integration_of_the_Baltic_Sea_Region/links/5a2db55145851552ae7 eee1e/Passenger-air-transport-in-the-integration-of-the-Baltic-Sea-Region.pdf#page=374 Laskowska, A. (2017). The green bond as a prospective instrument of the global debt market.
Copernica Journal Finance & Accounting 6(4), 69-83.
Louche, C., Busch, T., Crifo,P., & Marcus, A. (2019). Financial Markets and the Transition to a Low-Carbon Economy: Challenging the Dominant Logics. Organization & environment.
32(1), 3-17. DOI: 10.1177/1086026619831516
Maltais, A., Nykvist, B. (2020). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance & Investment.
Mattsson, P. & Örtenblad, A. (2008). Smått och gott om vetenskapliga rapporter och referensteknik. Lund: Studentlitteratur AB.
Meyer, John W. & Rowan, Brian. (1977). Institutionalized Organizations: Formal Structure as Myth and Ceremony. American Journal of Sociology, 83(2), 340-363.
Mikes, A. (2007). Convictions, convention and the operational risk maze- the case of three financial service institutions. International Journal of Risk Assessment and Management.
7(8), 1027-1056.
Mikes, A. (2009). Risk management and calculative cultures. Management Accounting Research- 20(1), 18-40. DOI:10.1016/j.mar.2008.10.005
Mishkin, F.S, Matthews, K., Massimo, G. (2013). The economics of money, banking &
financial markets European edition (1:a upplagan) Pearson education limited Moody’s Investor Service. (2018). A Greener Approach to financing: Green Bond Assessment Overview. Hämtad: 2020-04-01 från
https://www.moodys.com/sites/products/ProductAttachments/MIS_Green_Bonds_Assessmen t.pdf?WT.z_referringsource=TB~ESGhub~GREENBONDS
Nocco, B,W. & Stulz, R,M. (2006). Enterprise Risk Management: Theory and Practice.
(IDEAS Working Paper Series 2006-15). St. Louis: Federal Reserve Bank of St. Louis OECD. (2016). Green bonds Mobilising the debt capital markets for a low-carbon transition.
Hämtad 2020-03-31 från
https://www.oecd.org/environment/cc/Green%20bonds%20PP%20%5Bf3%5D%20%5Blr%5 D.pdf
Ogutu, J., Bennett, M.R., Olawoyin, R. (2018). Closing the gap: Between Traditional &
Enterprise Risk Management Systems. American Society of Safety Engineers 63(4), 42-47.
Polbennikov, S., Desclee, A., Dynkin, L., Maitra, A. (2016). ESG Ratings and Performance of Corporate Bonds. The Journal of fixed income 26(1), 21-41.
DOI:10.3905/jfi.2016.26.1.021
Porter, T.M. (1995). Trust in Numbers - The Pursuit of Objectivity in Science and Public Life.
Princeton NJ: Princeton University Press.
Power, M. (2003). Auditing and the production of legitimacy. Accounting, Organizations and Society. 28(4), 379-394.
Power, M. (2004). The risk management of everything. Journal of Risk Finance 5(3) 58-65.
Power, M. (2007). Organized uncertainty - Designing a World of Risk Management. Oxford:
Oxford University Press.
Proposition 2016/17:16. Godkännande av klimatavtalet från Paris. Hämtad från
https://www.regeringen.se/4a75ca/contentassets/618f83b8918f4f34bb1ae06b62aae8f2/godka nnande-av-klimatavtalet-fran-paris-prop.-20161716
Prorokowski, L. (2016). Environmental Risk Index for financial services firms. Qualitative Research in Financial Markets; Bingley 8(1), 16-44. DOI:10.1108/QRFM-04-2015-0018 Rieg, R. (2015). Dynamics of value-based management: does shareholder value cause short-termism? Journal of Management Control. 26(2-3), 193-224. DOI:10.1007/s00187-015-0211-4
Roberts, J. & Frantisak, F. (2015). Environmental Risk. I/In A. Green (Red.) Enterprise Risk Management: A Common Framework for the Entire organization (s.17-30). Oxford:
Butterworth-Heinemann.
Rousseau, S. (2006). Enhancing the Accountability of Credit Rating Agencies: The Case for a Disclosure-Based Approach. McGill Law Journal. 51(4), 617-664.
Ryszawska, B (2016). Sustainability transition needs sustainable finance. Copernican Journal of Finance and Accounting. 5(1), 185-194.
Schoenmaker, D., Schramade, W. (2019). Investing for long-term value creation. Journal of Sustainable Finance & Investment 9(1), 356-377. DOI:10.1080/20430795.2019.1625012
SOU 2017:115. Att främja gröna obligationer. Stockholm: Norstedts Juridik.
Standard & Poors. (2019). S&P Global Ratings Green Evaluation: Time to Turn Over a New Leaf?. Hämtad 2020-04-01 från
https://www.spglobal.com/ratings/_division-assets/pdfs/green-evaluations-brochure.pdf Söderbom, A & Ulvenblad, P. (2016). Värt att veta om uppsatsskrivande -rapporter, projektarbete och examensarbete. Lund: Studentlitteratur.
TCFD. (2017). The Use of Scenario Analysis in Disclosure of Climate-Related Risks and Opportunities. Hämtad 2020-03-31 från
https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-TCFD-Technical-Supplement-062917.pdf
UNPRI Principles for Responsible Investments. (u.å) About the PRI. Hämtad 2020-04-30 från https://www.unpri.org/about-the-pri
Weber, O. & Saravade, V. (2019) Green Bonds: Current Development and Their Future (CIGI Papers No. 210). Waterloo: Centre for International Governance Innovation.
Wolke, T. (2017). Risk Management. Berlin: Boston, Massachusetts : De Gruyter Oldenbourg.
Wong, A. (2014). Corporate sustainability through non-financial risk management.
Corporate Governance, 14(4), 575-586. DOI:10.1108/CG-02-2013-0026
Bilagor
Bilaga 1. Mail till respondenter