Studiens begränsningar och förslag till framtida forskning

Resultaten av denna studie är föremål för vissa begränsningar, särskilt med hänsyn till databasen som ESG-poängen baseras på och urvalet av företag som är poängsatta. Thomson Reuters erbjuder begränsad mängd företag som innehar ESG-poäng i Sverige. Studiens urval kan därför begränsa hur resultatet bör tolkas. ESG-poäng kan också skilja sig beroende på leverantör av ESG-data och resultatet riskerar därmed att skilja sig åt beroende på val av databas. Halbritter & Dorfleitner (2015) adresserade just problemet med att ESG-poäng baseras på olika metoder av de institut som utger poängen. Givet detta skulle en annan utgivare av poäng kunna leda till ett annat resultat. En ytterligare relevant aspekt att lyfta fram är den avsaknad av enhetlig metod i tidigare undersökningar. Med hänsyn till de två huvudsakliga

28 metoderna för filtrering vid portföljkonstruktion skulle en negativ filtreringsprocess kunna rendera i ett annat resultat.

ESG är i svenskt sammanhang en relativt ny parameter och antalet företag som poängsätts sedan 2010 är få. I takt med att fler svenska företag tilldelas ESG-poäng i framtiden uppstår därför förutsättningar för undersökningar som tar hänsyn till en analys baserad på längre tidsperioder och större urval. Med ett större urval skapas även förutsättningar för att skapa portföljer med större differenser sett till ESG-poäng, vilket ytterligare skulle kunna isolera eventuella effekter av ESG på avvikelseavkastning. Då denna undersökning endast undersöker en sammanvägd ESG-poäng kan de eventuella effekterna inom respektive kategori inte analyseras. Med hjälp av en analys som delar upp ESG-poängen i dess underkategorier skulle en mer precis bedömning av vilka delar av den multidimensionella ESG-poängen svenska investerare värdesätter vara möjlig.

29

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