The ESG Framework and the Energy Industry

This book contributes to a better understanding of the importance of environmental, social, and governance (ESG) principles for corporate value in the energy industry. In particular, it analyzes how the energy industry is achieving this shift in response to government regulations and how it is addressing specific ESG issues. It discusses various economic incentives and market-based policies for ESG activities in the energy sector and highlights how energy firms are using environmental, social and governance initiatives to create value.

In turn, the book demonstrates how ESG principles can be implemented while considering various economic and corporate issues, such as financial markets, financial risks, asset pricing, value at risk, capital structure, capital budgeting, corporate (re)structuring, corporate governance, behavioral finance, financial performance, asset pricing, cost control, financial accounting, fiscal issues, institutions, governance, and legal aspects. Accordingly, it will appeal to scholars of economics, finance, and energy policy, and to anyone interested in the implementation of ESG principles in the energy industry.

This is the ninth book in a series organized by the Centre for Energy and Value Issues (CEVI). In this book, CEVI collaborates with the Hacettepe University Energy Markets Research and Application Center (Ankara, Turkey). The previous volumes in the series were: Financial Aspects in Energy (2011), Energy Economics and Financial Markets (2012), Perspectives on Energy Risk (2014), Energy Technology and Valuation Issues (2015), Energy and Finance (2016), Energy Economy, Finance and Geostrategy (2018), Financial Implications of Regulations in the Energy Industry (2020) and Applied Operations Research and Financial Modelling in Energy (2021).

Explores the importance of ESG principles for corporate value in the energy industry Discusses economic incentives and market-based policies for ESG activities in the energy sector Highlights the value creation process of energy firms through ESG initiatives

Auteur
James Thewissen is Associate Professor of Finance at the Université catholique de Louvain, Belgium, and Visiting Professor at the Katholieke Universiteit Leuven and the Vrije Universiteit Brussel. In addition to serving as Board Member at CEVI, the Center for Energy and Value Issues, he is an advising expert to the European Commission, European Securities and Markets Authority and the National Bank of Belgium.

Özgür Arslan-Ayaydin, Ph.D., is a Professor of Finance at the University of Illinois Chicago, USA, and member of the board of trustees of CEVI, the Center for Energy and Value Issues.

Wim Westerman is Assistant Professor of Financial Management at the University of Groningen, the Netherlands, and Vice-Secretary of CEVI, the Center for Energy and Value Issues.

André Dorsman is member of the board of trustees of CEVI, the Center for Energy and Value Issues, an advisor to SMEs and local governments, and an advising expert for court cases.

Contenu
Chapter 1. Introduction (James Thewissen).- Part I. Energy Resources and ESG Criteria: Demand and Supply Issues.- Chapter 2. The Causal Relationship Between ESG and Economic Growth: Evidence from the Panel of Commonwealth Independent States (Nermin Yasar Baskaraagac).- Chapter 3. Macroeconomic Determinants of Energy Poverty in Türkiye (Goktug Sahin).- Chapter 4. Towards Economic Growth Without CO2 Emissions: the Case of Türkiye (Wietze Lise).- Chapter 5. The Natural Gas War between Europe and Russia after the Invasion of Ukraine (Mehmet Baha).- Part II. Market-Based Policies for ESG Activities in the Energy Sector.- Chapter 6. ESG Performances of Energy Companies in OECD Countries: A Clustering Approach (Cem Menten).- Chapter 7. The Impact of Renewable Energy Incentives on Carbon Prices in the USA (Esin Hilal Çokun).- Chapter 8. Static and Dynamic Connectedness between Green Bonds and Clean Energy Markets (Aye Nur ahinler).- Chapter 9. DoGreen Bonds Improve the Stock and Environmental Performance of Energy Firms? International Evidence (Mehmet Baha Karan).- Part III. Dealing with ESG Issues: Creating Corporate Value.- Chapter 10. Resilience in Power Generation: Two Case Studies from Turkey (Fatih Avc).- Chapter 11. The Effect of Environmental Scores on Financial Performance in the European Region (Gizem Ar).- Chapter 12. The Impact of Executive Pay Gap on Environmental and Social Performance in the Energy Sector: Worldwide Evidence (Deniz Kartal).- Chapter 13. Sector and Country Effects of Carbon Reduction on Firm Performance (Robin van Emous)