This thesis investigates the link between environmental, social and corporate governance (ESG) ratings and financial performance in the Norwegian stock market. We apply a sensitivity approach by using the Dow Jones Sustainability Nordic Index (DJSND) to measure firms' sensitivity and exposure to ESG factors from 2009-2018. The econometric framework applies a portfolio strategy, as well as a cross-sectional regression. The constructed ESG portfolios do not show any significant return difference based on a high-low strategy, which is robust for market sensitivity, investment style, and industry bias. Regarding the explanatory power and pricing of the ESG factor, we find no supporting evidence. Our results do not suggest any connection between ESG and stock returns in the Norwegian stock market.i Forord Denne masteroppgaven er skrevet som en avsluttende del av masterstudiet ved Nord Universitet innen profileringen finansiering og investering. Oppgaven har vaert krevende og utfordrende, men samtidig veldig laererik. Vi har valgt å skrive avhandlingen som en artikkel med tilhørende kappe i motsetning til den mer tradisjonelle masteroppgaven. Motivasjonen og målsetningen for dette har vaert å komprimere innholdet slik at det er mer tilgjengelig for leseren, og slik at vi kan publisere arbeidet etter sensur. I arbeidet med oppgaven har vi hatt mange gode støttespillere, som hver og én fortjener en stor takk. Først og fremst ønsker vi å takke vår veileder, Thomas Leirvik, som har bidratt med høy kompetanse og kunnskap, og god veiledning gjennom hele prosessen. Videre ønsker vi å takke Yevheniia Antoniuk og Oleg Nenadić, som har stilt opp når vi trenger det oghjulpet oss med tekniske utfordringer. Oppgave hadde helt klart ikke vaert den samme uten dere.Vi har valgt Science of the Total Environment som publiseringsjournal, og artikkelen er derav skrevet etter journalens retningslinjer. 1

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PurposeLiterature on entrepreneurial finance has long overcome the view of an investor as a sole provider of financial capital. Entrepreneurs need to consider more aspects when deciding on an investor. Especially the depiction of corporate venture capital (CVC) investors has long highlighted advantages and disadvantages compared to independent VC (IVC) investors. The authors investigate what drives entrepreneurs' preferences for CVC relative to IVC and thereby focus on two key issues in the entrepreneur's consideration – the role of resource requirements and exit strategies.Design/methodology/approachThe data were collected in an online survey that gathered information on several characteristics of entrepreneurs and their ventures. The resulting data set of 105 German entrepreneurs was analyzed using logistic regression and revealed important drivers for entrepreneurs' investor preferences.FindingsThe study’s findings confirm that the venture's resource needs, specifically the need for marketing resources and access to the corporate network, which play a significant role in the decision on whether a CVC or IVC investor is preferred. Moreover, the analysis debunks the hypothesis that entrepreneurs view a CVC investment as the first step toward acquisition. However, those entrepreneurs striving for an IPO are less likely to prefer CVC.Originality/valueThe study expands the literature on CVC attractiveness and specifically considers the entrepreneurs' intentions and needs. The results confirm but also debunk some widespread perceptions about why entrepreneurs choose to pursue financing from a CVC investor.

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