The impact of ESG on modern investment management decisions has become increasingly important. In this era, institutional investors around the world focus more on small growth companies with good performance, and in response, many growth companies actively improve their ESG performance in exchange for the attention of a wide range of investors. However, there is little empirical evidence of the return impact on the value of ESG performance. So far, many investors have carefully considered ESG performance when making investment decisions. By analyzing the adoption of EPRA's Sustainability Best Practices Recommendations (subpar), this thesis examines and discusses the application of transparent Environmental, Social and Governance (ESG) ratings and their interaction with public real estate performance across the European market. interactions. Using the most recent data available to construct the panel data and developing two ESG scores representing the degree of completion of disclosure of ESG items and the degree of improvement of the items for each sample company, regression analyses are conducted to investigate the impact of ESG on the financial performance of real estate companies. The results of the regression analysis show that companies with higher ESG completion scores have lower financial performance in general under the control of key characteristics, in other words, companies consume more resources to improve their ESG completion scores, and improving ESG completion does not improve the performance of the company. On the other hand, real estate companies with better ESG performance have better financial performance. This phenomenon shows that although companies disclose more ESG information, it does not lead to more investment. However, improving ESG performance can help real estate companies to better access the capital market, especially since the results of this paper's regression are rich, according to the characteristics of the data broken down more ESG scores, not every aspect of the performance of the significance of the real estate company to better help real estate companies to understand and improve their ESG performance. In particular, the environment scores in this paper are subdivided into five areas: Energy, GHG, Water, Waster, and Certificates. This is a more detailed study of the impact of each area on the financial performance of real estate companies.     «

The impact of ESG on modern investment management decisions has become increasingly important. In this era, institutional investors around the world focus more on small growth companies with good performance, and in response, many growth companies actively improve their ESG performance in exchange for the attention of a wide range of investors. However, there is little empirical evidence of the return impact on the value of ESG performance. So far, many investors have carefully considered E...     »