| dc.description.abstract | The environment has been damaged by humans in the past decades, which causes unprecedented challenges like pollution, deforestation, climate change and resource depletion. These problems require immediate attention (Hussain & Reza, 2023). We all made use of the earth without acknowledging its beauty. Fortunately, humanity has finally seen the light and currently we are building a healthy environment all together. All sectors are contributing to this aim. Companies are busy with incorporating ESG which stands for Environment Social and Governance. This states that companies must do their activities in a way that will enhance the environment and in a way which is better for their employees. Finance has its own way of contributing to this environmental problem, namely through green finance. Green finance is an overarching term for financial products, markets and policies related to environmental protection and sustainable evolution (Shuyang et al., 2021). One of the countries that has been called out for their bad behavior towards the environment is Singapore. Singapore is a very important hub for maritime and air trade. Singapore is a part of the Association of Southeast Asian Nations (ASEAN), a group of Asian countries that find it important to trade and cooperate with its members and to make Asia more green. The group consists of: the Philippines, Singapore, Thailand, Vietnam, Myanmar, Malaysia, Laos, Indonesia, Cambodia and Brunei. But within this group Singapore is accused of greenwashing against environmentally beneficial instruments. This is because of Singapore's achievements when it comes to sustainability. They are currently 14th on the 2016 Environmental Performance index with a low level of carbon intensity, although they do not have a green finance market which is suspicious (Chang, 2019). According to this allegation the Singaporean government did value the environment more. So they made it their mission to improve the “greenness” of Singapore. ASEAN also stands for good trade positions and good relationships with other continents, but they lack interest in impactful situations in Europe like the Russia-Ukraine war. Singapore actually did care in the beginning, while the biggest part of ASEAN did not. Furthermore, ASEAN does have some connections to Russia when it comes to trading, which could be the reason that they don’t want to interfere in the conflict. In this research, we would like to fill the gap in the literature where there has not been much research on the impact of a war on the green stocks where it will be compared to brown stocks. We will investigate the hypothesis that the event will have an effect on the green stocks. Furthermore, we will investigate if the effect has a relationship with quantitative data of the green stocks and of the brown stocks, like the founding year and the industry and this all will be compared with brown stocks which are stocks that do not take into account the enhancing of the environment. With these variables we can answer the following subquestions: does the war have a different impact on the green stocks than on brown stocks? | |
