Impact of environmental shareholder proposals and asset allocation

About the project 

Evaluate the impact of environmental shareholder proposals

If you are keen to accelerate your career in business and finance and interested in sustainability and economics, the University of South Australia – Australia’s University of Enterprise – is offering a hands-on project-based PhD within the Centre for Markets, Values and Inclusion (CMVI), in partnership with Funds SA and the Australian Prudential Regulation Authority.  

Our project will analyse environmental shareholder proposals (ESPs), in terms of value and risk, using a sample of global stocks belonging to the MSCI World Index. We will differentiate between climate-focused ESPs and those addressing other environmental issues.

We will use two methods to assess whether ESP is value-enhancing or -destroying. First, we will  examine cumulative abnormal returns around the final proxy filing date. Second, we will use a regression discontinuity design around the voting threshold at the annual general meeting.

We will also assess the default risk of companies associated with ESPs. The findings will generate an asset allocation strategy to enhance the Sharpe ratio and other performance measures.

Overall, our project aims to develop empirical methods to improve the performance of environmental social and governance-oriented investments in financial institutions such as superannuation funds.

You will be located within the CMVI Research Centre. The Centre offers you a collegial and professional environment in which to thrive in your studies. You’ll have access to state-of-the-art equipment and resources, and benefit from world-leading mentors and experts in their field.  

What you’ll do

In this project-based research degree, you will undertake a literature review and data collection (via secondary databases). Then, you will conduct data analysis using statistical software packages.

We will guide and support you in drafting journal articles and conference papers. There may be opportunities to attend conferences so that you can gather feedback on your work, improve your communicating skills and start building your professional network.  

Where you’ll be based 

You will be based within the CMVI. We combine specialist skills and multidisciplinary perspectives to provide a transdisciplinary approach to delivering meaningful research, which informs innovative, evidence-based solutions for a more inclusive and sustainable future.

Our research informs public and private sector choices and policies and addresses global development and governance issues in populations experiencing inequity. We also develop incentives for business and not-for-profits to develop, monitor and report on socially responsible enterprises. Financial Support 

This project is funded for reasonable research expenses. Additionally, a living allowance scholarship of $35,200 per annum is available to Australian and New Zealand citizens, and permanent residents of Australia, including permanent humanitarian visa holders. Australian Aboriginal and/or Torres Strait Islander applicants will be eligible to receive an increased stipend rate of $52,352 per annum (2025 rate). A fee-offset or waiver for the standard term of the program is also included. For full terms and benefits of the scholarship please refer to our scholarship information. International applicants are not invited to apply at this time.

Eligibility and Selection

This project is open to applications from Australian or New Zealand citizens, and Australian permanent residents or permanent humanitarian visa holders. International applicants are not invited to apply at this time.

Applicants must meet the eligibility criteria for entrance into a PhD. 

Applicants who can also demonstrate the following will be highly regarded:

• Knowledge of statistical software package(s) 

All applications that meet the eligibility and selection criteria will be considered for this project. A merit selection process will be used to determine the successful candidate.

The successful applicant is expected to study full-time and to be based at our City West campus in the heart of Adelaide. 

Essential Dates 

Applicants are expected to start in a timely fashion upon receipt of an offer. Extended deferral periods are not available. Applications close on Thursday, 5 June, 2025.