Saudi Cultural Missions Theses & Dissertations
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Item Restricted The Impact of Environmental, Social, and Governance (ESG) Factors on Firm Financial Performance: An Empirical Study of Non-Financial Constituents of the S&P 500(University of Liverpool, 2024-09) Fallatah, Ahmed Zaki; Giorgioni, GianluigiAbstract This study empirically examines the influence of Environmental, Social, and Governance (ESG) factors on financial performance of non-financial firms listed on the S&P 500. It analyzes data for 425 firms over the period from 2010 to 2023. This research study apply panel data analysis using Generalized Least Squares (GLS) Regression and reveals a significant and positive relationship between overall ESG scores and Corporate financial performance metrics, Return on Equity, Return on Assets and Tobin's Q for current S&P 500 firms. For the firms that were removed from the index, while ESG scores significantly enhance Tobin's Q in terms of market evaluation and their impact on financial measurement is less pronounced. The analysis highlights that environmental scores influence financial outcomes across both current and dropped firms. Social scores positively affect financial performance in current firms but show limited impact for firms removed from the index. Governance scores appear to have a more nuanced impact, suggesting that good governance alone may not be enough to differentiate performance among firms. The study shows the importance of robust ESG practices, particularly in environmental and social pillars, for enhancing corporate financial success and market valuation. The firm’s market position and financial health may influence the relationship between ESG factors and immediate financial returns. The research shows that ESG investments can boost a market position of company and resilience and their direct impact on immediate financial returns can vary depending on the company’s financial health and market status. Therefore, this study reveals the complex relationship between ESG practices and financial performance. The findings provide useful valuable insights for business leaders, investors, and policymakers looking to align ESG practices with financial goals and foster sustainable, long-term growth.36 0Item Restricted Using Construction and Demolition Waste Recycled Aggregate as a Sustainable Solution in Hydraulic Bound Mixtures and Composite Pavements(UNIVERSITY OF NOTTINGHAM, 2024-09) Alsawadi, Abdulrahman; Thom , Nick; Tokbolat, SerikThe growth in worldwide waste production has resulted in severe negative effects on the environment, with continuing disposal of items causing long-term health and environmental challenges. Construction and demolition (C&D) waste comprises 25–30% of total waste in the European Union. In Saudi Arabia, it has emerged as a substantial waste stream after the huge increase in C&D waste amount led by the government mega redevelopment projects which required the demolition of all slum districts within the country . Many countries aim to increase the amount of recyclable material and achieve a sustainable waste disposal system. For example, Saudi Arabia’s 2030 Vision aims to improve various sections, including infrastructure, industrial lands, and research, and provide important ways to build and enhance sustainable roads and infrastructural systems. HBM plays a crucial role in road infrastructure, offering a sustainable and cost-effective solution for various pavement applications. It can be used in road foundations as a stronger alternative to traditional unbound sub-base in flexible pavement or as a replacement for the unbound sub-base layer or the asphalt base layer in a composite pavement. The research aims to investigate the possibility of using C&D waste as a replacement for natural aggregate to produce sustainable hydraulic bound mixtures (HBM) and use them in road construction applications as a base layer in composite pavement. To achieve the research aims, the research is divided into different phases which are summarised here. The first phase aims to study the physical properties of C&D waste to prepare and produce a recycled aggregate (RA) and then, understand the differences in physical properties between the recycled and natural aggregates (NA). In this phase, the study employed three aggregate types, namely two RAs (Crushed Concrete (CC) and Construction and Demolition (C&D)) and one NA (limestone). The second phase includes designing and preparing a range of HBMs and then investigating their mechanical properties. The results from this phase show that, using RA instead of NA resulted in a substantial decrease in compressive strength by 45 % to more than 70 %. However, although NA-HBM presents better mechanical performance, the compressive strength values for RA-HBM were in the range for base and subbase design for HBMs in pavements, which are 5-20 MPa and 2–10 MPa for base and subbase design respectively. The third phase includes developing a methodology to study composite pavement behaviour under wheel load in the laboratory which includes designing and acquiring a new mould to study the fatigue cracking and the distress in the HBM layer in composite pavements and then developing a KENLAYER simulation model to simulate the wheel track test. The result after arranging the wheel tracking test indicates an evident degradation in all HBMs but also a higher and more significant degradation in RA-samples compared to NA-samples. The compressive strength measurement showed significant deterioration among all HBMs, with the greatest reduction for M3 which contain C&D RA by around 37% , around 17.5% for M2 which contain CC RA and only 3% for M1 which contain NA. Also, the deflection measurements indicate a degradation in all HBMs but higher and more significant in M3 than M2 and M1, with average deflection measurements of around 897, 642, and 382 µm. Moreover, the visual crack examination made it evident that the difference between HBM bases had a major effect on the crack growth in the HBM samples, most significant for M3 and M2 and less noticeable for M1. On the other hand, The KENLAYER simulation models show that there were only minor variations in the initial transverse strain calculation for the majority of strain gauges and the simulation model's calculation of elastic modulus showed significant deterioration in all HBMs, with the greatest elastic modulus reduction for RA-samples around 32% and 20% for M3 and M2 respectively and less reduction in NA-samples around 5% only for M1. The low cycle count in the test had a significant negative impact on the life prediction for HBMs in the KENLAYER simulation models, especially in the NA-sample. However, RA-samples show efficient and appropriate results, with life predictions that outperformed those predicted using the Australian models. The last phase includes the sustainability assessment including economic and environmental assessment for all HBMs and for different composite pavements that contain NA and RA and have the same functional work. The result from this phase indicates that the most negative impact on the sustainability assessment in HBM was caused by the presence of limestone NA as an aggregate and cement as a binder while, in pavement assessment, the asphalt materials show the worst sustainability impact. The total costs were reduced by 48% to 70% when limestone NA was replaced with RA in HBM while it was reduced by 23% to 34% when flexible and composite pavements were compared. Also , the embodied energy (EE) values decreased by 69% to 80% when limestone NA was replaced with RA in HBM while it decreased by 28% to 43% when flexible and composite pavements were compared. Moreover, the embodied carbon (EC) values decreased by 48% to 70% when limestone NA was replaced with RA in HBM while, it decreased by 2% to 10% when flexible was compared with the majority of composite pavements with C&D RA in their HBM. To sum up, the research project indicates that, using C&D RA rather than NA in HBM for use in road construction is considered to be a durable and sustainable solution that can solve many sustainability problems around the world.17 0Item Restricted The Impact of Strategic Planning on The Success of Construction Project Outcomes in England, United Kingdom(De Montfort University, 2024) Badughaish, Tariq Omar; Odumosu, EmmanuelThis dissertation seeks to establish the impact of impact planning in construction project concerning retention of success in the United Kingdom Construction Industry. Some of these are aims at identifying the relationship between strategic planning and project performance, identifying factors that hinders effective planning, and how sustainability consideration is integrated when designing strategic frameworks. It also focuses on how the aspect of strategic planning affects cost, time, quality and satisfaction of stakeholders in construction ventures. Through a mixed-methods approach, incorporating interviews and a systematic review of literature, the research answers the following questions: To what extent, therefore, does strategic planning impact on project implementation in the United Kingdom? What issues can make its efficient adoption an issue or restrict the use of the methodology? There is also a need to consider the way strategic planning enables sustainability particularly in construction. Key findings indicate that instrumental concepts prove the utility of the concept of strategic planning in structuring projects regarding the time, cost and quality, but they reveal difficulties in fragmentation of the industry and short-term sustainability concepts. The analysis also reveals that it is possible to overcome all these barriers if there is increased focus on sustainability, some form of strategic pre-emption, and measures tailored for Small and Medium-sized Enterprises (SMEs). Therefore, to enhance the effectiveness of construction projects’ outcomes, this paper calls for a comprehensive strategic vision across UK construction firms with special emphasis to SMEs that integrates sustainability. This means that resources must be allocated towards improving development initiatives that build the strategic competence of construction practitioners as well as encouraging long-term perspective. It is also important that government policies should encourage SMEs through appropriate financial and technical assistance to address the issue of resource constraint and the requirement on sustainability standards. Through the implementation of the above measures, firms can be able to optimise the performance of their projects, increase stakeholder satisfaction and therefore gain a competitive advantage in an industry that is fast being defined by sustainable standards.9 0Item Restricted Creative, Sustainable, and Culturally Responsive Architecture in Jeddah(sheffield university, 2024) Alsahafi, Bashaer; Lanuza, FelipeThis thesis explores how residential buildings in modern Jeddah can creatively incorporate aspects of sustainability and cultural heritage. It addresses challenges brought up by the prevalence of uninspiring residential projects and rapid urbanization, arguing in favor of an integral strategy that encompasses both traditional and contemporary design aspects. Incorporating local materials, climate-responsive designs, and innovative solutions are highlighted in the research through case studies on modern and traditional architecture, including Beit Nassif and the Aeali Jeddah project. This thesis integrates insights from interviews and surveys with local architects into experimental design to investigate local possibilities. The findings highlight the need for creative yet contextually appropriate solutions that enhance Jeddah’s urban landscape by supporting environmental sustainability and maintaining cultural identity.13 0Item Restricted What Do Investors Care About in Cryptocurrency Markets? Evidence from ESG Ratings and NFTs(University of East Anglia, 2024-09) Alsultan, Sarah Abdulrahman; Markellos, Raphael; Kourtis, ApostolosWhile cryptocurrencies have seen limited adoption as a medium of exchange, they have been recognised as a new class of investment assets. A broader range of investors, including institutional investors, has shown growing interest in cryptocurrency and digital assets. Therefore, this thesis contributes to the literature by thoroughly examining digital technologies as investment assets through three empirical studies. The first study explores whether investors prefer blockchains with strong Environmental, Social, and Governance (ESG), using a novel dataset of blockchain ESG scores. The findings reveal a time-varying preference for high-ESG blockchains. The top-rated blockchains outperform lower-rated ones during favourable market conditions and optimistic market sentiment but underperform during times of negative sentiment. Our findings also indicate that high-ESG blockchains exhibit higher market volatility. Furthermore, governance and environmental factors have the strongest influence on investor preferences among the three ESG dimensions. The second study examines NFTs as a relatively new asset class that is not yet fully understood, particularly in terms of risk modelling. It evaluates and compares the forecasting performance of various GARCH models in estimating NFT market volatility across different time horizons. The selected models include GARCH(1,1), IGARCH(1,1), EGARCH(1,1), GJR- GARCH(1,1), and TGARCH(1,1). The dataset comprises three major NFT categories, six NFT token platforms, and major cryptocurrencies, including Bitcoin and Ethereum. Empirical evidence shows that different models perform better depending on the asset type and forecast horizon. The findings highlight the highly volatile nature of NFT markets. The third study assesses the impact of visual attractiveness on NFT market prices. Prior art literature has demonstrated the role of aesthetics in influencing art prices. Given the similarities between NFTs and traditional art, this study investigates whether aesthetics similarly impact NFT prices. The empirical analysis focuses on one of the largest NFT collections, CryptoPunks, by applying a hedonic pricing model. We employ quantitative aesthetic measures to capture aspects of NFT art, including colourfulness, brightness, colour intensity, and texture. Our results reveal a significant impact of visual aesthetics on determining NFT prices. The results indicate that more colourful and visually complex NFTs are associated with higher prices, while brighter and more saturated NFTs are associated with lower prices.20 0Item Restricted Exploring the link between M&A Activity and ESG performance: A Resources-Based View Perspective.(University College London, 2024-08-28) Almadany, Ibrahim; Zhan, Rachel; Hammet, Simmon; Davies, JuliePurpose: This paper aims to analyse the link between ESG performance and M&A activities on the firm’s internal resources with the perspective of the Resources-Based View. Design/methodology: Narrative literature review searched in two databases, SCOPUS and Web of Science, to identify common literature themes and literature gaps Findings: The paper’s findings emphasise the potential value-creating effects of ESG performance in M&A deals. It suggests that well-governed acquirers are expected to fairly reward the target's ESG performance, recognising its potential to contribute to the combined entity's competitive advantage and shareholders' relationships. Furthermore, it highlights the nuanced nature of ESG performance and suggests that the individual components of ESG may have a differential impact on M&A value creation. Limitations: The method of narrative literature review may introduce bias when interpreting and synthesising the findings. Practical Implications: This paper gives a general overview from a firm’s internal resources perspective, which offers stakeholders and investors The healthcare industry's M&A success depends on factors like target selection, deal structure, and integration strategy, with an emphasis on considering ESG performance. The paper suggests that healthcare acquirers should prioritise high-ESG targets, structure deals with cash payments, be disciplined on valuation based on acquirer size, and dedicate resources to responsible target integration to maximise the benefits of consolidation in the healthcare industry. Originality/value: To the best of the author’s knowledge, this is the first paper that explores the link between M&A activities and ESG performance through the lens of the RBV .17 0Item Restricted Integrating Sustainability in Project Management of Small and Medium-sized Enterprises (SMEs): A Systematic Literature Review(De Montfort University, 2024) Algharbi, Fahad; Odumosu, EmmanuelThis study examines the difficulties encountered by UK SMEs in incorporating sustainability into project management in light of escalating environmental and social demands. Despite increased awareness of sustainability, SMEs face obstacles such as financial limits, knowledge gaps, and resource limitations, impeding their capacity to achieve national sustainability objectives, including the UK’s net-zero carbon emissions target by 2050. The study uses a Systematic Literature Review (SLR) to investigate the successful integration of sustainability into project management within these organisations. The research used search engines and databases such as Google Scholar, JSTOR, ScienceDirect, Scopus, and the Wiley Online Library, screened and assessed using PRISMA guidelines. Results indicate that leadership and organisational culture substantially affect the integration of sustainability, with about 70% of SMEs noting enhanced practices when leadership actively advocates for sustainability. However, budgetary limitations and insufficient technical proficiency continue to pose significant challenges, as shown by the fact that only 25% of SMEs have effectively implemented Environmental Management Systems (EMS). This study indicates that integrating lean and green approaches might result in a 15% decrease in operational waste. Policymakers are encouraged to provide financial incentives, such grants or low-interest loans, to alleviate the financial strain on small firms. It is recommended to augment leadership training and stakeholder involvement via government supported initiatives to enhance the absorptive ability of SMEs. An integrated strategy that merges internal competencies with external support systems is important for advancing sustainable project management practices and attaining overarching sustainability objectives.14 0Item Restricted Impact of Mandatory ESG Disclosures on Mergers and Acquisitions (M&A) Activities(University of Sussex, 2024-09) Alzahrani, Renad; Zhang, QiyuThis dissertation examines the impact of mandatory Environmental, Social, and Governance (ESG) disclosures on mergers and acquisitions (M&A) activities across 33 countries from 1996 to 2023. The research aims to determine whether these disclosures influence cumulative abnormal returns (CAR) and market reactions during M&A announcements. Utilizing a panel dataset and high-dimensional fixed-effects regression models, the dissertation tests two hypotheses: that mandatory ESG disclosures positively affect CAR, and that market reactions differ between downstream and upstream acquisitions. The findings reveal no significant impact of ESG disclosures on CAR or market reactions, indicating limited short-term financial effects. The dissertation suggests further research into regional and cultural factors and the long-term strategic benefits of ESG integration in M&A.45 0Item Restricted An Investigation into Sustainable Practices and Initiatives in the Saudi Arabia Conferences Industry(Bournemouth University, 2024-05) Alshehri, Mona; Julie, WhitfieldThe conferences industry has seen significant discussions regarding sustainability, but most research that is currently available focuses on stakeholders, like organisers, delegates, and attendees of conferences. The management staff of conference venues, who may have an impact on the adoption of sustainable practices, has not received much attention. This research project aims to bring to light how conference organisations incorporate sustainability; examining pre during and post conference practices to discover initiatives how to be more Environmentally, Economically, and socially sustainable. By critically review the literature on stakeholder theory and corporate social responsibility (CSR) and analyse the impact of CSR initiatives on conference sustainability and stakeholder perceptions. And critically review the literature on social economic and environmental sustainability in the conference industry. The data for this project was collected through online semi-structured interviews with 8 venue managers of conference in Saudi Arabia, to identify practices, and successes in implementing sustainability pre during and post hosting a conference. This research reveals several key findings for organisational practices. The research findings highlighted pre-conference sustainability practices included choosing the most suitable materials or items to minimise environmental impact. On the other hand, some of the identified during-conference sustainability practices included waste management by recycling and providing segmented containers based on the material type. The research also found out some preferred post-conference sustainability practices which included assessing the economic benefits of hosting conferences to the communities to ensure that conferences generated economic sustainability. These findings indicate the importance of implementing sustainability initiatives in conferences, based on the results the study provided some practical recommendations to enhancing the integration of sustainability in the hosting of conferences.41 0Item Restricted Why Use Innovative Engineering Systems to Reimagine, and Revive the Ancient Islamic Craft Intarsia?(The University of the Arts London, 2024-06-20) Alamoudi, Ghada; Wright, ElizabethThis review explores the "innovative engineering systems" encompassing a range of modern technologies and techniques applied to the traditional craft of Intarsia woodworking. This includes advancements in joinery methods, and fabrication processes that enhance the craft's efficiency, flexibility, and structural integrity. The term "revival" refers to the process of breathing new life into a craft that may have faced decline or stagnation, while "re-imagination" involves exploring new creative possibilities and applications for the craft within contemporary contexts. By employing innovative engineering systems, the review seeks to preserve the cultural heritage embodied in Intarsia while also adapting it to meet the demands and challenges of the modern world.18 0