EFFAS Announces the First-Place Winners of the Gasperini Awards 2026
24 October 2026 | Frankfurt am Main
EFFAS is delighted to congratulate Sebastian Utz, Manuel Kathan, and Raphaela Roeder, who received first place at the EFFAS Gasperini Awards 2026 for their research paper, “Competition and ESG Misconduct: Evidence from Import Penetration.”
The winning team presented their research on 6 October 2026 in Lisbon, the evening before the EFFAS CESG Conference 2026.
Exploring the Relationship Between Competition and ESG Misconduct
The award-winning paper examines how international market competition influences corporate environmental, social, and governance (ESG) misconduct.
Analysing data from 2,643 US manufacturing firms between 2009 and 2023, the researchers found that greater competition from foreign imports is associated with a significant reduction in ESG misconduct, particularly in social and governance-related incidents.
The findings suggest that competitive pressure encourages firms to protect their reputation, respond to stakeholder expectations, and differentiate themselves through more responsible corporate behaviour. The effect is particularly pronounced for incidents receiving greater media attention, highlighting the importance of reputational risk in corporate decision-making.
‘’It is a great honour to receive the Gasperini Award 2026 and to share it with two outstanding members of my research team.
The award recognises our research showing that firms operating in more competitive environments engage in less ESG misconduct, highlighting how market forces can contribute to more responsible and sustainable corporate behaviour.”
Sebastian Utz
Recognising Excellence in Financial Research
Through the Gasperini Awards, EFFAS recognises outstanding academic contributions that advance understanding of financial markets and encourage research with practical relevance for investors and financial professionals.
This year’s winning paper offers valuable insights into how international competition, stakeholder expectations, and reputational considerations can contribute to more responsible corporate conduct.
EFFAS warmly congratulates Sebastian Utz, Manuel Kathan, and Raphaela Roeder on their achievement and thanks all participants for their valuable contributions to the 2026 Gasperini Awards.
EFFAS warmly welcomes Nicolas d’Hautefeuille and looks forward to benefiting from his expertise in financial markets, regulatory developments and innovation as the Federation continues to advance professional standards across its European network.
EFFAS also extends its appreciation to Florence Priouret, who joined the EMC following the EFFAS Annual General Meeting on 10 June 2026. Her extensive regulatory experience, including more than 27 years at France’s Autorité des marchés financiers (AMF), has brought valuable expertise to the Committee.
About EFFAS
EFFAS, the European Federation of Financial Analysts Societies, is the home of Europe’s financial community. Founded in 1962 as a not-for-profit umbrella organisation, it brings together 15 National Member Societies representing more than 18,000 investment professionals, including financial analysts, portfolio and asset managers, pension fund managers, corporate finance specialists, risk managers and treasurers. EFFAS sets professional standards, represents the user side in Europe’s key regulatory and standard-setting bodies, and has more than 29,000 certificate holders worldwide. www.effas.com
For any further information, please contact:
Álvaro Wagener Díez | Marketing & Communications Manager
E-mail: a.wagener@effas.com | Phone Number: +49 69 98959519
