The purpose of this report is to examine whether institutional investors value sustainability in their investment decisions when investing on the leading indices of the Scandinavian market. The report performs panel data regression including all the stocks listed on the leading indices of Scandinavia with institutional holding as the dependent variable. First regressions were performed based on countries, secondly one regression was performed with all indices included in order to make conclusions based on the Scandinavian market on an aggregate level. Previous studies show both positive and negative correlations between institutional holdings and higher levels of sustainability. Based on the outcomes, the study cannot conclude that institutional investors value sustainability in a significant way. The majority of the regressions do not show a significant correlation with the sustainability measure and levels of institutional holdings.