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Nachhaltigkeitsberichterstattung in Deutschland und den USA

Berichtspraxis, Determinanten und Eigenkapitalkostenwirkungen


Daniel Blaesing

Die Nachhaltigkeitsberichterstattung hat vor allem bei großen Unternehmen stark an Bedeutung gewonnen. Im Unterschied zur gesetzlich verpflichtenden Finanzberichterstattung veröffentlichen Unternehmen umfassende Nachhaltigkeitsberichte bislang meist auf freiwilliger Basis. Neben der Legitimation des unternehmerischen Handelns versprechen sich die Unternehmen durch diese Form der Berichterstattung häufig eine Reduktion der Kapitalkosten. Vor diesem Hintergrund liefert die vorliegende Arbeit umfassende empirische Befunde zur Berichtspraxis in Deutschland und den USA sowie zu den Determinanten und den Eigenkapitalkostenwirkungen von Nachhaltigkeitsberichten. Die Ergebnisse der Studie haben wichtige Implikationen für Unternehmen, Adressaten, Gesetzgeber und Standardsetzer sowie Wirtschaftsprüfer.


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Tab. A-1: Disclosure Index zur Auswertung der Nachhaltigkeitsberichterstattung Performance Indicators n.a. Qual. Quant. YoY Target Σ Economic Performance Indicators Economic Performance EC1 Sum [a) – f)] of direct economic value generated and distribut-ed (value added statement). a) For each 1/6 Revenues (e.g. net sales, revenues from financial investments and sales of assets) b) Operating costs (e.g. Payments to suppliers, non- strategic investments, royalties, facilitation pay- ments) c) Employee wages and benefits (total monetary outflows for employees except future commitments) d) Payments to providers of capital (e.g. dividends to shareholder, interest payments) e) Payments to government (e.g. all company taxes except deferred taxes, penalties) f) Community investments (investments of funds in the broader community included donations) EC2 Financial implications due to climate change (including risks and opportunities). EC3 Coverage of the organization’s defined benefit plan obliga-tions. EC4 Significant financial assistance received from government. Market Presence EC6 Policy, practices, and proportion of spending on locally-based suppliers at significant locations of operation. EC7 Procedures for local hiring and proportion of senior manage- ment hired from the local community at locations of significant operation. Indirect Economic Impacts EC8 Development and impact of infrastructure investments and services provided primarily for public benefit through commer- cial, inkind or pro bono engagement. Environmental Performance Indicators Materials EN1 Materials used by weight or volume. EN2 Percentage of materials used that are recycled input materials. Energy EN3 Direct energy consumption by primary energy source. EN4 Indirect energy consumption by primary energy source. Water EN8 Total water withdrawal by source. Biodiversity EN11...

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