Author
Listed:
- Werner Gleißner
- Philipp Moecke
- Dietmar Ernst
Abstract
Nachhaltigkeitsrisiken, wie Umweltrisiken, und Maßnahmen des Nachhaltigkeitsmanagements zu deren Bewältigung, sind potenziell wichtig für den Unternehmenserfolg. Bisher wurden die Auswirkungen von ESG-Ratings primär basierend auf Kapitalmarktdaten untersucht, die bei kleinen und mittleren Unternehmen (KMU) nicht vorliegen. So lässt sich aber keine Schlussfolgerung für einzelne Unternehmen und deren Wert als Kennzahl für das Ertrag-Risiko-Profil ableiten. Der Artikel zeigt, wie mit der simulationsbasierten Unternehmensbewertung die individuelle Risikosituation eines Unternehmens adäquat abgebildet wird und daraus Kapitalkosten und Unternehmenswert abgeleitet werden. Mit dieser Methode kann auch ein positiver Wertbeitrag von Maßnahmen des Nachhaltigkeitsmanagements gezeigt werden, die die Cashflows reduzieren, aber zugleich deutlich niedrigere Ertragsrisiken ermöglichen. Trans-Abstract: Sustainability risks, such as environmental risks, and sustainability management measures to address these risks are potentially important for corporate success. So far, the effects of ESG ratings have primarily been examined based on capital market data, which small and medium-sized enterprises (SMEs) do not have. However, no conclusions can be drawn for individual companies and their value as a key figure for the risk-return profile. The article shows how the individual risk situation of a company is adequately mapped with the simulation-based company valuation and how capital costs and company value are derived from this. This method can also be used to show a positive value contribution from sustainability management measures that reduce cash flow, but at the same time enable significantly lower earnings risks.
Suggested Citation
Werner Gleißner & Philipp Moecke & Dietmar Ernst, 2022.
"Die simulationsbasierte Bewertung von Nachhaltigkeitsrisiken und Nachhaltigkeitsmanagement,"
ZfKE – Zeitschrift für KMU und Entrepreneurship, Duncker & Humblot, Berlin, vol. 70(3-4), pages 169-196.
Handle:
RePEc:dah:aeqzfk:v70_y2022_i3-4_q3-4_p169-196
DOI: 10.3790/zfke.70.3-4.169
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