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ESG und Kapitalkosten im M&A-Prozess

In: ESG als Treiber von M&A

Author

Listed:
  • Ulf Füllgraf

    (Alpha Centauri Investment Management GmbH)

  • Benjamin Badel

    (Alpha Centauri Investment Management GmbH)

Abstract

Zusammenfassung Der Beitrag untersucht die Auswirkungen von ESG-Kriterien (Environmental, Social, Governance) auf die Kapitalkosten und Unternehmenswerte im M&A-Kontext. Seit der Verabschiedung der UN-Agenda 2030 und des Pariser Klimaabkommens haben ökologische und soziale Faktoren zunehmend Einfluss auf finanzielle Entscheidungen. Während einige Experten argumentieren, dass ESG vorrangig über Cashflows wirkt, sehen andere die Kapitalkosten als primären Einflusskanal. Empirische Studien liefern gemischte Ergebnisse bezüglich des Einflusses von ESG auf Kapitalkosten und Unternehmenswert, wobei die Ergebnisse in Europa tendenziell signifikante ESG-Einflüsse zeigen. Der Text hebt die Notwendigkeit hervor, ESG-Faktoren in die finanzielle Bewertung und M&A-Prozesse zu integrieren, um nachhaltige und finanziell solide Entscheidungen zu treffen.

Suggested Citation

  • Ulf Füllgraf & Benjamin Badel, 2024. "ESG und Kapitalkosten im M&A-Prozess," Springer Books, in: Karl A. Niggemann & Ulrich Dahlhausen & Markus B. Hofer & Rudolf Schmitz & Oliver Everling (ed.), ESG als Treiber von M&A, chapter 18, pages 315-333, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-45406-7_18
    DOI: 10.1007/978-3-658-45406-7_18
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