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Der Einfluss ökologischer und sozialer Nachhaltigkeit auf den Shareholder Value europäischer Aktiengesellschaften

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  • Schröder, Michael
  • Rennings, Klaus
  • Ziegler, Andreas

Abstract

Dieses Papier betrachtet den Effekt der Umwelt- und Sozialperformance europäischer Unternehmen auf deren Shareholder Value. Der Shareholder Value wird dabei mit der durchschnittlichen monatlichen Aktienrendite zwischen 1996 und 2001 operationalisiert. Die Studie basiert auf zweistufigen ökonometrischen Verfahren, die neuere finanzökonomische Erkenntnisse (insbesondere auch das Multifaktormodell nach Fama und French, 1993) einbeziehen. Die Abbildung der Nachhaltigkeit erfolgt einerseits durch eine Bewertung der ökologischen und sozialen Risiken der Branche, in der das Unternehmen wirtschaftet, andererseits durch eine Beurteilung der ökologischen und sozialen Aktivitäten eines Unternehmens im Vergleich zu den anderen Unternehmen derselben Branche. Es ergibt sich ein signifikant positiver Einfluss einer hohen Umweltperformance der Branche, in der das Unternehmen tätig ist, auf den Shareholder Value. Eine entsprechend hohe soziale Nachhaltigkeit der Branche besitzt demgegenüber einen negativen Einfluss auf die durchschnittliche monatliche Aktienrendite, allerdings ist dieser Effekt teilweise weniger signifikant. Für die Variablen der unternehmerischen ökologischen und sozialen Aktivitäten im Vergleich zu den anderen Unternehmen der Branche kann kein signifikanter Effekt auf den Shareholder Value abgeleitet werden.

Suggested Citation

  • Schröder, Michael & Rennings, Klaus & Ziegler, Andreas, 2002. "Der Einfluss ökologischer und sozialer Nachhaltigkeit auf den Shareholder Value europäischer Aktiengesellschaften," ZEW Discussion Papers 02-32, ZEW - Leibniz Centre for European Economic Research.
    • Handle: RePEc:zbw:zewdip:865
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    Cited by:

    1. Wolfgang Schultze & Ramona Trommer, 2012. "The concept of environmental performance and its measurement in empirical studies," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 22(4), pages 375-412, January.

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