We investigate more than 1,000 investment funds that are classified under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR). Using a new typology of sustainable investments, we show that Article 9 funds pursue varying degrees of ambition: while 60% of funds follow an...

Sustainable investing has emerged as an established practice in financial markets, and it accounts for about one third of global assets under management. Recently, impact investing, i.e., investing with the aim of contributing to real-world changes, has gained increasing attention. While the...

We investigate environmental, social, and governance (ESG) and firm value effects of more than 7,000 shareholder proposals submitted between 2006–2020. Using propensity score matching and a difference-in-differences setting, the results indicate that firms that receive an ESG- or...

The purpose of this study is to broaden the discussion on corporate enviromental risk exposure by integrating an oil scarcity factor. This broader approach can be utilized as a means of instigating a discussion on carbon risks beyond output oriented adaption and mitigation strategies. Even...

Eine globale, nachhaltige Entwicklung erfordert eine aktive Beteiligung der inter-national wie lokal agierenden Wirtschaftsakteure. Finanzdienstleister haben einenbedeutenden Einfluss auf Unternehmen und Märkte und nehmen daher eine ent-scheidende Rolle ein. Es stellt sich die zentrale Frage,...

Management scholars have sought to answer the question: is there a financial payoff for ad-dressing ecological and social issues? We move beyond this question and include a time com-ponent for corporate financial performance (CFP) and a firm’s innovativeness in order to ask: when does it pay?...