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See detailThe world capital markets’ perception of sustainability and the impact of the financial crisis
Lopatta, Kerstin UL; Kaspereit, Thomas UL

in Journal of Business Ethics (2014), 122(3), 475-500

Using a unique dataset provided by the international rating agency GES®, we investigate the effects of corporate sustainability and industry-related exposure to environmental and social risks on the ... [more ▼]

Using a unique dataset provided by the international rating agency GES®, we investigate the effects of corporate sustainability and industry-related exposure to environmental and social risks on the market value of MSCI World firms. The results show a negative relationship in the earlier years of our sample period. However, the analysis reveals that the capital market perception of sustainability has changed owing to the financial crisis. Looking at the height of the crisis in September 2008, the month in which Lehman Brothers shocked the world’s capital markets by filing for Chapter 11 bankruptcy protection, we find that the previously negative perception of corporate sustainability across its various dimensions was positively affected and offset. In addition, as a moderated regression analysis shows, the crisis led to a positive perception of corporate sustainability in industries that are exposed to higher environmental and social risks. Our study has the practical implication that executives, in particular in industries with high environmental and social risks, should increase their commitment to corporate sustainability due to the changes in the institutional setting triggered by the financial crisis. [less ▲]

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See detailSustainability reporting out of a prisoner’s dilemma
Kaspereit, Thomas UL

in Comby, J.; Eames, K.; Guiherý, L. (Eds.) et al Developing Sustainability (2013)

Listed firms increasingly strive for a sustainable appearance, which has made sustainability reporting very popular in recent years. This would be completely rational if sustainability reporting could ... [more ▼]

Listed firms increasingly strive for a sustainable appearance, which has made sustainability reporting very popular in recent years. This would be completely rational if sustainability reporting could enhance shareholder value. This paper investigates from a theoretical perspective which conditions are sufficient for the individual and collective rationality of sustainability reporting. The Analysis leads to the conclusion that, due to the competition between firms, sustainability reporting generates a separation equilibrium as long as the reporting costs are proportional to the reported level and the marginal costs of reporting differ with the true level of sustainability. Although it might be preferable, a pooling equilibrium with no sustainability reporting cannot be sustained, which is a result of the so-called prisoner’s dilemma that firms find themselves caught within. The most important practical implication of the model is a call for external auditing with high assurance levels to ensure an efficient separation of highly and weakly sustainable firms [less ▲]

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See detailThe effect of the German Accounting Law Modernization Act (BilMoG) on the earnings quality of private firms
Lopatta, Kerstin UL; Kaspereit, Thomas UL; Jaeschke, Reemda et al

in Corporate Finance (2013), 5

The 2009 Accounting Law Modernization Act (BilMoG) had a considerable impact on German accounting principles, especially in terms of tax regulations, recognition, and measurement options. This paper ... [more ▼]

The 2009 Accounting Law Modernization Act (BilMoG) had a considerable impact on German accounting principles, especially in terms of tax regulations, recognition, and measurement options. This paper analyzes whether these changes have had a positive effect on the quality of earnings reported in German financial statements. We find that earnings management significantly decreased after the implementation of BilMoG. This study is the first to examine potential improvements on earnings quality as a result of BilMoG. Our results indicate that in the run-up to the reform, legislators effectively aligned domestic accounting standards with IFRS principles, which led to improved transparency within financial reporting. [less ▲]

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See detailZum Einsatz von Residualgewinnmodellen post BilMoG – Nähert sich das Accounting Model dem Economic Model
Paetzmann, Karsten; Kaspereit, Thomas UL

in Journal of Management Control (2010), 20(4), 419-444

Im Zuge der Umsetzung einer wertorientierten Unternehmenssteuerung hat das Konzept Economic Value Added (EVA) als Residualgewinnmodell weite Verbreitung auch bei deutschen Großunternehmen gefunden. Das ... [more ▼]

Im Zuge der Umsetzung einer wertorientierten Unternehmenssteuerung hat das Konzept Economic Value Added (EVA) als Residualgewinnmodell weite Verbreitung auch bei deutschen Großunternehmen gefunden. Das Konzept lehnt sich an die Idee des ökonomischen Gewinns an und versucht, von den Daten des externen Rechnungswesens ausgehend eine Kennzahl zu ermitteln, die dem tatsächlichen ökonomischen Gewinn nahe kommt. Der Umfang der hierzu notwendigen Konversionen ist abhängig vom Rechnungslegungssystem. Gerade die Komplexität dieser Konversionen war in der Vergangenheit Gegenstand von Kritik. Der Beitrag untersucht, inwieweit das 2009 verabschiedete Bilanzrechtsmodernisierungsgesetz Einfluss auf den Umfang der notwendigen Konversionen hat und ob aus möglichen Vereinfachungen eine Attraktivitätssteigerung des EVA-Konzepts gerade auch für deutsche mittelständische Unternehmen erwartet werden kann. [less ▲]

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See detailNachhaltigkeitsberichterstattung als Instrument der Kapitalmarktkommunikation
Eiselt, Andreas; Kaspereit, Thomas UL

in KoR : internationale und kapitalmarktorientierte Rechnungslegung : IFRS (2010), 7-8

Der Beitrag erläutert die Grundzüge der Nachhaltigkeitsberichterstattung, stellt den aktuellen Forschungsstand zur Verbreitung dieses Berichtsinstruments anhand ausgewählter Studien dar und analysiert die ... [more ▼]

Der Beitrag erläutert die Grundzüge der Nachhaltigkeitsberichterstattung, stellt den aktuellen Forschungsstand zur Verbreitung dieses Berichtsinstruments anhand ausgewählter Studien dar und analysiert die Praxis der Nachhaltigkeitsberichterstattung der Unternehmen des DJ STOXX Europe 600. [less ▲]

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