Value Creation Reporting for Sustainable Development – Is Sustainability Information Integrated with Financial Information?

Inhaltsverzeichnis

Bibliographische Infos

Cover der Ausgabe: Swiss Journal of Business Jahrgang 79 (2025), Heft 4
Open Access Vollzugriff

Swiss Journal of Business

Jahrgang 79 (2025), Heft 4

Autor:innen:
Verlag
Nomos, Baden-Baden
Copyrightjahr
2025
ISSN-Online
2944-3741
ISSN-Print
2944-3741

Kapitelinformationen

Open Access Vollzugriff

Jahrgang 79 (2025), Heft 4

Value Creation Reporting for Sustainable Development – Is Sustainability Information Integrated with Financial Information?

Autor:innen:
ISSN-Print
2944-3741
ISSN-Online
2944-3741
Kapitelvorschau:

Im Zentrum der Agenda 2030 für Nachhaltige Entwicklung der Vereinten Nationen steht der Übergang zu einer nachhaltigeren wirtschaftlichen Entwicklung. Dies führt zu einem umfassenderen Wertbegriff, der ökonomische, soziale und umweltbezogene Aspekte integriert. Im vorliegenden Beitrag entwickeln wir eine Struktur für die Analyse der Berichterstattung zur nachhaltigen Wertgenerierung, die auf der tatsächlichen Berichterstattung basiert. Die Strukturierung der Berichterstattung orientiert sich an den Aspekten Darstellung, Integration, Messung und Aggregation von Informationen. Darüber hinaus liefern wir deskriptive Ergebnisse zur Berichterstattung über nachhaltige Wertgenerierung, indem wir die Berichte der 20 grössten Schweizer Unternehmen im Zeitraum 2013–2022, sowie die Berichte des Jahres 2022 der 50 grössten börsennotierten EU-Unternehmen manuell analysieren. Die Ergebnisse zeigen einen deutlichen Anstieg der Berichterstattung zur nachhaltigen Wertgenerierung im Zeitverlauf. Im Jahr 2022 berichten etwas mehr als 50 % der Unternehmen über nachhaltige Wertgenerierung. Die Unternehmen berichten eher in einem visuellen Format und fokussieren auf soziale und umweltbezogene Informationen aus dem vorangegangenen Geschäftsjahr. Auswirkungen auf Gesellschaft und Umwelt und die entsprechenden Abhängigkeiten der Unternehmen sind nur vage in finanzielle Aspekte integriert, wobei insbesondere Abhängigkeiten kaum adressiert werden. Aggregierte oder zukunftsorientierte Informationen fehlen weitgehend.

Literaturverzeichnis

  1. Adams, C.A. (2017), „Conceptualising the contemporary corporate value creation process“, Accounting, Auditing & Accountability Journal, Vol. 30 No. 4, pp. 906–931, doi: 10.1108/AAAJ-04-2016-2529. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  2. Azar, J., Duro, M., Kadach, I. and Ormazabal, G. (2021), „The Big Three and corporate carbon emissions around the world“, Journal of Financial Economics, Vol. 142 No. 2, pp. 674–696, doi: 10.1016/j.jfineco.2021.05.007. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  3. Barker, R. (2019), „Corporate natural capital accounting“, Oxford Review of Economic Policy, Vol. 35 No. 1, pp. 68–87, doi: 10.1093/oxrep/gry031. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  4. Barth, M.E., Cahan, S.F., Chen, L. and Venter, Elmar R. (2017), „The economic consequences associated with integrated report quality: Capital market and real effects“, Accounting, Organizations and Society, Vol. 62 (October), pp. 43–64, doi: 10.1016/j.aos.2017.08.005. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  5. Beattie, V. and Jones, M.J. (1992), „The Use and Abuse of Graphs in Annual Reports: Theoretical Framework and Empirical Study“, Accounting and Business Research, Vol. 22 No. 88, pp. 291–303, doi: 10.1080/00014788.1992.9729446. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  6. Beattie, V., McInnes, B. and Fearnley, S. (2004), „A methodology for analysing and evaluating narratives in annual reports: a comprehensive descriptive profile and metrics for disclosure quality attributes“, Accounting Forum, Vol. 28 No. 3, pp. 205–236, doi: 10.1016/j.accfor.2004.07.001. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  7. Beyer, A., Cohen, D.A., Lys, T.Z. and Walther, B.R. (2010), „The financial reporting environment: Review of the recent literature“, Journal of Accounting and Economics, Vol. 50 No. 2, pp. 296–343, doi: 10.1016/j.jacceco.2010.10.003. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  8. Beyer, B., Chaskel, R., Euler, S., Gassen, J., Grosskopf, A.-K. and Sellhorn, T. (2023), „How Does Carbon Footprint Information Affect Consumer Choice? A Field Experiment“, Journal of Accounting Research, Vol. 62 No.1, pp. 101–136, doi: 10.1111/1475-679X.12505. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  9. Boulland, R., Bourveau, T. and Breuer, M. (2025), „Company Websites: A New Measure of Disclosure“, Journal of Accounting Research (forthcoming), pp. 1–45, doi: 10.1111/1475-679X.70007. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  10. Bradford, M., Earp, J.B., Showalter, D.S. and Williams, P.F. (2017), „Corporate Sustainability Reporting and Stakeholder Concerns: Is There a Disconnect?“, Accounting Horizons, Vol. 31 No. 1, pp. 83–102, doi: 10.2308/acch-51639. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  11. Busco, C., Granà, F. and Izzo, M.F. (2023), „Beyond persuasive representations of facts: ‚figuring out‘ what sustainable value creation means in practice“, Accounting, Auditing & Accountability Journal, Vol. 37 No. 1, pp. 393–426, doi: 10.1108/AAAJ-07-2021-5349. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  12. Busco, C., Malafronte, I., Pereira, J. and Starita, M.G. (2019), „The determinants of companies’ levels of integration: Does one size fit all?“, The British Accounting Review, Vol. 51 No. 3, pp. 277–298, doi: 10.1016/j.bar.2019.01.002. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  13. Business Roundtable (2019), „Business Roundtable Redefines the Purpose of a Corporation to Promote ‚An Economy That Serves All Americans‘” (August 19), available at: https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  14. Capitals Coalition (2016), „Natural Capital Protocol“, available at: https://capitalscoalition.org/capitals-approach/natural-capital-protocol/?fwp_filter_tabs=guide_supplement Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  15. Capitals Coalition (2019), „Social & Human Capital Protocol“, available at: https://capitalscoalition.org/capitals-approach/social-human-capital-protocol/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  16. Capitals Coalition (2021), „Principles of integrated capitals assessments“, available at: https://capitalscoalition.org/publication/principles-of-integrated-capitals-assessments/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  17. Cardinaels, E. (2008), „The interplay between cost accounting knowledge and presentation formats in cost-based decision-making“, Accounting, Organizations and Society, Vol. 33 No. 6, pp. 582–602, doi: 10.1016/j.aos.2007.06.003. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  18. Chalmers, J. and Picard, N. (2023), PWC’s Global Investor Survey 2023 : Trust, tech and transformation: Navigating investor priorities, available at: https://www.pwc.com/gx/en/issues/c-suite-insights/global-investor-survey.html (accessed 25 October 2024). Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  19. Chen, Y., Jermias, J. and Panggabean, T. (2016), „The Role of Visual Attention in the Managerial Judgment of Balanced-Scorecard Performance Evaluation: Insights from Using an Eye-Tracking Device“, Journal of Accounting Research, Vol. 54 No. 1, pp. 113–146, doi: 10.1111/1475-679X.12102. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  20. Christensen, H.B., Hail, L. and Leuz, C. (2021), „Mandatory CSR and sustainability reporting: economic analysis and literature review“, Review of Accounting Studies, Vol. 26, pp. 1176–1248, doi: 10.1007/s11142-021-09609-5. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  21. Christensen, T.E., Fronk, K.E., Lee, J.A. and Nelson, K.K. (2024), „Data visualization in 10-K filings“, Journal of Accounting and Economics, Vol. 77 No. 2, 101631, doi: 10.1016/j.jacceco.2023.101631. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  22. Colonnelli, E., McQuade, T., Ramos, G., Rauter, T. and Xiong, O. (2024), „Polarizing Corporations: Does Talent Flow to „Good’’ Firms?“, working paper, SSRN, Rochester, NY, 11 March, doi: 10.2139/ssrn.4637203. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  23. Davison, J. (2015), „Visualising accounting: an interdisciplinary review and synthesis“, Accounting and Business Research, Vol. 45 No. 2, pp. 121–165, doi: 10.1080/00014788.2014.987203. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  24. Dechow, P.M. (2023), „Understanding the Sustainability Reporting Landscape and Research Opportunities in Accounting“, The Accounting Review, Vol. 98 No. 5, pp. 481–493, doi: 10.2308/TAR-2023-0145. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  25. Dimes, R., de Villiers, C. and Chen, L. (2023), „How Integrated Thinking Can Be Detected in Management Disclosures in Annual Reports: Insights from a Large-Scale Text-Analysis Approach“, Journal of Management Accounting Research, Vol. 35 No. 3, pp. 75–99, doi: 10.2308/JMAR-2022-082. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  26. Dimes, R. and de Villiers, C. (2024), „Hallmarks of Integrated Thinking“, The British Accounting Review, Vol. 56 No. 1, 101281, doi: 10.1016/j.bar.2023.101281. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  27. Dimson, E., Karakaş, O. and Li, X. (2015), „Active Ownership“, Review of Financial Studies, Vol. 28 No. 12, pp. 3225–3268, doi: 10.1093/rfs/hhv044. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  28. Dyck, A., Lins, K.V., Roth, L. and Wagner, H.F. (2019), „Do institutional investors drive corporate social responsibility? International evidence“, Journal of Financial Economics, Vol. 131 No. 3, pp. 693–714, doi: 10.1016/j.jfineco.2018.08.013. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  29. EFRAG (2024), „Connectivity considerations and boundaries of different Annual Report sections“, available at: https://www.efrag.org/en/projects/connectivity-between-financial-reporting-and-sustainability-reporting/research-phase?page=documents Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  30. Elkington, J. (1997), Cannibals with Forks: The Triple Bottom Line of 21st Century Business, Capstone, Oxford. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  31. Elliott, W.B., Grant, S.M. and Rennekamp, K.M. (2017), „How Disclosure Features of Corporate Social Responsibility Reports Interact with Investor Numeracy to Influence Investor Judgments“, Contemporary Accounting Research, Vol. 34 No. 3, pp. 1596–1621, doi: 10.1111/1911-3846.12302. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  32. European Parliament and the Council (2022), „Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting“, available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464 Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  33. Freeman, R.E. (1984), Strategic Management – A Stakeholder Approach, Cambridge University Press, Cambridge. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  34. Friedman, H.L. and Heinle, M.S. (2016). „Taste, information, and asset prices: implications for the valuation of CSR“, Review of Accounting Studies, Vol. 21, pp. 740–767, doi: 10.1007/s11142-016-9359-x. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  35. Friedman, H.L. and Ormazabal, G. (2024), „The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective“, Journal of Accounting Research, doi: 10.1111/1475-679X.12581. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  36. Friedman, M. (1970), „A Friedman doctrine-- The Social Responsibility of Business Is to Increase Its Profits“, The New York Times, 13 September. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  37. George, G., Haas, M.R., McGahan, A.M., Schillebeeckx, S.J.D. and Tracey, P. (2023), „Purpose in the For-Profit Firm: A Review and Framework for Management Research“, Journal of Management, Vol. 49 No. 6, pp. 1841–1869, doi: 10.1177/01492063211006450. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  38. Greenstone, M., Leuz, C. and Breuer, P. (2023), „Mandatory disclosure would reveal corporate carbon damages“, Science, Vol. 381 No. 6660, pp. 837–840, doi: 10.1126/science.add6815. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  39. Grewal, J. and Serafeim, G. (2020), „Research on Corporate Sustainability: Review and Directions for Future Research“, Foundations and Trends® in Accounting, Vol. 14 No. 2, pp. 73-127, doi: 10.1561/1400000061. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  40. Grossman, S.J. (1981), „The Informational Role of Warranties and Private Disclosure about Product Quality“, The Journal of Law and Economics, Vol. 24 No. 3, pp. 461–483, doi: 10.1086/466995. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  41. Grossman, S.J. and Hart, O.D. (1980), „Disclosure Laws and Takeover Bids“, The Journal of Finance, Vol. 35 No. 2, pp. 323–334, doi: 10.2307/2327390. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  42. GSSB (2022a), „GRI 1: Foundation 2021“, available at: https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-english-language/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  43. GSSB (2022b), „GRI 2: General Disclosures 2021“, available at: https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-english-language/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  44. Hart, O. and Zingales, L. (2017), „Companies Should Maximize Shareholder Welfare Not Market Value“, Journal of Law, Finance, and Accounting, Vol. 2 No. 2, pp. 247–275, doi: 10.1561/108.00000022. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  45. Hartzmark, S.M. and Sussman, A.B. (2019), „Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows“, The Journal of Finance, Vol. 74 No. 6, pp. 2789–2837, doi: 10.1111/jofi.12841. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  46. Heath, D., Macciocchi, D., Michaely, R. and C. Ringgenberg, M. (2023), „Does Socially Responsible Investing Change Firm Behavior?“, Review of Finance, Vol. 27 No. 6, pp. 2057–2083, doi: 10.1093/rof/rfad002. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  47. Henderson, R. and Van den Steen, E. (2015), „Why Do Firms Have ‚Purpose‘? The Firm’s Role as a Carrier of Identity and Reputation“, American Economic Review, Vol. 105 No. 5, pp. 326–330, doi: 10.1257/aer.p20151072. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  48. Hörisch, J., Schaltegger, S. and Freeman, R.E. (2020). „Integrating stakeholder theory and sustainability accounting: A conceptual synthesis“, Journal of Cleaner Production, Vol. 275, 124097, doi: 10.1016/j.jclepro.2020.124097. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  49. Hummel, K. and Jobst, D. (2024), „An Overview of Corporate Sustainability Reporting Legislation in the European Union“, Accounting in Europe, doi: 10.1080/17449480.2024.2312145. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  50. Hummel, K. and Szekely, M. (2022), „Disclosure on the Sustainable Development Goals – Evidence from Europe“, Accounting in Europe, Vol. 19 No. 1, pp. 152–189, doi: 10.1080/17449480.2021.1894347. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  51. IFVI (2024), „The Case for Impact Accounting“, available at: https://ifvi.org/about-us/the-case-for-impact-accounting/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  52. IFVI and VBA (2024a), „General Methodology 1: Conceptual Framework for Impact Accounting“, available at: https://ifvi.org/methodology/general-methodology/general-methodology-1/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  53. IFVI and VBA (2024b), „GHG Emissions Topic Methodology“, available at: https://ifvi.org/methodology/environmental-topic-methodology/greenhouse-gas-ghg-emissions-topic-methodology/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  54. IIRC (2021), „International <IR> Framework“, available at: https://integratedreporting.ifrs.org/wp-content/uploads/2024/08/IntegratedReporting_Framework_061024.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  55. Ilhan, E., Krueger, P., Sautner, Z. and Starks, L.T. (2023), „Climate Risk Disclosure and Institutional Investors“, The Review of Financial Studies, Vol. 36 No. 7, pp. 2617–2650, doi: 10.1093/rfs/hhad002. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  56. ISSB (2023), „Request for Information: Consultation on Agenda Priorities“, available at: https://www.ifrs.org/content/dam/ifrs/project/issb-consultation-on-agenda-priorities/issb-rfi-2023-1.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  57. ISSB (2024), „ISSB to continue to support the use of the Integrated Reporting Framework during the next phase of work“ (April 23), available at: https://integratedreporting.ifrs.org/news/issb-to-continue-to-support-the-use-of-the-integrated-reporting-framework-during-next-phase-of-work/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  58. Jin, G.Z., Leslie, P. (2003), „The Effect of Information on Product Quality: Evidence from Restaurant Hygiene Grade Cards“, The Quarterly Journal of Economics, Vol. 118 No. 2, pp. 409-451, doi: 10.1162/003355303321675428. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  59. KPMG (2014), „A new vision of value – Connecting corporate and societal value creation“, available at: https://assets.kpmg.com/content/dam/kpmg/pdf/2014/10/a-new-vision-of-value-v1.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  60. Krueger, P., Sautner, Z. and Starks, L.T. (2020), „The Importance of Climate Risks for Institutional Investors“, The Review of Financial Studies, Vol. 33 No. 3, pp. 1067–1111, doi: 10.1093/rfs/hhz137. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  61. Laine, M., Tregidga, H. and Unerman, J. (2021), Sustainability Accounting and Accountability, Routledge, London. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  62. Lee, K.-W. and Yeo, G.H.-H. (2016), „The association between integrated reporting and firm valuation“, Review of Quantitative Finance and Accounting, Vol. 47 No. 4, pp. 1221–1250, doi: 10.1007/s11156-015-0536-y. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  63. Leonelli, S., Muhn, M., Rauter, T. and Sran, G. (2025), „How do consumers use ESG disclosure? Evidence from a randomized field experiment with everyday product purchases“, Journal of Accounting and Economics, forthcoming, 101811, doi.org/10.1016/j.jacceco.2025.101811. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  64. Leuz, C. and Wysocki, P.D. (2016), „The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research“, Journal of Accounting Research, Vol. 54 No. 2, pp. 525–622, doi: 10.1111/1475-679X.12115. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  65. Lin, Y., Shen, R., Wang, J. and Julia Yu, Y. (2024), „Global Evolution of Environmental and Social Disclosure in Annual Reports“, Journal of Accounting Research, Vol. 62 No. 5, pp. 1941–1988, doi: 10.1111/1475-679X.12575. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  66. Magill, M., Quinzii, M. and Rochet, J.-C. (2015), „A Theory of the Stakeholder Corporation“, Econometrica, Vol. 83 No. 5, pp. 1685–1725, doi: 10.3982/ECTA11455. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  67. Malafronte, I. and Pereira, J. (2020), „Integrated thinking: measuring the unobservable“, Meditari Accountancy Research, Vol. 29 No. 4, pp. 805–822, doi: 10.1108/MEDAR-12-2019-0640. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  68. McCalla-Leacy, J., Shulman, J. and Threlfall, R. (2022), „Big shifts, small steps – Survey of Sustainability Reporting 2022“, available at: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2022/10/ssr-small-steps-big-shifts.pdf (accessed 25 October 2024). Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  69. Michelon, G., Trojanowski, G. and Sealy, R. (2022), „Narrative Reporting: State of the Art and Future Challenges“, Accounting in Europe, Vol. 19 No. 1, pp. 7–47, doi: 10.1080/17449480.2021.1900582. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  70. Milgrom, P.R. (1981), „Good News and Bad News: Representation Theorems and Applications“, The Bell Journal of Economics, Vol. 12 No. 2, pp. 380–391, doi: 10.2307/3003562. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  71. Morgan, J. and Tumlinson, J. (2019), „Corporate Provision of Public Goods“, Management Science, Vol. 65 No. 10, pp. 4489–4504, doi: 10.1287/mnsc.2018.3137. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  72. OR (2024), „Bundesgesetz betreffend die Ergänzung des Schweizerischen Zivilgesetzbuches (Fünfter Teil: Obligationenrecht) ”, available at: https://www.fedlex.admin.ch/eli/cc/27/317_321_377/de Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  73. Pástor, Ľ., Stambaugh, R.F. and Taylor, L.A. (2021), „Sustainable investing in equilibrium“, Journal of Financial Economics, Vol. 142 No. 2, pp. 550–571, doi: 10.1016/j.jfineco.2020.12.011. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  74. PTF-RNFRO (Project Task Force on Reporting of Non-financial Risks and Opportunities and Linkage to the Business Model) (2021a), Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU, Main Report, EFRAG European Lab Project, available at: https://www.efrag.org/sites/default/files/sites/webpublishing/SiteAssets/EFRAG%20PTF-RNFRO%20-%20Main%20Report.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  75. PTF-RNFRO (Project Task Force on Reporting of Non-financial Risks and Opportunities and Linkage to the Business Model), (2021b), Towards Sustainable Businesses: Good Practices in Business Model, Riks and Opportunities Reporting in the EU, Supplementary Document: Good Reporting Practices, EFRAG European Lab Project, available at: https://www.efrag.org/sites/default/files/sites/webpublishing/SiteAssets/EFRAG%20PTF-RNFRO%20-%20Supplement.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  76. Rimmel, G. and Cordazzo, M. (2021), „Deductive vs Inductive Content Analysis – a methodological research note to disclosures studies in intellectual capital research“, Dumay, J., Nielsen, C., Lund, M., Massaro, M. and Guthrie, J. (eds.), Research Handbook on Intellectual Capital and Business, Edward Elgar Publishing, pp. 109–124. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  77. Ronzani, M. and Gatzweiler, M.K. (2022), „The lure of the visual: Multimodality, simplification, and performance measurement visualizations in a megaproject“, Accounting, Organizations and Society, Vol. 97, 101296, doi: 10.1016/j.aos.2021.101296. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  78. Roslender, R. and Nielsen, C. (2021), „Accounting for the value expectations of customers: Re-imagining the Integrated Reporting initiative“, Critical Perspectives on Accounting, Vol. 81, 102244, doi: 10.1016/j.cpa.2020.102244. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  79. Schoenmaker, D. (2020), „The Impact Economy: Balancing Profit and Impact“, working paper, SSRN Rochester, NY, 8 July, doi: 10.2139/ssrn.3567026. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  80. Schoenmaker, D. (2021), „A New Integrated-Value Assessment Method for Corporate Investment“, Policy Contribution, 19/2021, available at: https://www.bruegel.org/system/files/wp_attachments/PC-19-230921.pdf. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  81. Schoenmaker, D. and Schamrade, W. (2019), Principles of Sustainable Finance, Oxford University Press, Oxford. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  82. Serafeim, G. (2015), „Integrated Reporting and Investor Clientele“, Journal of Applied Corporate Finance, Vol. 27 No. 2, pp. 34–51, doi: 10.1111/jacf.12116. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  83. Serafeim, G., Zochowski, T.R. and Downing, J. (2019), „Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy“, Harvard Business School, available at: https://www.hbs.edu/faculty/Pages/item.aspx?num=59129 Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  84. Spiegelhalter, D., Pearson, M. and Short, I. (2011), „Visualizing Uncertainty About the Future“, Science, Vol. 333 No. 6048, pp. 1393–1400, doi: 10.1126/science.1191181. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  85. Starks, L.T. (2023), „Presidential Address: Sustainable Finance and ESG Issues—Value versus Values“, The Journal of Finance, Vol. 78 No. 4, pp. 1837–1872, doi: 10.1111/jofi.13255. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  86. United Nations (2015), „A/RES/70/1 – Transforming our world: the 2023 Agenda for Sustainable Development“ (October 21), available at: https://www.un.org/en/development/desa/population/migration/generalassembly/docs/globalcompact/A_RES_70_1_E.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  87. VBA (2024), „Who we are and what we fight for“, available at: https://www.value-balancing.com/en/about-us.html Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  88. Verrecchia, R.E. (1983), „Discretionary disclosure“, Journal of Accounting and Economics, Vol. 5, pp. 179–194, doi: 10.1016/0165-4101(83)90011-3. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  89. Wagenhofer, A. (1990), „Voluntary disclosure with a strategic opponent“, Journal of Accounting and Economics, Vol. 12 No. 4, pp. 341–363, doi: 10.1016/0165-4101(90)90020-5. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  90. Wagenhofer, A. (2024), „Sustainability Reporting: A Financial Reporting Perspective“, Accounting in Europe, Vol. 21 No. 1, pp. 1–13, doi: 10.1080/17449480.2023.2218398. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  91. WEF (2019), „Davos Manifesto 2020: The Universal Purpose of a Company in the Fourth Industrial Revolution“ (December 2), available at: https://www.weforum.org/agenda/2019/12/davos-manifesto-2020-the-universal-purpose-of-a-company-in-the-fourth-industrial-revolution/ Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  92. WEF (2020), „Measuring Stakeholder Capitalism – Towards Common Metrics and Consistent Reporting of Sustainable Value Creation“, available at: https://www3.weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_2020.pdf Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418
  93. Zhou, S., Simnett, R. and Green, W. (2017), „Does Integrated Reporting Matter to the Capital Market?“, Abacus, Vol. 53 No. 1, pp. 94–132, doi: 10.1111/abac.12104. Google Scholar öffnen DOI: 10.5771/2944-3741-2025-4-418

Zitation

Download RIS Download BibTex

Downloads

Download Kapitel (PDF) Download kompl. Werk (PDF)

Hinweis

Dieses Werk ist urheberrechtlich geschützt und darf nur nach den Vorgaben der Nutzungs- und Lizenzvereinbarung genutzt werden. Jede darüber hinaus gehende Nutzung des Werkes ist ausdrücklich untersagt und wird verfolgt.

Per E-Mail teilen

Medien