Das Projekt "The Influence of Corporate Responsibility on the Cost of Capital" wird vom Umweltbundesamt gefördert und von Schlange & Co. GmbH durchgeführt. Corporate responsibility (CR) issues have gained importance within the financial community due to the exponential growth of specialized institutes, expansion of academic and research departments, increased launching of mutual funds allocated according to sustainability criteria, proliferation of online resources and other publications, and specialized corporate responsibility reports. A closer look at the literature concerning the relationship between CR issues and financial measures indicated three major fields for improvement in this area: (1) the development of a common understanding of CR issues; (2) the measurement of CR performance; and (3) the question of how CR issues affect the risk profile of a company. Since a common understanding of CR cannot be constructed theoretically, we based our research on the frequently used triple bottom line approach, in which CR incorporates economic, ecological and social responsibility issues. When it comes to the field of measuring CR performance, there are already plenty of methods and frameworks. In this research we developed a unique CR rating scheme based on existing frameworks and using weighting factors from analysts and investors. The question of how CR affects the risk profile of a company led to the projects objective: to analyze the impact of CR on capital market financing with a specific focus on electric utilities, assuming that the lower the company risk, the lower the cost of capital. We hypothesized that there is a relationship between CR and financial performance (H1) and that good CR performance reduces the risk to a company (H2). A clear relationship between CR and financial performance was not found, but CR and financial performance were indirectly linked throughout company risk. This research delivers evidence that CR performance is strongly linked to financial risk measures. There is also support for the assumption that CR issues are likely to be regulation-driven. Regulation seems to be a driver for CR engagement in the utility industry. It seems that a complete lack of CR engagement exposes a company to unnecessary high risk.
Das Projekt "International Conference on 'Integrative Approaches Towards Sustainability' (Baltic Sea Region sharing knowledge internally, across Europe, and world-wide) - SHARING" wird vom Umweltbundesamt gefördert und von University of Latvia Riga durchgeführt. The 2nd Conference in the series of 'Integrative Approaches Towards Sustainability' is a response to the request of participants of the first conference held in Latvia March 26-29, 2003 (http://home.lanet.lv/ asi/). An impressive forum of excellent key-note speakers was challenged by an ambitious audience of young researchers at the 1st Conference proceedings of which contain 600 pages. The Baltic Rim, a recognised leader in integrated treatment of environmental, social, and economic problems of sustainable development (SD), is facing the challenge of full acceptance of the Baltic Countries and Poland to this worldclass club. The 2nd Conference aims to strengthen the integration of the region's RTD community and promotion of sharing its knowledge and expertise internally, across Europe (including the Mediterranean and Black Sea regions) and worldwide by inviting distinguished researchers to discuss the goals defined by the EU Council in Gothenburg, sciencebased thresholds of sustainability and limits with focus on the Baltic Rim, the corporate responsibility for SD in regional decision making, to share knowledge and expertise with particular focus on agriculture, forestry, education, and universitymunicipality partnership in basic and advanced fields of SD; to train the young researchers of the region and regions of Mediterranean and Black Sea. The 2nd Conference will contribute to creation of a 'critical mass' of human potential for SD in the region and Europe. The Conference tasks will be implemented by an appropriate Agenda and composition of participant list. It is essential for the region to organise a high level conference in a new member state on the East coast of the Baltic Sea in order to address senior researchers, to train the young ones from the Baltic countries and Poland and to encourage them to take the opportunities offered by the ERA and the EC 6th FP. The work under the project consists of 6 Work packages.