TU Darmstadt / ULB / TUbiblio

Integrated Investing. How to integrate environmental Impacts in Investment processes of companies.

Weihofen, Simon (2016)
Integrated Investing. How to integrate environmental Impacts in Investment processes of companies.
Technische Universität Darmstadt
Ph.D. Thesis, Primary publication

Abstract

Environmental management systems aim to ensure legal compliance on the one hand and continuous improvement of environmental performance on the other hand. Due to its cross-sectional character, environmental management systems affect all parts of the organisation. Another cross-sectional system is the management accounting system which intends to support ex-ante internal management decision-making processes. The overlapping part of both systems deals with environmental issues in business planning processes and is commonly referred to as environmental management accounting. However, the field of environmental management accounting is still young and corresponding methods are currently under development.

Besides financial goals, companies increasingly start formulating strategic environmental goals. However, the management and control of these goals remains a challenge. Thus, the formulation of strategic environmental goals in qualitative terms limits their management and control. On the other hand, the systematic integration of strategic environmental goals in management accounting processes, such as investment appraisals and decisions, represents a research gap.

Therefore, this thesis aims to develop a method that is able to systematically integrate financial and environmental data in investment processes to support the achievement of strategic environmental and financial goals of companies. This new integrated investing method intends to provide a sufficient degree of scientific quality on the one hand and practical applicability on the other hand.

In context of this thesis, a deficit analysis assesses reasons why current methods of environmental management accounting have not established as common business practice so far. During the first part of the subsequent method development a set of seven requirements is composed. On basis of these requirements additional methods of environmental management and management accounting systems are evaluated resulting in a final set of three approaches representing the basis of developing the new integrated investing method. After developing and describing the new integrated investing method, the method is applied in seven case studies within the Volkswagen Group. This method application verifies the method’s practical applicability as well as its ability to manage and control strategic environmental and financial goals.

In conclusion, this dissertation contributes to the development and application of a new integrated investing method that aims to ensure a sufficient degree of scientific quality and practical applicability. With the help of this method, it is able to systematically integrate environmental impacts in investment processes of companies in order to manage and control the achievement of strategic environmental and financial goals.

The recommendations for future research address the limitation of the Ecological Scarcity Method, on which the integrated investing method is based, as well as the application of the new integrated investing method in contexts outside the Volkswagen Group.

Item Type: Ph.D. Thesis
Erschienen: 2016
Creators: Weihofen, Simon
Type of entry: Primary publication
Title: Integrated Investing. How to integrate environmental Impacts in Investment processes of companies.
Language: English
Referees: Schebek, Prof. Dr. Liselotte ; Günther, Prof. Dr. Edeltraud
Date: 23 April 2016
Place of Publication: Darmstadt
Refereed: 10 December 2015
URL / URN: http://tuprints.ulb.tu-darmstadt.de/5450
Corresponding Links:
Abstract:

Environmental management systems aim to ensure legal compliance on the one hand and continuous improvement of environmental performance on the other hand. Due to its cross-sectional character, environmental management systems affect all parts of the organisation. Another cross-sectional system is the management accounting system which intends to support ex-ante internal management decision-making processes. The overlapping part of both systems deals with environmental issues in business planning processes and is commonly referred to as environmental management accounting. However, the field of environmental management accounting is still young and corresponding methods are currently under development.

Besides financial goals, companies increasingly start formulating strategic environmental goals. However, the management and control of these goals remains a challenge. Thus, the formulation of strategic environmental goals in qualitative terms limits their management and control. On the other hand, the systematic integration of strategic environmental goals in management accounting processes, such as investment appraisals and decisions, represents a research gap.

Therefore, this thesis aims to develop a method that is able to systematically integrate financial and environmental data in investment processes to support the achievement of strategic environmental and financial goals of companies. This new integrated investing method intends to provide a sufficient degree of scientific quality on the one hand and practical applicability on the other hand.

In context of this thesis, a deficit analysis assesses reasons why current methods of environmental management accounting have not established as common business practice so far. During the first part of the subsequent method development a set of seven requirements is composed. On basis of these requirements additional methods of environmental management and management accounting systems are evaluated resulting in a final set of three approaches representing the basis of developing the new integrated investing method. After developing and describing the new integrated investing method, the method is applied in seven case studies within the Volkswagen Group. This method application verifies the method’s practical applicability as well as its ability to manage and control strategic environmental and financial goals.

In conclusion, this dissertation contributes to the development and application of a new integrated investing method that aims to ensure a sufficient degree of scientific quality and practical applicability. With the help of this method, it is able to systematically integrate environmental impacts in investment processes of companies in order to manage and control the achievement of strategic environmental and financial goals.

The recommendations for future research address the limitation of the Ecological Scarcity Method, on which the integrated investing method is based, as well as the application of the new integrated investing method in contexts outside the Volkswagen Group.

Alternative Abstract:
Alternative abstract Language

Betriebliche Investitionsprozesse zielen zum einen auf Compliance mit der jeweiligen Umweltgesetzgebung ab, zum anderen stellen sie auch die kontinuierliche Verbesserung der Umweltleistung sicher. Durch den bereichsübergreifenden Charakter, beeinflusst das betriebliche Umweltmanagement alle Bereiche eines Unternehmens. Ein anderes bereichsübergreifendes System ist das Controlling, dass die Entscheidungsfindung des Managements unterstützt. Die Schnittmenge von Umweltmanagement und Controlling ist das Umweltcontrolling. Allerdings sind Methoden zum Umweltcontrolling gegenwärtig noch in der Entwicklung.

Neben monetären Zielen setzen sich immer mehr Firmen auch strategische Umweltziele. Allerdings stellt die Steuerung dieser strategischen Umweltziele eine Herausforderung dar. Einerseits begrenzen qualitative Formulierungen von Umweltzielen dessen Ergebnissteuerung, andererseits stellt die mangelnde Integration in Controllingprozesse, wie etwa Investitionsrechnung und Entscheidungsprozesse, eine Forschungslücke dar.

Aus diesem Grund soll diese Dissertation eine Methode entwickeln, die Finanz- und Umweltdaten systematisch in Investitionsprozesse integriert, sodass am Ende die strategischen Finanz- und Umweltziele erreicht werden können. Diese neue integrierte Investitionsmethode soll zudem gleichzeitig eine ausreichende wissenschaftliche Qualität als auch eine praktische Anwendbarkeit aufweisen.

Im Kontext dieser Doktorarbeit identifiziert eine Defizitanalyse Gründe für die gegenwärtige Forschungslücke der Abwesenheit von bestehenden integrierten Investitionsmethoden. Der erste Teil der Dissertation definiert sieben Anforderungen auf dessen Basis bestehende Methoden des Umweltcontrollings bewertet werden. Die verbleibenden drei Methoden dieser Bewertung stellen dann die Ausgangsbasis zur darauffolgenden Entwicklung der integrierten Investitionsmethode dar. Nach einer Beschreibung der neu-entwickelten Methode, wird sie in sieben Fallbeispielen innerhalb des Volkswagen Konzerns angewendet um neben der wissenschaftlichen Qualität auch die praktische Anwendbarkeit zu prüfen.

Diese Dissertation kann abschließend, die Forschungslücke der praxistauglichen und wissenschaftlichen integrierten Investitionsmethode zu schließen. Mit der Hilfe der integrierten Investitionsmethode können Umweltauswirkungen systematisch in betriebliche Investitionsprozesse integriert werden und somit die strategischen Finanz- und Umweltziele erreicht werden.

Die abschließenden Empfehlungen weisen auf den weiteren Forschungsbedarf bezüglich der Methode der ökologischen Knappheit hin, auf der die integrierte Investitionsmethode beruht. Außerdem wäre eine Anwendung außerhalb des Volkswagen Konzerns ebenfalls hilfreich.

German
Uncontrolled Keywords: integrated investing, ecological scarcity method, Investment, environmental Impact, environmental Management Accounting, environmental investment
Alternative keywords:
Alternative keywordsLanguage
Methode der ökologischen Knappheit, Integrierte Investition, Investition, Umweltauswirkung, Umweltinvestition, UmweltcontrollingGerman
URN: urn:nbn:de:tuda-tuprints-54507
Classification DDC: 300 Social sciences > 330 Economics
600 Technology, medicine, applied sciences > 650 Management
600 Technology, medicine, applied sciences > 670 Manufacturing
Divisions: 13 Department of Civil and Environmental Engineering Sciences
13 Department of Civil and Environmental Engineering Sciences > Institute IWAR
13 Department of Civil and Environmental Engineering Sciences > Institute IWAR > Material Flow Management and Resource Economy
Date Deposited: 12 Jun 2016 19:55
Last Modified: 12 Jun 2016 19:55
PPN:
Referees: Schebek, Prof. Dr. Liselotte ; Günther, Prof. Dr. Edeltraud
Refereed / Verteidigung / mdl. Prüfung: 10 December 2015
Alternative keywords:
Alternative keywordsLanguage
Methode der ökologischen Knappheit, Integrierte Investition, Investition, Umweltauswirkung, Umweltinvestition, UmweltcontrollingGerman
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