Latest Publications
2025
Does Shareholder Signaling Matter for Corporate Strategy? A Study of
ESG- and Carbon-Related Proposals
(Timo Busch, Lisa Scheitza, Tobias Baukloh, Christian Klein)
2025
Principles for impact investments: practical guidance
for impact measurement, assessment and valuation
(Timo Busch und Hendrik Brosche)
2025
Adapting machine-learning estimators to account for the downward bias of
reported greenhouse gas Scope 3 emissions
(Georg Benjamin Fiedler, Sven Lundie)
2025
That's none of my business: A holistic framework for evaluating corporate decarbonization at the core business
(Thomas Frisch, Anita Engels, Theresa Rötzel, Matthew P. Johnson, Brigitte Frank, Solange Commelin, Timo Busch)
2025
The Micro-Processes of
Transitioning to a Circular
Economy Through Capital
Allocation: A Case of the
Investment Field
(Julia Anne Gross, Fenna Blomsma, Ibrat Djabbarov)
2025
Assessing company sustainability impact
Status quo and way ahead
(Timo Busch, Brigitte Bernard-Rau, Hendrik Brosche)
2022
Busch, T., Johnson, M., Pioch, T. (2022): Corporate carbon performance data: Quo vadis? Journal of Industrial Ecology 26 (1), 350-36. Download
Busch, T, Johnson, M., Schnippering, M. (2022): A change will do you good: Does continuous environmental improvement matter? Organization and Environment (in press)
Busch, T., Schnippering, M. (2022): Corporate social and financial performance: Revisiting the role of innovation. Corporate Social Responsibility and Environmental Management 29 (3), 635-645. Download
Carroux, S.L., Busch, T. Paetzold, F. (2022): Unlocking the black box of private impact investors. Qualitative Research in Financial Markets 14 (1), 149-168. Download
Paetzold, F., Busch, T., Utz, S., Kellers, A. (2022): Between impact and returns: Private investors and the sustainable development goals. Business Strategy and the Environment (in press). Download
2021
Busch, T., Bruce-Clark, P., Derwall, J., Eccles, R., Hebb, T., Hoepner, A., Klein, Ch., Krueger, P., Paetzold, F., Scholtens, B. & Weber, O. (2021): Impact investments: a call for (re) orientation. SN Business & Economics 1 (2), 1-13. Download
2020
Busch, T., Bassen, A., Lewandowski, S., Sump, F. (2020): Corporate carbon and financial performance revisited. Organization and Environment (in press). Download
Busch, T. (2020): Industrial ecology, climate adaptation, and financial risk. Journal of Industrial Ecology 24 (2), 285-290. Download
Kaspereit, T., Lopatta, K. & Gastone, L. (2020): Managerial style in cost asymmetry and shareholder value. Journal of Management Accounting Research. Download
Kölbel, J.F., Heeb, F., Paetzold, F., Busch, T. (2020): Can Sustainable Investing Save the World? Reviewing the mechanisms of investment impact. Organization & Environment (in press). Download
Lopatta, K., Bassen, A., Kaspereit, T., Tideman, S. & D. Buchholz (2020): The effect of institutional dual holdings on CSR performance, Journal of Sustainable Finance & Investment, Vol. 10. Download
Lopatta, K., Böttcher, K., Lodhia, S. & Tideman, S. A. (2020): Parity codetermination at the board level and labor investment efficiency, Journal of Business Economics, 90, 57-108. Download
Lopatta, K., Böttcher, K., Lodhia, S. & Tideman, S. A. (2020): The relationship between gender diversity and employee representation at board level and non-financial performance – A crosscountry study, The International Journal of Accounting, Vol. 55. Download
2019
Bassen, A., Gödker, K., Lüdecke-Freund, F. & J. Oll (2019): Climate Information in Retail Investors’ Decision-Making: Evidence from a Choice Experiment, Organization & Environment, Vol. 32, 62-82. Download
Bassen, A., Schiereck, D. & P. Schüler (2019): The Success of the Activist Investor Guy Wyser-Pratte in Continental Europe, Int. J. of Entrepreneurial Venturing, Vol. 11, 24-46. Download
Busch, T. (2019): Klimarisiken im Assetmanagement: Konsistenz der Daten. Absolut Impact 02/2019, 37-43 [in German]
Busch, T. (2019): Markets must back climate mitigation. Nature 571, 36. Download
Busch, T. Orlitzky, M. (2019): On the Links between Corporate Environmental and Financial Performance: Camera or Mirror?, in McWilliams, A., Rupp, D.E., Siegel, D.S., Stahl, G.K., Waldman, D.A. [Eds.]: The Oxford Handbook of Corporate Social Responsibility: Psychological and Organizational Perspectives
Cheung, G., Davis, P. & A. Bassen (2019): In the transition of energy systems: what lessons can be learnt from the German achievement?, Energy Policy, Vol. 132, 633-646. Download
Kölbel, J.F., Busch, T. (2019): Signaling legitimacy across institutional contexts – The intermediary role of corporate social responsibility rating agencies. Global Strategy Journal (in press). Download
Louche, C., Busch, T., Crifo, P., Marcus, A. (2019): Financial markets and the transition to a low-carbon economy: challenging the dominant logics. Organization & Environment 32 (1): 3-17. Download
Reimsbach, D., Schiemann, F., Hahn, R., & Schmiedchen, E. (2019). In the eyes of the beholder: Experimental evidence on the contested nature of materiality in sustainability reporting. Organization & Environment. Download
2018
Arnold, M., Bassen, A., Frank, R. (2018): Timing effects of corporate social responsibility disclosure: an experimental study with investment professionals. Journal of Sustainable Finance & Investment, 8(1), 45-71. Download
Bassen, A., Gödker, K., Lüdecke-Freund, F., Oll, J. (2018): Climate information in retail investors’ decision-making: evidence from a choice experiment. Organization & Environment (in press). Download
Bassen, A., Huber, S. (2018): Towards a Sustainability Reporting Guideline in Higher Education, International Journal of Sustainability in Higher Education, Vol. 19, 218-232. Download
Busch, T., Bassen, A., Friede, G. (2018): Performance und Wirkung nachhaltiger Kapitalanlagen, in: Stapelfeldt, M., Granzow, M., Kopp, M. . [ed.]: Greening Finance – Der Weg in eine nachhaltige Finanzwirtschaft, Logos Verlag, Berlin, ISBN 978-3-8325-4564-2, 171-185. Download
Busch, T., Friede, G. (2018): The robustness of the corporate social and financial performance relation: a second-order meta-analysis. Corporate Social Responsibility and Environmental Management 25 (4), 583-608. Download
Busch, T., Hamprecht, J., Waddock, S. (2018): Value(s) for Whom? Creating Value(s) for Stakeholders. Organization & Environment 31 (3): 210-222. Download
Busch, T, Kölbel, J. (2018): ESG-Medienberichterstattung und finanzielles Risiko von Unternehmen. Absolut-Impact 03/2018, 46-51 [in German]
Busch, T., Lewandowski, S. (2018): Corporate carbon and financial performance – a meta-analysis. Journal of Industrial Ecology 22 (4), 745-759. Download
Busch, T., Lewis, M., Friede, G., Bassen, A. (2018): ESG-Faktoren und Unternehmensentwicklung. Absolut-Impact 04/2018, 44-49 [in German]
Guenther, E., Busch, T., Endrikat, J., Guenther, T., & Orlitzky, M. (2018): What we know about the economic payoffs of corporate ecological sustainability, in: Weber, J., Wasieleski, D. [Eds.]: Business and Society 360: Corporate Social Responsibility, Emerald Publishing Limited, Bingley, ISSN: 2514-1759, 325-352. Download
Schiemann, F., Sakhel, A. (2018): Carbon disclosure, contextual factors, and information asymmetry: the case of physical risk reporting. European Accounting Review, 1-28. Download
2017
Basse-Mama, H., Bassen, A. (2017): Neglected disciplinary effects of investor relations: evidence from corporate cash holdings. Journal of Business Economics 87(2), 221-261. Download
Goldhammer, B., Busse, C., Busch, T. (2017): Estimating corporate carbon footprints with externally available data. Journal of Industrial Ecology 21 (5), 1165-1179. Download
Kölbel, J., Busch, T. (2017): The link between ESG and the cost of capital: Implications for investors and CFOs. Corporate Finance 03-04/2017, 85-88
Kölbel, J.F., Busch, T., Jancso, L.M. (2017): How media coverage of corporate social irresponsibly increases financial risk, Strategic Management Journal 38 (11), 2266-2284. Download
Ott, C., Schiemann, F., Günther, T. (2017): Disentangling the determinants of the response and the publication decisions: the case of the Carbon Disclosure Project. Journal of Accounting and Public Policy 36(1), 14-33. Download
Rodriguez Lopez, J.M., Sakhel, A., Busch, T. (2017): Corporate investments and environmental regulation: The role of regulatory uncertainty, regulation-induced uncertainty, and investment history. European Management Journal 35 (1), 91-101. Download
2016
Bassen, A., Schiereck, D., Thamm, C. (2016): Activist shareholders and the duration of supervisory board membership: evidence for the German Aufsichtsrat. Journal of Corporate Ownership and Control 13(2), 521-531. Download
Busch, T., Bauer, R., Orlitzky, M. (2016): Sustainable development and financial markets – old paths and new avenues. Business & Society 55(3): 303-329. Download
Friede, G., Busch, T., Bassen, A. (2016): Auswirkungen von ESG-Faktoren auf die Performance von Finanzanlagen. Absolut-Impact 01/2016, 26-31[in German]. Download
Günther, E. Bassen, A. (Eds.) (2016): Integrated Reporting: Grundlagen, Implementierung, Praxisbeispiele. Schäffer-Poeschel, Stuttgart. Download
Günther, E., Guenther, T., Schiemann, F., Weber, G. (2016): Stakeholder relevance for reporting: explanatory factors of carbon disclosure. Business & Society 55(3), 361-397. Download
Hafenstein, A. Bassen, A. (2016): Influences for using sustainability information in the investment decision-making of non-professional investor. Journal of Sustainable Finance & Investment 6(3), 186-210. Download
Scheck, B., Höchstädter, A.K., Busch, T. (2016): Making money at the expense of the poor? An investigation of individuals’ preferences to impact invest versus donate. ACRN Oxford Journal of Finance and Risk Perspectives 5 (2), 141-163. Download
2015
Friede, G., Busch, T., Bassen, A. (2015): ESG and Financial Performance: Aggregated Evidence from more than 2,000 Empirical Studies. Journal of Sustainable Finance & Investment 5 (4), 210-233. Download
Hahn, R., Reimsbach, D., Schiemann, F. (2015): Organizations, climate change, and transparency: reviewing the literature on carbon disclosure. Organization & Environment 28(1), 80-102. Download
Paetzold, F., Busch, T., Chesney, M. (2015): More than money: exploring the role of investment advisors for sustainable investing. Annals in Social Responsibility 1 (1), 195-223. Download
Schiemann, F., Richter, K., Günther, T. (2015): The relationship between recognised intangible assets and voluntary intellectual capital disclosure. Journal of Applied Accounting Research 16(2), 240-264. Download
2014
Paetzold, F., Busch, T. (2014): Unleashing the powerful few: sustainable investing behavior of wealthy private investors. Organization & Environment 27 (4), 347-467. Download
2013
Bassen, A., Basse-Mama, H. (2013): Contagion effects in the electric utility industry following the Fukushima nuclear accident. Applied Economics 45(24), 3421-3430. Download
Bassen, A., Basse-Mama, H., Koch, N., Bank, T. (2013): Valuation effects of corporate strategic transactions in the cleantech industry. Journal of Business Economics 83(6), 605-630. Download
Koch, N., Bassen, A. (2013): Valuing the carbon exposure of European utilities. The role of fuel mix, permit allocation and replacement investments. Energy Economics 36, 431-443. Download
Schiemann, F., Guenther, T. (2013): Earnings predictability, value relevance, and employee expenses. The International Journal of Accounting 48(2), 149-172. Download
Shrivastava, P., Busch, T. (2013): Avoiding a global carbon crisis: Learning from the financial crisis. Thunderbird International Business Review 55 (6), 647-658. Download
2012
Busch, T., Berger, S.G., Paquin, R. (2012): Managing for Climate Risk, in: Gallagher, D.R. [ed.]: Environmental Leadership: A Reference Handbook. SAGE Publications, Thousand Oaks/CA, ISBN 9781412981507, 527-535.
Weinhofer, G., Busch, T. (2012): Corporate strategies for managing climate risks. Business Strategy and the Environment 22 (2), 121-144. Download
2011
Bassen, A. & Senkl, D. (2011): Environment, Social, Governance (ESG), Die Betriebswirtschaft (DBW), Vol. 71, 506-509. Download
Bassen, A., Rentrop, A. & Zwick, Y. (2011): Deutscher Nachhaltigkeitskodex (DNK) – Konzept, Inhalte und Entwicklungsschritte, Zeitschrift für Umweltpolitik und Umweltrecht, Vol. 34, 359-375. Download
Busch, T. (2011): Which emissions do we need to account for in corporate carbon performance? Journal of Industrial Ecology 15 (1), 160-163. Download
Busch, T., Hoffmann, V.H. (2011): How hot is your bottom-line? Linking carbon and financial performance. Business & Society 50(2), 233 – 265. Download
Busch, T., Stinchfield, B.T., Wood, M.S. (2011): Rethinking sustainability, innovation, and financial performance, in: Marcus, A., Shrivastava, P., Sharma, S., Pogutz, S. [Eds.]: Cross-Sector Leadership for the Green Economy – Integrating Research and Practice on Sustainable Enterprise, Palgrave Publishing, New York, ISBN: 978-0-230-11940-6, 81-105. Download
Ziegler, A., Busch, T., Hoffmann, V.H. (2011): Disclosed corporate responses to climate change and stock performance: An international empirical analysis. Energy Economics 33 (6), 1283-1294. Download
2010
Bassen, A., Basse-Mama, H., Ramaj, H. (2010): Investor relations: a comprehensive overview. Journal für Betriebswirtschaft 60(1), 49-79. Download
Bassen, A., Schiereck, D., Wübben, B. (2010): M&A success of German acquisitions in the USA – evidence from capital market and survey data. Applied Financial Economics 20(7), 543-559. Download
Busch, T. (2010): Corporate carbon performance indicators revisited. Journal of Industrial Ecology 14 (3), 374-377. Download
Schiemann, F., Richter, K., Günther, T. (2010): Voluntary disclosure of intellectual capital items in roadshows and investor conferences: an empirical analysis of DAX30-companies. Journal of Management Control 21(3), 255-275. Download
2009
Busch, T., Hoffmann, V.H. (2009): Ecology-driven real options: an investment framework for incorporating uncertainties in the context of the natural environment. Journal of Business Ethics 90 (2), 295-310. Download
2008
Hoffmann, V.H., Busch, T. (2008): Corporate carbon performance indicators: carbon intensity, dependency, exposure, and risk. Journal of Industrial Ecology 12 (4), 505-520. Download
2007
Busch, T., Hoffmann, V.H. (2007): Emerging carbon constraints for corporate risk management. Ecological Economics 62 (3-4), 518-528. Download
2004
Orbach, T., Busch, T. (2004): Towards sustainable banks and insurance companies, in: Seiler-Hausmann, J.-D., Liedtke, C., von Weizsäcker, E. U. [Eds.]: Eco-Efficiency and Beyond, Greenleaf Publishing, Sheffield, ISBN 1874719608, 177-181. Download
2003
Bals, C., Busch, T., Rostock, S. (2003): Climate change as risk factor for investments – a challenge for the risk and portfolio management of institutional investors, Wuppertal. [in German]