Latest Publications

Practitioners and academics have been using different terms to describe investments in the sustainability context. The latest inflationary term is impact..
To assess the robustness and sensitivity of the findings in Delmas, Nairn Brich, and Lim we conduct a replication and extenstion study...​
We investigate how different types of environmental policies and new regional environmental knowledge affect new venture creation in and financing of...


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 & Economics1(2), 1-13. Download


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


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


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


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


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


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


Paetzold, F., Busch, T. (2014): Unleashing the powerful few: sustainable investing behavior of wealthy private investors. Organization & Environment 27 (4), 347-467. Download


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


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


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


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


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


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


Busch, T., Hoffmann, V.H. (2007): Emerging carbon constraints for corporate risk management. Ecological Economics 62 (3-4), 518-528. Download


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


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]