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Der Einfluss von ESG-Ratings auf die Rendite von Immobilienunternehmen

Ibrahim Filiz, Florian Kirchhoff, Thomas Nahmer und Markus Spiwoks

sofia Diskussionsbeiträge 2024, No. 1 https://doi.org/10.46850/sofia.9783947850051

Die vorliegende Studie befasst sich mit dem Einfluss der Nachhaltigkeitsbemühungen von Immobiliengesellschaften auf deren ökonomischen Erfolg. Für den Zeitraum von 2017 bis 2023 werden 41 große europäische Immobiliengesellschaften daraufhin überprüft, ob die ESG-Ratings der London Stock Exchange Group (Refinitiv) die relative Jahresrendite wesentlich beeinflusst. Es zeigt sich, dass kein nennenswerter Zusammenhang zwischen den ESG-Ratings einerseits und den relativen Renditen andererseits besteht. Dies gilt sowohl, wenn man die ESG-Ratings in Beziehung mit den relativen Renditen jeweils desselben Jahres setzt, als auch, wenn man die ESG-Ratings mit den relativen Renditen des jeweils darauffolgenden Jahres in Beziehung setzt.

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