Integrated Investing

Integrated Investing
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Описание книги

Besides financial goals, companies increasingly start formulating strategic environmental goals. However, the management and control of these goals remains a challenge.
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.

Оглавление

Simon Weihofen. Integrated Investing

1. Introduction

1.1. Problem situation

1.2. Research objective

2. State of current academic knowledge

2.1. Investment decisions in companies. 2.1.1. Attributes and characteristics of investments in literature

2.2. Conventional investment appraisal methods

2.2.1. Payback period

2.2.2. Cost comparison and benefit comparison

2.2.3. Return on Investment

2.2.4. Net Present Value and Compound Value

2.2.5. Internal Rate of Return

2.2.6. Utility Value Analysis

2.3. Modifications of conventional investment appraisal methods

2.3.1. Ecological Payback Period

2.3.2. Ecological Return on Investment

2.3.3. Ecological Net Present Value

2.4. Environmental impact assessment in companies

2.5. Deficit analysis

3. Method development

3.1. Determination of requirements

3.1.1. Requirements ensuring scientific quality

3.1.2. Requirements ensuring practical applicability

3.2. Method screening and evaluation. 3.2.1. Environmental cost accounting methods

3.2.2. Flow-based cost accounting methods

3.2.3. Additional methods of integrating environmental impacts

3.2.4. Summary and discussion of the method screening and evaluation

3.3. Method derivation

3.3.1. Environmental inventory

3.3.2. Environmental impact assessment

3.3.3. Validity

3.3.4. Reliability

3.3.5. Comprehensibility

3.3.6. Transparency

3.3.7. Monetary evaluation

3.3.8. Summary of the method derivation

3.4. Summary and discussion of the method development

4. Method description

4.1. Defining a strategic environmental goal

4.2. Problem situation

4.3. Search for investment objects

4.4. Investment appraisal

4.5. Investment decision

4.6. Investment realisation

4.7. Investment controlling

4.8. Summary and discussion of the method description

5.1. Case study research design

5.1.1. Case study research objectives and questions

5.1.2. Propositions underlying the research design

5.1.3. Defining the unit of analysis

5.1.4. Selection criteria and case selection

5.1.5. Data collection and data analysis

5.1.6. Template of the case study protocol

5.2. Introduction to the Volkswagen Group and its investment process

5.3. Case study reports. 5.3.1. New cylinder head production line

5.3.2. Retrofit of a transfer press

5.3.3. New construction of a body shop

5.3.4. New paint shop on a greenfield site

5.3.5. Management and control of environmental goals for a business unit

5.3.6. Management and control of environmental goals for a production site

5.3.7. Management and control of environmental goals for five production sites

5.4. Cross-case synthesis

5.4.1. Cross-case synthesis of case studies on single investments

5.4.2. Cross-case synthesis of case studies on investment programs

5.5. Summary and discussion of the method application

6. Validity and reliability of results

7. Conclusions and recommendations

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