Any mitigation action will neglect climate change impacts (CCI) (Gillett et al., 2011: 83; Parry et al., 2009: 1102) occurring in a change of average weather patterns as well as in an increase in frequency and magnitude of extreme weather events (EWE) (IPCC, 2007: 8 and 52 f.; IPCC, 2012: 119 f.). For this thesis of special interest are businesses of the construction industry. Construction activities are carried out in an open environment which makes the construction companies´ highly impacted on weather conditions compared to many other sectors (Wedawatta et al., 2010: 364). Furthermore, the construction sector is a fundamental part in any economy (Wedawatta, et al. 2010: 365; Squicciarini and Asikainen, 2011: 672). In mitigation literature a sound amount of studies researches on the relation of corporate fi-nancial performance (CFP) and emissions. Guenther et al. (2012) analyzed empirical studies with regard to their connection between environmental and financial performance of corpo-rations whereby the majority of results implement a positive as well as negative relation. Therefore, this thesis investigates a possible association of implemented measures as re-sponse to the CC and the financial performance on a corporate level. In particular, the aim of this thesis is to analyze the association between corporate financial performance (CFP) and implemented climate change adaptation measures (CCAM) especially for companies of the construction industry. For providing a solid base for this point of interest the affection for construction businesses by CC and the response to the CCI of construction businesses is in-vestigated in addition.
For the investigation of an association between CCAM and CFP the statistical methodology of regression was applied. The results clearly support the raised hypothesizes by computing a relationship between these variables in both directions. The results gained in this thesis stress adaptation to CC as a crucial proxy to handle CCI by mitigating risks and exploiting oppor-tunities. Nevertheless, still a reluctant attitude of businesses exists for the implementation of CCAM. This was found in literature and could be reassured by the results of the content analysis since businesses connote CCAM often with increasing cost and expenses and do not draw back on the effect on financial performance. This thesis found a positive effect of im-plemented CCAM on ROA on the short-run. These findings do refer to appropriate CCAM in terms of the right amount. For the opposite direction it was investigated, that if a construc-tion business is financially impacted by CC, an increase in slack causes the implementation of adaptation measures. By the implementation of adaptation measures the dependency from environmental changes is increased (RDT) and the companies´ structure becomes more het-erogenic (RBV). Financial slack is proved to be important to keep the company flexible in taking action. Especially, if a company is financially impacted by CCI financial slack is used for implementing measures.:1 Introduction
2 Theory
2.1 Resource Dependence Theory
2.2 Resource Based View
2.3 Organizational Slack
3 State of Research
3.1 Introduction to Climate Change Adaptation
3.2 Climate Change Mitigation and Adaptation Literature dealing with CFP
3.3 Financial Implication of CCI and CCAM
3.4 Climate Change Impacts and Adaptations Measures on Construction Enterprises
3.4.1 Construction Enterprises and their specific Value Chain
3.4.2 CCI on Construction Enterprises
3.4.3 CCAM for Construction Enterprises
3.5 Hypothesis development
4 Methodology
4.1 Content Analysis
4.2 Regression Analysis
4.2.1 Multiple Linear Regression Analysis
4.2.2 Poisson and Negative Binominal Regression Analysis
4.3 Model description
4.3.1 Operationalization of the Content Analysis
4.3.2 Operationalization of the Regression Analysis
5 Results
5.1 Results of the Content Analysis
5.2 Results of the Regression Analysis
5.2.1 Results of the Multiple Linear Regression
5.2.2 Results of the Negative Binomial Regression
6 Discussion, Limitation, and Further Research
6.1 Discussion of Results for the Association between CFP and CCAM
6.2 Limitations and Further Research
7 Conclusion
| Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:88956 |
| Date | 11 January 2024 |
| Creators | Kynast, Luisa |
| Contributors | Stechemesser, Kristin, Technische Universität Dresden |
| Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
| Language | English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, doc-type:masterThesis, info:eu-repo/semantics/masterThesis, doc-type:Text |
| Rights | info:eu-repo/semantics/openAccess |
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