ejebsEurasian Journal of Economic and Business StudiesНазвание журнала на русском2789-82532789-8261University of International Business named after K. Sagadiyev LLP10.47703/ejebs.v3i67.294ejebs-88Research ArticleСтатьиSustainability Covenants as a Financial Measure to Enhance the Efficiency of Companieshttps://orcid.org/0000-0002-1298-9069NoackStefan

PhD candidate, Email: stefan.noack.cyp@fh-zwickau.de

stefan.noack.cyp@fh-zwickau.dehttps://orcid.org/0000-0002-7175-9829BordiyanuIlona

PhD, Associate Professor, Email: bordiyanuilona@mail.ru

bordiyanuilona@mail.ruhttps://orcid.org/0009-0000-0615-3807ZirklerBernd

Professor, Dr. rer. pol. habil. Dr. h.c., Email: bernd.zirkler@fh-zwickau.de

bernd.zirkler@fh-zwickau.dehttps://orcid.org/0000-0003-0284-5667BrauweilerChristian

Professor, Dr. rer. pol. Dr. h.c. mult., Email: christian.brauweiler@fh-zwickau.de

christian.brauweiler@fh-zwickau.deUst-Kamenogorsk, Kazakhstan, and WHZ Zwickau University of Applied Sciences, GermanyGermanyKazakh-American Free University, Ust-KamenogorskKazakhstanZwickau University of Applied Sciences, ZwickauGermany202330092023673104121Copyright © Noack S., Bordiyanu I., Zirkler B., Brauweiler C., 20232023Noack S., Bordiyanu I., Zirkler B., Brauweiler C.Noack S., Bordiyanu I., Zirkler B., Brauweiler C.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://ejebs.uib.kz/jour/article/view/88

 

Sustainability CovenantsFinancial CovenantsNon-Financial CovenantsEconomic GrowthSustainability Performance ManagementManagement Control SystemBusinessReferencesAbhayawansa, S. & Tyagi, S. (2021). Sustainable Investing: The Black Box of Environmental, Social, and Governance (ESG) Ratings. The Journal of Wealth Management, 24(1), 49-54. https://doi.org/10.3905/jwm.2021.1.130Abhayawansa, S. & Tyagi, S. (2021). Sustainable Investing: The Black Box of Environmental, Social, and Governance (ESG) Ratings. The Journal of Wealth Management, 24(1), 49-54. https://doi.org/10.3905/jwm.2021.1.130Ananda, J. (2018). Productivity implications of the water-energy-emissions nexus: An empirical analysis of the drinking water and wastewater sector. Journal of Cleaner Production, 196(1), 1097-1105. https://doi.org/10.1016/j.jclepro.2018.06.145Ananda, J. (2018). Productivity implications of the water-energy-emissions nexus: An empirical analysis of the drinking water and wastewater sector. Journal of Cleaner Production, 196(1), 1097-1105. https://doi.org/10.1016/j.jclepro.2018.06.145Beyer, D. (2002). Sustainable Building and Construction: Initiatives and Regulatory Options towards a Sustainable Planning, Building, Design and Construction Sector in Western Australia. ISTP Murdoch University.Beyer, D. (2002). Sustainable Building and Construction: Initiatives and Regulatory Options towards a Sustainable Planning, Building, Design and Construction Sector in Western Australia. ISTP Murdoch University.Biraghi, S. & Gambetti, R. C. (2013). Corporate branding: Where are we? A systematic communication-based inquiry. Journal of Marketing Communications, 21(4), 260-283. http://dx.doi.org/10.1080/13527266.2013.768535Biraghi, S. & Gambetti, R. C. (2013). Corporate branding: Where are we? A systematic communication-based inquiry. Journal of Marketing Communications, 21(4), 260-283. http://dx.doi.org/10.1080/13527266.2013.768535Bosselmann, K., Engel, R. & Taylor, P. (2008). Governance for Sustainability – Issues, Challenges, Successes. IUCN.Bosselmann, K., Engel, R. & Taylor, P. (2008). Governance for Sustainability – Issues, Challenges, Successes. IUCN.Bramley, M., Hamilton, K. & Robertson, L.-A. (2002). A Comparison of Current Government Action on Climate Change in the U.S. and Canada. Pembina Institute and World Wildlife Fund Canada.Bramley, M., Hamilton, K. & Robertson, L.-A. (2002). A Comparison of Current Government Action on Climate Change in the U.S. and Canada. Pembina Institute and World Wildlife Fund Canada.Brauweiler, H.-C. (2016). [Covenants in corporate crisis] Covenants in der Unternehmenskrise. Conference Proceedings: [Innovation in the modern world: goals, priorities, solutions] Innovation in der modernen Welt: Ziele, Prioritäten, Loesungen. Ural Academy for Economics, Administration and Law, Yekaterinburg. (in German)Brauweiler, H.-C. (2016). [Covenants in corporate crisis] Covenants in der Unternehmenskrise. Conference Proceedings: [Innovation in the modern world: goals, priorities, solutions] Innovation in der modernen Welt: Ziele, Prioritäten, Loesungen. Ural Academy for Economics, Administration and Law, Yekaterinburg. (in German)Carrizosa, R. & Ghosh, A. (2022). Sustainability-Linked Loan Contracting. SSRN Journal, 4103883. http://dx.doi.org/10.2139/ssrn.4103883Carrizosa, R. & Ghosh, A. (2022). Sustainability-Linked Loan Contracting. SSRN Journal, 4103883. http://dx.doi.org/10.2139/ssrn.4103883Cary, J., Jackson H. & Gumley, W. (2004). Statutory tools for environmental protection in Victoria – the next generation. NATIONAL ENVIRONMENTAL LAW REVIEW 2(1), 37-41.Cary, J., Jackson H. & Gumley, W. (2004). Statutory tools for environmental protection in Victoria – the next generation. NATIONAL ENVIRONMENTAL LAW REVIEW 2(1), 37-41.Chapman, R. (2003). A policy mix for environmentally sustainable development – learning from the Dutch experience. New Zealand journal of environmental law 7(1), 29-51.Chapman, R. (2003). A policy mix for environmentally sustainable development – learning from the Dutch experience. New Zealand journal of environmental law 7(1), 29-51.Choy, S., Jiang, S., Liao, S. & Wang, E. (2023). Public Environmental Enforcement and Private Lender Monitoring: Evidence from Environmental Covenants. Journal of Accounting and Economics, 101621(1), 1-68. https://doi.org/10.1016/j.jacceco. 2023.101621Choy, S., Jiang, S., Liao, S. & Wang, E. (2023). Public Environmental Enforcement and Private Lender Monitoring: Evidence from Environmental Covenants. Journal of Accounting and Economics, 101621(1), 1-68. https://doi.org/10.1016/j.jacceco. 2023.101621Damptey, E. O. (2011). Optimising the Use of Recycled C&D Waste Material in Civil Construction Projects. Dissertation. Swinburne University of Technology.Damptey, E. O. (2011). Optimising the Use of Recycled C&D Waste Material in Civil Construction Projects. Dissertation. Swinburne University of Technology.Davydenko, S., Elkamhi, R. & Salerno, M. (2020). When Are Financial Covenants Relevant? SSRN Journal, 3554454. http://dx.doi.org/10.2139/ssrn.3554454Davydenko, S., Elkamhi, R. & Salerno, M. (2020). When Are Financial Covenants Relevant? SSRN Journal, 3554454. http://dx.doi.org/10.2139/ssrn.3554454EDO Tasmania (2017). Conservation Covenants: Options to improve security for the protection of private land in Tasmania. Report. EDO Tasmania. [cited 27 July, 2023]. Available: https://www.nebn.org.au/files/reports/report-on-reform-of-conservation-covenants-revised-may-2017.pdfEDO Tasmania (2017). Conservation Covenants: Options to improve security for the protection of private land in Tasmania. Report. EDO Tasmania. [cited 27 July, 2023]. Available: https://www.nebn.org.au/files/reports/report-on-reform-of-conservation-covenants-revised-may-2017.pdfElkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. California Management Review 36(2), 90-100. http://dx.doi.org/10.2307/41165746Elkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. California Management Review 36(2), 90-100. http://dx.doi.org/10.2307/41165746Engel, K. H. (2005). Mitigating global climate change in the United States: a regional approach. NYU Envtl. LJ, 14, 54.Engel, K. H. (2005). Mitigating global climate change in the United States: a regional approach. NYU Envtl. LJ, 14, 54.Equality and Human Rights Commission (2022). A review of social covenants and charters. Equality and Human Rights Commission.Equality and Human Rights Commission (2022). A review of social covenants and charters. Equality and Human Rights Commission.Covenant initiative. EU Covenant of Mayors. (2022). [cited 27 July, 2023]. Available: https://www.covenantofmayors.eu/about/covenant-initiative/origins-and-development.htmlCovenant initiative. EU Covenant of Mayors. (2022). [cited 27 July, 2023]. Available: https://www.covenantofmayors.eu/about/covenant-initiative/origins-and-development.htmlGeiger, Z. P. (2010). The Triple Bottom Line: A Study of Waste Management/Recycling, Water and Transportation in the City of Kalamazoo. Kalamazoo College. [cited 27 July, 2023]. Available: http://hdl.handle.net/10920/14993Geiger, Z. P. (2010). The Triple Bottom Line: A Study of Waste Management/Recycling, Water and Transportation in the City of Kalamazoo. Kalamazoo College. [cited 27 July, 2023]. Available: http://hdl.handle.net/10920/14993Graml, S. (2014). Consolidated Financial Statements under Consideration of IFRS 11 – Implications for Financial Covenants of DAX Companies [Konzernabschluesse unter Beruecksichtigung von IFRS 11 – Implikationen auf Financial Covenants von DAX Unternehmen]. Springer Gabler. https://doi.org/10.1007/978-3-658-04534-0 (in German)Graml, S. (2014). Consolidated Financial Statements under Consideration of IFRS 11 – Implications for Financial Covenants of DAX Companies [Konzernabschluesse unter Beruecksichtigung von IFRS 11 – Implikationen auf Financial Covenants von DAX Unternehmen]. Springer Gabler. https://doi.org/10.1007/978-3-658-04534-0 (in German)Gunningham, N. (2017). Compliance, Enforcement, and Regulatory Excellence. RegNet Research Paper. 124(1). http://dx.doi.org/10.2139/ssrn.2929568Gunningham, N. (2017). Compliance, Enforcement, and Regulatory Excellence. RegNet Research Paper. 124(1). http://dx.doi.org/10.2139/ssrn.2929568Guthrie, G. (2022). Sustainability-Linked Loans. SSRN Journal, 4103883. http://dx.doi.org/10.2139/ ssrn.4228453Guthrie, G. (2022). Sustainability-Linked Loans. SSRN Journal, 4103883. http://dx.doi.org/10.2139/ ssrn.4228453Herenius, T. A., Kuyper, J. & Williams, S. (1994). Environmental Covenants: A New Strategy Towards Sustainable Development?. In SPE International Conference and Exhibition on Health, Safety, Environment, and Sustainability? (pp. SPE-27119). SPE, 303-311. https://doi.org/10.2118/ 27119-MSHerenius, T. A., Kuyper, J. & Williams, S. (1994). Environmental Covenants: A New Strategy Towards Sustainable Development?. In SPE International Conference and Exhibition on Health, Safety, Environment, and Sustainability? (pp. SPE-27119). SPE, 303-311. https://doi.org/10.2118/ 27119-MSHarris, R. J. (2010). Educating communities for a sustainable future – Do large-scale sporting events have a role?. Dissertation. Sydney University of Technology. https://www.uts.edu.au/sites/default/files/LargeScaleSportingEventsDevelopment.pdfHarris, R. J. (2010). Educating communities for a sustainable future – Do large-scale sporting events have a role?. Dissertation. Sydney University of Technology. https://www.uts.edu.au/sites/default/files/LargeScaleSportingEventsDevelopment.pdfHoepner, A. G. F. & Schneider, F. I. (2022). Exit vs Voice vs Denial of (Re)Entry: Assessing investor impact mechanisms on corporate climate transition. SSRN Journal. http://dx.doi.org/10.2139/ssrn.4193465Hoepner, A. G. F. & Schneider, F. I. (2022). Exit vs Voice vs Denial of (Re)Entry: Assessing investor impact mechanisms on corporate climate transition. SSRN Journal. http://dx.doi.org/10.2139/ssrn.4193465Hollar, K. A. & Sukumaran, B. (2002). Teaching Students Sustainability: An Interdisciplinary Design Project for Sophomore Engineering Students. Proceedings of the 2002 American Society for Engineering Education Zone I Conference United States Military Academy. https://doi.org/10.18260/1-2--10870Hollar, K. A. & Sukumaran, B. (2002). Teaching Students Sustainability: An Interdisciplinary Design Project for Sophomore Engineering Students. Proceedings of the 2002 American Society for Engineering Education Zone I Conference United States Military Academy. https://doi.org/10.18260/1-2--10870Horne, R., Grant, T. & Verghese, K. (2009). Life Cycle Assessment: Principles, Practice, and Prospects. CIRO Publishing. https://doi.org/10.1071/9780643097964Horne, R., Grant, T. & Verghese, K. (2009). Life Cycle Assessment: Principles, Practice, and Prospects. CIRO Publishing. https://doi.org/10.1071/9780643097964Jha, M. K. & Rangarajan, K. (2020). Analysis of corporate sustainability performance and corporate financial performance causal linkage in the Indian context. Asian Journal of Sustainability and Social Responsibility 5(10), 1-30. https://doi.org/10.1186/s41180-020-00038-zJha, M. K. & Rangarajan, K. (2020). Analysis of corporate sustainability performance and corporate financial performance causal linkage in the Indian context. Asian Journal of Sustainability and Social Responsibility 5(10), 1-30. https://doi.org/10.1186/s41180-020-00038-zJouffray, J.-B., Crona, B., Wassénius, E., Bebbington, J. & Scholtens, B. (2019). Leverage points in the financial sector for seafood sustainability. SCIENCE ADVANCES, 5(10), 1-11. https://doi.org/10.1126/sciadv.aax3324Jouffray, J.-B., Crona, B., Wassénius, E., Bebbington, J. & Scholtens, B. (2019). Leverage points in the financial sector for seafood sustainability. SCIENCE ADVANCES, 5(10), 1-11. https://doi.org/10.1126/sciadv.aax3324Kaplan, R. S. & Ramanna, K. (2021). How to Fix ESG Reporting. Harvard Business School Accounting & Management Unit Working Paper No. 22-005, 1-12. Available: https://www.hbs.edu/ris/Publication%20Files/22-005revised_ed6ac430-c3ca-4ba6-b0be-ca48c549aaf2.pdfKaplan, R. S. & Ramanna, K. (2021). How to Fix ESG Reporting. Harvard Business School Accounting & Management Unit Working Paper No. 22-005, 1-12. Available: https://www.hbs.edu/ris/Publication%20Files/22-005revised_ed6ac430-c3ca-4ba6-b0be-ca48c549aaf2.pdfKazaglis, A., Giurco, D., van Beers, D., Bossilkov, A., Reuter, M., Fagan, J., Grant, T. & Moore, T. (2007). Industrial Ecology Opportunities in Melbourne: Literature Review. Prepared for Smart Water Fund, Melbourne. Available: https://opus.lib.uts.edu.au/ bitstream/10453/35081/1/kazaglis2008industrialecologylitreview.pdfKazaglis, A., Giurco, D., van Beers, D., Bossilkov, A., Reuter, M., Fagan, J., Grant, T. & Moore, T. (2007). Industrial Ecology Opportunities in Melbourne: Literature Review. Prepared for Smart Water Fund, Melbourne. Available: https://opus.lib.uts.edu.au/ bitstream/10453/35081/1/kazaglis2008industrialecologylitreview.pdfKrpan, S. (2011). Compliance and Enforcement Review – A review of EPA Victoria’s approach. EPA Victoria, Publication 1368. Available: https://www.epa.vic.gov.au/about-epa/publications/1368Krpan, S. (2011). Compliance and Enforcement Review – A review of EPA Victoria’s approach. EPA Victoria, Publication 1368. Available: https://www.epa.vic.gov.au/about-epa/publications/1368Lodhia, S. (2015). Exploring the Transition to Integrated Reporting Through a Practice Lens: An Australian Customer Owned Bank Perspective. Journal of Business Ethics. 129(1), 585-598. http://dx.doi.org/10.1007/s10551-014-2194-8Lodhia, S. (2015). Exploring the Transition to Integrated Reporting Through a Practice Lens: An Australian Customer Owned Bank Perspective. Journal of Business Ethics. 129(1), 585-598. http://dx.doi.org/10.1007/s10551-014-2194-8Loorbach, D., Schoenmaker, D. & Schramade, W. (2020). Finance in Transition: Principles for a positive finance future. Rotterdam School of Management, Erasmus University, Rotterdam. Available: https://www.rsm.nl/fileadmin/ Corporate/About_RSM/PositiveChange/2020_Finance_in_Transition.pdfLoorbach, D., Schoenmaker, D. & Schramade, W. (2020). Finance in Transition: Principles for a positive finance future. Rotterdam School of Management, Erasmus University, Rotterdam. Available: https://www.rsm.nl/fileadmin/ Corporate/About_RSM/PositiveChange/2020_Finance_in_Transition.pdfMarkey, R., McIvor, J. & Wright, C. F. (2014). Climate change and the Australian workplace: final report for the Australian Department of Industry on state of knowledge on climate change, work and employment. Macquarie University, Centre for Workforce Futures. Available: https://www.mq.edu.au/__data/assets/pdf_file/ 0004/72454/Climate_Change_and_The_Australian_Workplace_2014.pdfMarkey, R., McIvor, J. & Wright, C. F. (2014). Climate change and the Australian workplace: final report for the Australian Department of Industry on state of knowledge on climate change, work and employment. Macquarie University, Centre for Workforce Futures. Available: https://www.mq.edu.au/__data/assets/pdf_file/ 0004/72454/Climate_Change_and_The_Australian_Workplace_2014.pdfMcConvill, J. & Joy, M. (2003). The Interaction of Directors' Duties And Sustainable Development in Australia: Setting Off On The Uncharted Road. Melbourne University Law Review, 27(1), 116-138. Available: https://law.unimelb.edu.au/__data/assets/pdf_file/ 0004/1708240/27_1_4.pdfMcConvill, J. & Joy, M. (2003). The Interaction of Directors' Duties And Sustainable Development in Australia: Setting Off On The Uncharted Road. Melbourne University Law Review, 27(1), 116-138. Available: https://law.unimelb.edu.au/__data/assets/pdf_file/ 0004/1708240/27_1_4.pdfMukatova, R., Mussina, K. & Rodríguez, M. (2022). Scientific Approaches to the Definition of Ethnо-Tourism Concept. Eurasian Journal of Economic and Business Studies, 65(3), 47-59. https://doi.org/10.47703/ejebs.v3i65.135Mukatova, R., Mussina, K. & Rodríguez, M. (2022). Scientific Approaches to the Definition of Ethnо-Tourism Concept. Eurasian Journal of Economic and Business Studies, 65(3), 47-59. https://doi.org/10.47703/ejebs.v3i65.135Newton, D. (2004). Sustainable dairy factories – progress in Victoria. The Australian Journal of Dairy Technology, 59(2), 116-125.Newton, D. (2004). Sustainable dairy factories – progress in Victoria. The Australian Journal of Dairy Technology, 59(2), 116-125.Noack, S. & Brauweiler, H.-C. (2019). Covenants in Loan Contracts as a Measure and Aid to reduce Risk. Conference Proceedings N1 of the International Congress on International Partnership: Social and Economic Challenges and Trends. Kazakh-American Free University Academic Journal, 74-82.Noack, S. & Brauweiler, H.-C. (2019). Covenants in Loan Contracts as a Measure and Aid to reduce Risk. Conference Proceedings N1 of the International Congress on International Partnership: Social and Economic Challenges and Trends. Kazakh-American Free University Academic Journal, 74-82.Nykvist, B. & Maltais, A. (2022). Too risky – The role of finance as a driver of sustainability transitions. Environmental Innovation and Societal Transitions. 42(1), 219-231. https://doi.org/10.1016/j.eist.2022.01.001Nykvist, B. & Maltais, A. (2022). Too risky – The role of finance as a driver of sustainability transitions. Environmental Innovation and Societal Transitions. 42(1), 219-231. https://doi.org/10.1016/j.eist.2022.01.001Olivares-Caminal, R. (2017). The definition of indebtedness and the consequent imperilling of the pari passu, negative pledge and cross-default clauses in sovereign debt instruments. Capital Markets Law Journal, 12(2), 164-179. https://doi.org/10.1093/cmlj /kmx021Olivares-Caminal, R. (2017). The definition of indebtedness and the consequent imperilling of the pari passu, negative pledge and cross-default clauses in sovereign debt instruments. Capital Markets Law Journal, 12(2), 164-179. https://doi.org/10.1093/cmlj /kmx021Pablo-Romero, P., Sánchez-Braza, A. & González-Limón, J. M. (2015). Covenant of Mayors: Reasons for Being an Environmentally and Energy Friendly Municipality. Review of Policy Research. 32(5), 576-599. https://doi.org/10.1111/ropr.12135Pablo-Romero, P., Sánchez-Braza, A. & González-Limón, J. M. (2015). Covenant of Mayors: Reasons for Being an Environmentally and Energy Friendly Municipality. Review of Policy Research. 32(5), 576-599. https://doi.org/10.1111/ropr.12135Prest, J. (2003). The forgotten forests. The environmental regulation of forestry on private land in new south wales between 1997 and 2002. Dissertation. Centre for Natural Ressources Law and Policy, University of Wollongong. Available: https://papers.ssrn. com/sol3/papers.cfm?abstract_id=2124861Prest, J. (2003). The forgotten forests. The environmental regulation of forestry on private land in new south wales between 1997 and 2002. Dissertation. Centre for Natural Ressources Law and Policy, University of Wollongong. Available: https://papers.ssrn. com/sol3/papers.cfm?abstract_id=2124861Prilmeier, R. (2017). Why do loans contain covenants? Evidence from lending relationships. Journal of Financial Economics, 123(3), 558-579. http://dx.doi.org/ 10.1016/j.jfineco.2016.12.007Prilmeier, R. (2017). Why do loans contain covenants? Evidence from lending relationships. Journal of Financial Economics, 123(3), 558-579. http://dx.doi.org/ 10.1016/j.jfineco.2016.12.007Otubanjo, O., Abimbola, T. & Amujo, C. A. (2010). Conceptualising the notion of corporate brand covenant. Journal of Product & Brand Management, 19(6), 410-422. https://doi.org/10.1108/10610421011085721Otubanjo, O., Abimbola, T. & Amujo, C. A. (2010). Conceptualising the notion of corporate brand covenant. Journal of Product & Brand Management, 19(6), 410-422. https://doi.org/10.1108/10610421011085721SAM Indexes GmbH (2007). Sustainability Covenant – Statutory Agreement under section 49AA of the Environment Protection Act 1970 between EPA and SAM. SAM Indexes GmbH.SAM Indexes GmbH (2007). Sustainability Covenant – Statutory Agreement under section 49AA of the Environment Protection Act 1970 between EPA and SAM. SAM Indexes GmbH.Sauer, P. C. & Seuring, S. (2023). How to conduct systematic literature reviews in management research: a guide in 6 steps and 14 decisions. Review of Managerial Science, 17(1), 1899-1933. https://doi.org/10.1007/s11846-023-00668-3Sauer, P. C. & Seuring, S. (2023). How to conduct systematic literature reviews in management research: a guide in 6 steps and 14 decisions. Review of Managerial Science, 17(1), 1899-1933. https://doi.org/10.1007/s11846-023-00668-3Shinn, C. R. & Polsky, M. (2002). The New Jersey Department of Environmental Protection’s Non-Traditional Role in Promoting Sustainable Development Internationally. Seton Hall Journal of Diplomacy and International Relations, 93-103. Available: https://ciaotest.cc.columbia.edu/olj/shjdir/v3n2/shjdir_v3n2f.pdfShinn, C. R. & Polsky, M. (2002). The New Jersey Department of Environmental Protection’s Non-Traditional Role in Promoting Sustainable Development Internationally. Seton Hall Journal of Diplomacy and International Relations, 93-103. Available: https://ciaotest.cc.columbia.edu/olj/shjdir/v3n2/shjdir_v3n2f.pdfSmith, M. H. (2009). Advancing and Resolving the Great Sustainability and Climate Discourses through Green Growth. Dissertation. Australian National University. Available: https://gaiageld.com/wp-content/uploads/2022/08/Smith_M_2009 _Advancing_and_ Resolving_the-2.pdfSmith, M. H. (2009). Advancing and Resolving the Great Sustainability and Climate Discourses through Green Growth. Dissertation. Australian National University. Available: https://gaiageld.com/wp-content/uploads/2022/08/Smith_M_2009 _Advancing_and_ Resolving_the-2.pdfSumalia, U. R., Walsh, M., Hoareau, K. & Cox, A. (2020). Ocean Finance: Financing the Transition to a Sustainable Ocean Economy. Washington, DC: World Resources Institute. Available: www.oceanpanel.org/bluepapers/ocean-finance-financing-transition-sustainable-ocean-economySumalia, U. R., Walsh, M., Hoareau, K. & Cox, A. (2020). Ocean Finance: Financing the Transition to a Sustainable Ocean Economy. Washington, DC: World Resources Institute. Available: www.oceanpanel.org/bluepapers/ocean-finance-financing-transition-sustainable-ocean-economySuurland, J. (1994). Voluntary agreements with industry: The case of dutch covenants. European Environment, 4(4), 3-7. http://dx.doi.org/10.1002/eet.3320040403Suurland, J. (1994). Voluntary agreements with industry: The case of dutch covenants. European Environment, 4(4), 3-7. http://dx.doi.org/10.1002/eet.3320040403Therivel, R. (2017). Resource efficiency. Morris, P., Therivel, R. & Wood, R. (editors). Methods of Environmental and Social Impact Assessment. Routledge, 603-622. https://doi.org/10.4324/9781315626932Therivel, R. (2017). Resource efficiency. Morris, P., Therivel, R. & Wood, R. (editors). Methods of Environmental and Social Impact Assessment. Routledge, 603-622. https://doi.org/10.4324/9781315626932Thomae, J., Caldecott, B. & Ralite, S. (2019). Sustainability Improvement Loans: a risk-based approach to changing capital requirements in favour of sustainability outcomes. University of Oxford. Available: https://www.smithschool.ox.ac. uk/sites/default/files/2022-04/Thomae-et-al-2019-Sustainability-Improvement-Loans.pdfThomae, J., Caldecott, B. & Ralite, S. (2019). Sustainability Improvement Loans: a risk-based approach to changing capital requirements in favour of sustainability outcomes. University of Oxford. Available: https://www.smithschool.ox.ac. uk/sites/default/files/2022-04/Thomae-et-al-2019-Sustainability-Improvement-Loans.pdfWoehe, G., Bilstein, J., Ernst, D., Häcker, J. (2013). Basics of Coporate Finance. [Grundzuege der Unternehmensfinanzierung]. Franz Vahlen. https://doi.org/10.15358/ 9783800645831 (in German)Woehe, G., Bilstein, J., Ernst, D., Häcker, J. (2013). Basics of Coporate Finance. [Grundzuege der Unternehmensfinanzierung]. Franz Vahlen. https://doi.org/10.15358/ 9783800645831 (in German)Zirkler, B., Brauweiler, H.-C., & Alickovic, V. (2018). Central Functions of Corporate Controlling Systems. Research Papers of Wroclaw, University of Economics. 515(1), 209-228. http://dx.doi.org/10.15611/pn.2018.515.17Zirkler, B., Brauweiler, H.-C., & Alickovic, V. (2018). Central Functions of Corporate Controlling Systems. Research Papers of Wroclaw, University of Economics. 515(1), 209-228. http://dx.doi.org/10.15611/pn.2018.515.17Zirkler, B., Hofmann J. & Schmolz, S. (2020). Controlling and Basel IV in Corporate Practice – Strategies for coping with increased regulatory and creditworthiness requirements [Controlling und Basel IV in der Unternehmenspraxis – Strategien zur Bewältigung erhoehter regulatorischer sowie bonitätsbezogener Anforderungen]. Springer Gabler. https://doi.org/10.1007/978-3-658-31352-4 (in German)Zirkler, B., Hofmann J. & Schmolz, S. (2020). Controlling and Basel IV in Corporate Practice – Strategies for coping with increased regulatory and creditworthiness requirements [Controlling und Basel IV in der Unternehmenspraxis – Strategien zur Bewältigung erhoehter regulatorischer sowie bonitätsbezogener Anforderungen]. Springer Gabler. https://doi.org/10.1007/978-3-658-31352-4 (in German)Zirkler, B., Hofmann, J., Schmolz, S. & Bordiyanu, I. (2021). Basel IV in Corporate Practice [Basel IV in der Unternehmenspraxis]. Springer Gabler essentials. https://doi.org/10.1007/978-3-658-35018-5 (in German)Zirkler, B., Hofmann, J., Schmolz, S. & Bordiyanu, I. (2021). Basel IV in Corporate Practice [Basel IV in der Unternehmenspraxis]. Springer Gabler essentials. https://doi.org/10.1007/978-3-658-35018-5 (in German)

The authors declare that there are no conflicts of interest present.