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Die steigende Zahl an Unternehmen, die nach der Corporate Sustainability Reporting Directive berichtspflichtig werden, müssen in ihrer Nachhaltigkeitsberichterstattung neben der eigenen Geschäftstätigkeit auch die Wertschöpfungskette abbilden. Damit werden auch nicht direkt berichtspflichtige Unternehmen häufig zur Weitergabe von Nachhaltigkeitsinformationen aufgefordert. Um eine Vereinheitlichung der Informationsanforderungen zu erreichen, hat die EFRAG einen Standardentwurf entwickelt und zur Konsultation gestellt (VSME-Standard). Dieser Beitrag stellt den VSME-Standardentwurf kurz in Grundzügen vor und geht anschließend auf Forderungen und Rückmeldungen, die im Rahmen der Konsultation ent-standen sind, ein.
Johann Friedrich Pfeiffer on Adam Smith: An Early Reception of Adam Smith in the German States
(2024)
Different from the usual portrayal that it was not until the turn of the nineteenth century that Adam Smith’s work became influential, the extensive commentary by Johann Friedrich Pfeiffer shows an immediate effect on German economic discourse. Pfeiffer, who lived from 1717 until 1787, was as a late and liberal cameralist. Pfeiffer was a prolific writer and well-known scholar during his lifetime. He lived so close to 1789 that his works were only briefly received, and he was not able to leave a lasting legacy on cameralist thought, which withered after the French Revolution. The significance of Smith was recognized by Pfeiffer, placing Smith above most of his German-speaking contemporaries. Both Pfeiffer and Smith addressed many similar topics and Pfeiffer expresses his agreement with large parts of Smith’s Wealth of Nations. However, Pfeiffer criticizes Smith because of Smith’s general support of free trade and his idealistic concept of a system of natural liberty. Pfeiffer, in contrast, was much more in favor of state interventions, given the lack of knowledge and irrational behavior of humans. While their political points of view differ, there are many theoretical similarities between them.
The question of the optimal design of financial systems, whether more bank-based or more market-based, has a long history. Four phases of the discussion can be distinguished: Before World War I, in the rivalry between Germany and England, the debate begins. Across the spectrum, from the liberal Adolf Weber to the Marxist Rudolf Hilferding and the eclectic Joseph Schumpeter, comparisons were made, and the heterogenous authors arrived at similar assessments. During the Cold War, in contrast to the Soviet-Russian model, Alexander Gerschenkron’s depiction with the advantages of backwardness became influential. After the 1990s and in line with the Varieties of Capitalism approach, the discussion led by Ross Levine resulted in a consensus where different financial systems were embedded in their broader institutional context. The current discussion attempts to prove the superiority of capital markets, pointing to the American system as example.
The European Sustainable Finance regulation is primarily focused on capital markets, requiring companies to disclose extensive data. However, these regulations pose challenges for German SMEs, which rely heavily on bank financing. A survey showed that 60% of SMEs invest in sustainability, but external financing remains limited. The EU's approach may need adjustments, such as creating a voluntary sustainability reporting standard for SMEs and developing a streamlined approach for green loans.
The question of the optimal design of financial systems, whether more bank-based or more market-based, has a long history. Four phases of the discussion can be distinguished: Before World War I, in the rivalry between Germany and England, the debate begins. Across the spectrum, from the liberal Adolf Weber to the Marxist Rudolf Hilferding and the eclectic Joseph Schumpeter, comparisons were made, and the heterogenous authors arrived at similar assessments. During the Cold War, in contrast to the Soviet-Russian model, Alexander Gerschenkron’s depiction with the advantages of backwardness became influential. After the 1990s and in line with the Varieties of Capitalism approach, the discussion led by Ross Levine resulted in a consensus where different financial systems were embedded in their broader institutional context. The current discussion attempts to prove the superiority of capital markets, pointing to the American system as example.
The European Sustainable Finance regulation is primarily focused on capital markets, requiring companies to disclose extensive data. However, these regulations pose challenges for German SMEs, which rely heavily on bank financing. A survey showed that 60% of SMEs invest in sustainability, but external financing remains limited. The EU's approach may need adjustments, such as creating a voluntary sustainability reporting standard for SMEs and developing a streamlined approach for green loans.
