The dissertation deals with the issue of sustainability in the area of asset management. In particular, it investigates the influence of sustainability on the financial performance of different investment vehicles.

For the doctoral thesis, a cumulative approach is applied. The dissertation will be composed of at least three different research papers.

The first project is based on the essential literature on portfolio performance measurement. Using sustainability ratings, so-called ESG ratings, from different providers, various investment portfolios are formed to evaluate their risk-adjusted performance. The central question is: Are these easily accessible and (automated) processable sustainability data able to not only create sustainability-tilted portfolios, but also to generate risk-adjusted excess returns?

How can excess returns be explained? This is the central question in the further development of the capital asset pricing model (CAPM) as the leading model for the performance evaluation of stock and fund investments. The second project is built around the much-noticed work of Fama and French (1993, 2015) and Carhart (1997) and is meant to evaluate whether ? alongside the commonly accepted risk factors size, value, and momentum - a sustainable risk factor exits.

In the further course (Project 3) a questionnaire-based approach will be used to generate a unique dataset that accounts for investor's sustainability preferences in asset management. Using this database, together with the results from the previous projects, new sustainability-tilted investment strategies will be developed and tested against conventional investment strategies.

Der menschengemachte Klimawandel ist wissenschaftlich bestätigt und im Bewusstsein der Öffentlichkeit angekommen, in der Rufe nach einer nachhaltigen Ausrichtung von wirtschaftlichen und gesellschaftlichen Systemen lauter werden. Als Konsequenz stellen auch Unternehmen das Thema Nachhaltigkeit immer mehr in den Fokus. Dabei wollen wir untersuchen, welchen Beitrag Innovationen leisten können, um Unternehmen und dadurch auch die gesamte Gesellschaft nachhaltiger aufzustellen.
Zunächst wollen wir den Begriff "Sustainable Innovation" besser verstehen und führen eine bibliometrische Analyse zum Thema durch. Dabei werden wir toolbasiert mehrere tausend wissenschaftliche Veröffentlichungen zu den Themen sustainable, economical and social innovation analysieren. Dies wird uns dabei helfen, eine Definition zu erarbeiten und gleichzeitig Trends und emergente Themen zu erkennen. Im nächsten Schritt wollen wir dann herausfinden, ob innovative Unternehmen automatisch nachhaltiger sind und welche Säulen der Nachhaltigkeit besonders durch Innovationsfähigkeiten beeinflusst werden. Im letzten Schritt der Forschungsarbeit soll dann ein Prozess aufgesetzt werden, der sich auf die Entwicklung von nachhaltigen Innovationen fokussiert. Dafür wollen wir zunächst emergente Technologien mittels Bibliometrie identifizieren, die dann auf Nachhaltigkeit geprüft und im Unternehmen umgesetzt werden sollen.

Der menschengemachte Klimawandel ist wissenschaftlich bestätigt und im Bewusstsein der Öffentlichkeit angekommen, in der Rufe nach einer nachhaltigen Ausrichtung von wirtschaftlichen und gesellschaftlichen Systemen lauter werden. Als Konsequenz stellen auch Unternehmen das Thema Nachhaltigkeit immer mehr in den Fokus. Dabei wollen wir untersuchen, welchen Beitrag Innovationen leisten können, um Unternehmen und dadurch auch die gesamte Gesellschaft nachhaltiger aufzustellen.
Zunächst wollen wir den Begriff "Sustainable Innovation" besser verstehen und führen eine bibliometrische Analyse zum Thema durch. Dabei werden wir toolbasiert mehrere tausend wissenschaftliche Veröffentlichungen zu den Themen sustainable, economical and social innovation analysieren. Dies wird uns dabei helfen, eine Definition zu erarbeiten und gleichzeitig Trends und emergente Themen zu erkennen. Im nächsten Schritt wollen wir dann herausfinden, ob innovative Unternehmen automatisch nachhaltiger sind und welche Säulen der Nachhaltigkeit besonders durch Innovationsfähigkeiten beeinflusst werden. Im letzten Schritt der Forschungsarbeit soll dann ein Prozess aufgesetzt werden, der sich auf die Entwicklung von nachhaltigen Innovationen fokussiert. Dafür wollen wir zunächst emergente Technologien mittels Bibliometrie identifizieren, die dann auf Nachhaltigkeit geprüft und im Unternehmen umgesetzt werden sollen.

The dissertation deals with the issue of sustainability in the area of finance focusing on investors' preferences and shareholder value. For the doctoral thesis, a cumulative approach is applied. The dissertation will be composed of at least three different research papers.
The first project deals with the question whether sustainable investing by a company has an impact on the decision making process of investors. Therefore we analyze stock price reactions on different ESG-parameters.
In the second paper we focus on the research area of social impact investing. In contrast to the commonly applied ESG-criteria in asset management (passive), the objective of impact investing is an active, sustainable development. The paper seeks to compare investors' decisions regarding the application of ESG-parameters and impact investing, respectively.
Originally used in the field of marketing research to determine the value of attributes of products or services in the eyes of individuals, conjoint analysis methodology is applied in this finance research project. We use the technique to investigate the effect of sustainable investing on stakeholders' satisfaction in cooperation with practitioners.

The dissertation deals with the issue of sustainability in the area of finance focusing on investors' preferences and shareholder value. For the doctoral thesis, a cumulative approach is applied. The dissertation will be composed of at least three different research papers.
The first project deals with the question whether sustainable investing by a company has an impact on the decision making process of investors. Therefore we analyze stock price reactions on different ESG-parameters.
In the second paper we focus on the research area of social impact investing. In contrast to the commonly applied ESG-criteria in asset management (passive), the objective of impact investing is an active, sustainable development. The paper seeks to compare investors' decisions regarding the application of ESG-parameters and impact investing, respectively.
Originally used in the field of marketing research to determine the value of attributes of products or services in the eyes of individuals, conjoint analysis methodology is applied in this finance research project. We use the technique to investigate the effect of sustainable investing on stakeholders' satisfaction in cooperation with practitioners.

Ziel des Projekts Sustainability-aware Business Process Management (SABPM) ist die Untersuchung der Integration ökonomischer, sozialer und ökologischer Nachhaltigkeit in Organisationen. Im Rahmen einer Action-Research-Studie an der Universität Liechtenstein werden dazu zunächst die Ziele, die von der Universität in Bezug auf ökonomische, ökologische und soziale Nachhaltigkeit verfolgt werden, identifiziert. Darauf aufbauend wird untersucht, welche Massnahmen zur Erreichung dieser Ziele zum Einsatz kommen können. Insbesondere wird die Frage gestellt, welche Rolle Prozessveränderungen bei der Transformation zu nachhaltigen Organisationen spielen und wie in diesem Kontext die Transformationskraft (Transformative Power) von Informationssystemen genutzt werden kann. Das Ergebnis dieser Untersuchungen ist ein erklärendes und vorhersagendes theoretisches Modell, das eine Grundlage für die Entwicklung von Gestaltungsempfehlungen für ein nachhaltigkeitsorientiertes Prozessmanagement schafft.
Die Ergebnisse werden in Zusammenarbeit mit regionalen Organisationen aus Wirtschaft und Verwaltung evaluiert und generalisiert, um ihre Gültigkeit und Anwendbarkeit über den Kontext
der Universität Liechtenstein hinaus zu gewährleisten. Organisationen werden so in die Lage versetzt, Nachhaltigkeit – über Prozessveränderungen sowie den Einsatz moderner Informations- und Kommunikationstechnologien – dauerhaft zu implementieren.

The dissertation addresses the importance of successful Business Process Management (BPM) adoption as it has a direct impact on having a successful business. Therefore, the general objective of this Ph.D. dissertation is to support organizations to successfully adopt. To this end, the author addresses various directions such as organizational and operational perspectives in order to evaluate BPM and study the role of new technologies in BPM. In addition, an Agile approach is combined with BPM in order to better manage process change within organizations through sense and response to necessary changes. Accordingly, the author is interested in finding the answer to the general question: " How can we lead organizations to successfully adopt Business Process Management (BPM) for managing process change? ".

The dissertation addresses the importance of successful Business Process Management (BPM) adoption as it has a direct impact on having a successful business. Therefore, the general objective of this Ph.D. dissertation is to support organizations to successfully adopt. To this end, the author addresses various directions such as organizational and operational perspectives in order to evaluate BPM and study the role of new technologies in BPM. In addition, an Agile approach is combined with BPM in order to better manage process change within organizations through sense and response to necessary changes. Accordingly, the author is interested in finding the answer to the general question: " How can we lead organizations to successfully adopt Business Process Management (BPM) for managing process change? ".

Recognising the challenges ahead, in 2018 the European Commission published its Action Plan for Sustainable Financial Growth, which aims, among other things, to redirect capital flows towards a more sustainable economy. Promoting understanding of sustainable finance can be a key element in achieving this EU Action Plan goal, thereby fostering sustainability transformation in the European Union. In this sense, the importance of sustainable financial literacy, which can enable retail investors to become a driving force in the transformation of the economy, has also been highlighted by the German Government's Council for Sustainable Finance. The motivation behind our project is therefore a response to the general need for sustainable financial education. We believe that the need for sustainable financial education is increasingly important in today's world, and that this particular part of financial literacy is an essential life skill. With the growing awareness of climate change and the need for a more sustainable financial system, there is a need for individuals and institutions to understand and engage with the principles and practices of sustainable finance. The aim of our project is to contribute to this need through the development and implementation of a comprehensive programme focusing on sustainable finance education. Through a research study, an inter-faculty curriculum and a sustainable finance competency assessment, we aim to equip students and faculty with the knowledge and skills necessary to understand and engage with the principles and practices of sustainable finance and to contribute to a more sustainable financial system. We believe that our project is highly relevant and timely. There is an urgent need for greater awareness and understanding of the principles and practices of sustainable finance. The project is aligned with the objectives of the Erasmus+ programme, which aims to promote learning, teaching and skills development and contribute to achieving the United Nations Sustainable Development Goals. Therefore, our project should be promoted because of its potential to have a significant impact at both the local and the global level. We can contribute to building a more sustainable financial system and a more sustainable future for all by promoting knowledge, principles and practices of sustainable finance among students and teachers. In addition, the results of our project can serve as a model for other educational institutions and organizations around the world. They can promote sustainable financial education for years to come. The aim of the project is to measure and improve the understanding and knowledge of sustainable finance, the promotion of sustainable financial literacy and the support of a sustainable financial ecosystem. By conducting a survey, developing a curriculum and introducing an assessment of sustainable financial literacy, we aim to equip people with the necessary skills and knowledge to make informed decisions about sustainable finance.

Well-arranged and successful business succession requires a broad and diverse knowledge base in various areas of law. Therefore, in addition to company law considerations, it is sometimes necessary to address issues concerning inheritance and civil law. In cases with cross-border elements, the application of international conflict rules must also be taken into account. The present research project is intended to address the options available in company law in relation to company succession. In this context, the various results which may be achieved using a company's articles of association or similar contractual agreements will be examined in detail. In addition, alternative structures which may be used for the purpose of intergenerational wealth transfer will also be explored. The aim of this project is to present the opportunities and limitations in relation to business succession structuring by means of comparative law research and through publications thereby provide courts and practitioners with specific reference points when lacunae in the law and issues surrounded by legal uncertainty arise.