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Non-financial reporting in the real estate and construction sector in Germany: competitive advantage or “window dressing”?
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Resumo(s)
The higher status of sustainability in society, growing legal obligations, and the
increased interest of stakeholders have made it crucial for companies to report on their
environmental, social and economic concerns in the form of non-financial reports. This
dissertation examines the role of non-financial reporting in the German real estate and
construction sector and analyses whether it serves as a source of competitive advantage
or rather as a form of window dressing.
To explore this question, a multi-criteria assessment framework was developed using
ten evaluation criteria grounded in established sustainability research. Using this
framework, 30 non-financial reports were systematically assessed to explore their
potential to generate competitive advantages and to identify indications of symbolic or
misleading ESG communication. The resulting scores were classified into four thresholdbased categories to reveal patterns across the sample. Additionally, a distinction was
made between capital market-oriented and non-capital market-oriented companies to
analyse how structural and regulatory factors influence reporting quality.
The findings reveal that capital market-oriented companies tend to score higher in
both assessment dimensions, benefitting from structured reporting systems, compliance
with international standards (e.g. GRI, EU Taxonomy), and access to greater resources.
In contrast, non-capital market-oriented companies show more heterogeneity, with some
demonstrating innovative approaches but many exhibiting transparency gaps, limited
standardisation, and superficial ESG claims. A notable correlation was found between
strategic ESG integration and lower risk of window dressing, while selective disclosure
and vague statements were especially prevalent among companies with weak reporting
practices.
The dissertation concludes by reflecting on the conditions under which NFR can serve
as a strategic instrument for market positioning and credibility. It also offers an outlook
on future regulatory developments and the potential of digital technologies to improve
the quality, comparability, and reliability of NFR
Descrição
Palavras-chave
Non-Financial Reporting Competitive Advantage Window Dressing ESG
Contexto Educativo
Citação
Berger, Paul Silvan (2025). “Non-financial reporting in the real estate and construction sector in Germany: competitive advantage or “window dressing”?”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão