Thesis Topics
Research field Management and Financial Accounting
(Responsible: Victoria Fohrer / Markus Frank / Yanis Gamarra / Selina Hauch / Lubna Al-Duri)
Description:
This thesis will delve into the executive compensation within Germany's DAX 30 companies, aiming to analyze the components, size and structure of executive compensation for the fiscal year 2023. It seeks to understand how executive compensation is structured (including short- and long-term incentives), the role current legislative regulations play and how the compensation scheme evolved compared to the previous year. Further, this thesis aims to investigate to what extent ESG components shape executive compensation.
The results from this thesis will contribute to the yearly DSW study (see literature below).
Objectives:
- Collection of executive compensation data (using remuneration reports)
- Analysis of collected data
- Deep dive on the role of ESG
Prerequisites: Good German language skills, Interest in corporate governance and ESG matters, Independent working style
Methodology: Data collection and quantitative analysis
Start: ASAP
Application: Please stick to the regular application process via our chair’s online form
Contact: Selina Hauch (selina.hauch@tum.de), Victoria Fohrer (victoria.fohrer@tum.de)
First literature to start with:
Studie zur Vergütung der Vorstände in den DAX- und MDAX-Unternehmen im Geschäftsjahr 2022
Autoren: Gunther Friedl, Christiane Hölz, Frederik Beckendorff, Markus Frank, Hanna Scholta, Simon Llmeier, Patrick Knittl, Owen Mao, Jessica Weinmann
Verlag: Vertrieb über Deutsche Schutzvereinigung für Wertpapierbesitz e. V. (2023)
Sprache: Deutsch
Description:
The integration of ESG ratings into corporate decision-making is gaining significance as companies seek to align with global climate goals. However, concerns remain regarding the ambition level of corporate sustainability targets and whether they are sufficient to meet national and sectoral net zero targets, such as those outlined by Germany and the European Union.
This thesis aims to assess the ambition level of German publicly listed companies (e.g., DAX, MDAX, SDAX) in relation to national and sectoral net zero goals. The analysis will evaluate the robustness of corporate emission reduction targets, their alignment with international climate benchmarks, and the effectiveness of ESG ratings in capturing corporate decarbonization efforts. The study may include a literature review, an empirical analysis of corporate disclosures, and a comparison with recognized climate scenarios.
Prerequisites: Good German and English language skills, Interest in ESG, corporate sustainability strategies, and climate policy, Independent working style
Methodology:
- Literature review (BA only)
- Development of a framework for assessing corporate climate targets
- Quantitative analysis of corporate ESG and climate reporting
- Sector-based case studies on emission reduction pathways
Start: ASAP
Application: Please stick to the regular application process via our chair’s online form
Contact: Victoria Fohrer (victoria.fohrer@tum.de)
First literature to start with:
- Rekker et al. (2021) – Do Sustainability Rating Schemes Capture Climate Goals?
- Casas, Smit et al. (2024) – Climate Targets by Major Steel Companies: An Assessment of Collective Ambition and Planned Emission Reduction Measures
- Bjørn et al. (2022) – Can Science‑Based Targets Make the Private Sector Paris‑Aligned?
- Science Based Targets Initiative (SBTi) – Sectoral Decarbonization Approach
Description:
Experts consider the integration of ESG metrics into executive compensation as "one of the most significant changes in executive compensation over the past decade" (Ellerman et al., 2021). Despite its strategic significance on corporate agendas, the integration of ESG into business practices is often only discussed superficially, with ESG frequently treated as a buzzword.
This thesis aims to to analyze the prevailing incentivization approaches and systems. Depending on the degree level, this will be conducted through either a literature review or a multiple case study approach/quantitative analysis.
Prerequisites: Good German language skills, Interest in ESG, managerial incentive systems & agency theory, Independent working style
Methodology: Topic dependent (Literature review (BA only), Development of Framework, Multiple Case Study, Data collection or quantitative analysis)
Start: ASAP
Application: Please stick to the regular application process via our chair’s online form
Contact: Victoria Fohrer (victoria.fohrer@tum.de)
First literature to start with:
- COHEN, KADACH et al. 2023 – Executive Compensation Tied to ESG
- Flammer, Hong et al. 2019 – Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes
- Gebhardt, Thun et al. 2023 – Managing sustainability—Does the integration of environmental, social and governance key performance indicators in the internal management systems contribute to companies'
Research field Sustainable Energy and Mobility
(Responsible: Maximilian Blaschke / Johannes Bösch / Timm Höfer / Clemens Neumann / Jeana Ren / Hanna Scholta / Sophia Spitzer / Sophie Westphal / Eric Wimmer)
Research field ESG
(Responsible: Marc Mehrer / Maximilian Nadicksbernd / Marie-Christine Groß / Selina Hauch / Victoria Fohrer / Felix Bachner / Lubna Al-Duri)
Research field Small and Medium Enterprises (KMU & Handwerk)
(Responsible: Maximilian Schatz / Alina Gries)