CSR management and reporting between voluntary bonding and legal regulation: First empirical insights of the compliance to the German Sustainability Code

CSR management and reporting as stated in the German Sustainability Code have currently gained an increasing relevance in the context of business reporting. Focussing on the comparison with the German Corporate Governance Code, this article investigates the conception and major opportunities and risks of the German Sustainability Code. Furthermore the authors present the first empirical analysis of declarations of conformity voluntarily published by 75 companies. It is examined, whether stock companies on the one hand and public enterprises, medium-sized as well as family-owned businesses on the other hand apply the Sustainability Code differently. In view of the main reporting heterogeneity and reporting lags the current European regulation of CSR reporting can be justified.