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The research project “start2park” closes a research gap by precisely measuring parking search duration (cruising for parking) – especially the starting point of search – using a mobile app developed for this purpose. Complete journeys’ location data and durations are recorded, including driving until the start of the parking search, the parking search process, and the footpath from the parking spot to the final destination. Therefore, the causal effects of parking search on driving duration as well as journey duration can be estimated. Cruising for parking is traffic that results from car drivers looking for (free) kerb parking that meets their expectations (for example, free of charge or close to their destination point) and drivers being not (fully) informed about available kerb space parking locations. Parking search traffic causes external costs. Therefore, traffic-planning options should be designed to reduce unnecessary parking search traffic. However, this requires reliable data on urban cruising for parking traffic. Previous empirical results on the share of cruising traffic in total traffic, average parking search durations and average parking search distances differ widely. We show that the causal effect of parking search on driving duration and journey duration has not yet been validly estimated in empirical studies, and we explain how this is done in the research project.
Abstract: English
Environmental sustainability is one of the greatest challenges of this century. It depends on both compliance with environmental protection laws and its integration into directors’ decision-making beyond these laws. In this regard, the duty to promote the company’s success stipulates in the Companies Act 2006 that directors, who are protected by Business Judgment Rule, shall consider their companies’ environmental impacts. Since the stakeholders’ interests are regarded as a means to increase shareholder value, directors may pursue their companies’ environmental sustainability through a business case. The latest changes to the UK Corporate Governance Code 2018 further encourage directors to consider environmental sustainability in their business decisions. They may also link environmental sustainability to mandatory and voluntary disclosures through publishing their companies’ achievements. As a result, directors have broad discretion to pursue environmental sustainability beyond environmental protection laws. However, evidence shows that directors frequently neglect this discretion, the environmental sustainability’s resulting business case and that they even cause environmental damages to increase (the short-term) shareholder value. This is due to the social norm of shareholder primacy, which is now exacerbated by Brexit’s and the Ukraine war’s unclear economic impacts as well as the ongoing COVID-19 pandemic. In this regard, the current approach of the UK’s company law in the predominant form of narrative reporting laws is insufficient because of the resulting greenwashing possibilities. This paper’s main argument is thus that changes to the current legal framework for directors’ decision-making are needed to achieve more environmental sustainability. Accordingly, a new principle for the UK Corporate Governance Code 2018 could lead to a greater consideration of environmental sustainability in directors’ decision-making and increased shareholder value in times of rising societal awareness of climate change and a growing trend towards environmental activist shareholders.