research
report
2014
2 HHL RESEARCH REPORT 2014
HHL RESEARCH REPORT 2014 3
Content
Dear reader,
innovate125 – HHL Targeting Top 10 in Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . 04
Scientific Advisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05
Center for Advanced Studies in Management (CASiM) . . . . . . . . . . . . . . . . . . . . 06
Strategic and international Management
Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management
and Family Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Center for Strategy and Scenario Planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ICCR Chair of Corporate Responsibility and Governance . . . . . . . . . . . . . . . . .
Alfried Krupp von Bohlen und Halbach Junior Professorship
in International Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
08
10
11
14
Finance, Accounting and CorpORATE Governance
Chair of Financial Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chair of Accounting and Auditing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Center for Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sparkassen-Finanzgruppe Junior Professorship
in M&A of Small- and Midsized Entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
18
22
24
ECONOMICS AND REGULATION
Chair of Economic and Information Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Chair of Microeconomics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Center for Health Care Management and Regulation . . . . . . . . . . . . . . . . . . . . . 28
SUSTAINABILITY AND COMPETITIVENESS
SVI-Endowed Chair of Marketing, esp. E-Commerce
and Cross-Media Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Heinz Nixdorf Chair of IT-based Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sparkassen-Finanzgruppe Chair of Macroeconomics . . . . . . . . . . . . . . . . . . . .
Dr. Werner Jackstädt Chair of Economic
and Business Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
33
36
In line with its innovate125 Future Concept, HHL has
dedicated itself to educating and training responsible, entrepreneurially-minded leaders for the global economy. Excellence in research, teaching and
knowledge transfer represent crucial prerequisites
for our work. HHL continues to expand its faculty
and the international visibility of its research efforts.
To be able to meet the urgent societal challenges
in the fields of healthcare, energy, sustainability
and demography even more effectively, the faculty
counters the ongoing trend of isolated research in
the various sub-disciplines of business administration with an increased exchange amongst these
sub-disciplines as well as tighter inter- and transdisciplinary crosslinking. For this purpose, the faculty chose a topic-based group structure targeting
effective, responsible and entrepreneurial decisions
in companies and founded an overall cross-group
Center for Advanced Studies in Management
(CASiM) to conduct its research in the fields of business administration and economics in a holistic
environment.
As reflected in the industry structure of the alumni
network, HHL is closely connected with the core
areas of business administration – strategy, finance
and accounting as well as innovation and entrepreneurship. Consequently, the school is continuing to develop into an ideal research partner for
society’s central fields of the future – healthcare,
energy, mobility, resource efficiency, societal and
demographic change – through its topical focal
points sustainability and competitiveness as well as
economics and regulation.
With this significant expansion of the faculty, HHL
is also increasing its critical research mass in the
sub-disciplines as well as for the comprehensive
topics while strengthening its connection to excellent research partners in regional and international
research associations at the same time. In doing so,
the schools uses the opportunities of internationalization, diversity and interdisciplinarity arising from
the work of the faculty in a goal-oriented manner.
The new recruits in the fields of business psychology, healthcare and law of business administration
attest to this fact just like the growing number of
professors and junior researchers with an international background.
39
INNOVATION AND ENTREPRENEURSHIP
Stiftungsfonds Deutsche Bank Chair
of Innovation Management and Entrepreneurship . . . . . . . . . . . . . . . . . . . . . . . 42
Schumpeter Junior Professorship for Entrepreneurship
and Technology Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Center for Leading Innovation & Cooperation (Clic) . . . . . . . . . . . . . . . . . . . . . 48
Publications and Conference Presentations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Imprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
In light of the dynamic development of HHL’s
research activities related human resources as well
as organization, expertise and topics, the Research
Report offers an overview of results achieved during
the period under report as well as new and planned
research projects. It therefore also represents an
invitation to our distinguished readers to join us in
open and trusting cooperation.
With this aim in view, I hope you will find the read
an enjoyable and inspiring experience.
Yours,
Prof. Dr. Andreas Pinkwart
Dean of HHL Leipzig
Graduate School of Management
“In line with its innovate125 Future Concept,
HHL has dedicated itself to educating and training responsible, entrepreneurially-minded
leaders for the global economy. Excellence in
research, teaching and knowledge transfer
represent crucial prerequisites for our work.”
4 HHL RESEARCH REPORT 2014
HHL RESEARCH REPORT 2014 5
innovate125 – HHL Targeting
Top 10 in Europe
Since its foundation in 1898, HHL has proven to be a driving force for innovation:
1898, and it was the first business school in the German speaking world to pave the
way for the academic training of merchants. Upon its re-establishment in 1992,
the international o
​ rientation of business administration within the globalization
of the German economy was the focus of its attention. HHL is one of the pioneers
in Germany, teaching all programs in English since the mid-1990s. Long before the
financial crisis, HHL was one of the first business schools to focus on the conditions
for responsible sustainable leader­ship. HHL now responds to the growing complexity of leadership through its concept for the future, increasing awareness for the
whole issue and expanding the dimensions of effectiveness and responsibility, aided
by the perspectives of innovation and entrepreneurial leadership.
With our Future Concept innovate 125
we are taking a glimpse at the year 2023,
when HHL will celebrate its 125th anni­
versary. By then, HHL wants to have
moved up into the league of the top 10
graduate schools in Europe with its
significant M.Sc., MBA and Executive
programs as well as its well-structured
doctoral program. To achieve this, great
effort are made to realign the content
and structure of this university. HHL organizes its research and teaching activities in topic-related groups to consolidate its strengths and be able to profile
new focal points. In relation to the pressing issues of modern leadership, the faculty is composed of the following fields:
Strategic & International Management;
Finance, Accounting & Corporate Gov­er­nance; Economics & Regulation; Sus­
tainability & Competitiveness as well as
Innovation & Entrepreneurship.
The cross-faculty center established
at HHL to ensure the cross-linking and
profiling of research, teaching and
knowledge transfer. Firstly, HHL’s new
Center for Advanced Studies in Manage­
ment (CASiM) deals with basic questions of business administration in the
21st century in close cooperation with
the five research groups and HHL’s doctoral program. The research program
focuses i.e. on the role of trust within
and between companies as well as the
trust in innovation. The planned Center
for Entrepreneurial and Innovative
Manage­ment (CEIM) will bundle the individual groups’ expertise in innovative
entrepreneurship in existing companies, companies established by merger
or start-up businesses. With this, HHL
seeks to establish itself as one of the
leading entrepreneurial universities in
Europe.
The content-related advanced development and expansion is accompanied
by a further growth of the faculty and
a quality-oriented increase in the number of students. New programs are to
roughly double the number of students
and faculty members in the following
five years. This will allow HHL to obtain
additional international accreditations
and to be included in further rankings.
This growth is to involve a further inter­
nationalization of the faculty as well as
an increase in the number of women
in the faculty, the student community
and the HHL bodies. In the past years,
the proportion of international faculty
members rose from 10 to over 25 percent. HHL wants to fund its growth by
strengthening its self-financing power
from tuition fees, third-party research
funding, the systematic expansion
of endowment chairs and the capital
increase of the Kramer-Foundation,
which is one of HHL’s three non-profit
associations.
HHL organizes its research and teaching activi­­ties
in topic-related groups to consolidate its strengths
and be able to profile new focal points.
From left to right: Prof. Dr. Andreas Pinkwart, Prof. Dr. Robert G. Hansen,
Prof. Dr. Holger Burckhart, Prof. Dr. Michael Czinkota
“The strategy of more
in-depth research
through lateral structures correlates with
HHL’s size and represents an appropriate
response to the complexity of contemporary
and future issues.”
Prof. Dr. Holger Burckhart
“HHL’s Scientific Strategy is
Equally Innovative and Pragmatic”
How do external scientists see HHL’s research strategy and activities? The first
meeting of the Scientific Advisory Board took place in summer 2011. The body is
to recommend procedures for the strategic orientation of HHL on a regular basis.
Renowned experts such as Professor Holger Burckhart (Rector of the University of
Siegen), Professor Michael Czinkota (Associate Professor of International Business
and Marketing at Georgetown McDonough School of Business, Washington D.C., and
Professor Emeritus of the University of Birmingham) and Professor Robert G. Hansen
(Senior Associate Dean of Tuck School of Business at Dartmouth) comment.
How would you evaluate the progress
of the scientific strategy as well as the
Future Concept innovate125 of HHL?
idea and will contribute to further scholarly progress, especially in collaborations
that might not have otherwise occurred.
Prof. Dr. Holger Burckhart: Both the
strategy and concept are equally innovative and pragmatic. The strategy of more
in-depth research through lateral structures correlates with HHL’s size and represents an appropriate response to the
complexity of contemporary and future
issues. The innovate125 Future Concept
will continue to distinguish HHL’s position in the competition for the best people and places in a significant manner, i.e.
give the school a clear profile in research,
teaching and social commitment.
Prof. Dr. Michael Czinkota: The progress
in the scientific strategy has been substantial. The faculty team as well as the
student body realize that research and
its dissemination in strong outlets is crucial to both the learning process and the
public positioning of HHL.
Prof. Dr. Robert G. Hansen: The progress
of HHL’s strategy is quite spectacular.
Prestige of a school will to a great extent
follow the success of its faculty, and HHL
under Dean Pinkwart the faculty is getting
even better than it was before. The reorganization of the faculty was a very good
What do you consider the most innovative aspects of HHL’s research activities?
Prof. Dr. Holger Burckhart: In order to
meet the highest standards established
by the competence of the colleagues and
the administration as well as the diversity among the students, the departments
will surely stand out in the community
with the interlinking of the topics they
choose to examine.
Prof. Dr. Michael Czinkota: The most innovative aspects of HHL’s research activities is the breaking out of silos and crossing of established academic area boxes.
The resulting interdisciplinary work lets
researchers and users of research feel
comfortable with the scope of the issues
addressed. Rather than expecting problems to manifest themselves in a narrowly
defined case study format, those exposed
to HHL research are able to understand
the linkage between issues and the simultaneity of analysis and change.
Prof. Dr. Robert G. Hansen: I believe that
CASIM, the Center for Advanced Studies
in Management, is very exciting. The
work on trust in firms and markets could
be pathbreaking and builds on HHLs excellence in the area of business ethics.
Marketing is also an area that HHL is
known for.
Considering HHL’s mission statement:
What in your opinion should be further
strengthened regarding HHL’s academic
work?
Prof. Dr. Holger Burckhart: I consider
responsibility to be the overriding theme
to all elements of the mission statement.
This includes inspiring, evolving and developing equally the sensibilities, strategies and problem areas.
Prof. Dr. Michael Czinkota: HHL has reflected early on in its work the need for
ethics, responsibility and integrity. It
needs to continue this building of bridges between academia and practice, letting participants know that indeed, all
business decisions are personal and local
– no matter how distant the implementation appears. By recognizing and sponsoring a lifelong support network, HHL
also ensures that its graduates keep in
touch and are kept in close proximity to
further improvements, innovations and
insights, thus assisting the ongoing future leadership of the HHL team.
Prof. Dr. Robert G. Hansen: The best
educational experience is to have a professor who is on the frontier of their
scholarly field and who also loves to
communicate their ideas to students.
HHL will do well by continuing to make
that kind of experience an every day one
for its students.
Center for Advanced Studies in Management 7
6 HHL RESEARCH REPORT 2014
Executive Board of CASiM:
Prof. Dr. Heribert Meffert, Prof. Dr. Ralf
Reichwald, Prof. Dr. Andreas Pinkwart,
Prof. Dr. Horst Albach (from left to right)
Doctoral Projects
at CASiM Graduate
School
“Two decades of Diversity Mana­
gement and Inclusion in South
African firms and its effects on
decision-making processes by
Transformation Managers.”
by Fundiswa Ndaba
Center for Advanced Studies in Management (CASiM)
CASiM Establishes Graduate School
and Strengthens its Network
The socio-economic systems of today are subject to substantial changes, primarily
driven by globalization, technological advancement, and demographic transition.
These changes are expected to offer numerous opportunities but also to pose great
challenges for the societies and economies of developing and developed countries.
The Center for Advanced Studies in Management (CASiM) is an interdisciplinary
research center established at HHL Leipzig Graduate School of Management to investigate the opportunities and economic challenges of the 21st century. Its research
program embraces four intersecting areas: the role of trust in business economics,
change management, health care economics and management, and urban dynamics (see graphic). The research mission of CASiM is based on a holistic approach in
which all branches of business economics represented at HHL and partner institutions are bundled.
Since its foundation in summer 2012,
the research center – led by outstanding scholars Prof. Dr. Horst Albach,
Prof. Dr. Heribert Meffert, Prof. Dr.
Andreas Pinkwart, and Prof. Dr. Ralf
Reichwald – has been enjoying steady
growth. In addition to its research on
pressing economic issues, CASiM organizes conferences and prepares scientific
publications.
2014 is titled “Boundaryless Hospital”
and will be devoted to health care management and the hospital of the future.
In contrast, the conference planned for
year 2015 – when Leipzig will be celebrating the 1000th anniversary of its
endowment with city and market privileges – will deal with urban dynamics
and focus on cities and firms in global
competition.
The annual CASiM conferences serve
as a platform for a trans-disciplinary
dialog between academic community
and practitioners about the challenges
of business economics of today. After
the successful conference on The Role
of Trust in Business Economics in 2012,
the second annual conference was held
in 2013; it was devoted to an academic
dialog about change management in
firms and markets and attracted numerous distinguished scholars and
practitioners. The CASiM Conference
In connection with its conferences,
CASiM initiated several publication projects with the objective of making the
research results available to the general public and facilitating knowledge
transfer between academia and business practice. In the pipeline are publications on the role of trust in economic
change (with Schmalenbach Business
Review) and an anthology on change
management in firms and markets
(with Springer Gabler).
In April 2013, the CASiM Graduate School
started its activity with the enrollment of the first doctoral students, Ms.
Fundiswa Ndaba from South Africa and
Ms. Linh Nguyen from Vietnam. The doctoral students at CASiM enjoy two privileges: First, they have the unique opportunity to do research with the members
of the Executive Board of CASiM and the
outstanding HHL faculty. Second, every
doctoral candidate at CASiM receives a
three-year scholarship sponsored by the
Friede Springer Foundation. On a visit to
HHL in June 2013, Friede Springer was
impressed by the research activities at
CASiM on fundamental issues such as
trust in business or change management. This visit reinforced her opinion
that investment in academic excellence
at HHL pays off.
Role of Trust
in Firms and
with their
Stakeholders
Change
Management
in Firms and
Markets
Urban
Dynamics:
Cities and Firms
in Global
Competition
Health Care
Economics and
Management
of Health Care
Institutions
Research focus of CASiM:
Business Administration for the 21st Century
South Africa has changed dramatically over the last two decades.
During this transition, equal rights
for all citizens replaced the discriminatory laws and practices of the old
Apartheid government. New laws
and regulations enabled more citizens to freely part take in economic
activities and firms to (re-)enter a
global marketplace. Effective change
management became imperative for
survival and growth.
Ms. Ndaba’s doctoral project is devoted to the study of change processes
and their management in South
African firms in the last two decades.
In particular, she will investigate the
transformation of the workplace,
diversity and inclusion management,
and the decision-making processes.
June 25, 2013: Friede Springer (center) met
the two research associates, Fundiswa
Ndaba (left), a 29-year-old native of South
Africa and Linh Nguyen (right), a 26-yearold from Vietnam.
“The Dynamics and Performance
Implications of Trust in Strategic
Alliances.”
by Linh Nguyen
Ms. Nguyen’s doctoral project is
devoted to the study of the role of
trust in inter-organizational relationships. She will investigate the
emergence and embodiment of trust
in an international alliances and
its performance implications in the
cross-cultural context.
The project aims to advance both
theoretical and empirical knowledge
bases on trust and to inform companies about their roles in aligning
trust and expectations with their
counterparts in creating a sustainable cooperative relationship.
Interdisciplinary and International Board of CASiM
The Executive Board of CASiM is advised
by a group of fourteen outstanding researchers and business practitioners
who take an active part in shaping the
research agenda of the center and who
also facilitate its effective realization.
CASiM’s claim to interdisciplinarity and
internationality finds its reflection in
the constellation of the scientific board.
Almost half of its members represent
disciplines outside economics and management sciences. Moreover, half of its
members hold positions at international
research institutions or in leading multinational corporations. Besides its strong
business economics core, the CASiM
Board’s expertise also includes medicine, law and mathematics.
CASiM Conference
2014 “Boundaryless
Hospital”
Demographic transition poses great
challenges for health care systems in
industrialized nations. The growing
demand for medical care by aging
populations, faulty diagnoses and
inappropriate medical treatments
caused by overworked and undertrained personnel combine to increase
health care costs substantially.
Pharmaceutical companies competing
in international markets are subject
to diverse legal frameworks and are
increasingly confronted with complex
ethical issues. On the other hand,
technological advancements provide
great opportunities for efficiency improvements in health care systems.
CASiM will devote its next annual
conference, “Boundaryless Hospital
– Rethink and Redefine Health Care
Management”, to academic exchange
on the challenges and opportunities
facing health care systems, and to
conceivable contributions by business
economics to addressing them.
The academic conference will take
a management perspective on the
hospital and the pharmaceutical
company of the future. The focus will
be on novel chains of value creation,
efficiency and quality management
as well as electronic health care.
The conference will take place on
June 11-12, 2014 in Leipzig.
For more information visit
hhl.de/casim-conference-2014
Advisory Board
Dr. Jürgen Behrend
CEO at Hella KGaA Hueck & Co.
Prof. Dr. Christian Berger
Chair for Civil Law and Copyright Law,
Dean of the Law Faculty at
Leipzig University
Prof. John Bessant Ph.D.
Director of Research and Professor of
Entrepreneurship and Innovation at the
University of Exeter Business School,
AIM Senior Fellow, UK
Prof. Dr. med. Frank Emmrich
Director of the Institute for Clinical
Immunology at Leipzig University
Prof. Thomas P. Gehrig Ph.D.
Vice-Dean of the Faculty of Business,
Econonomics and Statistics, Department
of Finance, University
of Vienna, Austria
Prof. Dr. Dietmar Harhoff
Director of the Institute for Innovation
Research, Technology Management and
Entrepreneurship, Ludwig-MaximiliansUniversität München
Prof. Dr. Jürgen Jost
Director of the Max Planck Institute for
Mathematics in the Sciences, Leipzig
Prof. Pierfrancesco La Mura Ph.D.
Chair of Economics and Information
Systems, HHL Leipzig Graduate School
of Management, Leipzig
Prof. Dr. Peter Letmathe
Chair for Management Accounting,
RWTH Aachen University
Prof. Peter McKiernan Ph.D.
Professor of Management, University of
Strathclyde, Glasgow, UK
Edouardo Montes
Chairman of Asociación Española de la
Industria Eléctrica (UNESA), Madrid, Spain
Prof. Dr. Karl-Heinz Paqué
former Minister of Finance in SaxonyAnhalt, Dean of the Faculty of Economics
and Management, Chair of International
Economics, Otto-von-Guericke-University
Magdeburg
Dr. Andreas Penk
President Oncology Europe and CEO
of Pfizer Germany
Prof. Anne Sigismund Huff Ph.D.
Academic Director of the Center for
Leading Innovation and Communication
(CLIC) at HHL Leipzig Graduate School
of Management, Leipzig
Center supporter
Friede Springer Foundation
Executive Board
_Prof. Dr. Dr. h.c. mult. Horst Albach,
Professor Emeritus, Humboldt Universität of Berlin
_Prof. Dr. Dr. h.c. mult. Heribert Meffert,
Professor Emeritus and Director
Emeritus of the Marketing Center
Münster at the University of Münster
_Prof. Dr. Andreas Pinkwart, Dean of
HHL and Chair Holder of the Stiftungs fonds Deutsche Bank Chair of
Innovation Management and
Entrepreneurship at HHL
_Prof. Dr. Prof. h.c. Dr. h.c. Ralf Reich wald, Professor Emeritus of
Excellence, Technische Universität
München, and Academic Director of
the research center CLIC at HHL
Contact
hhl.de/casim
casim@hhl.de
8 HHL RESEARCH REPORT 2014
Strategic and international Management 9
Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Family Business
The Family Firm as
a Focus of Research
“Buyouts in Family Firms”
How can private equity companies successfully manage acquired family firms?
This question is the basis of an article
addressing family firm succession via
sale to a private equity company. During
the investment period, private equity
companies typically try to increase the
value of their portfolio company through
active involvement in its management.
The results of this study are of great
practical importance: They show that,
based on the resource-based view and
family systems theory, such a behavior
will be unsuccessful if the portfolio company is a former family-owned firm.
The study empirically tests our hypotheses on a sample of 118 European family
firm buyouts and find support for our
argumentation. It adds to family firm
succession research by highlighting that
acquirers unable to utilize the specific
resources and competencies of a family
firm will not be able to have a positive
impact on its performance. It also adds
to literature on private equity as it shows
that private equity companies need to
take a differentiated approach with their
value-adding activities when they invest
in a family firm.
Transfer of Research
Activities into
Practice
Ph.D. Colloquium
on Family Firm
Research
The Porsche AG Chair of Strategic
Management and Family Business
mentors a “Family Business Network”
(FBN). Targeting HHL students with a
family business background, the FBN
aims to facilitate experience exchange
and provide a platform for discussing
current topics and challenges.
At the beginning of September, the
first EURAM-sponsored “HHL-Uni
Marburg Early Ph.D Colloquium on
Family Firm Research” took place at
HHL, jointly organized by the Dr. Ing.
h.c. F. Porsche AG Chair of Strategic
Management and Family Business
(HHL) and the Chair of Strategic and
International Management (University
of Marburg). The research colloquium (see picture below) addressed
doctoral students at an early stage
of their dissertation. It was designed
to provide both a basic theoretical
introduction to academic writing and
a discussion of the participants’ own
research projects, which they outlined
in individual presentations. Students
received concrete and constructive
feedback on their current research
project from both professors and their
fellow doctoral students. Hence, this
highly interactive format not only
enabled the doctoral students to improve their research skills but also to
network with other researchers.
With the “Venture Capital Club”, over
20 students have shown their interest
in the assessment of business models
and on the dynamics of early-stage financing. The first sessions included an
introduction into the venture capital
model from the Chair and the discussion of real-life investment proposals
from different start-up companies.
Workshops with investors and company visits together with the “mother
initiative” accelerate@hhl will follow.
In cooperation with the Friends of
HHL e.V., the chair actively engages in
the building up of a HHL alumni business angel network.
“Examining the familiness
construct: Antecedents
and performance effects
of employee orientation”
Prof. Dr. Stephan Stubner
“As Family-owned
firms are a corner­
stone of every
economy
research in this field
is important.”
Prof. Dr. Stephan Stubner
The phenomena surrounding familyowned firms are one of the research
priorities of the Porsche AG Chair of
Strategic Management and Family
Business. The research includes questions about distinctive success factors
and differences from non-family-owned
firms but also discipline-spanning topics like private equity in family firms and
system theoretical considerations about
leadership and organizational identity.
Although family-owned firms are one of
the cornerstones of every economy and
many of them have existed for decades
or even centuries, academics have only
very recently started to closer consider
them as research objects. Family firms
are often secretive, data availability is
scarce, and many questions can only
be answered through the integration of
different research streams. Also, family
firms are different due to the interaction
of two seemingly distinct systems – the
family and the business system – which
is held to be at the root of the uniqueness of family firms. Nevertheless, since
the late 1970s, a growing community of
researchers has taken on the quest of
generating a better understanding on
family firms. In Germany this led, for
example, to the establishment of a network of German-speaking family firm
researchers only a few years ago. Prof.
Dr. Stephan Stubner, the holder of the
Porsche AG Chair, has actively been
publishing on family firms since 2008.
Among his recent publications is a paper on private equity buyouts in family
firms and a paper on familiness which
was presented at a leading family firm
conference.
This paper, presented at the 13th Annual
IFERA World Family Business Research
Conference, contributes to the clarification and examination of the “familiness”
construct by focusing on the antecedents
and performance effects of employee
orientation in family firms. We suggest
that the intention for trans-generational
control motivates family firms to adopt
particularly strong employee orientation, leading to an enhancement of human capital resources. We further argue
that this stronger employee orientation
does not automatically contribute to
performance advantages in family firms.
Rather, positive performance effects results only if human capital resources
are also managed more effectively, i.e.
if they are directed toward enhancing
the customer orientation of the firm. An
empirical investigation involving 270
German family-owned firms supports
our hypotheses.
“Building up
and deploying
human capital
resources strengthen
transgenerational
sustainability in
family firms.”
Prof. Dr. Stephan Stubner
Dr. Ing. h.c. F. Porsche AG
Chair of Strategic Mana­ge­­
ment and Family Business
CHAIR DONOR
Dr. Ing. h.c. F. Porsche AG
Chair Holder
Prof. Dr. Stephan Stubner
Core Competencies / Research
Interests
_The role and impact of strategy and
(scenario-)planning in organizations
_The role of boards in family firms
and start-ups
_Familiness in family firms
_Private equity in family firms
Contact
hhl.de/strategy
10 HHL RESEARCH REPORT 2014
Strategic and international Management 11
HHL CENTER FOR STRATEGY AND SCENARIO PLANNING
“Scenario-based Strategic
Planning – Developing Strategies
in an Uncertain World”
Acadamic Directors:
Prof. Dr. Torsten Wulf (left) and
Prof. Dr. Burkhard Schwenker (right)
In a world characterized by increasing complexity and volatility, managers
must be able to adapt their strategies
to changing environments. Traditional
methods of strategic management often fail in this context. Therefore, the
HHL Center for Strategy and Scenario
Planning and Roland Berger Strategy
Consultants have developed and presented an innovative concept of scenario
planning which is designed to serve as a
framework for strategic management in
this age of uncertainty.
“Scenario planning makes it easier to
manage a business and is therefore a key
tool for decision makers,” explains Prof.
Dr. Burkhard Schwenker, CEO of Roland
Berger Strategy Consultants. He is publishing the book together with Prof.
Dr. Torsten Wulf from HHL’s Center for
Strategy and Scenario Planning. Wulf
says: “Working with scenarios makes
a new quality of strategy possible, expands horizons in strategy development
framework and increases room for strategic action.”
Previous methods for scenario planning
were complicated and very time-consuming. The new concept, however, is
embedded in strategic planning and provides ideal tools for reducing complexity
and making projects more efficient.
1. Managers need to understand the
impact of uncertainty on planning and
decision-making, as well as its consequences for strategic management in
general.
The authors take a closer look at core
challenges facing strategic management in the 21st century. They identify
uncertainty as a major issue and analyze its main determinants: volatility,
complexity and ambiguity. The authors
show how much more uncertain the
world has become for managers today
and point out the advantages as well as
the limitations of traditional planning
tools. Finally, they discuss different forecasting methodologies that help reduce
uncertainty and assess the impact of potential changes.
2. Scenario-based planning provides a
powerful methodological framework to
account for uncertainty, volatility and
complexity in the strategic management process.
The book describes the HHL-Roland
Berger approach to scenario-based
strategic planning and its underlying
concepts and ideas. The authors present the overall methodology and its
benefits for the strategic management
process, and also provide a blueprint for
integrating it into existing planning processes. Managers are also provided with
a set of six hands-on tools. The authors
demonstrate how each tool is applied
in practice, using a case study from the
European airline industry.
3. Scenario planning can increase
the quality of strategic decisions in
an uncertain environment and lead
to flexible strategies that counteract
volatility.
The book also shows how the approach
affects decision-making quality and
strategic flexibility. Scenario planning
can help managers quickly reduce the
negative effects of cognitive biases
and cope with new developments. And
thanks to its positive influence on the
quality of decisions, scenario planning
is also likely to improve overall business
performance.
Disruptive Scenario
Planning: Center
Publishes Article in
Harvard Business
Manager
The Center for
Strategy and
Scenario Planning
has published
an article on the
benefits of planning
based on disruptive scenarios for
decision making in the July issue of
“Harvard Business Manager”. The
article, entitled “Mit Katastrophen
planen” and co-authored by Prof. Dr.
Torsten Wulf, Dr. Philip Meissner and
Sabine Busse, presents how a disruptive scenario planning approach is applied at Alstom, the power and transportation company. The paper shows
the detailed steps of the approach and
highlights the method’s benefits. The
article also takes a cognitive perspective on decision making and presents
how disruptive scenario planning can
help overcome biased judgment and
improve decisions. The results suggest that the reduction of biases based
on effective planning can improve ROI
by up to seven percent.
HHL Center for Strategy
and Scenario Planning
CENTER SUPPORTER
Roland Berger Strategy Consultants
Academic Directors
Prof. Dr. Torsten Wulf
Prof. Dr. Burkhard Schwenker
Core Competencies / Research
Interests
_ Strategic Decision Making
and Strategic Planning
_ Scenario-based Planning
_ Strategic Communication
Contact
scenarioplanning.eu
ICCR Chair of Corporate Responsibility and Governance
Can Leaders be Effective Without
Emotional Intelligence?
During uncertainity and paradigm
shift, EI competencies are essential for
leaders to emotionally connect, inspire
a shared vision and take people along
towards the mission.
A leader is expected to emotionally connect with people through communication articulating a sense of purpose,
generating positive energy and providing a positive direction. The global
economy was jolted by winds of economic turbulence in 2008 resulting
in global meltdown impacting economies, organizations, tasks and people,
and bringing to light multiple facets of
unprecedented change. This coupled
with major environmental changes,
paradigm shifts in industry, shifts in
HR trends, product lifecycles and technological innovations has changed the
landscape in which organizations operate. This has called for organizational
transformation and innovation steered
by a leader. But the challenge to leaders
is how to be effective in the face of discomfort, dissatisfaction and increased
stress among people, when there is
need to challenge a status quo which
is no longer relevant, and to search for
options and opportunities to innovate,
grow and improve. This is where emotional intelligence (EI) competencies
are needed to inspire a shared vision to
take people along towards realizing the
mission. EI competencies are a set of
skills, traits and behaviour which lead
to greater effectiveness at workplace.
A leadership model would be incomplete without emotional intelligence
competencies. My empirical research
on Indian leaders from manufacturing
Role of IQ & EQ in professional success
Prof. Radha R. Sharma, Ph.D.
and service industry engaged in organizational transformation validates the
above and confirms that certain EI competencies are essential for transformational leadership.
It can also be said that EI competencies
can predict transformational leadership
styles; the possibility of identification of
talent for leadership roles. This implies
that people with specific EI competencies could be selected for a leadership
role particularly when an organisation
needs to go through change. There are
emerging leadership typologies based on
EI competencies, and some of my Ph.D.
scholars are working on these.
The evolution of emotional intelligence
can be traced back to ancient Indian literature, the Vedas (Goparaj & Sharma,
2009). In the seventeenth century, Tom­
kins (1962) opined, “Reason without
affect (emotion) would be impotent, affect without reason would be blind”. In
the light of growing dissatisfaction with
viewing intelligence as a purely cognitive construct, a move began to explore
non-cognitive factors, which, to a large
extent, accounted for explaining as well
as predicting performance (Sharma,
1977, 79, 81).
Various approaches were adopted by researchers in the West (Mayer & Salovey,
Bar On, Goleman & Boyatzis) to study
the nature of EI. Recent research reveals
that emotional intelligence is a prerequisite for successful leadership (Goleman,
Boyatzis as it contributes to the effectiveness of a leader in developing collective goals, creating optimism and
generating enthusiasm, trust, and in encouraging flexibility in decision-making
and change processes. In a climate of
uncertainty, fear and anxiety, EI-based
leadership assumes great significance
for the effectiveness of the organization.
The industrial situation in some countries reveals that when leaders are not
sensitive to the needs of customers, employees and other stakeholders, the business and the organisation suffer.
Another advantage of EI is that it acts as
a mediator, prevents executive burnout
and promotes well-being (Sharma, 2006).
This observation is based on my empirical research on executives from manufacturing and service industry supported by the World Health Organization
(WHO) and the Indian Ministry of
Health. The phenomenon of burnout is
garnering the attention of researchers. I
(Sharma, 2011) have studied the role of
EI in mental well-being and have found
significant results.
Thus EI competencis are panacea for
leaders.
emeraldinsight.com/1352-7606.htm
mdi.ac.in/faculty/detail/58-radha-rsharma/
12 HHL RESEARCH REPORT 2014
HHL RESEARCH REPORT 2014 13
Indian Ethos as Humanistic Management Principles: A Case Study
The case study was undertaken by Prof. Radha R. Sharma
and Shallini Taneja at Management Development Institute,
India as a part of a global project on ‘World Humanism’ published as an edited volume as Humanism in Business Series
by Palgrave Macmillan, USA, 2013, pp. 178-193.
Indian ethos in management draws heavily from Vedantic
wisdom. Rigveda (the ancient Indian text) posits that new
ideas can be generated through interaction, assimilation
and transformation processes. As Indian culture has evolved
through confluence of various cultures due to the historical
developments during its long history; there has been a process of ‘integrative Indigenization’ (Sinha, 1992). Indian tradition adopts a holistic view of life following certain principles
which have been well documented in the ancient texts. These
principles are adopted to enhance the quality of life.
One principle applied to business is called ‘Vanijya ethics’
(business ethics). According to this business in India is not
considered purely an economic activity but it also includes
‘loksangraha’ (social welfare, society’s benefit and development). Similarly there are other principles which are supposed to be adhered to. The case study critically analyses
application of some of these principles in a family business
organisation, the Shreyans Paper Mills, one of the largest
agro-based paper mills in North India. It comes to the conclusion that the company has built its brand and has achieved
sustainable business growth by following Indian ethos and
principles of humanistic management.
us.macmillan.com/worldhumanism/ShibanKhan
palgrave.com/PDFs/9780230300552.pdf
Study: Building the Women
Directorship Pipeline in India
Prof. Vasanthi Srinivasan , Ph.D.
During her stay at HHL (2012-2013), Professor Vasanthi Srinivasan was involved
in completing the research that had
been initiated at the Indian Institute of
Manage­ment Bangalore (IIMB).
The study “Building the Women Direc­
torship Pipeline in India” by Vasanthi
Srinivasan and Rejie George was a part
of the NSE-IIMB corporate governance
initiative. Women constitute 48 percent
of the population of India, yet their presence on boards of companies has not
been substantial. This paper attempts to
define the pathways available to women
on Indian Boards. A qualitative research
methodology with 15 in-depth interviews
with directors was adopted to study the
phenomena. The findings indicate that
while the identification of women directors is largely a non-structured idiosyncratic process, social capital which
includes the individual’s network ties
and reputation is a critical aspect aiding
director identification. We also find the
role of the chairperson to be critical in facilitating participation of women directors on boards and that organizational
characteristics and co-directors credibility are important considerations in
the decision to join the board. The policy
implications include the need for more
structured approaches to identification,
effective director assessment processes,
and for multi-stakeholder intervention
to build the pipeline of women directors
for the future.
nse-india.com/research/content/
res_iimb_2.pdf
(2) Awareness on Good Manufacturing
Practices (GMP) was found to be high
among firms, but compliance with relevant regulation was rather weak.
(3) Gaining attention of their senior
management and bringing environmental issues in the board-room discussions was critical for creating long term
support to environmental issues by the
companies.
The three key issues pertaining to environment in the private healthcare were:
(1) Awareness on Bio-Medical Waste
(BMW) regulation was high among hospitals but reporting on BMW was very
weak.
(2) Different states adopted different
models for treatment disposal of BMW.
(3) State pollution control boards are
expected to play several roles – enforcement, training, monitoring and these
roles create conflict in execution.
Some of the key issues pertaining to
marketing and distribution in the
Pharma sector were as follows:
(1) There is a widespread prevalence of
sponsorship of events for doctors. It appears that this practice is endemic to
the industry. While the conflict of interest is apparent, the extent to which the
practice has direct bearing on the doctors’ willingness to prescribe the drug,
requires further investigation. If all the
companies are engaged in the practice,
then the criteria used by the doctor
to recommend a particular brand are
unclear?
(2) Awareness and adherence to the voluntary codes like the Uniform Code of
Pharmaceuticals Marketing Practices
(UCPMP) 2011 is low across the states.
Rethinking Business
Responsibility in India
A Review of Pharmaceutical &
Private Healthcare Sectors
Vikas Bantham, Rijit Sengupta &
Vasanthi Srinivasan
This study on the interplay between
business regulation and responsible
business conduct is an attempt to understand the roles the various stakeholders need to play in promotion of
responsible business practices in the
pharmaceutical and private healthcare
sectors in India. Business regulation is
often understood in the narrow sense
as public regulation only. However, for
the purpose of the study a more holistic
understanding of business regulation
comprising of self-regulation by firms
and co-regulation by industry associations was used. The study focused on
two aspects of business conduct namely
environmental impact and marketing
and distribution of products in the sectors. The multi method field study was
carried out in four states in India which
had distinctly differently institutional
structures and regulatory capacity. In
the case of the pharmaceutical sector,
three key findings that emerged were:
(1) There exists a high variation across
states in terms of the infrastructure
available at the firm- level and the state
level to manage and enforce the environmental regulations
“While reforms in
the regulatory environment are vital
and urgent, other
conditions for creating a culture of
responsible business behaviour are
equally important.”
Prof. Vasanthi Srinivasan, Ph.D.
(3) The regulatory gaps and the co-ordination across different enforcement
agencies both at the state and the centre is a challenge in fostering business
conduct.
The three key issues that emerged in
the marketing and distribution for the
Health care sector analysis are:
(1) The awareness of the Medical Council
of India (MCI) guidelines is quite high,
Masters Theses
Daniel Zinner
Global mobility is an emerging field
in the context of global business. While what constitutes global mobility is being shaped at the practice
level, the academic literature in the
field is still nascent. In this thesis,
Zinner examines the requirements
and competencies for professionals
in this field. The multi-disciplinary
field of Global Mobility cuts across
the disciplines of law, finance, human resources and logistics and
therefore requires unique professional development. The need of the
hour is for supra-national and nonprofit organizations to cooperate
with academic institutions to build
a practical global mobility master
program that meets the need of a
globalized world. Aparna Kumar
Multinational corporations are increasingly seeking to leverage human resource management models that allow for adaptation at the
subsidiary level, and also provide
a source of competitive advantage
for organizations in the global and
local markets. In her master thesis, Aparna Kumar addresses this
issue by exploring the mechanism
through which a corporate headquarters interacts with and transfers talent management practices
to its foreign subsidiaries. Adopting
the single case study method, the research reveals that overall corporate
HR is motivated to reduce complexity through globalizing and standardizing TM practices; however, it
still needs to hybridize to accommodate to foreign contexts. Thus,
crossvergence is the favored manner
of practice transfer because it allows
the MNCs to be responsive to both
the pressure for internal consistency
and the demand for isomorphism
with the local environment.
but there is a lack of systematic and consistent in-house mechanisms to track
adherence to these guidelines.
(2) Understanding and application
of principles of Rational use of Drugs
(RuD) was weak.
(3) Regulatory arrangement is ill-developed in case of marketing and distribution aspects.
The findings of the study clearly show
that while reforms in the regulatory environment of the two sectors are vital
and urgent, other conditions for creating a culture of responsible business
behaviour are equally important. It is
evident that the pharmaceutical and
healthcare sectors are complex and
deeply embedded in the social systems
with far reaching impact on the health
of the people of India. There are several
systems in these sectors interacting
with each other – the Ministries (Centre
and State), the Judiciary (laws and regulations), enforcement agencies (Central
and State), the private and public sector
pharma firms and hospitals, the diagnostic clinics and device providers, the
drug manufacturers, the pharmacists,
the drug distributors/traders, the BMW
disposal agencies, the quality certification agencies, the global buyers in pharma and finally the consumer. Effective
healthcare delivery requires both the
private healthcare and pharmaceutical
sectors to engage in a collaborative and
mutually reinforcing manner.
ICCR Chair of Corporate
Responsibility and
Governance
Chair DONOR
Indian Council for Cultural Relation
Chair holder
Prof. Radha R. Sharma, Ph.D.
(from October 2013 onwards),
Prof. Vasanthi Srinivasan, Ph.D.
(from October 2012 until October 2013)
Core Competencies / Research
Interests
_ Primal leadership
_Change management and
organizational transformation
_Stress, executive burnout and
well-being
_Humanistic management
_Gender diversity
_Cross-cultural management
_Diversity
_Human resource management
Contact
hhl.de/corporate-responsibility
14 HHL RESEARCH REPORT 2014
Finance, Accounting and CorpORATE Governance 15
Alfried Krupp von Bohlen und Halbach Junior professorship
CHAIR OF FINANCIAL MANAGEMENT
Do International
Top Managers
Make a Difference?
Inorganic Growth
Strategies
in Private Equity:
Empirical Evidence
on Add-On
Acquisitions
In current research projects, we investigate the impact of top management diversity
and internationalization on company-level outcomes. A second major research area
comprises the internationalization of German and Polish small and medium-sized
enterprises.
A recent study focuses on the link between top management internationalization and accounting quality. We
explore the relationship between top
management internationalization and
earnings management, combining upper echelons perspectives with accounting research. Our objective is to see in
how far top management internationalization mitigates the level of earnings
management. By decomposing the top
management team, our analysis is also
designed to reveal whether and to what
degree earnings management is attributable to the internationalization of two
prominent members of the board – the
CEO and the CFO. Using the four components of an internationalization index
(nationality, international education,
international work experience, and foreign mandates), we are also in search of
the importance of different explanatory
factors which can affect earnings management, and thus accounting quality.
By addressing the above mentioned areas, our work shall advance existing research in several ways. First, our study
takes an interdisciplinary stance and
combines upper echelon perspectives,
human capital theory and accounting
research. Thus, it contributes to a growing body of literature on the managerial role in financial reporting processes.
Second, our analysis wants to add empirical evidence with respect to the financial decision-making capabilities of
two main decision makers in a top management team – the CEO and the CFO.
In this, we are following scholars who
highlight the importance of analyzing
the role of top management subgroups
and individual top managers within a
company. Third, we provide a comprehensive view on the internationalization of top managers by drawing on four
important dimensions to measure the
overall internationalization profile of an
individual.
Internationalization of
German and Polish SMEs
The collapse of the Eastern European
trading bloc and the breakup of the
Soviet Union resulted in political and
structural change in Central Eastern
European countries. Poland’s accession
to the European Union in 2004 created
a new opportunity for Polish firms to
expand on the internal EU market, but
it also meant opening the domestic market to foreign competitors. The management of Polish firms had to face international competition and consequently,
Polish top managers had to transform
into managers with international skills.
In our research, we investigate the internationalization motives, market entry
modes, and competitive strategies of
Polish firms. Furthermore, we shed light
on the question, “What are the benefits
of top management internationalization for Polish firms?” These research
gaps need to be addressed, as empirical
analyses highlight the crucial role of top
managers and their international experience in firms’ internationalization
processes and competitive strategies.
The Alfried Krupp von Bohlen und Halbach
Junior Professorship in International Management was founded in 2013 and focuses on
maintaining and expanding German-Polish
academic relations. The Junior Professorship
also fosters regional and international partnerships. We collaborate with the Leipzigbased Fraunhofer MOEZ (Center for Central
and Eastern Europe) to establish a network
with stakeholders in the Central and Eastern
European growth markets.
“Our research highlights the crucial
role of top managers
and their interna­
tionalization
experience.”
Jun.-Prof. Dr. Tobias Dauth
Alfried Krupp von Bohlen und Halbach Junior
Professorship in International Management
German academic network
Polish academic network
The Chair’s network
Chair holder Alfried Krupp von
Bohlen und Halbach Foundation
Jun.-Prof. Dr. Tobias Dauth
Research Interests
_ Top Management Teams
_German-Polish Relations
_Corporate Governance
_Internationalization of Small and
Medium-Sized Firms
Contact
hhl.de/international-management
Prof. Dr. Bernhard Schwetzler
In a novel study, PhD students Benjamin
Hammer, Alexander Knauer, Magnus
Pflücke, in collaboration with Professor
Bernhard Schwetzler, investigate inorganic growth strategies (by means of
add-on acquisitions) of Private Equity
(PE) firms. Until now, very few academic
studies have focused on such inorganic
growth strategies of PE-owned portfolio firms. Furthermore, existing studies were limited to single countries and
entry-channels, or use relatively small
data sets.
Consequently, the study by HHL’s Chair
of Financial Management aims to fill
this gap. It represents the initial result
of a longstanding research project and
is the first systematic examination of inorganic growth strategies as a competitive factor in the PE industry. The study
is based on one of the world’s largest PE
databases comprising more than 9500
realized and unrealized PE investments
and over 4900 add-on transactions conducted between 1997 and 2012. In contrast to other PE databases, the sample
includes transcations made during the
global financial crisis. “The study by the
Chair of Financial Management not only
turns the spotlight on the issue of addon acquisitions by PE portfolio companies, but also sets new standards in PE
“As traditional value
creation levers have
lost their effectiveness, we expect
inorganic growth in
PE to become more
relevant in the future.“
Prof. Dr. Bernhard Schwetzler
research with regard to its data comprehensiveness,” says Alexander Knauer.
Fierce competition and the fact that
many corporations have already adopted mechanisms to reduce the agency
costs of equity have led to a “commo­
ditization” of the business model: Today,
traditional value creation levers, such
as the financing of acquisitions with
“cheap” debt as well as favorable entry
and exit conditions, no longer suffice
to generate attractive returns to investors. Since internal growth is also hard
to achieve in times of saturated markets,
external growth strategies become increasingly important as a possible lever
for value creation.
Against this background, the study
provides several novel and thoughtprovo­king findings. First, it shows that
add-on acquisitions have increased in
importance over time and are highly
concentrated among a few PE sponsors:
only 12% of the PE sponsors in the sample realize 80% of the add-on transactions. Additionally, industry and timing
matters: “Our study indicates that synergies are to be regarded as the central
motive for these transactions. In 8 out of
10 deals, add-ons are conducted in the
same industry as the PE portfolio company operates in,” says Magnus Pflücke.
Also, these transactions are carried out
towards the beginning of the holding
period; some even take place directly
after the buyout. “This indicates that PE
sponsors attempt to realize the synergies already during the holding period,”
Pflücke adds.
Furthermore, the characteristics of
deals and PE sponsor influence the
probability of add-on transactions.
Public-to-private and financial buyouts
(e.g. secondary buyouts) as well as buyouts backed by large and successful PE
16 HHL RESEARCH REPORT 2014
sponsors systematically lead to more
add-on transactions. The researchers
also found that add-on transactions are
generally subject to the same market cycles as underlying buyout transactions,
although the number of add-on transactions dropped less during the global financial crisis.
Finally, industry concentration plays a
crucial role in determining the probability of add-on transactions. The study reveals that add-on strategies are not only
significantly more prevalent in industries with lower concentration, but also
in more concentrated industries, thus
refuting the widespread assumption
that so-called buy and build strategies
tend to occur only in fragmented industries as a form of industry consolidation.
Finance, Accounting and CorpORATE Governance 17
Take a Second Look at Secondaries
Due to a tense IPO environment, a decline in public-to-private deal volume
and a high return pressure, secondary
buyouts are becoming increasingly important in the private equity (PE) market. However, transactions between two
PE firms are viewed critically by commentators, who declare that all value
creation levers will have already been
realized by the first investor. In close cooperation with The Boston Consulting
Group (BCG), the HHL Chair of Financial
Management has reviewed this widely
held opinion.
Using one of the largest existing data
sets of consecutive primary and secondary buyouts, the researchers find that
secondary buyouts carry a comparably high value creation potential while
being less volatile. Deal returns and
operational improvements are comparable to the previously conducted primary buyouts. Mergers and acquisitions
(M&A) especially seem to play a key role
in value creation. Secondary buyouts
that conduct intermediate add-on acquisitions outperform those which do
not in terms of deal return and EBITDA
growth. The researchers explain the
higher returns of these “buy-and-build”
secondaries as a consequence of the
synergies and operational improvements that the M&A events generated.
However, the research team of HHL and
BCG points out that less than 30% of the
PE companies in the sample engaged
in intermediate M&A activities. While
M&A regularly led to a rising EBITDAto-assets ratio, the sales-to-assets ratio
declined. “We believe that data indicate
that sales at those secondaries could
have grown more strongly if their owners had more fully deployed the sales
improvement levers available to them,”
say authors Dr. Jens Kengelbach (BCG)
and Prof. Bernhard Schwetzler (HHL).
Finally, the HHL/BCG research project
indicates that, contrary to the widely
held opinion, not only secondary but
also tertiary buyouts are a viable exit
strategy for PE investors.
HHL and BCG look back on many years
of successful cooperation. BCG allows
HHL students to gain valuable insights
into practice in the context of guest
speeches and seminars. The current
study is the result of a deepening of the
research cooperation between the HHL
Chair of Financial Management and the
Boston Consulting Group.
“We are convinced
that this first global and systematic
overview of inorganic growth in PE
bcgperspectives.com/content/articles/
transactions is of
private_equity_value_creation_strategy_
extraordinary reletake_second_look_at_secondaries/
vance as it enhances
the decision-making Influence of MAC Clauses on Offer Premia
abilities of both the
and the Cumulative Abnormal Return
general and the
The master thesis of MBA student
“I was excited
limited partners”
Susanne Knoll (28) received the 2012
about the Leonardo
says author Benjamin Hammer. “Our
study helps explaining inorganic
growth as an evidentially important
driver of returns generated by PE firms,
thus improving investors’, actors’ and
the public’s understanding of the PE
business model.” Author Prof. Bernhard
Schwetzler concludes: “This study is the
first step towards exploiting this unique
and rich PE dataset. As data on PE are
very scarce, the sample allows analysis
of important research topics thus far
untapped by academia; we believe this
will allow the Chair to publish cutting
edge research results in the next few
years.”
ssrn.com/abstract=2338115
Leonardo & Co. Award in the field of
Mergers & Acquisitions (M&A). In her
thesis, Ms. Knoll investigated the influence of so-called ‘Material Adverse
Change’ clauses on the takeover premium and the cumulative abnormal return
of the acquired company.
Award because it
showed me that
my questions and
findings are rele­
vant to people and
practice.”
Susanne Knoll
Both on a national and an international
level, MAC clauses are included in company takeover or acquisition contracts
with increasing regularity. These agreements allow the acquirer of a company
to withdraw from his offer without any
compensation in the event of a welldefined scenario (loss of an important
customer, drop in sales). Examining a
data set of all German M&A transactions
between 2002 and 2010, Ms. Knoll found
a significant impact of MAC clauses on
the cumulative abnormal return of the
target company.
Since her graduation from HHL in 2012
with a focus on Finance, Entrepreneur­
ship and Strategy, she has been focusing
on the topic of M&A in her dissertation.
In this field, her work is centering on
contingencies in M&A contracts, especially MAC clauses, offers premia and cumulative abnormal returns. Additionally,
she is concentrating on the valuation of
pharmaceutical patents. Since 2004, Ms.
Knoll has been employed by Daimler AG,
where she currently works in the strategy department.
CHAIR OF FINANCIAL MANAGEMENT
Reviewing the Drivers of the socalled ‘Conglomerate Discount’
Does corporate diversification create or destroy shareholder wealth? This question, crucial for both academic research and practice, has been the subject of a
long-lasting debate. Various studies show that, on average, conglomerates trade
at a discount compared to standalone firms. Inefficient capital allocation due
to agency conflicts between corporate managers and shareholders is generally
considered the main driver behind this so-called “conglomerate discount”. However, recent research by the Chair of Financial Management comes to a different
conclusion.
Ph.D. students Christin Rudolph and
Markus Brendel, in cooperation with
Professor Schwetzler, wanted to assess
in-depth the drivers behind the conglomerate discount. They were mainly
reviewing agency conflicts as causes of
the phenomenon. In his dissertation,
Markus Brendel focuses on corporate
governance; in detail, he examines the
impact of ownership structures on corporate performance. This focus created
the idea of starting a joint research
project. “An intense cooperation allows
us to study the sources of the conglomerate discount through an enriching
combination of our research interests,”
says Christin Rudolph, who focuses on
the development of corporate diversification in her dissertation.
Whereas diversified firms offer several benefits compared to standalone
firms, including a higher debt capacity and internal capital markets, corporate managers tend to make inefficient
capital allocation decisions. While following the traditional view that agency
theory can be used to explain this phenomenon, Ms. Rudolph and Mr. Brendel
also challenge the established assumption that only the manager vs. owner
conflict needs to be taken into account.
While a controlling shareholder can
effectively monitor corporate managers and thus reduce opportunistic behavior, he can also use his position to
extract private benefits at the expense
of minority shareholders. “We therefore consider the extraction of private
benefits and thus the conflict between
majority and minority shareholders to
constitute the key conflict of interests,”
explains Markus Brendel.
Accordingly, the two researchers wanted to determine – the conflict between
outside shareholders and management, or the conflict between controlling and minority shareholders – is
mainly responsible for the conglomerate
discount. Using an innovative econometric method, the so-called OaxacaBlinder
Decomposition,
Christin
Rudolph and Markus Brendel find that
the conflict between controlling and
minority shareholders can indeed be
seen as the main driver of the conglomerate discount. “We explain this
as the result of a lack of transparency
due to a conglomerate’s high complexity which allows controlling shareholders to extract private benefits which can
result in an inefficient allocation of resources,” says Christin Rudolph.
The study adds to the highly relevant
contributions to the understanding of
the conglomerate discount made by
the Chair of Financial Management. In
another study, Christin Rudolph and
Bernhard Schwetzler helped uncover
measurement biases in the conglomerate discount and detected the impact of
regulatory settings and market conditions on the valuation gap between diversified firms and stand-alones.
ssrn.com/abstract=2202050
- XX %
Business
segment 3
Business
segment 2
Imputed value
of business
segment 3
Imputed value
of business
segment 2
Business
segment 1
Imputed value
of business
segment 1
Conglomerate
firm value
Standalone-based
imputed firm value
What is the so-called “conglomerate discount”?
_“Conglomerate discount“ refers to the undervaluation of diversified firms caused
by the perception that corporate diversification destroys shareholder wealth.
_In academic literature, the discount is commonly derived by comparing a firm’s
actual corporate value with the value of a matched portfolio of standalone firms.
CHAIR OF FINANCIAL
MANAGEMENT
Chair Supporters
_The Boston Consulting Group GmbH
_Henkel AG & Co. KGaA
_ValueTrust
Chair holder
Prof. Dr. Bernhard Schwetzler
Core Competencies / Research
Interests
_ corporate valuation and
corporate finance
_ fairness opinions
_ material adverse change (MAC)
clauses in corporate transactions
_ transaction currency and performance
_ effects of debt financing in corporate
valuation
Contact
hhl.de/finance
Finance, Accounting and CorpORATE Governance 19
18 HHL RESEARCH REPORT 2014
CHAIR OF ACCOUNTING AND AUDITING
Good Company Ranking 2013 –
Sustainable Strategies Need
a Sustainable Financial Basis
“The financial performance of a firm is not the only goal,
but without a solid financial basis all other goals
are unlikely to be achieved.”
Prof. Dr. Henning Zülch
Following on from the previous Good
Company Ranking conducted by
Kirchhoff Consult AG, which was published in 2009, this year’s ranking has
the goal of shedding light on how responsibly companies act in terms of
their human resource policy, societal
and ecological involvement and also
with reference to their financial performance. The ranking can be regarded as
a Corporate Social Responsibility (CSR)
beauty contest involving the 70 largest European enterprises. These are assessed by a jury comprising academic
researchers from four German universities, including HHL Leipzig Graduate
School of Management, which joined the
jury team this year. Firms are assessed
via their annual reports, corporate websites and other types of disclosure. From
now on, the Chair of Accounting and
Auditing will be in charge of analyzing
the financial strength and performance
of firms. In the context of its research
pillar focusing on performance reporting, the Chair investigates how responsibly firms deal with the capital supplied
to them. Do financial ratios such as the
Total Shareholder Return reflect investors’ trust, or are there indications of
a discrepancy between what the management has promised and what was
achieved?
Prof. Dr. Henning Zülch
Klaus Rainer Kirchhoff, CEO of Kirch­
hoff Consult AG, points out: “When
publishing the results of a ranking, you
may have two or three friends that are
happy about their results. In contrast
to that, numerous firms will exist that
are not amused about the position they
achieved in the ranking. Certainly a
ranking always involves some degree
of professional judgment. However, all
parts of the assessment are based on
academic research and evidence and are
conducted in a transparent manner.”
New books
Weighting of Dimensions
■ 40% Performance (HHL)
■ 20% Society
■ 20% Human Resources
■ 20% Environment
The assessment process is three-fold:
First, firms are analyzed under the aspects of environment, human resources
and society. Each aspect can contribute
a maximum share of 20% to the total
score. However, if firms do not achieve a
minimum of half of the awardable points,
they are sanctioned. Subsequently, the
results of the financial performance perspective assessed by the team of Prof. Dr.
Henning Zülch are added, contributing a
maximum of 40%.
harmonizing with a sustainable strategy entailing e.g. voluntary ecological
contributions. The method of analyzing financial performance, i.e. the firm’s
health and stability, combines elements
from the areas of credit and investment
analysis, subjects that students who
choose “Financial Analysis” classes will
be familiar with. The approach is again
three-fold, comprising analyses of profitability, solvency and risk as well as
growth and business outlook.
In the course of extensive debates on the
question “How to measure CSR?”, concerns have been raised about whether
to include financial ratios into an overall assessment or not. These concerns
reflect the opinion that a firm’s performance and its involvement in CSR activities are not linked but rather separate
constructs. The reason that a weighting of 40% is placed on financial performance is straight-forward: It is a firm’s
primary responsibility to ensure it has
a solid financial basis. Only firms which
are constantly able to pay back their
debt and comply with the financial requirements set by their capital providers
will – in the long run – be able to safeguard employment, make sustainable investments and care for the environment.
Consequently, the corporate aim of realizing shareholder goals should not be
seen as conflicting with but instead as
The relevance of the nexus between
business ethics and financial analyses
is also highlighted in HHL working paper #112 “The Impact of Corporate Social
Responsibility (CSR) and Financial
Reporting Quality”, Zülch/Salewski
(2012): The paper investigates the impact of Corporate Social Responsibility
(CSR) on Financial Reporting Quality by
examining the association between CSR
and the degree of earnings management,
among other things. The findings are
somewhat surprising: Firms with good
CSR are more likely to engage in earnings
management and to report bad news in a
less timely fashion. Consequently, the results are in contrast to parts of previous
research on that topic and may thereby
influence the overall perception of CSR,
as the increasing trend toward CSR does
not necessarily lead to real changes in
corporations.
Financial Performance
Non-Financial Firms
Profitability
Financial Firms
Return Analysis
Margin Analysis
Solvency and Risk
Growth and Business
Outlook
Short Term Liquidity
Asset Quality
Long Term Solvency
Capital and Funding
1-year Growth
5-year Growth
Zülch/Hendler,
Bilanzierung nach IFRS,
2nd edition
Throughout the
European Union,
capital marketoriented firms are
obliged to prepare
their financial statements according to
International Financial
Reporting Standards (IFRS).
Additionally, many other firms need
to prepare their reports under IFRS
as banks and busi­ness partners often
require IFRS reporting. Since the IFRS
regulations are fairly complex, not
composed according to didactical
requirements and - originally - only
available in English, they provide a
challenge for the day-to-day life of
auditors, con­sultants, accounting
students and other accountants.
The textbook enables the reader to
more easily comprehend IFRS since
they are presented in a sound didactical manner. Apart from a basic introduction to IFRS in the context of the
European Union and an overview of
the aims and basic principles of IFRS
reporting, the textbook focuses on the
main positions included in IFRS financial statements. Also, special regulations, like those for deferred taxation,
leasing, construction contracts and
financial instruments are discussed.
Moreover, each chapter begins with a
summary of its core messages which
provides the reader with a helpful overview. Practical examples enhance the
understandability of the regulations.
The second edition has been extended
by adding a comprehensive chapter on
group accounting according to IFRS.
CHAIR OF ACCOUNTING
AND AUDITING
Chair Donor
Leipzig Chamber of Industry
and Commerce
Chair Holder
Prof. Dr. Henning Zülch
Core competencies/
Research interest
_consolidation
_performance reporting
_accounting in private firms
_standard setting and enforcement
Contact
hhl.de/accounting
20 HHL RESEARCH REPORT 2014
Finance, Accounting and CorpORATE Governance 21
CHAIR OF ACCOUNTING AND AUDITING
“Companies within a
social market economy have to
assume responsibility”
Klaus Rainer Kirchhoff
The Good Company Ranking (GCR)
has been redesigned since its last publication in 2009. What are the major
changes compared to the previous
ranking?
ranking criteria chosen include “hard
financial” facts as well as “soft social
responsibility” aspects. In addition to
that, no other ranking on the market
covers more than 70 of Europe’s most
important enterprises.
Klaus Rainer Kirchhoff: Compared
to its previous edition, the Good
Company Ranking 2013 is based on
improved criteria. Additionally, this
year’s jury included four independent
experts and myself. Therefore each
field of corporate responsibility we
surveyed is represented by one expert.
The fields included responsibility for
employees, the environment and natural resources, for social concerns. Each
of these fields contributed 20 per cent
to the final result. The financial performance is given greater weighting and
contributes 40 per cent. This is due to
the fact that the members of the jury
consider maintaining sustainable financial performance as the foremost
duty of a company, as it lays the foundations for secure employment, allows
capital expenditure and enables investors to receive an appropriate return.
To what extent is the GCR different
from other rankings?
Klaus Rainer Kirchhoff: The Good
Company Ranking is and always has
been the only CSR ranking which is
based on thorough scientific methods.
In this context, the work of the expert
members on the jury is crucial and I
am glad that they are all established
researchers from the best universities in the country. Furthermore, the
Klaus Rainer Kirchhoff
CEO of Kirchhoff Consult AG
Why is HHL and the Chair of Accounting and Auditing an important strategic partner for Kirchhoff Consult AG?
Klaus Rainer Kirchhoff: HHL Leipzig
Graduate School of Management is
not only Germany’s oldest business
school, it also engages in CSR research
itself. From a capital market perspective, Prof. Dr. Henning Zülch contributes to the global CSR discussion by
doing research on how to make CSR
measurable and how international financial reporting and CSR are linked.
That’s unique in Europe. Together with
Prof. Dr. Rüdiger Hahn (University
of Kassel), Prof. Dr. Christian Scholz
(Saarland University) and Prof. Dr.
Edeltraud Günther (Technical Univer­
sity of Dresden), Prof. Dr. Henning
Zülch and HHL contribute to the excellent reputation of the Good Company
Ranking 2013.
At first glance, this year’s results may appear shocking because only two non-German firms can be found among the overall
Top 10. Why is that? While the transparency of German firms has increased
steadily over the past couple of years,
their financial performance has also overtaken several other European competitors. Summarizing, the conclusion can
be drawn that German firms in particular
have recognized the importance of CSR;
not solely in their public relations but also
as a key part of their corporate strategy.
Rank
Firm
1
BAYER AG
2
BMW AG
3
BASF SE
4
ADIDAS AG
5
HENKEL AG & CO. KGAA
6
SANOFI S.A.
7
DAIMLER AG
8
SAP AG
9
GLAXOSMITHKLINE PLC
10
MERCK KGAA
The Chair is continuously engaged in
research on the interrelation of financial and social performance of global
firms. It is the Chair’s aim to bridge the
gaps between quantitative methods (as
traditionally employed in accounting
and finance) and soft-fact oriented CSR
research so that a more comprehensive
understanding of CSR can be achieved.
kirchhoff.de/fileadmin/20_
Download/2013-Highlights/Studie_
Good_Company_Ranking_2013.pdf
In this context an emphasis is placed on
financial communication against the
background of information processing
in capital markets which might also be
incorporated in a future beauty contest
of firms. Corporate decision makers employ various strategies to inform current
or potential investors and other stakeholders about a firm’s news. However,
this flow of information is not necessarily neutral but often times affected
by the management’s discretion with
regard to implicit and explicit accounting choice. Consequently, the chair analyzes methods of how to measure “real”
CSR objectively in cooperation with the
Werner Jackstädt Chair of Economic
and Business Ethics. A current research
project examines the question whether
it might be more reliable to measure
a firm’s effort to minimize Corporate
Social Irresponsibility rather than quantifying Corporate Social Responsibility.
How History and Politics Shape
Accounting Regulation
Accounting regulation comprises the
whole set of rules, norms and principles
which a society has implemented in order to coordinate and harmonize reporting duties among a company’s principles (owners), its agents (managers) and
other interested parties (stakeholders).
As societies, their politics and environmental conditions change over time, accounting regulation is also subject to a
continuous process of transformation.
Within the Chair’s research pillar on
standard setting and enforcement, Dr.
Sebastian Hoffmann (left) is responsible for research activities on accounting
regulation.
Dr. Sebastian Hoffmann
The longitudinal study on the regulation
of asset valuation in Germany provides
historical evidence for the influence of
socio-economic developments on changes
in accounting regulation.
Together with Dr. Dominic Detzen (right),
former research associate at the Chair
of Accounting and Auditing and now
Assistant Professor at Vrije Universiteit
Amsterdam, Dr. Sebastian Hoffmann recently published research results in this
field under the title “The Regulation of
Asset Valuation in Germany” in the leading journal “Accounting History”. The
article examines the regulatory history
of asset valuation in Germany from the
fifteenth century to the implementation
of the European Economic Community’s
Fourth Directive in 1986. Dr. Hoffmann
and Dr. Detzen find that regulatory
changes are often induced by reference
to preceding socio-economic and political developments. As a consequence,
accounting requirements have often become more restrictive in the aftermath
of economic crises when regulation was
perceived to have been inadequate.
In the nineteenth century, big corporations emerged in course of industrialization. To facilitate further growth, these
firms needed additional capital which
had to be raised through increasingly
professional stock markets. In order to
appear more attractive to potential investors, firms urged the government
to change accounting regulation and
introduce market prices as a measurement base for assets instead of the historical cost, which had been common
practice before. Following a severe economic crisis in the 1870s, the government identified weak accounting regulation as a major reason for the crisis, and
historical costs were reintroduced as
an upper valuation boundary for assets
of Aktiengesellschaften (stock companies). However, the valuation requirements were unspecific and discretionary, and stock companies continued
to exploit regulatory weaknesses to
their benefit. However, due to the socioeconomic well-being at the end of the
nineteenth century, the government
ceased to pay much attention. Only after
1900, along with the introduction of the
Handelsgesetzbuch (HGB) did a lively debate on principles-based accounting begin. In the following years, HHL alumnus
Eugen Schmalenbach and his dynamic
theory of accounting became famous and
were to be the government’s first choice
among the competing theoretical bases
for accounting. In consequence of the interwar years, the Great Depression and
their devastating effects on German society and economy, the government eventually implemented historical cost also as
a lower boundary to asset valuation and
Dr. Dominic Detzen
tightened regulation this way. Regulatory
change following the Second World War
followed a different logic. Although the
socio-economic conditions were favorable, the strict valuation principle introduced after the Great Depression was
extended to all companies. This development was mainly driven by the government’s political agenda of aiming for
more stability and continuous growth
which, in the absence of notable corporate opposition, was also accepted by
companies.
This longitudinal study on the regulation of asset valuation in Germany
provides historical evidence for the
influence of socio-economic developments on changes in accounting regulation. Based on this article, in-depth
research may be conducted on shorter
episodes of transformation, such as the
Gründerkrise in the 1870s, hyperinflation in 1923 or the aftermath of the Great
Depression in the early 1930s, examining the socio-economic context in more
detail. For preparers of financial statements, the study allows the conclusion
that accounting regulation is likely to
remain rather strict. As witnessed during the latest reform of German accounting regulation in course of the 2010,
Bilanzrechtsmodernisierungsgesetz
(BilMoG, Accounting Modernization Act),
substantial change permitting more discretion and flexibility is quite unlikely.
Regulators are advised to pay attention
to the socio-economic climate when proposing regulatory changes or new regulation in order to anticipate possible unintended consequences of regulatory acts.
ach.sagepub.com/content/18/3/367
22 HHL RESEARCH REPORT 2014
Finance, Accounting and CorpORATE Governance 23
Cross-Border Voting and the Securities Law Directive
Center for Corporate Governance
The Quest for Good
“Corporate Governance”
From left to right: Prof. Dr. Marc Steffen Rapp, Christian Strenger,
Prof. Dr. Michael Wolff – the academic directors of the Center
Why do institutional investors so often not exercise their voting rights?
European Business Register (s)/
EDGAR etc.
Compliance with the German Corporate
Governance Code
Share
Register
Investors
Research at the Center for Corporate Governance deals with the role governance
mechanisms play within the context of the corporation. Beyond the study of best
practice rules as found in the German Corporate Governance Code, the Center also
aims to identify and address issues that are not yet in the headlines.
Key facts about the CCG
The center was founded in November 2010 to establish “corporate governance” as a
distinct research focus within HHL. In addition to Christian Strenger, Co-Directors
of the center are Prof. Dr. Marc Steffen Rapp (Philipps-Universität Marburg) and Prof.
Dr. Michael Wolff (Georg-August Universität Göttingen) – both of whom are HHL
alumni.
Since its foundation, the center has been supported by its
Transparency
Monitoring/Control
Incenves
sponsors DWS Investment, Bertelsmann and KPMG
in stimulating excellence in research and
Adidas AG
Allianz SE
Volkswagen AG
100%
teaching. Support for studies in governBASF SE
ThyssenKrupp AG
ance for emerging markets is provided
90%
Siemens AG
by the Fritz Thyssen Foundation.
80%
The CCG is well connected inSAP AG
ternationally and co-operates
70%
with highly respected instiRWE AG
60%
tutions such as the Global
Corporate
Governance
50%
Münchner
Forum of the IFC.
RückversicherungsGesellschaft AG
40%
The further development of the Center for
30%
Merck KGaA
Corporate Governance
20%
is supported by an
Advisory Board of reLinde AG
nowned leaders in research, industry and
Lanxess AG
politics. The center is
also involved in HHL’s
K+S AG
curriculum.
Corporate
Governance courses are offered within the MBA - and
Infineon Technologies AG
MSc Programs as well as the
Henkel AG & Co. KGaA
PhD Program.
Deutsche Börse AG
Deutsche Lufthansa AG
Transparency
Deutsche Post AG
Deutsche Telekom AG
HeidelbergCement AG
Fresenius SE & Co. KGaA
E.ON SE
Fresenius Medical Care AG & Co. KGaA
Fresenius Medical Care AG & Co. KGaA
Monitoring/Control
Incentives
Diversity
Issuer
2
Issuer
N
Share
Register
Share
Register
voting Entitlement
(registered shares)
voting
Platform
Proxy Advisers
In June 2012 the tenth version of the
German Corporate Governance Code
was published in the Federal Gazette. To
evaluate the acceptance level of this updated code in German listed firms, the
CCG systematically examined their annual compliance statements according
to §161 AktG (Stock Corporation Act).
To shed light on the most important
recommendations in terms of “good
governance”, we translated the firms’
compliance levels into four specially
constructed indices to obtain a measure
of the individual governance quality of
German firms in the areas of transparency, monitoring/control, incentives and
diversity. As an illustration of the index’s
construction, diversity considers, for
example, the code’s recommendations
on diversity in terms of internationality
and gender among management board
members and also age and independence among supervisory board members. Differentiating along the four indices reveals that almost all DAX firms
show compliance with high standards
Diversity
regarding
transparency and monitoring/control. In contrast, we observe
a higher degree of heterogeneity for code recommendations
Bayer AG
covering incentives and
diversity issues. For diBeiersdorf AG
versity specifically, the
picture is twofold;
BMW AG
while 77 percent
of the DAX firms
Commerzbank AG
end up with an
index value of
100 percent, 23
Continental AG
percent are below the 90 percent threshold,
Daimler AG
with the lowest
result being 67
Deutsche Bank AG
percent.
Issuer
1
Issuers’ Statements
Custodians
voting Entitlement
(omnibus / bearer shares)
1st Level
Sub-Custodians
Custodian/
Depositary
2
2nd Level
Sub-Custodians
Custodian/
Depositary
1
Custodian/
Depositary
3
Interface structure of a Voting Platform
We show that current regulatory initiatives have created a difficult situation for institutional investors that
are mandated to vote but are unable
to do so. In a cross-border comparison
involving more than 20 countries, we
find that the recently enhanced regulation imposes an implicit duty to vote
on institutional investors. This implicit
duty reflects the regulators’ expectation that institutional investors will
exercise their voting rights in order to
comply with good corporate governance
standards. The duty-to-vote concept
puts institutional investors in a difficult
situation because they face significant
barriers to cross-border voting that are
mainly due to the public good structure
of corporate governance and conflicts of
interests of issuers, intermediaries and
other stakeholders, and which regulators have not been able to remove due to
inefficiencies in the regulatory process
and limited regional jurisdiction.
Analyzing the Market Standards for
General Meetings as well as the proposals for the Securities Law Directive
framework, we show that a cooperative solution is the best method for
overcoming the disincentives to invest
in cross-border voting. Establishing a
global Voting Platform (VP) promises
to be the most efficient way of facilitating cross-border voting.
A well-structured Voting Platform can
overcome the barriers caused by inefficiencies in the regulatory process and
conflicts of interests for issuers, intermediaries and other stakeholders. In
order to achieve this goal, the VP needs
at least five interfaces:
_Connection to existing registra tion and voting systems on the
issuer level
_Direct links to the investors’
depositaries
_Provision of information on
the General Meeting of share holders for each issuer from
publicly administered data bases such as the European
Business Register and EDGAR
_Connection to the investor’s
voting facility
_Access to proxy advisers that
provide investors with infor mation whether to vote yes
or no, or to abstain (the
‘Voting Content’)
Drawing on network effects and the
economics of standardization in software markets, we are developing a suitable framework, including the functions and the ownership structure of
such a Voting Platform and how legislators and regulators can support the
Voting Platform to enable investors to
exercise their voting rights efficiently,
fulfilling their duty to vote.
CENTER FOR CORPORATE
GOVERNANCE
CENTER SUPPORTERS
_ DWS Investment GmbH
_ Bertelsmann Business
Consulting GmbH
_KPMG Wirtschaftprüfungs gesellschaft AG
_Fritz Thyssen Foundation
ACADEMIC DIRECTORS
Prof. Dr. Marc Steffen Rapp
Christian Strenger
Prof. Dr. Michael Wolff
Core competencies/
Research interest
_performance relevance of
good governance
_governance ratings and
scoring systems
_diversity-related questions
_development of corporate
governance in emerging markets
Contact
hhl.de/ccg
ECONOMICS AND REGULATION 25
24 HHL RESEARCH REPORT 2014
Sparkassen-Finanzgruppe Junior Professorship in M&A of Small- and Midsized Entities
Growth Options for Small- and
Midsized Enterprises
Dr. Lahmann: Identify­ing possible growth
options is a typically discussed problem
in strategic management decisions which
is closely related with financial economics. The idea behind this interrelation is
How can Earnings
Figures be Modeled?
The short-sighted valuation setting
for the application of various pricing
techniques, such as the discounted
cash flow method, demands several
requirements from analytical models. Without these, they are in fact
not applicable in practice. For example, without these requirements, it is
not possible to define constant and
deterministic cost of capital via equilibrium models such as CAPM, which
are in turn necessary for calculating
the price of a company.
One of the most result-influencing
assumptions in asset pricing is mo­
deling the uncertainties of the underlying earnings or cash flow figure
via a stochastic process. In the paper “The applicability of the additive process assumption in DCF,” Dr.
Lahmann analyzed these requirements and showed under which
conditions a simple and manageable
solution can be provided without
losing generality and applicability. Indeed, some of the recently discussed possibilities for how to model
earnings figures give mathemati­cally
elegant solutions but cannot be
applied in real valuation settings.
Therefore, it is important to analyze
the underlying assumptions of an
analytical model with great care.
In 2013, the Chair of Economics and In­­
formation Systems successfully com­
pleted a 3-year project under the EU’s
Seventh Framework Program for Re­
search (FP7). The project, codenamed
EmPower, was funded by the FP7 In­
telligent Energy Europe program, which
focuses on environmental topics with
particular reference to the role of SMEs.
that only techniques which originate
in asset pricing are able to tell you if the
growth options under consideration create value and how much. Without these
techniques, the management of a firm is
not able to make a well-founded decision.
Why are acquisitions important in this
context?
Dr. Lahmann: Besides typical growth options such as investment in new production facilities, the acquisition of firms upand downstream along the value chain as
well as the acquisition of competitors are
important alternatives. Especially for creating entities in the SME sector which can
play an important role on international
markets, this is an often underestimated
growth option.
Why the special focus on SMEs?
Dr. Lahmann: In contrast to large enter-
prises, which usually have publicly traded
stocks, SMEs are completely different in
their structure (i.e. not publicly traded,
management = owner, etc.) and therefore
most financial techniques such as the
capital asset pricing model fail. Partially
this is due to the fact that the availability
of data on non-public firms is limited. In
addition, most of the basic assumptions
of those standard models just do not fit
the real conditions of SMEs. Of course, it
is useful to make some simplifications in
order to build a practicable and general
approach for valuing SMEs.
So far we have talked about theoretical
concepts, but what is about the actual
application?
Dr. Lahmann: The limiting factor lies
not only within the conceptual basis of
analytical models. As already discussed,
the fact that most models fail is due to
EmPower – Promoting Energy
Innovation Within the EU
Innovation in the energy sector is a topic of high importance both in Germany and
abroad. With the courageous but controversial decision to phase out nuclear energy
production in favor of renewable sources (the Energiewende), Germany has committed itself to sourcing 80% of its electricity production from renewables by 2050.
Since August 1, 2013, Dr. Alexander D. F. Lahmann (right) has been the Junior Professor
for Mergers & Acquisitions in Small- and Midsized Enterprises (SME) at HHL.
This junior professorship is kindly sponsored by the Ostdeutscher Sparkassenverband
and the Sparkasse Leipzig. Dr. Lahmann will strengthen HHL’s profile as a business
school offering excellent financial education and as an incubator of growth options for
SMEs in the Neue Bundesländer. His research focus is on asset pricing, i.e. techniques
for valuing enterprises that are essential for uncovering growth options. He is currently working on several combined research projects with the University of Leipzig
and Sachsen Bank.
Why are valuation techniques important
for exercising growth options?
CHAIR OF ECONOMICs AND INFORMATION SYSTEMS
Jun.-Prof. Dr. Alexander Lahmann
the lack of data availability. In our cooperation with Sachsen Bank, we are aiming overcome this problem by building up
a unique transaction database that gives
detailed insights into the valuation and
the impact of growth options on the value
of SMEs in general. In addition, it is possible to show the value differences between
SMEs and listed firms.
Junior Professorship
for Mergers & Acquisitions in Small- and
Midsized Enterprises
Chair Donor
Ostdeutscher Sparkassenverband /
Sparkasse Leipzig
Chair Holder
Jun.-Prof. Dr. Alexander Lahmann
Research interest
_Asset Pricing
_Corporate Valuation
_Capital Structure
_Corporate Transactions
Contact
hhl.de/ma-sme
The main goal of the EmPower project,
which spanned four EU regions (Saxony,
West Macedonia, Aragon, and Tartu),
was to increase the visibility of innovative energy solutions across partner
regions, in order to promote their adoption among key decision-makers and
ultimately shorten their time to market. As part of the EmPower effort, the
Chair organized a regular series of application courses, hosted at HHL, which
targeted engineering companies, architects, installers, and local institutional
actors. The events included talks by institutional and commercial experts, and
Prof. Pierfrancesco La Mura, Ph.D.
The topic of each event ranged from emobility to smart metering, intelligent
building materials, and bioenergy, with
some events attracting up to 130 participants. The yearly schedule included six
events hosted at HHL, including a special startup workshop which targeted
entrepreneurs in the field of new energy
solutions, with the aim of providing
them with the tools needed to transform
a novel technological idea into a successful business model.
“As a regular participant at EmPower
events, I can say that
it was always exciting to attend the
high quality presentations and fruitful
as well as critical
discussions. Furthermore, the events
enabled me to extend
my network and establish new business
contacts.”
empower-eu.net Dipl.-Inf. Lars Quiring, GET AG
provided participants with the opportunity to network with key members of
the local energy community. Focusing
on current trends and opportunities in
the renewable energy sector, the expert
presentations demonstrated the advantages of novel intelligent energy solutions to key decision makers, enabling
them to transmit those advantages to
their clientele.
26 HHL RESEARCH REPORT 2014
ECONOMICS AND REGULATION 27
Future Building
with VakuTex:
A new Generation
of Energy-Efficient
Building Materials
As part of its long-standing interest
in the field of energy innovation, the
Chair of Economics and Information
Systems supervised several field
projects in the area of new energy
solutions.
DFG funded:
New Research Fellows
In fall 2013 two new Research Fellows joined the Chair of Economics and Information Systems: PD Dr. André Casajus (left) and Dr. Frank Huettner (right).
Dr. André Casajus, whose main research focus is in the areas of microeconomics and game theory, has
already gained an impressive publication record as well as international recognition for his research. He holds degrees from the Universities of Leipzig,
Berlin, and Hagen.
Dr. Frank Huettner, whose research
interests also span microeconomics
and game theory, joined the Chair after
half a year spent as postdoctoral fellow
at the Université de Franche-Comté.
Dr. Huettner is a recognized young
researcher, and his position at HHL
is fully funded for the next two years
by the prestigious German Research
Foundation (DFG).
The recent research of Dr. Casajus and Dr. Huettner is focused on cooperative
game theory. Broadly speaking, cooperative game theory deals with the fair distribution of gains of cooperation. Potential applications include the measurement
of power within shareholders’ meetings and arbitration in distributional disputes.
Research Cooperation with NYU Stern
In 2014, Prof. La Mura will continue his long-term research cooperation
with Prof. Adam Brandenburger, who is Associate Dean at the New York
University Stern School of Business. Both have already been working on
quantum cognition and on the foundations of decision and information
theory, for several years. In 2014, as part of his upcoming sabbatical,
Prof. La Mura will join NYU Stern for a semester as a visiting researcher,
in order to further the scientific cooperation with Prof. Brandenburger.
Previous projects at the Chair included an “Analysis of Possible Business
Models and Marketing Strategies”
(with Suncoal Industries GmbH),
“Development of a business concept
for an energy-positive house” (with
EnergieCity Leipzig GmbH), “Models
for citizen participation in establishing alternative energy plants
in Central Germany” (with Sakosta
GmbH, the Thuringian Ministry of
Agriculture and Environment, and
Volksbank eG), and “Evaluation of
the auction design for gas transmission rights in Germany” (with
ONTRAS GmbH, a company in the
VNG group).
The most recent corporate partner
was VakuTex, a start-up in the field
of high performance composite
materials for buildings founded by
Prof. Frank Hülsmeier, Head of the
Energy Design group at the Leipzig
University of Applied Sciences
(HTWK). The project focused on
performing a market analysis and
formulating an entry strategy for
VakuTex’ innovative facade element.
Compared to state-of-the-art insulation materials, the VakuTex composite facade module provides better insulation against cold and heat,
while dramatically reducing overall
wall thickness and weight through
its very thin profile (just 11 cm). Not
only did the HHL student team in
charge of the project successfully
perform the required tasks, but it
also brought significant additional
value to VakuTex by identifying concrete opportunities for strategic alliances and contacts to private and
institutional investors.
Models of decision and cognition
Quantum cognition is an emerging field
which applies the mathematical formalism of quantum theory to model cognitive phenomena such as information
processing by the human brain, decision
making, human memory, concepts and
conceptual reasoning, human judgment,
and perception.
In 2009, The Journal of Mathematical
Psychology published a special issue
on Quantum Cognition and Decision
(2009, vol 53.), which was instrumental
in the establishment of the new area as
an independent field of research. One
of the contributions in the special issue
was by Prof. La Mura, who has been active in shaping the development of this
new field since its earliest phase (P. La
Mura, 2009, Projective expected utility. Journal of Mathematical Psychology,
53:5, 408-414.).
In 2013, a new special issue on quantum
cognition will appeared in TopiCS, the
journal of the Cognitive Science Society.
Prof. La Mura is also contributing a paper, this time on the role of regret in
consumer decisions (P. La Mura, 2013, A
double-slit experiment for non-classical
interference effects in decision-making.
Topics in Cognitive Science 5:4).
Prof. Dr. Arnis Vilks
CHAIR OF MICROECONOMICS
Electronic Trading: Blessing or Curse?
Information technology has already disruptively reshaped a variety of important business sectors, including many
types of consumer services, entertainment, and the news industry. Recently,
the financial services and intermediation sector has also been going through
profound changes, prompted by the
availability of novel IT solutions and
infrastructure. One example of such
changes is the growing importance of
high frequency trading, which presently accounts for more than 50% by
value of all equity trades in the US. Highfrequency traders implement strategies which aim to exploit, through statistical arbitrage, the slight short-term
price differences which typically occur
on separate financial markets. This new
phenomenon affects the very infrastructure of financial markets: for instance,
in 2010 a new dedicated data line was
built (at a cost in excess of 300 million
USD) between NYSE and the Chicago
Mercantile Exchange in order to make
communication faster by 0.8 milliseconds. According to many, high-frequency trading has already hit the physical
limits of communication, and it is now
more appropriate to describe it as “lightspeed” trading.
Another important example of disruptive change in the financial sector
prompted by recent advances in IT is
the increasing credibility and impact of
electronic, peer-to-peer currency. The
most popular form of electronic currency, Bitcoin, is a type of peer-to-peer
crypto-currency that is independent of
any central authority. Bitcoins can be
stored in an electronic wallet, and traded through any connected device such as
a computer or smartphone. Since 2009,
when the Bitcoin experiment started,
the exchange rate with the US dollar has
climbed from less than 1 USD per Bitcoin
to the current 190 USD/Bitcoin (at the
time of writing).
Current research at the Chair focuses
on the design of peer-to-peer electronic
exchanges and of the infrastructure required by the new generation of high frequency trading, as well as on the general
economic and social consequences of
electronic trading.
CHAIR OF ECONOMICS
AND INFORMATION
SYSTEMS
Chair Holder
Prof. Pierfrancesco La Mura, Ph.D.
Core competencies/
Research interest
Market Design and Regulation
_Electronic markets
_Energy markets
_Mechanism design
Foundations of Game and Decision
Theory
_Representations
_Solutions
_Algorithms
Information Theory
_Preference estimation
_Quantum information
_Artificial Intelligence
Cooperative Game Theory
_TU games, solidarity, and taxation
_Group and network formation
_Applications to statistics
Contact
hhl.de/information-systems
Entrepreneurship in Ethiopia
With a population of over 80 million,
a reasonably stable political environment, and GDP growth rates between 7 % and 10 % in the last decade,
Ethiopia is one of the most rapidly
growing economies in the world. In
terms of per-capita income, though,
it is still one of the poorest, relying to
a large extent on agriculture, which
still accounts for 85% of employment. However, where change has
occurred, business opportunities
abound, and it is small wonder that
the Ethiopian government is doing
everything to support entrepreneurship – be it by Ethiopians or by foreigners. For example, the northern
province of Tigray has published a
long list of investment opportunities
with a number of indicators such as
required capital and IRR (mekellecity.
com/investment.asp). The government is being supported in its efforts
by international organizations such
as UNDP which recently established
an Entrepreneurship Development
Center in Addis, and provides training
and comprehensive business advisory services to micro- and small enterprises all over the country. The ambitious aim is to develop enterprises
set up by over 200,000 entrepreneurs.
One of the successful enterprises was
founded by HHL graduates and deals
in Ethiopia’s best-known product:
gourmet coffee (coffeecircle.com).
Prof. Dr. Arnis Vilks is currently on leave
from HHL and serving as Tandem Dean of
the College of Business and Economics at
Mekelle University in Northern Ethiopia.
28 HHL RESEARCH REPORT 2014
ECONOMICS AND REGULATION 29
Center for Health Care Management and Regulation
How to Achieve Medical Quality and
Affordable Costs Simultaneously
Prof. Dr. Dr. Wilfried von Eiff
Prof. Dr. Dr.
Wilfried von Eiff
Prof. Dr. Dr. von Eiff has been the
Academic Director at HHL’s Cen­
ter for Health Care Management
and Regulation since December
1, 2013. In addition, he holds an
extraordinary professorship for
Health Care Management and
is integrated into the business
school’s academic group of Economics and Regulation.
Born in Gießen, Germany, he has
been the head of the Center for
Hospital Management in Munster
(CKM) since 1994. His key activities include health care research
and health technology assessment, ethics and econo­mics
in health care, purchasing and
logistics management, as well
as quality and risk management.
Furthermore, Prof. Dr. Dr. von Eiff
acts as an advisor for health economics at the International
Institute for Health Economics.
The health care systems in most of the western industrial nations are facing big
problems due to higher life expectancy, and an increasing percentage of a nonworking population, increasing costs in their health care systems, higher premiums for
health insurance funds, as well as misdiagnoses and medical malpractice due to
exhausted or inadequately trained personnel. The pharmaceutical industry encounters harsh competition on the global market and faces substantial differences in
legal conditions in different countries. Both the public health sector and medical
research as well as marketing in the pharmaceutical industry are increasingly faced
with complex ethical questions, for example, welfare economic evaluation and the
rationing of health care services.
Challenges in Health Economics and the
Pharmaceutical Industry
At the same time, innovative and intelligent information and communication
technologies (smart systems) as well
as more effective processes to use large
pools of data offer new possibilities to
fundamentally reorganize health care
systems. New types of cooperation between health care providers and the
trend towards individualization in the
medical sector change the value-added
processes and, consequently, the fundamental organizational form as well as
As a part of his responsibilities at
HHL, Prof. Dr. Dr. von Eiff will participate in the strategic management program as well as offering
a course within the framework
of HHL’s Executive Education
program in Phoenix/USA and
other locations. This program will
be integrated into the part-time
MBA at HHL in the medium term.
In addition, Prof. Dr. Dr. von Eiff is
involved in the organization and
execution of the CASiM Conference 2014 on the topic “Boundaryless Hospital”.
wilfried.von.eiff@hhl.de
logistics in health care systems of the
future. This confronts health economics
and hospital business administrations
as well as the management of pharmaceutical companies involved with research with new challenges. The same
issues apply to state regulation which
is essential for the development of the
health care system.
Prof. Dr. Dr. Wilfried von Eiff, the new
Academic Director at HHL’s Center for
Health Care Management and Regu­
lation, says, “hospitals and the pharmaceutical industry will be organized
in completely new forms of integrative
health care networks. Their development, regulation and optimization will
require considerable research and transfer activities as well as significantly improved offers in further education for
executives in the health care sector, and
for different kinds of medical and health
care professionals.”
The research program at the new Center
for Health Care Management and
Regulation, which is currently being
organized in close coordination with
the activities of the cross-group center
CASiM, will, amongst others, deal with
the issues below.
For the cross-group center CASiM,
health care is one of four future core issues of business administration for the
21st century. In preparation for an international research conference in Leipzig
in summer 2014, CASiM has already organized several inter-disciplinary events
with experts in medicine and economics,
and developed a research agenda.
In addition, the Center for Health Care
Management and Regulation will cooperate closely with the Chair of Business
Ethics and through that with the
Wittenberg-Center for Global Ethics:
Innovation and Entrepreneurship division, as well as the Chair of Strategy,
Finance, Marketing and Logistics, and
last but not least with the new Arendt
Oetker Center for Business Psychology
and Leadership. The idea is to establish practice-oriented health care
management research through the
BMBF and EU-programs as well as applicable projects. Hereby scientists from
the medical faculty of the University of
Leipzig will be included as much as possible. Other University hospitals and
pharmaceutical companies are also targeted for inclusion in the research and
transfer activities in connection with
certain diseases.
HHL sees a broad field in the health care
sector for the development of new business models, the establishment of new
health care companies, and the development of already existing companies by
integrating new business concepts in
form of spin-in activities. As a result of
these considerations, the Center CEIM
that is currently being established will
The Research Program at the new Center for
Health Care Management and Regulation
_ Patient control:
possibilities and limits of pay-for-performance
in the health care sector
_ Ethics and economics in the medical sector:
Does the medical sector need protection from
economics?
_ Medicine logistics in hospitals:
safety and cost effectiveness of pharmaceutical
supplies
_ Personalized medical care:
ethical, economic, medical and industrial
strategic aspects
be linked with the new center to utilize
the potential for spin-offs and spin-ins
in the Leipzig region as well as in western Germany.
HHL pursues close research cooperation
in the field of health care management
with scientists from the scientific and
health care fields in the Leipzig region
as well as the Hochschule Fresenius –
University of Applied Sciences. This is
to include the strengths in the field of
medical research and hospital management on the one hand and the academic
qualifications of medical and health care
professions for the development of a holistic approach in new supply networks
both in research and in teaching as well
as in the transfer.
Center for Health Care
Management and
Regulation
Center Donor
COGNOS AG
Academic Directors
Prof. Dr. Dr. Wilfried von Eiff
n.n.
Core Competencies / Research
Interests
_ Health care research, health technology
assessment, ethics and economics in
health care, purchasing and logistics
management, as well as quality and
risk management
Contact
hhl.de/chcmr
30 HHL RESEARCH REPORT 2014
SUSTAINABILITY AND COMPETITIVENESS 31
Prof. Dr. Manfred Kirchgeorg
How to boost sustainable
consumption behavior?
The Chair’s research in the area of
Sustainability Marketing focused on the
following four main projects in 2013:
_
_
_
_
Communication of sustainability
hot spots
Scale development for consumers’
sustainability consciousness
Consumers’ acceptance of electric
mobility concepts
BioEconomy strategies.
In the first project it was analyzed how
“Sustainability Hot Spots” can be effectively communicated, e.g. at the pointof-sale. Nowadays, manufacturer and
retailers conduct Hot Spot analyses
for their products and private labels to
identify the Hot Spots with the greatest impact on the ecological footprint
along the product lifecycle. The research
question was how consumers may be informed about critical Hot Spots in order
to promote sustainable consumption behavior. Therefore, an online experiment
was developed and an eyetracking study
to test consumers’ reactions on Hot Spot
communication was conducted.
Consciousness for Sustainable Consumption (CSC)
_Recycling/disposal
_ Use of resources/
energy
_Local/regional
production
_ Climate impact
Environmental
_ Human rights
_ Social standards
_ Child labor
_Mistreatment
_ Fair compensation
Economic
Voluntary
Simplicity
Collaborative
Consumption
Social
Debt-free
Consumption
Multidimensional model of consumers’ sustainability consciousness
understanding of the economic dimension was achieved, which was modeled
as a multi-faceted construct. As illustrated in the figure above, economically
sustainable consumption can be seen
from three different angles: voluntary
simple, collaborative and debt-free consumption. In practice, this means living
a low-key, non-consumption oriented
lifestyle or to prefer sharing concepts
such as car sharing instead of owning
and to avoid financial overspending. The
largely driven by consumers’ brand love,
i. e. their strong emotional attachment
to the brand. Even though theories commonly propose that consumers’ behavior is guided by their pro-environmental
values, ecological values did not significantly contribute to explain consumers’
preferences.
Furthermore, the SVI-Endowed Chair
of Marketing is a member of a Research
Consortium of the
SVI-Endowed Chair of Marketing, esp. E-Commerce and Cross-Media Management
Digital Disruption and Sustainability as Game Changer in Marketing
Thanks to the foundation commitment of the Siegfried Vögele Institute, Prof. Dr. Manfred
Kirchgeorg holds the SVI-Endowed Chair of Marketing, esp. E-Commerce and Cross-Media
Management since November 2013. The research areas E-Commerce and Cross-Media
Management will be added to the Chair’s previous research portfolio consisting of
Sustainability Marketing and Holistic Branding.
Sustainability
Because of new sales and communication channels provided by digital media,
Marketing
radical changes in developing relations to customers and stakeholders occur
throughout all industries. Over the course of the next years, the SVI-Endowed
Chair of Marketing will be dealing with these challenges in both research and
teaching more intensely. Especially in times of change, the Chair’s longterm competence in the field of theory-driven empirical research provides
Holistic
an excellent precondition to explain altered empirical phenomena
Branding
by new theoretical models. Individual research questions are being
considered as part of the overall concept of Holistic Branding and
Cross-Media
Sustainability Management. With this background the research
E-Commerce
Management
team led by Professor Kirchgeorg has been able to establish an
outstanding research profile in both, national and international
context. By systematically extending networks to other scientists and companies, exceptional research results have been
Research competencies at the
gained in interdisciplinary cooperation projects.
SVI-Endowed Chair of Marketing
Sustainability flyer & eyetracking heat mp showing destinations of attention
Second, the SVI-Endowed Chair of
Marketing proceeded with its fundamental research to consolidate existing measurement approaches for consumers’
sustainability
perceptions.
The “Consciousness for Sustainable
Consumption” (CSC) scale encompasses
items for measuring the ecological, social and economic dimensions of sustainable consumption. In collaboration
with the Chairs of Marketing of the
Leibniz University Hanover (Prof. KlausPeter Wiedmann) and the University of
Potsdam (Prof. Ingo Balderjahn), the
CSC scale was validated in several independent studies. In particular, a better
scale was jointly developed with market- “Spitzencluster BioEconomy”. The viing research experts from the GfK Verein
sion of the top cluster BioEconomy is
who are going to test the scale’s predic- to be an example for the realization of a
tive validity within a representative con- BioEconomy concept in a whole region.
sumer sample.
To that end the strategy of the cluster
is to drive the economic development
A third research project was centered
of the region forward and to create
around consumers’ acceptance of eco- impulses for sustainable growth. The
friendly product innovations. In the de- SVI-Endowed Chair of Marketing will
velopment of alternative drive concepts
accompany the process from an acaon the way to emission-free mobility, the
demic perspective and consult the clusBMW Group developed the MINI E as an
ter management as well as companies
urban electric car and handed a fleet of
of the cluster, in particular by analyzing
test cars to customers. According to the
market entry and branding strategies
results of this research project, the ac- for new Bio-Tech products.
ceptance of electric mobility concepts is
32 HHL RESEARCH REPORT 2014
SUSTAINABILITY AND COMPETITIVENESS 33
In order to transfer the research insights the Chair gained from these
projects, workshops with practitioners were conducted, e.g. at the Fifth
Annual Conference of the Akademische
Partnerschaft ECR Deutschland. More­
over, the research results were discussed
with the scientific community at several
international conferences (AMA Winter
Conference, Las Vegas; AMS Summer
Conference, Melbourne; CRR Conference,
Graz) and were published in several articles in marketing journals such as the
Swiss Journal of Business Research and
Practice and AMS Review.
How to create strong
Brands for Customers and
Employers?
Several projects within the framework of the competence field “Holistic
Branding” are dealing with profiling
concepts of company brands in view of
their future employees and customers.
Due to the growing problem of companies to acquire qualified personnel,
the SVI-Endowed Chair of Marketing
has addressed research on Employer
Branding intensively over the last decade. The relevance of brand architecture
for the Employer Branding was studied in a recent project. With respect to
the influence of brand hierarchies on
stakeholder perception, hypotheses can
be put forward on the basis of theoretical reflection. For the first time, these
hypotheses were tested by means of an
experimental design. An online survey
was carried out for this purpose asking
the subjects to rate different brand architectures. This project provided interesting insights on the image of employers. Hence, companies that are active in
various business areas should also make
an effort to represent this diversity in
Employer Branding processes appropriately. In case of complex brand architectures a close connection between the
promised value of the brand and the corporate brand is essential.
Furthermore, a research project dealing
with the brand-identity-based composition of Live Communication has been
completed. By using eye tracking technologies and surveys the multi-sensual
perception of a trade show booth was analyzed in cooperation with an energy service provider. The results yield evidence
on the importance of various booth elements to convey the brand identity to
the target group optimally. A purposeful combination of branding issues and
problems of Live Communication was
the basis of this project.
Future of Retail: From E-Commerce
to M-Commerce?
Considering the rapid change of customer buying behavior because of the
new mobile and stationary channels
for communication and sales, the SVIEndowed Chair of Marketing was involved in analyzing the determinants
of multi-channel buying behavior. In
this regard a cooperation project with
McKinsey & Company concerning the
“Determinants of channel choice behavior in the multi-channel context”
was conducted between 2007 and 2011.
Research results demonstrated a clear
dominance of interactive channels
over one-directional communication
channels. The relations between attributes of sales channel quality which are
noticed by customers and their resulting usage of channels were examined
with the help of multi-nomial logit
models and nested logit models. As a
result, it could be shown across sectors
“The retail sector will
change completely until
2020. But the customer
is always at the center
of the business models.
Customer-centricity
will revitalize
the role of Marketing
in a changing world.“
Prof. Dr. Manfred Kirchgeorg
that the quality of supply and the channel convenience have a significant influence on the usage of sales channels.
Especially issues of channel convenience were embraced by the Chair systematically and, thus, projects to study
the shopping atmosphere in stationary
shops were launched. A further study
was conducted to investigate the possible applications of Mobile Commerce
as an instrument of both customer
and channel loyalty. On the basis of a
theory-driven empirical analysis, the
influence of various instruments of
mobile marketing on the trading companies’ customer loyalty was studied.
This was accomplished by analyzing
the use of locally based services, from
coupons through to bonus programs,
which are supported by the use of mobile phones. It will be possible to present important results of this project
in 2014.
SVI-Endowed Chair of
Marketing
Chair DONOR
Siegfried Vögele Institute
Chair Holder
Prof. Dr. Manfred Kirchgeorg
Core competencies/
Research interestS
_ E-Commerce
_ Cross-Media Management
_ Holistic Branding
_ Sustainability Marketing
Contact
hhl.de/marketing
Sustainability considerations in logistics and supply chain management
(SCM) have been become an increasingly attractive field of investigation
among researchers in the last few years.
Awareness of environmental protection and green technology in particular
has grown in industrialized countries.
Contrariwise, information technologies
are developing faster and faster, at the
same time as lifecycles are shortening
and product innovation is increasing.
This situation raises the question of how
these emerging information technologies
can efficiently contribute to sustainable
logistics and supply chain management.
One possible answer to this question was
proposed in a research paper written by
Prof. Dr. Iris Hausladen, Alexander Haas
and Andrej Lichtenberg and presented
at the 10th International Conference on
Logistics & Sustainable Transport in
Celje, Slovenia.
Prof. Dr. Iris Hausladen
HEINZ NIXDORF CHAIR OF IT-BASED LOGISTICS
“Enhancing sustainable logistics
through the con­tribution of
emerging IT”
Prof. Dr. Hausladen, emerging information technologies (IT) could mean many
things. What do you understand by the
phrase?
Prof. Dr. Iris Hausladen: We see emerging IT in contrast to so-called established IT solutions and established IT
support. Established IT can be understood as logistics information systems
which have already been widely adopted
in practice, so that the transition process from research and development to
practical use is more or less complete.
Two examples are ERP and warehouse
management systems. In contrast,
emerging IT solutions in logistics and
SCM can be seen as the next layer of IT
support. We have clustered them into
three areas. First, architecture concepts
such as service-oriented architecture try
to set up a basis for designing the whole
IT landscape of logistics and SCM applications. Second, overarching technology
paradigms attempt to map all previously
used applications into one single platform. Cloud computing solutions represent a good example of this category.
The third cluster summarizes efforts to
design strong analytical systems within
logistics and SCM, and focuses on the
efficient use of the large chunks of data
produced as material flows through the
supply chain. This is currently reflected
by big data analyses and business intelligence solutions.
Using these emerging IT solutions as
a foundation, how did you proceed
during the analysis, and what was the
methodological approach?
Prof. Dr. Iris Hausladen: The general
aim of the research paper was to develop
an overarching framework interlinking
sustainable logistics and SCM on the one
hand with the contribution of emerging
IT on the other. First, we extracted sustainability requirements from literature
and categorized them using the triple
bottom line approach, i.e. we allocated
the requirements either to the ecological
component, the economic component
or the social component. Subsequently,
we constructed the selection procedure
34 HHL RESEARCH REPORT 2014
Did you create an example to familiarize the reader with the suggested
concept?
Prof. Dr. Iris Hausladen: Yes, we show
a fictitious example derived from the
wood industry and check the sub process “Reserve inventory and determine
delivery date” in the deliver process using a cloud computing solution.
During your analysis, you focused only
on emerging IT solutions. Is it also possible to apply the proposed framework
for the established IT?
Prof. Dr. Iris Hausladen: We deliberately constructed the analysis framework in a more generic matter. This gave
us the option of a broader application
scope. That means that it is definitely
possible to use the framework for established IT. Nevertheless, if new technologies are implemented, all opportunities
for making improvements should still be
examined, and we hope our framework
can serve as one brick in the wall of improvement possibilities.
Considering the research focus of the
Heinz Nixdorf Chair of IT-based Logistics, how would you embed this topic,
and what are the next steps concerning
the framework?
Prof. Dr. Iris Hausladen: Our aim was
to create an analysis framework that
integrates the holistic approach of the
triple bottom line for logistics and supply chain processes and pairs it with
the contribution made by emerging IT
solutions to sustainability. One possible
next step is to quantify the proposed
measures in order to capture all components of sustainability in an operational
manner. Furthermore, we are looking for
some practical application, potentially
in the sector of bioeconomy. In terms of
the research focus, the paper definitely
touches on our three focal topics, i.e.
assessment, management and inherent business processes in IT-based logistics, but it is obviously more closely
linked with the assessment of solutions
in IT-based logistics and supply chain
management.
Connecting Humanitarian Logistics and Sustainability
The need for well-executed humanitarian operations and logistics is bigger than
ever in the face of multiple catastrophes and the long-term activities that ensue in
different areas, different environments, and different political and ecological contexts. As a result, the membership of the second BVL working group Humanitarian
Logistics, which closed in fall 2013 and became a BVL topic group, came together
to create a collected edition gathering the knowledge developed and discussed in
the regular meetings of the working group. Prof. Dr. Iris Hausladen and Alexander
Haas contributed a paper considering sustainability in the context of humanitarian logistics. Here, the core concept is the enhancement of the previously
developed integrated logistics system for humanitarian logistics by using the
sustainability component. The collected edition, edited
by Prof. Dr. Bernd
Hellingrath from
Münster University,
was published in
October 2013.
4th meeting of the
working group at
Leipzig/Halle Airport
on January 22, 2013
Second Edition of the
Textbook on IT-based
Logistics
The rapid development of new information technologies and growing market demand for up-to-date
knowledge in the area of IT and logistics led to the actualization and
revision of Prof. Dr. Hausladen’s textbook “IT-based Logistics”. During the
revision process, every chapter was
brought up to date. For instance,
the area of emerging information
technologies which are applicable in
logistics and supply chain management is now covered by a separate
subchapter which deals with, among
others, service oriented architecture, cloud computing and analytics.
The second edition is available since
January 2014.
Network “metaStream”
The Heinz Nixdorf Chair of IT-based
Logistics participates actively in the
„metaStream“ network, which is
concerned with the development and
implementation of innovative concepts for a sustainable, robust, competitive and ensured energy supply.
The contribution of the chair is to
analyze the energy and material flow
logistics.
Here, all the logistics processes for
the different kinds of energy and
material flows have to be considered
holistically with regard to their sustainability, robustness, performance,
effectiveness, improvement, costs,
etc., in order to identify the best
solution.
At the moment, the initiation of research and development projects
with the network partner is focused.
The Chair is also involved in network
meetings, workshops and expert
discussions where it contributes its
academic expertise. After defining
the research topic and identifying
partners, the active work phase will
start with the goal of initiating investigation of the logistics process
management for the different kinds
of energy and material flows.
metastream-netzwerk.de
Logistics and SCM Concept
for BioEconomy
Since July 2012, the Heinz Nixdorf Chair
of IT-based Logistics with Prof. Dr.
Iris Hausladen and research associate
Andrej Lichtenberg has been part of the
Leading-Edge Cluster BioEconomy. The
cluster comprises more than 50 companies from a variety of sectors, e.g. sawmill, paper, and chemical industries in
Central Germany. The goal of the threeyear cluster project is to ensure sustainable and – whenever possible – cascade
use of beech wood. This implies the
re-use of the same material for different purposes, e.g. through recycling or
processing. To support the realization
of this objective, several research institutions are working on an interdisciplinary basis in close cooperation with the
business partners to provide scientific
concepts and methods.
Logistics and supply chain management (SCM) play a crucial role as “umbrella functions” in the developing
BioEconomy sector. Whereas business
partners in the project usually already
have a logistics system, a concept for
SCM in bioeconomic supply chains has
yet to be developed. The reason for this
is that in the emerging BioEconomy sector, new links are being created between
industries which have no history of cooperation. In addition, these industries
are characterized by very diverse product portfolios and processes, as can be
seen in the figure below. A good example
is the connection between the sawmill
and the chemical industries. For biobased production of chemical materials
in so-called biorefineries, the logistics
processes must be defined at the interface between the two organizations, and
partly redefined within them.
Wood Production
Material flow
Timber industry
Material flow
Biorefinery
Material flow
Cascade use
whereby we chose a two-step portfolio
method in order to select a relevant logistics and supply chain process (LSCP)
for further analysis. It should be noted
that the analysis of the LSCP requires a
certain standardization, and so we decided to use the SCOR model first in order to standardize the set of processes to
be selected. We suggest that if the LSCP
meets more than 50% of the requirements in the portfolio analysis, further
investigation can take place and be executed by means of individually checking
the above-mentioned requirements for a
chosen emerging IT solution.
SUSTAINABILITY AND COMPETITIVENESS 35
Bioenergy production
Example of cascade use in BioEconomy
The work package “Logistics and SCM”
within the cluster project takes a crossindustry approach which aims to look
at the as-is logistics processes along the
complete supply chain and then to define to-be processes. A holistic, integrative logistics concept will be developed
according to the specific needs and requirements of the industries involved.
In addition, a SCM concept will be formulated to improve communication
and cooperation in bioeconomic supply
chains. Another specific aspect to take
into account is related to the assessment
of methods and solutions from IT-based
logistics, as these represent an essential
success factor for SCM.
The above-mentioned differences in the
characteristics of the industries involved
imply diverse requirements for logistics processes. This factor poses a considerable challenge for the integration
of supply chain partners. Nevertheless,
the work package “Logistics and SCM”
has the potential to contribute significantly to the development of a spacious
BioEconomy region in Central Germany.
For Prof. Dr. Hausladen, the project also
offers an opportunity to further expand
the research portfolio at the chair.
bioeconomy.de
“The German research strategy ‘BioEconomy 2030’ calls
for innovative concepts to face
the challenges of modern life,
i.e. scarce resources, a growing world population and
the need to preserve a health
natural environment. A biobased economy anchoring the
sustainability paradigm in
every human and organizational decision manifests an
important pathway for various sectors and fields of activity to achieve the ambitious
targets. Logistics and SCM
act thereby as success factors
and enabler by integrating
resource flows and people
in complex and global value
creation networks.”
Prof. Dr. Iris Hausladen
HEINZ NIXDORF CHAIR OF ITBASED LOGISTICS
Chair Holder
Prof. Dr. Iris Hausladen
Core competencies/
Research interest
_BioEconomy
_Energy and material flow logistics
_Business models for IT-based logistics/
IT-based logistics applications
_Evaluation of IT-based logistics
applications
_Business Process Management (BPM)
in the field of (IT-based) logistics
_Emerging IT solutions in logistics
_E-Supply Chain Management
_Sustainable logistics systems and
networks
Contact
hhl.de/logistics
36 HHL RESEARCH REPORT 2014
SUSTAINABILITY AND COMPETITIVENESS 37
SPARKASSEN-FINANZGRUPPE CHAIR OF MACROECONOMICS
Environmental Policy and
Competitiveness: Measuring the
Stringency of Policy
Competitiveness considerations have an important impact on the design of policy.
But competitiveness is a relative concept – to conclude that a country losses competitiveness due to policy requires to compare the stringency of regulation across
countries. Due to lack of data, this is a challenge for empirical research. We offer a
solution to this problem.
Prof. Dr. Althammer, one of your
research interests is the relationship between trade and environmental policy.
What is the effect of this link?
Prof. Dr. Althammer: A stricter environmental policy should be beneficial for a
country by reducing the negative consequences of environmental degradation.
But it also might imply higher costs for
companies, which is usually interpreted
as a decrease in competitiveness. Policy
has an impact on production structures
– they change, and less polluting and
more clean goods are produced. This is
an intended consequence of regulation.
But policy may also result in a relocation
of industries which move to countries
with less stringent regulation. This “pollution haven effect” is the link to trade
policy; it can cause additional costs, e.g.
loss of employment.
Does policy react to this linkage?
Prof. Dr. Wilhelm Althammer
Prof. Dr. Althammer: Competitiveness
considerations have become an important aspect of environmental policy.
Take energy policy in Germany as an example. The ambitious targets of the “energy revolution” entail high costs in order to subsidize renewable energies. But
industry has been exempted from paying higher prices, and these exemptions
were widely granted. Now there is a
conflict with the European Commission,
which thinks that these tax exemptions
are in effect illegal subsidies, and so the
companies face the possibility of huge
penalties. Or take the European Union
Emission Trading System for carbon
emissions. The European Union intends
to move to an auction system over the
next years, but to prevent disadvantages
for energy-intensive industries, a complicated procedure has been started to
identify those industries that might lose
competitiveness and international market shares.
But something must be done to protect
our industries.
Prof. Dr. Althammer: This is a huge
problem, especially in climate policy.
The European Union is acting as a pioneer, as a role model for other countries.
But if unilateral policy harms competitiveness too much and industries move
to other countries with no regulation,
carbon emissions will not be reduced as
a consequence of policy, they might even
increase. To evaluate the effectiveness
of policy, estimating this so-called carbon leakage is a challenge for empirical
research.
Is this just a problem of empirical research which can be solved easily?
Prof. Dr. Althammer: Measuring the
stringency of regulation is a tricky task.
The first idea is to measure the costs that
arise for firms from complying with environmental regulation – unfortunately,
cost data is only available for the USA
and some European countries, but not
for developing countries and emerging markets which may serve as pollution havens. Interpreting regulations to
evaluate their stringency or just counting regulatory action is also not a good
idea: As the graph shows, the USA has
an exceptional number of policies and
Wouldn’t it be easier to use tariffs and
measures for reducing greenhouse gas
trade restrictions for products coming
emissions, but nobody would say that
from these countries?
the USA is a forerunner in climate policy
– many of these policies do not include
Prof. Dr. Althammer: This is a very pop- any regulatory instruments.
ular idea – punish those that use less
What is your approach to resolve this
strict policy to undercut your standards
problem?
and regulations. But environmental
policy and climate policy have many facets. These range from emissions trading, Prof. Dr. Althammer: We use an aptaxes, energy efficiency standards and
proach from microeconomic theory
subsidies for energy related investments
which assumes that one can infer the
through to voluntary agreements among
prices that firms are faced with from
industries. Due to this multi-facetted na- their behavior. Firms try to minimize
ture of policy, it is not easy to determine
costs, and they react to prices by changwhether the regulation in one country is
ing their behavior. Therefore, we start
less strict than the regulation in others.
with the energy input that is used by
different industries, and then try to deduce the energy prices these industries
are faced with. By comparing these prices with world market prices for the different energy sources, you can estimate
the wedge that policy drives between
the market price and the price faced by
firms. This is our estimator for regulatory stringency.
This sounds very theoretical – what can
you do with the results?
Prof. Dr. Althammer: The advantage of
our approach is that we now have an internationally comparable sector-specific
measure of multidimensional climate
policy stringency. We cover 33 sectors
and 28 countries over a time horizon
of 15 years. But it is only the first step these stringency indicators can be used
in further research about the effects of
climate policy on trade flows and foreign
direct investments. With this information, we want to be able to better predict
the effects of policy on company behavior, and the effectiveness of policy concerning carbon leakage.
The graph uses data from the International Energy
Agency and shows the energy-related policies and measures to reduce greenhouse gas emissions implemented in
a selected set of 28 countries in June 2013. The USA has
the highest number of policies and measures, but many of
these do not include any regulatory instruments.
38 HHL RESEARCH REPORT 2014
SUSTAINABILITY AND COMPETITIVENESS 39
DR. WERNER JACKSTÄDT CHAIR OF ECONOMIC AND BUSINESS ETHICS
Dissertation
Some politicians worry that strict
climate policy harms a country’s
competitiveness and does not
necessarily reduce greenhouse
gas emissions, because it gives
energy intensive industries an
incentive to relocate to other
countries.
“Resource wealth and sustainable
development: A comparative analysis of the GCC countries”
by Martin Schneider
In his work, Martin Schneider analyzes whether the Gulf Cooperation
Countries were able to use their revenues from selling oil and gas to establish a sustainable development
process which would allow future
generations to participate in the
wealth created today. He addresses
three basic research questions: First,
are natural resources a blessing or a
curse for the Gulf states? By analyzing
different transmission channels between resource dependence and economic growth, Schneider shows that
the Gulf states are an example par
excellence of resources being both a
blessing and a curse. Therefore, more
important is the question of whether
development has been weakly sustainable, i.e. whether the Gulf states
have been able to transform their decreasing natural resource wealth into
other forms of wealth such as produced or intangible capital. His analysis reveals a growth-wealth paradox.
Despite positive growth rates in real
GDP, the Gulf states performed poorly
over the 1980-2005 period. In terms of
sustainable wealth, they lost capital
stocks at the expense of future generations. The third research question
addresses the sustainability problem
from a different view point: Did the
structural change in the economies
increase the competitiveness of these
countries? Martin Schneider demonstrates that the answer depends on
whether the measure used for competitiveness takes sustainability into
account or not. Countries that initially record a good performance in existing competitiveness rankings lose
significant ground when accounting
for measures of sustainability like the
political environment, social cohesion and intergenerational fairness.
Good Ethics is
Good Business.
Or is it?
CliPoN – a Research
Project Funded by
the BMBF
For this reason, the Chair of
Macro­economics has developed
an internationally comparable sector-specific measure of
climate policy stringency to test
whether certain sectors are subject to this so-called carbon leakage. This analysis encompasses
not only developed countries but
also emerging as well as developing economies, and is intended to
assist policy makers.
Climate Policy
and the Growth
Patterns of
Nations
The Chair’s research is part of
the CliPoN joint project, which is
funded by the Federal Ministry of Education and Research
(BMBF). Working together with
the Potsdam Institute for Climate
Impact Research (PIK), the
Centre for European Economic
Research (ZEW) in Mannheim,
and the University of Bielefeld,
the relationship between climate
policy and the regional pattern of
economic growth is investigated
from a theoretical, empirical, and
numerical perspective.
In the process, the research
project addresses the inclusion of
the climate change challenge in
the broader context of international trade, development and
the environment. It highlights the
importance of research on technical progress, innovation, and
industrial structural change, and
of assessing the risks and opportunities for growth and development in a decarbonizing world.
“The aim of CliPoN
is to contribute to
a better qualitative
and quantitative
understanding of
the interconnected
mechanisms of
climate policy, trade,
endogenous international technology
diffusion, economic
development, crosscountry convergence
and carbon leakage.”
Prof. Dr. Andreas Suchanek
To equate good ethics with good business is something you expect from an ethicist,
and the claim is often repeated in public speeches or written in articles on Corporate
Responsibility. Regrettably, the claim is not necessarily true. Some business people
have been quite successful without acting responsibly and, vice versa, some have
displayed a deep sense of integrity yet have failed in their attempts to remain competitive. Actually, this should not come as a surprise. Effectiveness and ethicality are
two distinctly different management capabilities and the integration of both, which
is at the center of the work of the Dr. Werner Jackstädt Chair of Economic and Business Ethics, is far from trivial. The following matrix may help to clarify this point.
SPARKASSEN-FINANZGRUPPE CHAIR OF
MACROECONOMICS
Chair Donor
Sparkasse Leipzig
Chair Holder
Prof. Dr. Wilhelm Althammer
Core competencies/
Research interest
_ Linkages between trade, trade policy
and environmental policy
_ International aspects of environmental
policy
_ Regional and national competitiveness,
sustainable competitivenessg
Contact
hhl.de/macroeconomics
These categories can be explained based
on the fictional example of a convenience store owner. Unethical and ineffective management would be blatantly
short changing customers and insisting
that the correct change had been given.
This strategy is likely to work here and
there, but once word spreads because
too many customers leave the store
irritated, business is likely to suffer.
Unethical but effective management
would be to weight the scales on which
goods are weighed to a degree which is
so small that no customer is ever likely
to detect that they, for example, have
paid for 200 grams of a product but only
received 197.5 grams.
Ethical but ineffective management
would be to sell to customers in financial
difficulty at cost price so as not to profit
from those less well off. Depending on
the financial health and ethical beliefs
of the customers, this strategy may in
fact not be terribly ineffective. However,
there are likely to be unethical customers who abuse the privilege and claim
to be in financial difficulty although
they are not. Likewise, if too many customers are indeed in financial difficulty,
the store owner may eventually find
himself (or herself) in financial difficulties. Ethical and effective management
would be to price all products fairly and
offer those customers with payment difficulties fair credit terms, occasionally
verifying that these customers deserve
trust. This is likely to be a highly effective strategy as word of mouth is likely
to increase loyalty to the store across the
whole customer base, but the strategy is
nonetheless safeguarded against abuse.
This analogy is over-simplified. In the
complexity of a real business environment, it is likely to be difficult for a manager to detect which quadrant of our
matrix a particular strategy is in. The
Deepwater Horizon accident at BP is
an example of unethical and ineffective
management. Nonetheless, this is only
truly evident ex-post facto. The strategy
of ‘minimizing spending on safety and
maintenance’ is an example of ethical
and effective management if stakeholders are sufficiently protected from harm.
(Maximizing spending on safety and
maintenance is likely to be an example
of ethical but inefficient management.)
Alternatively, so long as compensation
40 HHL RESEARCH REPORT 2014
payments and fines remain below the
amount of cost savings or profits made
on an unethical strategy, unethical but
effective management practices can run
indefinitely before (if ever) moving into
the ‘ineffective’ category.
Assessing the likelihood that a strategy
will be effective or ineffective requires
specific capabilities and the use of various tools and instruments. In a sense,
the whole discipline of business administration is dedicated to fostering these
capabilities which help to organize (literally) a corporation’s actions in a way
that is effective. Marketers measure
brand loyalty, human resource officers
monitor employee satisfaction, and finance officers weigh the costs against
the returns of investments. All corporate
employees rely on their soft skills to ensure that decisions made based on these
models are effectively implemented.
“Nobody wants
to work together
with a person or
corporation that
they do not trust.”
Prof. Dr. Andreas Suchanek
It may seem less intuitive to argue that
ethical behavior also requires the development of specific capabilities, as all
people are instilled with a conception
of what ethical behavior is. Nonetheless,
as a teacher of business ethics, attempting to simply promulgate the belief that ‘good ethics is good business’
would be an example of acting ethically
but ineffectively. Most managers can
probably think of an unethical but effective management practice going on
in their company as well as a project
which was ethical but ineffective. The
Dr. Werner Jackstädt Chair of Economic
and Business Ethics focuses on a deeper
understanding and the development of
concepts, theories and instruments to
support the capability of future managers to exercise moral discernment.
SUSTAINABILITY AND COMPETITIVENESS 41
Publications and Presentations
Klaus Kerscher: Homo Economicus
and the Idea of Human Nature
The thesis details the arguments of
both the advocates and the critics of
the Homo Economicus concept. The
arguments are structured to exemplify
that contradictions are unavoidable,
whereby singular scientific descriptions of human nature are, by
definition, a ‘reduced’ form of the
phenomenon which they are trying to
depict. The dangers of this ‘reduction’ are made evident – as are the
remarkable opportunities which the
concept holds. Paradoxically, a wellinformed interpretation of the Homo
Economicus enables societal phenomena which human beings collectively
consider themselves to have created,
but in the face of which any given
individual is powerless, to be analyzed
and understood.
Christian Schiel: Moralisches
Risikomanagement –Strategien für
das risikoorientierte Management
von Konflikten zwischen Gewinn
und Moral (Ethical Risk Management
– Strategies for Managing Risks
Associated with Conflicts between
Profits and Morals)
Christian Schiel identified ethical risks
as a class of risk which is neglected
in traditional risk management
frameworks. Given the importance of
trust as an asset, the need to manage
ethical risks stemming from conflicts
between profits and morals is evident
as these risks pose a threat to trust
in an organization. Christian Schiel
therefore shows how the COSO risk
management process can be applied to
ethical risks.
Martin Modes: Ethics Education:
Current Trends in Ethics Education in
Business Schools
In the wake of the financial crisis, a
significant amount of criticism has
been targeted at business schools and
their teaching methods. In particular,
the focus on quantitative skills and
the neglect of qualitative skills, and
in particular of ethics education, has
been condemned. On this basis, Martin
Modes surveyed leading business
schools in Europe and North America
to assess commitment to ethics teaching and, in particular, whether the financial crisis has influenced teaching.
He concludes that there are a number
of shining examples but that the majority of survey respondents, despite
recognizing the importance of ethics
education, could not exemplify concrete measures targeted at sensitizing
MBA students to ethical issues.
Felix Werdecker: Interessenkonflikte
im Investment-Banking durch eine
Clearingpflicht für standardisierbare
OTC-Derivate (Conflicts of Interest in
the Investment Banking Industry –
Bringing Over-The-Counter Derivative
Products on Exchange)
Felix Werdecker recognized that,
despite the common interest in stable
and efficient financial markets shared
by regulators and investment banks
alike, regulators are primarily responsible for stability and investment
banks are primarily concerned with
their own efficiency. This can lead to
a conflict of interests with regard to
specific regulatory measures such as
in the current debate on mandatory
clearing for derivative products which
are currently traded ‘over-the-counter’.
Felix Werdecker shows that, given that
the ongoing conflict and uncertainty is
negative for all parties, analyzing the
conflict from an ethical perspective
(in terms of understanding the role
of financial markets in society) could
exemplify the most appropriate compromise and contribute to resolving
the conflict.
Christina Kleinau & Prof. Dr. Nick
Lin-Hi: The (broken) link between ag-
ricultural commodity speculation and
sustainable development: A litmus test
for the finance industry (forthcoming)
Traditionally, speculators in agricultural commodities aimed to profit
from buying (selling) a commodity
at a certain price today and selling
(buying) the asset at a higher (lower)
price at a future date. In their attempts
to predict future price changes, these
speculators have an incentive to uncover new information on demand and
supply. This information is important
for producers and consumers of commodities, and hence speculation is socially valuable. However, a new kind of
speculator has come to dominate the
market for agricultural commodities:
index speculators. These speculators
aim to profit passively from long term
price trends and hence, have no incentive to search for new information. The
paper argues that the presence of these
speculators in commodity futures
markets has had a distorting effect on
prices.
On November 22, 2013 the project “V Faktor: Verantwortungsvoll Wirtschaften für Mitteldeutschland” (R Factor: Responsible Business in Central
Germany) was presented to the public. The picture shows its initiators, Jörn-Heinrich Tobaben from the Industrial Initiative for Central Germany,
as well as Jörg Müller, director of IdeenQuartier, on the left and Prof. Suchanek together with his research associate Anne Labahn on the right.
The Dr. Werner Jackstädt Chair of Economic and Business Ethics supervised a student council project for the
V Faktor initiative which provided the theoretical foundation for the V Faktor Initiative.
Sport is Fun
Sport is good for health and well-being
and can contribute to building a sense
of community. And it is a big industry.
This final fact may affect the prevailing
understanding of the game: unlike amateurs, professional players are offered an
extrinsic source of motivation for partaking in sports and this may contribute
to specific conflicts between self-interest
and morals.
In her dissertation “The Golden Rule in
Sports,” Alicia Bockel investigates this
issue from an ethical point of view, analyzing the reasons for conflict between
self-interest and morals in professional
sport as well as offering a normative
orientation as to how to behave in situations of conflict.
A basic cause of such conflicts is competition, which is itself a crucial prerequisite for the “sweet tension” which
fascinates fans and (paying) spectators.
“Invest in the con­
ditions of social
cooperation for
mutual advantage.”
Golden Rule
Alicia thus argues that competition can
be seen as a means for a deeper rooted
common interest among all involved,
namely the interest that the game takes
place. To make this happen, credible
rules are indispensable - but rules alone
do not suffice. A further pre-requisite is
the understanding on behalf of the athletes (and others) that it makes sense to
adhere to the rules, so that the game is
maintained. These inter-relationships
can be nicely summarized, as Alicia
shows, in the Golden Rule “Invest in the
conditions of social cooperation for mutual advantage,” where the concept of
“conditions” is tantamount to a system
of fair competition.
DR. WERNER JACKSTÄDT
CHAIR OF ECONOMIC AND
BUSINESS ETHICS
Chair DONOR
Dr. Werner Jackstädt Foundation
Chair Supporter
Stifterverband für die
Deutsche Wissenschaft
Chair Holder
Prof. Dr. Andreas Suchanek
Core competencies/
Research interest
_corporate responsibility
_economic and business ethics
_management of trust and integrity
_methodology of social sciences
_theory of sustainability
Contact
hhl.de/ethics
42 HHL RESEARCH REPORT 2014
INNOVATION AND ENTREPRENEURSHIP 43
Prof. Dr. Andreas Pinkwart
The Support of Human Capital in Start-Ups Through
Coaching and Advisory Boards
As we know from literature, startups
face challenges in the form of newness,
youth and smallness, while managerial
and environmental complexity, dynamism and uncertainty are usually very
high. Furthermore, entrepreneurs may
lack sufficient competencies and resources during the early stages. These
problems may be especially important in
high-technology environments of high
complexity, which demand very specialized knowledge and capabilities as
well as high resource input. To survive
despite those disadvantages, efficient
utilization of external resources is critical during early and later stages of entrepreneurial development. Our research
focuses on two different alternatives
for overcoming those obstacles, namely founders-coaching and an advisory
board, which have the potential, among
other things, to compensate for some of
the above-mentioned shortcomings.
STIFTUNGSFONDS DEUTSCHE BANK CHAIR OF INNOVATION MANAGEMENT AND ENTREPRENEURSHIP
Research on High-Tech Start-Ups
and Open Innovation
This research project examines innovative financing methods such as crowd
funding and crowd investing, which
coordinate the supply and demand of
small monetary amounts for the start
and growth of new ventures. Platforms
like Seedmatch or Innovestment are
mediators between investors and young
startups and have the aim of closing the
financing gap in early stages through
supplying high-risk shares to the peer
group. This means it can help startups
to avoid one of the biggest founding
constraints, namely the lack of starting
capital.
The pluralism of crowd investment offers founders several new possibilities to finance a business in the early
stages. Crowd investing could become a
promising instrument alongside other
classical start-up financing methods
like bank loans, money from family and
friends, scholarships or venture capital. Especially for new ventures with
financial needs below the upper investment limits and a preference for equity
resources, the method can offer a new,
easy obtainable and reliable way to
source capital.
In an ongoing series of papers, we define crowd investing, distinguish it
from crowd funding and other methods,
and analyze it with special regard to its
methods, advantages and disadvantages. Furthermore, we take a closer look at
the different stakeholder groups like we
do in a special analysis on the investor
motivations, expectations and needs.
The German market provides manifold
possibilities to support young entrepreneurs, supplied by different experts like
business angels and business consultants, etc., who support founders in dealing with problems. Professional titles like
“Unternehmensberater” (“consultant”)
or “Gründercoach” (“founders coach”)
are not legally protected, and neither
requirements nor professional qualifications are defined. As a consequence, we
face an non-transparent market structure with widely varying methods, which
reduces the comparability. At the same
time, the founders obtaining support in
terms of coaching or consulting are also
a very heterogeneous group, with different life histories and consequently different capabilities and needs. On the other
hand, academic literature on foundercoaching as a core part of entrepreneurship education in Germany is scarce.
Therefore, the research project addresses questions regarding the impact of the
coaching-process with respect to the different needs of a founder on the practical
side, and to the relevant existing literature on the theoretical side.
In addition to coaches and consultants,
institutionalized boards can contribute to overcoming entrepreneurial disadvantages. Theory focuses mainly on
boards of directors in (mature) familyowned businesses and empirical investigations often use Anglo-Saxon data.
There are reasonable considerations
to adapting those findings to two-tier
corporate governance systems as in
Germany, in entrepreneurial contexts
and for voluntary advisory boards. We
want to close this research gap, since
the-se boards have many advantages
and first estimates suggest that 10 to 20
percent of startups use it. Therefore, we
explore the experiences and opinions
of founders with qualitative as well as
quantitative methods. Among other topics, the inductive research process focuses, mainly on reasons for or against
advisory boards, their roles and functions, the process of introduction. The
research project will support founders
and venture capitalists in the decision to
introduce (or not) advisory boards and
how to organize them.
Leading-Edge Cluster BioEconomy
The Excellence Cluster BioEconomy
is a construct of several clusters located mainly in the state of SaxonyAnhalt. It is one of five Excellence
Clusters throughout Germany which
is funded by the Ministry of Educa­
tion and Research (BMBF). The
BioEconomy Cluster in central
Germany focuses on the integrated
material and energy use of non-food
biomass for the production of materials, chemicals, fuels and products
from new materials. Cross-cluster
material flow management as well as
the development, scaling and implementation of production procedures
by the industry allow the optimization of the value adding process in
bio mass production.
With its Stiftungsfonds Deutsche
Bank Chair of Innovation Manage­
ment and Entrepreneurship, the
Chair for Marketing Management
and the Heinz Nixdorf Chair of ITbased Logistics, HHL is responsible for the accompanying research
within the cluster focusing on
the development of competitive
strategies and control tools. The
Stiftungsfonds Deutsche Bank Chair
of Innovation Management and
Entrepreneurship is supporting the
leading edge-cluster in the process
by giving advice on optimizing the
innovation management process,
creating innovative ideas, analyzing
its innovation potential and implementing the outcome by supporting
the business modeling process and
founding new ventures.
Strategic Management in the Early-Stage Financing of
German High-Tech SMEs: a Longitudinal Empirical Study
In a joint research project run together
with the TU Dresden, we are attempting to find out more about early-stage financing of German high-tech SMEs. We
therefore took two points of view: on the
one hand, we want to analyze how a venture capital fund can be managed more
successfully and on the other hand, we
look for success factors in German hightech SMEs.
The lack of research in the area of hightech SMEs is pointed out many times in
literature. A holistic view of the founding process and the interfaces between
the different success variables is missing. For this reason, we have taken a
broad view and structured our research
project into the following six areas: internationalization, personal characteristics, management support, risk management, networks and technology. This
allows us to interconnect the findings of
the different areas.
A weakness of previous studies was
that they focused only on one point in
time and mostly used the same ready
available data base, VentureXpert,
which mainly consists of US ventures.
A comprehensive European data set
was missing. Therefore, we conducted
a longitudinal study in Germany. We
collected data from 124 high-tech startups financed by 8 venture capital firms.
“Venture financing
is key for the
success of high-tech
start-ups.”
Prof. Dr. Andreas Pinkwart
44 HHL RESEARCH REPORT 2014
The data was derived from the original
deal documents (e.g. business plans,
investor decision files and CVs of the
founders) and so we attained highly
reliable data. Having in-depth data
enabled us to not only test our hypotheses quantitatively but also to come
up with new ideas from the qualitative
perspective.
First results led to national and international publications and conference presentations. We also presented
INNOVATION AND ENTREPRENEURSHIP 45
preliminary results to the participating venture capital fund and received
positive feedback. A presentation at the
BVK Fachgruppensitzung “Venture
Capital- und Mittelstands-Finanzierer”
will follow soon. The Bun­
desverband
Deutscher Kapitalbetei­ligungsgesell­
schaf­
ten (BVK) is the biggest private
equity association in Germany. The invitation to present at its specialized
meeting shows the importance of the
research not only for academia but also
for practice.
At HHL we put a great emphasis on internationalization. We are particularly
interested in why the internationalization rate of German high-tech SMEs is
low compared to other countries like the
US even though Germany is known for
its strong global position in both innovation and export. We hope to come up
with new findings in the next year.
The project received external funding
from the Savings Banks Finance Group
(Sparkassen-Finanzgruppe) to support
the research activites.
Open Innovation: the Exploration and Exploitation of Knowledge
The landscape for innovation management has shifted dramatically, especially
during the past ten years. This change
has been driven by a variety of technological and social forces which have
moved the emphasis from knowledge
production to knowledge transaction
and flow. Innovation was traditionally
viewed as taking place mostly within a
single company, and was mainly carried
out through a single department, namely
Research and Development (R&D). In the
wake of the changes witnessed, the concept of open innovation has emerged,
with processes that are characterized as
crossing company boundaries. Open innovation is defined as ‘the use of purposive inflows and outflows of knowledge
to accelerate internal innovation, and to
expand the markets for external use of
innovation, respectively’ (Chesbrough et
al., 2006; 1). Open innovation is a broad
concept encompassing different dimensions. However, most research distinguishes between two main dimensions
of open innovation practice: technology
exploitation (i.e. profiting from internal
organizational knowledge) and technology exploration (i.e. profiting from external sources of knowledge). Our research
at-tempts to answer questions related to
both dimensions as follows:
- Exploration: Bringing in knowledge
from suppliers, clusters, strategic alliances and universities.
In practice, organizations need to learn
to manage a ‘knowledge supply chain’ in
which partners are increasingly selected
for their knowledge contribution in an
act of co-creation of innovation. They
need to find new partners as well as develop deeper links with existing ones, and
they need to be able to construct high
trust relationships which allow extensive
information sharing. Our research focuses especially on the role of trust in a modern and open ecosystem with multiple
stakeholders. This role starts from the
very basic level of trust required to initiate a shared project between any of these
stakeholders, includes conducting research or business together through
trusted knowledge intermediaries, and
goes up to the collaborative level of trust
in a direct long-term strategic alliance.
Trust is gaining more and more value and
is even replacing contracts as a governance mechanism in some contexts.
Furthermore, our research focuses on
the role of 21st-century universities as
innovation engines and entrepreneurial hubs. We track the current developments in research institutes, as they
come closer in working with industry.
- Exploitation: Acceleration of high
involvement innovation through new
technologies
We explore the current context of involving employees in innovation as an
exploitative open innovation strategy for
harnessing internal innovations. Whilst
long-term strategic benefits could flow
from organizing enough participation
across the workforce, creating structures that sustain such a culture is a
highly complex process. The introduction of new technologies seems to
create a new momentum for disseminating high involvement, yet evokes a
multitude of new challenges. Reacting to
these requires a conscious adjustment of
established routines and cultural habits,
and our current and future empirical research looks at this aspect as well.
- Involvement from the Periphery: the
untapped knowledge of temporary and
contract employees – how flexible are
organizations?
In recent years, there has been a special interest and much controversy
about the flexibility of organizations.
Organizational flexibility refers to the
degree of responsiveness of firms to
determine and undertake necessary
changes in their products, processes, activities, business models, and different
organizational arrangements to ensure
their their survival and their success in
competition with other firms. This stand
of research sheds light on two interrelated key trends that help organizations
attain flexibility, although from different standpoints: open innovation (as illustrated earlier) and labor market flexibility, which is achieved by the adoption
of flexible forms of employment, such as
temporary work and contract employees. Our research aims to explore the
nature of temporary employees’ involvement in innovation within an open innovation culture; a culture in which employees on the organization’s periphery
are also recognized as valuable sources
of innovation.
STIFTUNGSFONDS DEUTSCHE
BANK CHAIR OF
INNOVATION MANAGEMENT
AND ENTREPRENEURSHIP
Chair Donor
Stiftungsfonds Deutsche Bank
Chair Holder
Prof. Dr. Andreas Pinkwart
Core competencies
_Venture capital and crowd financing
of high-tech start-ups – Risk manage ment, trust & new instruments
_Internationalization strategies of
high-tech startups
_Open innovation: the role of
trust - employee involvement in inno vation - & knowledge intermediaries
_Management capital support for
start-ups
Contact
hhl.de/innovation
Leipzig Entrepreneurship Lecture
A Bridge Between Entrepreneurship Research & Practice
The Leipzig Entrepreneurship Lecture
Series was established in 2011 by Prof.
Dr. Andreas Pinkwart, chairholder of the
Stiftungsfonds Deutsche Bank Chair of
Innovation Management and Entrepre­
neurship. Within this series HHL Leipzig
Graduate School of Management invites
distinguished speakers in entrepreneurship once a year to interact with students, faculty members and business
leaders to talk about their latest research
projects. The aim of the series is to foster
the dialogue between entrepreneurship
theory and practice. For our 1st Leipzig
Entrepreneurship Lecture in 2011 we
welcomed Prof. Dr. Friederike Welter
from the University Siegen with the topic
“Women as Entrepreneurs – Insights
from Research”. In 2012 we discussed
“Female Founders and Success?” at our
2nd Leipzig Entrepreneurship Lecture
with Prof. Dr. Christine Volkmann from
the University of Wuppertal.
The 3rd Leipzig Entrepreneurship
Lecture took place on May 31, 2013 and
was organized together with HHL’s
Accelerate@HHL student initiative as a
part of the 2013 Accelerate Conference
taking place on the same day. Under the
topic “Venture Capital for New HighTechnology Firms” the latest trends of
high-tech startup financing were presented and discussed among an expert
panel, whilst the Accelerate Conference
dealt with the operational implementation of sustainable business models. The
starting points for the discussion were
the results of a current research project
in the field of venture capital financing
conducted by Prof. Dr. Michael Schefczyk
(TU Dresden) and Prof. Dr. Andreas
Pinkwart (HHL). In his introduction Prof.
Schefczyk emphasized the importance
of the venture capital market for the
German economy, albeit only being a segment representing a small (currently 9%)
portion of the transaction volume of private equity firms. By contrast, large buyout transactions monopolize the private
equity market.
While Mr. Christian Vogel (Süd Beteili­
gungen GmbH) stated the German industry in general needs more entrepreneurs and financial resources in order
to raise the amount of marketed inventions, Dr. Martin Pfister, who brought
in his experience as Senior Investment
Manager at High-Tech Gründerfonds
GmbH, highlighted the importance of
choosing the right investor: one that
fits to the needs of the start-up and
shares the same language and worldview. Following his own example Mr.
Jozsef Bugovics (Blue Corporate Finance
AG) encouraged the audience to try
and realize their ideas themselves no
matter what barriers there might be.
Considering this, Mr. Roland Oetker (ROI
Verwaltungsgesellschaft mbH), active as
business angel, advised to use the window of opportunity as long as it exists.
To overcome those barriers the representative of the founder’s perspective,
Prof. Dr. Sylvia Roth (Co-Founder of Roth
&Rau AG), encouraged entrepreneurs to
use every support available by convincing other people of their products.
Panelists of the 3rd Leipzig Entrepreneurship Lecture at HHL:
A. Pinkwart; M. Schefczyk; M. Pfister; S. Roth; C. Vogel, J. Bugovicz, R. Oetker
Self-Management
Initiative Leipzig
As one of five cooperating institutions in the region of Leipzig,
HHL Leipzig Graduate School of
Management hosts an office of
the SMILE project at the Stiftungsfonds Deutsche Bank Chair of
Innovation Management and Entrepreneurship. SMILE stands for the
“Self-Management Initiative Leipzig” and supports academic founders in the science and innovation
region of Leipzig. Students, alumni
and academic staff from Saxonian
universities who are interested in
starting their own business can
attend various seminars, workshops and coachings around the
topic entrepreneurship.
The research associates Nagwan
Abu El-Ella, Dorian Proksch and
Eric Weber organize and implement these trainings, workshops
and coachings bringing in their academic expertise of their research
topics. Hence, Nagwan Abu El-Ella
offers innovation management
courses, while Dorian Proksch
focuses on venture capital financing. Also Eric Weber provides,
amongst others, courses related
to management support. By this
current academic knowledge can
be transferred into practice and
furthermore it guarantees high
practical relevance of research.
Like in previous years founders
coached at the HHL’s SMILE office
were granted again the popular
EXIST founder scholarship and
reached very good positions at
entrepreneurial competitions.
SMILE is a cooperation of the
University of Leipzig, HHL Leipzig
Graduate School of Management,
Leipzig University of Applied
Sciences, Helmholtz Centre for
Environmental Research - UFZ
and AKAD.
SMILE is financed by the European
Social Fund, the Saxon State Ministry for Economic Affairs, Labour
& Transport and the Saxon State
Ministry for Science and Arts.
46 HHL RESEARCH REPORT 2014
INNOVATION AND ENTREPRENEURSHIP 47
Schumpeter Junior Professorship for Entrepreneurship and Technology Transfer
Creating
an
Incubator
for new
Business
Ideas
Research
The chair is part of the academic group
“Innovation and Entrepreneurship” at
HHL. The chair’s current research focus is on business models and business
model innovation (BM/BMI) in the context of changing technological and social
environments. Three students –Andrew
German, Christian Comberg, and James
Downs– are currently pursuing their
doctoral training at the chair, studying
business models/business model innovation in three overlapping but different contexts. Andrew German is investigating BM/BMI in the context of
Internet-based firms. Christian Comberg
is studying BM/BMI in a diverse range of
industries and markets. James Downs
is working on understanding the role of
BM/BMI in the context of the modern
biopharmaceutical industry. In addition, 8 out of 16 master’s theses written
in calendar year 2013 focused on the
phenomenon of BM/BMI. For example, Gregor Viet, a graduate in the MSc
5 class, wrote a master’s thesis entitled
“Business Model Innovation in the Retail
Industry: Growth by Serving the Silver
Generation.” Other BM/BMI-focused
master’s theses also studied the phenomenon in a variety of industries and
contexts. The chair also has research interests in hybrid value creation (i.e. the
process of generating additional value
by innovatively combining products
and services) and open innovation (i.e. a
paradigm that postulates the integration
of external sources into the innovation
process).
“The Schumpeter
Junior Professorship
strengthens HHL’s
profile as an international business
school and as an
incubator for new
business ideas and
start-ups in the
Leipzig innovation
region.“
Transfer
Jun.-Prof. Dr. Vivek K. Velamuri
The Schumpeter Junior Professorship in Entrepreneurship and Technology Transfer
was founded in March 2012, and is sponsored by the Leipzig Foundation for Innovation and Technology Transfer. The overriding goal of the professorship is to promote
entrepreneurship in the region of Leipzig. The philosophy of the professorship has
three distinct goals:
Teaching: Provide interactive and dynamic lectures where the
necessary tools are presented so students can further develop
their interests in the areas of entrepreneurship and innovation
Research: Conduct and publish research on topics that are
relevant to industry
Transfer: Act as an enabler and promoter of entrepreneurship
and technology transfer in the region
The chair is actively involved with the
transfer of knowledge from within HHL
to various external partners through
consulting projects. The transfer activities aim to directly benefit both research
institutions and companies based in the
region. We either consult for external organizations in solving current business
challenges faced by them or help develop business plans for entrepreneurial
ventures. Some transfer projects that
the chair has been involved in 2013 are
listed in the table. In addition, all teams
that develop their business plans under
the chair’s guidance are provided with
opportunities to interact with potential
investors.
Network with Research Institutions Based in the Region
Deutsches Biomasseforschungszentrum
(DBFZ)
Consulted the German Biomass Research
Institute on creating a bioenergy inno­
vation hub in Leipzig
Leibniz Institute of
Surface Modification
(IOM)
Consulted IOM to develop a strategy for
the founding of a technology center on
“Ultra Precision Surfaces” in Leipzig
Translational Centre
for Regenerative
Medicine
(TRM Leipzig)
Developed a business plan for a prospective startup from TRM that has
developed a revolutionary approach for
treating progressive myopia
Network with Companies Based in the Region
Delta-Vir GmbH
HiperScan GmbH
Melodicus GmbH i.Gr
Nextbike GmbH
Teaching
Potential Investors Invited
to Class in 2013:
Sören Schuster, Managing Director,
Technologiegründerfonds Sachsen
(TGFS) | Carsten Petzold, Co-Founder
& CEO, RockPetz Ventures | Pawel
Chudzinski, Co-Founder and Managing
Partner, Point Nine Capital | Thomas
Rappold, Founder and Board of Director,
Numbrs AG | Janek Weigl, Head of
FORUM MEDIA Ventures | Ralph
Riecke, Investment Manager, hub:raum,
Incubator of Deutsche Telekom AG
Entrepreneurs and Intrapreneurs
Invited to Class in 2013:
Christian Hetke, Founder, Futalis | Dirk
Masurat, Founder, Ringekaufen.com |
Fabian Schaaf, Founder, Bestattungen.
de | Gebhard Ottacher, COO, Teach for
Austria | James Downs, Independent
Consultant, Biotech
Developed a business plan for a biopharmaceutical startup that is currently
working on a novel cancer treatment
Consulted the young spin-off from
the Fraunhofer Institute for Photonic
Microsystems IPMS on their European
market expansion strategy
The chair is currently consulting the
online music-teaching startup on its
business model to enter both the b2b
and b2c segments
The chair is currently consulting the
Leipzig based bike-sharing company on
a implementing a new service offering
Program Chair at EURAM
Jun.-Prof. Dr. Velamuri was appointed
to the Program Chair for the Innovation Special Interest Group (SIG) at
the European Academy of Management (EURAM).
SCHUMPETER JUNIOR
PROFESSORSHIP in
ENTREPRENEURSHIP AND
TECHNOLOGY TRANSFER
Chair Donor
Leipzig Foundation for Innovation and
Technology Transfer
Chair holder
Jun.-Prof. Dr. Vivek K. Velamuri
Core competencies/
Research interest
_Business models/Business model
innovation
_Hybrid value creation
_Open innovation
_Business plans
Contact
hhl.de/entrepreneurship
48 HHL RESEARCH REPORT 2014
INNOVATION AND ENTREPRENEURSHIP 49
Dr. Hagen Habicht, Executive Director, CLIC
Entrepreneurial Open
Innovation
Inspired by the open source world of
software development, open innovation
is seen as an emerging phenomenon of
largely self-organized, self-motivated,
internet-based, dispersed, but collaborative actors – this is called emergent
open innovation. Research and practice
focus on independent participants and
emphasize their open interactive collaboration. User innovators, such as the
inventors of kiteboarding or innovating patients, are described by Eric von
Hippel (1986) as “those who innovate
to use, whereas producer innovators
(companies) innovate to sell”. To date,
examples of user innovations have been
collected by researchers from many different industries in order to show the
omnipresence of this phenomenon and
its outstanding relevance.
However, to date research has been unable to explain why users actually innovate in the first place, and how their
innovations impact on society.
CENTER FOR LEADING INNOVATION & COOPERATION (CLIC)
Passionate researchers for
Leading (Open) Innovation
vinka bravo
The Center for Leading Innovation & Cooperation (CLIC) is a research facility
committed to leading edge research in the fields of open & service innovation. It is
headed by academic directors Prof. Dr. Kathrin M. Möslein (Friedrich-AlexanderUniversity Erlangen-Nuremberg & HHL Leipzig Graduate School of Management),
Prof. Anne Sigismund Huff, PhD (National University of Ireland Maynooth), and Prof.
Dr. Prof. h.c. Dr. h.c. Ralf Reichwald (HHL Leipzig Graduate School of Management &
Technische Universität München). As executive director, Dr. Hagen Habicht leads the
team of CLIC researchers. He is pursuing his academic career in the field of stakeholder innovation. Currently, CLIC conducts research in several large collaborative
research projects funded by the German Federal Ministry of Research and Education
and by the European Union, and hosts the Peter Pribilla Foundation (TUM).
In addition, CLIC runs joint initiatives with more than 60 corporate partners and an
international academic network. The deep commitment of young scholars and focus
on innovation make CLIC a melting pot for creative ideas, international collaboration within academia, practice and teaching across international boundaries.
Leading Open Innovation
Kiteboarding is a trendsetting sport that
grew out the entrepreneurial spirit of users: Sports enthusiasts combined surfing and sailing. The kiteboarding industry has matured quickly and has been
steadily growing since its beginnings in
the early 2000s. Likewise, many corporations practice open innovation: Airbus
recently initiated a fruitful and innovative network of suppliers, customers
and other stakeholders to build the new
A380. In sum, practice provides sound
evidence of successful open innovation.
There are many different approaches to
open innovation; each follows different
paradigms, uses different toolsets and
is thus quite distinct. Two fundamentally different perspectives can be distinguished; the first is entrepreneurially
self-organized and self-motivated collaborative activity to achieve a common
goal. The second is an organizational
strategy to strengthen innovative capabilities by embedding innovation activities in stakeholder networks.
Example of successful Open Innovation
CLIC has started to answer this question
by exploring a very unique and important field of user innovation: the healthcare sector. In a first framing study, Dr.
Habicht and his co-authors built on
cases of patients (users) who invented
medical devices and treatments in order to help themselves in the first place.
In a second step, these patients often
moved on to produce their solutions for
a broader market and took on the role
of user entrepreneurs. When the given
situation failed to provide answers, the
studied patients developed four innovation strategies (exploitation of personal
professional expertise, motivation with
basic ideas, in-depth user experience,
exceptional individual risk-taking) to
help themselves and thus many others
(Habicht, Oliveira, & Shcherbatiuk, 2013).
How can companies benefit from open
innovation e.g. by sustainably boosting
their own innovation performance? In
contrast to individual actors and user
entrepreneurs, companies strive to strategically broaden their resource base for
innovation well beyond their organizational boundaries – often while retaining internal R&D capabilities. This is
how Airbus developed the A380: It kept
its innovativeness by deliberately driving its partners to innovate. We name
this corporate approach strategic open
innovation.
Strategic Open Innovation
The strategic open innovation paradigm
is based on the observation that creative
and valuable ideas frequently originate
not from R&D teams, but from people
outside R&D departments. Current literature distinguishes three broad groups
of innovators: core-innovators within
the organization (R&D people), peripheral inside innovators (all other employees), and outside innovators, such
as suppliers and (lead) users (Zerfass &
Möslein, 2009).
“The web is a fundamental facilitator:
It enables Open
Innovation tools for
high collaboration,
vast distinction,
high-speed inter­
connection, and
a global memory.”
Prof. Dr. Kathrin M. Möslein
Academic Director, CLIC
However valuable, directly affected
employees may refuse ideas from third
parties, because they depart from common practices. Literature refers to this
as the Not Invented Here syndrome
(NIH). Therefore it is the task of decision
makers to leverage in- and outflows of
knowledge in organizations in order to
improve innovativeness.
Particularly when facing NIH, “sensegiving” is an important managerial practice. For executives managing complex
corporate landscapes, it is important
to give close attention to the context of
leadership systems. Rather than focusing on influencing strategies that can be
easily understood by a system’s members, leaders must engage in “sensegiving” (Neyer, Mckiernan, & Moeslein,
2013) to strengthen open innovation
initiatives. Further research findings
suggest that strategically initiating open
innovation contributes to corporate
performance and has a strengthening
impact on social capital, which in return positively impacts company performance (Rass, Dumbach, Danzinger,
Bullinger, & Moeslein, 2013).
2013 Award of the
Strategic Management for Anne
Sigismund Huff
The Strategic
Management
Journal Best
Paper prize,
recently
renamed “The
Dan and Mary
Lou Schendel
Best Paper Prize”, is an annual
award that honors substantial work
published in the SMJ. This year’s
award went to Anne Sigismund Huff,
professor at NUIM, co-director of
the Center for Leading Innovation
and Cooperation (CLIC) and visiting
professor at Institute for Innovation
& Value Creation at the University
of Erlangen-Nuremberg, and her
co-authors Pamela S. Barr, Georgia
State University, and J. L. Stimpert,
Colorado College, for the paper
entitled “Cognitive Change, Strategic
Action, and Organizational Renewal”
in Volume 13, Special Issue Summer
1992.
Previous award winners include
Oliver Williamson, Rebecca
Henderson, Sidney Winter, Andy Van
de Ven, Kathy Eisenhardt, Robert
Grant, JC Spender, Henry Mintzberg,
Gabriel Szulanski, David Teece, and
James March.
New Book on Open
Innovation
Leading Open
Innovation
edited by Anne
Sigismund
Huff, Kathrin
M. Möslein and
Ralf Reichwald.
This volume
describes the ways that OI expands
the space for innovation, describing
a range of OI practices, participants,
and trends. The contributors come
from practice and academia, and
reflect international, cross-sector,
and transdisciplinary perspectives.
They report on a variety of OI initiatives, offer theoretical frameworks,
and consider new arenas for OI
from manufacturing to education.
leadingopeninnovation.com
50 HHL RESEARCH REPORT 2014
HHL RESEARCH REPORT 2014 51
“Among others, toolkits provide a costeffective approach to
finding and developing new ideas that
are often emotionally
engerizing for those
involved.”
Today, companies practicing open innovation can employ a range of five basic tools (Möslein, 2013): (1) innovation
contests, (2) innovation markets, (3) innovation communities, (4) innovation
toolkits, and (5) innovation technologies.
In particular innovation communities
are of high relevance for recent research
projects at CLIC. Innovation communities are open groups of people who
voluntarily engage in a common field
of interest and create new solutions collaboratively (e.g. Franke & Shah, 2003).
Frequently cited success stories are the
open source community of Linux and
the app developer communities of Apple
and Android. Current research recognizes communities as a viable means of
coordinating even complex innovation
tasks.
Prof. Anne Huff, PhD
Roger Green
Academic Director, CLIC
However, research falls short in explai­
ning how knowledge flow within
innovation communities can be
improved using modern technology.
The research project ‘BRIDGE - Vocation
and Education in Tunisia via Remote
Service’ suggests that modern colla­
boration technology enables innovation team members to improve their
boundary-spanning skills, i.e. to communicate more effectively. More particularly, it is expected that (virtual) collaborative work will be shown to support the
strength of innovation communities in
organizations. To achieve this, know­
ledge barriers have been identified and
a software has been designed which will
be used as a shared boundary object.
The impact of this software on lowering particular knowledge boundaries
will be investigated in upcoming studies.
We expect to find that collaboration in
an IT environment enables innovation
communities to further exchange and
capture knowledge and overcome know­
ledge boundaries.
“Collaboration tools
are essential to innovation, because interconnecting widely
spread people means
to overcome knowledge boundaries.”
Prof. Dr. Ralf Reichwald
Academic Director, CLIC
Leadership for
Innovation:
“Visualizing the
Invisible” 2013 Peter
Pribilla Conference
Example of successful Open Innovation
Researching communities is not only
very inspiring, it is also necessary for understanding how value creation in this
new area is performed and how firms can
purposefully leverage Open Innovation.
One central challenge for companies in
Germany today is demographic change.
Besides consequences for our society it
is also nurturing tensions within companies. Increasing pressure for innovation is to be met by an aging workforce.
Corporate innovation communities seem
to be a rewarding however underresearched approach:
How can companies make use of the
innovation potential of all employees,
be they younger, middle-aged, or older?
How should innovation communities
be managed to support the participation of employees of all age groups to
enhance exchange of knowledge and
experience?
The research project ‘TANDEM - Ex­
change of Innovation and Experience
in Demographic Transition’ focuses on
these central questions. Researchers at
CLIC analyze the cooperation of age-diverse TANDEMs (teams of two or more
employees) within innovation communities. First results show that factors on
the individual level (e.g. recognition), the
project level (e.g. diversity of skills) as
well as the organizational level (e.g. corporate culture) influence the exchange of
knowledge and experience within these
TANDEMs. As an approach to improve
cooperation within TANDEMs, CLIC
evaluates software- and workshop-based
methods. Our results support the management of age-diverse innovation communities within companies by increasing transparency regarding influencing
factors and adapted methods.
Whereas such innovation communities
remain largely emergent with respect to
topics and solutions, innovation toolkits
restrain the innovation space to a predefined area. Today, customers can individualize anything - from simple goods such
as apparel (e.g. T-Shirts, suits, accessories) or more intricate creations (e.g.
fragrances, novels) to highly complex
products such as cars. Literature consistently claims interpersonal feedback
(either from friends and peers, or from
professionals) during the design process
to reduce complexity of decisions as well
as to increase hedonic value.
So far, it is unclear how practice responds to this need and how relevant
interpersonal feedback really is with
respect to customer value.
The research project KUMAC focuses on
understanding “customer co-design”, a
process in which customers actively create individualized products. Whether
this process is realized in-store or entirely via the internet, efficient systems
for customer co-design are the linchpin
to leverage customer value from individualized products. In a recent study, CLIC
has established a comprehensive overview about how providers of product individualization facilitate interpersonal
feedback on preliminary designs. CLIC
has analyzed 115 online offers of product
individualization who support interpersonal feedback by different means. Our
findings suggest three primary criteria
for distinguishing individualization offers: shareability of design, social presence and type of feedback. Shareability
of design captures the degree to which
a preliminary design can be made available for discussion and collaborative
rework. Social presence describes the
intensity of interpersonal interaction
within the co-design process. The type
of feedback refers to the primarily addressed feedback partner: Social customer co-design focuses on giving customers the opportunity to share their
designs with peers, friends, or their personal online community for individual
feedback. Professional customer co-design primarily addresses the interaction
between a single customer and sales
representatives of the provider.
Open Innovation Tools
for Firm’s Success
The current landscape of open innovation tools provides numerous means
to be entrepreneurial and strategically
successful. However, many questions
concerning the management of open innovation remain unanswered. Given the
considerable attention that open innovation is attracting in research and practice, it is no surprise that expectations of
innovation managers are increasing.
Open innovation research at CLIC focuses on the core issues of open innovation
management, from the proper design
of open innovation activities, through
performance measurement schemes to
competence development models. It investigates the micro foundations of this
phenomenon along with its meso and
macro effects for companies and our society at large.
In April 2013, the conference of
the Peter Pribilla Foundation at
the TUM Institute for Advanced
Study in Garching took place. The
conference, hosted by the Peter
Pribilla Foundation together with
Technische Universität München
(TUM) and HHL Leipzig Graduate
School of Management, invited leaders and innovators from academia,
business and consulting practice,
policy making, and public management to discuss current research
conversations on leadership for
innovation.
CLIC received funding for a new project
starting in 2014:
S-CPS – Social-Cyber
Physical Systems
The research focus is to shed light
on the collaboration of cyber physical systems and people. New S-CPS
are developed to facilitate and
support services which accompany
industrial production, e.g. repair or
maintenance work, but which affect
or interrupt regular production. The
project aims to identify and analyze
productivity-relevant factors for
service operations to allow effective
and efficient service operations, by
respecting local and technical conditions, e.g. in the wind-energy production industry. The project is part
of the overall initiative “Industry 4.0”
financed by the Federal Ministry of
Education and Research.
S-CPS
Furthermore, the conference highlighted the impressive research of
the winners of the Peter Pribilla
Foundation’s most outstanding
bi-annual award winner, the TUM
Research Excellence Award in
Innovation and Leadership:
_Prof. Karim Lakhani, PhD, Harvard
Business School (2008)
_Prof. Dr. Jan Marco Leimeister,
University of St. Gallen (2010)
_Prof. Dr. Marc Gruber,
EPFL Lausanne (2012)
For the first time, the conference
with more than 150 international
participants also presented in one
forum the creative and fascinating results of 15 research projects
run by 50 young scholars who have
received funding from the Peter
Pribilla Foundation within its
research framework “Leadership
for Innovation: Visualizing the
Invisible”- a great success of the
foundation.
clicresearch.org // pribilla-stiftung.de
CENTER FOR LEADING INNOVATION & COOPERATION
Academic Directors
Prof. Anne Sigismund Huff, Ph.D.
Prof. Dr. Kathrin M. Möslein
Prof. Dr. Ralf Reichwald
Executive Director
Dr. Hagen Habicht
Core competencies/
Research interest
_think tank and exploration lab for
researchers and practitioners
_current and future key challenges in
the fields of leadership, innovation and
cooperation
_‘hot spot’ for exploring possible
futures, designing innovations and
learning across boundaries
Contact
clicresearch.org
52 HHL RESEARCH REPORT 2014
Publications
and Conference
Presentations
2012–2014
For further publications, see also:
hhl.de/publications
Publications 53
Dr. Ing. h.c. F. Porsche AG
Chair of Strategic
Management and Family
Business
Zülch, Henning; Wünsch, Martin; Detzen, Dominic;
Wulf, Torsten; Meissner, Philip
Book Chapters and Journal Articles
Wulf, Torsten; Stubner, Stephan
Wulf, Torsten; Stubner, Stephan
In: Controlling, 24 (2012) 10, 523-528
Position-specific knowledge, new CEO learning and
firm performance
The Effect of a Pre-Deal Purchase Price Allocation
on the Quality of Acquisition Decisions
In: Problems and Perspectives in Management, 11
(2013) 1, 52-61
Strategische Planung und strategisches Controlling
mit Szenarien
Working Papers
Stubner, Stephan; Wulf, Torsten; Landau, Christian;
Gietl, Robert
Wulf, Torsten; Hoffmann, Christian; Renner, Desirée
In: Zeitschrift für KMU und Entrepreneurship:
ZFKE, 61 (2013) 1-2, 115-136
Wulf, Torsten; Stubner, Stephan
Strategische Planung und strategisches Controlling
mit Szenarien
Zukunftsfähigkeit deutscher Familienunternehmen
Ergebnisbericht, 2013
HHL Center for Strategy and Scenario Planning, HHL
Leipzig Graduate School of Management; Philipps
Universität Marburg
Conference Presentations
In: Controlling, 24 (2012) 10, 523-528
Conference Presentations
Christian Hoffmann; Torsten Wulf; Stephan Stubner
Examining the Familiness Construct: Antecedents
and Performance Effects of an Employee Orientation
13th Annual IFERA World Family Business
Conference
St. Gallen, Switzerland, July 2-5, 2013
1st HHL-Uni Marburg Early Ph.D. Colloquium on
Family Firm Research
Leipzig, Germany, September 3-4, 2013
CENTER FOR STRATEGY AND
SCENARIO PLANNING
Books
Schwenker, Burkhard; Wulf, Torsten (eds.)
Scenario-based Strategic Planning - Developing
Strategies in an Uncertain World
Wiesbaden: Springer-Gabler, 2013
ISBN: 978-3658028749
Sharma, Radha R.
Sharma, Radha, R.; Mukherji, S.
Executive Burnout: Prediction and prevention
through HR interventions
In: Pestonjee, D. M.; Pandey, S. eds. Stress and Work
Los Angeles, London, New Delhi: SAGE Publications
Response, 2013, 76-100
ISSN: 978-8132110880
Debiasing Illusion of Control: The Effect of Internal
and External Advice Seeking
73rd Annual Meeting of the Academy of
Management
Orlando, USA, August 10-13, 2013
Prof. Dr. Torsten Wulf; Dr. Christian Brands
Strategic Planning and Family Firm Performance
73rd Annual Meeting of the Academy of Management
Indian Ethos as humanistic management principles:
A case study of a family business organization
In: World Humanism: Cross-cultural perspectives
on ethical practices in organizations
Palgrave Macmillan UK & USA, 2013, 178-193
ISBN: 978-0230300552
Succi, Chiara; Quaglia, R.; Sharma, Radha R.
Strategy execution emergency: A focus on
leadership and people alignment
In: Srivastava, B. K.; Mahapatra, M. eds. Capability
building for cutting edge organizations in new
business order
New Delhi: Excel books, 2013
ISBN: 978-93-5062-312-1
Meissner, Philip; Wulf, Torsten
Antecedents and effects of decision comprehensiveness: The role of decision quality and perceived
uncertainty
In: European Management Journal (forthcoming)
Wulf, Torsten; Meissner, Philip; Busse, Sabine
Mit Katastrophen planen
Unshackling management education through
a trishul approach
In: Pathik, P.; Sharma, Radha R.; Singh, S. eds.
Reinventing the society: The search for a paradigm
Macmillan Publishers India, 2013, 83-101
ISBN 978-93-5062-312-1
In: Technological Forcasting and Social Change, 80
(2013) 4, 801-814
In: European Journal of International Management,
7 (2013) 1, 6-30
Stubner, Stephan; Wulf, Torsten; Landau, Christian;
Gietl, Robert
Buyouts in Familienunternehmen –
eine Herausforderung für Private Equity
In: Zeitschrift für KMU und Entrepreneurship:
ZFKE, 61 (2013) 1-2, 115-136
Ubiquitous and persuasive computing in education:
Using a paradigm of innovation attributes for
classifying and reviewing literature
In: International Journal of Convergence Computing
Inderscience Journal (international)
ISSN on line: 2048-9137
ISSN print: 2048-9129
Case studies
Sharma, Radha R.; Gupta, N.; Pardasani, R.
FragraAroma – Accord in business, concord in family
Emerald Emerging Markets Case Studies Collection
(2013)
ISSN 2045-0621
Permanent URL: 10.1108/EEMCS-06-2013-0085
Forthcoming in 2014
Shoma, Mukherjee
13th Annual IFERA World Family Business
Conference
St. Gallen, Switzerland, July 2-5, 2013
3rd German Conference of Family Firm Researchers
St. Gallen, Switzerland, March 4-5, 2013
Sharma, Radha R.; Pardasani, R.
Integrating ethical leadership and ethical practices
in management education: A conceptual model
Academy of Management,
Philadelphia, USA, August 1- 5, 2014
Sharma, Radha R.; Sharma, N.
Role of perceived gender equity at workplace
and mental well-being: An empirical study
Impact of cultural intelligence and communication
effectiveness on global leadership preparedness
India: Gurgaon MDI Management Development
Institute, 2013
Shallini, Taneja
9th Workshop on Family Firm Management
Research
Helsinki, Finland, May 24-25, 2013
ICCR Chair of Corporate
Responsibility and Governance
Prof. Radha R. Sharma, Ph.D.
Books
Change Management and Organisational
Transformation
New Delhi: McGraw-Hill Education, 2013
(1st reprint)
ISBN-10: 1259026442
ISBN-13: 978-1259026447
Sharma, Radha R.; Pathak, P.; Singh, S. eds.
Reinventing the Society: Search for a Paradigm
New Delhi: Macmillan, 2013
ISBN 978-9350-59465-0
Pathways to board directorship among women in
India: An exploratory study
Accepted paper at 73 Annual Meeting of Academy of
Management (AOM)
Orlando, Florida, August 9-13, 2013
(forthcoming)
Prof. Vasanthi Srinivasan; Chandwani, R.;
Jha, M. et al.
Leadership for social enterprises: Moving beyond
socially responsible leadership through Indian
philosophical perspective
Accepted paper for 29th Colloquium of European
Group for Organizational Studies (EGOS)
Montreal, Canada, July 4 – 6, 2013
(forthcoming)
Prof. Vasanthi Srinivasan
CSR in SME’s in India
Addressed students of the Centre for African Studies at University of Leipzig Germany, December 6,
2012
Prof. Vasanthi Srinivasan
Women professionals in India
Addressed 200 women professionals at a leadership
forum at EADS
Munich, Germany, December 14, 2012
Spirituo-humanistic leadership paradigm for
organizational development
Academy of Management,
Philadelphia, USA, August 1- 5, 2014
Prof. Vasanthi Srinivasan, Ph.D.
Book
India: Gurgaon MDI Management Development
Institute, 2013
Book Chapters and Journal Articles
Srinivasan, Vasanthi; Murty, L. S.; Nakra, M.
An investigation into gender diversity,
perceived gender equity and work engagement
Career persistence of women software professionals
in India
European Academy of Management,
Valencia, Spain, June 4-7, 2014
In: Gender in Management: An International
Journal. Vol 28(2013)4, 210-227
ISSN: 1754-2413
Sharma, Radha R.; Sharma, N.
Srinivasan, Vasanthi; Chandwani, R.; Jha, M. et al.
Development and standardization of a measure
of perceived gender equity at workplace
European Academy of Management,
Valencia, Spain, June 4-7, 2014
Succi, Chiara.; Quaglia, R.; Sharma, Radha R.
Strategy Execution Emergency: A focus on leadership and people alignment
42nd IFTDO World Conference, Capability Building
for Cutting Edge
Organizations in New Business Order,
New Delhi, India, April 24-26, 2013
Sharma, Radha R.; Pardasani, R.
Integrating ethical leadership and ethical practices
in management education
Paper for round-table discussion on Socially
Responsible Management Education, Academy of
Management (AOM),
Orlando, Florida, August 9-13, 2013
Addressed 30 participants from German companies
Berlin, Germany, April 25-26, 2013
Alfried Krupp von Bohlen
und Halbach Junior
Professorship IN INTERNATIONAL MANAGEMENT
Academy of Management,
Philadelphia, USA, August 1- 5, 2014
Sharma, Radha R.; Pardasani, R.
Corporate responsibility, governance and citizenship:
Insights from India
Measuring corporate economic and social
performance by stakeholder approach
Dr. Christian Brands
The impact of successor generation discount in family firms: exploring nonlinear effects on exploration
and exploitation
Accepted paper at 73rd Annual Meeting of Academy
of Management (AOM)
Orlando, Florida, August 9-13, 2013
(forthcoming)
Prof. Vasanthi Srinivasan
Christian Hoffmann
Family managers’ long-term orientation as a
determinant of their performance impact
HR system for scaling up of social enterprises:
A case of affordable healthcare organization
Sharma, Radha R.; Gupta, N.; Jaiswal, M.P.
Christian Hoffmann; Prof. Dr. Torsten Wulf; Prof. Dr.
Stephan Stubner
Wulf, Torsten; Stubner, Stephan
Position-specific knowledge, new CEO learning
and firm performance
Communicated to Inderscience (International)
Doctoral Theses
Sharma, Radha R.
Cognitive benefits of scenario planning –
its impact on biases and decision quality
Integrating ethical leadership and ethical practices
in management education: A conceptual model
Conference Presentations
Examining the Familiness Construct: Antecedents
and Performance Effects of an Employee Orientation
Prof. Vasanthi Srinivasan; Chandwani, R.;
Nagadevara, V. et al.
Prof. Vasanthi Srinivasan; Konrad, A. M.; Stickney, L.
Orlando, USA, August 10-13, 2013
In: Harvard Business Manager, 35 (2013) 7, 80-82
Meissner, Philip; Wulf, Torsten
In: Indian Journal of Training and Development,
43(2013)3
ISSN: 0971-5592
Sharma, Radha, R.; Pardasani, R.
Sharma, Radha R.; Sharma, N.
Book Chapters and Journal Articles
Social entrepreneurship: A case of sustainable human
development of the differently able
Sharma, Radha, R.; Pardasani, R.
Prof. Dr. Torsten Wulf; Dr. Philip Meissner
Sabina Dienemann
The concept of Familiness in Family Firm Research a literature review
Journal Papers
Sharma, Radha R.; Taneja, S.
In: European Journal of International Management,
7 (2013) 1, 6-30
Buyouts in Familienunternehmen –
eine Herausforderung für Private Equity
Book Chapters and Journal Articles
Narayana Hrudayalaya – How the HR practices
and policies enable organizational strategy
implementation
In: Bhatnagar, J.; Bajaj, G.; Ghosh, S. Innovations
in People Management: Cases in Organizational
Behaviour, HR, and Communication, Gurgaon, India:
Macmillan Publishers, 2012
ISBN-13: 9789350593370
ISBN: 9350593378
Dauth, Tobias
Die Internationalität von Top-Managern. Aktienkursreaktionen auf die Benennung internationaler
Vorstände und Aufsichtsräte
Wiesbaden: Springer-Gabler (mir-Edition), 2012
ISBN: 978-3-658-00762-1
Book Chapters and Journal Articles
Schmid, Stefan; Dauth, Tobias
Does internationalization make a difference?
Stock market reaction to announcements of
international top executive appointments
In: Journal of World Business, 49. Jg. (2014), advance
online publication January 2013 doi:10.1016/j.
jwb.2012.11.003
Schmid, Stefan; Dauth, Tobias; Kotulla, Thomas;
Schulze, Stephan
Conference Papers at peer reviewed
conferences and Presentations
Prof. Vasanthi Srinivasan; Chandwani, R.;
Jha, M. et al.
Politics of social enterprises: The role of influential
people in scaling up
Accepted paper at 73 Annual Meeting of Academy
of Management (AOM)
Orlando, Florida, August 9-13, 2013
(forthcoming)
Porsche Holding: Automobile für Europa aus dem
Salzburger Land
In: Schmid, Stefan (eds.): Strategien der Internationalisierung. Fallstudien und Fallbeispiele
(3rd edition) München: Oldenbourg, 2013, S. 161-173
Schmid, Stefan; Dauth, Tobias; Kotulla, Thomas
Aldi und Lidl. Zwei deutsche Discounter auf
Expansionskurs
In: Schmid, Stefan (Hrsg.): Strategien der Internationalisierung. Fallstudien und Fallbeispiele
(3rd edition) München: Oldenbourg, 2013, S. 533-579
54 HHL RESEARCH REPORT 2014
Schmid, Stefan; Dauth, Tobias; Kotulla, Thomas;
Schulze, Stephan
Ruhrgas und Gazprom. Keine Sonderrechte –
trotz langjähriger Importbeziehungen und
existierender Minderheitsbeteiligung
In: Schmid, Stefan (eds.): Strategien der Internationalisierung. Fallstudien und Fallbeispiele
(3rd edition) München: Oldenbourg, 2013, 175-191
Publications 55
Schwetzler, Bernhard
Conference Papers / Presentations
In: CORPORATE FINANCE biz, 4 (2013) 2, I
Prof. Dr. Bernhard Schwetzler; Alexander Knauer
Unternehmensbewertung in dominierten Situationen:
Erweiterungen und Alternativen zu IDW S1
Arnold, Sven; Lahmann, Alexander;
Schwetzler, Bernhard
Multiples und Beta-Faktoren für deutsche Branchen
Secondary buy outs; Add-on strategies in PE
investments
Practice Day with Solon Management Consulting
Munich, Germany, November 28-19, 2013
In: Corporate Finance biz, 3 (2012) 8, 410-413
Schmid, Stefan; Dauth, Tobias
Internationale Diversität im Top-Management –
Eine empirische Analyse der DAX-30-Unternehmen
In: Zeitschrift für betriebswirtschaftliche
Forschung, 64. Jg. (2012), Nr. 11, 772-802
Schwetzler, Bernhard
Warum wir Grundsätze für die Erstellung von Fairness
Opinions brauchen
In: DER BETRIEB, 65 (2012) 45, M1
Conference Papers and Presentations
Friedl, Gunther; Schwetzler, Bernhard
Jun.-Prof. Dr. Tobias Dauth
In: Petersen, Karl; Zwirner, Christian; Brösel,
Gerrit (eds.): Handbuch Unternehmensbewertung.
Funktionen, Moderne Verfahren, Branchen,
Rechnungslegung
Cologne: Bundesanzeiger Verlag, 2012, 722-740
Top Management Internationalization
and Accounting Quality
4th Workshop on Top Management Teams & Business Strategy Research
Copenhagen, Denmark, October 17, 2013
Wachstum und Inflation im Rahmen der
Unternehmensbewertung
Jun.-Prof. Dr. Tobias Dauth
Working Papers
13th EURAM Annual Conference
Istanbul, Turkey, June 27, 2013
Brendel, Markus; Schwetzler, Bernhard
Jun.-Prof. Dr. Tobias Dauth
SSRN Working Paper, 2013
Internationalization of Top Managers in Germany and
the UK – Cross-national Differences or Similarities?
Antecedents of Top Management Internationalization
Bad matches last longer: unobserved heterogeneity
across firm-owner matches
1st German-French Research Colloquium on International Management
Lyon, France, June 3rd, 2013
Brendel, Markus; Schwetzler, Bernhard;
Strenger, Christian
Jun.-Prof. Dr. Tobias Dauth
SSRN Working Paper, 2013
Top Management Team Internationalization –
A Comparison between Germany and the UK
38th EIBA Annual Conference
Brighton, UK, December 8th, 2012
The paradoxon of policy intervention: the case of
capital gain taxation in Germany
Hammer, Benjamin; Knauer, Alexander;
Pfluecke, Magnus; Schwetzler, Bernhard
Inorganic growth strategies in private equity:
empirical evidence on add-on acquisitions
SSRN Working Paper, 2013
CHAIR OF FINANCIAL
MANAGEMENT
Rudolph, Christin; Schwetzler, Bernhard
Mountain or molehill? Downward biases in the
conglomerate discount measure
Books
SSRN Working Paper, 2013 (revise and resubmit in:
Journal of Banking and Finance)
Schwetzler, Bernhard; Aders, Christian (eds.)
Brendel, Markus; Rudolph, Christin; Schwetzler,
Bernhard
Jahrbuch der Unternehmensbewertung 2013: Fachbei­
träge, Bewertungskennzahlen, Unternehmensprofile
Düsseldorf: Fachverlag der Verlagsgruppe
Handelsblatt, 2013
ISBN: 978-3-942543-35-4
Book Chapters, Journal Articles
and Others
Knauer, Alexander; Lahmann, Alexander;
Pfluecke, Magnus; Schwetzler, Bernhard
Debt-related tax shields and private equity:
myth or reality?
In: The Journal of Applied Corporate Finance
(forthcoming)
Rudolph, Christin; Schwetzler, Bernhard
Conglomerates on the rise again? A cross-regional
study on the impact of the 2008-2009 financial crisis
on the diversification discount
In: Journal of Corporate Finance 22 (2013), 153-165
Hammer, Benjamin; Lahmann, Alexander;
Schwetzler, Bernhard
Multiples und Beta-Faktoren für deutsche Branchen
In: CORPORATE FINANCE biz, 4 (2013) 6, 351-354
Hammer, Benjamin; Lahmann, Alexander;
Schwetzler, Bernhard
Multiples und Beta-Faktoren für deutsche Branchen
A corporate finance application of the OaxacaBlinder decomposition: causes of the diversification
discount
SSRN Working Paper, 2013
Knauer, Alexander; Kengelbach, Jens; Brigl, Michael;
Bielesch, Falk; Schwetzler, Bernhard
Take a second look at secondaries: owners that raise
their value-creation game can excel
The Boston Consulting Group, Research Paper, 2013
Arnold, Sven; Lahmann, Alexander;
Schwetzler, Bernhard
The impact of credit rating and frequent refinancing
on firm value
SSRN Working Paper, 2012
Doctoral Theses
The impact of industrial diversification on
corporate transactions
Leipzig: HHL Leipzig Graduate School of
Management (forthcoming)
In: CORPORATE FINANCE biz, 4 (2013) 2, 94-97
IACVA (International Association of Consultants,
Valuators and Analysts) 2013 Annual Meeting
Offenbach, Germany, October 18, 2013
Dipl.-Kfm. Markus Brendel; Dipl.-Kffr. Christin
Rudolph; Prof. Dr. Bernhard Schwetzler
Diversification discount revisited: An application of
the Oaxaca-Blinder Decomposition
20th Annual Meeting of the German Finance Association (DGF)
Wuppertal, Germany, September 27, 2013
20th Annual Conference of the Multinational
Finance Society (MFS)
Izmir, Turkey, June 30-July 3, 2013;
Prof. Dr. Bernhard Schwetzler
Inflation, Wachstum und Besteuerung (Inflation,
groth and taxation)
Jahresforum Unternehmensbewertung 2013 of the
Fachverlag der Verlagsgruppe Handelsblatt GmbH
Frankfurt on the Main, Germany, May 15-16, 2013
Zülch, Henning; Hoffmann, Sebstian
Book Chapters, Journal Articles
In: Steuern und Bilanzen: StuB, 31 (2013) 4, 134-139
Die Bilanzierung von Beteiligungen an assoziierten
Unternehmen sowie Gemeinschaftsunternehmen auf
Basis des überarbeiteten IAS 28
Bilanzpolitik im Rahmen der Entscheidung zur
Erfassung einer Wertminderung gemäß IAS 36 –
Empirische Analyse des Bilanzierungsverhaltens
deutscher Unternehmen im Zeitraum 2004 bis 2010
Krauß, Patrick; Züch, Henning
Zülch, Henning; Stork-Wersborg, Tobias
In: Die Wirtschaftsprüfung, 67 (2014) 1, 34-42
Non-Audit Services and Audit Quality:
Blessing or Curse?
In: Journal of Applied Business Research, 29 (2013)
2, 305-326
Krauß, Patrick; Quosigk Benedikt M.;
Zülch, Henning
The impact of credit rating and frequent refinancing
on firm value
Midwest Finance Association 2013 Annual Meeting
Chicago, USA, March 13-16, 2013
Prof. Dr. Bernhard Schwetzler
Fremdkapital, Steuerersparnisse und Private Equity:
Mythos oder Realität? Eine Analyse von Leveraged
Buyouts zwischen 1997 und 2007 in Deutschland
(Debt financing, tax saving and private equity:
myth or reality? An analysis of leveraged buyouts
in Germany between 1997 and 2007)
Meeting of the sections “Venture Capital” and
“SME” of the Germany Private Equity and Venture
Capital Association (BVK)
Berlin, Germany, March 14, 2013
Prof. Dr. Bernhard Schwetzler
Inflation, Rechnungslegung und Unternehmenswert
(Inflation, accounting, and firm value)
Leipzig: HHL Leipzig Graduate School of
Management, 2012
Theoretische Fragestellungen zur Bewertung von
Unternehmen (Theoretical questions regarding
the valuation of companies)
Leipzig: HHL Leipzig Graduate School of
Management, 2012
Werthaltigkeitsprüfung von Marken mit unbestimmter Nutzungsdauer gemäß IAS 36: Vermögenswertebene vs. CGU-Ebene
In: Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung: KoR, 12 (2012) 11,
500-508
Zülch, Henning; Zimmermann, Jochen; Teuteberg,
Torben; Knigge, Philipp
Zülch, Henning; Höltken, Matthias
In: Zeitschrift für Corporate Governance: ZCG 7
(2012) 6, 288-292
In: International Journal of Auditing, forthcoming
Die „neue“ (Konzern-)Lageberichterstattung
nach DRS 20 – ein Anwendungsleitfaden
In: Der Betrieb, 66 (2013) 44, 2457-2465
Abbildung von Planvermögensdotierungen in der
Kapitalflussrechnung nach IAS 7
Zimmermann, Jochen; Knigge, Philipp;
Zülch, Henning; Teuteberg, Torben
Siggelkow, Lena
Analytical and empirical analyses on fixed asset
write-offs
Diss. HHL Leipzig Graduate School of Management,
2013
Online publication: qucosa.de/recherche/
frontdoor/?tx_slubopus4frontend[id]=11692
Güth, Simon
Gläubigerschutz auf Basis des IFRS for SMEs: ökonomische Analyse und Entwicklung einer Regulierungsempfehlung zur Anwendung in Deutschland
Detzen, Dominic; Hoffmann, Sebastian;
Zülch, Henning
Working Papers
7th Accounting History International Conference,
Seville, Spain, September 25–27, 2013
In: Accounting Education, 22 (2013) 3, 282-294
Hoffmann, Sebastian; Zülch, Henning
Dr. Sebastian Hoffmann
HHL Working Paper 118. Leipzig: HHL Leipzig
Graduate School of Management, 2013
7th Asia Pacific Interdisciplinary Research in Accounting Conference, Kobe, Japan, July 26-28, 2013
Bright Pharmaceuticals SE: accounting for
a business combination under IFRS 3
Zülch, Henning; Detzen, Dominic; Wünsch, Martin;
Wulf, Torsten; Meißner, Philip
The benefits of a pre-deal purchase price allocation
for acquisition decisions: an exploratory analysis
In: Problems and Perspectives in Management, 11
(2013) 1, 59-68
Krauß, Patrick; Zülch, Henning
The relation of auditor tenure to audit quality:
empirical evidence from the German audit market
Trust and accounting regulation: towards an
interdisciplinary research agenda
Lahmann, Alexander; Siggelkow, Lena;
Zülch, Henning
A new perspective on fixed asset write-offs:
when is earnings management optimal
HHL Working Paper 117. Leipzig: HHL Leipzig
Graduate School of Management, 2013
In: Journal of Governance and Regulation, 2 (2013)
1, 44-56
Siggelkow, Lena; Zülch, Henning
What drives companies? An analysis of fixed asset
write-offs in Europe in the context of different institutional settings
In: KoR: internationale und kapitalmarktorientierte
Rechnungslegung, 13 (2013) 2, 6
HHL Working Paper 114. Leipzig: HHL Leipzig
Graduate School of Management, 2012
Down load under http://ssrn.com/abstract=2191499
Verpflichtende und freiwillige Cashflow-Berichterstattung: empirischer Befund für den deutschen
Kapitalmarkt
IFRS für Banken: eine Rezension
Kapitalkosten vor Steuern: das CAPM des IAS 36
Zülch, Henning; Kretzmann, Christian
Prospektive Covenant-Kennzahlen: Logische
Konsequenz eines vermehrt harmonisierten
Rechnungswesens?
Krauß, Patrick; Quosigk, Benedikt M.;
Zülch, Henning
Teuteberg, Torben; Zülch, Henning
HHL Working Paper 113. Leipzig: HHL Leipzig
Graduate School of Management, 2012
In: Der Betrieb, 66 (2013) 36, 1977-1979
Prof. Dr. Bernhard Schwetzler
ED/2012/5: Klarstellungen zur Angemessenheit von
Abschreibungsmethoden - ein zahnloser Tiger?
Zülch, Henning; Popp, Marco
Feldstudie zur Konsolidierung von Zweckgesellschaften nach IFRS 10: eine Analyse der EFRAG-Aktivitäten und ihre praktischen Implikationen
In: Praxis der internationalen Rechnungslegung:
PIR, (2013) 4, 109-112
Zülch, Henning; Popp, Marco
Die Konsolidierungsstandards IFRS 10, IFRS 11 und
IFRS 12: Implikationen der EFRAG-Feldstudien
In: Praxis der Internationalen Rechnungslegung:
PIR, (2013) 3, 84-89
On the ubiquity of accountability: The Handelshoch­
schule Leipzig in the claws of Nazism
Lobbying on accounting standard setting in the
parliamentary environment of Germany
Dr. Dominic Detzen, Dr. Sebastian Hoffmann
On the ubiquity of accountability: The Handelshoch­
schule Leipzig in the claws of Nazism
Research Seminar Cardiff Business School, Cardiff,
UK, May 1, 2013
Dr. Sebastian Hoffmann
Salewski, Marcus; Siggelkow, Lena; Zülch, Henning
Deutsche Bahn AG, Berlin Division Meeting
Berlin, Germany, July 5, 2012
Leipzig: HHL Leipzig Graduate School of Management, 2013
Online publication: qucosa.de/recherche/
frontdoor/?tx_slubopus4frontend[id]=11937
Dr. Sebastian Hoffmann
In: Accounting History, 18 (2013) 3, 367-389
Zülch, Henning
Dividend Policy at Deutsche Bahn
Conceptual and historical underpinnings of
accounting
In: Der Konzern, 11 (2012) 6/7, 328-337
The regulation of asset valuation in Germany
Reformation der IFRS-Konzernrechnungslegung
(Teil II): - Joint Arrangements nach IFRS 11 -
HHL Working Paper 115. Leipzig: HHL Leipzig
Graduate School of Management, 2013
Down load under http://ssrn.com/abstract=2198809
The Boston Consulting Group Corporate Finance
Task Force
Berlin, Germany, November 15, 2012
Detzen, Dominic
In: Der Betrieb, 65 (2012) 44, 2469-2475
In: Internationale und kapitalmarktorientierte
Rechnungslegung: KoR, 13 (2013) 1, 33-42
Research in Private Equity
Diss. HHL Leipzig Graduate School of Management,
2013
Conference Papers / Presentations
In: International Business and Economics Research
Journal, 12 (2013) 7, 737-754
Prof. Dr. Bernhard Schwetzler
Dipl.-Kfm. Alexander Knauer; Prof. Dr. Bernhard
Schwetzler
Audit services, non-audit services, and audit firm
tenure: three perspectives on audit quality
Zülch, Henning; Popp, Marco
Determinants of the write-off decision under IFRS:
evidence from Germany
Hitz, Jörg-Markus; Teuteberg, Torben
The Boston Consulting Group CDPA Meeting
Berlin, Germany, November 16, 2012
Krauß, Patrick
Weinheim: Wiley, 2013
ISBN 978-3-527-50737-5
Diss. HHL Leipzig Graduate School of Management,
2012
IACVA (International Association of Consultants,
Valuators and Analysts) 2012 Annual Meeting
Neuss, Germany, November 29, 2012
BCG and CCT/HHL. Opportunities for a successful
cooperation
Doctoral Theses
Prinzipien für einen Ausweis von Zahlungsströmen betrieblicher Altersversorgung in der
IFRS-Kapitalflussrechnung
Siggelkow, Lena; Zülch, Henning
In: Der Betrieb, 66 (2013) 31, 1681-1686
Aktuelle Themen in der Unternehmensbewertung
(Current topics in corporate valuation)
In: Corporate Finance biz, 3 (2012) 8, 383-391
Effects of Initial Audit Fee Discounts on
Audit Quality: Evidence from Germany
Hoffmann, Sebastian; Detzen, Dominic
Dr. Sven Arnold; Dr. Alexander Lahmann;
Prof. Dr. Bernhard Schwetzler
Zur Angabe der Vorstandsbezüge des Alleinvorstands einer börsennotierten AG: Anmerkungen zum
Beschluss des OLG Frankfurt/M. vom 31.5.2012
Zülch, Henning; Siggelkow, Lena
Zülch, Henning; Popp, Marco; Teuteberg, Torben
Arnold, Sven
Lahmann, Alexander
Multiples und Beta-Faktoren für deutsche Branchen
Duration, Kreditrisiko und Tax Shield: Ein integrativer
Ansatz (Duration, credit risk and tax shield: an integrative approach)
Nöllgen, Bruno
In: CORPORATE FINANCE biz, 4 (2013) 4, 226-230
Hammer, Benjamin; Lahmann, Alexander;
Schwetzler, Bernhard
Prof. Dr. Bernhard Schwetzler
CHAIR OF ACCOUNTING
AND AUDITING
Lobbying on accounting standard setting in the
parliamentary environment of Germany
2013 Alternative Accounting Conference, Toronto,
Canada, April 27-28, 2013
Dr. Sebastian Hoffmann
Lobbying on accounting standard setting in the
parliamentary environment of Germany
2013 International Conference of Critical Accounting, New York City, USA, April 25-26, 2013
Dr. Sebastian Hoffmann
Regulatory changes driven by crises? – A longitudinal
analysis of asset valuation in Germany
AS-VHB-IAAER Conference 2013, Eschborn,
Germany, February 14-16, 2013
Harmonization in Auditing Practices – A Comparative
Study on Audit Tenure Effects between Germany and
the United States
Dr. Dominic Detzen
Salewski, Marcus; Zülch, Henning
Prof. Dr. Henning Zülch
HHL Working Paper 112. Leipzig: HHL Leipzig
Graduate School of Management, 2012
AS-VHB-IAAER Conference 2013, Eschborn,
Germany, February 14-16, 2013
The Impact of Corporate Social Responsibility (CSR)
on Financial Reporting Quality – Evidence from
European Blue Chips
The conceptual framework’s (in-)adequacy for
standard-setting
AS-VHB-IAAER Conference 2013, Eschborn,
Germany, February 14-16, 2013
The impact of corporate social responsibility (CSR)
on financial reporting quality – evidence from
European Blue Chips
Dr. Sebastian Hoffmann
Bedeutung und Anwendung des IFRS 13 –
Fair Value Measurement
Meeting of the Gesellschaft für kapitalmarktorientierte Rechnungslegung e.V., Leipzig, Germany,
September 18, 2012
56 HHL RESEARCH REPORT 2014
Publications 57
CHAIR OF ECONOMICs AND
INFORMATION SYSTEMS
HHL Research Paper Series in Corporate
Governance, 8 (2012)
SPARKASSEN FINANZGRUPPE
Junior Professorship IN
M&A OF SMALL- AND MIDSIZED ENTITIES
Conference Papers and Presentations
Book Chapters and Journal Articles
La Mura, Pierfrancesco
Prof. Dr. Henning Zülch
Strenger, Christian; Zetzsche, Dirk A.
12. Fachtagung 2013: Das Rechnungswesen im
Konzern, Frankfurt a. M., Germany, November 29,
2013
Gewinn nach IFRS - Schein oder Sein?
CENTER FOR CORPORATE
GOVERNANCE
Book Chapters, Journal Articles
Strenger, Christian; Zetzsche, Dirk A.
Corporate governance, cross-border voting and
the Securities Law Directive – Enhancing investor
engagement through standardization
In: Journal of Corporate Law Studies, 2(2013),
503-522
Kohl, Christian; Rapp, Marc Steffen; Wolff, Michael
Akzeptanz des Deutschen Corporate Governance
Kodex: Governance-Indizes und
Unternehmenseigenschaften
In: Zeitschrift für Corporate Governance, 4(2013),
153-159
Lazar, Christian; Metzner, Yves; Rapp, Marc Steffen;
Wolff, Michael
Remuneration of Non-Executive Directors in German
Listed Firms: An Empirical Analysis from a Practitioners’ Perspective
In: Accounting, Economics and Law, 6(2013), 1-16
Strenger, Christian
Bessere Prüferakzeptanz und bessere Prüfungsergebnisse: nicht nur eine Governance-Herausforderung
In: Die Wirtschaftsprüfung, 14 (2013), 691-696
Leipzig, HHL Leipzig Graduate School of Management, 2013
Strenger, Christian
Die Business Judgement Rule für Aufsichtsräte:
heutige Qualitätsanforderungen für die Enthaftung
bei unternehmerischen Entscheidungen im Konzern
In: Der Konzern, 8 (2013), 429-433
Strenger, Christian
Der Financial Expert als Berufsaufsichtsrat
In: Orth/Ruter/Schichold (Hrsg.): Der unabhängige
Finanzexperte im Aufsichtsrat, Stuttgart, SchäfferPoeschel, 2013, 131-135
ISBN 978-3-7910-3251-1
Corporate Governance, Cross-Border Voting and the
(draft) Securities Law Directive
Prof. Dr. Marc Steffen Rapp
Regulation, Compensation and Risk Taking in Banks –
Evidence from the Credit Crises
German Finance Association (DGF) - Annual Meeting 2013
Wuppertal, Germany, September 27-28, 2013
Lazar, Christian; Metzner, Yves; Rapp, Marc Steffen;
Wolff, Michael
Remuneration of non-executive directors in German
listed firms: An empirical note
HHL Research Paper Series in Corporate Governance, 12 (2013)
Debt-related tax shields and private equity:
myth or reality?
In: The Journal of Applied Corporate Finance
(forthcoming)
Christian Kohl
Family Firms and Standardization of Governance:
Evidence From the German Corporate Governance
Code
14th Workshop on Corporate Governance and
Investment
Sharjah, UAE, September24-25, 2013
Prof. Dr. Marc Steffen Rapp
Regulation, Compensation and Risk Taking in Banks –
Evidence from the Credit Crises
Accademia Italiana Di Economia Aziendale (AIDEA)
- The bicentenary meeting
Lecce, Italy, September 19-21, 2013
Prof. Dr. Michael Wolff
Board Industry Expertise and Strategic Change:
The Impact of Institutional Differences
Academy of Management (AOM) - 73rd Annual
Meeting
Orlando, US, August 9-13, 2013
Prof. Dr. Michael Wolff
Board Industry Expertise and Strategic Change:
The Impact of Institutional Differences
Academy of International Business (AIB) - Annual
Conference
Istanbul, Turkey, July 4-7, 2013
Hammer, Benjamin; Lahmann, Alexander; Schwetzler, Bernhard
Multiples und Beta-Faktoren für deutsche Branchen
In: CORPORATE FINANCE biz, 6 (2013), 6, 351-354
Hammer, Benjamin; Lahmann, Alexander; Schwetzler, Bernhard
Multiples und Beta-Faktoren für deutsche Branchen
In: CORPORATE FINANCE biz, 4 (2013), 4, 226-230
Hammer, Benjamin; Lahmann, Alexander; Schwetzler, Bernhard
HHL Research Paper Series in Corporate Governance, 11 (2013)
Leipzig, HHL Leipzig Graduate School of Management, 2013
Oehmichen, Jana; Rapp, Marc Steffen; Wolff, Michael
Effects of personal cognition and social network embeddedness on the presence of women on boards
HHL Research Paper Series in Corporate Governance, 10 (2012)
Oehmichen, Jana; Rapp, Marc Steffen; Wolff, Michael
Women on German management boards – how ownership structure affects management board diversity
HHL Research Paper Series in Corporate Governance, 9 (2012)
Casajus, André and Huettner, Frank
Null, nullifying, or dummifying players: The difference
between the Shapley value, the equal division value,
and the equal surplus division value
Casajus, André and Tutic, Andreas
Nash bargaining, Shapley threats, and outside
options
In: Mathematical Social Sciences, 2013
(forthcoming)
Casajus, André
Collusion, quarrel, and the Banzhaf value
In: International Journal of Game Theory, 2013
(forthcoming)
Arnold, Sven; Lahmann, Alexander; Schwetzler,
Bernhard
In: Journal of Mathematical Economics 49, 2013,
58-61
Multiples und Beta-Faktoren für deutsche Branchen
In: Corporate Finance biz, 3 (2012), 8, 410-413
Arnold, Sven; Lahmann, Alexander; Schwetzler,
Bernhard
Tax Shield, Insolvenzwahrscheinlichkeit und Zinsschranke - Eine empirische Analyse
Null players, solidarity, and the egalitarian
Shapley values
Huettner, Frank and Sunder, Marco
Axiomatic arguments for decomposing goodness
of fit according to Shapley and Owen values
In: Electronic Journal of Statististics 6, 2012, 12391250
In: Die Wirtschaftsprüfung, 6 (2012), 6, 324-337
Casajus, André
Working Papers and Others
In: International Journal of Game Theory 41 (3),
2012, 497-515
Amalgamating players, symmetry, and the
Banzhaf value
Prof. Dr. Marc Steffen Rapp
Family Firms and Standardization of Governance:
Evidence From the German Corporate Governance
Code
European Institute for Advanced Studies in Management (EIASM) - 6th International Workshop on
Accounting&Regulation
Siena, Italy, July 4-6, 2013
Hard or Soft Regulation of Corporate Governance
Krause, Marko; Lahmann, Alexander
The applicable discount rate for the valuation
of tax shields
A new perspective on fixed asset write-offs –
When is earnings management optimal
Working Paper, 2013
Dr. Thomas Schmid
SSRN Working Paper, 2013
Twenty Years after Cadbury, Ten Years after Sarbanes-Oxley: Challenges of Corporate Governance
Bath, UK, June 24-25, 2013
Prof. Dr. Marc Steffen Rapp
Regulation, Compensation and Risk Taking in Banks –
Evidence from the Credit Crises
Conference on Risk Management and Reform of
Bank Regulation
Beijing, China, May 8-10, 2013
The arithmetic Brownian motion in corporate
valuation
Arnold, Sven; Gmehling, Philipp;
Lahmann, Alexander
The cost of debt and bankruptcy
Working Paper, 2013
Arnold, Sven; Lahmann, Alexander;
Schwetzler, Bernhard
The impact of credit rating and frequent refinancing
on firm value
Fair redistribution of performance-based allocations:
A case for proportional taxation
HHL working paper #126, 2013.
La Mura, Pierfrancesco, Brandenburger,
Adam and Deutsch, Matthew
Deriving the Qubit from Entropy Principles
Cornell University, New York, 2013.
Doctoral Thesis
Demidova, Ekaterina
Allocation Mechanisms: Group Bargaining
and Multi-Unit Auctions
Leizig, HHL Leipzig Graduate School
of Management, 2013.
SSRN Working Paper, 2012
Conference Papers and Presentations
Christian Strenger
Conference Papers and Presentations
Prof. Pierfrancesco La Mura, Ph.D.
University of Maastricht, Faculty of Economics
and Business Administration,
Maastricht, Netherlands, March 2013
Dr. Alexander Lahmann
Dagstuhl Seminar on “Dependence Logic:
Theory and Applications”
Dagstuhl, Germany, February 11-15, 2013
Corporate Governance – The Implementation
Experience and Current Issues,
Leipzig: Engelsdorfer Verlag, 2013
ISBN 978-3-95488-447-6
Book Chapters and Journal Articles
Vilks, Arnis; Wuttke, Martina
Poverty Alleviation through CSR in the Indian
Construction Industry
Forthcoming in: Journal of Management Development 3, 2014
Vilks, Arnis
Hempel, C.G.: Aspects of Aspects of Scientific
Explanation and Other Essays
In: M. Quante (ed.), Kleines Werklexikon
der Philosophie
Stuttgart: Kröner, 2012
ISBN 978- 3-52040-201-1
The arithmetic Brownian motion in corporate
valuation
European Accounting Association 2013 Annual
Meeting
Paris, France, May 6-8, 2013
Dr. Sven Arnold; Dr. Alexander Lahmann;
Prof. Dr. Bernhard Schwetzler
The impact of credit rating and frequent refinancing
on firm value
Midwest Finance Association 2013 Annual Meeting
Chicago, USA, March 13-16, 2013
A double-slit experiment for non-classical
interference effect in decision-making
Dr. André Casajus
On replicator dynamics derived from TU games
9th Spain-Italy-Netherlands Meeting on Game
Theory (SING9)
Vigo, Spain, July 8-10, 2013
9th Spain-Italy-Netherlands Meeting on Game
Theory (SING9)
Vigo, Spain, July 8-10, 2013
Consciousness for Sustainable Consumption: Scale
Development and New Insights in the Economic
Dimension of Consumers‘ Sustainability.
In: AMS Review, 3 (2013), 4, 181-192
Kirchgeorg, Manfred; Weinrich, Kai
Magnetwirkung auf dem Weg zur Nachhaltigkeit
In: Markenartikel, 75 (2013), 4, 40-43
Kirchgeorg, Manfred; Wiedmann, Martin
Symbiotischer Einsatz von Social Media und Messen
im Kommunikationsportfolio
In: Bruhn, M.; Hadwich, K. (Hrsg.): Dienstleistungsmanagement und Social Media. Wiesbaden:
Springer Gabler, 2013, 239-256
Buerke, Anja; Weinrich, Kai; Kirchgeorg, Manfred
Wenn Werte entscheiden – Ein Ansatz zur Identifizierung von Nachhaltigkeitstalenten im Employer
Branding auf Basis persönlicher Werte
In: Die Unternehmung – Swiss Journal of Business
Research and Practice, 67 (2013), 2, 194-217
Kirchgeorg, Manfred
Kritische Reflexionen zum Einfluss ökologischer
Diskontinuitäten auf das Marketing.
Doctoral Theses
Bangura, Ibrahim
Verhoog, Mart; Bruckner, Thomas;
Kirchgeorg, Manfred
A Critical Assessment of the Socio-Economic
Reintegration Process of Ex-Combatants
Ten Years after the War in Sierra Leone
Leipzig: HHL Leipzig Graduate School
of Management, 2013
Conference Papers and Presentations
Zielgruppenspezifische Ansprache von
Akteuren im Modernisierungsmarkt anhand
der Lebensstilkomponente
In: Koch, M. K.; Wagner, H.-J. (Hrsg.): Wettbewerb
Energieeffiziente Stadt. Band 1: Gebäude und
Haushalte, Berlin, Lit-Verlag, 2013
Working Papers and Others
Prof. Dr. Arnis Vilks
Economic Crises – are they Inevitable?
Presentation at the Annual Conference of the
Ethiopian Economic Association
Mekelle, Ethopia, June 29, 2013
SVI-Endowed Chair of
Marketing, ESP. E-COMMERCE AND CROSS-MEDiA
MANAGEMENT
Books
Meffert, Heribert; Kenning, Peter;
Kirchgeorg, Manfred
Sustainable Marketing Management:
Grundlagen und Cases
Wurpts, Klaus; Kirchgeorg, Manfred
Mit Clustern zur BioÖkonomie: Eine internationale
Bestandsaufnahme zur Einführung und Grundlage für
Benchmarking und Evaluierung des Spitzencluster
BioÖkonomie Mitteldeutschland
HHL Working Paper 121
Leipzig: HHL Leipzig Graduate School of Management, 2013
Kirchgeorg, Manfred; Ermer, Beatrice;
Wiedmann, Martin
Szenarioanalyse: Messen & Live Communication 2020
Schriftenreihe Institut der deutschen
Messewirtschaft, 36
Berlin: AUMA, 2012
Kirchgeorg, Manfred; Wiedmann, Martin;
Ermer, Beatrice.
B2C-Trendstudie: Perspektiven, Potenziale und
Positionierung von Publikumsmessen
Wiesbaden: Springer Gabler, 2014
ISBN: 978-3-658-02436-9 (forthcoming)
Schriftenreihe Institut der deutschen
Messewirtschaft, 35
Berlin: AUMA, 2012
Meffert, Heribert; Burmann, Christoph;
Kirchgeorg, Manfred
Doctoral Theses
Marketing Arbeitsbuch: Aufgaben – Fallstudien –
Lösungen. 11. überarb. und erw. Aufl.
Wiesbaden: Gabler Verlag, 2013
ISBN: 978-3-8349-3447-5
Weinrich, Kai
Book Chapters and Journal Articles
Wiesbaden: Springer Gabler, 2014
Nachhaltigkeit im Employer Branding.
Eine verhaltenstheoretische Analyse und
Implikationen für die Markenführung
Von Grega, Felix
Koene, Merlin; Wagner, Katja; Buerke, Anja;
Kirchgeorg, Manfred
Nachhaltigkeitsmarketing in der Konsumgüterindustrie am Beispiel der Unilever Deutschland GmbH
In: Meffert, H., Kenning, P., Kirchgeorg, M. (Hrsg.):
Sustainable Marketing Management: Grundlagen
und Cases. Wiesbaden, Springer Gabler, 2014
Dr. Frank Huettner
On a class of solidarity values
Balderjahn, Ingo; Buerke, Anja;
Kirchgeorg, Manfred; Peyer, Mathias;
Seegebarth, Barbara; Wiedmann, Klaus-Peter
In: Corsten, H; Roth, S. (Hrsg.): Nachhaltigkeit Unternehmerisches Handeln in globaler Verantwortung. Wiesbaden: Gabler Verlag, 2012, 113-132
Casajus, André
Lahmann, Alexander; Siggelkow, Lena;
Zülch, Henning
Lahmann, Alexander
Is Soft Regulation of Corporate Governance
Efficient?
Working Papers and Others
Meditationen über Gott und die Welt und das Geld.
Versuch einer besseren Weltanschauung
Working Paper, 2013
European Management Association (EURAM) - Annual Meeting 2013
Istanbul, Turkey, June 26-30, 2013
Kohl, Christian; Rapp, Marc Steffen; Wolff, Michael
Kodexakzeptanz 2013: Analyse der Entsprechenserklärungen zum Deutschen Corporate Governance
Kodex
In: Topics in Cognitive Science, 2013
Casajus, André and Huettner, Frank
Kohl, Christian; Rapp, Marc Steffen; Wolff, Michael
Akzeptanz des Deutschen Corporate Governance Kodex: Governance-Indizes und
Unternehmenseigenschaften
A double-slit experiment for non-classical
interference effect in decision-making
Multiples und Beta-Faktoren für deutsche Branchen
In: CORPORATE FINANCE biz, 2 (2013), 2, 94-97
Book
Vilks, Arnis
In: Economics Letters, 2013 (forthcoming)
Prof. Dr. Marc Steffen Rapp
Working Papers and Others
Knauer, Alexander; Lahmann, Alexander; Pfluecke,
Magnus; Schwetzler, Bernhard
Journal Articles
Chair of Microeconomics
Wurpts, Klaus; Kirchgeorg, Manfred
Clusterförderung mit der „Gemeinschaftsaufgabe“ –
Eine Evaluierung von Konzept und Implementierung
in Ostdeutschland.
In: Raumforschung und Raumordnung, Vol. 71
(2013), 427-436
Internationalisierung des Messewesens: Auswirkungen auf öffentliche Veranstaltungsgesellschaften
Wiesbaden: Springer Gabler, 2013
Roj, Manuel
Die Relevanz der Markenarchitektur für das Employer
Branding – Eine verhaltenstheoretisch-experimentelle Untersuchung zum Einfluss von hierarchie­
übergreifenden Markenkombinationen auf die
Employer Brand Strength
Wiesbaden: Springer Gabler, 2013
58 HHL RESEARCH REPORT 2014
Conference Paper / Presentations
Prof. Dr. Manfred Kirchgeorg
Social Media and Marketing Management
Executive Circle Arthur D. Little
Frankfurt, Germany, November 22, 2013
Publications 59
Prof. Dr. Manfred Kirchgeorg,
Prof. Dr. Thomas Bruckner, Mart Verhoog
Zielgruppenspezifische Ansprache von Akteuren
im Modernisierungsmarkt
8. Internationale Energie Wirtschaftstagung
Wien, Austria, February 13-15, 2013
Prof. Dr. Iris Hausladen
“Pro YSITIE” Association fact-finding tour to Leipzig
Metropolitan region of Central Germany
Logistics at HHL Leipzig Graduate School of Management – “On the Pulse of Practice”
Leipzig, Germany, April 11, 2013
Prof. Dr. Manfred Kirchgeorg, Martin Wiedmann
Prof. Dr. Manfred Kirchgeorg, Beatrice Ermer,
Martin Wiedmann
Attraktivitätsfaktor Wohlfühlatmosphäre
auf Publikumsmessen
5. Wissenschaftliche Konferenz Eventforschung
Chemnitz, Germany, October 25, 2013
Prof. Dr. Manfred Kirchgeorg, Beatrice Ermer,
Martin Wiedmann
The Future of B2B-trade shows:
Insights from a Scenario Analysis
4th EMAC CEE Regional Conference
St. Petersburg, Russia, September 26-27, 2013
Prof. Dr. Manfred Kirchgeorg
Erfolgreiche Marken: Eine Frage des Vertrauens?
Marketing-Tagung der Oetker-Gruppe 2013
Bielefeld, Germany, September 19, 2013
Mathias Peyer, Anja Buerke, Barbara Seegebarth,
Prof. Dr. Ingo Balderjahn, Prof. Dr. Manfred
Kirchgeorg, Prof. Dr. Klaus-Peter Wiedmann
Development of a Measurement Model for
Consciousness for Sustainable Consumption
Corporate Responsibility Research Conference 2013
Graz, Austria, September 11-13, 2013
Mathias Peyer, Anja Buerke, Barbara Seegebarth,
Prof. Dr. Ingo Balderjahn, Prof. Dr. Manfred
Kirchgeorg, Prof. Dr. Klaus-Peter Wiedmann
What Does Sustainable Consumption Really Mean?
A Three-Dimensional Measurement Approach
AMS World Marketing Congress 2013
Melbourne, Australia, July 15-20, 2013
Das Vertrauenskonstrukt in der Marketingwissenschaft – theoretische Reflexionen und empirische
Beispiele
IPJ- Fachtagung: Wandel und Messbarkeit des
öffentlichen Vertrauens im Zeitalter des Web 2.0.
Leipzig, Germany, January 25, 2013
Prof. Dr. Manfred Kirchgeorg, Mart Verhoog
Application of Social Network Analysis to assess
Retrofitting Decisions
9. Application of Social Network Analysis 2012
Zürich, Suisse, September 4-7, 2012
HEINZ NIXDORF CHAIR OF
IT-BASED LOGISTICS
Book
The Age of Atmosphere: Age-Specific Visitor
Expectations on Consumer Show Atmosphere
42nd European Marketing Academy (EMAC)
Conference
Istanbul, Turkey, June 5-7, 2013
IT-gestützte Logistik – Systeme – Prozesse
– Anwendungen
Wiesbaden: Springer Gabler-Verlag (2nd edition),
January 2014
ISBN: 978-3-8349-4664-5
Book Chapters, Journal Articles
Considering sustainability in the context
of humanitarian logistics
In: Hellingrath, B./ Link, D./ Widera, A., eds. Managing Humanitarian Supply Chains Strategies, Practices and Research, Hamburg: DVV Media Group
GmbH, 2013, 314-328
Hausladen, Iris
Prof. Dr. Manfred Kirchgeorg, Anja Buerke
Hot Spot-basierte Nachhaltigkeitskommunikation –
Ausprägungsformen und Wirkungen
5. Jahrestagung der Akademischen Partnerschaft
ECR Deutschland
Vallendar, Germany, June 5, 2013
Working Papers
Althammer, Wilhelm; Schneider, Martin
Does oil and gas wealth eat up total wealth?
Analyzing the resource course with measures
of sustainable development
HHL Working Paper 116
Leipzig: HHL Leipzig Graduate School of Management, 2013
IT-gestützte Logistik als Schrittmacher im KEP-Markt
In: Gesellschaft für Verkehrsbetriebswirtschaft und
Logistik (GVB) e.V., ed. GVB – Jahrbuch 2013 für die
Kurier-, Express- und Postdienste. Wirtschaftliche, technische, organisatorische und rechtlich /
politische Entwicklungen., München: GVB, 2013,
81-94
Measuring climate policy stringency:
A shadow price approach using energy prices
HHL Working Paper 123
Leipzig: HHL Leipzig Graduate School of Management, 2013
Doctoral Theses
Schneider Martin
Resource wealth and sustainable development:
A comparative analysis of the GCC countries
Hamburg: Dr. Kovac, 2013
Conference Papers and Presentations
Prof. Dr. Wilhelm Althammer
Does oil and gas wealth eat up total wealth?
Analyzing the resource course with measures
of sustainable development
20th Annual Conference of the European Association of Environmental and Resource Economists,
Toulouse, France, June 26-29, 2013
Dr. Oliver Hoßfeld
Shall we use panel or time series methods to estimate equilibrium real effective exchange rates?
46th Annual Conference of the Canadian Economic
Association, Alberta, Canada, June 7-10, 2012
Prof. Dr. Manfred Kirchgeorg, Mart Verhoog
Supplier Collaboration in the Retrofitting
Decision-Making Process
33. Sunbelt Social Networks Conference of the
International Network for Social Network Analysis
Hamburg, Germany, May 21-26, 2013
Hausladen, Iris
Spielfilm, Daily Soap & Co., Filmproduktion
mal LOGISTISCH gedacht
In: WiSt, 12 (2012), 633-638
Perspectives, Opportunities and Positioning
of Consumer Shows
Ansätze zur Geschäftsprozessoptimierung
in der biomedizinischen Logistik
In: Der Betriebswirt, 4/2012, 21-25
CEFA Professionals Seminar
Brno, Czech Republic, April 24-26, 2013
Hausladen, Iris
Mathias Peyer, Anja Buerke, Barbara Seegebarth,
Prof. Dr. Ingo Balderjahn, Prof. Dr. Manfred
Kirchgeorg, Prof. Dr. Klaus-Peter Wiedmann
In: Netzwerk Nachrichten Magazin für Innovationstransfer der Region Leipzig, Halle, Mitteldeutschland. Branchenschwerpunkt Logistik &
Dienstleistungen 1/2013, 12
Consciousness for Sustainable Consumption: Scale
Development and New Insights in the Economic
Dimension of Consumers’ Sustainability
AMA Winter Marketing Educators’ Conference 2014
(accepted)
Orlando, USA, February 21-23, 2014
Mathias Peyer, Anja Buerke, Barbara Seegebarth,
Prof. Dr. Ingo Balderjahn, Prof. Dr. Manfred
Kirchgeorg, Prof. Dr. Klaus-Peter Wiedmann
Consciousness for Sustainable Consumption:
Conceptualization, Measurement and Empirical
Validation.
AMA Winter Marketing Educators’ Conference 2013
Las Vegas, USA, February 15-17, 2013
Biologistikstandort stärken
Conference Papers and Presentations
Suchanek, Andreas
Unternehmensverantwortung als Vermeidung
relevanter Inkonsistenzen
In: Lenel, H. O., Apolte, Th., eds. Ordo: Jahrbuch für
die Ordnung von Wirtschaft und Gesellschaft, Ordo
63. Stuttgart: Lucius & Lucius, 2012, 241-261
ISSN: 0048-2129
Contribution of emerging IT solutions to sustainable
logistics and supply chain management –
a theoretical framework analysis
10th International Conference on Logistics & Sustainable Transport,
Celje, Slovenia, June 13-15, 2013
Prof. Dr. Iris Hausladen
Optimierte Geschäftsprozesse in der Biomedizini­
schen Logistik (Optimized business processes in
biomedical logistics
Med.Logistica
Leipzig, Germany, May 15, 2013
Presentation at the conference
„Unternehmen für die Region”
Halle, Germany, November 22, 2013
Presentation at general meeting of entrepreneurs
of Saarland
Saarbrücken, Germany, October 18, 2012
Carry funding and safe haven currencies:
a threshold regression analysis
Wissenschaftlicher Beirat der Deutschen Bundesbank, Frankfurt, Germany, June 6-7, 2013
Professor Dr. Andreas Suchanek
Professor Dr. Andreas Suchanek
Presentation at CSSA-Kolloquium (foundation
for social partnership of chemical industry)
Bad Münster, Germany, November 14, 2013
Initial statement at the conference Uniapac/BKU
“Towards Reforming the International Financial
and Monetary Systems in the Context of a Global
Public Authority”
Frankfurt/Main, Germany, September 19, 2012
Wirtschaftsethik (Business Ethics)
EBS REMI Real Estate conference, Wiesbaden,
Germany, February 22, 2013
Georg Siegert
Value, Survival, and Costs of EEG Biogas:
A Real Options Approach
Boysen-TUD-Graduiertenkolleg, International
Summer School on Sustainable Energy Systems,
Dresden, Germany, September 23-28, 2013
Toward the Global Common Good
Professor Dr. Andreas Suchenek
In: Schneider, A.; Schmidpeter, R., eds. Corporate
Social Responsibility: verantwortungsvolle Unternehmensführung in Theorie und Praxis. 2nd
edition, Berlin: Springer, 2012, 55-66
ISBN: 978-3-642-25398-0
Professor Dr. Andreas Suchanek
Presentation at the RWE Energy Workshop at
WCGE
Wittenberg, Germany, September 17, 2012
Presentation at a meeting of compliance officers
of Verbundnetz Gas AG (natural gas industry)
Leipzig, Germany, November 5, 2013
Professor Dr. Andreas Suchanek
Suchanek, Andreas
Professor Dr. Andreas Suchanek
Public speech in the framework of the Philosophical
Salon series
Abbey Lamspringe, Germany, September 10, 2012
Suchanek, Andreas
Vertrauen als Grundlage nachhaltiger
unternehmerischer Wertschöpfung
Vertrauen als Vermögenswert: Eine konzeptionelle
Annäherung an Corporate Responsibility
In: Prigge, S.; Taubken, N., eds. Unternehmensverantwortung wirkt!: Geteilte Wertschöpfung durch
Corporate Responsibility – mit Praxisbeispielen aus
der Metropolregion Hamburg, München: oekomVerlag, 2012, 39-43
ISBN:978-3-86581-409-8
Suchanek, Andreas
Unternehmensverantwortung – ein individualoder ordnungsethisches Thema?
In: Schwartze, A. et al., eds. (title tba), Tübingen:
Mohr Siebeck, 2014 (in press)
Suchanek, Andreas
Freiheit und Vertrauen. Unternehmensverantwortung
in einer offenen Gesellschaft
Presentation at the “Forum Diplomacy”
(Ministry of Foreign Affairs)
Wittenberg, Germany, November 8, 2013
Compliance, values and trust
Der Mehrwert der Ethik (Added value of ethics)
Presentation at the conference „Recipe for success:
Good Corporate Governance”
Berlin, Germany, October 17, 2013
Professor Dr. Andreas Suchanek
Book
Presentation at the symposium Ethics
and Philosophy
Munich, Germany, October 12, 2013
Messung von Vertrauenswürdigkeit – Herausforderungen aus der Sicht eines Ethikeser (Measuring
trustworthiness – challenges from an ethicist’s
perspective)
Suchanek, Andreas
Professor Dr. Andreas Suchanek
In: Friesen, H.; Wolf, M., eds. Ökonomische Moral
oder moralische Ökonomie? Positionen zu den
Grundlagen der Wirtschaftsethik. Freiburg/
München: Verlag Karl Alber, 2014, 192-210 (in press)
ISBN: 978-3-495-48635-1
Presentation delivered to a delegation of
Khobara Center (Yemen)
Wittenberg, Germany, September 4, 2013
Working papers and Others
Suchanek, Andreas; von Brook, Martin
Stakeholder-Dialoge: Investitionen in ein
gemeinsames Spielverständnis
Discussion Papers of the Wittenberg Center for
Global Ethics 12-05
Global Ethics
Wie viel Ethik kann sich ein Unternehmen leisten?
(How much ethics can a corporation afford?)
Presentation at the Colloquium Fundamentale of
the Centre for Applied Cultural and General Studies
(ZAK) at Karlsruhe Institute of Technology (KIT)
Karlsruhe, Germany, May 23, 2013
Professor Dr. Andreas Suchanek
Wirtschaftsethik und Zen – Impulse und Spannungen
(Business ethics and Zen – impacts and conflicts)
Doctoral Theses
Kerscher, Klaus-Jürgen
Professor Dr. Andreas Suchanek
Weimar: metropolis, 2013
Presentation at the meeting of the committee
„Economic sciences and Ethics“ of the Association
of Social Politics
Wittenberg, Germany, February 28 – March 2, 2013
Bockel, Alicia
The Golden Rule and Sports
Pinkwart, Andreas
The New Role of Universities in the Twenty-First
Century: Universities as Engines of Innovation and
Entrepreneurial Hubs
AICGS Policy Report 50 (2012).
Washington: Johns Hopkins University, 2012
ISBN 978-1-933942-36-0
Book Chapters and Journal Articles
Czinkota, Michael R; Pinkwart, Andreas
Professor Dr. Andreas Suchanek
Presentation at the ceremonial event on the
occasion of the 25th anniversary of the program
„Leben aus der Mitte“
Essen, Germany, May 5, 2013
Homo Oeconomicus und Menschenbild: Form und
Wesen einer beachtenswerten Spannung
Über die Alltagstauglichkeit des Konzepts
Unternehmensverantwortung (CSR)
(On the practicability of the CSR concept)
STIFTUNGSFONDS DEUTSCHE
BANK CHAIR OF INNOVATION
MANAGEMENT AND
ENTREPRENEURSHIP
In: Hüther, M. et al., eds. Unternehmen im öffentlichen Raum. Berlin: Springer, 2014 (in press)
Alltagstaugliche Unternehmensethik
Einführung in die Wirtschaftsethik (Introduction
to Business Ethics)
Werte, Wirklichkeit und Vertrauen
(Values, reality, and trust)
Professor Dr Andreas Suchanek
Statement at the workshop „Measuring“
of the Leitbildkreisinitiative
Berlin, Germany, September 16, 2013
Steffen Sebastian; Georg Siegert
Predicting the equity premium in Swiss real estate
fund returns
„Verantwortliches Handeln in der Wirtschaft”
(Responsible acting in the economy)
Professor Dr. Andreas Suchanek
Unternehmensethik: Individual- oder Ordnungstehik?
(Business ethics – individual or systemic ethics?)
forthcoming
Internationalization in Marketing – from theory to
practice
In: Thunderbird International Business Review.
Special Issue (forthcoming)
Pinkwart, Andreas; Abu El-Ella, Nagwan
Open innovation - new opportunities and challenges
for science-to-business collaboration
In: Springer Verlag (forthcoming 2014)
Pinkwart, Andreas
Eugen Schmalenbach and the Leipzig School of
Commerce.
In: Albach, Horst; Waragai, Tomoki, eds.
Proceedings of the International Conference on the
Occasion of the 150th Anniversary of Cooperation
between Germany and Japan, Waseda University
(forthcoming 2014)
Abu El-Ella, Nagwan; Pinkwart, Andreas;
Bessant, John
Change Management 2.0: the New Innovation
Imperative
In: CASIM Conference Book (forthcoming 2014)
Professor Dr. Andreas Suchanek
Schiel, Christian
Prof. Dr. Iris Hausladen, Haas, Alexander, M.Sc.;
Lichtenberg, Andrej, Dipl.-Kfm.
Professor Dr. Andreas Suchanek
Investing in trust
Dr. Oliver Hoßfeld
Hausladen, Iris; Schönherr, Michael
Prof. Dr. Manfred Kirchgeorg, Martin Wiedmann
Book Chapters and Journal Articles
Professor Dr. Andras Suchanek
Die Verantwortung von KMU: In Vertrauen investieren
(The responsibility of SME: invest in trust)
Althammer, Wilhelm; Hille, Erik
Hausladen, Iris
Hausladen, Iris; Haas, Alexander
Prof. Dr. Manfred Kirchgeorg, Beatrice Ermer,
Martin Wiedmann
Sparkassen-Finanzgruppe
CHAIR OF MaCROECONOMICS
Dr. Werner Jackstaedt
Chair of Economic and
Business Ethics
Moralisches Risikomanagement
forthcoming
Lebenslanges Lernen (Lifelong learning)
Initial statement at the Berlin Demographic Forum
2013
Berlin, Germany, January 9, 2013
Conference Papers and Presentations
Professor Dr. Andreas Suchanek
Professor Dr. Andreas Suchanek
Presentation at the annual meeting of the com­
mittee „Business Ethics and Business Culture“
of the German Philosophical Society
Witten, Germany, December 15, 2012
Die gesellschaftliche Verantwortung von Unternehmen (The social responsibility of corporations)
Presentation at Chamber of Industry and Commerce Halle (Saxon-Anhalt)
Halle, Germany, November 26, 2013
Wie weiter mit der Unternehmensethik?
(Business ethics – what next?)
Pinkwart, Andreas; Proksch, Dorian
The Internationalization Behavior of German
High-Tech-Start-ups
In: Thunderbird International Business Review,
Vol. 56 (2014), 1, 43-53
Abu El-Ella, Nagwan; Stoetzel, Martin;
Bessant, John; Pinkwart, Andreas
Accelerating High Involvement: The Role of New
Technologies in Enabling Employee Participation
in Innovation
In: International Journal of Innovation
Management,
17(2013), 6, 1340020 (22 pages)
60 HHL RESEARCH REPORT 2014
Czinkota, Michael R.; Pinkwart, Andreas
International business research and the new role of
universities - There is sunshine above the clouds
In: Thunderbird International Business Review, 54
(2012) 2, 253-261
Pinkwart, Andreas
Neue Herausforderungen für den Wissens- und
Technologietransfer im Wissenschaftszeitalter
In: Tomaschek, N.; Hammer, E.: „University Meets
Industry - Perspektiven gelebter
Wissenstransferprozesse
einer offenen Universität“, Münster, NewYork,
2012, 59 – 67
Pinkwart, Andreas
Das gesunde Unternehmen als Ziel nachhaltiger
Sanierung
In: KSI, 8 (2012) 2, 5-11
Publications 61
Abu El-Ella, Nagwan
Involvement from the Periphery: Exploring the Role
of Temporary Employees Innovation
EURAM Doctoral Colloquium
Istanbul, Turkey, June 2013
Hagedorn, Anja; Pinkwart, Andreas
Crowdinvesting as a Financing Instrument for
Startups in Germany. A Critical Platform Analysis
HHL Working Paper 120
Leipzig: HHL Leipzig Graduate School of
Management, 2013
Pinkwart, Andreas; Abu El-Ella, Nagwan
Business Economics as a Driver of Innovation
HHL Working Paper 109
Leipzig: HHL Leipzig Graduate School of
Management, 2012
Conference Papers and Presentations
Hagedorn, Anja; Kortleben, Hanno
Eine Analyse des Investitionsverhaltens beim
Crowdinvesting: Die Rolle der Motivation und
asymmetrisch verteilter Information (Analisys of
the investment behavoir within crowdinvesting:
The role of motivation and asymmetrically
distributed information)
Presentation at the G-Forum
Koblenz, Germany, November 2013
The role of new technologies in enabling high
involvement innovation
XXIV ISPIM Conference – Innovating in Global
Markets: Challenges for Sustainable Growth
Helsinki, Finland, June 16-19, 2013
Pinkwart, Andreas
EU-US Free Trade Initiative – Impacts on Innovation
and Economic Growth. Keynote at the Joint Conference of The American Marketing Association (Global
Marketing SIG) and Georgetown University “Trade
Policy and International Marketing”
Hagedorn, Anja
Crowdinvestment als Finanzierungsform für Unter­
nehmensgründungen in Deutschland: eine kritische
Analyse (Crowdinvestment as financing instrument
for startups in Germany: a critical analysis)
Presentation at the G-Forum
University of Potsdam, Germany, November 9, 2012
Pinkwart, Andreas; Proksch, Dorian
Strategic Management in Early Stage Venture Capital
Funds: A Longitudinal Analysis of Success Factors in
German Funds
G-Forum 2012
University of Potsdam, Germany, November 9, 2012
Pinkwart, Andreas; Proksch, Dorian
The internationalization behaviour of German
high-tech-start-ups
AMA Global Marketing Conference 2012 on International Entry in Marketing and Entrepreneurship
– From Theory to Practice
Cancun, Mexico, March 29 – April 1, 2012
Pinkwart, Andreas; Schefczyk, Michael
Strategic management in early stage venture capital
funds: A longitudinal analysis of success factors in
German funds
IECER – Interdisciplinary European Conference on
Entrepreneurship Research
Regensburg, Germany, February 16, 2012
Presentation at the G-Forum
Koblenz, Germany, November 2013
Schefczyk, Michael; Pinkwart, Andreas; Fiegler,
Torsten; Proksch, Dorian; Ernst, Cornelia
Determinants of success in new technology-based
firms within different financial stages
Presentation at the G-Forum
Koblenz, Germany, November 2013
Books
In: Hölzle, K.; Gemünden, H. G.; Mirow, C. (eds.):
Innovationsbarrieren erkennen und überwinden:
Strukturen gestalten und Innovatoren fördern
Gabler Verlag, Forthcoming
Bessant, John; Möslein, Kathrin M.;
Lehmann, Claudia
Driving Service Productivity
Berlin: Springer. Forthcoming
Augsdörfer, Peter; Bessant, John; Möslein, Kathrin
M.; von Stamm, Bettina; Piller, Frank
Discontinuous innovation: Learning to manage the
unexpected
Schumpeter Junior
Professorship
for Entrepreneurship
AND TECHNOLOGY TRANSFER
Book
Advisory Boards in Startup Businesses
Presentation at the G-Forum
Koblenz, Germany, November 2013
Abu El-Ella, Nagwan; Stoetzel, Martin; Bessant,
John; Pinkwart, Andreas
New technologies: The bliss to high involvement
innovation?
14th International CINet Conference - Business
Development and Co-creation
Nijmegen, Netherlands, September 2013
Pinkwart, Andreas; Proksch, Dorian
The Internationalization Process of German HighTech SMEs: An Empirical Analysis
8th European Conference on Innovation and Entrepreneurship (ECIE 2013)
Brussels, Belgium, September 2013
Hybrid value creation
Wiesbaden: Gabler Verlag, 2013
ISBN: 978-3-8349-3960-9
Journal and Newspaper Articles
Velamuri, Vivek K.; Bansemir, Bastian;
Neyer, Anne- Katrin; Möslein, Kathrin M.
Product Service Systems as a driver for Business
Model Innovation: Lessons learned from the
Manufacturing Industry
In: International Journal of Innovation
Management, 17(2013) 01
The Changing Landscape of Involving Employees
in Innovation as User Innovators
11th International Open and User Innovation
Workshop
Brighton, July 2013
In: Financial Times International Print Edition,
November 26, 2013
Wiesbaden: Gabler Verlag, 2013
Rau, Christiane
Innovation practices: Dissolving knowledge
boundaries in innovation projects
Nürnberg: Dissertationsschrift, Friedrich-Alexander
Universität Erlangen-Nürnberg, 2012
Conference Papers and Presentations
Möslein, Kathrin. M.; Trinczek, Rainer;
Böhler, Dominik; Eichler, Lutz;
Hallerstede, Stefan H., Krämer, Katja et al.
In: Creativity and Innovation Management, 22
(2013), 2, 177-194
Working knowledge - Arbeit gestalten in der
Innovationsgesellschaft
Erlangen: FAU University Press, 2013
ISBN: 978-3-944057-01-9
Möslein, Kathrin M.; Reichwald, Ralf;
Kölling, Marcus; Bienzeisler, Bernd (eds.)
Open Innovation and firm performance:
The mediating role of social capital
Velamuri, Vivek K.; Bansemir, Bastian;
Neyer, Anne-Katrin; Möslein, Kathrin M.
Product service systems as a driver for business
model innovation: Lessons learned from the
manufacturing industry
To Use or Not to Use? Examining the Adoption of
Social Research Network Sites
Nürnberg: Dissertationsschrift, Friedrich-Alexander
Universität Erlangen-Nürnberg, 2013
Mark Olschewski; Dr. Uta Renken; Dr. Angelika
Bullinger; Prof. Dr. Kathrin M. Möslein
Are you ready to use? Assessing the meaning of
social influence and technology readiness in
collaboration technology adoption
46th Hawaii International Conference on System
Sciences
Maui, USA, January 7-10, 2013
In: International Journal of Innovation
Management, 17 (2013), 1, 1-25
Christoph W. Kuenne; Temidayo Akenroye;
Prof. Dr. Kathrin M. Möslein
Stuttgart: Fraunhofer-Verlag, 2013
ISBN 978-3-8396-0506-6
Wendelken, Anke; Danzinger, Frank;
Rau, Christiane; Möslein, Kathrin M.
European Conference on Information Systems
(ECIS)
Utrecht, Netherlands, June 5-8, 2013
Reichwald, Ralf; Frenz Martin; Hermann, Sibylle;
Schipanski, Agnes
In: R&D Management Journal, Forthcoming
Produktivitätsleitlinie Wissenschaftliche Basis
und Service Science
Zukunftsfeld Dienstleistungsarbeit: Professionali­
sierung – Wertschätzung – Interaktion
Wiesbaden: Springer Gabler, 2013
ISBN: 978-3-8349-3434-5
Book Chapters and Journal Articles
Innovation Contests: A Review, Classification and
Outlook
In: Creativity and Innovation Management, 21,
(2012) 4, 335-360
Bansemir, Bastian; Neyer, Anne-Kathrin;
Möslein, Kathrin M.
Anchoring Corporate Innovation Communities in
Organizations: A Taxonomy
In: International Journal of Knowledge-Based
Organizations (IJKBO), 2 (2012) 4, 1-20
Innovation without me: Why employees do (not) participate in organizational innovation communities.
Working Papers and Others
Grafmüller, Leontin; Habicht, Hagen;
Marheineke, Marc
Faktoren für den erfolgreichen Bildungsdienstleistungsexport: eine Exploration in der
Automobilindustrie
HHL Working Paper 127
ISSN: 1864-4562
Leipzig: 2013
Möslein, Kathrin M.; Danzinger, Frank
Open Innovation – Communities zur Dienstleistungsentwicklung für Kunden und Mitarbeiter.
In: ver.di Vereinte Dienstleistungsgewerkschaft
(eds.): Dienstleistungsinnovationen offen, sozial,
nachhaltig
Berlin: 2013, 31-41
Reichwald, Ralf; Möslein, Kathrin M.
Böhmann, Tilo; Leimeister, Jan M.;
Möslein, Kathrin M.
Service Systems Engineering: A Field for Future
Information Systems Research.
In: Business and Information Systems Engineering,
Forthcoming
Habicht, Hagen; Möslein, Kathrin M.;
Reichwald, Ralf
Open Innovation Maturity
In: International Journal of Knowledge-Based
Organizations (IJKBO), 2 (2012) 4, 92-111
Habicht, Hagen; Oliveira, Pedro;
Shcherbatiuk, Viktoriia
BMW’s car sharing innovation - Carmaker set up
DriveNow with Sixt
Managing the Lifecycle of Open Innovation Platforms
Rass, Matthias; Dumbach, Martin; Danzinger, Frank;
Bullinger, Angelika C.; Möslein, Kathrin M.
In: Financial Times International Print Edition,
July 2, 2013
Velamuri, Vivek K.
Hallerstede, Stefan H.
Cambridge, Massachusetts: The MIT Press, 2013
ISBN: 978-0-262-01849-4
Leading Open Innovation
Velamuri, Vivek K.
Abu El-Ella, Nagwan; Bessant, John
Towards Patients as Innovators: Open Innovation in
Health Care. Driving the Economy through Innovation
and Entrepreneurship: Emerging Agenda for
Technology Management
Wiesbaden: Gabler Verlag, 2013
Huff, Anne Sigismund; Möslein, Kathrin M.;
Reichwald, Ralf
Möslein, Kathrin M.; Neyer, Anne-Kathrin (eds.):
Special Issue „Open Innovation for the Greater
Good“
In: Die Unternehmung, 66 (2012)
EDS’s merger with AT Kearney
Kuenne, Christoph. W.; Möslein, Kathrin M.;
Bessant, John
Open Evaluation: Integrating Users into the Selection
of New Product Ideas
Renken, Uta
Velamuri, Vivek K.
Weber, Eric; Pinkwart, Andreas
Opponenten im Innovationsprozess: Eine empirisch
fundierte Typologisierung.
Haller, Jörg
In: Mukhopadhyay, C; Akhilesh, K.B.; Srinivasan, R.;
Gurtoo, A.; Ramachandran, P.; Iyer, P.; Mathirajan,
M.; Bala Subrahmanya, M.H. (eds.): Driving the
Economy through Innovation and Entrepreneurship: Emerging Agenda for Technology Management
Springer, 2013, 315-327
Imperial College Press, 2013.
ISBN: 978-1-84816-780-3
Adamczyk, Sabrina; Bullinger, Angelika C;
Möslein, Kathrin M.
Pinkwart, Andreas; Proksch, Dorian
The impact of internationalization on the success
of German new technology-based firms
Kölling, Marcus; Scheler, Jessica;
Neyer, Anne-Katrin; Möslein, Kathrin M.
Abu El-Ella, Nagwan; Pinkwart, Andreas
Washington, USA, March 15, 2013
Working Papers and Others
CENTER FOR LEADING
INNOVATION & COOPERATION
User innovators: When patients set out to help
themselves and end up helping many
Dienstleistungen produktiv gestalten:
Produktindividualisierung im Einzelhandel
Passive integration or mutual co-creation? Exploring
the role of stakeholders in service innovation
QUIS 13
Karlstad, Sweden, June 10-13, 2013
PD Dr. Anne-Katrin Neyer; Prof. Peter McKiernan,
PhD; Prof. Dr. Kathrin M. Möslein
The contextual perspective of leader sensegiving:
Understanding the role of organizational leadership
systems
13th European Academy of Management
Istanbul, Turkey, June 26-29, 2013
Constantin Söldner; PD Dr. Angela Roth;
Dr. Frank Danzinger; Prof. Dr. Kathrin M. Möslein
Towards Open Innovation in embedded systems
AMCIS 2013
Chicago, USA, August 15-17, 2013
Hanna Plieth; Dr. Hagen Habicht; Prof. Dr. Kathrin
M. Möslein
Agents in organizational innovation communities:
The wind of change.
Imprint
Editor:
XXIV ISPIM Conference – Innovating in Global
Markets: Challenges for Sustainable Growth
Helsinki, Finland, June 16-19, 2013
Prof. Dr. Andreas Pinkwart, Dean of HHL Leipzig
Reichwald, Ralf; Schipanski, Agnes; Haala, Felix
(eds.)
Prof. Peter McKiernan, PhD; PD Dr. Anne-Katrin
Neyer; Prof. Dr. Kathrin M. Möslein
Editorial Office:
Exzellente Dienstleistungsarbeit:
Wege der Professionalisierung
CLIC Executive Briefing no. 025
Leipzig: 2013
Doctoral Theses
Adamczyk, Sabrina
Managing innovation contests.
Challenges of attraction and facilitation
Nürnberg: Dissertationsschrift, Friedrich-Alexander
Universität Erlangen-Nürnberg, 2012
Bansemir, Bastian
Huff, Anne Sigismund; Neyer, Anne-Katrin;
Möslein, Kathrin M.
Wiesbaden: Gabler Verlag, 2013
In Golsorkhi, D.; Rouleau, L.; Seidl, D.; Vaara, E.
(eds.): Cambridge Handbook of Strategy as Practice
Cambridge: University Press, 2012
Julia M. Jonas; Prof. Dr. Kathrin M. Möslein;
PD Dr. Angela Roth
CLIC Executive Briefing No. 026
Leipzig: Forthcoming
In: Die Unternehmung, 66 (2012), 3, 277-294
Broader methods to support new insights into
strategizing
Open Innovation intermediaries in healthcare
Organizational Innovation Communities
Dumbach, Martin
Establishing Corporate Innovation Communities
Wiesbaden: Gabler Verlag, 2014
The contextual perspective of leader sensegiving:
Understanding the role of organizational
leadership systems
27th Australian and New Zealand Academy of
Management (ANZAM) Conference Tasmania, December 4-6, 2013. (ANZAM 2013 Best Paper Award)
PD Dr. Angela Roth; Prof. Dr. Kathrin M. Möslein;
Julia M. Jonas
Graduate School of Management
Volker Stößel (MBA)
Layout:
CLAUS KOCHTM, Katrin Kirmse
Printed by:
Fischer druck&medien
Joseph’s - The Service Manufactory.
Cambridge Service Week - Academic Conference.
Cambridge, October 3-4, 2013.
Dr. Hagen Habicht, Stefan Thallmaier
Exploring Key Challenges of Customer Co-Design.
CASiM Conference 2013 “Change Management”.
Leipzig, July 04, 2013.
ISSN: 2195-0393 (Print) / ISSN: 2195-0407 (Online)
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62 HHL RESEARCH REPORT 2014
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