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Investor Relations

weitere Zeitschriftenartikel

06.04.2021

The Interplay Between Investor Activity on Virtual Investment Community and the Trading Dynamics: Evidence From the Bitcoin Market

Virtual investment community has become an important information source for investors. This study contributes to the related literature by investigating the endogenous interplay between investor activity on the virtual investment community and the …

Autor:
Peng Xie

24.03.2021

Operating Lease as Alternative Financing for REITs: a Viable Strategy or a Sign of Trouble?

Extant REIT research largely overlooks operating leases as an alternative source of financing. In this study, we hand-collect lease information of 334 unique REITs over the period of 1993 to 2018, and we document that an increasing number of REITs …

Autoren:
Elizabeth Devos, Erik Devos, He Li, Desmond Tsang

22.03.2021 | Original Paper

Are Relationally Transparent Leaders More Receptive to the Relational Transparency of Others? An Authentic Dialog Perspective

Using a sample of 114 leaders (described by 516 team members), we show empirically that the association between leader relational transparency and leader receptiveness to relational transparency of team members is indirect (through leader respect) …

Autoren:
Arménio Rego, Miguel Pina e Cunha, Luca Giustiniano

03.02.2021

Voluntary versus mandatory disclosure

We develop a theory of asymmetries between voluntary and mandatory disclosure. Efficiently designed mandatory disclosure policies are substitutes for excessive voluntary disclosures. The efficient policy takes the form of a lower threshold below …

Autoren:
Jeremy Bertomeu, Igor Vaysman, Wenjie Xue

20.01.2021

Do stakeholders’ demands matter in environmental disclosure practices? Evidence from Australia

Previous studies on the relationship between environmental performance and environmental disclosure have found mixed results. This exploratory qualitative study investigates the possible reasons for the environmental disclosures of nine companies …

Autor:
Aries Sutantoputra

13.01.2021

Shaping CEOs’ future focus through shareholder activism: the role of proposal characteristics

Research on the outcomes of shareholder activism has gained momentum among management scholars in recent years. However, studies focusing on the way shareholder activists affect top managers’ cognition are still in its infancy. Thus, this study …

Autoren:
Pascal Back, Oskar Colombo

01.01.2021 | Schwerpunkt | Ausgabe 1/2021

IR und Controlling als Teil der Finanzfunktion

Die Investor Relations von Unternehmen werden immer umfassender. Damit gewinnt auch die Zusammenarbeit von Investor Relations und Controlling für die erfolgreiche Positionierung eines Unternehmens am Kapitalmarkt an Bedeutung. Wie diese Zusammenarbeit aussehen kann, zeigt das Beispiel der SAP.

Autoren:
Kay Bommer, Stefan Gruber

01.01.2021 | Schwerpunkt | Ausgabe 1/2021

Conference Calls aktiv gestalten

Alle DAX- und fast alle MDAX- und SDAX-Unternehmen führen Conference Calls mit Analysten und Investoren durch. Empirische Untersuchungen zeigen allerdings deutliche Verbesserungsmöglichkeiten bei der Anwendung auf. Ein aus den Befunden …

Autoren:
Sebastian Firk, Jan C. Hennig, Michael Wolff

01.01.2021 | Schwerpunkt | Ausgabe 1/2021

Wie CEO und CFO kommunizieren

In der Kapitalmarktkommunikation gelten CEOs und CFOs zunehmend als Aushängeschilder der Unternehmen. Sie übernehmen zentrale kommunikative Aufgaben. Noch mangelt es in den meisten Unternehmen aber an einer klaren Aufgabenverteilung zwischen den …

Autoren:
Christian P. Hoffmann, Sandra Binder-Tietz

01.01.2021 | Schwerpunkt | Ausgabe 1/2021

"Als Controller weiß ich oft mehr, als ich selbst kommunizieren darf"

Gunhild Grieve und Thomas Denny haben im April 2020 beim Energieversorger RWE ihre Posten getauscht: Seitdem leitet Grieve das Controlling und Risiko-Management und Denny den Bereich Investor Relations. Im Interview sprechen beide über ihre neuen Rollen, Vorteile und Schwierigkeiten der Zusammenarbeit.

Autor:
Utz Schäffer

18.12.2020 | Research Article | Ausgabe 5/2020 Open Access

International Top Managers on Corporate Boards: Dissimilarity and Tenure

The number of top managers with foreign nationality and of top managers with international work experience on corporate boards has increased over the last decades. In business and management literature, the common understanding is that board …

Autoren:
Stefan Schmid, Simon Mitterreiter

01.12.2020 | Research | Ausgabe 1/2020 Open Access

Prediction of ESG compliance using a heterogeneous information network

Negative screening is one method to avoid interactions with inappropriate entities. For example, financial institutions keep investment exclusion lists of inappropriate firms that have environmental, social, and governance (ESG) problems. They …

Autoren:
Ryohei Hisano, Didier Sornette, Takayuki Mizuno

01.12.2020 | Research | Ausgabe 1/2020 Open Access

Multilayer network analysis of the drugs development cycle in the global pharmaceutical industry

Drug development is a time-consuming process from the start of research to obtaining approval, and the probability of success with a candidate compound is extremely low. We aim to understand the characteristics of the flow and localization of …

Autoren:
Hiromitsu Goto, Mari Jibu, Wataru Souma, Yuichi Ikeda

01.12.2020 | Research | Ausgabe 1/2020 Open Access

Corporate headquarters in the twenty-first century: an organization design perspective

The corporate headquarters (CHQ) of the multi-business enterprise, which emerged as the dominant organizational form for the conduct of business in the twentieth century, has attracted considerable scholarly attention. As the business environment …

Autoren:
Sven Kunisch, Markus Menz, David Collis

27.10.2020 | Original Paper

Corporate Social Responsibility and NGO Directors on Boards

In the years 2009 to 2016, approximately 35% of Standard & Poor’s (S&P) 500 firms had at least one director with a professional background in private, not-for-profit organizations (NGO director). Yet research provides little guidance on what kind …

Autoren:
Shili Chen, Niels Hermes, Reggy Hooghiemstra

17.08.2020 | Ausgabe 3/2020

The effects of MiFID II on sell-side analysts, buy-side analysts, and firms

This paper provides early but broad empirical evidence on MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. Employing difference-in-differences matched-sample research designs with …

Autoren:
Bingxu Fang, Ole-Kristian Hope, Zhongwei Huang, Rucsandra Moldovan

14.08.2020 | Ausgabe 3/2020

Social connections between media and firm executives and the properties of media reporting

We study how social connections between top executives of media and listed firms affect the properties of media reporting. We find that socially connected media are significantly more likely to cover a firm than their unconnected counterparts.

Autoren:
Yi Ru, Jian Xue, Yuan Zhang, Xin Zhou

03.08.2020 | Ausgabe 1-2/2021

Breaking the Word Bank: Measurement and Effects of Bank Level Uncertainty

Banks differ from non-financial firms as banks must communicate to both regulators and shareholders. Also, unlike non-financial firms, banks possess opaque and complex balance sheets and are the main providers of credit to the real economy. In …

Autor:
Paul E. Soto

03.07.2020 | Ausgabe 4/2020

Using video to disclose forward-looking information: the effect of nonverbal cues on investors’ judgments

We conduct two experiments to examine how investors react to nonverbal cues of certainty as displayed by a CEO communicating forward-looking information via the relatively new and emerging medium of video. Results of the first experiment suggest …

Autoren:
Nicole L. Cade, Lisa Koonce, Kim I. Mendoza

07.06.2020 | Ausgabe 2/2021

Trust in the investor relationship marketing of startups: a systematic literature review and research agenda

An important task of entrepreneurs is the management of investor relations. Past literature has emphasized the role of trust for managing relationships and regulating their quality. However, the landscape of investors has changed due to …

Autoren:
Manuel Kaiser, Elisabeth S. C. Berger

17.04.2020 | Ausgabe 2/2020

Investor relations and IPO performance

We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help create positive news …

Autoren:
Salim Chahine, Gonul Colak, Iftekhar Hasan, Mohamad Mazboudi

15.04.2020 | Original Paper

Do Corporate Social Responsibility Reports Convey Value Relevant Information? Evidence from Report Readability and Tone

Corporate social responsibility (CSR) reporting is becoming mainstream, yet there is limited research on whether and how CSR reports communicate value relevant information. We examine the effects of CSR report readability and tone on future CSR …

Autoren:
Shuili Du, Kun Yu

01.04.2020 | Interview | Ausgabe 4/2020

"In fünf bis zehn Jahren wird nichts mehr so sein wie jetzt"

Im Jahr 2017 fiel die Entscheidung bei Getsafe, sich auf den Aufbau einer eigenen digitalen Versicherung zu konzentrieren. Im September 2018 wurde das Maklergeschäft an Verivox verkauft. Getsafes Versicherungsprodukte sind seit dem 1. Dezember …

Autor:
Stefanie Hüthig

19.03.2020 | Original Paper

Stakeholder Perceptions of Risk in Mandatory Corporate Responsibility Disclosure

The extraction of natural resources is a controversial business practice that has profound ethical and economic risk implications for both firms involved in extractive activities and society at large. In response to these implications, the …

Autoren:
Lisa Baudot, Zhongwei Huang, Dana Wallace

31.01.2020 | Original Paper Open Access

How Do Companies Respond to Environmental, Social and Governance (ESG) ratings? Evidence from Italy

While a growing number of firms are being evaluated on environment, social and governance (ESG) criteria by sustainability rating agencies (SRAs), comparatively little is known about companies’ responses. Drawing on semi-structured interviews with …

Autoren:
Ester Clementino, Richard Perkins

10.01.2020 | Ausgabe 1/2020

Opportunity knocks but once: delayed disclosure of financial items in earnings announcements and neglect of earnings news

We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to …

Autoren:
Yifan Li, Alexander Nekrasov, Siew Hong Teoh

10.01.2020 | Original Paper | Ausgabe 4/2020

A Humanistic Narrative for Responsible Management Learning: An Ontological Perspective

Why has responsible management been so difficult and why is the chorus of stakeholders demanding such responsibility getting louder? We argue that management learning has been framed within the narrative of economism. As such, we argue that …

Autor:
Michael Pirson

01.12.2019 | Hintergrund & Wissen | Ausgabe 6/2019

Jonglieren mit PESO-Bällen

Agiles Management von Kommunikation vermittelt auch der Unternehmensführung eigene Stärken und nutzt sie gezielt für gestellte Aufgaben. Doch wie gelingt nachhaltige Wirkung?

Autoren:
Porf. Steffen Hillebrecht, Ellen Braun

01.12.2019 | Strategie | Ausgabe 12/2019

Deutschlands älteste Finanzinnovation

Vor 250 Jahren rief Friedrich der Große die Pfandbriefe ins Leben. Das Ziel war ebenso simpel wie dramatisch. Adlige hierzulande benötigten viel Geld, um die Verwüstungen des Siebenjährigen Krieges zu beseitigen und die Landwirtschaft wieder in …

Autor:
Elke Pohl

01.12.2019 | Ausgabe 4/2019

Hello, is anybody there? Corporate accessibility for outside shareholders as a signal of agency problems

In this paper, we develop a corporate accessibility measure for publicly listed firms in China based on their responses to outside market participants’ attempts to communicate with them (via telephone, e-mail, and online discussion forum), and …

Autoren:
Michael Firth, Chen Lin, Sonia Man-lai Wong, Xiaofeng Zhao

25.08.2019 | Ausgabe 4/2019

Key performance indicators as supplements to earnings: Incremental informativeness, demand factors, measurement issues, and properties of their forecasts

The documented decline in the information content of earnings numbers has paralleled the emergence of disclosures, mostly voluntary, of industry-specific key performance indicators (KPIs). We find that the incremental information content conveyed …

Autoren:
Dan Givoly, Yifan Li, Ben Lourie, Alexander Nekrasov

01.08.2019 | Analysen und Berichte | Ausgabe 8/2019

Das wettbewerbliche Risikopotenzial institutioneller Anleger

Weltweit diskutieren Wissenschaftler und Politiker sowie Vertreter von Wettbewerbsbehörden und Finanzmarktregulierern die Bedeutung indirekter Unternehmensverflechtungen über institutionelle Anleger für den Wettbewerb zwischen den verflochtenen …

Autoren:
Achim Wambach, John P. Weche

31.07.2019 | Original Paper | Ausgabe 3/2021

Hybrid Harvesting Strategies to Overcome Resource Constraints: Evidence from Social Enterprises in Kenya

Hybrid organisations combine different elements from the for-profit and non-profit domains, and they usually operate in a resource-scarce environment. For these reasons, they continuously face various resources constraints, yet their hybrid nature …

Autoren:
Giacomo Ciambotti, Matteo Pedrini

09.07.2019 | Ausgabe 4/2019

Information overload and disclosure smoothing

This paper examines whether managers can reduce the detrimental effects of information overload by spreading out, or temporally smoothing, disclosures. We begin by attempting to identify managerial smoothing. We find that when there are multiple …

Autoren:
Kimball L. Chapman, Nayana Reiter, Hal D. White, Christopher D. Williams

01.07.2019 | Accounting & Reporting | Ausgabe 5/2019

Mehr publizieren als "nötig"?

Die Quartalsberichterstattung ist eine der in der Praxis umstrittensten Publizitätspflichten für Unternehmen des regulierten Marktes. Nach dem kurzen Intermezzo einer gesetzlichen Pflicht ab 2007 ist diese in Deutschland bereits 2015 wieder …

Autoren:
Marc Berninger, Dirk Schiereck

16.06.2019 | Perspectives | Ausgabe 3/2020

Innovation in MNC’S strategy and structure: the (re) emergence of host country headquarters in large emerging markets

Recent trends in the organization of multinational corporations (MNCs) in large emerging markets point to the (re)emergence of a host country headquarters (HCHQ) as a central structural element to the implementation of MNCs’ strategies in these …

Autoren:
Xufei Ma, Andrew Delios, Shu Yu

06.05.2019 | Original Paper | Ausgabe 1/2020

Let’s talk about money! Assessing the link between firm performance and voluntary Say-on-Pay votes

With the UK Directors’ Remuneration Act and the US Dodd-Frank Act, a decent amount of research has examined so-called Say-on-Pay votes in countries where they are legally mandatory. In contrast, little is known about countries such as Germany or …

Autor:
Jörn Obermann

23.04.2019 | Catchword | Ausgabe 6/2019

Blockchain Token Sale

Economic and Technological Foundations

Token sales (TSs) have emerged as a new way of raising capital on a peer-to-peer basis enabled by blockchain technology. In TSs, an issuing entity sells proprietary cryptographic tokens to finance further project development – often a …

Autoren:
Prof. Dr. Johann Kranz, Esther Nagel, Prof. Youngjin Yoo

10.04.2019 | Original Research | Ausgabe 3/2020

Hedge fund ownership and voluntary disclosure

Using 13F filings from 1996 to 2011, we document that hedge fund holdings are negatively associated with the subsequent frequency of portfolio firms’ voluntary disclosure. This is opposite to the positive association documented in earlier studies …

Autoren:
Bok Baik, Jin-Mo Kim, Kyonghee Kim, Sukesh Patro

08.03.2019 | Original Paper | Ausgabe 1/2020

Parity codetermination at the board level and labor investment efficiency: evidence on German listed firms

This study examines whether parity codetermination at German supervisory boards improves labor investment efficiency at firm level. We focus on labor, as it is an important production factor. Labor investment decisions are not easily reversible in …

Autoren:
Kerstin Lopatta, Katarina Böttcher, Sumit K. Lodhia, Sebastian A. Tideman

02.03.2019 | Ausgabe 2/2019

Auditor benchmarking of client disclosures

We examine auditors’ disclosure benchmarking, which we define as auditors’ acquisition of nonclient financial statement information for the purpose of evaluating a client’s financial statement information. Employing a novel dataset that captures …

Autoren:
Michael S. Drake, Phillip T. Lamoreaux, Phillip J. Quinn, Jacob R. Thornock

23.02.2019 | Ausgabe 3/2019

Automatic summarization of earnings releases: attributes and effects on investors’ judgments

Firms often include summaries with earnings releases. However, manager-generated summaries may be prone to strategic tone and content management, compared to the underlying disclosures they summarize. In contrast, computer algorithms can summarize …

Autoren:
Eddy Cardinaels, Stephan Hollander, Brian J. White

13.02.2019 | Original Paper | Ausgabe 1/2020

Ethos is Destiny: Organizational Values and Compliance in Corporate Governance

This paper investigates the effect of enacted ethical and instrumental values on corporate governance effectiveness. It further considers whether and how compliance with formal corporate governance codes influences the effect of these …

Autoren:
Maria Fotaki, Spyros Lioukas, Irini Voudouris

01.02.2019 | Cover Story | Ausgabe 1-2/2019

"Graphics processors are replacing CPUs in automated vehicles"

Autonomous driving poses extremely complex and challenging problems, explains Rob Csongor, Vice President of Autonomous Machines at Nvidia. He recommends that developers use powerful and energy-efficient computer systems that employ several types …

Autor:
Andreas Burkert

01.02.2019 | Titelthema | Ausgabe 1-2/2019

"Grafikprozessoren lösen CPUs im automatisierten Fahrzeug ab"

Das autonome Fahren birgt äußerst komplexe und anspruchsvolle Herausforderungen, erklärt Rob Csongor, Vice President of Autonomous Machines bei Nvidia. Entwicklern empfiehlt er leistungsstarke und energieeffiziente Computersysteme, die mehrere …

Autor:
Andreas Burkert

12.12.2018 | Ausgabe 2/2019

Integrated reporting and the performativity of intellectual capital

The research investigates how intellectual capital (IC) is problematised in the context of integrated reporting. Drawing on a performative approach to IC, the paper explores the role of organisational actors in defining, classifying and valuing IC …

Autoren:
Silvano Corbella, Cristina Florio, Alice Francesca Sproviero, Riccardo Stacchezzini

01.12.2018 | Research | Ausgabe 1/2018 Open Access

Constructing M&A valuation: how do merger evaluation methods differ as uncertainty and controversy vary?

We investigate the idea that firms’ choices of M&A evaluation methods are influenced by two socio-political factors that arise in the behavioral theory of the firm—uncertainty and controversy. In doing so, we investigate boundary conditions …

Autoren:
Hyoung-Goo Kang, Wonseok Woo, Richard M. Burton, Will Mitchell

28.11.2018 | Original Paper | Ausgabe 5/2019

Integrated reporting: boon or bane? A review of empirical research on its determinants and implications

Integrated Reporting (IR) is a fairly new form of corporate reporting that is believed to hold promises for both financial and sustainability reporting. IR goes beyond a mere change in information disclosures and has the potential to influence …

Autoren:
Linda Kannenberg, Philipp Schreck

22.11.2018 | Ausgabe 3/2019

CSR committees on boards: the impact of the external country level factors

This article explores the spread of corporate social responsibility (CSR) committees in the European countries, examining whether and what country level external conditions can have a positive impact for their presence on boards. CSR committees …

Autoren:
Francesca Gennari, Daniela M. Salvioni

11.07.2018 | Ausgabe 4/2018

Competition and voluntary disclosure: evidence from deregulation in the banking industry

We use the relaxation of interstate branching restrictions under the Interstate Banking and Branching Efficiency Act (IBBEA) to examine how increases in competition affect incumbents’ voluntary disclosure choices. States implemented the IBBEA over …

Autoren:
Jeffrey J. Burks, Christine Cuny, Joseph Gerakos, João Granja

11.07.2018 | Original Paper | Ausgabe 2/2020 Open Access

Sustainability Centres and Fit: How Centres Work to Integrate Sustainability Within Business Schools

For nearly as long as the topic of sustainable business has been taught and researched in business schools, proponents have warned about barriers to genuine integration in business school practices. This article examines how academic …

Autoren:
Rieneke Slager, Sareh Pouryousefi, Jeremy Moon, Ethan D. Schoolman

14.06.2018 | Research Article | Ausgabe 2/2019

Revealing a Social Dimension of Internationalization: Transnational Board Interlocks as a Social-Based Proxy for the Degree of Internationalization of the Firm

Systematic international diversification research depends on reliable measurements of the degree of internationalization (DOI) of the firm. In this paper, we argue that the inclusion of social markers of internationalization can contribute to the …

Autor:
Carlos González

04.06.2018 | Research Article | Ausgabe 5/2018

The Differential Effects of Minority State Ownership Types on the Internationalization of Emerging Market Multinationals from Democratic States

We argue that governments use different types of minority state ownership in domestic multinationals to balance the provision of public and private goods and maximize political survival in emerging market democracies. Using a sample of Brazilian …

Autoren:
Fernanda Arreola, Rodrigo Bandeira-de-Mello

10.04.2018 | Original Paper | Ausgabe 4/2019

Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations

This paper examines the relationships between corporate governance and corporate sustainability by focusing on two main components of companies’ governance structure: boards of directors (BoDs) and investor relations officers (IROs). We propose an …

Autoren:
Patricia Crifo, Elena Escrig-Olmedo, Nicolas Mottis

15.03.2018 | Original Research | Ausgabe 2/2019

CEO power, board oversight, and earnings announcement tone

This study constructs a model of the determinants of earnings announcement tone in order to examine the impact of CEO power on earnings announcement tone. An interaction term between CEO power and board monitoring is used to test whether effective …

Autoren:
D. G. DeBoskey, Yan Luo, Linying Zhou

08.03.2018 | Original Research | Ausgabe 2/2019

Do forward-looking narratives affect investors’ valuation of UK FTSE all-shares firms?

Narrative reporting is an important avenue for investors to know more about a company from the eyes of its board of directors. This study aims to examine the impact of forward-looking disclosures on the values of UK FTSE all-shares non-financial …

Autoren:
Ahmed Hassanein, Alaa Zalata, Khaled Hussainey

05.02.2018 | Original Research | Ausgabe 4/2018

An analysis of proxy statement leadership structure justification disclosures

The Dodd-Frank Act’s qualitative disclosure requirements have prompted a call in the accounting literature for greater qualitative disclosure scrutiny. In this paper, we investigate the informativeness of qualitative leadership justification …

Autoren:
Xiaoyan Cheng, David Smith, Paul Tanyi

26.01.2018 | Ausgabe 2/2018

Inside the “black box” of private in-house meetings

We examine information content and related insider trading around private in-house meetings between corporate insiders and investors and analysts. We use a hand-collected dataset of approximately 17,000 private meeting summary reports of Shenzhen …

Autoren:
Robert M. Bowen, Shantanu Dutta, Songlian Tang, Pengcheng Zhu

01.01.2018 | Bankmagazin-Gespräch | Ausgabe 1/2018

„Wir sind die deutsche Plattform für Robo Adviser“

Nico Baader, Vorstandsvorsitzender der Baader Bank, über die Zukunft von Handelsplätzen, die Bedeutung von Plattformen und über seine persönlichen Herausforderungen als Familienunternehmer.

Autor:
Springer Fachmedien Wiesbaden

01.12.2017 | Analysen und Berichte | Ausgabe 12/2017

Chicago Plan und Vollgeld als Alternative zum Kreditgeld: ein Weg zu stetigem Wachstum?

Die gemeinsame Grundidee von Chicago Plan Revisited, Positive Money und Vollgeld ist es, zu verhindern, dass Geschäftsbanken im Zuge der Kreditvergabe oder des Ankaufs von Vermögenswerten Geld schaffen. Der Autor untersucht mögliche Konsequenzen …

Autor:
Olaf Schlotmann

01.11.2017 | Schwerpunkt | Ausgabe 4/2017

„Digitalisierung differenziert uns vom Wettbewerb“

Wie der traditionsreiche Klöckner-Konzern sich selbst und die Stahlindustrie Über sein Berliner Start-up kloeckner.i verändert, erklärt dessen GeschäftsfÜhrer Christian Pokropp im Interview.

Autor:
Springer Fachmedien Wiesbaden

15.09.2017 | Originalartikel / Original article | Ausgabe 3-4/2017

Interdisziplinäre Steuerung der Nachhaltigkeit am Beispiel des Integrated Reportings

Der Beitrag befasst sich mit dem Integrated Reporting als Element einer ganzheitlichen Unternehmenssteuerung. Im Fokus steht dabei die Rolle der Controller – als zentrale Instanz für die Unternehmenssteuerung – und die interdisziplinäre …

Autoren:
Vera Stelkens, Patrick Ilg, Alexander Stehle

13.09.2017 | S.I. : Comparative entrepreneurship | Ausgabe 1/2018

What do crowdfunding platforms do? A comparison between investment-based platforms in Europe

Despite the growing popularity of investment-based crowdfunding, we know little about what platforms do before the campaign. This is among the first studies to provide cross-platform evidence on investment-based crowdfunding. First, we describe …

Autoren:
Alice Rossi, Silvio Vismara

02.09.2017 | Ausgabe 4/2017

Balancing difficulty of performance targets: theory and evidence

We examine how firms balance difficulty of performance targets in their annual bonus plans. We present an analytical model showing that managerial allocation of effort is a function of not only relative incentive weights but also the difficulty of …

Autoren:
Michal Matějka, Korok Ray

01.09.2017 | Schwerpunkt | Ausgabe 3/2017

Achtung, Schleudergefahr!

Die elektrifizierte und vernetzte Mobilitätswelt ist noch Vision. Aber der Transformationsprozess beginnt heute. Wer zu spät startet, den bestraft der Markt.

Autor:
Peter Hanser

17.08.2017 | Ausgabe 3/2018

Demystifying the Management Structure Puzzle: an Empirical Investigation into the Drivers of REIT Internalization

Real estate investment trusts (REITs) have grown to become an important financial product in Asia, which today stands as the second largest REIT market in the world. Although existing literature has shown that externally managed REITs have …

Autoren:
Kevin Hon Sheng Yap, Seow Eng Ong, Wee Yong Yeo

07.08.2017 | Original Article | Ausgabe 3/2017 Open Access

The Issuance of German SME Bonds and its Impact on Operating Performance

This article investigates the post-issuance performance of firms in the German SME Bond (Mittelstandsanleihen) market segment. In particular, we ask if issuers’ operating performance is significantly different relative to an ex-ante …

Autoren:
Patrick Christian Feihle, Jochen Lawrenz

01.08.2017 | Karrierechancen | Sonderheft 4/2017

„Wir übertragen Ingenieuren schon sehr früh viel Verantwortung“

Jungen Ingenieuren Verantwortung zu übertragen, Teamarbeit in internationalen Projekten sowie der Austausch mit Kunden motivieren. Unflexible Arbeitszeiten und starre Strukturen hingegen schrecken junge Talente ab. Dr. Stefan Wolf …

Autor:
Springer Fachmedien Wiesbaden

08.06.2017 | Ausgabe 3/2017

Shareholder activism and voluntary disclosure

We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable …

Autoren:
Thomas Bourveau, Jordan Schoenfeld

27.05.2017 | Original Paper | Ausgabe 3/2019

Executives’ Behaviour and Innovation in Corporate Governance: The Case of Internet Voting at Shareholders’ General Meetings in French Listed Companies

The paper analyses the behaviour of French corporate executives towards the adoption of Internet voting at shareholders’ general meetings. The research extends the studies of legitimation strategies and institutional theory to a new topic and a …

Autoren:
Walid Cheffi, Sonia Abdennadher

18.05.2017 | Originalartikel | Ausgabe 4/2017

Economic Value Added: Entscheidungs- versus Anreiznützlichkeit

Der Economic Value Added wurde bislang vornehmlich im Hinblick auf Unter- oder Überinvestitionsprobleme untersucht, die der Einsatz als Leistungsmaß zur Folge haben kann. Es ging um die Anreiznützlichkeit der Kennzahl. In der Praxis spielt der …

Autor:
Ralf Diedrich

01.04.2017 | Personalia / Karriere | Ausgabe 4/2017

Personalia / Karriere

Autor:
Springer Fachmedien Wiesbaden

01.03.2017 | Neues Wachstum | Sonderheft 1/2017

Hochleistungsfähige Kommunikationsnetze: Wer investiert?

Germany faces a qualitative change in communication. Broadband applications and Internet services have created an ecosystem with new value chains. Demand for bandwidth is growing rapidly. In ten years’ time we expect a transformation to a gigabit …

Autor:
Iris Henseler-Unger

01.02.2017 | Control Sciences | Ausgabe 2/2017

Structural modeling of oligopoly market under the nonlinear functions of demand and agents’ costs

In this paper, we consider the structural modeling problem of an oligopoly market for an arbitrary number of agents, the linear and nonlinear models of market demand, and the nonlinear models of agents’ costs. The equilibrium behavior of the …

Autoren:
M. I. Geras’kin, A. G. Chkhartishvili

05.01.2017 | Original Paper | Ausgabe 8/2017

Empirical research on corporate social responsibility assurance (CSRA): A literature review

Empirical research on corporate social responsibility assurance (CSRA) has been rapidly increasing with regard to the enhanced stakeholder information awareness. In view of the current relevance of this topic, our review of 53 empirical CSRA …

Autoren:
Patrick Velte, Martin Stawinoga

14.11.2016 | Originalartikel | Ausgabe 4/2016

Adressatengerechte Kapitalmarktkommunikation als unternehmensindividuelle Managementverantwortung

In den vergangenen Jahren hat der Umfang der Finanzberichte vieler Unternehmen bedingt durch eine Reihe externer und interner Faktoren stetig zugenommen. Zwischenzeitlich gibt es von unterschiedlichen Seiten immer mehr Kritik an der entstandenen …

Autoren:
Ralf P. Thomas, Jochen Schmitz, Jürgen M. Wagner

01.11.2016 | Schwerpunktthema | Ausgabe 2-3/2016

Online-CSR-Kommunikation: Gemeinsamkeiten und Unterschiede börsennotierter Unternehmen in der DACH-Region

Dieser Artikel präsentiert die empirische Untersuchung der CSR-Kommunikation auf den Unternehmenswebsites börsennotierter Unternehmen in der DACH-Region und diskutiert die Ergebnisse vor dem Hintergrund des aktuellen Forschungsstandes. Dabei wird …

Autoren:
Katharina Hetze, Paula Maria Bögel, Yvonne Glock, Sigrid Bekmeier-Feuerhahn

28.10.2016 | Ausgabe 3/2017

The genesis of fabless business model: Institutional entrepreneurs in an adaptive ecosystem

How does an institutionally-contested business model originate, survive, and grow? What roles do institutional entrepreneurs play in the different stages of evolution of the business model? In the past four decades, the fabless model (which allows …

Autoren:
Sumita Sarma, Sunny Li Sun

01.10.2016 | Schwerpunkt | Ausgabe 5/2016

„Wir suchen nach den optimalen Lernmethoden“

Globale Konzerne bilden ihre Finanzmitarbeiter zunehmend in eigenen Finance Academies weiter. Daniel Frensemeier von der Henkel AG & Co. KGaA, Björn Radtke von der Top-Management-Beratung CTcon GmbH und Rainer Schiller von der Bayer AG sprechen …

Autor:
Vieweg Verlag Wiesbaden

08.09.2016 | Ausgabe 4/2017

Information security governance: pending legal responsibilities of non-executive boards

The study shows that a structural conflict of interest in non-executive boards exists due to missing corporate governance structures and a lack of awareness for legal issues with regard to information security risks. Non-executive boards receive …

Autor:
Laura Georg

27.08.2016 | Original Paper | Ausgabe 1/2018

Entrepreneurial orientation and firm value: Does managerial discretion play a role?

Considerable interest exists in understanding the extent to which entrepreneurial orientation (EO) generates value in the capital markets. Drawing on insights from the discretion literature, we focus on three distinct loci of managerial …

Autoren:
Vishal Gupta, Sandra C. Mortal, Tina Yang

09.08.2016 | Ausgabe 1/2018

Mandatory Corporate Social Responsibility (CSR) Reporting and Financial Reporting Quality: Evidence from a Quasi-Natural Experiment

This study examines the impact of mandatory Corporate Social Responsibility (CSR) reporting on firms’ financial reporting quality using a quasi-natural experiment in China that mandates a subset of firms to report their CSR activities starting in …

Autoren:
Xue Wang, Feng Cao, Kangtao Ye

01.08.2016 | Bankwirtschaft | Ausgabe 7-8/2016

Kunden strategisch passend ansprechen

Ohne Marketing verkaufen sich Produkte und Dienstleistungen selten gut. Welche Instrumente Unternehmen einsetzen können.

Autor:
Tobias Hohberger

19.07.2016 | Ausgabe 3/2016

Startup time, innovation and organizational emergence: A study of USA-based international technology ventures

The acceleration of new technology venture launch and growth is an important and rapidly growing field of practice for university-based accelerators, incubators, and technology transfer offices. Based on four comparative case studies of …

Autoren:
John Stayton, Vincent Mangematin

13.07.2016 | Ausgabe 4/2016

Seeing is believing: analysts’ corporate site visits

This study examines the impact of corporate site visits on analysts’ forecast accuracy based on a sample of such visits to Chinese listed firms during 2009–2012. We find that analysts who conduct visits (“visiting analysts”) have a greater …

Autoren:
Qiang Cheng, Fei Du, Xin Wang, Yutao Wang

10.06.2016 | Ausgabe 4/2018

Tax Avoidance as a Sustainability Problem

This manuscript proposes that tax avoidance can be better understood and mitigated as a sustainability problem. Tax avoidance is not just a financial problem for tax authorities, but one that erodes critical common spaces necessary for the smooth …

Autoren:
Robert Bird, Karie Davis-Nozemack

01.06.2016 | Ausgabe 2/2016

The conflict potential of the entrepreneur’s decision-making style in the entrepreneur-investor relationship

While prior research has indicated the importance of conflicts between investors and entrepreneurs, little is known about their causes. We use theory on entrepreneurial decision-making to examine the impact of a founding team’s causal versus …

Autoren:
Daniel Appelhoff, René Mauer, Veroniek Collewaert, Malte Brettel

01.06.2016 | Ausgabe 2/2016

Limited attention, statement of cash flow disclosure, and the valuation of accruals

We test for the effect of limited attention on the valuation of accruals by comparing the immediate and long-term market reactions to earnings announcements between a subsample of firms that disclose only the balance sheet with a subsample of …

Autoren:
Bin Miao, Siew Hong Teoh, Zinan Zhu

20.05.2016 | Ausgabe 2/2017

Self-regulation of corporate governance in Russian firms: translating the national standard into internal policies

We consider how firms develop internal corporate governance policies based on external nation-wide standards. Flexibility in interpreting external standards allows firms to develop internal regulations focused on governance procedures that are …

Autor:
Ilya Okhmatovskiy

01.04.2016 | Original Paper | Ausgabe 2/2017

Neglected disciplinary effects of investor relations: evidence from corporate cash holdings

We examine whether, and how, investor relations (IR) quality affects managerial malfeasance by exploring the potential effects on the value, accumulation, and uses of cash holdings. Using European data, we find that an increase in the IR quality …

Autoren:
Houdou Basse Mama, Alexander Bassen

01.03.2016 | Ausgabe 1/2016

Contemporaneous verification of language: evidence from management earnings forecasts

Research documents that linguistic tone is incrementally informative about stock returns. What remains a puzzle is the mechanism by which investors can assess its credibility. We examine whether contemporaneous information in management earnings …

Autoren:
Stephen Baginski, Elizabeth Demers, Chong Wang, Julia Yu

01.02.2016 | State-of-the-Art | Ausgabe 1/2016

Implikationen der IFRS-Einführung auf die Informationsbasis und Prognosequalität von Finanzanalysten: State of the Art der empirischen Kapitalmarktforschung

In jüngster Vergangenheit wurden die IFRS in mehr als 120 Ländern als verbindliche oder freiwillig anwendbare Rechnungslegungsnormen eingeführt. Mit ihrer Kapitalmarkorientierung zielen diese auf eine erhöhte Transparenz, Vergleichbarkeit und …

Autoren:
Gülcan Erkilet, Khaled Kholmy

01.02.2016 | State-of-the-Art | Ausgabe 1/2016

Implikationen der IFRS-Einführung auf die Informationsbasis und Prognosequalität von Finanzanalysten: State of the Art der empirischen Kapitalmarktforschung

In jüngster Vergangenheit wurden die IFRS in mehr als 120 Ländern als verbindliche oder freiwillig anwendbare Rechnungslegungsnormen eingeführt. Mit ihrer Kapitalmarkorientierung zielen diese auf eine erhöhte Transparenz, Vergleichbarkeit und …

Autoren:
Gülcan Erkilet, Khaled Kholmy

01.12.2015 | Ausgabe 4/2015

Exploring the relationship between corporate social responsibility and firm innovation

This research investigates the link between corporate social responsibility (CSR) and firm innovation. Drawing upon the literatures on CSR and the knowledge-based view, we conceptualize that a firm's CSR programs enable it to build broader and …

Autoren:
Xueming Luo, Shuili Du

05.11.2015 | Ausgabe 2/2018

Is Sustainability Reporting Becoming Institutionalised? The Role of an Issues-Based Field

We study companies that do not produce a sustainability report in contexts where institutionalisation is assumed. Based on a careful analysis of interaction patterns between non-reporting companies, sustainability interest groups, and peer organisati…

Autoren:
Colin Higgins, Wendy Stubbs, Markus Milne

27.10.2015 | Ausgabe 4/2017

Ethics in Entrepreneurial Finance: Exploring Problems in Venture Partner Entry and Exit

This research advances our understanding of the manifestation of tensions and ethical issues in entrepreneurial finance. In doing so, we offer an overview of ethics in entrepreneurship and finance, delineating the curious paucity of research at their…

Autoren:
Yves Fassin, Will Drover

19.10.2015 | Ausgabe 4/2017

An Evaluation of the Quality of Corporate Social Responsibility Reports by Some of the World’s Largest Financial Institutions

This study investigates the variations in the quality and comprehensiveness of 104 corporate social responsibility (CSR) reports published by the world’s largest financial institutions in 2012. Using a novel measure of CSR report quality, we examine …

Autoren:
S. Prakash Sethi, Terrence F. Martell, Mert Demir

01.10.2015 | Ausgabe 2/2015

Instrumental and/or Deliberative? A Typology of CSR Communication Tools

Addressing the critique that communication activities with regard to CSR are often merely instrumental marketing or public relation tools, this paper develops a toolbox of CSR communication that takes into account a deliberative notion. We derive thi…

Autoren:
Peter Seele, Irina Lock

11.09.2015 | Ausgabe 2/2016

The Duty to Hire on Merit: Mapping the Terrain

To say that employers ought to “hire on merit” is to say that jobs should be awarded purely on the basis of job-relevant qualifications. Whichever candidate is expected to fulfil the duties associated with a position most succ

Autor:
Ned Dobos

04.09.2015 | Ausgabe 1/2017

In Pursuit of a ‘Single Source of Truth’: from Threatened Legitimacy to Integrated Reporting

This paper explores one organisation’s journey into non-financial reporting, initially motivated by a crisis in public confidence that threatened the organisation’s legitimacy to the present with the organisation embracing integrated reporting. The o…

Autoren:
Cornelia Beck, John Dumay, Geoffrey Frost

01.09.2015 | Ausgabe 3/2015

Speaking of the short-term: disclosure horizon and managerial myopia

We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market …

Autoren:
Francois Brochet, Maria Loumioti, George Serafeim

14.08.2015 | Schwerpunktthema | Ausgabe 4/2015

Doing well or doing good?

Extrinsic and intrinsic CSR in Switzerland

Arguably, within Corporate Social Responsibility (CSR) the intrinsic motive is more significant than the extrinsic because the former induces a stronger involvement. Others showed that a behaviour attributed to extrinsic motives is mostly perceived a…

Autoren:
Stéphanie Looser, Walter Wehrmeyer

14.08.2015 | Ausgabe 2/2016

Business model in IPO prospectuses: insights from Italian Innovation Companies

How do companies to be listed deal with the voluntary disclosure of their business model? Is it true that firms with greater intellectual capital resources and technological innovation endowments are less prone to full disclosure? This paper aims to …

Autoren:
Carlo Bagnoli, Giulia Redigolo

05.07.2015 | Ausgabe 2/2017

Exploring the Impact of Internal Corporate Governance on the Relation Between Disclosure Quality and Earnings Management in the UK Listed Companies

This study investigates the impact of internal corporate governance on the relation between disclosure quality and earnings management in the UK listed companies, in particular whether governance mechanisms have deterrent effect on earnings managemen…

Autoren:
Nooraisah Katmon, Omar Al Farooque

01.07.2015 | Ausgabe 3/2015

Use of Discretionary Environmental Accounting Narratives to Influence Stakeholders: The Case of Jurors’ Award Assessments

This experimental study extends prior capital market and environmental accounting research by utilizing the theoretical underpinnings of legitimation through impression management, source credibility bias, perceived trust, and ideology in assessing t…

Autoren:
W. Eric Lee, John T. Sweeney

01.07.2015 | Ausgabe 3/2015

Debt Issuer: Credit Rating Agency Relations and the Trinity of Solicitude: An Empirical Study of the Role of Commitment

Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulato…

Autoren:
Angus Duff, Sandra Einig

01.07.2015 | Ausgabe 3/2015

Corporate Reputation in The Spanish Context: An Interaction Between Reporting to Stakeholders and Industry

The authors describe the intensity and orientation of the corporate social responsibility (CSR) reporting in four Spanish industries and explore the relationship that exists between both concepts and an independent measurement of reputation for CSR (

Autoren:
Andrea Pérez, María del Mar García de los Salmones, Carlos López

01.06.2015 | Schwerpunkt | Ausgabe 3/2015

„Die Bedeutung des Treasury hat stark zugenommen“

Merck ist ein führendes Unternehmen für innovative und hochwertige Hightech-Produkte in den Bereichen Healthcare, Life Science und Performance Materials. Gegründet 1668, ist es das älteste pharmazeutisch- chemische Unternehmen der Welt

Autor:
Gabler Verlag Wiesbaden

01.06.2015 | Ausgabe 2/2015

Investor sophistication and disclosure clienteles

This paper explores the idea of disclosure clienteles. Disclosure clienteles refer to the ability of different types of disclosure activities to differentially benefit investors with varying levels of sophistication. Disclosure clienteles exist …

Autor:
Alon Kalay

01.06.2015 | Ausgabe 2/2015

The Uptake of Sustainability Reporting in Australia

In this paper, we identify and discuss how sustainability reporting has spread throughout the Australian business community over the past twenty years or so. We identified all Australian business organisations that have produced a sustainability repo…

Autoren:
Colin Higgins, Markus J. Milne, Bernadine van Gramberg

08.05.2015 | Ausgabe 3/2016

The how and why of a firm’s approach to CSR and sustainability: a case study of a large European company

This paper aims to analyse “how” and “why” a company engages in CSR and sustainability. The “how” concerns the features of the firm’s CSR and sustainability approach, defined in terms of a firm’s strategy (implemented issues, initiatives and activiti…

Autoren:
Anna Pistoni, Lucrezia Songini, Oriana Perrone

01.05.2015 | Ausgabe 2/2015

When Organizations Don’t Walk Their Talk: A Cross-Level Examination of How Decoupling Formal Ethics Programs Affects Organizational Members

This research illustrates dangers inherent in the gap created when organizations decouple ethics program adoption from implementation. Using a sample of 182 professionals in the pharmaceutical and financial services industries, we examine the relatio…

Autoren:
Tammy MacLean, Barrie E. Litzky, D. Kip Holderness Jr.

28.04.2015 | Ausgabe 3/2016

Value-based management as a tailor-made management practice? A literature review

Value-based management is largely discussed as fundamental tool to manage organizations successfully. However, it is often criticized for its alleged incentive to maximize short-term profits. Thus, it is the aim of this study to shed more light on th…

Autor:
Kai Henning Blume

01.04.2015 | Schwerpunkt | Ausgabe 2/2015

„Die Bedeutung von Connectivity hat deutlich zugenommen“

Autor:
Andreas Herrmann

01.03.2015 | Ausgabe 2/2015

Monetary policy in Brazil: evidence of a reaction function with time-varying parameters and endogenous regressors

This paper estimates a forward-looking reaction function with time-varying parameters to examine changes in the Brazilian monetary policy under the inflation-targeting regime. As the monetary policy rule has endogenous regressors, the conventional …

Autoren:
Edilean Kleber da Silva Bejarano Aragón, Gabriela Bezerra de Medeiros

01.03.2015 | Campus-Planungsansatz | Sonderheft 1/2015

„Die Entscheidungsträger sitzen sich am Tisch direkt gegenüber“

Die Deutsche Telekom ist mit über 142 Millionen Mobilfunkkunden sowie 31 Millionen Festnetz- und mehr als 17 Millionen Breitbandanschlüssen eines der führenden integrierten Telekommunikationsunternehmen weltweit (Stand 31. Dezember 2013

Autor:
Gabler Verlag Wiesbaden

01.03.2015 | Schwerpunkt | Ausgabe 4/2015

„Die Winning Culture ist die Grundlage unseres Erfolgs“

Henkel ist weltweit mit führenden Marken und Technologien in den drei Unternehmensbereichen Laundry & Home Care, Beauty Care und Adhesive Technologies tätig. Das 1876 von Fritz Henkel gegründete Unternehmen hält heute mit fast 50.00

Autor:
Gabler Verlag Wiesbaden

01.03.2015 | Original Paper | Ausgabe 2/2015

Problematization and conceptualization of “entrepreneurial SME Management” as a field of research: overcoming the size-based approach

The aim of this paper is to position the field of small-and-medium-sized-enterprise Management (SME Management). For this purpose, we define a core principle that provides the identity of the field of SME Management and delineates it from other …

Autoren:
Hermann Frank, Dietmar Roessl

01.02.2015 | Ausgabe 2/2015

Governance, Conference Calls and CEO Compensation

We study the relations between governance mechanisms (internal and external), conference call voluntary disclosures (incidence and length), and CEO compensation using hand-collected data on conference calls, corporate governance, and compensation.

Autoren:
S. McKay Price, Jesus M. Salas, C. F. Sirmans

01.02.2015 | Ausgabe 1/2015

Learning from your investors: can the geographical composition of institutional investors affect the chance of success in international M&A deals?

We produce new evidence on whether management which is keen to make foreign acquisitions can benefit from consultation with information-intensive institutional investors who have expertise in the target foreign markets. This research suggests that, i…

Autoren:
Anna Faelten, Miles Gietzmann, Valeriya Vitkova

14.01.2015 | Ausgabe 1/2016

Managing Institutional Complexity: A Longitudinal Study of Legitimacy Strategies at a Sportswear Brand Company

Multinational corporations are operating in complex business environments. They are confronted with contradictory institutional demands that often represent mutually incompatible expectations of various audiences. Managing these demands poses new org…

Autoren:
Dorothee Baumann-Pauly, Andreas Georg Scherer, Guido Palazzo

01.12.2014 | Original Paper | Ausgabe 9/2014

Globalization, greed, and exploitation. How to break the baleful path?

During the last decades, a globalized and free market economy has become the worldwide accepted paradigm for organizing economic affairs. Indeed many positive effects of globalization have materialized and improved the wellbeing of humans, particular…

Autor:
Albrecht Söllner

01.12.2014 | Original Paper | Ausgabe 3-4/2014

The association between CEO work, management accounting information, and financial performance: evidence from Finnish top managers

The objective of this study is to analyze the association between CEO work, importance of management accounting information (MAI), and financial performance of the firm. The research model is based on nine hypotheses on the association of CEO work wi…

Autor:
Erkki K. Laitinen

01.12.2014 | Ausgabe 2/2014

Social Shareholder Engagement: The Dynamics of Voice and Exit

Investors concerned about the social and environmental impact of the companies they invest in are increasingly choosing to use voice over exit as a strategy. This article addresses the question of how and why the voice and exit options (Hirschman 197…

Autoren:
Jennifer Goodman, Céline Louche, Katinka C. van Cranenburgh, Daniel Arenas

01.11.2014 | Strategie + Management | Ausgabe 11/2014

Einhaltung der Regeln wird zur Vorstandsaufgabe

Compliance

Bei der Deutschen Bank gehört die Abteilung Legal & Compliance zusammen mit Abteilungen wie Finance, Audit, Tax oder Investor Relations zum zentralen Infrastrukturbereich. Dieser Bankbereich soll mit seinen strategischen, risikosteu

Autor:
Marin Yovev

01.11.2014 | Eigenschaften, Aufgaben und Vergütung von Aufsichtsräten | Ausgabe 7/2014

Überprüfung des Zusammenhangs von Eigenschaften, Aufgaben und Vergütung von Aufsichtsräten deutscher Unternehmen

Wir untersuchen den Zusammenhang zwischen personenspezifischen Merkmalen, Aufgaben und Vergütung von Aufsichtsräten deutscher Unternehmen. Die Analysen von 1.007 Anteilseignervertretern zeigen, dass wahrgenommene Aufsichtsratsmandate …

Autoren:
Dr. Martin Arnegger, Christian Hofmann

01.11.2014 | Rezension | Ausgabe 7/2014

Lageberichterstattung — HGB, DRS und IFRS Practice Statement Management Commentary, Stuttgart 2013, Schäffer-Poeschel Verlag, Reihe ‚Der Betrieb‘ (ISBN 978-3-7910-3299-3), 350 Seiten, 69,95 €

Autoren:
Fink Christian, Kajüter Peter, Winkeljohann Norbert

01.11.2014 | Ausgabe 4/2014

Firm size and board diversity

This study seeks to understand the relation between firm size and supervisory board composition. Specifically, we ask if and how firm size influences occupational and international background diversity in supervisory boards. Relying on resource depen…

Autoren:
Martin Arnegger, Christian Hofmann, Kerstin Pull, Karin Vetter

01.11.2014 | Original Research | Ausgabe 4/2014

Internal control quality and information asymmetry in the secondary loan market

We examine the association between disclosure of internal control deficiencies (ICDs) and information asymmetry (IA) in the US secondary loan market. We also investigate which types of ICDs intensify or mitigate conditions of information asymmetry …

Autoren:
Dina F. El-Mahdy, Myung Seok Park

01.10.2014 | Original Research | Ausgabe 2/2014 Open Access

Let’s talk strategy: the impact of voluntary strategy disclosure on the cost of equity capital

This paper deals with the impact of voluntary strategy disclosure in management reports on the cost of equity capital. Such an impact is not obvious, as investors might consider strategy information as “cheap talk” and therefore ignore it. We …

Autoren:
Tom Sieber, Barbara E. Weißenberger, Tatjana Oberdörster, Jörg Baetge

01.09.2014 | Research Article | Ausgabe 3/2014

There’s Something in a Name: Value Relevance of Congruent Ticker Symbols

Choosing assets for their portfolios is a complex decision, and investors, endowed with limited information processing capacity are influenced by various psychological factors. One such factor is investors’ processing fluency with the firm’s …

Autoren:
Raji Srinivasan, Nita Umashankar

01.07.2014 | Externe Kommunikation | Sonderheft 8/2014

Aktionäre durch Online Communities einbinden

Der aktive Einsatz neuer Medien in der Finanzkommunikation ist jedoch durchaus keine Selbstverständlichkeit. Unter den diversen Kommunikationsfunktionen des Unternehmens sind die Investor Relations zweifellos die zurückhaltendste, wenn

Autor:
Prof. Dr. Christian Pieter Hoffmann

01.07.2014 | Externe Kommunikation | Sonderheft 8/2014

Trends und Perspektiven in der Unternehmenskommunikation

Mithilfe elektronischer Medien lassen sich Informationen aller Art rasant verbreiten. Von Profis genauso wie von Laien. Das ist Fluch und Segen zugleich, denn auch wenn das Internet eine neue Form der Transparenz bietet, gibt es gleichz

Autoren:
Dr. Jörg E. Allgäuer, Dr. Matthias Larisch

01.07.2014 | Externe Kommunikation | Sonderheft 8/2014

M&Amp;A: Heiße Zeit für die Finanzkommunikation

Um die Kernbotschaften festlegen zu können, muss die Zielgruppe bekannt sein. Eine Analyse der Aktionärsstruktur ist somit unerlässlich. Typische Fragestellungen lauten: Mit welchem Aktionärstyp hat man es zu tun? Wie ist die regionale

Autor:
Prof. Dr. Frank Borowicz

01.07.2014 | Externe Kommunikation | Sonderheft 8/2014

Veränderungsprozesse wirkungsvoll vermitteln

Strategie, Vision und Unternehmensentwicklung sind klassische Domänen des CEOs, die Finanzseite die Domäne des CFOs. Der CEO übernimmt damit die Kommunikation der übergeordneten Botschaften strategischer Unternehmensentwicklung. Er steh

Autor:
geSteffen Rinas

01.07.2014 | Bankwirtschaft | Ausgabe 7-8/2014

Note mit enormer Wirkung

Geld- und Vermögensanlage

Die Bedeutung des Ratings resultiert aus einer zusätzlichen Bereitstellung entscheidungsrelevanter Informationen an die Akteure des Finanzmarkts. Die Beziehung zwischen Kapitalgebern (Investoren) und Kapitalnehmern (Unternehmen, Emitten

Autor:
Peter Wagner

01.07.2014 | Externe Kommunikation | Sonderheft 8/2014

Verändert Integrated Reporting die Unternehmensberichterstattung?

Neben der Vermittlung von finanziellen Informationen in den Berichtsformaten Jahresabschluss (HGB) und Konzernabschluss (HGB / IFRS) sind deutsche Unternehmen rechtlich zur Aufstellung eines (Konzern-)Lageberichts verpflichtet (§§ 289 u

Autoren:
Ralf Jaspert, Lisa Just, Christoph Weigel

01.07.2014 | Ausgabe 3-4/2014

Metals of Russia and the CIS

Autoren:
S. A. Gurova, L. A. Kondratov

01.06.2014 | Ausgabe 1/2014

Enterprise Modelling: The Next Steps

Enterprise modelling is at the core of Information Systems and has been a subject of intensive research for about two decades. While the current state of the art shows signs of modest maturity, research is still facing substantial ch

Autor:
Ulrich Frank

01.06.2014 | Perspectives | Ausgabe 2/2014

Strategy in emerging economies and the theory of the firm

Indigenous emerging economy (EE) firms are increasingly competing in global markets or against multinational corporations (MNCs) in their home markets. But their institutional context at the national and local levels often suffers from what has …

Autoren:
Michael N. Young, Terence Tsai, Xinran Wang, Shubo Liu, David Ahlstrom

01.06.2014 | Ausgabe 4/2014

Corporate Social Responsibilities: Alternative Perspectives About the Need to Legislate

This research involves a review of the submissions to a 2005/06 Australian Government Inquiry into Corporate Social Responsibility. The Inquiry was established to investigate whether corporate social responsibilities and accountabilities should be re…

Autoren:
Craig Deegan, Marita Shelly

01.05.2014 | Ausgabe 2/2014

Corporate Perspectives on the Development and Use of Sustainability Reports

The purpose of this paper is to explore corporate perspectives on the development and use of sustainability reports. Interviews with experts from 35 Canadian corporations were conducted. The research showed that the content of the reports was determi…

Autoren:
Cory Searcy, Ruvena Buslovich

01.05.2014 | Ausgabe 2/2014

Does shareholder protection affect the performance of analysts as a gatekeeper?

This paper investigates the effect of shareholder protection on analysts’ performance. The important corporate governance role analysts can play by monitoring management has largely been ignored in the literature. Using a newly constructed index, we …

Autoren:
Christopher von Koch, Ola Nilsson, Katarina Eriksson

01.04.2014 | Ausgabe 4/2014

Beyond Legitimacy: A Case Study in BP’s “Green Lashing”

This paper discusses the issue of legitimacy and, in particular the processes of building, losing, and repairing environmental legitimacy in the context of the Deepwater Horizon case. Following the Deepwater Horizon catastrophe in 2010, BP plc. was a…

Autoren:
Sabine Matejek, Tobias Gössling

01.03.2014 | Original Empirical Research | Ausgabe 2/2014

Do institutional investors pay attention to customer satisfaction and why?

Extant marketing, accounting, and finance research has neglected to examine the relevance of customer satisfaction information for institutional investors, despite their potential importance. This study develops and supports a framework suggesting …

Autoren:
Xueming Luo, Ran Zhang, Weining Zhang, Jaakko Aspara

01.02.2014 | Research Article | Ausgabe 1/2014

Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain

This paper investigates the effect of proprietary costs in relation to managers’ decisions to disclose information. Further, we look into the impact of factors affecting the timing of disclosures in a comparative study of Spain and the UK. Our invest…

Autoren:
Encarna Guillamón-Saorín, Carlos M. P. Sousa

01.02.2014 | Ausgabe 2/2014

Financial disclosure by SMEs listed on a semi-regulated market: evidence from the Euronext Free Market

This study investigates the financial disclosure policy of small and medium-sized enterprises listed on a stock market with very low disclosure requirements: the Free Market of the Euronext Stock Exchange. In contrast to firms listed on a …

Autoren:
Andy Lardon, Marc Deloof

01.02.2014 | Research Article | Ausgabe 1/2014

Multi-firm voluntary disclosures for correlated operations

We study the no-arbitrage theory of voluntary disclosure (Dye, J Account Res 23:123–145, 1985, and Ostaszewski and Gietzmann, Rev Quant Financ Account 31: 1–27, 2008), generalized to the setting of $$n$$ firms, simultaneously and voluntarily …

Autoren:
Miles B. Gietzmann, Adam J. Ostaszewski

01.12.2013 | Ausgabe 4/2013

Business groups and corporate transparency in emerging markets: Empirical evidence from India

This study examines the difference in corporate transparency of firms affiliated with business groups and unaffiliated firms in India. Based on previous studies we measured corporate transparency using equity analysts’ forecast error and …

Autoren:
Chinmay Pattnaik, James Jinho Chang, Hyun Han Shin

01.12.2013 | Spektrum | Ausgabe 6/2013

Value Reporting in der Finanzkrise

Value Reporting ist „die regelmäßige, strukturierte externe Berichterstattung eines Unternehmens, die geeignet ist, die Informationsasymmetrie zwischen interner und externer Sicht des Unternehmens zu verringern und die Ermittlung des Un

Autoren:
Thomas Gronwald, Dr. Julia Nasev

01.12.2013 | Ausgabe 4/2013

Optimal reserve price in static and dynamic sponsored search auctions

Sponsored search advertising is a significant revenue source for search engines. To ameliorate revenues, search engines often set fixed or variable reserve price to in influence advertisers’ bidding. This paper studies the optimal reserve price for a…

Autoren:
Wei Yang, Jun Qiao, Youyi Feng, Baichun Xiao

01.11.2013 | Ausgabe 1/2013

Reciprocity in Corporate Social Responsibility and Channel Performance: Do Birds of a Feather Flock Together?

Corporate social responsibility (CSR) is more and more important in the supply chain. Drawing from the stakeholder theory and channel relational reciprocity literature, we develop and empirically support a theoretical framework. Our framework predict…

Autoren:
Xueming Luo, Qinqin Zheng

01.11.2013 | Internetseite des Monats | Ausgabe 11/2013

Relaunch nach fast 200 Jahren

www.gothaer.de
Autor:
Dirk Reder

01.10.2013 | Sonderheft 4/2013

Measurement and valuation of intangibles

01.10.2013 | Sonderheft 4/2013

Measurement and valuation of intangibles

01.09.2013 | Schwerpunktthema | Ausgabe 1-2/2013

Stakeholder-Dialog im Nachhaltigkeitsmanagement der Daimler AG

Die Lösung globaler Herausforderungen im Kontext nachhaltigen Wirtschaftens erfordert ein gemeinsames Vorgehen einer Vielzahl beteiligter Akteure. In diesem Zusammenhang ist eine noch stärkere Öffnung der Unternehmen gegenüber relevante

Autoren:
Wolfram Heger, Marc-André Bürgel

01.09.2013 | Rolle des CFOs | Ausgabe 8/2013

CFO neu — Wandel einer Führungsfunktion

Die Rolle des CFOs hat sich in den vergangenen Jahren unter anderem durch den Einfluss der IT-Entwicklungen, aber auch durch globalere Firmenstru

Autor:
Marcus Schneider

01.08.2013 | Ausgabe 1/2013

From Voluntarism to Regulation: A Study on Ownership, Economic Performance and Corporate Environmental Information Disclosure in China

This article examines whether economic performance could affect EID and how the relationship is determined by the form of ownership from voluntarism to regulation under the current Chinese context. In this study, our empirical results show that the r…

Autoren:
X. H. Meng, S. X. Zeng, C. M. Tam

01.08.2013 | Ausgabe 3/2013

Partial privatisation and the role of state owned holding companies in China

China has never agreed to full privatisation of its state-owned enterprises (SOEs). This essentially means a dual role for the government—as a shareholder of privatised SOEs and a regulatory authority of the corporate sector. This begs the question—h…

Autor:
Choon-Yin Sam

01.08.2013 | Ausgabe 3/2013

Exploring information technology governance and control of web site content: a comparative case study

Information technology (IT) governance is a key component of corporate governance. Effective IT governance can support web-based strategic initiatives such as the dissemination of information on corporate web sites. However, the IT governance literat…

Autoren:
Sylvie Héroux, Anne Fortin

01.07.2013 | State-of-the-Art | Ausgabe 3/2013

Wertsteigerung durch Sell-Offs: Eine Meta-Analyse

Sell-Offs, d. h. Desinvestitionen durch den Verkauf von Unternehmensteilen, sind eine bedeutsame strategische Maßnahme des Managements, um den Unternehmenswert zu steigern. Die vorliegenden zahlreichen empirischen Untersuchungen zeigen jedoch …

Autoren:
Thomas M. Fischer, Christian W. Müller, Annette Ober

01.07.2013 | Original Research | Ausgabe 1/2013

CEO bonus compensation: the effects of missing analysts’ revenue forecasts

We investigate the incremental contract relevance of analysts’ revenue forecasts while controlling for earnings forecasts and find CEOs receive smaller bonuses when missing analysts’ annual and quarterly revenue expectations. Our results support …

Autoren:
Christopher T. Edmonds, Ryan D. Leece, John J. Maher

01.07.2013 | State-of-the-Art | Ausgabe 3/2013

Wertsteigerung durch Sell-Offs: Eine Meta-Analyse

Sell-Offs, d. h. Desinvestitionen durch den Verkauf von Unternehmensteilen, sind eine bedeutsame strategische Maßnahme des Managements, um den Unternehmenswert zu steigern. Die vorliegenden zahlreichen empirischen Untersuchungen zeigen jedoch …

Autoren:
Thomas M. Fischer, Christian W. Müller, Annette Ober

01.05.2013 | Ausgabe 2/2013

An Empirical Study of the World Price of Sustainability

The core goal of this study is to empirically investigate whether there is a “world price” of corporate sustainability. This is assessed in the context of standard asset pricing models—in particular, by asking whether a risk premium attaches to a sus…

Autoren:
Yuchao Xiao, Robert Faff, Philip Gharghori, Darren Lee

01.05.2013 | Schwerpunkt | Ausgabe 5/2013

Steuerungsdimensionen: Zunehmender Fokus auf Cash bei RWE

Herr Günther, Controller hatten Cash lange Zeit nicht im Blick. In der Kostenrechnung tauchte das Thema nur indirekt in Form kalkulatorischer Zinsen auf, alles andere war Sache der

Autor:
Springer Fachmedien Wiesbaden

01.04.2013 | Analysen und Berichte | Ausgabe 4/2013

Das europäische Finanzsystem nach dem Zypernprogramm

Die Krise der Europäischen Währungsunion ist durch den Konflikt um das Hilfsprogramm für Zypern im März 2013 erneut aufgeflammt. Nach einem gescheiterten Anlauf haben die Finanzminister der Euroländer nunmehr eine ordnungspolitisch vertretbare Lösung…

Autor:
Christian Kopf

01.03.2013 | Ausgabe 1/2013

Customer satisfaction as a buffer against sentimental stock-price corrections

Previous research has shown that customer satisfaction is a market-based asset that can contribute to a firm’s value by increasing its stock-market returns, while simultaneously reducing the riskiness of these returns. This study contributes to …

Autoren:
Robert P. Merrin, Arvid O. I. Hoffmann, Joost M. E. Pennings

01.03.2013 | Ausgabe 1/2013

Investor overlap and diffusion of disclosure practices

I develop and test an investor demand-driven explanation for why one firm’s change in voluntary disclosure behavior is emulated by some firms in the industry but not others. I focus on the overlap in institutional investor ownership between two …

Autor:
Michael J. Jung

01.03.2013 | Applied Problems | Ausgabe 1/2013

Algorithms for photo book authoring

Photo books are a convenient and attractive product for printing and storage of personal photographs. However, the creation of a photo book requires a lot of manual work and time. The automation of operations will attract new users and will make …

Autoren:
M. A. Egorova, I. V. Safonov

01.01.2013 | Strategie | Ausgabe 1/2013

Risiken des Shareholder-Value — Vermeidung von Unternehmenskrisen durch reflexionsorientiertes Controlling

Der Shareholder Value ist trotz Bilanzfälschungsskandalen und Finanzmarktkrise nach wie vor weit verbreitet. Unternehmen können jedoch nur dann langfristig erfolgreich sein, wenn Interessen weiterer Anspruchsgruppen in unternehmerischen …

Autoren:
Dipl.-Wi.-Ing. Christian Julmi, M. Sc. Dipl.-Kfm. (FH) Florian Lindner, Univ.-Prof. Dr. Ewald Scherm

01.01.2013 | Original Research | Ausgabe 1/2013

The impact of multi-dimensional corporate transparency on us firms’ credit ratings and cost of capital

This study examines corporate transparency in the US market for a sample of 319 S&P 500 firms. We examine whether a number of disparate measures of corporate transparency used by other researchers are distinct, cohere as measures of a single …

Autoren:
David Gregory DeBoskey, Peter R. Gillett

01.01.2013 | Schwerpunkt | Ausgabe 1/2013

„An Social Media führt heute kein Weg mehr vorbei“

Herr Chu, wie schätzen Sie die Bedeutung von Social Media ein?

Autor:
Springer Fachmedien Wiesbaden

01.01.2013 | Personalentwicklung | Ausgabe 7/2013

Die Evolution des Controllers — Konzepte zur erfolgreichen Entwicklung von Controlling-Personal

Eine systematische Personalentwicklung für den Controllerbereich findet sich in der Unternehmenspraxis frühestens seit den 1990er Jahren. Im Verlauf der vergangenen beiden Jahrzehnte haben alle Unternehmen des CCM sukzessiv eine systema

Autor:
Prof. Dr. Dr. h.c. Jürgen Weber

01.12.2012 | Managementprognosen | Ausgabe 8/2012

Managementprognosen und Analystenschätzungen — Eine deskriptive Analyse auf Basis der HDAX-Unternehmen

Managementprognosen leisten einen wichtigen Beitrag zum Abbau von Informationsasymmetrien zwischen der Unternehmensleitung und den Stakeholdern. Insbesondere für Finanzanalysten sind die prospektiven Aussagen des Managements im Rahmen der …

Autoren:
Prof. Dr. Bernhard Pellens, Dipl.-Ök Kai Lehmann

01.12.2012 | SCHNITTSTELLENMANAGER | Ausgabe 6/2012

The Perfect Marketeer – A Coordinator between Customer and Financial Market Focus

Over the last decades, marketeers have neglected the financial implications of their actions. Focussing on sales and customer initiatives, they lost sight of managing their direct relationships with investors and analysts. The task of c

Autoren:
Dr. Jochen Becker, Josip Medjedovic

01.12.2012 | Ausgabe 2/2012

An Institution of Corporate Social Responsibility (CSR) in Multi-National Corporations (MNCs): Form and Implications

This article investigates corporate social responsibility (CSR) as an institution within UK multi-national corporations (MNCs). In the context of the literature on the institutionalization of CSR and on critical CSR, it presents two main findings. Fi…

Autoren:
Krista Bondy, Jeremy Moon, Dirk Matten

01.12.2012 | Ausgabe 4/2012

Does Religion Matter to Equity Pricing?

For a sample comprising 36,105 U.S. firm-year observations from 1985 to 2008, we find that firms located in more religious counties enjoy cheaper equity financing costs. This result is robust to a battery of sensitivity tests, including alternative a…

Autoren:
Sadok El Ghoul, Omrane Guedhami, Yang Ni, Jeffrey Pittman, Samir Saadi

01.11.2012 | Kontaktstudium | Ausgabe 7/2012

Internationale Diversität im Top-Management — Eine empirische Analyse der DAX-30-Unternehmen

Dass die meisten deutschen Unternehmen international agieren, ist seit langem eine Selbstverständlichkeit. Fast ausnahmslos erzielen die DA X-30-Unternehmen im Ausland höhere Umsätze als im Inland. Und bei der Mehrheit der DA X-30-Unternehmen …

Autoren:
Stefan Schmid, Dr. Tobias Dauth

01.11.2012 | Original Empirical Research | Ausgabe 6/2012

Incentivizing CEOs to build customer- and employee-firm relations for higher customer satisfaction and firm value

This research reveals customer- and employee-firm relations to be two routes by which firms can leverage executive incentive structures to create customer and firm value. Analyses of a unique dataset with multiple archival sources show that (1) …

Autoren:
Xueming Luo, Jan Wieseke, Christian Homburg

01.11.2012 | Ausgabe 4/2012

Is there a distinctive MENA model of corporate governance?

This study explores the diversity of corporate governance practices in the MENA region, with particular emphasis on Saudi Arabia and Egypt. Interviews with senior managers find that the state, foreign investors and large family groups act as monitors…

Autoren:
Jenifer Piesse, Roger Strange, Fahad Toonsi

01.09.2012 | Ausgabe 1/2012 Open Access

Cultural Dimensions, Ethical Sensitivity, and Corporate Governance

The economic globalization process has integrated different competitive markets and pushes firms in different countries to improve their managerial and operational efficiencies. Given the recent empirical evidence for the benefits to firms and stakeh…

Autoren:
Alex W. H. Chan, Hoi Yan Cheung

01.09.2012 | Empirical article | Ausgabe 3/2012

Innovation and imitation effects in the mobile telecommunication service market

This study investigates adoption patterns of the first mover and the followers in the Information and Communication Technology industry. The continuous behavior of adopters over time is difficult to analyze and most previous studies were …

Autoren:
Sang-Gun Lee, Byeonghwa Park, Si-Hyeon Kim, Hong-Hee Lee

01.09.2012 | Ausgabe 3/2012

Information interpretation or information discovery: which role of analysts do investors value more?

This study provides evidence that a significant percentage of analyst forecast revisions are issued promptly after a broad set of corporate public disclosures and that investors perceive these prompt revisions as more valuable than nonprompt …

Autoren:
Joshua Livnat, Yuan Zhang

01.08.2012 | Ausgabe 2/2012

Earnings Conference Call Content and Stock Price: The Case of REITs

Using computer based content analysis, we quantify the linguistic tone of quarterly earnings conference calls for publicly traded Real Estate Investment Trusts (REITs). After controlling for the earnings announcement, we examine the relation …

Autoren:
James S. Doran, David R. Peterson, S. McKay Price

01.08.2012 | Ausgabe 3/2012

Executive remuneration in blockholder-dominated firms. How do Italian firms use stock options?

The aim of this study is to explore how stock options are used for executive remuneration in blockholder-dominated listed firms. By analysing how stock options granted to executive directors were designed, this paper sheds light on how stock options …

Autoren:
Andrea Melis, Silvia Carta, Silvia Gaia

01.07.2012 | Original Empirical Research | Ausgabe 4/2012

On the value relevance of customer satisfaction. Multiple drivers and multiple markets

Existing research implicitly assumes that all factors known to influence customer satisfaction are likewise important for investor behavior. However, if investors do not equally value activities targeting different satisfaction drivers, managers …

Autoren:
Sascha Raithel, Marko Sarstedt, Sebastian Scharf, Manfred Schwaiger

01.07.2012 | Original Paper | Ausgabe 2/2012

Is the Triple Bottom Line a restrictive framework for non-financial reporting?

The purpose of this paper is to empirically analyse the developmental stages of non-financial reporting in corporations, by interpreting the views of interviewees from major ethical corporations on the six major dimensions of non-financial …

Autor:
Kaushik Sridhar

01.06.2012 | EINFÜHRUNG | Sonderheft 2/2012

Kraftwerksinvestitionen: Hochvolatile Entscheidungsparameter und staatliche Eingriffe in das Preisbildungssystem

Schäffer:

Herr Dr. Pohlig, häufig wird der Strommarkt als ein immer noch stark regulierter Markt wahrgenommen. Tatsächlich hat sich seit der Liberalisierung 1998 aber Entscheidendes verä

01.06.2012 | PRAXIS | ARTIKEL | Ausgabe 4/2012

„Agrar ein absoluter Zukunftsbereich – Nachhaltigkeit bei der BayWa AG“

Die BayWa ist ein weltweit tätiger Konzern mit den Kernkompetenzen Handel, Logistik sowie ergänzende Dienstleistungen in den Segmenten Agrar, Energie und Bau. Im Agrarhandel vermarktet die BayWa Agrarerzeugnisse und vertreibt landwirtsc

01.03.2012 | Managementprognosen | Ausgabe 2/2012

Zur Wertrelevanz freiwilliger Managementprognosen in Deutschland

Prognosen des Managements können wesentliche Informationen für die Unternehmensbewertung beinhalten und werden von Analysten und Investoren mit besonderem Interesse aufgenommen. Dieser Beitrag analysiert die Wertrelevanz freiwilliger …

Autoren:
Dr. Thorsten Knauer, Dipl.-Kfm Christian Ledwig, Prof. Dr. Andreas Wömpener

01.03.2012 | Ausgabe 3-4/2012

Price-earnings changes during US presidential election cycles: voter uncertainty and other determinants

Using electronic-markets data, this paper investigates partial determinants of change in Graham’s price-earnings ratios (P/E) during US presidential election cycles. We document evidence over six elections, that as the probable winner of the election…

Autoren:
John W. Goodell, Richard A. Bodey

01.02.2012 | Original Research | Ausgabe 2/2012

Earnings management and market liquidity

The main purpose of this paper is to argue the extent that earnings management lowers disclosure quality. It should increase information asymmetry and impair trading liquidity. Using a large sample of NYSE firms from 1996 to 2001, we find evidence …

Autoren:
Asli Ascioglu, Shantaram P. Hegde, Gopal V. Krishnan, John B. McDermott

01.01.2012 | Original Paper | Ausgabe 1/2012

Determinants of director compensation in two-tier systems: evidence from German panel data

We empirically examine the level and structure of director compensation in a two-tier setting using a novel data set covering German Prime Standard firms for the period 2005–2008. The descriptive analysis reveals that the average compensation per …

Autoren:
Jörn M. Andreas, Marc Steffen Rapp, Michael Wolff

01.12.2011 | Schwerpunktthema | Ausgabe 3-4/2011

CSR-Kommunikation am nachhaltigen Kapitalmarkt

Der vorliegende Beitrag skizziert die Grundzüge der CSR-Kommunikation im Hinblick auf die Akteure des nachhaltigen Kapitalmarktes (kurz: SRI-Kommunikation) vor dem Hintergrund der allgemeinen Kapitalmarkt- und Finanzkommunikation (Investor Relations)

Autor:
Dr. Jens Arnold

01.12.2011 | Schwerpunktthema | Ausgabe 3-4/2011

nachhaltigkeitskommunikation.de

Das Internet als Medium der unternehmerischen Nachhaltigkeitskommunikation in Deutschland

Dieser Beitrag widmet sich den medienspezifischen Vorteilen des Internets gegenüber einer rein printbasierten Berichterstattung für die Kommunikation über Nachhaltigkeit. Er formuliert einen Rahmen, der Hinweise für die Gestaltung internetbasierter N…

Autoren:
Dr. habil. Jasmin Godemann, Ass. Prof. Dr. Christian Herzig

01.12.2011 | Schwerpunktthema | Ausgabe 3-4/2011

Nachhaltigkeit im Projektmanagement – Bedeutung der Integrierten Kommunikation in der Innen- und Außendarstellung von Projekten

Das Scheitern von Projekten im Bereich der Forschung und Entwicklung ist wesentlich auf die mangelhafte – und damit auch nicht-nachhaltige – Kommunikation innerhalb und außerhalb der Projektorganisation zurückzuführen. Das Konzept der Integrierten Ko…

Autoren:
Dr. Marcus Stumpf, MBA Manfred Brandstätter

01.12.2011 | Ausgabe 4/2011

Non-GAAP earnings and board independence

We examine the association between board independence and the characteristics of non-GAAP earnings. Our results suggest that companies with less independent boards are more likely to opportunistically exclude recurring items from non-GAAP …

Autoren:
Richard Frankel, Sarah McVay, Mark Soliman

01.11.2011 | STATE-OF-THE-ART-ARTIKEL | Ausgabe 2-3/2011

Entwicklung der Risiko- und Prognoseberichterstattung am deutschen Kapitalmarkt

Aus Sicht der Prinzipal-Agenten- und der Kommunikationstheorie kommt der Prognose- und Risikoberichterstattung eine weit reichende Bedeutung zu, um bestehende Informationslücken zwischen bilanziellem Eigenkapital und Unternehmenswert zu …

Autoren:
Patrick Velte, Markus Stiglbauer, Karsten Sepetauz

01.11.2011 | Kontaktstudium — Finanzkommunikation | Ausgabe 7/2011

Eine Analyse zentraler Aspekte der Finanzkommunikation nicht börsennotierter Unternehmen mit Hilfe der Critical Incident Technique

Der Abbau von Informationsasymmetrien zwischen Unternehmen und ihren Finanziers vergrößert den Aktionsbereich für die unternehmerische Finanzierungspolitik. Diesbezüglich nehmen theoretische Analysen und empirische Studien zur Finanzkommunikation …

Autoren:
Prof. Dr. Stephan Paul, M. A. Fabian Prystav, Prof. Dr. Stefan Stein

01.11.2011 | STATUS QUO | Sonderheft 3/2011

Vergütung und Zielvereinbarungen von Controllern

Die in diesem Artikel dargestellten Analysen beruhen auf einer aktuellen Studie des WHU-Controllerpanels, die im Frühling dieses Jahres durchgeführt wurde. Unter dem Motto „Der Controllerberuf unter der Lupe“ wurden zentrale Facetten de

Autoren:
Dr. Matthias D Mahlendorf, Jochen Rehring, Ludwig Voußem, Prof. Dr. Dr. h.c. Jürgen Weber
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