Investor Relations

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 …

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 …

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) …

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 …

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 …

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 …

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.

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 …

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 …

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.

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 …

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 …

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 …

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 …

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 …

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 …

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.

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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

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 …

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 …

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 …

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

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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

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 …

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.

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 …

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 …

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 …

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

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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…

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…

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 …

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…

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

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…

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 …

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…

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 …

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…

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…

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…

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 (

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

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 …

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…

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…

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…

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…

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 …

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

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

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 …

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.

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…

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…

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…

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…

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…

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

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

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…

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 …

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 …

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 …

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

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

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

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

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

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

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

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 …

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…

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…

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 …

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…

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 …

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…

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 …

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 …

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 …

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

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…

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…

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

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

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…

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…

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…

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 …

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 …

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 …

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…

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

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…

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 …

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 …

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 …

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 …

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 …

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

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

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 …

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

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…

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…

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 …

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) …

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…

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…

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 …

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 …

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 …

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 …

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 …

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 …

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

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

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 …

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…

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 …

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 …

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)

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…

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…

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 …

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 …

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 …

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