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CSR und Social Enterprise
Eine der zentralen Herausforderungen für Social Enterprises ist die Finanzierung des Wachstums und der Ausweitung ihrer sozialen Wirkung, da konventionelle Finanzquellen des sozialen Sektors oft nur eingeschränkt verfügbar und an einzelne Projekte gebunden sind. So gestalten sich Investitionen in allgemeine Betriebskosten („overheads“) oder die Entwicklung neuer Produkte und Dienstleistungen meist sehr schwer. Als mögliche Lösung haben unter dem Label Social Impact Investing jüngst Ansätze aus dem Venture Capital verstärkt Aufmerksamkeit erfahren. Im vorliegenden Beitrag wird eine systematische empirische Darstellung der größten Herausforderungen für Social Impact Investing in Deutschland vorgelegt. Wir erläutern sowohl die Perspektiven von Intermediären wie auch Beteiligungsunternehmen unter Berücksichtigung der spezifischen Bedingungen für Social Enterprises in Deutschland. Abschließend diskutieren wir einige Schlussfolgerungen für Praktiker und die Politik sowie für die weitere Forschung.
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Dementsprechend geht der Ansatz über die Idee des sozial verantwortlichen Investierens („socially responsible investing“, SRI) hinaus, das der vergleichsweise passiven Logik des negativen Screenings folgt, d. h. dem Ausschluss von Investitionsobjekten, die bestimmten sozialen und/oder ökologischen Standards nicht entsprechen (Barnett und Salomon
2003; Johnson 2003).
Ein Problem, das sich noch verschlimmert, wenn mehrere Investoren beteiligt sind, so etwa vorgesehen beim zum Zeitpunkt der Untersuchung aktiven Matching‐Programm der KfW.
Zurück zum Zitat Achleitner A-K, Lutz E, Spiess-Knafl W (2011a) Disentangling gut feeling – assessing the integrity of social entrepreneurs. Volunt Int J Volunt Nonprofit Organ 24(1):93–124 CrossRef Achleitner A-K, Lutz E, Spiess-Knafl W (2011a) Disentangling gut feeling – assessing the integrity of social entrepreneurs. Volunt Int J Volunt Nonprofit Organ 24(1):93–124
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Zurück zum Zitat Achleitner A-K, Spiess-Knafl W, Heinecke A, Schöning M, Noble A (2011b) Social investment manual. An introduction for social entrepreneurs. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1884338 CrossRef Achleitner A-K, Spiess-Knafl W, Heinecke A, Schöning M, Noble A (2011b) Social investment manual. An introduction for social entrepreneurs. SSRN Electronic Journal.
https://doi.org/10.2139/ssrn.1884338
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Zurück zum Zitat Achleitner A-K, Mayer J, Spiess-Knafl W (2013) Sozialunternehmen und ihre Kapitalgeber. In: Jansen S, Heinze R, Beckmann M (Hrsg) Sozialunternehmen in Deutschland: Analysen, Trends, Handlungsempfehlungen. Springer, Wiesbaden Achleitner A-K, Mayer J, Spiess-Knafl W (2013) Sozialunternehmen und ihre Kapitalgeber. In: Jansen S, Heinze R, Beckmann M (Hrsg) Sozialunternehmen in Deutschland: Analysen, Trends, Handlungsempfehlungen. Springer, Wiesbaden
Zurück zum Zitat Alemany L, Scarlata M (2010) Deal structuring in philanthropic venture capital investments: financing instrument, valuation and covenants. J Bus Ethics 95(2):121–145 Alemany L, Scarlata M (2010) Deal structuring in philanthropic venture capital investments: financing instrument, valuation and covenants. J Bus Ethics 95(2):121–145
Zurück zum Zitat Alto P (2012) Impact investing: Will hype stall its emergence as an asset class? Soc Space 2012:40–47 Alto P (2012) Impact investing: Will hype stall its emergence as an asset class? Soc Space 2012:40–47
Zurück zum Zitat Amit R, Zott C (2001) Value creation in E-business. Strateg Manage J 22(6–7):493–520 CrossRef Amit R, Zott C (2001) Value creation in E-business. Strateg Manage J 22(6–7):493–520
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Zurück zum Zitat Antadze N, Westley FR (2012) Impact metrics for social innovation. J Soc Entrepreneursh 3(2):133–150 CrossRef Antadze N, Westley FR (2012) Impact metrics for social innovation. J Soc Entrepreneursh 3(2):133–150
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Zurück zum Zitat Barnett ML, Salomon RM (2003) Throwing a curve at socially responsible investing research: a new pitch at an old debate. Organ Environ 16(3):381–389 CrossRef Barnett ML, Salomon RM (2003) Throwing a curve at socially responsible investing research: a new pitch at an old debate. Organ Environ 16(3):381–389
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Zurück zum Zitat Battilana J, Dorado S (2010) Building sustainable hybrid organizations: the case of commercial microfinance organizations. Acad Manag J 53(6):1419–1440 CrossRef Battilana J, Dorado S (2010) Building sustainable hybrid organizations: the case of commercial microfinance organizations. Acad Manag J 53(6):1419–1440
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Zurück zum Zitat Brown J (2006) Equity finance for social enterprises. Social Enterprise Journal 2(1):73–81 CrossRef Brown J (2006) Equity finance for social enterprises. Social Enterprise Journal 2(1):73–81
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Zurück zum Zitat Bugg-Levine A, Emerson J (2011) Impact investing: transforming how we make money while making a difference. John Wiley & Sons, San Francisco Bugg-Levine A, Emerson J (2011) Impact investing: transforming how we make money while making a difference. John Wiley & Sons, San Francisco
Zurück zum Zitat Buttle M (2008) Diverse economies and the negotiations and practices of ethical finance: the case of Charity Bank. Environ Plan A 40(9):2097–2113 CrossRef Buttle M (2008) Diverse economies and the negotiations and practices of ethical finance: the case of Charity Bank. Environ Plan A 40(9):2097–2113
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Zurück zum Zitat Clark C, Emerson J, Thornley B (2012) The impact investor – the need for evidence and engagement ( https://www.missioninvestors.org/system/files/tools/The-Impact-Investor-The-Need-for-Evidence-and-Engagement-Cathy%20Clark-et-al.pdf) Clark C, Emerson J, Thornley B (2012) The impact investor – the need for evidence and engagement (
https://www.missioninvestors.org/system/files/tools/The-Impact-Investor-The-Need-for-Evidence-and-Engagement-Cathy%20Clark-et-al.pdf)
Zurück zum Zitat Davison R, Heap H (2013) Can social finance meet social need ( www.huckfield.com/wp-content/uploads/2013/06/13-Heap-Davison-Soc-Fin-Soc-Need-U26.pdf) Davison R, Heap H (2013) Can social finance meet social need (
www.huckfield.com/wp-content/uploads/2013/06/13-Heap-Davison-Soc-Fin-Soc-Need-U26.pdf)
Zurück zum Zitat Dufays F, Huybrechts B (2015) Where do hybrids come from? Entrepreneurial team heterogeneity as an avenue for the emergence of hybrid organizations. Int Small Bus J 34(6):777–796 CrossRef Dufays F, Huybrechts B (2015) Where do hybrids come from? Entrepreneurial team heterogeneity as an avenue for the emergence of hybrid organizations. Int Small Bus J 34(6):777–796
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Zurück zum Zitat Ebrahim A, Rangan VK (2010) The limits of nonprofit impact. A contingency framework for measuring social performance. Harvard Business School, working paper, 10-099 CrossRef Ebrahim A, Rangan VK (2010) The limits of nonprofit impact. A contingency framework for measuring social performance. Harvard Business School, working paper, 10-099
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Zurück zum Zitat Emerson J, Spitzer J (2007) From fragmentation to function: critical concepts and writings on social capital markets’ structure, operation, and innovation. Skoll centre working paper ( http://eureka.bodleian.ox.ac.uk/762/1/FragmentationtoFunctionality2410Afinal.pdf) Emerson J, Spitzer J (2007) From fragmentation to function: critical concepts and writings on social capital markets’ structure, operation, and innovation. Skoll centre working paper (
http://eureka.bodleian.ox.ac.uk/762/1/FragmentationtoFunctionality2410Afinal.pdf)
Zurück zum Zitat Evans M (2013) Meeting the challenge of impact investing: how can contracting practices secure social impact without sacrificing performance? J Sustain Finance Invest 3(2):138–154 CrossRef Evans M (2013) Meeting the challenge of impact investing: how can contracting practices secure social impact without sacrificing performance? J Sustain Finance Invest 3(2):138–154
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Zurück zum Zitat Flockhart A (2005) Raising the profile of social enterprises: the use of social return on investment (SROI) & investment ready tools (IRT) to bridge the financial credibility gap. Social Enterprise Journal 1(1):29–42 CrossRef Flockhart A (2005) Raising the profile of social enterprises: the use of social return on investment (SROI) & investment ready tools (IRT) to bridge the financial credibility gap. Social Enterprise Journal 1(1):29–42
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Zurück zum Zitat Freirich J, Fulton K (2009) Investing for social & environmental impact – a design for catalyzing an emerging industry. Deloitte Monitor Institute, San Francisco ( http://monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf) Freirich J, Fulton K (2009) Investing for social & environmental impact – a design for catalyzing an emerging industry. Deloitte Monitor Institute, San Francisco (
http://monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf)
Zurück zum Zitat Glänzel G, Krlev G, Schmitz B, Mildenberger G (2013) Report on the feasibility and opportunities of using various instruments for capitalising social innovators. A deliverable of the project: “The theoretical, empirical and policy foundations for building social innovation in Europe” (TEPSIE). European Commission – 7th framework programme. European Commission, DG Research, Brussels Glänzel G, Krlev G, Schmitz B, Mildenberger G (2013) Report on the feasibility and opportunities of using various instruments for capitalising social innovators. A deliverable of the project: “The theoretical, empirical and policy foundations for building social innovation in Europe” (TEPSIE). European Commission – 7th framework programme. European Commission, DG Research, Brussels
Zurück zum Zitat Glänzel, G, Then V (2016) Investment-Readiness: Worauf es für soziale Organisationen beim Social Investment ankommt. Fundraiser-Magazin 4/2016:62–63 Glänzel, G, Then V (2016) Investment-Readiness: Worauf es für soziale Organisationen beim Social Investment ankommt. Fundraiser-Magazin 4/2016:62–63
Zurück zum Zitat Grabenwarter U, Lichtenstein H (2011) In search of gamma – an unconventional perspective on impact investing. IESE Business School, Barcelona, Madrid, New York ( http://www.iese.edu/en/files2/foc.pdf) CrossRef Grabenwarter U, Lichtenstein H (2011) In search of gamma – an unconventional perspective on impact investing. IESE Business School, Barcelona, Madrid, New York (
http://www.iese.edu/en/files2/foc.pdf)
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Zurück zum Zitat Gregory D, Hill K, Joy I, Keen S (2012) Investment readiness in the UK ( www.biglotteryfund.org.uk/er_invest_ready.pdf) Gregory D, Hill K, Joy I, Keen S (2012) Investment readiness in the UK (
www.biglotteryfund.org.uk/er_invest_ready.pdf)
Zurück zum Zitat Guézennec C, Malochet G (2013) Impact investing: a way to finance the social and solidarity economy? An international comparison (no. 2013-02). Paris Guézennec C, Malochet G (2013) Impact investing: a way to finance the social and solidarity economy? An international comparison (no. 2013-02). Paris
Zurück zum Zitat Hamilton BH (2000) Does entrepreneurship pay? An empirical analysis of the returns to self-employment. J Polit Econ 108:604–631 CrossRef Hamilton BH (2000) Does entrepreneurship pay? An empirical analysis of the returns to self-employment. J Polit Econ 108:604–631
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Zurück zum Zitat Hebb T (2013) Editorial. Impact investing and responsible investing: what does it mean? J Sustain Finance Invest 3(2):71–74 CrossRef Hebb T (2013) Editorial. Impact investing and responsible investing: what does it mean? J Sustain Finance Invest 3(2):71–74
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Zurück zum Zitat Hehenberger L, Harling A-M (2013) European venture philanthropy and social investment 2011/2012 – the EVPA Survey Hehenberger L, Harling A-M (2013) European venture philanthropy and social investment 2011/2012 – the EVPA Survey
Zurück zum Zitat Hochstädter AK, Scheck B (2014) Mapping the social impact investing market in Germany: an overview of opportunities in the education space. The Rockefeller Foundation, IIPC, New York ( http://gle.iipcollaborative.org/wp-content/uploads/sites/4/2014/06/Mapping-the-Social-Impact-Investing-Market-in-Germany_online.pdf) Hochstädter AK, Scheck B (2014) Mapping the social impact investing market in Germany: an overview of opportunities in the education space. The Rockefeller Foundation, IIPC, New York (
http://gle.iipcollaborative.org/wp-content/uploads/sites/4/2014/06/Mapping-the-Social-Impact-Investing-Market-in-Germany_online.pdf)
Zurück zum Zitat Jackson ET (2013) Interrogating the theory of change: evaluating impact investing where it matters most. J Sustain Finance Interrogating 3(2):95–110 CrossRef Jackson ET (2013) Interrogating the theory of change: evaluating impact investing where it matters most. J Sustain Finance Interrogating 3(2):95–110
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Zurück zum Zitat John R (2007) Beyond the cheque: how venture philanthropists add value. Oxford John R (2007) Beyond the cheque: how venture philanthropists add value. Oxford
Zurück zum Zitat Koh H, Karamchandani A, Katz R (2012) From blueprint to scale. The case for philanhropy in impact investing. Monitor Group, Zugegriffen ( https://www.missioninvestors.org/system/files/tools/From-Blueprint-to-Scale-Case-for-Philanthropy-in-Impact-Investing-Harvey-Koh-et-al.pdf) Koh H, Karamchandani A, Katz R (2012) From blueprint to scale. The case for philanhropy in impact investing. Monitor Group, Zugegriffen (
https://www.missioninvestors.org/system/files/tools/From-Blueprint-to-Scale-Case-for-Philanthropy-in-Impact-Investing-Harvey-Koh-et-al.pdf)
Zurück zum Zitat Mair J, Hehenberger L (2014) Front-stage and backstage convening: the transition from opposition to mutualistic coexisting in organizational philanthropy. Acad Manag J 57(4):1174–1200 CrossRef Mair J, Hehenberger L (2014) Front-stage and backstage convening: the transition from opposition to mutualistic coexisting in organizational philanthropy. Acad Manag J 57(4):1174–1200
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Zurück zum Zitat Martin M (2013) Making impact investible. Impact economy working papers, vol. 4, 1st edition. Geneva Martin M (2013) Making impact investible. Impact economy working papers, vol. 4, 1st edition. Geneva
Zurück zum Zitat Meehan WF, Kilmer D, O’Flanagan M (2004) Investing in Society. Why we need a more efficient social capital market – and how we can get there. Stanford Social Innovation Review, Spring, S 1–7 Meehan WF, Kilmer D, O’Flanagan M (2004) Investing in Society. Why we need a more efficient social capital market – and how we can get there. Stanford Social Innovation Review, Spring, S 1–7
Zurück zum Zitat Mendell M, Barbosa E (2013) Impact investing: a preliminary analysis of emergent primary and secondary exchange platforms. J Sustain Finance Invest 3(2):111–123 CrossRef Mendell M, Barbosa E (2013) Impact investing: a preliminary analysis of emergent primary and secondary exchange platforms. J Sustain Finance Invest 3(2):111–123
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Zurück zum Zitat Miller TL, Wesley CL (2010) Assessing mission and resources for social change: an organizational identity perspective on social venture capitalists’ decision criteria. Entrepreneursh Theory Pract 34(4):705–734 CrossRef Miller TL, Wesley CL (2010) Assessing mission and resources for social change: an organizational identity perspective on social venture capitalists’ decision criteria. Entrepreneursh Theory Pract 34(4):705–734
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Zurück zum Zitat Miller TL, Grimes MG, McMullen JS, Vogus TJ (2012) Venturing for others with heart and head: how compassion encourages social entrepreneurship. Acad Manag Rev 37(4):616–640 CrossRef Miller TL, Grimes MG, McMullen JS, Vogus TJ (2012) Venturing for others with heart and head: how compassion encourages social entrepreneurship. Acad Manag Rev 37(4):616–640
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Zurück zum Zitat Moehrle C (2014) Impact Investing. „Kulturell noch im Spenden verhaftet“ Interview with Johannes Weber, Social Venture Fund, and Stephanie Petrick, Impact in Motion. CFOworld, S 1–6 Moehrle C (2014) Impact Investing. „Kulturell noch im Spenden verhaftet“ Interview with Johannes Weber, Social Venture Fund, and Stephanie Petrick, Impact in Motion. CFOworld, S 1–6
Zurück zum Zitat Moore M-L, Westley FR, Nicholls A (2012a) The social finance and social innovation nexus. J Soc Entrepreneursh 3(2):115–132 CrossRef Moore M-L, Westley FR, Nicholls A (2012a) The social finance and social innovation nexus. J Soc Entrepreneursh 3(2):115–132
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Zurück zum Zitat Moore ML, Westley FR, Brodhead T (2012b) Social finance intermediaries and social innovation. J Soc Entrepreneursh 3(2):184–205 CrossRef Moore ML, Westley FR, Brodhead T (2012b) Social finance intermediaries and social innovation. J Soc Entrepreneursh 3(2):184–205
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Zurück zum Zitat Nicholls A (2010) The institutionalization of social investment: the interplay of investment logics and investor rationalities. J Soc Entrepreneursh 1(1):70–100 CrossRef Nicholls A (2010) The institutionalization of social investment: the interplay of investment logics and investor rationalities. J Soc Entrepreneursh 1(1):70–100
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Zurück zum Zitat O’Donohoe N, Leijonhufvud C, Saltuk Y (2010) Impact investments: an emerging asset class. New York O’Donohoe N, Leijonhufvud C, Saltuk Y (2010) Impact investments: an emerging asset class. New York
Zurück zum Zitat Petrick S (2013) Impact investing in the area of long-term unemployment. Entrepreneurial approaches within selected European countries Petrick S (2013) Impact investing in the area of long-term unemployment. Entrepreneurial approaches within selected European countries
Zurück zum Zitat Petrick S, Weber M (2013) The social impact investment ecosystem in Germany. Input for the meeting of the Social Impact Investing Taskforce established by the G8 Petrick S, Weber M (2013) The social impact investment ecosystem in Germany. Input for the meeting of the Social Impact Investing Taskforce established by the G8
Zurück zum Zitat Priller E, Alscher M, Droß PJ, Paul F, Poldrack CJ, Schmeißer C, Waitkus N (2012) Dritte-Sektor-Organisationen heute: Eigene Ansprüche und ökonomische Herausforderungen. Ergebnisse einer Organisationsbefragung. Berlin. http://www.wzb.eu/sites/default/files/u163/dso_gesamt_finale_23-05-2013_online.pdf Priller E, Alscher M, Droß PJ, Paul F, Poldrack CJ, Schmeißer C, Waitkus N (2012) Dritte-Sektor-Organisationen heute: Eigene Ansprüche und ökonomische Herausforderungen. Ergebnisse einer Organisationsbefragung. Berlin.
http://www.wzb.eu/sites/default/files/u163/dso_gesamt_finale_23-05-2013_online.pdf
Zurück zum Zitat Repp L (2013) Soziale Wirkungsmessung im Social Entrepreneurship, Herausforderungen und Probleme. Springer VS, Wiesbaden CrossRef Repp L (2013) Soziale Wirkungsmessung im Social Entrepreneurship, Herausforderungen und Probleme. Springer VS, Wiesbaden
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Zurück zum Zitat Schober C, Then V (Hrsg) (2015) Praxishandbuch Social Return on Investment. Wirkung sozialer Investitionen messen. Schäfer-Pöschel, Stuttgart Schober C, Then V (Hrsg) (2015) Praxishandbuch Social Return on Investment. Wirkung sozialer Investitionen messen. Schäfer-Pöschel, Stuttgart
Zurück zum Zitat Silby DW (1997) Social venture capital: sowing the seeds of a sustainable future. J Invest 6(4):108–111 CrossRef Silby DW (1997) Social venture capital: sowing the seeds of a sustainable future. J Invest 6(4):108–111
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Zurück zum Zitat Social Impact Investment Taskforce (2014a) Measuring impact: subject paper of the Impact Measurement Working Group ( http://www.thegiin.org/binary-data/IMWG_Whitepaper.pdf) Social Impact Investment Taskforce (2014a) Measuring impact: subject paper of the Impact Measurement Working Group (
http://www.thegiin.org/binary-data/IMWG_Whitepaper.pdf)
Zurück zum Zitat Thompson P, Williams R (2014) Taking your eyes off the objective: the relationship between income sources and satisfaction with achieving objectives in the UK third sector. Volunt Int J Volunt Nonprofit Organ 25(1):109–137 CrossRef Thompson P, Williams R (2014) Taking your eyes off the objective: the relationship between income sources and satisfaction with achieving objectives in the UK third sector. Volunt Int J Volunt Nonprofit Organ 25(1):109–137
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Zurück zum Zitat Weber M, Scheck B (2012) Impact Investing in Deutschland. Bestandsaufnahme und Handlungsanweisungen zur Weiterentwicklung Weber M, Scheck B (2012) Impact Investing in Deutschland. Bestandsaufnahme und Handlungsanweisungen zur Weiterentwicklung
Zurück zum Zitat Wood D, Thornley B, Grace K (2013) Institutional impact investing: practice and policy. J Sustain Finance Invest 3(2):75–94 CrossRef Wood D, Thornley B, Grace K (2013) Institutional impact investing: practice and policy. J Sustain Finance Invest 3(2):75–94
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- Titel
- Social Impact Investing und Social Enterprise in Deutschland – Eine Bestandaufnahme
- DOI
- https://doi.org/10.1007/978-3-662-55591-0_10
- Autoren:
-
Gunnar Glänzel
Thomas Scheuerle
- Verlag
- Springer Berlin Heidelberg
- Sequenznummer
- 10