innovate125 – HHl targeting top 10 in europe
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innovate125 – HHl targeting top 10 in europe
research report 2012 Content Dear reader, innovate125 – HHL Targeting Top 10 in Europe . . . . . . . . . . . . . . . . . . . . 04 Advisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05 Center for Advanced Studies in Management . . . . . . . . . . . . . . . . . . . . . 06 Strategic and international Management Chair of Strategic Management and Organization . . . . . . . . . . . . . . . . 08 Center for Strategy and Scenario Planning . . . . . . . . . . . . . . . . . . . . . . . 09 Finance, Accounting and CorpORATE Governance Chair of Financial Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Chair of Accounting and Auditing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Center for Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 ECONOMICS AND REGULATION Chair of Economic and Information Systems . . . . . . . . . . . . . . . . . . . . . . 22 Chair of Microeconomics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 SUSTAINABILITY AND COMPETITIVENESS Chair of Marketing Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Heinz Nixdorf Chair of IT-based Logistics . . . . . . . . . . . . . . . . . . . . . . . . Sparkassen-Finanzgruppe Chair of Macroeconomics . . . . . . . . . . . . . Dr. Werner Jackstädt Chair of Economic and Business Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 32 36 With its innovate125 Future Concept, HHL aims to sharpen its research profile on a sustainable basis. To achieve this, it further developed its scientific structure to systematically consolidate its strengths and form new research focuses. Moreover, HHL founded a Center for Advanced Studies in Management (CASiM) which examines the basic questions of business administration in the 21st century in cooperation with all chairs. One part of this strategy is to introduce a new type of research report presenting the new group structure and the new cross-group centers. We wish to present our esteemed readers an improved insight into our research topics as well as our researchers. Our basic principles are rigor and relevance. In collaboration with the top experts in this field and other disciplines, we want to perform outstanding research. However, it is also important to us that our research is relevant to practice. In this respect, we wish the readers of our Research Report a productive experience when looking at what we are doing today and what we are planning to develop in the future. We would like to invite you to connect with us in a scientific context or cooperate with us as a partner from the economy in order to develop a level of transfer ability for the new knowledge on practical issues with us. Yours, 38 Prof. Dr. Andreas Pinkwart Dean of HHL Leipzig Graduate School of Management INNOVATION AND ENTREPRENEURSHIP Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship . . . . . . . . . . . . . . . . 40 Schumpeter Junior Professorship for Entrepreneurship and Technology Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Center for Leading Innovation & Cooperation . . . . . . . . . . . . . . . . . . . . . 44 Publications and Conference Presentations . . . . . . . . . . . . . . . . . . . . . . . 46 Imprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 4 HHL RESEARCH REPORT 2012 5 innovate125 – HHL Targeting Top 10 in Europe Since its foundation in 1898, HHL has proven to be a driving force for innovation: 1898, and it was the first business school in the German speaking world to pave the way for the academic training of merchants. Upon its re-establishment in 1992, the international orientation of business administration within the globalization of the German economy was the focus of its attention. HHL is one of the pioneers in Germany, teaching all programs in English since the mid-1990s. Long before the financial crisis, HHL was one of the first business schools to focus on the conditions for responsible sustainable leadership. HHL now responds to the growing complexity of leadership through its concept for the future, increasing awareness for the whole issue and expanding the dimensions of effectiveness and responsibility, aided by the perspectives of innovation and entrepreneurial leadership. With our Future Concept innovate125 we are taking a glimpse at the year 2023, when HHL will celebrate its 125th anni versary. By then, HHL wants to have moved up into the league of the top 10 graduate schools in Europe with its significant M.Sc., MBA and Executive programs as well as its well-structured doctoral program. To achieve this, great effort will be made to realign the content and structure of this university. HHL will organize its research and teaching activities in topic-related groups to consolidate its strengths and be able to profile new focal points. In relation to the pressing issues of modern leadership, the faculty will be composed of the following fields: Strategic & International Management; Finance, Accounting & Corporate Governance; Economics & Regulation; Sustainability & Competitiveness as well as Innovation & Entrepreneurship. The cross-faculty center will be established at HHL to ensure the cross-linking and profiling of research, teaching and knowledge transfer. Firstly, HHL’s new Center for Advanced Studies in Manage ment (CASiM) will deal with basic questions of business administration in the 21st century in close cooperation with the five research groups and HHL’s doctoral program. The current research program focuses on the role of trust within and between companies as well as the trust in innovation. The planned Center for Entrepreneurial and Innovative Management (CEIM) will bundle the individual groups’ expertise in innovative entrepreneurship in existing companies, companies established by merger or start-up businesses. With this, HHL seeks to establish itself as one of the leading entrepreneurial universities in Europe. The content-related advanced development and expansion is accompanied by a further growth of the faculty and a quality-oriented increase in the number of students. New programs are to roughly double the number of students and faculty members in the following five years. This will allow HHL to obtain additional international accreditations and to be included in further rankings. This growth is to involve a further inter nationalization of the faculty as well as an increase in the number of women in the faculty, the student community and the HHL bodies. In 2012 alone, the proportion of international faculty members will rise from 10 to over 25 percent. HHL wants to fund its growth by strengthening its self-financing power from tuition fees, third-party research funding, the systematic expansion of endowment chairs and the capital increase of the Kramer-Foundation, which is one of HHL’s three non-profit associations. HHL will organize its research and teaching activi ties in topic-related groups to consolidate its strengths and be able to profile new focal points. From left to right: Prof. Dr. Robert G. Hansen, Prof. Dr. Michael Czinkota, Prof. Dr. Holger Burckhart “With this highly innovative concept, HHL is blazing a trail on the frontiers of research, teaching and studies...” Prof. Dr. Holger Burckhart “Academics who are not taking part in discussions are like boxers who never go into the ring.” How do external scientists rate HHL’s new scientific strategy? The first meeting of the Advisory Board on this topic took place in summer 2011. The body is to recommend procedures for the strategic orientation of HHL on a regular basis. Renowned experts such as Professor Holger Burckhart (Rector of the University of Siegen), Professor Michael Czinkota (Associate Professor of International Business and Marketing at Georgetown McDonough School of Business, Washington D.C., and Professor Emeritus of the University of Birmingham) and Professor Robert G. Hansen (Senior Associate Dean of Tuck School of Business at Dartmouth) have been enlisted for this project. “Everyone who cares deeply about HHL should be excited about the School’s new strategy and optimistic about the future of management education at HHL. The new strategy begins with a mission statement that emphasizes several core themes: entrepreneurship, outstanding teaching and research, global outlook, and lifelong service and support to students. Much of this mission was already captured in the existing strategy, but there is enhanced emphasis on entrepreneurship, global focus, responsibility to broader society, and lifelong learning. This mission statement creates strong expectations. In five years, I expect to see serious developments at HHL on these new dimensions, in particular in entrepreneurial and global activity. The faculty and leadership of HHL should be commended for doing a serious strategic review and for taking difficult actions to support a new direction. They should be encouraged and supported by all who love HHL to continue unabated their work to make the School even better.“ Prof. Dr. Robert G. Hansen “With this highly innovative concept, HHL is blazing a trail on the frontiers of research, teaching and studies as well as adjusting its internal structure not just for today’s requirements but also in preparing itself as an attractive location for the challenges of the future. Since this is being realized through a concept adapted to the conditions and traditions of the university, the planned increase in research output and student numbers are realistic.” Prof. Dr. Holger Burckhart “As the oldest original institution of higher learning in business within the German speaking area, the HHL Leipzig Graduate School of Management (formerly Handelshochschule Leipzig) benefits from the reputation of the pioneer. At the same time, we realize from our research that these benefits are accompanied by eager competitors. Therefore, any institution with the word ‘Handel’ in its name, realizes that it needs to make things happen, in other words, it must ‘handeln’. This active perspective requires several important steps: A forward looking orientation; the formation of an innovation engine and entrepreneurial hub; the integration of international perspectives; the adjustment to a shifting context; and the ability to accomplish all this across faculty and area boundaries. While our Board provided Prof. Dr. Pinkwart and his colleagues with thoughts and insights, it was the leadership, the enthusiasm and the dedication of all the members of the HHL which has resulted in a new clarity of direction and uniqueness of approach. What has been achieved deserves the paraphrasing of Wittgenstein’s advice: ‘Academics who are not taking part in discussions are like boxers who never go into the ring’. HHL is in the ring! My best wishes for ongoing future success.” Prof. Dr. Michael Czinkota 6 HHL RESEARCH REPORT 2012 Center for Advanced Studies in Management 7 big challenges of the present and the future. With this platform CASiM wants to provide a forum for the interdisciplinary and international dialogue of business administration with other academic disciplines and with practitioners. This becomes apparent looking at the research theme “The Role of Trust in Firms and with its Stakeholders” which subsumes contract and control theory, compliance, corporate management as well as business ethics. closely with Leipzig-based institutes for natural and engineering sciences.” There are several research centers in Leipzig that offer opportunities for co-operation. For example, at the MaxPlanck-Institute for Mathematics in the Sciences, one of acting director Prof. Dr. Jürgen Jost’s research groups works on economic problems. Mathematics and statistics provide the foundations for cryptography, data mining, logistics, image processing and almost all quantitative analysis methods. Trust and Co-operation “CASiM has set itself the challenging target to contribute considerably to the development of the economic discipline under the management aspect in profit and non-profit companies,” says Prof. Dr. Meffert. Looking at it across disciplines, questions of trust, innovation and change management are central. In a time of a continuous financial and economic crisis, trust becomes a key resource. Prof. Dr. Reichwald explains the background: “Business administra- Prof. Dr. Dr. h.c. mult. Horst Albach Prof. Dr. Dr. h.c. mult. Heribert Meffert Prof. Dr. Dr. h.c. mult. Horst Albach was born on July 6, 1931, in Essen, Germany. He attended school in Essen, Breslau, Gießen, and again in Essen. He graduated from high school in 1952. After a year of studies at Bowdoin College in Brunswick, ME, he continued his studies of management and economics at Cologne University, where he received his Ph.D. in business economics in 1958. He taught at Darmstadt Technical University (1958 - 1960), Graz University (1960), and Kiel University (1960/61). He accepted an offer to become full professor of business economics at Bonn University in 1961, co-founded the private Coblence School of Management in 1984 and taught there, while on leave of absence from Bonn until 1987 when he became professor of industrial economics at the Free University Berlin. After the unification of Germany, he became a professor of management science at the Humboldt-University of Berlin. Prof. Dr. Albach holds honorary degrees from the Swedish School of Management in Stockholm, the Finnish School of Business in Helsinki, the universities of Kiel, Bielefeld, Cottbus, Graz, Alcalá de Henares, Waseda, Bowdoin College in Brunswick, ME, and the Russian Academy of Science. He is a member of the Order “Pour le mérite in the sciences and the arts” and was its Chancellor during the years 2004 - 2009. Prof. Dr. Dr. h.c. mult. Heribert Meffert studied business administration in Munich and wrote his habilitation about “Flexibility in Business Decisions” in 1968. In 1969 he was appointed to the chair of business administration at the University of Münster, where he established the first institute of marketing at a German university. In 1981 he was a founding member of the “Wissenschaftliche Gesellschaft für Marketing und Unternehmensführung e. V.”, a scientific society for marketing and management. From 1995 until 1997 he was responsible for the scientific management of the HHL Leipzig Graduate School of Management. As an emeritus professor, Heribert Meffert was Chairman of the Board of Management of the Bertelsmann Foundation from October 2002 to December 2005. He received numerous awards as well as honorary doctorates, and he was active on a number of supervisory boards and advisory committees of international companies. As a marketing researcher he published more than 300 scientific writings and over 30 monographs. As the initiator of the “AMD-Net NRW”, Prof. Dr. Meffert has been working since 2008 in an honorary capacity toward the improvement of the health care situation for persons with visual impairments. Executive Board of CASiM: Prof. Dr. Heribert Meffert, Prof. Dr. Ralf Reichwald, Prof. Dr. Andreas Pinkwart, Prof. Dr. Horst Albach (from left to right) CASiM – A Trans-Disciplinary and International Platform The Center for Advanced Studies in Management (CASiM) is an inter-divisional research center for business administration in the 21st century. The entire know-how of different branches of business administration goes into its four key research themes “The Role of Trust in Firms and with its Stakeholders”, “Change Management in Firms and Markets”, “Health Care Economics and Management of Health Care Institutions” and “Urban Dynamics: Cities and Firms in Global Competition”. CASiM is closely interlinked with HHL’s main focuses – on the one hand in research through the professorships and other centers, and on the other hand through its personnel. Two of the four members of the Executive Board work directly at HHL: Prof. Dr. Andreas Pinkwart, Dean and chair holder of the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship, and Prof. Dr. Ralf Reichwald, the Academic Director of the research center CLIC (Center for Leading Innovation and Cooperation). “Globalization of the markets, dynamic technological development, environmental pollution and the crisis on the financial markets together with growing demands for more social responsibility pose a big challenge for business administration as an applied science,” says board member Prof. Dr. Heribert Meffert. And his colleague Prof. Dr. Horst Albach adds: “I have collaborated on the mission statement of CASiM and I am looking forward to working at and with CASiM.” The research at CASiM will be done primarily by the doctoral candidates who will be guided and supervised by the members of the Executive Board of CASiM, the HHL professors as well as associated professors from other universities and institutes. The CASiM graduate school starts in the fall of 2012. CASiM’s first international conference “The Role of Trust in Business Economics” took place on June 28, 2012. A Trans-Disciplinary and International Platform Besides its research on the currently pressing economic issues of the 21st century, CASiM also wants to offer a trans-disciplinary and international platform for the development of business administration with regard to the Dr. Kerstin Hesse Executive Director of CASiM, who also lectures statistics/mathematics at HHL tion in the 21st century will give more attention than before to competition in innovation. The consequences of globalization will become more apparent than ever in all branches of trade. In connection with the change to a knowledge-based and service society, to remain a center of innovation, Germany has to become stronger and prove itself in international competition. The kinds of goods and products will change which will require more effective innovation management at the core of business considerations. Suitable concepts, methods and competencies are preconditions for ‘Integrated Inno vation Management’ which is based both on technological and business knowledge. These competencies need to be sustained. CASiM’s business research will dedicate a research focus to these topics. They will hereby cooperate “They touch both the significance and the reorientation of market-oriented management. With this research approach, CASiM also contributes to securing and developing the competitive advantage of the location Leipzig.” The management and academic development of the new center falls to the Executive Board of CASiM. The expertise and practical experience of its members is very diverse: Prof. Dr. Albach has developed a dynamic theory of the firm with an empirical foundation and has published in almost all disciplines of business management. Prof. Dr. Meffert is an internationally renowned expert in marketing and corporate management. Prof. Dr. Reichwald is one of economics’ leading organizational and innovation researchers, and Prof. Dr. Pinkwart is an internationally renowned expert on innovation and entrepreneurship. 8 HHL RESEARCH REPORT 2012 Strategic and international Management 9 CENTER FOR STRATEGY AND SCENARIO PLANNING Scenario Planning Leads to Higher Quality of Decisions Prof. Dr. Torsten Wulf (left) and Dr. Stephan Stubner of the Chair of Strategic Management and Organization Only if managers adjust the business model of their company to changes in time, will their company remain compe titive. This sounds like an easy, yet effective recipe. But what is behind it? Prof. Dr. Wulf: Of course, it seems easy and logical at first glance. However, not all companies manage to follow this intuitive rule in real life. Proven processes and the executives’ thinking play an important role here. Research summarizes this with the term “inertia”. It means that companies do not adequately adjust to changes, particularly environmental changes. This especially applies to businesses that have been successful for a long time. Kodak, for example, is on the verge of insolvency because it missed the development of digital photography, although they helped to invent digital photography. Prof. Dr. Schwenker: Take Nokia as another example: a market leader for years, the mobile phone producer missed the boat on the development of smart phones. The same applies to some extent to Blackberry manufacturer Research in Motion (RIM), which fell way behind Apple and its iPhone. On the other hand, Lufthansa is a positive example. It reacted well to the pressure of low-cost airlines, set up EUR 99 offers itself and successfully established its own low-cost subsidiary, Germanwings. It is not just about changes in the industry and its environment but also political, socio-political, technological, ecological and economic ones. What roles do international markets and international competition play? Current Situation Today Possible Paths of Development Possible Futures Future In a world that is characterized by increasing complexity, dynamics and volatility companies can no longer rely on just one strategic direction that they plan for. Rather, they have to derive strategic plans for an ‘option space’. The Center for Strategy and Scenario Planning, co-headed by Prof. Dr. Torsten Wulf and Prof. Dr. Burkhard Schwenker, has developed an approach to scenario-based strategic planning that takes these new challenges into account and improves strategic decision making in companies. Prof. Dr. Wulf: Large ones, certainly. The increasing globalization of markets and competitors raises the complexity and dynamics of the environmental changes. In my opinion, this increases the need to extensively and continuously deal with the changes in your industry. Prof. Dr. Schwenker: More and more, emerging economies are driving the growth of the global economy, not just as buyers but also as providers of goods and services. Companies in the BRIC countries in particular are therefore becoming competitors in all world markets. Companies from industrialized nations are already feeling the competition – both in their domestic markets and in exports; China, for example, is becoming an ever more powerful competitor to German and Japanese mechanical engineering companies in the world market. The German solar industry could write a book about it as well: five years ago, its worldwide market share was 50 percent; today it is about 20 percent. Instead, Chinese producers have conquered the market and make about half of the turnover worldwide. The only reaction to this is continuous development of your own products and innovations. Generally, German industry is well prepared in this respect. International markets also offer great opportunities for company expansion. Middle and upper class consumers in the emerging economies who want high- quality products are getting more numerous. Which companies did you examine in your study, in collaboration with Roland Berger Strategy Consultants, and what are the results? Prof. Dr. Wulf: Our study summarized the results of our cooperation with Lufthansa and Media Markt-Saturn. These examples clearly show that a process such as the 360° Stakeholder Feedback can lead to an improved perception of the environment. In both cases we, together with the management, were able to point out important developments which are going to play a vital role in their future strategic orientation. What conclusions can be drawn from this? To what type of company can your tool be applied? Prof. Dr. Wulf: From my point of view, the approach is suitable for any type of business, large or small. I think the benefit for major enterprises is greater due to their more complex structures, especially against a background of inertia as described above. Prof. Dr. Schwenker: Scenario studies can generally be applied to and used in all companies, irrespective of the size or product portfolio. That is because all companies must plan – whether it is factory capacities, investment, human resources, new products, new channels of distribution, entering new markets, etc. Scenario planning extends our toolbox and helps us use classic tools more sensibly. This means every company needs an external consultant who is permanently scanning external influences and advising management on the adaptation of its products/markets. Prof. Dr. Wulf: Interaction with external stakeholders leads to managers CHAIR OF STRATEGIC MANAGEMENT AND ORGANIZATION / CENTER FOR STRATEGY AND SCENARIO PLANNING Center Supporters Roland Berger Strategy Consultants Chairholder Prof. Dr. Torsten Wulf (until 3/2012) Academic Directors of the Center for Scenario Planning Prof. Dr. Torsten Wulf Prof. Dr. Burkhard Schwenker Core competencies/ Research interest • executive leadership and succession • strategy and governance in family business • strategic and scenario planning Contact www.hhl.de/strategy www.scenariomanagement.de 10 HHL RESEARCH REPORT 2012 Strategic and international Management 11 “I think companies should think more in scenarios and not longer rely on a plan for business development.” rethinking their personal views and therefore considering factors which they had previously not taken into account. It is precisely because of this symbiosis with external stakeholders, who can be but do not necessarily have to be consultants, that the 360° Stakeholder Feedback is so important when dealing with environmental changes. Do you agree, Prof. Dr. Schwenker? Prof. Dr. Schwenker: Changes in the macro-environment such as increasing complexity and volatility are creating more insecurity – this can be seen in the global economic crisis and individual countries’ debt crisis. In the past few years, we have learned that prognoses are difficult to make and often fail. The classic business planning cycles do not function anymore and the usual strategic tools have become unreliable, although the need for planning has remained the same. The macro-environment today, however, has a far more central significance for companies, since they are increasingly active on the world markets. If change takes place quickly, companies have to anticipate them, design plausible images for the future, i.e. scenarios looking at various options and prepare for them to happen. Scenario planning compensates for the deficits of conventional planning tools. Having external consultants makes sense, as they can identify blind spots; those influencing factors considered very important externally but underestimated internally. External consultants can also point out so-called weak signals early on – these are important influencing factors which have not been perceived on the inside. Consultants do not have to be with the company permanently. With the Scenario Cockpit, we have developed a monitoring tool which enables companies to keep an eye on major developments and react if necessary. Center for StrategY and Scenario Planning European Aviation Industry Prof. Dr. Burkhard Schwenker Academic Director of the HHL Center for Strategy and Scenario Planning, and Chairman of the Supervisory Board of Roland Berger Strategy Consultants What is in your toolbox for scenario planning? Prof. Dr. Schwenker: We are collabo rating closely with HHL within the framework of our Roland Berger School of Strategy and Economics and together we have developed a clearly structured process for creating scenarios. The process is more than just a toolbox: it includes a holistic scenario approach with well-described process steps and various tools that were developed or adjusted for every single one of these steps, e .g. the Scenario Cockpit or the 360° Stakeholder Feedback . The latter is a special two-tier survey approach not only identifying and assessing the influencing factors relevant to scenario planning, but also making it possible to recognize the blind spots and weak signals mentioned above, since it addresses both internal and external stakeholders. Various companies operating internationally are already using our toolbox to prepare scenarios. Unfortunately, I cannot give any names. Prof. Dr. Wulf: In a larger context, the 360° Scenario Feedback is part of our jointly developed scenario approach, which includes a total of six steps and seeks to make company planning more flexible to better prepare for volatile environmental changes. In order to simplify use of the method in business practice, we have developed a tool for each step of the process which can be applied quickly and easily. In doing so, we managed to bring the execution time of the process down to four to six weeks. This meets the needs of the companies far better than older scenario processes. What role does scenario planning as a whole assume in a company? Prof. Dr. Wulf: A very important one. In times of increased insecurity and because of the growing complexity of environmental changes, I think companies should think more in terms of scenarios and no longer rely on fixed plans for business development. Scenarios offer an excellent methodical basis for this. And many companies we speak to are using this instrument more and more these days. Prof. Dr. Schwenker: The environmental changes mentioned above – the increasing volatility and complexity – make long-term planning like that done in the past virtually impossible today. Therefore, scenario planning plays an increasingly important role as a planning tool since it allows companies to be flexible. They can be run not just on the evidence of the managers’ own eyes but are also able to prepare for various developments in the framework of a specific planning horizon. Scenario planning means identifying opportunities and preparing for threats. The principle and the procedure are always the same, the difference lies in the extent of the planning horizon: it is obviously much wider in the commodity industry than for fastmoving consumer goods. How can the quality of decisions made by managers be sustainably improved? Prof. Dr. Schwenker: By involving them directly in the preparation of scenarios. Scenario planning is most promising if the company executives recognize that classic planning does not work anymore and scenario planning is a suitable tool used to outline various possibilities for the future and develop measures for how to react to these. Prof. Dr. Wulf: There are many ways. One of them is to use scenario planning. Over the last few years, we have run several cognitive experiments with decision-makers and proven that scenario planning leads to better-quality decisions than traditional strategic planning tools. These results confirm the importance of scenario planning in business practice and show how this method can help managers react to the challenges of a global and volatile world. While air travel was mostly open to only the upper classes in the last century due to high prices, globalization today requires a high level of fast and reasonably priced freight transport worldwide. This comes with opportunities for the airlines in the form of growth but also causes problems: new technologies, the disappearance of economic boundaries and regulations leading to falling prices – and therefore to the establishment of new low-cost carriers such as Ryanair, Air Berlin or easyJet. Therefore, the Center for Strategy and Scenario Planning under the leadership of Prof. Dr. Torsten Wulf prepared four future scenarios for the European aviation industry within the framework of a study. They center around two major factors of insecurity: regulation within the industry and customer price sensitivity. The authors firstly recommend further restructuring and increases in efficiency to put the brakes on growing costs in administration and processes. Secondly, more service and quality through innovation both in the air and on the ground to remain competitive with Asian low-cost carriers. Since foreign airlines entering the European market limit the growth of the EU airlines, institutions on national and international levels are called upon to examine the advantages and disadvantages of the liberalization. “Detailed strategic recommendations, however, can only be provided on the basis of the specific situation in the respective company,” according to Prof. Dr. Wulf. He regards the scenarios prepared as a starting point to develop company-specific strategies and action plans for the European airlines in this highly dynamic environment. Pax Share of Business and Economy Class 5% Business 95% Economy Market Share of INTRA European Capacity 55% 30% LOw-Cost Carrier European Network Carrier Other EU Carrier 15 % Market Share of Mediumand Long-Haul Capacity 15 % 30 % RoW Carrier 40 % www.scenariomanagement.de 15 % Asian and Middle East Carrier European Network Carrier EU LOW-Cost and Other Carrier CHAIR OF STRATEGIC MANAGEMENT AND ORGANIZATION Family Equity: Shareholding from Family Assets Company FAMILy Equity Asset Management of the Family When investing their private capital, entrepreneurial families often build on other companies. It is not about speculation and the planned repurchase with a high yield but about maintaining the indirect influence on the assets invested and the possibility to continue to act as an entrepreneur. This is the conclusion drawn by the “Family Equity: Shareholding from Family Assets” study. Entrepreneurial families therefore assume an increasingly active role as shareholders. “As a final conclusion we can say that family businesses and/or entrepreneurial families differ from institutional investors with regards to shareholding in other companies,” explains Prof. Dr. Torsten Wulf. He is one of the authors of the study compiled in cooperation with AlphaZirkel (Forum for Family Entrepreneurs). Prof. Dr. Wulf expects the trend of increasing direct shareholding by companies to continue in the future: “Entrepreneurial families will play a more and more important role as capital providers and partners.” If the guiding principle of entrepre neurial families continue in their shareholdings, advantages and disadvantages arise. These are to be analyzed in a subsequent paper. Additionally, the question whether entrepreneurial families are the more successful investors in shareholdings is to be addressed. 12 HHL RESEARCH REPORT 2012 Finance, Accounting and CorpORATE Governance 13 direct advantage over the competition in the field of M&A as well, just like in industrial production processes, and that this strategy substantially enhances the probability for acquisitions which increase value. “Although our first step shows that this undifferentiated con sideration is to be dismissed, we identify tools which also enable serial acquirers to create value through M&A in our second step,” says Prof. Dr. Schwetzler. for all serial acquirers as well as companies planning to set up an extensive M&A program in the near future. From a scientific point of view, the capital market is assessed with regard to future integration costs as an important influencing factor for the short-term capital market reactions. Non-crisis times “The PMI phase is of great importance to the success of the transaction” Crisis times 0.4 The PMI Phase The PMI phase (post-merger integration) is of great importance to the success of the transaction and its assessment by the capital market. In addition to the findings of past research, it now has been proven empirically that a con tinual burden on the organization in particular can lead to serious problems for serial acquirers – an empirical result which had not been rendered yet. M&A decision-makers must ask themselves one question in this context: “Can my organization as a whole currently handle another acquisition or is it already over-strained?” CHAIR OF FINANCIAL MANAGEMENT Can Serial Acquirers Benefit from M&A? The Chair of Financial Management under the leadership of Prof. Dr. Bernhard Schwetzler is both scien tifically-based and application-orien ted. “To ensure this claim we teach basic theoretical models and apply them to current and relevant questions and examples from the business practice,” says Prof. Dr. Schwetzler. The teaching seeks to prepare students for a job in an international environment. In order to connect the research work with actual practice, the Center for Corporate Transactions was founded in 2007. Can companies actually learn how to acquire other enterprises? This question is the basis of a worldwide analysis entitled “The Anatomy of Serial Acquirers” by the Center for Corporate Transactions in collaboration with the Boston Consulting Group. According to Prof. Dr. Bernhard Schwetzler, the results drawn from more than 20,000 corporate transactions are surprising and of great practical importance: They show that the transaction performance of serial acquirers is significantly lower than that of non-serial and one-time acquirers contrary to the presumption of positive learning curve effects. Learning effects within the framework of acquisitions seem to exist in just a few specific fields, e.g. the acquisition of companies in crisis (“distressed acquisitions”). Enterprises, such as Siemens, that frequently acquire other companies are not necessarily better acquirers than companies that only rarely take others over – and therefore could not build up experience in this process. Theoreti cally speaking, learning effects should exist for mergers and acquisitions as well, considering the specialized M&A departments, external consultants and CEOs/CFOs experienced with such deals. It therefore comes as a surprise that the analysis comes to the exact opposite conclusion. The practice has generally assumed that learning effects lead to a “The results of our research are highly relevant for most major companies and enterprises that conclude serial transactions, since we show how these acquirers can potentially benefit from their M&A experience and establish advantages in the competition towards one-time acquirers,” concludes Prof. Dr. Schwetzler. “Beyond that, we show that an overburdening of the organization by integrating acquired companies is to be avoided and that the ‘digestive process’ of previous acquisitions should rather be given a little more time.” The results, obtained with the dissertation by Dominic Klemmer, have an added value for both practice and science. From a practical standpoint, conditions which will increase the probability of successful acquisitions are presented Glossary PMI Phase (PostMerger Integration) The PMI (post-merger integration) phase is the final part of the M&A process, following the closing of the merger agreement itself. In this phase, the assets, personnel, and business activities of the two companies participating in the merger are combined. The post-merger integration may take between a few months to multiple years after the merger agreement is signed. 1.5 -1.2 1.5 1.0 +1.4 0.3 0.0 -0.4 0.5 -0.8 0.3 0.0 ØCAR in % -1.2 Single acquirers Serial acquirers ØCAR in % -1.1 Single acquirers Serial acquirers The graph shows that the transactional performance (= development of the company’s shares) of serial acquirers in times of non-crisis is lower in comparison to single acquirers. In times of crisis, however, the transactional performance of serial acquirers is higher in comparison to single acquirers. Positive learning effects through repeated acquisitions seem to exist only in special situations such as the acquisition of an enterprise in the crisis. Conglomerate Discount Prof. Dr. Bernhard Schwetzler and Christin Rudolph, who holds a degree in economics, examined the influence of the 2008-2009 financial crisis on the conglomerate discount in various regions (Asia Pacific, United Kingdom, Continental Europe, North America) in their joint article “Conglomerates on the Rise Again? The Impact of 2008-2009 Financial Crisis on the Diversification Discount”. “Conglomerate discount” refers to the undervaluation of diversified firms caused by the perception that corporate diversification destroys shareholder wealth. It was shown that the financial crisis had a positive influence on the conglomerate discount in regions with a high level of capital market development, thus, the discount on the diversified company actually decreased there. This means that the financial crisis per se was not bad for all companies. On the contrary, it even came with benefits for diversified companies. In regions with a relatively lessdeveloped capital market, however, the crisis did not have any influence; there is no conglomerate discount in these regions. “The added value in our study compared to a previous one on the US market is that we were able to show that results cannot be applied to other countries or regions just like that. Instead, the influence of the crisis on the discount depends on the institutional conditions of the country or region as well,” says Ms. Rudolph. The conglomerate discount is the subject of her cumulative dissertation. CHAIR OF FINANCIAL MANAGEMENT Chairholder Prof. Dr. Bernhard Schwetzler Chair Supporters •Duff & Phelps • Henkel AG & Co. KGaA •Noerr LLP • The Boston Consulting Group GmbH Contact www.hhl.de/finance Core competencies/ Research interest • corporate valuation and corporate finance • fairness opinions • material adverse change (MAC) clauses in corporate transactions • transaction currency and performance • effects of debt financing in corporate valuation 14 HHL RESEARCH REPORT 2012 Finance, Accounting and CorpORATE Governance 15 CHAIR OF FINANCIAL MANAGEMENT The Value of Corporate Debt in the Valuation of Companies There are various theories about how companies make financing decisions. They can incur debt in order to obtain outside capital for important investments without having to ask the shareholders for equity. On the one hand, these debts have certain financial benefits since the interest to be paid will reduce taxes under certain circumstances. On the other hand, high debt may lead a company into insolvency. This is the basis of the trade-off theory which concludes that there is an optimal debt level which trades the advantages and disadvantages off against each other and is therefore ideal for the company. If this is the case, there should be observable factors to explain the financing choices of companies using empirical models. Evidence for this but also contrary considerations are found in the respective literature. Jens Reinstädt wanted to explore this more thoroughly in his Master thesis, supervised by Sven Arnold and Alexander Lahmann from Prof. Dr. Bernhard Schwetzler‘s Chair. He examined the liquidity supply and market development using various capital structure theories in a data set of G7 countries between 1999 and 2009. His conclusion: “The companies are going to have to rethink the debt policies due to the crisis and they will finance their businesses in a more conservative manner in the future. Moreover, it will become more difficult to obtain outside capital.” In addition to the Master thesis, a publication in Corporate Finance biz will support decision-makers to make the right choice between corporate debt and equity. “Neither the trade-off nor the pecking order theory can explain all aspects of capital structure decisions,” says Alexander Lahmann who holds a degree in economics. “We were able to confirm many results of previous studies for the period of examination but also reassess statistically significant connections and show that they are constant over time.” In detail: Profitability and company size have a continuous significance. In contrast, growth, tangibility of assets and the tax rate lose influence during certain years. “We were able to test capital structure theories in a quite interesting “The companies are going to have to rethink the debt policies due to the crisis and they will finance their businesses in a more conservative manner in the future. Moreover, it will become more difficult to obtain outside capital.” Jens Reinstädt (part-time MBA student) data set. The sample is especially characterized by the bust of the dotcom bubble in 2000 and the financial crisis of 2007/2008,” says Mr. Arnold. Capital structure during the crisis During the dot-com bust and the recent economic crisis, neither the trade-off nor the pecking order theory were reliable; but the profitability of firms maintained to be statistically significant. Between 1999 and 2009, it is remarkable how the highest model quality was achieved in the year of crisis 2008. Profitability and company size show a constant importance over time with profitability as an influencing factor being evidence for the pecking order theory while size can be consider ed to prove the trade-off theory. At the peak of the crisis in 2008, profitability was becoming more important while company size was losing significance. Additionally, the trade-off theory is supported by the influencing factors of growth and tangibility of assets mainly in the first years of the study. They are not constant over time and lose significance with the crisis of the New Economy with tangibility of assets even becoming a negative factor prior to the crisis, which supports the pecking order theory. However, this trend has not continued. Moreover, the pecking order theory does explain the financing choice of large companies throughout the entire period very well. Since the present study provides arguments for both theories during various periods, it can be assumed that the trade-off and pecking order theory each explain a part of the capital structure decision making and complement one another. “Interesting is the fact that industry membership is a very important determinant of leverage. This is an indicator that companies position themselves with respect to their own peer group,” says Alexander Lahmann. From this finding, the authors derive further questions for scientific research: are there cyclical economic schematics in the industries or are there industryspecific characteristics which we have not understood yet? In any case, the asset tangibility variable becomes insignificant when including industries into the empirical model. CHAIR OF FINANCIAL MANAGEMENT Tax Shield – A Topic in Practice and Science The value of outside financing has always been a crucial question of economics which could only be answered with assumptions far from reality up to now. The question has been asked and actively discussed since the 1960s. However, the work of Prof. Dr. Bernhard Schwetzler, Sven Arnold and Alexander Lahmann takes an advanced look at this valuation problem in Germany. They examine the value of tax shields with particular consideration towards insolvency and the value of the interest barrier. Glossary Tax Shield A tax shield is the reduction in income taxes that results from taking an allowable deduction from taxable income. Since a tax shield is a way to save cash flows, it increases the value of the Another result of the data analysis: prior to the financial crisis, companies worldwide were not excessively in debt. “The common statement in the public debate that excessive debt led to the crisis is refuted in our global data set of capital market companies,” says Sven Arnold, who holds a degree in mathe matics. No differences in the development of the debt ratio were measured in the individual countries during the crises. Generally, Canada and Germany have the lowest, Japan and Italy the highest debt ratio over the entire study period. business, and it is an important aspect of business valuation. “In general, we deal with the value proposition of outside capital in the valuation of companies,” says economist Alexander Lahmann. The interest on loans taken out by companies being tax-deductible in the calculation of the annual net income leads to tax benefits from outside financing. “This tax shield is a considerable part of the market value of a company,” he adds. Empirical studies showed that it accounts for 10 percent of the entire company value on average. This value proposition may decrease when including various conditions in the examinations such as insolvency or limitations on interest deductibility. The background: the 2008 company tax reform introduced the limitation on the tax deductibility of interest paid, the so-called interest barrier. The legislature sought to lower the fiscal incentive of outside financing. “The regulation was to prevent excessive financing through borrow ing by German companies. It resulted in a number of critics from the prac tice raising their voices to warn about significant losses in value by the companies affected,” explains Prof. Dr. Schwetzler. Therefore he, together with his two colleagues, examined the economic effects of this tax barrier regulation for company owners. The objective was to determine the tax benefits resulting from outside financing (tax shield) when applying this new tax regulation. The result: the application of the model set up for the assessment of tax benefits on the empirical data for German companies from the Prime All Index showed that the value proposition of the tax barrier is negligible. The recommended procedure for practitioners therefore is to consider the tax barrier solely in extreme cases and to take into account the insolvency probability when assessing tax benefits. Prof. Dr. Schwetzler sees relevance in this project both for the practice and for science. “In the practice, you want to know whether you should indeed model the interest barrier and insolvency in the valuation of a company. The scientists, on the other hand, want to know how to technically realize these problems.” Mathematician Sven Arnold says about the research process: “One difficulty was to connect a theoretically correct point of view with reality. It was the excellent cooperation between theoretical stand points and certain modeling techniques which greatly contributed to the solution of the scientific question.” The research topic required various types of expertise: company valuation, model-based theoretical work, knowledge on stochastic processes and implementation in a computer program. By combining various abilities it became possible to analyze these questions. 16 HHL RESEARCH REPORT 2012 Finance, Accounting and CorpORATE Governance 17 CHAIR OF ACCOUNTING AND AUDITING Consolidation In Accordance With IFRS The research and teaching at HHL’s Chair of Accounting and Auditing under the leadership of Prof. Dr. Henning Zülch deals with International Financial Reporting Standards (IFRS). Those standards are binding for all capital market-oriented companies within the European Union since 2005. In the scope of international financial reporting, three topics represent the central pillars of the Chair‘s research: consolidation, performance reporting as well as standard setting and enforcement. Standard Setting Enforcement Consolidation Performance Reporting IFRS The internationalization of financial reporting is advancing rapidly following the concept of the ‘International Financial Reporting Stan dards’ (IFRS). The goal is to utilize one financial reporting language all around the globe and thereby to supersede the national accounting systems. The Chair led by Prof. Dr. Zülch actively participates in the international discussion through its research activities shown in the graphic. Consolidation entails group reporting by capital-market oriented companies in accordance with IFRS. Economists unanimously agree that today groups represent the most important organizational form for the economic activities of large enterprises. Groups are conglomerates of legally independent but economically dependent enterprises. The economic importance of groups stresses the need for an information tool which stakeholders like investors, creditors, employees as well as the management may use to assess the economic situation of a company. Consolidated financial statements represent such a tool, which is why group accounting is of particular importance for information purposes. Regardless of how companies are organizationally linked within a group, their business activities are joined by various existing supply and service relationships. Consequently, the financial statement of one entity within the group cannot provide accurate insight into the financial and earnings position of a group. This problem is caused by the interrelations within the group which blur the individ ual financial statements. Merely adding up individual financial statements does not accurately reflect the situation of the “group” as an economic unit. Only consolidated financial statements, Glossary Consolidation Consolidation in the context of financial accounting refers to the aggregation of financial statements of a New books Accounting according to International Financial Report ing Standards (IFRS) has been undergoing dyna mic changes in the last few years. This also applies to the reporting of income directly booked against equity in the so-called other comprehensive income (OCI). Prof. Dr. Pronobis shows that these OCI results are not directly processed by the capital market but at the same time have high relevance for the forecasting of future results. The findings presented confirm the latest developments demanding more prominent reporting of OCI. group company as consolidated financial statements. in which all interdependencies within the group have been eliminated, can faithfully represent the economic situation. The Chair’s research on consolidation focuses on the various steps of preparing consolidated financial statements. It deals with the acquisition of group companies (business combinations), techniques for preparing a consolidated financial statement (regulations and procedures) and impairments of assets acquired in the course of an acquisition or a merger. The research work in this field is supported by the Center for Financial Reporting and Consolidation (CFRC), initiated by Prof. Dr. Mark-Ken Erdmann (Rickmers Holding) in 2010. The CFRC aims to discuss business problems and solve them consistently based on profound theory. Besides Prof. Dr. Henning Zülch and Prof. Dr. Mark-Ken Erdmann, Prof. Dr. Bernhard Schwetzler as well as Dr. Johannes Wirth were appointed as members of the governing board of the CFRC. Due to his multifaceted commitment to research and teaching at HHL, and especially due to his active role in estab lishing the CFRC, the Senate of HHL unanimously decided to appoint Prof. Dr. Mark-Ken Erdmann as an Honorary Professor in 2011. Research on business combinations pays particular attention to the account ing standard IFRS 3. This standard regu lates procedures on how to account for Approximately one in four financial statements by capital-market oriented companies are faulty. This is the noteworthy result of random tests conducted by the Financial Reporting Enforcement Panel and the Federal Financial Supervisory Authority since 2005. The Enforcement Guide gives an overview of the relevant legal and organizational framework of the enforcement process and analyzes errors as well as the accounting problems which caused them. Based on this, important recom mendations are given for practice concerning all relevant accounting issues. CHAIR OF ACCOUNTING AND AUDITING Chairholder Prof. Dr. Henning Zülch Core competencies/ Research interest • consolidation • performance reporting • accounting in private firms • standard setting and enforcement Contact www.hhl.de/accounting 18 HHL RESEARCH REPORT 2012 Finance, Accounting and CorpORATE Governance 19 CHAIR OF ACCOUNTING AND AUDITING “The Trust in Capital Markets must be Re-Established” What is your motivation for supporting the Chair in its research work? What are the challenges that theory and practice have to face in this field? Prof. Dr. Mark-Ken Erdmann: Having a close interaction between theory and practice is beneficial for both sides, especially due to the increasing complexity of regulations. While business practice may serve as a source for research topics that are not always obvious at first glance, the academic environment provides outstanding opportunities for managers to remain up-to-date regarding current developments and to assure a steady transfer of state-of-the-art knowledge into companies. In this respect, HHL offers an excellent platform. Prof. Dr. Mark-Ken Erdmann: In my opinion, it is essential that theory helps to solve practical problems in a systematic and scientifically wellfounded manner; and that business practice implements the respective solutions accordingly. Foremost the trust in capital markets must be reestablished sustainably. In the long run this may only be achieved by - amongst others - a close interaction of theory and practice. Both theory and practice are required to focus on the true essen tials, most importantly they need to face the at least partly exaggerated Anglo-American developments by presenting alternative solutions. In what respect is research on consolidation and other topics being discussed at HHL relevant for practice? Prof. Dr. Mark-Ken Erdmann: The term “consolidation” is somewhat restrictive since in the end management needs to receive information that is relevant for steering their company. HHL is well prepared in this respect. The systematic integration of accounting-related (Chair of Accounting and Auditing) and financial knowledge (Chair of Financial Management) at the Center for Financial Reporting and Consolidation is the right approach, especially since in practice “consolidation” is increasingly driven by the need to also solve valuation issues. Prof. Dr. Mark-Ken Erdmann the acquisition of another company. It therefore is a pre-stage to preparing consolidated financial statements. The Chair‘s research focuses on management’s role in the context of an acquisition and its effects on the financial statements. A current working paper examines the link between management compensation and the amount of goodwill recognized as an asset in the balance sheet. The key finding is that the CEO’s short-term cash bonus is a determinant of goodwill if it makes up between 150 and 200 percent of his or her fixed salary. This result implies the following: Limiting the CEO’s short-term bonus to 150 percent of its fixed salary may help avoid excessive goodwill accounting thus decreasing the risk of future extraordinary losses (impairments). With regard to regulations and procedures the newly issued accounting standards IFRS 10, 11 and 12 are of particular importance. Those regulations will alter reporting practice significantly and will come into effect on January 1, 2013. Research in this area critically examines the new regulations based on relevant theories of consolidated accounts. It is analyzed whether the new requirements satisfy the information needs of stakeholders and whether previously existing regulatory gaps were closed by the new regulations. In the course of the Chair’s research on the impairment of assets, consequences of mergers and acquisitions are examined from an accounting perspective. In this context it is important to consider the regulations of IAS 36, which require companies to regularly assess whether the book value of an asset needs to be written down extraordinarily. With regard to mergers and acquisitions, the intangible asset ‘goodwill’ requires special attention. Goodwill is that part of the purchase price that the acquirer paid in excess of the current value of acquired net assets. A worsened economic outlook, negative industry conditions or unfavorable management decisions may require impairing capitalized goodwill. In a recent research paper the Chair examines determinants of impairment decisions of listed companies in Germany between 2004 and 2009. In this context, the influence of both economic factors and accounting incentives on impairment decisions was analyzed. It was found that management’s desire to smooth earnings had a significant influence on the respective impairment decisions. Moreover, impairment of intangible assets turned out to be more likely in years in which there was a change in management. Performance Reporting The research field of performance reporting focuses on the presentation of a company’s profits and losses. The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) aim to align and harmonize their respective accounting standards IAS 1 “Presen tation of Financial Statements” and SFAS 130 “Reporting Comprehensive Income” during the course of their Joint Financial Statement Presentation Project. The presentation of income and expenses in international financial statements are to be improved in order to meet users’ needs more adequately than before. It is therefore essential to critically examine the forthcoming standard, also with regard to potential management discretion. hide this fact in its financial statements by using discretion such that the share price at least does not decrease. These findings are of particular relevance for capital market research since it has not yet been conclusively shown how discretion in accounting standards affects stock markets. Standard Setting & Enforcement national Accounting Standards Board (IASB). The research field of standard setting and enforcement deals with the emergence of accounting regulations (standard setting) on the one hand and the legal enforcement of accounting standards on the other. The dissertation by Dr. Sebastian Hoffmann entitled “Lobbying im Rahmen der Entstehung von Rech nungslegungsnormen” (“Lobbying in the Context of Accounting Standard Setting”), submitted in 2011, is at the core of the Chair’s research on standard setting. The nucleus of this dissertation is a research paper on the work of the technical staff of the International Accounting Standards Board (IASB). It is shown that comments on regulatory proposals that are sent by companies, accountants, associations, etc. are not consistently and comprehensively evaluated by the IASB’s staff. In fact, seemingly critical statements are under weighted. Hence, the public cannot obtain an accurate picture of the actual statements and the opinions expressed therein when reading the summary of comments prepared by the IASB. Moreover, by weighting the statements without reservation or further explanation, the IASB is at risk of not achieving its own standards of transparency and credibility. Both characteristics are essential for this body since it is a private regulatory authority and consequently very much dependent on trust. The IASB has been advised to change its mode of publishing the summary of comments received on proposals. It is found that companies indeed make use of the discretion provided by the accounting standard for pension obligations. The findings suggest that companies with underfunded pension obligations use discretion as a way to achieve positive capital market reactions (i.e. share price increases). In other words, if a listed company has an underfunded pension plan, i.e. the company has not saved enough capital for future pension payments, it aims to The sub-field of enforcement is of particular relevance since there is a consistently high number of German listed companies publishing erroneous financial statements. German capital marketoriented companies, i .e those which are either listed or have issued bonds that are traded on a stock exchange, are subject to accounting enforcement by the “accounting police”. This institution is formed by the German Financial Reporting Enforcement Panel (DPR), as well as the Federal Financial Supervisory Authority (BaFin). Both The Chair’s current research examines the extent to which German companies use discretion in the course of accounting for pension obligations and how this affects the capital market. Discretion may, among other things, be exercised when estimating the life expectancy of eligible employees and when making assumptions on the company’s employee structure as well as salary development. Accounting for pension obligations is frequently mentioned in the business press, especially because these obligations often make up a significant share of a company‘s total liabilities. Glossary IFRS International Financial Reporting Standards (IFRS) comprise a conceptual framework and principlesbased accounting standards issued by the Inter Dr. Sebastian Hoffmann Assistant Professor, Chair of Accounting and Auditing bodies investigate audited financial statements of companies, i.e. they perform a second review of the statements. Through its research, the Chair aims to inform companies about procedures and problems which are inherent to the German enforcement system. Moreover, policies and best practices are developed which may assist companies in avoiding erroneous financial statements. In cooperation with Dr. Oliver Beyhs (KPMG Berlin) the Chair published an “Enforcement Guide”, which not only familiarizes companies with the procedural and legal aspects of the enforcement system, but also systematically discusses previous financial statement errors identified by DPR and BaFin. The guide may thus help companies avoid erroneous financial reporting and not be punished as “accounting criminals” by public announcement. The findings suggest that companies with underfunded pension obligations use discretion as a way to achieve positive capital market reactions. 20 HHL RESEARCH REPORT 2012 Finance, Accounting and CorpORATE Governance 21 Center for Corporate Governance The Success of Corporate Governance The Center for Corporate Governance (CCG) at HHL Leipzig was initiated in April 2010. The research focus includes the following topics: performance relevance of good governance, governance ratings and scoring systems, diversity-related questions and the development of corporate governance in emerging markets. A Center for “Good” Corporate Governance Following an initiative by Prof. Dr. Bernhardt Schwetzler and Christian Strenger – who was already associated with HHL through his teaching activities – the center was founded in November 2010 to establish “corporate governance” as a separate research focus within HHL. In addition to Christian Strenger, Prof. Dr. Marc Steffen Rapp (Philipps-Universität Marburg) and Prof. Dr. Michael Wolff (GeorgAugust Universität Göttingen) – both HHL alumni – agreed to act as founding Co-Directors of the center. Since its foundation, the center has been supported by the sponsors DWS Investment, Bertelsmann and KPMG to stimulate excellence in research and teaching. Additionally, the CCG is well connected internationally and has co-operations with highly respected institutions such as the Global Corporate Governance Forum of the IFC/Worldbank. A research focus of the Center in 2011 was the acceptance level of the German Corporate Governance Code (GCGC) and the efficiency of such a soft-law in contrast to hard regulation. To supplement the research in Corporate Governance, the center initiated an independent ’HHL Research Paper Series in Corporate Governance‘, which has produced seven working papers so far. Additionally, the Center‘s research results were placed in refereed journals and edited publications as well as presented at international conferences. In October 2011, the ‘Workshop on Corporate Governance and Investment’ was held at HHL to further strengthen the Center‘s position in the academic community. Over 55 researchers from Europe and the US participated in the symposium, which was held for the twelfth time, to exchange the latest research results and its implications for politics and the economy. Since fall 2011, the topic ’Corporate Governance in Emerging Markets’ has been researched and dealt with intensively. The Fritz Thyssen Foundation was won as significant external supporter of this research topic. In June 2012 the Center –in collaboration with the Global Corporate Governance Forum– brought together senior representatives from academia, development institutions, companies and investors for a conference on ’Key Corporate Governance Issues in Emerging Markets’ at HHL. The conference provided a futureoriented assessment of the governance situation in three important regions of the world - Africa, Asia and Southern Europe. Two sessions of the conference focused on key governance issues with global relevance: the performance value of ‘good governance‘ in emerging markets, based on the latest academic research and practical insights from large international investors, as well as corruption and practical ways of dealing with this major governance problem. The Center for Corporate Governance is equally involved in HHLs curriculum. Corporate Governance courses are offered within the MBA - and MSc Programs as well as the Ph.D. Program. Research Insights on the German Corporate Governance Code In February 2002 the Government Commission appointed by the German Justice Minister presented the first version of the German Corporate Governance Code. Ten years later the Center examined two fundamental questions: (i) the general acceptance levels of the GCGC by listed German firms and (ii) whether soft regulation with standardized reporting following the code’s comply-or-explain principle dominates hard regulation of corporate governance practices. Code Acceptance 2012 – the results: 1 On average, the DAX and MDAX listed companies comply with 97 percent of the code recommendations. Only a minority rejects more than 10 percent of the recommendations. Mainly referring to the D&O insurance, the compensation cap in management contracts, the disclosure of individual compensation, variable compensation of supervisory board member and issues of diversity on the board show the highest levels of deviation. 2 Large companies show higher compliance levels as well as widely held firms. From an economic point of view this represents an efficient “substitution effect” between the GCGC and the external governance structure of a company. 3 Differentiating various dimensions of the code reveals that almost all DAX firms achieve very high standards with regard to transparency, monitoring/control and incentive systems. In contrast, MDAX firms show much higher variability. The diversity index shows the highest heterogeneity: with an average acceptance level of 89 percent of the index constituents, there are also index values below 70 percent up to multiple minimum values of 33 percent. Conclusion: “Our study shows the positive fact of an already very high acceptance level of the code by DAX and MDAX firms, however there is certainly potential for rising compliance rates for example in terms of diversity on boards.” Code Acceptance Study 2012 To evaluate the acceptance levels of the code by listed German firms, the CCG systematically examined the annual compliance statements according to §161 AktG (Stock Corporation Act) of German listed firms. The analysis provided a detailed impression of the compliance behavior with regard to the different code recommendations as well as the influence on the latter by various corporate characteristics such as firm size and ownership structure. Finally the Center translated the firms’ compliance levels into four specially constructed indices to obtain a measure of the individual governance quality of German firms. Is soft regulation of corporate governance practices efficient? Being one of the very few studies on soft regulation of corporate governance practices, the paper “Hard or soft regulation of Corporate Governance?” discusses whether the often criticized approach of soft regulation works well in the context of corporate governance practices using the experience with the German Corporate Governance Code. To analyze whether the code’s comply-or-explain principle dominates hard regulation of corporate governance practices, CCG researchers used a novel, specially selected panel dataset. The finding is that while on the one hand widely-held firms benefit from high levels of compliance, on the other hand high levels of compliance jeopardize firm performance in dominated firms. In a second step, the paper shows that firm-specific agency costs increase the compliance level, indicating that managers voluntarily use code compliance as a substitute for other governance devices. The Center’s existing research on the GCGC contributes to the debate between supporters and opponents of the code. While supporters emphasize, amongst other things, the transparency function of voluntary self-regulation and the successful response to the challenge of global competition, opponents deem it a regulatory instrument of the economy. From left to right: Prof. Dr. Marc Steffen Rapp, Christian Strenger, Prof. Dr. Michael Wolff – the academic directors of the Center. Future Research Further research by the Center for Corporate Governance in the area of the GCGC aims to further deepen the academic understanding and public perception of soft regulation. For instance, one project will examine the role of the GCGC for family controlled firms. Beyond that, the Center will intensify its research activities on Corporate Governance in Emerging Markets, in particular regarding local regulation and their effectiveness. Furthermore, all research activities of the Center aim to contribute to the understanding of the performance implications of “good” Corporate Governance. CENTER FOR CORPORATE GOVERNANCE Supporters •DWS Investment GmbH • Bertelsmann Business Consulting GmbH • KPMG Wirtschaftsprüfungs gesellschaft AG •Fritz Thyssen Foundation Academic Directors Prof. Dr. Marc Steffen Rapp Christian Strenger Prof. Dr. Michael Wolff Core competencies/ Research interest • performance relevance of good governance • governance ratings and scoring systems • diversity related questions • development of corporate governance in emerging markets Contact www.hhl.de/ccg 22 HHL RESEARCH REPORT 2012 ECONOMICS AND REGULATION 23 CHAIR OF ECONOMIC AND INFORMATION SYSTEMS How can Market Mechanisms be made more Efficient and Transparent? Economic theory deals with rational decisions within and outside of markets and therefore provides a uniform language and methodology in many fields of business economics. Professor Pierfrancesco La Mura’s main research is to be found at the interface of eco nomics and computer sciences. He thereby focuses on decision theory basics of game theory and artificial intelligence. Professor La Mura, why are market design theories important for political decisions and market regulation? The graph illustrates the practical importance of market design in the context of wireless spectrum auctions. Government revenues in various European countries ended up being vastly different depending on the specific auction format which was adopted. New entrant SET ASIDE: ENTRANT MUST WIN New 107.2 entrant wins 93.1 only incumbents win 24.7 Greater clarity about who will win 35.2 15.3 3G Auction Prices for 2 x 10 MHz + 5 Mhz 13.2 2.6 Us$/pop UK 4/00 Dutch 4/00 German 8/00 Italian austrian swiss 10/00 11/00 11/00 belgium 3/01 other sorts of manipulations) and this might result in inefficiency. If we come back to a simple example of trade – if a seller exploits the fact that the buyer is not familiar with the real costs of pro ducing a good and asks for too high a price, the buyer might simply not buy the good even if there was a potential gain from trade. Mechanism design theory offers a solution to such situations – to develop a set of rules (regulations) which all participants are obliged to follow and which enable the revelation of private information in a way that leads to mutual benefits for buyers and sellers. Professor Pierfrancesco La Mura: Current market failures showed that Adam Smith’s idea of naturally self-regulating markets does not always hold true in reality. The intuition of the classical approach to economics is the following: if you let each consumer choose freely what to buy and each producer freely what to sell, then the market will settle on an efficient product allocation and price, hence maximizing the benefits for the society as a whole. However, financial crises and thousands of other examples of market failures contradict these intuitive conclusions. More recently, mechanism design theorists came to one of the most remarkable negative results in economics – they showed that there is no efficient way for two parties to trade a good for which they have secret reservation values. Can you give an example for your thesis? What does that mean precisely? Let us talk about another important point that keeps appearing in the head lines: the formation of cartels, e.g. in the petroleum industry or in energy markets. To what extent has this topic been researched? Professor La Mura: The fact that we all possess some private information and do not know the information of others (we can, of course, guess but do not know it for sure) might lead to some undesirable behavior by market participants (for example; insider trading, and Professor La Mura: Market failures are not rare. I already mentioned the example of financial crises. Another famous example of bad mechanism design is the case of liberalization of the energy sector in the US in the 90s. The introduction of an auction mechanism for setting the prices for energy sources and for booking of the capacities in the pipelines, without considering the right set of “rules” and incentives for the traders led to a series of blackouts in California because the mechanism allowed for manipulations which were used by big energy companies such as Enron. It is important to analyze the conditions and problems of those examples to be able to avoid the repetition of these situations in Europe. Professor La Mura: The vulnerability of markets to the creation and More Value for Real Estate Markets Selling or buying a house is, for most people, an important financial decision, but also a source of significant stress. Whether it’s through private negotiation, perhaps facilitated by brokers, or through a real-estate auction, only rarely is a buyer or seller able to obtain the most favorable deal on the market. Professor La Mura and Dr. Lukasz Swiatczak developed an electronic trading platform, eptrader, which improves on existing marketplaces by combining a double-auction design with an element of negotiation. The patented design allows buyers to place interconnected bids across objects, giving them more control on the trading process. The marketplace is built in such a way that the information contributed by buyers or sellers is never used against them: as a consequence, the participants do not need to enact complicated strategies. Unlike auction platforms, eptrader only sets final prices when the competition among buyers or sellers is sufficient to determine them: in all other cases it only sets price ranges, which can then be used by each optimally-matched buyer and seller as the basis for a more focused, effective negotiation. Professor La Mura and Dr. Swiatczak are in the process of commercializing their solution among existing real estate portals and online marketplaces. CHAIR OF ECONOMICS AND INFORMATION SYSTEMS Chairholder Prof. Pierfrancesco La Mura, Ph.D. Core competencies/ Research interest • interface of economics and computer sciences • focus on theory basics of game theory and artificial intelligence Contact www.hhl.de/informationsystems 24 HHL RESEARCH REPORT 2012 existence of cartels is one of the great problems of mechanism design. Every year we hear about this or that cartel being revealed. Of course, in general it is difficult to avoid completely the coordination of some illegal actions by market participants, but in some cases one can develop a set of rules which will self-sustain the fair and honest behavior of the participants. In other words, it should be in the interest of markets participants to behave accordingly. The question is what these rules should be and if it is at all possible to create a mechanism which would enable socially desirable outcomes. And an even more general question – would such a mechanism exists? Already in the 60s, Nobel prize winner William Vickrey showed the existence of such a mechanism for the case of auctions. This is the famous second price auction – the rules of this auction format are such that a good goes to the highest bidder but (s)he pays only the second highest price. Later, the auction was generalized to the case of multiple goods. The lesson one can learn from this mechanism is that a Vickrey auction results in efficient outcomes thanks to the right incentive set for the sellers and buyers. It is always in the participants’ interest to reveal their true values for the good. This idea of setting the right incentives is what our chair applies to the energy and financial markets. As your research is theory-based, the question arises to what extent real events can be transformed into theoretical models. Do your results actually affect the market or are they, critically speaking, mere scientific mind games? Professor La Mura: We use theoretical analysis as a tool to study specific practical problems. The complexity here is to understand what the existing practical limitations are, what are the objectives of the regulator and/or other stakeholders and other relevant aspects. All these real-life “inputs” are incorporated in the theoretical models to be applied to a particular situation, and get the correct theoretical predictions and give recommendations. The theoretical predictions are then compared with the observed outcomes. In other words, as you can see this is really a field in which it is impossible to separate theory and practice and both components are equally important. I already mentioned that this is an applied area of research. We start with the question what are the desired goals (this could be efficiency, transparency or revenue maximization, etc.). And we construct the set of ECONOMICS AND REGULATION 25 rules which would lead to the desired outcome. The main constraint however, if one deals with applied research, is that some rules are simply given, by law or due to some technical constrains. In this case, the question faced by the regulator is a bit different from an absolutely abstract theoretical one, but it is transformed into a question of what is the best market design to reach certain goals given the existing constrains, e.g. existing regulations which, for this or other reasons, cannot be changed. It is easy to see that, given these limitations, our analysis might show that the desired aim will never be completely achieved. One cannot expect to end up with an optimal outcome if some rules of the game make it more profitable for players to play strategies which lead to some other outcome. Despite the fact that it is not always in our power to change the existing regulations, we can show by means of theoretical analysis the cause of some problems and communicate it to the regulator and the industry. In particular, in the case of the gas industry, we analyzed the proposed auction design for booking capacities to transport the gas in Germany and with our analysis we were able to identify problems in the existing mechanism, and identify their causes . Of course, we do not expect that the German regulator will immediately change the regulations, which were discussed and approved by various stakeholders, but it will contribute to the ongoing discussion on regulation of the upcoming harmonized European gas market. At your chair, economic theory is being researched. To what extent can the research results be transformed into practice or is there even cooperation with the economy? Professor La Mura: The outcomes of research in this area are important for different stakeholders. If the market is inefficient, not only end users suffer from higher prices or inability to get access to resources , but also this damages the industry as a whole. Of course, another important stakeholder is the government. At our chair, we concentrate on the theoretical analysis of these problems, and we gain a lot of practical insights from our industry partners. For the Energy sector we have been cooperating closely with several industry partners, including one of the largest transmission system operators in Germany. We hope that we, as an independent and objective party, can contribute to this dialog between the regulator and the industry to reach a common goal – an efficient, transparent and non-discriminatory gas market. With respect to applications of mechanism design to financial markets, we cooperate with HHL’s Chair of Financial Management, in particular, with Prof. Dr. Schwetzler. We recently investigated the market consequences of alternative regimes of financial regulation, specifically with regard to the role of third-party fairness opinions in the context of M&As. Another area in which ideas from mechanism design plays an important role is conflict resolution. In a recent paper with Ekaterina Demidova, who is a doctoral student at the Chair, we studied negotiations between two opposing groups of stakeholders. Such situations are common in business life, for instance in M&As, as well as in the political arena. In our paper we show that closed-room negotiations, where each delegation withdraws to a separate room before issuing a joint reply to the current offer, lead to quicker agreement compared to open-room negotiations, where each stakeholder issues individ ual replies and counteroffers to the other group. What are your plans for the future? Professor La Mura: I believe that there is a lot of potential for future research in market design, and also in the design of non-market situations such as nego tiations or voting procedures. As the California Electricity Crisis and other instances of manipulation and market failures show, energy markets are an important area in which a correct design plays a central role. Financial markets are in my opinion another area in which complex, and unavoidable, issues of regulation arise, and especially in the wake of the current global crisis giving a correct resolution to those issues is becoming more pressing. I hold a longtime interest in the above directions, and would like to continue pursuing them in future research. Other directions in which I have ongoing projects involving aspects of mechanism design are the real estate market, where a spinoff team from the chair (Dr. Lukasz Swiatczak, Björn Lindner, and myself) developed an innovative, more efficient design and are currently seeking indus try partners, and the job market, where we are currently exploring the possibility to implement a novel concept in cooperation with the City of Leipzig. CHAIR OF MICROECONOMICS Special Edition of the Journal: “Philosophy of Management” “Philosophical Lessons from the Financial Crisis”, the special edition of the journal “Philosophy of Management”, takes a philosophical view of the global financial and economic crisis. “Authors from Germany, Great Britain and the USA in one or another form plead for a changed perspective – be it in the understanding of crisis and risks, the responsi bility of bankers and managers or the teaching at Business Schools,” says Prof. Dr. Vilks. Together with Martin Kelly of the Waikato Business School in Hamilton (New Zealand) he is editor of the special edition which was published at the beginning of 2012. In the editorial it says: “Altogether, the special edition signals the reader that powerful decision makers in the financial world and politics are responsible for decisions that were ‚built on sand‘; those decisions were, philosophically viewed, unsound. Many decisions were a total insult to any sense of intelligence. It is important that we attempt to explain to future decision makers the necessity to clearly and comprehensively consider the consequences which will result from their decisions, and who could be affected by them.” www.managementphilosophers.com Dissertations at the Chair of Microeconomics “The end of rural poverty in China; a study of farmers‘ poverty, the economic behavior of farmers and the efficiency of national allocation of funds in China” is the title of Chun Yuan‘s dissertation. In his work, Yuan proves that economic growth alone cannot be the solution to the poverty problem that still exists in China‘s rural regions. By means of microeconomic behavior analysis, he manages to illustrate that human capital is one of the most important factors to reduce poverty and facilitate economic growth. Yuan then researches the efficiency of the national allocation of funds by the Chinese government to boost the economy and concludes that it would be wiser to spread funds more evenly so that the economy can develop faster and in a poverty-reducing way. Martina Wuttke‘s dissertation deals with the issue of “Poverty reduction through corporate social responsi bility; an empirical study about transnational companies in India”. With 1.3 billion inhabitants, India is the second most populous country in the world. Although India‘s economic growth has risen steadily to reach an annual growth rate of approximately ten percent in the last ten years, in come poverty has only decreased by approximately 10 percent since 1990. The study researches corporate social responsibility as a means of reducing poverty. Wuttke considers CSR a leadership task that is to be included in strategic management and she researches how companies can implement this instrument effectively to improve social and economic circumstances. In light of a worldwide trend of increasing rather than decreasing poverty, practical management solutions are in demand as well as practiceoriented approaches that would not be in conflict with corporate interests. 26 HHL RESEARCH REPORT 2012 ECONOMICS AND REGULATION 27 “Sierra Leone‘s integration in the global economy is, in no small part, obstructed by the ignorance and stereotypes often found in the ‚developed‘ countries,” says Prof. Dr. Arnis Vilks. During a research term Vilks traveled the country for five weeks. His conclusion: “The next and probably last economic boom of our time will take place in Africa.” And still it is unknown to the broad section of the public in Germany that this country, which until ten years ago was suffering through a cruel civil war, has developed into a peaceful, politically stable and, to a large extent, democratic country with a low crime rate and loads of different investment opportunities. Vilks‘ seminar about ethical leadership was met with wide popularity. For the four-day long course 23 participants had to be selected from 100 applications to keep the group at a workable size and not to exceed the limited budget of the Wittenberg Center for Global Ethics which financed the seminar. “We talked about globalization, business ethics, corruption, constitutional legality, democracy and economic development, and the participants often discussed with such animation that it was hard to follow what was being said,” says Vilks. The participants were junior employees from economics, politics, science and non-governmental organizations. Decent Salaries CHAIR OF MICROECONOMICS The next Economic Boom will take Place in Africa Microeconomics appears to be a collection of models – ranging from simple optimization and market models to subtle attempts to model information and thinking processes, which then infer participants‘ behavior according to game theory solution concepts. The problems that can be analyzed with microeconomic modeling are very diverse: they vary from efficient allocation of resources and the decision making process of executives to conflicts and cooperation in international politics. Prof. Dr. Arnis Vilks‘ research interest is directed towards questions of basic philosophical principles of economic sciences on the one hand and development economics on the other hand. There are very many of the latter in Sierra Leone‘s capital and they are considered good employers as they are usually financed by foreign investors and pay their staff decent salaries. “Decent” in this context means that a coordinator or project leader of such an organization can earn USD 1000 or more per month while a police officer, for example, earns no more than USD 50 per month. The average per capita income in Sierra Leone converts to USD 300 or USD 760 if the higher purchasing power of a Dollar is taken into account in the conversion. So, Sierra Leone‘s inhabitants have to manage with as much money annually as a HartzIV (German unemployment benefit) recipient receives per month. “It is hardly surprising that we kept returning to the issue of income in our seminar,” says Vilks. Participants asked whether the “small” corruption of a police officer whose salary cannot provide for his family is surprising. Another discussion topic was the temptation for corruption of politicians who have dealings with western colleagues, who easily earn ten times as much, and with entrepreneurs and managers, who at times earn a thousand times as much. Many young Sierra Leoneans are very committed to the economic and social development of their home country. A prime example is Ibrahim Bangura, a Ph.D. student of Prof. Dr. Vilks. The young man, who grew up in Freetown, graduated from Fourah Bay College – the oldest University in Western Africa, founded in 1827 – with a Bachelor in History and Political Science, as well as a Masters degree in “Gender Studies”. In 2006, Horst Köhler‘s initiative “Partnership with Africa” brought him to a big international Africa Conference in Wittenberg. After returning to Freetown, he and some like-minded people founded the “International Human Rights and Rule of Law Training and Research Institute” which since has been training “Peace-Keeping Forces” for several international organizations, as well as police and military staff. “His matter-of-fact but often also humorous view on African mentalities and problems gives reason to hope that through the commitment of young executives, Sierra Leone can realize the vision of their president to become one of the donor countries rather than belonging to the recipients of international assistance within 50 years,” says Vilks. “There are hardly any reasons why a long-lasting economic boom like those in China or the small Asian ‚Tiger‘ countries should not be possible in Western Africa. In those countries, the Chinese and Indians especially – as well as the Lebanese – contribute to their countries‘ development by means of entrepreneurial activities rather than foreign aid.” Chinese construction machinery is everywhere, hardly any from Germany is present. It seems as if German entrepreneurs would rather accept a lower return than a higher risk. “The risks here in Sierra Leone, however, are rather low,” says Vilks. Business Opportunities Looking at the endless white beaches, the Professor for Economics sees oppor tunities for investment in tourism, for example. Mosquitoes which could spread Malaria hardly exist at those beaches due to a constant breeze. The fact that tourism – given the appropriate conditions – is able to make a large contribution to economic development can be observed 1000 kilometers northwest of Sierra Leone: up until 2007, the islandstate Cabo Verde was one of the “least developed countries” but now has a percapita income (adjusted for purchasing power) of about USD 3,800 and its infrastructure already looks very similar to that of the Canary Islands. Besides tourism, Sierra Leone‘s natural resources promise lucrative business fields for investors – diamonds, gold, bauxite, titanium and iron ore – and last but not least, crude oil. Just off Sierra Leone‘s coast huge fields of crude oil have been found; drilling rights are currently being negotiated with international oil companies. According to Prof. Dr. Vilks, it is more than likely that the upcoming big investments and the public revenue, which will, in all probability, increase considerably from drilling rights and taxes, will lead to long-lasting economic growth. CHAIR OF MICROECONOMICS Chairholder Prof. Dr. Arnis Vilks Core competencies/ Research interest • philosophical foundations of economic sciences • development economics Contact www.hhl.de/microeconomics 28 HHL RESEARCH REPORT 2012 SUSTAINABILITY AND COMPETITIVENESS 29 CHAIR OF MARKETING MANAGEMENT Can Sustainable Products Develop Brand Power? The research at the Chair of Marketing Management under the leadership of Prof. Dr. Manfred Kirchgeorg focuses on three fields of competence; sustainability marketing, holistic branding and live & virtual communication. The field of holistic branding develops and examines positioning concepts empirically, e.g. from company brands up to entire regions and industrial clusters as perceived by a large number of stakeholders. Brands have to be perceived and experienced by customers and stakeholders, therefore, live communication to create multisensory brand and product experiences is of particular importance to establish brands. The Chair of Marketing Management has gained wide recognition nationally and internationally through its targeted research and publications in the field of live communication. Prof. Dr. Manfred Kirchgeorg holds the Chair of Marketing Management at HHL Leipzig Graduate School of Management. The chair provides specific expertise in the three fields of research “Sustainability Marketing”, “Holistic Branding” and “Live and Virtual Communication” and cooperates in several networks with international experts. To offer both, theoretical and methodological knowledge as well as practical experience, various partners such as well-known companies or institutions are involved in lectures and research projects alike, so students can apply their knowledge in case study workshops, field projects or consulting projects. The research philosophy at the chair is characterized by the mutual interconnection of the three fields of competence, sustainability marketing, holistic branding and live & virtual communication, which results in unique research projects with much relevance for business practice. The research findings are assessed with the help of multivariate methods of analysis and interpreted based on a decision-oriented approach, using approved theories together with the latest empirical research methods, such as online surveys or eye tracking technologies. Source: BMW These days, companies must integrate a high degree of social and ecological requirements into their marketing concepts in order to be able to offer competitive solutions on national and international markets. Sustainabilityoriented product and service innovations must be positioned both in the market and in complex stakeholder environments. Sustainability Marketing: The Influence of Brand Acceptance of Sustainable Product Innovation Sustainable product innovation is more necessary than ever before due to the problems arising regarding resources, energy and climate change. In many cases, sustainable solutions are already available but they require a change in the behavior of the customers using them. Products with proven benefits for the environment and society are often only marginally accepted as they require a change in behavior or come with limitations to their utility compared to conventional products. Against this background, one research project by the Chair of Marketing Management examines the question of how a strong emotional bond with a brand (brand loyalty) can promote the launch of more sustainable products that have limitations to their use. A reference framework based on behavioral theory, which includes findings from various fields of research such as new product adaptation as well as brand and environmental consciousness, was developed for this purpose, according to doctoral candidate Isabel Staufer. The hypotheses are tested by a survey which examines the perception and acceptance of the “E-MINI” automobile. Within the scope of an online survey, respondents are shown a clip which presents to them the new E-MINI. It explains the characteristics of the product and certain disadvantages in its use (limited cruising range, charging time etc.). After this information was provided, the attitude towards the brand, acceptance barriers and the disposition to buy are recorded among the potential target groups. Important conclusions on positioning and marketing of sustainable product innovation can be drawn from this project. CHAIR OF MARKETING MANAGEMENT Chairholder Prof. Dr. Manfred Kirchgeorg Core competencies/ Research interestS • sustainability marketing • holistic branding • live & virtual communication Contact www.hhl.de/marketingmanagement 30 HHL RESEARCH REPORT 2012 Holistic Branding: Strategies of Multisensory Brand Management on the Levels of Manufacturing and Sales Brand strategies for manufacturers and retailers regarding the enhancement of market competitiveness have seen a growing relevance in the last four decades. Research on brand management is therefore promoted with special intensity in various research projects at the Chair of Marketing Management. Questions dealing with the targeted establishment of a multisensory brand experience and an analysis of the perception and behavioral effects thereof are at the center of attention. Considering the information consumers are exposed to every day, companies are increasingly challenged to attract their customers’ attention. This results in the question for brand management of how product and/or brand experiences must be designed in order to achieve a level of differentiation from the competition and to consequently ensure the consumers‘ attention. A product or brand experience appealing to all the senses shows great potential in this respect. Various examinations based on perception theory have shown that recall ability can be increased by coherently communicating information through different senses. However, there is very little systematic knowledge on what characteristics can be transferred using different types of multisensory stimuli. In 2010 and 2011, two more in-depth research projects were initiated based on a project to measure the effect and design of multisensory brand experience, executed by the chair in cooperation with Porsche Leipzig. These theory-based empirical examinations focused on the multisensory positioning of company brands on the levels of manufacturing and sales. While one project examined what influence colors, music and scents have on the customers’ perception of the store atmosphere, their shopping behavior and the profiling of store brands in fashion retail, the second project was executed in cooperation by Beatrice Ermer, who analyzed the influence of the shapes and colors of a trade fair booth on the visitors’ perception. Jenny Müller worked on a research project which showed that the multisensory design of the shop atmosphere has a significant influence on brand perception and buying behavior. Specific effects among consumers were detected after changing SUSTAINABILITY AND COMPETITIVENESS 31 the color of the room or the background music. “It was difficult though to determine an appropriate dose of multisensory stimuli to convey a predefined brand identity to the consumer. Multisensory brand management is not an end in itself. The great art is to shape and use it in such a manner that it works to the benefit of the uniqueness of the brand, the feel-good atmosphere and the brand profile as well,” concludes Prof. Dr. Kirchgeorg. Some intended effects of multisensory stimuli could not be confirmed as expected, so that further questions for future research arose. In addition to the models based on behavioral theory, the Chair of Marketing Management developed a first monitoring approach to help discover which colors, shapes or scents contribute to increasing the perception of certain brand characteristics by the target group. Live Communication: Future Scenarios for Trade Fairs and Live Communication in 2020 “Globalization, rapid development in the Far East and the advancement of internet-based communication raise the question whether and how Germany can maintain its position as the world market leader in the field of major international trade fairs,” says Prof. Dr. Kirchgeorg, explaining his research approach. Considering the increasing intensity of the competition, the German trade fair business faces enormous challenges which require a systematic examination of the strategic implications. The Chair of Marketing Management offers an important basis for strategic planning to trade fair associations, exhibitors and companies providing trade fair related services with its “Future Scenarios for Trade Fairs and Live Communication in 2020” research project. This is based on a future-oriented analysis of the competitiveness of the industry. The core of the project is the identification of factors that have a major influence on the future development of the German and international trade fair business. Potential paths of development are outlined based on various future scenarios which trade fair organizers, exhibitors and trade fair service providers are going to have to face and which will provide an incentive for further discussion. Glossary Holistic Branding Scenario Positioning in Dependance of Business Environment & Demand for Trade Fairs Research in the field of “Holistic Branding” is focused on analyses of complex brand objects like companies (corporate brands), regions, cities and industrial clusters in multiple stakeholder environments. Germany is the leading nation in the presentation of major international fairs in the field of BtoB products. Therefore, the future development of trade fairs as a marketing tool for retail, production and service companies will be of special relevance. Using the research results, various scenarios show which potential challenges Germany might face as a trade fair location and which fundamental shifts the global trade fair business might have to deal with. Consumer fairs are facing increasing competition. Since the year 2000, the average number of visitors per trade fair has been decreasing. This is proven by a longitudinal analysis prepared within the framework of the research project. So-called special interest fairs have grown in importance over the last decade compared to general consumer fairs. They are far more focused on specific target groups than the general exhibitions. Beatrice Ermer, Silko Pfeil and Martin Wiedmann contributed to this project. Scenario A Globalized Trade Shows and Common Growth Scenario B HIGH Continental Trade Shows and Protected Markets Demand for Trade Fairs Scenario C Smart Exhibitions in a Digital World LOW LOW Development & Stability of Business Environment Cluster Strategies for Regional Profiling These days, marketing and competition strategies of individual companies are analyzed in the context of networking and regional cluster strategies. At the same time, micro-economic findings related to competitiveness are applied to larger units such as regions or even entire nations. Michael Porter stimulated this discussion in the late 1980s with his standard reference “Competitive Advantage of Nations”. Against the background of the research field of marketing science, concepts of marketing were applied to cities, whole regions and stakeholder networks (cluster). Prof. Dr. Manfred Kirchgeorg‘s chair has dedicated its research to questions of regional competition and marketing strategies for over a decade. It is involved in the cluster activities of Central Germany through analysis and monitoring activities in various forms. For the first time, the Chair of Marketing Management has prepared a comparative analysis of the clusters in the region of Leipzig and drawn up recommendations for the advancement of economic development. “After the reunification of Germany, the City of Leipzig faced the challenge of redefining focal points for a competitive economic structure. A large number of traditional industrial valueadded chains in the region of Leipzig were far behind the international competition and their revitalization seemed to have little prospect for success in most cases,” said Prof. Dr. Kirchgeorg and his research assistant Kai Weinrich. The examination results prove that the clusters defined in the Leipzig region made an above-average contribution to regional employment, that some clusters have to be considered asbeyondcitylimitsandthattheclustermonitoring must be improved to increase cluster excellence. “Promising visions of turning Leipzig into a leading bank metropolis in East Germany were overtaken by reality in the mid- 1990s. As a consequence, the task was to connect to competitive competencies that still existed and to implant new industrial developments promising good prospects in the Leipzig economic structure,” concludes Prof. Dr. Kirchgeorg. While the Economic Development Office of the City of Leipzig organized a number of cluster-related events and activities during the initial and buildup phase, the new phase of “Cluster Strategy Leipzig 2020” requires the expertise of companies and scientists, which are to assume responsibility in the valueadded chain directly, as well as in the research and development of the clusters. The clusters’ potential for success can only be improved if the stakeholders actively involved in the value-added chain are the ones defining the priorities to be set, according to Prof. Dr. Kirchgeorg. The definition and development of fields of activity demands a more intense dialogue between all stakeholders of business practice, science and administration. The promotion of cluster processes in Leipzig requires that the activities of the various institutions become more bundled together over the next few years. HIGH 32 HHL RESEARCH REPORT 2012 Im e pl m t en ati on pha se Init ial ph as SUSTAINABILITY AND COMPETITIVENESS 33 e Generate ideas Implement concept e gp h Test overall specifications has al p Te s t i n tic as aly e An Analyze requirements Evaluate ideas a ra as ce pt h yp ua tor l p h Prep ase Prepare individual specifications Allocate resources C on e Prepare overall specifications Professional service engineering is becoming more and more important for the logistics sector. In addition to creativity and a future-oriented business spirit, the successful innovation process needs to be guided by an incremental procedure model which includes dedicated concepts, methods and interdisciplinary activities. Particularly new intelligent IT-based logistics services offer additional market potential in accompaniment with the further development of the traditio nal service portfolio. HEINZ NIXDORF CHAIR OF IT-BASED LOGISTICS Bio- and Regenerative Medicine as an Important Growth Market The Heinz Nixdorf Chair of IT-based Logistics has the task of promoting practicerelated research and teaching in the field of modern logistic systems by applying intelligent information technologies. The goal is to establish a cross-context connection between the business administration focus and the information science and technologies as well as harmonizing the interests of companies, service providers and organizations. Strategies, concepts and methods of ITbased Logistics, which contribute to the successful expansion of the regional and national logistics location, are researched and prepared in close cooperation with companies and the interdisciplinary collaboration with research partners. There are still a number of logistic challenges for the market penetration of bio-medical products in order to transport the highly sensitive goods fast and to process (e.g. laboratory) or implant (e.g. hospital, patient) them at the recipient‘s facilities without losses. From a bio-technological point of view, the medical-technological processes are being optimized while logistics is often not, or only sporadically, considered when the shipment of the respective products is acute. On the other hand, logistic practitioners generally have little insight in the world of bio-medicine but face difficult challenges when transporting the goods, e.g. following regulations for hazardous materials. Glossary “Up to now, the shipping of cellular products has required handling them as hazardous materials, the transport of which is a service connected with high individual complexity and there fore generally with high costs as well,” explains Prof. Dr. Iris Hausladen, Chair holder of the Heinz Nixdorf Chair of IT-based Logistics. This special handling leads to logistics providers reaching the limit of their economic and/or technological capacity, especially in the case of small volumes. Due to unclear security regulations, vitally important stem cells either cannot be transported or are only done so at an extremely high cost. Since the stakeholders of bio-medicine, logistic services as well as packaging and technology providers tend to act at cross purposes, blood or tissue samples often do not arrive at the laboratories and hospitals in time or are damaged. Therefore, the bio-technological and bio-medical processes must be adjusted to the logistical requirements and, on the other hand, logistical solutions for transporting, handling and storing cellular products must be developed. The objective was to develop approaches on how logistical and technological system solutions can accelerate these transfer processes. “The focus was on the inter- and trans-disciplinary exchange of experiences and knowledge between the protagonists of bio-medicine, especially regenerative medicine, logistic (services) and technology with special consideration of the legal framework,” says Prof. Dr. Hausladen. “In this respect, the forum, including the workshops, revolutionized the understanding of bio-medical logistics. Conventional views of this paradigm were critically reflected by practice and science so that relevant fields of innovation could be identified.” Prof. Dr. Hausladen understands the Innovation Forum as a hot bed for successful seminal concepts which are now to open up the determined potential in the framework of further project activities and concludes, “We do this with the goal in mind to close the existing gap between the fast development of bio-technology and the logistics required for this and therefore to strengthen the profile of Central Germany as a bio-logistics location.” The Bio-Logistics Innovation Forum – supported by the Federal Ministry of Education and Research – dealt with this topic. Over a period of six months, the HHL Professor joined representatives specifically from regional companies and researchers from the fields of bio-medicine, logistics, IT and packaging technologies as well as organizations such as the bm-log network and the Cluster Life Sciences Central Germany with the project initiators of HHL – Leipzig Graduate School of Management, the Translationszentrum für Regenerative Medizin (TRM) and Leipzig University of Applied Sciences (HTWK Leipzig) for an active exchange. Bio-Logistics Innovation Forum The Bio-Logistics Innovation Forum, which HHL initiated in 2011 extending beyond the borders of the university, brings together logistics providers, bio-medical (research) companies, users as well as technology providers on one table. The goal was and is to improve work processes in bio-medical logistics. Using a “translation concept”, the stakeholders now want to take a closer look into bio-medical processes and the subsequent logistics together. The Bio-Logistics Innovation Forum was supported by the Federal Ministry of Education and Research. www.innovationsforum-biologistik.hhl.de Textbook on IT-based Logistics In her book “IT-gestützte Logistik. Systeme – Prozesse – Anwendungen” (“IT-based Logistics. Systems – Processes – Applications”), the author Prof. Dr. Iris Hausladen presents the basics and practical applications of the field of research and teaching at the same time. The most important concepts and tools are discussed by means of the logistical process chain – from procurement and production logistics to distribution logistics. Numerous vivid examples give a wellstructured insight into the management of IT-based Logistics, the success factors as well as framework conditions for the efficient control of logistical processes by means of IT. The book with an activity-oriented concept was published in 2011 by Gabler Verlag (ISBN 978-3-8349-21994) and is aimed towards students and practitioners alike. The focus is not on teaching merely the theory. Rather, the exciting topic of “Logistics through IT” is reviewed based on the practical application in combination with the theoretical basis required for understanding. The motto is: “From practice to theory and from science to application.” The reader obtains insight in the basics of IT-based Logistics, gets to know the logistical processes and technologies which form the basis of the concepts and learns how important applications currently used in global and interconnected logistic systems function and what the practice-relevant framework conditions are. While logistics originally focused on the physical component of the space-time transformation of goods, the second pillar – information management – cannot be disregarded these days. www.hhl.de/fileadmin/texte/ls-logistik/ Buchinformation.pdf HEINZ NIXDORF CHAIR OF IT-BASED LOGISTICS Chair Donor Heinz Nixdorf Stiftung Chairholder Prof. Dr. Iris Hausladen Contact www.hhl.de/logistics Core competencies/ Research interest • Logistics and Supply Chain Management • E-SCM / IT-based Logistics • Business Process Management in the field of e-technologies • Production Management • Organizational development • Competence management in companies 34 HHL RESEARCH REPORT 2012 SUSTAINABILITY AND COMPETITIVENESS 35 “Natural Catastophes Affect Humanitarian Logistics” Humanitarian logistics represent a highly complex as well as specialized field of logistics. Humanitarian aid is at the center of attention, even if it cannot be detached from economic criteria. HHL as a business school considered it both an honor and duty for the Heinz Nixdorf Chair of IT-based Logistics to be able to work in the “Humanitarian Logistics” research group by the Bundesvereinigung Logistik (Federal Logistics Association, BVL) and to contribute its experience in the field of logistics. Prof. Dr. Hausladen, about USD 100 billion is spent on humanitarian aid each year. What role do logistics play in saving lives and delivering supplies? Prof. Dr. Hausladen: Logistics has the central task of providing people in need with supplies of drinking water, food, tents and medication etc., controlling and coordinating the deliveries and is therefore vitally important – logistics represents the crystal nucleus of hu manitarian aid. It is the connection between organization and supply, shipping and transport in addition to distribution of relief goods on location. It facilitates the presence of first responders and medical staff as well. Humanitarian logistics cannot prevent catastrophes but contribute to easing the impact and support sustainable development, e.g. rebuilding self-sustaining infrastructures in the disaster regions. The famine in east Africa with more than 12 million people suffering, the earthquake in Haiti with over 220,000 victims or the flood in Pakistan affecting more than 20 million people: it seems the number of natural catas trophes is increasing. What challenges do logistics face in this respect? Prof. Dr. Hausladen: These past events unfortunately confirm the experts‘ prognoses that there will be more natural catastrophes. This development affects humanitarian logistics in many ways and brings on enormous challenges. Development aid is a continuous task within logistics, meaning the annual capacities regarding human and financial resources can be planned by comparing the previous figures, although the resources in the event of a catastrophe need to be provided immediately and often in a decentralized manner. These capacities cannot be quantified beforehand and most importantly they cannot be stockpiled exclusively either. Efficient logistics in the event of a natural disaster therefore requires an unbureaucratic, fast activation of logistical resources which is often accompanied by the labor of many volunteers. However, this can only be successful if assistance scenarios are designed for potential catastrophes; cooperation and communication structures between the main actors are established sustainably; humanitarian aid processes are, to a large extent, documented and standardized; and catastrophe relief measures are simulated and practiced in a “training environment”. The greatest importance is to be attached to the coordination of relief organizations, public institutions, logistics providers, etc. in a regional, national and, particularly, in an international context. How can logistical processes be improved, especially with regard to the cooperation between service providers and relief organizations? Prof. Dr. Hausladen: The field of humanitarian logistics encompasses various logistical processes. This starts with the definition of strategies and budget planning for humanitarian pro jects, and continues with scheduling aid in the disaster regions to classic logistical processes such as storing, picking, loading, shipping and distributing. Basically, the same requirements and possibilities of business process management and process optimization as in industrial logistics apply to humanitarian logistics. However, due to the special ad hoc nature of disaster logistics and the diversity of actors involved, often acting in an uncoordinated manner, optimization plans are much more difficult in practice. A gradual improvement in the cooperation together with optimized processes can be reached by cooperation agreements, codes of conduct, communication platforms etc. What can humanitarian logistics learn from other industries? Prof. Dr. Hausladen: Humanitarian logistics has many structural features in common with industrial but also trade logistics regarding the basic tasks and objectives, i.e. providing the right product in the right place at the right time with an appropriate quality. Approved concepts and methods from procurement, storage, distribution and maintenance logistics for various industries (e.g. automotive, chemical, health care) offer an excellent initial basis for the transfer and adaptation of the elements to the specific requirements of catastrophe logistics. Beyond that, approaches to crisis and catastrophe management, development aid (in the form of permanent humanitarian aid) may be examined related to their logistics-relevant transfer and application potential. HHL Wins National Leading-Edge Cluster Competition The BioEconomy Cluster in central Germany, which will receive up to EUR 40m from the BMBF, focuses on the integrated material and energetic use of non-food biomass for the production of materials, chemicals, energy carriers and products from new materials. Cross-cluster material flow management as well as the development, scaling and implementation of production procedures by the industry allow for the optimization of value added from biomass. With the support of the HelmholtzZentrum für Umweltforschung - UFZ, the Deutsches BiomasseForschungs Zentrum - DBFZ, as well as InfraLeuna GmbH, HHL’s Heinz Specifically, HHL is involved in the projects of Material Flow Management, Innovation and Marketing Management as well as Governance and Cluster Management. Prof. Dr. Iris Hausladen says on behalf of her HHL colleagues: “The project started on July 1, 2012 with a consolidation of the experience of all partners involved in deliberations on the BioEconomy Cluster Strategy. The next concrete steps are the documentation and analysis of established material flows and their logistical concepts, an analysis of the market, positioning, innovation and start-up potential as well Wood/Bark/Residual Materials Would preventive measures also be possible? Prof. Dr. Hausladen: Of course, preventive measures can be defined for humanitarian logistics to a limited extent as well. This does not mean, however, that tons of medication and relief goods can be stored for years or means of transport can be reserved exclusively for ad hoc emergencies. I do see some potential in the layout and standardization of the logistical processes, the scenario planning and simulation, the establishment of strategic cooperations as well as in the development of concepts for initial phase logistics for humanitarian projects. In my opinion, all these diverse and complex aspects could be bundled into an integrated logistics system – in this context, I would like to refer to my publication on this topic – for the purpose of effective prevention. Nixdorf Chair of IT-based Logistics, Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship along with the Chair of Marketing Management are responsible for the accompanying research within the cluster focusing on the development of competitive strategies and control tools. Together with about 40 partner companies and half a dozen research institutions from Saxony-Anhalt and Saxony, HHL won the LeadingEdge Cluster Competition by the Federal Ministry of Education and Research (BMBF) with the “BioEconomy” project in early 2012. as the development of the tools of control for the cluster management. Thanks to the intensive practical collaboration with companies from the cluster region and the interdisciplinary project approach at the interface of technology, economy and environment, the chairs involved in this project can not only develop and transfer methodological skills and experience in the highly innovative field of BioEconomy but also strengthen and expand their position in the scientific landscape. HHL is looking forward to the exciting collaboration between natural science and business practice. As the German top manager Eberhard von Kuenheim once said: ‘Philosophy, technology and social sciences must meet more often. They should find a common language.’ If you add economic sciences as a supplementary category to this list, the BioEconomy Leading-Edge Cluster is a wonderful example.” An example of a discussion subject within the BioEconomy Leading-Edge Cluster: the organosolv pulping of wood as well as Alcohol-Water-Pulping possible applications of the products Alcohol recycling Cellulose Hemicellulose Lignin Enzymatic Hydrolysis Enzymatic Hydrolysis Base-CatalyzedDepolymerisation Glucose Xylose Phenols Fermentation e.g. Succinic Acid, Lactic Acid for Bioplastics e.g. Thermosetting Material Source: ©Fraunhofer CBP HEINZ NIXDORF CHAIR OF IT-BASED LOGISTICS 36 HHL RESEARCH REPORT 2012 SUSTAINABILITY AND COMPETITIVENESS 37 SPARKASSEN-FINANZGRUPPE CHAIR OF MACROECONOMICS A Model for the Role of Foreign Banks in Eastern Europe The Sparkassen-Finanzgruppe Chair of Macroeconomics under the leadership of Prof. Dr. Wilhelm Althammer has the task of teaching students the theory of economics and its impli cations for the practice of economic policy. The research focuses on international economic and environmental policy as well as the interaction between these two political fields. Prof. Dr. Althammer, in what way do the eastern European banks and the eastern European banking market differ from the rest of the world? Prof. Dr. Althammer: Banking markets are characterized by the fact that domestic institutions have an advantage and dominate the market. This applies to industrialized nations, emerging markets and developing countries. Only in the Eastern European banking market do foreign banks have a dominant position with a market share of an average of 70 percent. You developed a theoretical model from the empirical analysis. What implications regarding the stability of the banking markets can be drawn from it? Prof. Dr. Althammer: One danger arising from the dominance of foreign banks is that they might withdraw in the event of a crisis which would make the markets less stable. One of the re sults of our model, however, was that foreign banks in fact use situations of crisis to build up their market position so that they actually contributed to the stabilization of these markets. We assumed, however, that foreign banks have a better “banking technology” due to their longer experience in a market economy, which means having better methods of risk assessment, risk management, liquidity management, refinancing, etc. Therefore, they have an advantage regarding the “hard” facts and can compensate for any disadvantages. Which effect dominates depends on the volatility of the environment. What implications arise from the financial crisis? What research approaches result from it? Prof. Dr. Althammer: Domestic banks have informational advantages since their customer relations have grown. This is referred to as “relationship banking” in banking theory and leads to advantages regarding “soft” facts. 20 Years of Bürgschaftsbank Sachsen 160 1200 120 900 80 600 40 300 Million EUR Number 1991 1995 2000 2005 What was the feedback on the model introduced at several conferences within professional circles? Prof. Dr. Althammer: Our colleagues like that we developed an innovative idea in a model with a relatively low level of complexity. 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 Domestic 1994 1995 1996 1997 1998 Foreign 1999 2000 2001 2002 The average market share of foreign banks in the 12 most developed CEE countries increased sharply in the second halt of the 90s. This developm ent is unique, both among developed and emerging economies. 6 GDP growth Number of guarantees issued in the reporting year With insolvency Without insolvency Guarantee banks are a part of the funding for small and medium-sized enterprises (SME) in Germany. They were founded to provide debt and investment guarantees in order to solve the problem of insufficient loan securities from these companies. Therefore they support investment and company growth. On the occasion of the 20th anniversary of the Bürgschaftsbank Sachsen (Surety Bank of Saxony), Prof. Dr. Wilhelm Althammer, Dr. Oliver Hoßfeld and and Georg Siegert prepared a report in which they provide an overview of the activities of Bürgschaftsbank Sachsen (BBS) up to the present, put these activities in a national context, assess the effects on the Saxon economy and outline future challenges for the BBS. Since it was established, the BBS Trade issued more than 11,000 guar antees. Most of them were given to companies from handicraft and manufacturing. The data showed that about one third of all the supported businesses were start-ups. The BBS is in the top group in relation to the granted volume in the national comparison. Surveys among companies show that the guarantees support start-ups, facilitate transfers of business, increase the competitiveness of the individual businesses and strengthen the innovative power of the companies. According to the authors‘ calculations, the BBS has granted an average of EUR 60 million per year between 2006 and 2010, triggering investments of more than EUR 130 million per year, increasing the Saxon GDP by almost EUR 200 million per year and creating almost 800 new jobs each year. “The objective in the future must be to further strengthen the Saxon economy and to increase the number of start-ups which is still relatively low compared to the Old Federal States,” explains Prof. Dr. Althammer. Due to the demographic change, the topic of transfer of business will come more and more to the fore. The authors therefore conclude: “The BBS plays a significant role in both areas and can do even more in the future. With the investment subsidy being discontinued soon and the limitation of other funding, the importance of investment guarantees will grow in the future.” www.bbs-sachsen.de Std SPARKASSEN-FINANZGRUPPE CHAIR OF MACROECONOMICS 5 3 Chair Donor Sparkasse Leipzig 2 1 0 1995 1996 1997 1998 1999 2000 2001 2002 The surprising fact is that the foreign banks invested in this period despite the fact that in these countries, average GDP growth was low and declining. 2010 Geschäftsentwicklung der BBS 1991-2010 Volume of guarantees issued in million EUR in the reporting year Prof. Dr. Althammer: The data basis of this report was created before the financial crisis and reflects the development of eastern Europe between 1995 and 2006. The possibility of a worldwide collapse of banking markets due to a trust crisis seemed unlikely not just to us. Therefore, our model lacks the aspect that a bank crisis serves as a transmission mechanism for instabilities in the country of origin. This is an extension that has now become interesting. 4 Under which conditions can foreign banks increase their market share? SPARKASSEN-FINANZGRUPPE CHAIR OF MACROECONOMICS Chairholder Prof. Dr. Wilhelm Althammer Contact www.hhl.de/macroeconomics Core competencies/ Research interest • international economics • environmental policy • interaction between these two political fields 38 HHL RESEARCH REPORT 2012 SUSTAINABILITY AND COMPETITIVENESS 39 HB H HF HB 1 1 1 2 The scheme explains the embeddedness of one’s actions in time. On one hand you depend on given conditions of action (HB1) and it makes sense to understand them, e.g. with respect to social relationships and dependencies; on the other hand every action does not only lead to intended consequences (HF1) but frames also your own future (HF2) and the track record (reputation, trustworthiness) you’ll then have, respectively. Dissertations “The wording of von Broock wrote about the Code is neither Martin the “understanding of the game” as a category which shows the central a law nor a docu significance of individual perception of societal processes, rules and situment defining ations as a precondition of societal binding rules and order. With his work, he adds an essential dimension to the existing monitoring the terms of “game moves” and “rules of compliance thereof the game”. Erdmann‘s thesis using precisely de- Hans-Christian dealt with the responsibility of companies. The thesis was termined criteria“ media prepared in cooperation with the AxelProf. Dr. Andreas Suchanek trust. When looking at it that way, trust is nothing other than an investment in an asset. Customers or investors, politicians or administrators, media representatives or citizens: they all have an impact on the value-added processes in companies. Therefore, trust plays an important part in all these interactions. Consistent Actions DR. WERNER JACKSTÄDT CHAIR OF ECONOMIC AND BUSINESS ETHICS Can Business Be Managed Without Trust? The dialogue between theory and practice on corporate responsibility is at the center of the work at the Dr. Werner Jackstädt Chair of Economic and Business Ethics. Based on a theoretical concept and with an orientation towards issues from the practice, Prof. Dr. Andreas Suchanek and his staff examine the question of how profit and morality can be made mutually fruitful according to the golden rule: Invest in the conditions of social cooperation for mutual advantage! Code of Responsible Conduct for Business The work of the chair centers on the realization that trust is the fundamental basis for societal cooperation. It examines how companies and their leaders can regain the trust which shrank over the last few years using the “Code of Responsible Conduct for Business”. This Code, to which Prof. Dr. Suchanek contributed, has been signed by executives of more than 40 major German enterprises, renowned family-run businesses and medium-sized companies as well as four leading bodies within the economy. “The Code of Conduct was not primarily created to establish concrete rules but to highlight an attitude which conveys trust,” explains Prof. Dr. Suchanek. A successful economy is not only based on law and justice – it always requires the people‘s fundamental trust as well. The loss of confidence in the market economy, companies and their managers therefore represents a serious problem. Trustworthiness is an indispensable precondition for the sustainable success of business: if you are not trusted, you will not find customers, investors, employees, suppliers or other cooperation partners; nobody wants to collaborate with someone they do not For people to consider this attitude genuine, it must be reflected in the actions of the decision makers and their companies; words and deeds must comply with each other, they must be perceived as consistent. Many companies have initiated a number of activities and projects, even strategic re-orientation, under designations such as “CSR”, “social commitment” and “sustainability” over the last 20 years but, according to Prof. Dr. Suchanek, what happens in the core business is pivotal to credibility. For example: if credibility is about to be gambled away by closing down a location which still makes profit – and the public perceives this as a “relevant inconsistency” which undermines trust – it does not help much to support an art project (which by itself may well be worthy of sponsoring). “Against this background, the systematic causes for the loss of confidence must be envisioned in order to find the right starting points for measures in accordance with the Code and avoid unwanted counterproductive measures,” concludes Prof. Dr. Suchanek. The Code therefore seeks to establish basic and generally-accepted guidelines for responsible conduct in business from which both expectations and decisions on business can be drawn. The main principle of the Code is: “The economy must promote the public good.” The leading representatives of the economy play a significant role in the implementation of this principle as they actively take a stand on topics which are important for the sustainable continuation of the company and the maintenance of public trust. “This Code is not about another new standard such as ISO 26000 or the German Sustainability Code by the German Council for Sustainable Development. In fact, it is about executives disclosing their general benchmark for responsible conduct in business.” In doing so, the economy has made society an offer of dialogue which now needs to be substantiated. One precondition crucial to success is that both sides take the thought of dialogue seriously. On the one hand, companies must not confine themselves to emphasizing their good deeds and sublime principles but must actively take a stand on the disputed topics. On the other hand, representatives of the public and civil society must not limit themselves to merely challenging the trust and over-simplifying conflicts; instead, they should take the managers at their word, set out their expectations, specify the criticism through the guidelines of the Code and consider the limitations of how much responsibility businesses can take in the process. “The wording of the Code is neither a law nor a document defining binding rules and monitoring the compliance thereof using precisely determined criteria,” emphasizes Prof. Dr. Suchanek. It was developed by the economy – and not external influences – to express an attitude and making it part of a dialogue in the form of principles and positions. www.wcge.org Springer-Verlag publishing house. Marcos Sáez obtained his doctoral degree by examining the question of trust between banks and retail customers. The financial crisis showed the elementary importance of trust. Sáez‘ theses analyzes the challenges for banks to invest in this “asset”. Jan Sammeck submitted collective self-commitment processes to an economic analysis and identified central factors of fundamental importance for the success or failure of these processes (possibilities of measurement of cost and return of self-commitment, interdependence of committing actors, and the cost of implementation). Christian Zangs submitted a thesis on the influence of corporate responsibility strategies within the context of mergers & acquisitions and the implications that may arise due to differences in these strategies. DR. WERNER JACKSTÄDT CHAIR OF ECONOMIC AND BUSINESS ETHICS Chair DONOR Dr. Werner Jackstädt-Stiftung Chair Supporter Stifterverband für die Deutsche Wissenschaft Chairholder Prof. Dr. Andreas Suchanek Core competencies/ Research interest • corporate responsibility • economic and business ethics • management of trust and integrity • methodology of social sciences • theory of sustainability Contact www.hhl.de/ethics 40 HHL RESEARCH REPORT 2012 INNOVATION AND ENTREPRENEURSHIP 41 STIFTUNGSFONDS DEUTSCHE BANK CHAIR OF INNOVATION MANAGEMENT AND ENTREPRENEURSHIP The Changing Role of Universities as Innovation Engines and Entrepreneurial Hubs The importance of the quality of knowledge for the welfare of nations can be illustrated by a simple example. Although the physical weight of the US’s annual exports has not changed significantly over the last one hundred years, the real value of its exports has increased twentyfold. It is the knowledge that goes into the goods and services and the processes required to produce them that determines the value of the exports and their competitiveness in world markets. Historically, the traditional school of thought has regarded universities as a typical ‘production machine’ of human resources. On the other hand, companies encourage researchers to join their R&D department, and in some years, each of these companies has a huge R&D department, in which many researchers are working on relatively similar tasks with low degree of efficiency and specialization, and where ideas are developed in their central facilities, and then developed to a product or service. Now companies have shifted to a more project-oriented approach, where research activities are sectored and spread across several sites that are not only in the company’s headquarters, but also worldwide. The interest in a big R&D research center has seriously declined. Bohr’s Quadrant (pure basic research) Pasteur’s Quadrant (use-inspired basic research) YES Challenge of the Entrepreneurial University NO YES Consideration of use? Quest for fundamental understanding Hobbyist’s Quadrant (exploring particular phenomena) NO Edison’s Quadrant (pure applied research) As Stokes pointed out in his four quadrants, if universities aim for more use-inspired basic research like in Pasteur’s quadrant, they could become much stronger in making use of their knowledge. They could do this without losing their demanding standards, which would happen if they concentrated on pure applied research like in Edison’s quadrant. The balance between science and technology needs is the essential asset modern universities should possess. Parallel to the change in companies, universities as well have been changing. It started with universities seeking cooperation with nearby companies and national firms, reaching to a global network of cooperation between universities and firms on the international level, moving from central research units to joint-venture laboratories (i.e. university-industry collaborations), to a research institution, reaching to a complete form of an emerging company. The late nineteenth century witnessed an academic revolution in which universities added a third task in addition to research and teaching, which is its contribution into the economic development. This trend began in the U.S.A. in the 1970s, then in various Western European countries during the 1980s. The role of universities as engines of innovation is in the first place due to the education and qualification of the students, doctorates and the post-docs. The people are the creative disrupters, the catalysts and the future entrepreneurs. This is the traditional function of universities, which counts in the current world of sciences much more than it ever has in the past. What is really new in principle, is that the best skilled people develop their splendid ideas und inventions more often during their time in the universities, than when they begin working in the laboratories of the research oriented companies as they had in the past. Therefore the universities not only have to “produce” the best people, but they also have to organize well the shift of knowledge from the labs in the universities to the markets. The shift from mode 1 to mode 2 was a great change in the concept of knowledge transfer. According to Michael Gibbons and his co-workers, mode 1 is about the traditional knowledge created within a discipline in a cognitive context, while mode 2 is created in a broader transdisciplinary social and economic context. Shifts in universities reflected changing from mode 1 to mode 2, to the bigger manifestation of the expanding role of universities which is the Triple Helix approach. As the name suggests, it is the combined effort of a society’s three main institutions – universities, companies, and government agencies, that overlays the network of knowledge sharing. Over the last ten years, most countries have been trying to attain some advanced form of the Triple Helix. Their main goal is to attain an “innovative environment consisting of university spin-offs, tri-lateral initiatives for knowledge-based economic development, and strategic alliances among firms, government laboratories, and academic research groups. These arrangements are often then encouraged, but not controlled by the government.” The universities in all developed countries especially in the US and Germany have added in the past two decades a lot of additional functions to the inno vation process. More quantitative as well as qualitative participation at the national and international innovation eco-system has taken place. In addition to this multifunctional nature, especially within U.S. universities, they are magnets for the best skilled immigrants. With a rapid growing share of foreign-born doctorates in the US from 15 percent in the age group of 66 to 70 up to over 40 percent in the age group STIFTUNGSFONDS DEUTSCHE BANK CHAIR OF INNOVATION MANAGEMENT AND ENTREPRENEURSHIP Chair Donor Stiftungsfonds Deutsche Bank Chairholder Prof. Dr. Andreas Pinkwart Contact www.hhl.de/innovation Core competencies/ Research interest • innovation management in new business creation and in established companies • focus on intellectual venturing • transfer of created knowledge from academia into businesses 42 HHL RESEARCH REPORT 2012 of 26-30, the US-universities are on one hand not only engines of innovation for their own population but also for the global market. On the other hand, the universities as magnets for the best students, is important within their own innovation system because they attract these qualifications which are necessary for growth and employment through innovation. Although the German universities are able to attract a relatively high share of the international student market, it is not comparable with the role of the U.S. universities. Maybe the German universities have to learn how to earn money from the foreign students as well as to support them in staying and founding companies in Germany after their exams. This will help fill the gap of demography which will be much more deeper in Germany than in the U.S. Conclusion It is quite obvious now that universities can no longer be regarded as only providers of human resources, but rather as incubators and network hubs for new ideas and innovations. Academic knowledge is transferred to new products and processes through many different channels such as the patenting and licensing of inventions, business development, or universityindustry collaborations. Although there is evidence of growing academic knowledge commercialization, less is known about whether the commercialization of research takes place in universities in a form that companies cannot replicate. This is a rich context for many emerging questions for both the academic and practical world. INNOVATION AND ENTREPRENEURSHIP 43 Internationalization Strategies for German High-Tech Start-ups As part of an empirical long-term study of the financial and risk management of German high-tech companies Dorian Proksch, Research Assistant at the Stiftungsfonds Deutsche Bank Chair for Innovation Management and Entrepreneurship, conducts a special analysis for internationalization behavior of high-tech companies in the early phase. The long term study uses a comprehensive analysis of merged documents and interviews with the founding players of German early stage funds. He uses his empirical findings of the long-term study to find out the factors which hinder or foster the early internationalization in the early stage of high-tech startups. Mr. Proksch answers the question if there is a correlation between the international experience and the networking of the founders team and the degree of international involvement of high-tech startups. Mr. Proksch also takes into account the uniqueness of the business concept and the influence of the risk-bearing capacity to internationalization. The results can help investors to better determine the chance of internationalization of a hightech company. Strategic Management in Early Stage Venture Capital Funds In the early stage of the development of newly founded technology based firms (NTBF) intensive non-financial support is often required in order to cope with the vast number of existing restrictions and risks. In this stage the additional value created by Venture Capital Funds (VCF) – beyond from covering capital requirements – is mainly based on management support and a balanced risk management. So far empirical academic studies of the early stage financing are mostly crosssectional and look at a set of investments based just on the notion of the investment manager in charge. There is a lack of longitudinal studies more objectively considering the decisions and characteristics of a set of investments over time. The newness of the examination by Dorian Proksch rests on analyzing VCFs’ original deal documentation at the source and surveying investment managers and NTBF only regarding those pieces of information, which cannot be found in the VCFs’ files. For this examination Mr. Proksch wants to use a framework of accepted and known perspectives which are seen as success factors for new venture creation. These factors are in the fields of interpersonal relationships, networks, characteristics of technology and management support by an equity capital provider. The study by Mr. Proksch highlights a conceptual framework of strategic management in early stage VCF. CROWDFUNDING AND CROWDINVESTMENT Crowdfunding is one of the recent trends regarding the financing of social, artistic and commercial projects. Since 2003, there has been a great rise of crowdfunding platforms in the U.S and Europe. It became very popular through internet platforms like kiva. org or kickstarter.com in the English speaking world and developed very fast in Germany. Crowdfunding is a method to earn capital through masses. Using an internet platform, a wide range of people can be addressed to collect money for the project. It can be differentiated between projects with natural incentives and without incentives. Also start-ups have been gaining capital over a crowd using the methods of crowdfunding. But it never seems to fit to the needs of a young start-up. This changed with new emerging forms of platforms like seedmatch.de or innovestment.de in Germany. Start-ups now have a supply which seems to fit their specific needs. The platforms are mediators between investors and young start-up firms with the aim of closing the financing gap in early stages through supplying high-risk shares to interested investors. The incentive here is clearly monetary. This new form of Crowdfunding can be called Crowdinvesting. There are essen tial advantages in Crowdinvesting, which prompt questions in the usability of it for start-ups. Especially the problem of a failing investment or the high probability of copying one’s business idea when submitting the whole business plan to an undefined mass of investors are not yet totally discussed by the academic community. These problems will be addressed in a research project by Anja Hagedorn. Schumpeter Junior Professorship for Entrepreneurship and Technology Transfer Creating an Incubator for new Business Ideas Since March 1, 2012, Dr. Vivek K. Velamuri is the Schumpeter Junior Professor for Entrepreneurship and Technology Transfer at HHL. This junior professorship is kindly sponsored by the Leipzig Foundation for Innovation and Technology Transfer. Dr. Velamuri will strengthen HHL’s profile as an international business school and incubator for new business ideas and start-ups in the Leipzig innovation region. His research focus is on hybrid value creation, i.e. the process of generating additional value by com bining products and services. He is currently leading a team at HHL, which is responsible for developing a detailed concept for the EXIST competition. HHL is the only business school that was voted into the second round of the EXIST – Culture of Entrepreneurship program. What do you have to do to be successful in this competition? Dr. Velamuri: To score in this nationwide competition one has to provide a comprehensive plan how to foster the entrepreneurial spirit not only in the university but also in the local region. EXIST calls for a holistic entrepreneurship concept that incorporates the entire organization – including the Dean, the faculty, the students, and the staff. They all should truly live the entrepreneurial spirit. Additionally, HHL wants to facilitate different research institutions from the Leipzig innovative region (e.g. University of Leipzig, Fraunhofer MOEZ, HTWK Leipzig) in commercializing their research. Here, HHL wants to contribute with its profound expertise in facilitating various start-ups. By this means, we also want to strengthen HHL’s profile as one of the world’s leading entrepreneurial business schools. Over the next two months, we will analyze best-practice examples from entrepreneurial universities in Germany, Europe and the U.S. more intensively. What implication does the EXIST competition have on the research at HHL? Dr. Velamuri: We want to channel funds from the EXIST competition directly to conducting state-of-the-art research in the field of entrepreneurship. In particular we would like to focus on aspects of entrepreneurial finance and marketing. This will complement research conduc ted by the Stiftungsfonds Deutsche Bank Chair and my own chair. How does EXIST affect the teaching at your business school? Dr. Velamuri: Entrepreneurship is a solid component of the curriculum as a compulsory or elective subject in the full-time and part-time M.Sc. and MBA programs. The business plan class stands out in particular in this respect since it is considered an early incubator for start-ups. Moreover, the programs at HHL include an internship which, on average, every fourth student completes in a start-up business. Our classes are enriched by regular guest lectures given by founders and inves tors. The new series of lectures entitled “Leipzig Entrepreneurship Lecture”, which is open to visitors, examines current entrepreneurship topics from the perspective of the economy and research, e.g. women entrepreneurship and social entrepreneurship. Glossary EXIST build up a physical interaction platform for people, ideas, and technology in the region. With this, HHL supports personal and professional independence in a cross-subject and cross-institute manner by offering workshops/seminars and start-up coaching sessions. SCHUMPETER JUNIOR PROFESSORSHIP FOR ENTREPRENEURSHIP AND TECHNOLOGY TRANSFER The “EXIST – Existenzgründungen aus der Wissen schaft” (“Start-ups from Science”) program has funded measures and projects since 1998 to establish the topic of starting businesses in universities and reThe “EXIST – Existenzgründungen aus der Wissenschaft” (“Startups from Science”) program has funded measures and projects since 1998 to establish the topic of starting businesses in universities and re up University”) competition, the Federal Ministry of Economics and Technology (BMWi) provides almost EUR 46 million over the course of seven years for challenging projects at universities. The EXIST program is co-financed by a grant from the European Social Fund (ESF). Does EXIST give new impulses to the theory-practice transfer? Dr. Velamuri: Funds will also be used to Chair Donor Leipzig Foundation for Innovation and Technology Transfer Chairholder Dr. Vivek K. Velamuri Core competencies/ Research interest • solving managerial problems faced by organizations with a focus on entrepreneurship, intrapreneurship, and technology transfer • focus on different facets of hybrid value creation • open innovation • research on the phenomenon of social entrepreneurship. Contact www.hhl.de/entrepreneurship 44 HHL RESEARCH REPORT 2012 INNOVATION AND ENTREPRENEURSHIP 45 Prof. Dr. Kathrin M. Möslein Prof. Dr. Ralf Reichwald Prof. Anne Sigismund Huff, Ph.D. (from left to right) The promising use of OI-tools demands companies to build up supporting com petencies and to create transparency about OI activities. Both demands go hand in hand and result in the intertwining of competence management and controlling. The Open Innovation Maturity Model is a model which can make OI transparent and assessable and supports companies on their way to a systematic use of OI. First results have already been presented at several national and international conferences, e.g. the European Academy of Management, and were also published in academic journals as well as a number of practitioner outlets. Expanding the Reach of Open Innovation to Neglected People CENTER FOR LEADING INNOVATION & COOPERATION CLIC – A Think Tank of Innovation Management The Center for Leading Innovation & Cooperation (CLIC) is a research facility at HHL. It is chaired by the academic directors Prof. Dr. Kathrin M. Möslein (Friedrich-AlexanderUniversity of Erlangen-Nuremberg & HHL Leipzig Graduate School of Management), Professor Anne Sigismund Huff, Ph.D. (National University of Ireland Maynooth & Technische Universität München), and Prof. Dr. Ralf Reichwald (HHL Leipzig Graduate School of Management & Technische Universität München). The Executive Director, Dr. Hagen Habicht, makes its Board of Directors complete. CLIC is designed as a think tank in the field of innovation management in organizations and markets. It pools the knowledge and experience of a strong international network consisting of institutions and experts in the field of innovation research. CLIC currently runs joint initiatives with more than 60 corporate partners and an international academic network. “It is the innovative spirit of our network of collaborators that makes CLIC a ‘hot spot’ for exploring possible futures, designing innovations and learning across boundaries,” says Prof. Dr. Reichwald. CLIC‘s Research Focus Leadership of innovation and cooperation are key challenges of the 21st century. In this context, CLIC has set its research focus in two separate, but closely interconnected research fields: (1) Open Innovation & Interactive Value Creation and (2) Service Innovation & Hybrid Value Creation. Current projects in the research field Open Innovation & Interactive Value Creation address research questions like: How to strategically open corporate innovation systems? How to implement open collective innovation and value co-creation processes? How to assess the maturity of a firm’s open innovation activities? How to develop individual or organizational innovation and interaction competence? Or how to democratize management and decision processes in public administration, legislation, educational or governmental organizations or our healthcare system. Current research in the field Service Innovation & Hybrid Value Creation deals with research questions like: How to professionalize innovative services? How to measure service productivity? How to servitize traditional manufacturing firms? Or how to develop governance structures for service innovation and hybrid value creation? Depending on the specific research focus, CLIC’s research approach ranges from exploratory case study research, surveys and user experiments to longitudinal and largescale design-oriented prototyping, piloting and field experiments. Through the support of national and international funding institutions, private sector organizations and the Peter Pribilla Foundation, CLIC is able to facilitate selected and particularly interesting inter-disciplinary approaches. “It’s the collaborative research with our partners from industry that inspires everyone at CLIC: the team at HHL as well as the network of international CLIC Fellows and Senior Fellows”, says Prof. Dr. Möslein. In the following, a number of project vignettes will showcase selected research activities at CLIC. Mastering Management and Competence Development for Open Innovation Open Innovation (OI) is a silver bullet, but rather a constant challenge. Even world famous companies sometimes make far-ranging mistakes. It took 3,000 staff members approximately one year to complete the systematization and evaluation of the submissions to Google‘s prestigious $10 million innovation contest ‘Project 10 to the 100th ’ (www.project10tothe100.com/index.html). Basically everybody is talking about open innovation. In view of the actual participants of OI shows, however, the processes which are aimed at a large amount of participation usually only reach young technophiles. In order for the advantages of innovation and participation processes to reach social relevance, methods need to be developed that include presently neglected groups. At CLIC, there is research in two directions: (1) How can staff (of mixed age) systematically be included in open innovation? The focus here is on the development of tools for mutual learning and to impart values. (2) How can open innovation tools contribute to the capacity of innovation in the care system? Questions to overcome limited capability to articulate and the academic institutionalization of the care professions play an additional role hereby. Understanding and Managing the Productivity of Services The productivity of services has been in the strategic focus of companies for a while. The gross profit margins of IBM, for example, diverge widely with 80 percent in the product sector and under 30 percent in the service sector. Such discrepancies hint at the necessity of further research in the areas of measurement and management of service productivity. At CLIC, new concepts for the measurement and practice-oriented management models to increase service productivity are being developed. Bridges between the existing disciplinary perspectives are being created in “workshop” meetings. Current indepth research studies create a better understanding of the development and impact of service productivity on service providers and customers CLIC@EURAM: Contributions to the European Community of Innovation Researchers For years CLIC researchers have been engaged in the development of the European Academy of Management (EURAM), the biggest European community of management researchers. As a founding member of EURAM, Prof. Dr. Möslein has been its VicePresident from 2007 to 2012 and is regularly teaching in the joint EFMDEURAM Programme on Developing Research Managers. Together with Dr. Habicht, she chaired the EURAM Doctoral Colloquium for many years. Both of them have also been involved in shaping the EURAM Early Career Community (EECC). CLIC researchers are regularly co-chairing research tracks, e.g. on “Service Innovation and Hybrid Value Creation” or “Organizing for Creativity”. The aim of these activities is the systematic development of collaborative research platforms for the next generations of European management researchers. and present starting points for new management models. From a scientific point of view the project ServProd, Forschungswerkstatt (Productivity of Services), contributes to the conceptual and empirical development of the service productivity construct. Business practice benefits from assessment and management approaches providing, in a sense, a cockpit for service productivity. Improving the Productivity of Mass Customization with Communities and Media Provision Germany and the Yasmin Revolution: Nurturing Competencies in the Field of Innovation Management in North Africa In joint educational initiative with a broad range of partners from industry and academia in Tunisia the focus is on the development of tools for new approaches to blended learning. Education is becoming more and more relevant as a remote service for the German economy. This applies to educational institutions as service exporters as well as German industrial enterprises which act as global education consumers. Focusing on the German automotive supply industry in the Tunisian region, more efficient technologically-supported forms of learning based on open innovation tools are being developed. Those comply with the need for situational processing and the knowledge transfer of expert knowledge and competencies. www.clicresearch.org new paradigm of customer orientation in mass production. On the other hand most practical applications show that the price premium hardly ever justifies the high customization costs. The aim of CLIC‘s research is to enable innovative small and medium-sized businesses to increase and extend their productivity and competitive strength long term. The research projects conducted by CLIC focus on the effects of the systematic use of communities as well as processes. First results of the project have already been presented at several national and international conferences. On the one hand Mass Customization (MC) has been celebrated for years as a CENTER FOR LEADING INNOVATION & COOPERATION Academic Directors Prof. Anne Sigismund Huff, Ph.D. Prof. Dr. Kathrin M. Möslein, Prof. Dr. Ralf Reichwald Executive Director Dr. Hagen Habicht Contact www.clicresearch.org Core competencies/ Research interest • think tank and exploration lab for researchers and practitioners • current and future key challenges in the fields of leadership, innovation and cooperation • ’hot spot‘ for exploring possible futures, designing innovations and learning across boundaries 46 HHL RESEARCH REPORT 2012 Publications and Conference Presentations 2011/2012 Publications 47 CHAIR OF STRATEGIC MANAGEMENT AND ORGANIZATION/ CENTER FOR Strategy and SCENARIO PLANNING Wulf, Torsten / Stubner, Stephan / von Stietencron, Philipp Führungskonzeption und Erfolg deutscher Familien- und Nichtfamilienunternehmen Working Paper (03/2011) Books Sachsenbank Branchenszenarien Mitteldeutschland – Zukunftsszenarien für die Mikroelektronik in Mitteldeutschland Hungenberg, Harald / Wulf, Torsten Grundlagen der Unternehmensführung Heidelberg: Springer, 2011 ISBN 3642177840 For further publications, see also: www.hhl.de/publications Book Chapters and Journal Articles Wulf, Torsten / Stubner, Stephan / Meißner, Philip / Brands, Christian Szenariobasierte strategische Planung in volatilen Umfeldern In: Zeitschrift für Controlling und Management, 56(2012) 2, 34-38 Wulf, Torsten/ Stubner, Stephan Strategische Planung und strategisches Controlling mit Szenarien In: Zeitschrift für Controlling, in Veröffentlichung Bender, Manuel / Roleder, Kati “Prior to Engagement: The Systematic Examination of Ex-Ante Trust in First-Time Strategic Alliance” In: Ilg, Markus / Puhr, Rainer (Hrsg.): Value Day 2012. Aktuelle Entwicklungen in Controlling, Finance & Strategy Berlin: wvb Wissenschaftlicher Verlag, 2012 Wulf, Torsten / Stubner, Stephan / Blarr, W. Henning / Brands, Christian: Organizational Ambidexterity and Family Firm Performance In: Journal of Small Business & Entrepreneurship, 25 (2012) 2, 217-229 Wulf, Torsten / Hoffmann, Christian / Stubner, Stephan /Mach, Andreas “Family Equity” – Unternehmensbeteiligungen aus dem Privatvermögen In: Mach, Andreas / Labbow, Harald (Hrsg.): Family Equity – Unternehmerfamilien, Investoren, Family Offices, Private Equity, München 2011, 141-160 Wulf, Torsten / Miksche, Jutta / Roleder, Kati / Stubner, Stephan Performance Over the CEO Life Cycle: The Impact of Structural Power Creation Activities In: Problems and Perspectives in Management, 4 (2011) 9, 98-108 Wulf, Torsten / Stubner, Stephan / Landau, Christian / Gietl, Robert Buyouts in Familienunternehmen – eine Herausforderung für Private Equity Wulf, Torsten / Brands, Christian / Günther, Kareen /Meißner, Philip Working Paper (04/2011) Wulf, Torsten / Brands, Christian / Günther, Kareen / Meißner, Philip Sachsenbank Branchenszenarien Mitteldeutschland – Zukunftsszenarien für die Fernwärme in den neuen Bundesländern Working Paper (4/2011) Prof. Dr. Torsten Wulf / Philip Meißner / Dr. Stephan Stubner CHAIR OF FINANCIAL MANAGEMENT Annual Conference of the Academy of Management San Antonio, USA, August 12-16, 2011 Book Chapters, Journal Articles and Others Prof. Dr. Torsten Wulf / Philip Meißner / Dr. Stephan Stubner Schwetzler, Bernhard / Arnold, Sven Behavioral Consequences of Scenario Planning: Its Impact on Biases and Decision Quality Behavioral Decision Making in Family Businesses: The Influence of Biases on Decision Quality in Strategic Decisions Annual Conference of the Academy of Management San Antonio, USA, August 12-16, 2011 Prof. Dr. Torsten Wulf / Philip Meißner / Dr. Stephan Stubner Behavioral Decision Making in Family Businesses: The Influence of Biases on Decision Quality in Strategic Decisions A Scenario-based Approach to Strategic Planning: Tool Description Framing Checklist Annual IFERA World Family Business Research Conference Palermo, Italy, June 28-July 1, 2011 Wulf, Torsten / Brands, Christian / Meißner, Philip Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Philipp von Stietencron Wulf, Torsten / Brands, Christian / Meißner, Philip Working Paper (06/2011) A Scenario-based Approach to Strategic Planning: Tool Description Impact-Uncertainty-Grid Working Paper (07/2011) Wulf, Torsten / Meißner, Philip / Brands, Christian / Reineke, Björn Der Markt für Unterhaltungselektronik in Deutschland – Szenarien als Basis für erfolgreiche Wachstumsstrategien Working Paper (12/2011) Hoffmann, Christian / Wulf, Torsten / Stubner, Stephan Goal Orientation and Family Firm Performance Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Christian Hoffmann Prof. Dr. Torsten Wulf / Jutta Miksche / Kati Roleder / Dr. Stephan Stubner Family Management and Firm Performance – The Role of Long-Term Orientation on Firm Performance Annual IFERA World Family Business Research Conference, Bordeaux, France, June, 26-29, 2012 Prof. Dr. Torsten Wulf / Dr. Stephan Stubner/ Philipp von Stietencron / Christian Hoffmann Goal Orientation and Family Firm Performance Annual IFERA World Family Business Research Conference, Bordeaux, France, June 26-29, 2012 Performance Over the CEO Life Cycle – The Impact of Structural Power Creation Activities 73. Annual Congress of the German Academic Association for Business Research (VHB) Kaiserslautern, Germany, June 16-18, 2011 Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Philipp von Stietencron A Goal Orientation and Family Firm Performance. Wulf, Torsten / Krys, Christian / Brands, Christian / Meißner, Philip / Stubner, Stephan 2. German Conference of Family Firm Researchers, Vallendar, Germany, March 1-2, 2012 Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / W. Henning Blarr / Christian Brands Ein Radar für die Strategieplanung In: Harvard Business Manager, 11(2011) 3, 56-63 Wulf, Torsten / Maul, Björn Eine Branche hängt in der Luft In: Zukunftsmanager,11 (2011) 3, 8-11 Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Christian Hoffmann Is Long Term Orientation Really the Source of Superior Family Firm Performance?, 2. German Conference of Family Firm Researchers, Vallendar, Germany, March 1-2, 2012 Wulf, Torsten/ Stubner, Stephan Position-specific Knowledge, New CEO Learning and Firm Performance In: European Journal of international Management, in Veröffentlichung Working Papers Wulf, Torsten / Meißner, Philip / Brands, Christian / Maul, Björn Future Scenarios for the European Airline Industry Working Paper, (01/2011) Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Philipp von Stietencron The Role of Goals in the Relation between Family Influence and Firm Performance G-Forum Jahreskonferenz St. Gallen, Switzerland, November 2-4, 2011 Organizational Ambidexterity and Family Firm Performance Annual Conference of the European Academy of Management Tallin, Estonia, June 1-4, 2011 Prof. Dr. Torsten Wulf / Jutta Miksche / Kati Roleder / Dr. Stephan Stubner Performance Over the CEO Life Cycle – The Impact of Structural Power Creation Activities Annual Conference of the European Academy of Management Tallin, Estonia, June 1-4, 2011 Prof. Dr. Torsten Wulf / Dr. Stephan Stubner Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Christian Hoffmann Family Management and Firm Performance – The Role of Long-Term Orientation for Firm Performance G-Forum Jahreskonferenz St. Gallen, Switzerland, November 2-4, 2011 Zielorientierung und Erfolg von Familienunternehmen 1. Deutsche Konferenz der Familienunternehmensforscher, Witten, Germany, March 11-12, 2011 Aders, Christian / Schwetzler, Bernhard Der Preis eines Squeeze-Outs – DVFA Best-Practice Empfehlungen zur Unternehmensbewertung In: Going Public, (2011) 12, 44-47. Cash in der Unternehmensbewertung In: Corporate Finance biz, 3 (2012) 3, 155-162 Arnold, Sven / Alexander Lahmann / Schwetzler, Bernhard In: BCG Publikation, (2011) April In: Die Wirtschaftsprüfung, 65 (2012) 6, 324-337 Die Best Practice Empfehlungen der DVFA zur Unternehmensbewertung Kengelbach, Jens / Klemmer, Dominic C. / Sperling, Marco / Schwetzler, Bernhard Kapitalmarktorientierte Wertschaffung mit M&A aus der Käuferperspektive, Teil 2: Erfolgsfaktoren von Serienkäufern In: M&A Review, 23 (2012) 1, 1-5 Does Practice Make Perfect? How the Top Serial Acquirers Create Value Kengelbach Jens / Klemmer, Dominic C. / Schwetzler, Bernhard Kapitalmarktorientierte Wertschaffung mit M&A aus der Käuferperspektive Teil 1: Erfolgsfaktoren im zyklischen Umfeld In: M&A Review, 22 (2011) 12, 520-530 Working Papers Rudolph, Christin / Schwetzler, Bernhard Conglomerates on the Rise Again? The Worldwide Impact of the 2008-2009 Financial Crisis on the Diversification Discount Working Paper, 2011 Fehre, Kerstin / Rapp, Marc / Sperling, Marco / Schwetzler, Bernhard The Disappearing ‚Deutschland AG‘ – An Analysis of Blockholdings in German Large Caps In: Problems and Perspectives in Management, 9 (2011) 4, 46-58 Kengelbach, Jens / Klemmer, Dominic C. / Schwetzler, Bernhard / Sperling, Marco O. An Anatomy of Serial Acquirers, M&A Learning, and the Role of Post-Merger Integration Working Paper, 2011 Aders, Christian / Schwetzler, Bernhard Rudolph, Christin / Schwetzler, Bernhard In: Finanzplatz (2012) 2, 30 Working Paper, 2011 Perspektivwechsel bei der Bestimmung der angemessenene Abfindung von Minderheitsaktionären Conglomerate Discounts and their Biases: An International Survey Aders, Christian / Schwetzler, Bernhard Chullen, Alberto / Schwetzler, Bernhard In: Finanzplatz (2012) 2, 31 Working Paper, 2011 Beckmann, Philip / Heuskel, Dieter / Pidun, Ulrich /Rubner, Harald / Rudolph, Christin / Schwetzler, Bernhard Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Christian Hoffmann In: International Review of Law and Economics, 31 (2011) 4, 240-248 Kengelbach, Jens / Klemmer, Dominic C. / Schwetzler, Bernhard / Sperling, Marco O. / Roos, Alexander Prof. Dr. Torsten Wulf / Philip Meißner In: Zeitschrift für KMU und Entrepreneurship (ZFKE), in Veröffentlichung Stability Orientation and Family Firm Performance HHL/Duff&Phelps - Fairness Opinion Monitor Jahresreport 2011 Change in Perspective When Determining an Appropriate Settlement for Minority Shareholders Annual Conference of the European Academy of Management Tallin, Estonia, June 1-4, 2011 The Certification Hypothesis of Fairness Opinions for Acquiring Firms In: Bewertungspraktiker, (2011) 2, 2-7 Annual Conference of the European Academy of Management Tallinn, Estonia, June 1-4, 2011 Behavioral Decision Making in Family Businesses the Influence of Biases on Decision Quality in Strategic Decisions La Mura, Pierfrancesco / Rapp, Marc Steffen / Schwetzler, Bernhard / Wilms, Andreas Aders, Christian / Arnold, Sven / Schwetzler, Bernhard In: Corporate Finance biz, 3 (2012) 1, 43-50 A CEO’s Position-specific Skills and Post-succession Performance In: Corporate Finance biz, 2 (2011) 3, 208-212 Schwetzler, Bernhard Annual IFERA World Family Business Research Conference Palermo, Italy, June 28-July 1, 2011 Organizational Ambidexterity and Family Firm Performance HHL/Duff&Phelps - Fairness Opinion Monitor Jahresreport 2010 In: Corporate Finance biz, 3 (2012) 5, 237-241 DVFA Expert Group “Corporate Transaction and Valuation” / Schwetzler, Bernhard 73. Annual Congress of the German Academic Association for Business Research (VHB) Kaiserslautern, Germany, June 16-18, 2011 Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Christian Hoffmann Zur Anwendung der DVFA Best-PracticeEmpfehlungen Unternehmensbewertung in der gerichtlichen Abfindungspraxis Prof. Dr. Torsten Wulf / Dr. Stephan Stubner / Christian Brands Conference Presentations Annual Conference of the Academy of Management, Boston, USA, August 3-7, 2012 Schwetzler, Bernhard / Aders, Christian / Adolff, Johannes Tax Shield, Insolvenzwahrscheinlichkeit und Zinsschranke – eine empirische Analyse Prof. Dr. Torsten Wulf / Dr. Stephan Stubner Family Management and Firm Performance – The Role of Long-Term Orientation on Firm Performance In: Corporate Finance biz, 3 (2012) 5, 253-254 Annual IFERA World Family Business Research Conference Palermo, Italy, June 28-July 1, 2011 Family Management and Firm Performance Working Paper (12/2011) Multiples und Beta-Faktoren für deutsche Branchen Aders, Christian / Schwetzler, Bernhard The Power of Diversified Firms During Crises Does Consistency Improve Multiple Quality? – The German Case Arnold, Sven / Lahmann, Alexander / Schwetzler, Bernhard Tax Shield, Insolvenz und Zinsschranke Working Paper, 2011 BCG Publikation, (2012) January Arnold, Sven / Lahmann, Alexander / Reinstädt, Jens Zur Überprüfung von Kapitalstrukturtheorien in einer von Krisen geprägten Zeit In: Corporate Finance biz, 2 (2011) 8, 449-458 Arnold, Sven / Lahmann, Alexander / Schwetzler, Bernhard Zinsschranke, Unternehmensbewertung und APV Ansatz – eine Anmerkung zum Beitrag von Förster/ Stöckl/Brenken (ZfB 2009, Volume 79, p. 985 ff.) Working Paper, 2011 Arnold, Sven / Lahmann, Alexander / Schwetzler, Bernhard Multiples und Beta-Faktoren für deutsche Branchen – Erläuterungen zu den Kapitalmarktdaten von www.finexpert.info und CORPORATE FINANCE In: Corporate Finance biz, 2 (2011) 7, 430-434 Friedl, Gunther / Schwetzler, Bernhard Unternehmensbewertung bei Wachstum und Inflation – eine Kritik am Modell von Bradley/Jarrell Arnold, Sven / Lahmann, Alexander Bewertung der Zinsschranke Working Paper, 2011 Klemmer, Dominic C. / Schwetzler, Bernhard / Sperling, Marco Capital Structure and Corporate Distress: Empirical Evidence from a Bank-based Economy Working Paper, 2011 In: Corporate Finance biz, 2 (2011) 6, 352-358 Friedl, Gunther / Schwetzler, Bernhard Doctoral Theses In: Journal of Applied Corporate Finance, 23 (2011) 2, 104-112 Klemmer, Dominic, C. Terminal Value, Accounting Numbers, and Inflation Arnold, Sven / Lahmann, Alexander / Schwetzler, Bernhard Der Einfluss der “Zinsschranke” auf den Unternehmenswert – Eine Anmerkung In: Corporate Finance biz, 2 (2011) 5, 293-299 Treatises on Mergers and Acquisitions and Capital Structure Choices Leipzig, HHL Leipzig Graduate School of Management, 2012 48 HHL RESEARCH REPORT 2012 Publications 49 Metzker, Martin Prof. Dr. Bernhard Schwetzler Creation in Corporate Takeovers Leipzig, HHL Leipzig Graduate School of Management, 2011 73. Annual Congress of the German Academic Association for Business Research (VHB) Kaiserslautern, Germany, June 16-18, 2011 Determinants of Strategic Choices and Central Response Variables Like Value Conference Papers / Presentations Nachhaltiges Wachstum in der Unternehmensbewertung Dr. Marco Sperling / Prof. Dr. Bernhard Schwetzler Serial Acquirers: Can Firms Learn to Acquire? Vortrag bei Deutsche Bahn AG, Berlin, Germany, April 12, 2011 Christin Rudolph / Prof. Dr. Bernhard Schwetzler Conglomerates on the Rise Again? The Worldwide Impact of the 2008-2009 Financial Crisis on the Diversification Discount EFMA 2012 Annual Conference Barcelona, Spain, June 28, 2012; 74. Annual Congress of the German Academic Association for Business Research (VHB) Bolzano, Italy, May 30-June 2, 2012; WHU Campus for Finance - Research Conference Vallendar, Germany, January 12, 2012 Dr. Marco Sperling Does Cash Burn Holes in Their Pockets Midwest Finance Association (MFA) Conference 2011 Chicago, USA, March 2-5, 2011 Prof. Dr. Bernhard Schwetzler Recent Trends in M&A Research Presentation at the Quito Stock Exchange Quito, Ecuador, January 20, 2011 Prof. Dr. Bernhard Schwetzler Research in Private Equity @ HHL WHU Campus for Finance, Private Equity Conference Vallendar, Germany, March 29-30, 2012 Prof. Dr. Bernhard Schwetzler Private Equity und Mittelstand Arbeitsgemeinschaft Selbständiger Unternehmer ASU e.V. Leipzig, Germany, March 27, 2012 Prof. Dr. Bernhard Schwetzler An Anatomy of Serial Acquirers, M&A Learning and the Role of Post-Merger Integration WHU Campus for Finance - Research Conference Vallendar, Germany, January 12, 2012; 2. Fachtagung “Mergers & Acquisitions im Spannungsfeld der Rechts- und Wirtschaftswissenschaften – Aktuelle Erkenntnisse aus Forschung und Praxis”, M&A Alumni Deutschland e.V. Cologne, Germany, December 2, 2011 CHAIR OF ACCOUNTING AND AUDITING Book Zülch, Henning / Beyhs, Oliver / Hoffmann, Sebastian / Krauß, Patrick Enforcement-Guide: Wegweiser für das DPR-Verfahren Berlin: Erich Schmidt Verlag, 2012, ISBN 978-3-503-13825-8 Wie hoch ist der Tax Shield bei der Unternehmens bewertung unter realistischen Bedingungen 2. Fachtagung “Mergers & Acquisitions im Spannungsfeld der Rechts- und Wirtschaftswissenschaften – Aktuelle Erkenntnisse aus Forschung und Praxis”, M&A Alumni Deutschland e.V. Cologne, Germany, December 2, 2011 Book Chapters, Journal Articles and Others Executive Compensation and Goodwill Recognition Under IFRS: Evidence from European Mergers In: Journal of International Accounting, Auditing and Taxation, 21 (2012) 2, 106-126 Zülch, Henning / Popp, Marco Reformation der IFRS-Konzernrechnungslegung (Teil I): Das Control-Konzept nach IFRS 10 Value Creation in Private Equity Transactions; Synergies in M&A Transactions Doktorandenseminar Ost des HypoVereinsbankUniCredit Group-Stiftungsfonds Riga, Latvia, September 23-25, 2011 Dipl.-Kfm. Dominic C. Klemmer / Prof. Dr. Bernhard Schwetzler Serial acquirers: Können Firmen lernen zu akquirieren? IACVA’s 5th Annual Business Valuation Conference Neuss, Germany, November 11, 2011 Dr. Christian Aders / Prof. Dr. Bernhard Schwetzler Die Best Practice Empfehlungen der DVFA zur Unternehmensbewertung IACVA’s 5th Annual Business Valuation Conference Neuss, Germany, November 10, 2011 Prof. Dr. Bernhard Schwetzler Communication Synergies in Corporate Transactions UF Kolloquium, Henkel AG & Co. KGaA Düsseldorf, Germany, September 19, 2011 Prof. Dr. Bernhard Schwetzler Recent Trends in Corporate Valuation PKF International Limited Network CF Meeting Amsterdam, The Netherlands, September 15, 2011 Die Begrenzung variabler Bestandteile der Vorstandsvergütung – Ein Beitrag zur Unterstützung der Regelung im VorstAG In: Zeitschrift für Corporate Governance: ZCG, 7 (2012) 3, 107-112 Zülch, Henning / Salewski, Marcus Hoffmann, Sebastian / Detzen, Dominic Auswirkungen der Finanzkrise auf die Pensionsbilanzierung nach IFRS. Eine empirische Analyse der Jahre 2005 – 2010 und Implikationen für die Überwachungsfunktion des Aufsichtsrats In: Zeitschrift für Corporate Governance: ZCG, 7 (2012) 1, 35-39 Zülch, Henning / Salewski, Marcus Bilanzierung von Pensionsverpflichtungen deutscher Unternehmen nach IFRS – Empirische Erkenntnisse für die Jahre 2000-2008 Abschlussprüfung und DPR-Verfahren – Darstellung und Würdigung der Verfahrensunterschiede In: Die Wirtschaftsprüfung, 65 (2012) 12, 650-660 Zimmermann, Jochen / Zülch, Henning / Knigge, Philipp / Teuteberg, Torben Ausweis von Veränderungen des Planvermögens in der Kapitalflussrechnung deutscher DAX30Konzerne: Berufsstand und Enforcement im Konflikt In: Der Betrieb, 65 (2012) 29, 1577-1584 Hoffmann, Sebastian / Detzen, Dominic Das Joint Conceptual Framework von IASB und FASB – Praktische Implikationen aus dem Abschluss der Phase A für kapitalmarktorientierte Unternehmen Zülch, Henning / Salewski, Marcus Das Joint Financial Statement Presentation Project von IASB und FASB – Neuerungen durch die Änderung an IAS 1 im Hinblick auf die Präsentation der Bestandteile des sonstigen Ergebnisses In: Der Betrieb, 64 (2011) 48, 2674-2675 Pronobis, Paul / Zülch, Henning The Predictive Power of Comprehensive Income and its Individual Components Under IFRS In: Problems and Perspectives in Management: PPM, 9 (2011) 4, 72-88 Zülch, Henning / Siggelkow, Lena Accounting for the Impairment of Assets Under IFRS CFRC Note No. 2. Center for Financial Reporting and Consolidation at HHL, Leipzig 2011 Kritische Würdigung der Neuregelungen des IFRS 10 im Vergleich zu den bisherigen Vorschriften des IAS 27 sowie SIC-12 In: Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung: KoR, 11 (2011) 12, 585-593 Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco IFRS 12 „Disclosure of Interests in Other Entities“ – Neuformulierung der konzernbezogenen Anhangangaben im Überblick In: Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung: KoR, 11 (2011) 11, 509-512 Europäisches Bilanzrecht und bilanzieller Kapitalschutz – Status Quo und Möglichkeiten einer Weiterentwicklung auf Basis des britischen Überleitungsmodells In: Der Konzern, 10 (2011) 9, 460-473 Enforcing Financial Reporting Standards: The Case of White Pharmaceuticals AG In: Issues in Accounting Education, 26 (2011) 3, 619-632 Zülch, Henning / Popp, Marco IFRS 10 – Consolidated Financial Statements: Ein erster Überblick über das neue Control-Konzept In: Deutsches Steuerrecht, 49 (2011) 32, 1532-1538 Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco / Wünsch, Martin IFRS 11 – Die neuen Regelungen zur Bilanzierung von Joint Arrangements und ihre praktischen Implikationen In: Der Betrieb, 64 (2011) 33, 1817-1822 Zülch, Henning / Detzen, Dominic In: Die Wirtschaftsprüfung, 64 (2011) 15, 709-721 Der IFRS-Konzernabschluss ab 2013: Grundlagen der IFRS-Konzernrechnungslegung und Überblick über die Änderungen Düsseldorf: EUROFORUM Verlag, 2012, Schriftlicher Management-Lehrgang „Der IFRSKonzernabschluss“. Einzelabschluss nach dem IFRS for SMEs und bilanzielle Ausschüttungsbemessung in Deutschland Rückstellungen In: Reuther, Frank/Heyd, Reinhard (Hrsg.). Praxishandbuch Full IFRS für Familienunternehmen und Mittelstand. Berlin: Erich Schmidt-Verlag, 2011, 419-438 Die Bedeutung des fair value für europäische Banken– Empirische Erkenntnisse der Geschäftsjahre 2008 und 2009 In: Zeitschrift für internationale und kapitalmarkt orientierte Rechnungslegung: KoR, 11 (2011) 1, 35-40 Doctoral Theses Thomas Nellessen Zülch, Henning / Güth, Simon Revisionsberichterstattung und Follow Up (II.B.) In: Freidank, Carl-Christian und Peemöller, Volker H., ed. Kompendium der Internen Revision. Berlin: Erich Schmidt Verlag, 2011, 355-380 Gastkommentar: Die neuen Standards für die Konzernrechnungslegung nach IFRS Die Bedeutung transparenter Unternehmensberichterstattung nach IFRS 2012. Weinheim: WILEY Thesis, Band 5, hrsg. von Henning Zülch, ISBN 978-3-527-50717-7 Pronobis, Paul Die Neugestaltung des Performance Reporting nach IFRS 2011. Weinheim: WILEY Thesis, Band 4, hrsg. von Henning Zülch, ISBN 978-3-527-50634-7 ESMA – Die neue europäische Wertpapierund Kapitalmarktaufsicht In: Europäisches Wirtschafts- und Steuerrecht : EWS, 22 (2011) 5, 167-173 Hoffmann, Sebastian Enforcement-Verfahren: Unzulässigkeit relativierender oder verharmlosender Darstellung in der Fehlerveröffentlichung - § 37q WpHG – Kurzkommentar zu OLG Frankfurt/M. Beschluss v. 31.8.2010 – WpÜG 3/10 7th Workshop on European Financial Reporting Bamberg, Germany, September 8-9, 2011 Dr. Sebastian Hoffmann What They Mean When They Use Quantifiers – An Empirical Analysis of IASB’s Staff Analysis Paper on ED 9 American Accounting Association (AAA) Annual Meeting Denver, USA, August 8-10, 2011 Prof. Dr. Henning Zülch Enforcing Financial Reporting Standards: The Case of White Pharmaceuticals AG American Accounting Association (AAA) Annual Meeting Denver, USA, August 8-10, 2011 Produktmarken im Rahmen der Kaufpreisallokation nach IFRS – Bilanzpolitische Gestaltungsspielräume What They Mean When They Use Quantifiers – An Empirical Analysis of IASB’s Staff Analysis Paper on ED 9 Hoffmann, Sebastian Dr. Sebastian Hoffmann Burghardt, Stephan Zülch, Henning / Hoffmann, Sebastian / Detzen, Dominic Dominic Detzen, M.A. HSG The Effect of Short-Term Incentives on Purchase Price Allocations based on IFRS – Evidence from European Mergers Dr. Sebastian Hoffmann In: Der Betrieb, 64 (2011) 21, M 1 2011. Weinheim: WILEY Thesis, Band 3, hrsg. von Henning Zülch, ISBN 978-3-527-50568-5 Lobbying im Rahmen der Entstehung von Rechnungslegungsnormen Leipzig, HHL Leipzig Graduate School of Management, 2011 Online publication on Qucosa Critical Perspectives on Accounting Conference 2011 Clearwater, USA, July 10-12, 2011 What They Mean When They Use Quantifiers – An Empirical Analysis of IASB’s Staff Analysis Paper on ED 9 Doctoral Seminar of the School of Accounting, Florida Atlantic University Boca Raton, USA, June 30, 2011 In: Entscheidungen zum Wirtschaftsrecht (EWiR), 27 (2011), 9, 293-294 Conference Presentations Prof. Dr. Henning Zülch Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco Dr. Sebastian Hoffmann IMA´s 92nd Annual Conference Orlando, USA, June 8, 2011 Changes of the Ownership Interest in a Group and Associated Questions of Revaluation CFRC Note No. 1. Center for Financial Reporting and Consolidation at HHL, Leipzig 2011 Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco Änderung von Beteiligungsquoten im Konzern und damit auftretende Bewertungsfragen CFRC Note Nr. 1. Center for Financial Reporting and Consolidation at HHL, Leipzig 2011 Zülch, Henning / Nellessen, Thomas The Reliability of Investment Property Fair Values Under IFRS The organizational context of standard setting – The role of IASB’s technical staff in comment letter analysis Interdisciplinary Perspectives on Accounting Conference 2012, Cardiff, United Kingdom, July 11-13, 2012 Prof. Dr. Henning Zülch / Dominic Detzen, M.A. HSG Bright Pharmaceuticals: Accounting for a Business Combination Under IFRS 3 International Accounting and Auditing Conference Amsterdam, The Netherlands, June 20 - 21, 2012 A European Perspective on the Adoption of IFRS by the U.S. Prof. Dr. Henning Zülch Enforcing Financial Reporting Standards: The Case of White Pharmaceuticals AG European Accounting Association (EAA) Conference Rome, Italy, April 20-22, 2011 Dipl.-Kffr. Lena Siggelkow Earnings Management concerning the Impairment Decision: A quantitative empirical analysis of German listed companies between 2004 and 2009 European Accounting Association (EAA) Conference Rome, Italy, April 20-22, 2011 In: Journal of Property Investment & Finance, 29 (2011) 1, 59-73 Prof. Dr. Henning Zülch Zülch, Henning / Popp, Marco 74. Annual Meeting of the German Academic Association for Business Research (VHB), Bolzano, Italy, May 30-June 2, 2012 Dipl.-Kfm. Marcus Salewski Dr. Sebastian Hoffmann European Accounting Association (EAA) Conference Rome, Italy, April 20-22, 2011 Angaben über Beziehungen zu nahe stehenden Unternehmen und Personen ab 2011 The Relation of Auditor Tenure to Audit Quality Under IFRS and US-GAAP: A German-U.S. Comparison In: PiR (2011) 11, 89-95 Zülch, Henning / Detzen, Dominic / Wilhelm, Martin Familienunternehmen und Corporate Governance The Role of IASB’s Staff – How (Not) To Do A Comment Letter Analysis In: Zeitschrift für Corporate Governance: ZCG, 6 (2011) 2, 57-63 74. Annual Congress of the German Academic Association for Business Research (VHB), Bolzano, Italy, May 30-June 2, 2012 Zülch, Henning / Detzen, Dominic Prof. Dr. Henning Zülch EU-Grünbuch zur Abschlussprüfung aus Sicht des Mittelstands In: Bilanzen im Mittelstand, (2011), 2, 25 (Gastkommentar) The Relation of Auditor Tenure to Audit Quality Under IFRS and US-GAAP: A German-U.S. Comparison 35. EAA Conference Ljubljana, Slovenia, May 9-11, 2012 Zülch, Henning / Hoffmann, Sebastian Gestaltungsgrenzen der Fehlerveröffentlichung im Rahmen des Enforcement-Verfahrens Dominic Detzen, M.A. HSG Zülch, Henning / Popp, Marco 35. EAA Conference Ljubljana, Slovenia, May 9-11, 2012 IFRS 2011 – Ab dem Geschäftsjahr 2011 anzuwendende IFRS im Überblick In: Der Betrieb, 64 (2011) 10, 546-550 Zülch, Henning / Erdmann, Mark-Ken / Detzen, Dominic Zülch, Henning / Salewski, Marcus In: Der Betrieb, 64 (2011) 22, 1261-1263 In: Steuern und Bilanzen: StuB, 13 (2011) 6, 210-214 Zülch, Henning / Güth, Simon / Stamm, Andreas Zülch, Henning ESMA – Praktische Implikationen und kritische Würdigung der neuen Europäischen Wertpapierund Marktaufsichtsbehörde Zülch, Henning / Popp, Marco In: Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung: KoR, 12 (2012) 2, 53-55 Status Quo der Übernahme und Akzeptanz der IFRS in den USA – Condorsement als kleinster gemeinsamer Nenner? Editorial: Die Neuordnung der europäischen Finanzaufsicht In: Die Wirtschaftsprüfung, 65 (2012) 1, 9-17 Zülch, Henning / Detzen, Dominic Beyhs, Oliver / Kühne, Erhard / Zülch, Henning In: Der Betrieb, 65 (2012) 21, 1166-1168 Finexpert Breakfast Munich, Germany, July 15, 2011 In: Zeitschrift für Corporate Governance: ZCG, 6 (2011) 3, 101 Zülch, Henning / Güth, Simon Prof. Dr. Bernhard Schwetzler Unternehmensbewertung bei Wachstum und Inflation In: Der Betrieb, 65 (2012) 8, 413-419 In: Der Konzern, 5 (2012) 10, 245-255 Zülch, Henning / Detzen, Dominic Dipl.-Kfm. Alexander Knauer / Dipl.-Kfm. Matthias Tischner Zülch, Henning / Hoffmann, Sebastian Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco Zülch, Henning / Detzen, Dominic Dipl.-Math. (FH) Sven Arnold / Dipl.-Vw. Dipl.-Bw. Alexander Lahmann / Prof. Dr. Bernhard Schwetzler Zülch, Henning / Güth, Simon / Stamm, Andreas Der Entwurf einer neuen Bilanzrichtlinie – Implikationen für die künftige Ausgestaltung des Europäischen Bilanzrechts Zülch, Henning / Detzen, Dominic Revenue Recognition, Accounting Enforcement and Error Correction: The Case of Borussia Dortmund GmbH & Co. KGaA ecch European Case Clearing House, 2011, Ref.: 111-009-1 The Conceptual Framework’s (In-)Adequacy for Resolving Recognition Issues in Accounting Standard Setting Dr. Sebastian Hoffmann The Role of IASB’s Staff – How (Not) To Do A Comment Letter Analysis 35. EAA Conference Ljubljana, Slovenia, May 9-11, 2012 Managerial Discretion in Accounting for Defined Benefit Obligations – An empirical analysis of German IFRS statements Dominic Detzen, M.A. HSG The Effect of Short-Term Incentives on Purchase Price Allocations based on IFRS – Evidence from European Mergers European Accounting Association (EAA) Conference Rome, Italy, April 20-22, 2011 Dr. Sebastian Hoffmann The Politics of the IASB Standard Setting Tagung der Gesellschaft für kapitalmarktorientierte Rechnungslegung e.V. Leipzig, Germany, April 14, 2011 Dipl.-Bw. Patrick Krauß Unexpected Audit Fees and Audit Quality: Do Audit Fee Premiums Indicate Earnings Management and Accounting Restatements? VIII Workshop on Empirical Research in Financial Accounting Sevilla, Spain, March 25, 2011 Dipl.-Kfm. Thomas Nellessen Dr. Sebastian Hoffmann The Organizational Context of Standard Setting – The Role of IASB’s Technical Staff in Comment Letter Analysis 2012 Alternative Accounts Conference Québec, Canada, April 27-28, 2012 Disclosure Quality of Financial Reporting for Investment Properties in Europe VIII Workshop on Empirical Research in Financial Accounting Sevilla, Spain, March 25, 2011 50 HHL RESEARCH REPORT 2012 CENTER FOR CORPORATE GOVERNANCE Book Chapters, Journal Articles and Others Eulerich, Marc / Rapp, Marc Steffen / Wolff, Michael Ausgewählte Aspekte der Vorstandsvergütung: „Say-on-Pay“-Abstimmungen während der HV In: Zeitschrift für Corporate Governance, 2 (2012), 69-72 Publications 51 La Mura, Pierfrancesco / Rapp, Marc Steffen / Schwetzler, Bernhard / Wilms, Andreas The Certification Hypothesis of Fairness Opinions for Acquiring Firms Casajus, André / Tutic, Andreas / Pfau, Stefan Experiments on Bilateral Bargaining in Markets In: Theory and Decision 70 (2011) 4, 529-549. HHL Research Paper Series in Corporate Governance, 4 (2011). Conference Presentations Lazar, Christian / Metzner, Yves / Rapp, Marc Steffen / Wolff, Michael La Mura, Pierfrancesco / Brandenburger, Adam Praxis der Aufsichtsratsvergütung in börsennotierten Unternehmen: Status Quo und Herausforderungen HHL Research Paper Series in Corporate Governance, 3 (2011). Quantum Decision Theory Proceedings of the 13. Conference on Theoretical Aspects of Rationality and Knowledge, July 12-14, 2011 La Mura, Pierfrancesco / Brandenburger, Adam Strenger, Christian Unabhängigkeit des Aufsichtsrats – mehr denn je relevant Conference Presentations In: Der Konzern, 1/2 (2012), 10-15 An Information-Theoretic Description of Quantum Mechanics Proceedings of the 13. Conference on Theoretical Aspects of Rationality and Knowledge, July 12-14, 2011 Prof. Dr. Marc Steffen Rapp Kohl, Christian / Rapp, Marc Steffen / Wolff, Michael Kodexakzeptanz 2011: Analyse der Entsprechenserklärungen zum Deutschen Corporate Governance Kodex Hard or Soft Regulation of Corporate Governance? 2012 China Internationan Conference in Finance (CICF) Chongqing, China, July 9-13, 2012 In: Der Aufsichtsrat, 8 (2011), 108-110 Prof. Dr. Marc Steffen Rapp La Mura, Pierfrancesco / Rapp, Marc Steffen / Schwetzler, Bernhard / Wilms, Andreas 2012 Annual Meeting of the European Financial Management Association (EFMA) Barcelona, Spain, June 27-30, 2012 The Certification Hypothesis of Fairness Opinions for Acquiring Firms In: International Review of Law and Economics, 31 (2011) 4, 240-248 Lazar, Christian / Metzner, Yves / Rapp, Marc Steffen / Wolff, Michael Praxis der Aufsichtsratsvergütung in börsennotierten Unternehmen: Status Quo und Herausforderungen In: Zeitschrift Führung + Organisation, 80 (2011) 4, 248-254 Jahn, Daniel F. / Rapp, Marc Steffen / Strenger, Christian / Wolff, Michael Der Deutsche Corporate Governance Kodex aus Investorenperspektive - Ergebnisse einer Studie zur Kodex-Befolgung deutscher Prime-Standard-Unternehmen und deren Kapitalmarktperformance In: Zeitschrift für Corporate Governance, 2 (2011), 64-68 Hard or Soft Regulation of Corporate Governance? Dr. Thomas Schmid Hard or Soft Regulation of Corporate Governance? 10th International Conference on Corporate Governance Birmingham, UK, June 25, 2012 Doctoral Thesis Ethik in Finanzinstituten In: Hopt, Klaus J. / Wohlmannstetter, Gottfried (Hrsg.) Handbuch Corporate Governance von Banken, München: Verlag Franz Vahlen, Verlag C. H. Beck, 2011, 395-405 Working Papers Kohl, Christian / Rapp, Marc Steffen / Wolff, Michael Kodexakzeptanz 2012: Analyse der Entsprechenserklärungen zum Deutschen Corporate Governance Kodex (Kodexakzeptanz-Studie 2012) Leipzig, HHL Leipzig Graduate School of Management, 2012 HHL Research Paper Series in Corporate Governance, 7 (2012). Rapp, Marc Steffen / Schmid, Thomas / Wolff, Michael Hard or Soft Regulation of Corporate Governance? HHL Research Paper Series in Corporate Governance, 6 (2011). Kohl, Christian / Rapp, Marc Steffen / Wolff, Michael Kodexakzeptanz 2011: Analyse der Entsprechenserklärungen zum Deutschen Corporate Governance Kodex HHL Research Paper Series in Corporate Governance, 5 (2011). Meffert, Heribert / Burmann, Christoph / Kirchgeorg, Manfred Prof. Dr. Manfred Kirchgeorg Clusteranalysen und Empfehlungen zur Ausrichtung der clusterorientierten Wirtschaftsförderung der Stadt Leipzig Hard or Soft Regulation of Corporate Governance? 74. Wissenschaftliche Jahrestagung des Verbands der Hochschullehrer für Betriebswirtschaft e.V. (VHB) Bolzano, Italy, May 30-June 2, 2012 Prof. Dr. Michael Wolff Hard or Soft Regulation of Corporate Governance? 35. Annual Congress, European Accounting Association Ljubljana, Slovenia, May 9-11, 2012 Vilks, Arnis / Hempel, C.G.: Aspects of Scientific Explanation and Other Essays In: M. Quante (Hrsg.) Kleines Werklexikon der Philosophie Kröner Verlag (to be published in fall 2012) Philosophical Lessons from the Financial Crisis. Editorial In: Philosophy of Management, 11 (2012) 1, 1-4 Hard or Soft Regulation of Corporate Governance? Vilks, Arnis Prof. Dr. Marc Steffen Rapp In: Gupta, A. (Hrsg.) Cambridge Business and Economics Conference 2011, Cambridge University, Murray Edwards College, Cambridge, UK, June 27-29, 2011 12. Workshop on Corporate Governance and Investment Leipzig, Germany, October 7-8, 2011 Wer fragt die Aktionäre? Abstimmung über das System der Vorstandsvergütung im Rahmen der Hauptversammlung 73. Annual Congress of the German Academic Association for Business Research (VHB) Kaiserslautern, Germany, June 16-18, 2011 Prof. Dr. Marc Steffen Rapp Are Private Equity Investors Governance Champions or Simply Stock Picking Specialists? Jahrestagung der European Management Association (EURAM) Tallinn, Estonia, June 1–4, 2011 Leadership and Meditation Doctoral Theses GameChanger Conference, Berlin, June 18, 2012 Book and Journal Articles Working Paper No. 206 of the Academic Society for Marketing and Business Leadership, Leipzig, 2011 11. Auflage, Wiesbaden: Gabler, 2012 Kirchgeorg, Manfred / Springer, Christiane / Ermer, Beatrice Brand Lands – Inszenierung begehbarer Erlebniswelten für den Kunden Kirchgeorg, Manfred / Ermer, Beatrice In: Bruhn, M., Hadwich, K. (Hrsg.): Customer Experience. Forum Dienstleistungsmanagement, Wiesbaden: Gabler, 2012, 252-271 Dyckhoff, Harald / Kirchgeorg, Manfred Nachhaltigkeitsmanagement – Editorial In: Die Betriebswirtschaft (DBW). 72 (2012) 4, 269-275 Der Beitrag des Marketing zum wirtschaftlichen Unternehmenserfolg The End of Peasants’ Poverty in China: A Study on Peasants’ Poverty, Peasants’ Economic Behaviour, and the Efficiency of National Funds Allocation in China Leipzig, HHL Leipzig Graduate School of Management, 2011 Online publication on Qucosa Martina Wuttke CHAIR OF ECONOMIC AND INFORMATION SYSTEMS Journal Articles Casajus, André Amalgamating Players, Symmetry, and the Banzhaf Value In: International Journal of Game Theory, 41 (2012) 3, 497-515 Casajus, André Marginality, Differential Marginality, and the Banzhaf Value Poverty Alleviation through Corporate Social Responsibility - An Empirical Study on Transnational Corporations in India Leipzig, HHL Leipzig Graduate School of Management, 2011 Published on CD Conference Papers / Presentations Leadership and Meditation Proceedings of the Cambridge Business and Economics Conference 2011, Cambridge University, Murray Edwards College, Cambridge, UK, June 28, 2011 Prof. Dr. Arnis Vilks Casajus, André Universidade Jean Piaget de Cabo Verde, Praia, November 25, 2011 In: Theory and Decision 71 (2011) 2, 163-174. Audio Branding in Line with Brand Personality In: Bronner, K., Hirt, R., Ringe, C. (Hrsg.): Audio Branding Academy Yearbook 2010/2011, 2011, 189-202 Personalmarketing als Schlüssel zur Gewinnung, Bindung und Wiedergewinnung von Mitarbeitern In: Stock-Homburg, R., Wolff, B. (Hrsg.): Handbuch Strategisches Personalmanagement, Wiesbaden: Gabler, 2011, 63-81 Integrierte Kommunikation in einer fragmentierten Medienlandschaft – Anspruch und Wirklichkeit Working Paper No. 207 of the Academic Society for Marketing and Business Leadership, Leipzig, 2011 Medienabgabe – warum und wofür? Zur Legitimation öffentlich-rechtlicher Medien und ihrer Finanzierung im Zeitalter des Internets Working Paper No. 208 of the Academic Society for Marketing and Business Leadership, Leipzig, 2011 Umbruch der Medienlandschaft – Entwicklungsszenarien und Geschäftsmodelle Working Paper No. 209 of the Academic Society for Marketing and Business Leadership, Leipzig, 2011 Meffert, Heribert / Hensmann, Jan Umweltorientierte Unternehmensführung im Wandel – Beiträge des Umweltmanagements zur nachhaltigen Entwicklung Working Paper No. 210 of the Academic Society for Marketing and Business Leadership, Leipzig, 2011 Doctoral Theses Böttger, Eva Bruhn, Manfred / Kirchgeorg, Manfred Müller, Jenny Zukunftsorientierung im Marketing In: Tiberius, V. (Hrsg.): Zukunftsorientierung in der Betriebswirtschaftslehre, Wiesbaden: Gabler, 2011, 227-247 Kirchgeorg, Manfred / Bruhn, Manfred / Hartmann, Dagobert Live Communication im Wandel der Kommunikationsportfolios – Substitution oder Integration? In: Marketing Review St. Gallen, 28 (2011) 2, 7-13 Kästner, Evelyn / Springer, Christiane / Kirchgeorg, Manfred Goal Relations at Trade Shows – a B-to-B Versus B-to-C Comparison In: Marketing Review St. Gallen, 28 (2011) 2, 22-27 Weinrich, Kai / Kirchgeorg, Manfred / Müller, Jenny Impact of the Financial Crisis on the Employer Brands of Banks In: Noble, St. M.; Noble, Ch. H. (Ed.): Marketing 2011: Delivering Value in Turbulent Times AMA Educators‘ Proceedings 22 (2011), 403ff. Economic Crises – Are They Inevitable? Winn, Monika / Kirchgeorg, Manfred / Griffith, Andrew / Linnenluecke, Martina / Günther, Elmar Impacts from Climate Change on Organizational Environments – A Conceptual Foundation In: Business Strategy and the Environment, 20 (2011) 3, 157-173 Messeszenarien und Live Communication 2020 Prof. Dr. Manfred Kirchgeorg Perspektiven, Potentiale und Positionierung von Publikumsmessen FAMA Annual Conference, Offenburg, May 23, 2012 Mehr Theorie wagen: Eine neue Ausbildung für die Praxis? 74. Annual Congress of the German Academic Association for Business Research (VHB) Bolzano, Italy, May 30-June 2, 2012 Prof. Dr. Manfred Kirchgeorg Backhaus, Klaus / Kirchgeorg, Manfred / Meffert, Heribert (Hrsg.) Die Strategien erfolgreicher Marken In: Media Spectrum, 31 (2011) 4, 22-24 Prof. Dr. Manfred Kirchgeorg / Beatrice Ermer / Martin Wiedmann Prof. Dr. Manfred Kirchgeorg Roj, Manuel / Schalk, Willi / Kirchgeorg, Manfred Employer Branding – Verhaltenstheoretische Analysen als Grundlage für eine identitätsorientierte Führung von Arbeitgebermarken Kirchgeorg, Manfred / Wildner, Raimund Prof. Dr. Arnis Vilks In: Theory and Decision 71 (2011) 3, 365-372. Differential Marginality, van den Brink Fairness, and the Shapley Value Müller, Jenny / Kirchgeorg, Manfred The Business Case for Consumer Knowledge Consolidation. AUMA Annual Conference, Berlin, May 23, 2012 Backhaus, Klaus / Kirchgeorg, Manfred / Meffert, Heribert (Hrsg.) Wiesbaden: Gabler, 2012 Multisensuale Gestaltung der Ladenatmosphäre zur Profilierung von Store Brands – Ein theoriegeleitetes, experimentelles Design zum Shopperverhalten Wiesbaden: Gabler, 2012 Chun Yuan CASiM Conference, Leipzig, June 28, 2012 Backhaus, Klaus / Kirchgeorg, Manfred / Meffert, Heribert (Hrsg.) Kirchgeorg, Manfred / Müller, Jenny Vilks, Arnis / Kelly, Martin Brand Trust in Stakeholder Relationships. Marketing – Grundlagen marktorientierter Unternehmensführung Wahrnehmungswirkung von Messeständen als temporäre Markenerlebniswelten Book and Journal Articles Kirchgeorg, Manfred / Weinrich, Kai Prof. Dr. Manfred Kirchgeorg Leipzig, HHL Leipzig Graduate School of Management, 2011 CHAIR OF MICROECONOMICS Conference Paper / Presentations Leipzig, 2011 Swiatczak, Lukasz Interdisciplinary Developments in Mathematical Social Sciences Working Papers Prof. Dr. Michael Wolff / Prof. Dr. Marc Steffen Rapp Eulerich, Marc / Rapp, Marc Steffen / Wolff, Michael Ausgewählte Aspekte der Vorstandsvergütung: Say-on-Pay-Abstimmungen im Rahmen der Hauptversammlung – Ergebnisse einer empirischen Analyse der HV-Saison 2010 Books In: Bruhn, M., Hadwich, K. (Hrsg.): Customer Experience. Forum Dienstleistungsmanagement, Wiesbaden: Gabler, 2012, 295-316 Dr. Thomas Schmid Strenger, Christian CHAIR OF MARKETING MANAGEMENT Perspektiven und Potentiale für Publikumsmessen Fachforum “B2C-Kommunikation auf Messen und Ausstellungen”, Erfurt, November 22, 2011 Prof. Dr. Manfred Kirchgeorg / Beatrice Ermer Perceptions and Impact of Live Communication Instruments – Application of Mobile Eye Tracking for Trade Show Booths Tobii EyeTrackBehavior 2011 – Eye Tracking Conference on Behavioral Research Frankfurt a. M., Oktober 4-5, 2011 Prof. Dr. Manfred Kirchgeorg / Jenny Müller / Kai Weinrich Impact of the Financial Crisis on the Employer Brands of Banks Vortrag bei der AMA Summer Marketing Educators‘ Conference San Francisco, USA, August 5-7, 2011 Prof. Dr. Manfred Kirchgeorg Messen als Instrument der Live Communication – Zukunftsperspektiven VDMA, Frankfurt a. M, July 21, 2011 Prof. Dr. Manfred Kirchgeorg Perspektiven, Potenziale und Positionierung von Messen in der Live Communication 2020 – Projektskizze FAMA Summer Meeting, Wiesbaden, July 20, 2011 Ehrlich, Oliver Determinanten der Kanalwahl im MultichannelKontext: Eine branchenübergreifende Untersuchung Wiesbaden: Gabler, 2011 Greven, Gunther Hochschulen als Marken: Ein Beitrag zur Hochschulwahl auf verhaltenstheoretischer Grundlage Wiesbaden: Gabler, 2011 Liersch, Anna Dialogkommunikation inner- und außerhalb des Kaufentscheidungsprozesses von potentiellen Neukunden Wiesbaden: Gabler, 2011 Thürbach, Kai Der Einfluss der Unternehmensmarke auf die Geschäftsbeziehungen von Medienunternehmen: Eine empirische Untersuchung am Beispiel von Film- und Fernsehproduktionsunternehmen Wiesbaden: Gabler, 2011 Prof. Dr. Manfred Kirchgeorg Kritische Reflexionen zum Einfluss ökologischer Diskontinuitäten auf das Marketing 73. Annual Congress of the German Academic Association for Business Research (VHB) Kaiserslautern, Germany, June 16-18, 2011 Prof. Dr. Manfred Kirchgeorg Employer Branding – Strategien im Wettbewerb um Talente Bundesverband der Personalmanager, Leipzig, March 30, 2011 Prof. Dr. Manfred Kirchgeorg Glaubwürdigkeit und Nachhaltigkeit: Herausforderung Sustainable Branding CMO Gipfel für Innovation und Strategie im Marketing, Heiligendamm, May 17, 2011 Prof. Dr. Manfred Kirchgeorg / Raimund Wildner GAP zwischen Medianutzung und Mediaspendings? Media & Marketing Kongress “Markenbildung und Werbeeffizienz in digitalen Zeiten”, Wiesbaden, April 14, 2011 Prof. Dr. Manfred Kirchgeorg Studienattraktivität und Studienentscheidung aus Sicht des Marketing Einführungsvortrag zur Auftaktveranstaltung Best-Practice-Prozess 2011 für “Attraktive Studien bedingungen und Marketing an ostdeutschen Hochschulen”, Magdeburg, April 7, 2011 52 HHL RESEARCH REPORT 2012 Publications 53 HEINZ NIXDORF CHAIR OF IT-BASED LOGISTICS SPARKASSEN FINANZGRUPPE CHAIR OF MACROECONOMICS Books Book Chapters, Journal Articles and Others Hausladen, Iris IT-gestützte Logistik. Systeme, Prozesse und Anwendungen Wiesbaden: Gabler Verlag, 2011 ISBN 978-3-834-92199-4 Althammer, Wilhelm / Haselmann, Rainer Explaining Foreign Bank Entry in Emerging Markets In: Journal of Comparative Economics, 39 (2011) 4, 486-498 Suchanek, Andreas Conference Papers / Presentations In: Nguyen, T. (ed.): Mensch und Markt. Die ethische Dimension des menschlichen Handelns. Wiesbaden: Gabler, 2011, 49-72 Prof. Dr. Andreas Suchanek Suchanek, Andreas CASiM Conference “The Role of Trust in Business Economics”, HHL Leipzig Graduate School of Management, Leipzig, June 28, 2012 Markt und Moral Führungsethik In: Stock-Homburg, Ruth; Wolff, Birgitta (eds.): Handbuch Strategisches Personalmanagement. Wiesbaden: Gabler, 2011, 277-292 Suchanek, Andreas Hausladen, Iris / Porzig, Nicole Logistik als Wertschöpfungsfaktor der Biomedizin: Marktstudie. Netzwerk biomedizinische Logistik bm-log Leipzig, HHL Leipzig Graduate School of Management, 2011 Hausladen, Iris / Löffler, Denis / Reichert, Melanie / Santel, Hauke-Christoph Ergebnisse der Marktstudie “Biomedizinische Logistik” Althammer, Wilhelm / Hoßfeld, Oliver / Siegert Georg 20 Jahre Bürgschaftsbank Sachsen – Effekte auf die wirtschaftliche Entwicklung in Sachsen Leipzig, HHL Leipzig Graduate School of Management, 2011 Download: http://www.bbs-sachsen.de) Doctoral Thesis Leipzig, HHL Leipzig Graduate School of Management, 2011 Scherzer, Falk Hausladen, Iris / Löffler, Denis / Reichert, Melanie / Santel, Hauke-Christoph Leipzig, HHL Leipzig Graduate School of Management, 2011 Online publication on Qucosa Tagungsband „Innovationsforum Biomedizinische Logistik” Leipzig, HHL Leipzig Graduate School of Management, 2011 Book and Journal Articles Hausladen, Iris Auf Herz und Nieren prüfen In: Logistik heute: das deutsche Logistikmagazin, 33 (2011) 9, 46-47 Hausladen, Iris Biomedizinische Logistik „Goes Public” In: VDI Ingenieur Nachrichten: Magazin für Technologietransfer, 13 (2011) 2, 8-9 Internationalisierung der Wertschöpfungsketten und die Mobilität des Produktionsfaktors Arbeit CHAIR OF ECONOMIC AND BUSINESS ETHICS Integriertes Logistiksystem im Kontext humanitärer Hilfsprojekte In: Baumgarten, H. / Kessler, M. / Schwarz, J. (Hrsg.): Schriftenreihe Wirtschaft & Logistik: Humanitäre Logistik: Herausforderungen und Potenziale der Logistik in der humanitären Hilfe Hamburg: DVV Media Group GmbH, 2011, 208-226 Hausladen, Iris Materialwirtschaft & Produktion heute – materiell oder doch virtuell? In: HMD-Blog, 01/28/2011; See: http://hmdblog.dpunkt.de/ Conference Presentations In: Neue Zeitschrift für Arbeitsrecht, 7/2011 (Beilage 1/2011), 3-8 Biomedizinische Logistik 3. Mitteldeutscher Exporttag Leipzig, Germany, September 6, 2011 Eine Betrachtung von Anreizen aus unternehmensethischer Perspektive In: Zeitschrift für Controlling&Management 3/2011, 12-15 Lin-Hi, Nick / Suchanek, Andreas Corporate Social Responsibility als Integrationsherausforderung. Zum systematischen Umgang mit Konflikten zwischen Gewinn und Moral In: ZfB Journal of Business Economics, Special Issue 1/2011, 63-92 Working papers Suchanek, Andreas Innovationsforum Bio-Logistik Leipzig, Germany, May 18, 2011 Baden-Badener Unternehmergespräche (BBUG) Baden-Baden, Germany, April 30, 2012 „Irrte Adam Smith?” Wirtschaftskammer Salzburg Salzburg, Austria, April 26, 2012 „Ethik, Verantwortung, Vertrauen – und das Leitbild für verantwortliches Handeln in der Wirtschaft” Vortrag auf dem Führungskräfteseminar „Verdienen Unternehmen Vertrauen?“ der Telekom School of Transformation Berlin, Germany, March 26, 2012 Prof. Dr. Andreas Suchanek „Das Leitbild für verantwortliches Handeln in der Wirtschaft“ UPJ-Jahrestagung 2012 Berlin, Germany, March 12, 2012 Prof. Dr. Andreas Suchanek „Unternehmensverantwortung, Vertrauenswürdigkeit und relevante Inkonsistenzen” HHL Working Paper 111 (2012) Suchanek, Andreas Suchanek, Andreas Prof. Dr. Andreas Suchanek In: A. Schneider, R. Schmidpeter (eds.): Corporate Social Responsibility, Berlin-Heidelberg: Springer 2012, 55-66 Vertrauen in die Führungseliten aus Sicht der Wissenschaft In: bdvb aktuell. Mitgliedermagazin des Bundesverbandes Deutscher Volks- und Betriebswirte e. V., 112 (2011), 8-9 Vertrauenswürdigkeit als Kriterium für Unternehmensverantwortung In: universitas Sonderedition: Verantwortung unternehmen – nachhaltig wirtschaften, hg. v. d Eberhard von Kuenheim Stiftung, 26-32 Suchanek, Andreas / Lin-Hi, Nick Die Goldene Regel als Führungsinstrument In: L. Becker, H. Hakensohn; F. H. Witt (eds.): Unternehmen nachhaltig führen, Düsseldorf: symposion Verlag 2012, 445-462 Die Siemens-Affäre aus Sicht der Wirtschaftsethik In: Weidenfeld, Ursula (ed.): Nützliche Aufwendungen? Der Fall Siemens und die Lehren für das Unternehmen, die Industrie und Gesellschaft. München (u. a.): Piper, 2011, 163-172 Suchanek, Andreas Der Wittenberg-Prozess der Chemie-Sozialpartner aus wirtschaftsethischer Perspektive In: Voscherau, Eggert; Vassiliadis, Michael (eds.): Die Frey’sche Formel – Stationen der ChemieSozialpartnerschaft. Festschrift zu Ehren von Hans Paul Frey. BAVC, Heidelberg: Dr. Curt HaefnerVerlag, 2011, 146-155 Suchanek, Andreas Der Wittenberg-Prozess der Chemie-Sozialpartner In: Wieland J. und Schack, A. (eds.): Soziale Marktwirtschaft: Verantwortungsvoll gestalten, Frankfurt/Main: F.A.Z.-Institut für Management-, Markt- und Medieninformationen GmbH 2011, 54-66 Das Verhältnis von Markt und Moral In: Aßländer, Michael (ed.): Handbuch Wirtschaftsethik, Stuttgart: Metzler, 2011, 198-208 Pinkwart, Andreas „Win-Win-Orientierung im Gesundheitswesen” The New Role of Universities in the Twenty-First Century: Universities as Engines of Innovation and Entrepreneurial Hubs Unternehmensethik AICGS Policy Report 50 (2012) Washington: Johns Hopkins University, 2012 ISBN 978-1-933942-36-0 Prof. Dr. Andreas Suchanek Book and Journal Articles and Working Papers Prof. Dr. Andreas Suchanek Führungsakademie der Generali Deutschland Köln-Bensberg, Germany, August 26, 2011 Alltagstaugliche Unternehmensethik 109. Giessener Unternehmensführungstag Leipzig, Germany, June 15, 2011 Pinkwart, Andreas / Abu El-Ella, Nagwan Business Economics as a Driver of Innovation HHL Working Paper 109 (2012) Prof. Dr. Andreas Suchanek Werteorientierte Führung als Grundlage vertrauensvoller Zusammenarbeit Kommunales Beteiligungstreffen der enviaM Altenburg, Germany, May 25, 2011 Pinkwart, Andreas / Czinkota, Michael International Business Research and the New Role of Universities – There is a Sunshine Above the Clouds Thunderbird International Business Review Journal, 54 (2012) 2, 253-261 Prof. Dr. Andreas Suchanek Mit Werten in Führung gehen Führungskräftetag der Stadtwerke Leipzig Leipzig, Germany, May 21, 2011 Pinkwart, Andreas Das gesunde Unternehmen als Ziel nachhaltiger Sanierung KSI, 8 (2012) 2, 5-10 Prof. Dr. Andreas Suchanek Employee Relations in a Connected World Internationales Forum der Deutschen Telekom AG Berlin, Germany, May 5, 2011 Prof. Dr. Andreas Suchanek Pinkwart, Andreas / Czinkota, Michael Exports and Innovation In: Marketing Management, 20 (2011) 3/4, 14-15 Prof. Dr. Andreas Suchanek Prof. Dr. Andreas Pinkwart / Dorian Proksch Konferenz „Ethik der Sozialen Marktwirtschaft“ des BMWI und WZGE Berlin, Germany, February 7, 2012 Arbeitskreis Nachhaltige Unternehmensführung in der Schmalenbach-Gesellschaft für Betriebswirtschaft e. V. Nürnberg, Germany, April 12, 2011 AMA Global Marketing Conference 2012 on International Entry in Marketing and Entrepreneurship – From Theory to Practice Cancun, Mexico, March 29-April 1, 2012 Discussion Papers of the Wittenberg Center for Global Ethics 11-04 (2011) Prof. Dr. Andreas Suchanek Prof. Dr. Andreas Suchanek Suchanek, Andreas / von Broock, Martin. Konferenz des BMAS „CSR-Gesellschaftliche Verantwortung im internationalen Dialog“ Berlin, Germany, December 15, 2011 Discussing Industry Self-Regulation: The Contribution of an Institutional Economics Perspective HHL Working Paper 108 (2011) Freiheit braucht Bindung Konzeptionelle Überlegungen zum “Leitbild für verantwortliches Handeln in der Wirtschaft“ Discussion Papers of the Wittenberg Center for Global Ethics 11-02 (2011) Doctoral Theses Symposion „Internationale Zusammenhänge der Arzneimittelpreisregulierung – sind bessere Lösungen der Rabattabwicklung nach AMNOG denkbar?“ Verband forschender Arzneimittelhersteller Berlin, Germany, February 7, 2012 Prof. Dr. Andreas Suchanek „Ethik der Sozialen Marktwirtschaft” Verantwortliches Wirtschaften in einer globalisierten Welt 4. CSSA-Kolloquium Haltern am See, Germany, April 14, 2011 Zur Logik des Leitbilds für verantwortliches Handeln in der Wirtschaft Grenzen der Verantwortung von Unternehmen Jahrestagung des UPJ-Netzwerkes engagierter Unternehmen und Mittlerorganisationen Berlin, Germany, March 24, 2011 Zangs, Christian Die Bedeutung differierender Unternehmensverantwortungsverständnisse für Fusionen und Übernahmen A New Institutional Economics Perspective on Industry Self-Regulation Prof. Dr. Andreas Pinkwart Kontrolle ist gut, Vertrauen ist besser: Was bedeutet Verantwortung? Prof. Dr. Andreas Suchanek of the 150th Anniversary of Cooperation between Germany and Japan, Bonn, Germany, November 22-24, 2011 OLB-Forum 2011 Wilhelmshaven, Germany, March 16, 2011 Prof. Dr. Andreas Pinkwart Prof. Dr. Andreas Suchanek Prof. Dr. Andreas Suchanek 5. Kolloquiums der CSSA Kagel-Möllenhorst, Germany, November 3, 2011 Gemeinsame Workshops des Hans-Jonas-Zentrums, der Stiftung Weltethos und des WittenbergZentrum für Globale Ethik Berlin, Germany, March 2, 2011 MIT Club of Germany e.V./HHL – Joint Symposium “Innovation Technologies” Leipzig, Germany, November 19, 2011 Der Wittenberg-Prozess der Chemie-Sozialpartner BASF-Wittenberg-Dialoge Ludwigshafen, Germany, December 1, 2011 9. Fachsymposium des Roman-Herzog-Instituts Munich, Germany, November 24, 2011 Grundlagen der Wirtschaftsethik Prof. Dr. Andreas Suchanek Vertrauen in der Anlageberatung von Banken aus Sicht der ökonomischen Ethik Leipzig, HHL Leipzig Graduate School of Management, 2012 Online publication on Qucosa Erdmann, Hans-Christian Verantwortung von Medienunternehmen aus Perspektive der ökonomischen Ethik Strategic Management in Early Stage Venture Capital Funds – A Longitudinal Analysis of Success Factors in German Funds Investieren Banken genügend in Vertrauen? Prof. Dr. Andreas Suchanek Wiesbaden: Gabler 2011 Sáez, Marcos Prof. Dr. Andreas Pinkwart / Prof. Dr. Michael Schefczyk IECER Regensburg, Germany, February 16, 2012 Tagung der Wissenschaftlichen Kommission Wissenschaftstheorie und Ethik in der Wirtschaftswissenschaft Berlin, Germany, March 19, 2011 Verantwortung als Investition in Vertrauen Hamburg: Kovac, 2012 Sammeck, Jan The Internationalization Behavior of German High-Tech-Start-ups Prof. Dr. Andreas Suchanek Prof. Dr. Andreas Suchanek Hamburg: Kovac, 2012 Suchanek, Andreas Workshop „Future of clinical research in vulnerable populations“ der Berlin-Brandenburgischen Akademie der Wissenschaften Berlin, Germany, October 25, 2011 Conference Papers / Presentations Suchanek, Andreas Suchanek, Andreas Book Corporate Responsibility in der pharmazeutischen Industrie Grundlagen der Wirtschaftsethik Discussion Papers of the Wittenberg Center for Global Ethics 12-02 (2012) Sammeck, Jan Alltagstaugliche Wirtschaftsethik Prof. Dr. Andreas Suchanek Leitbild-Workshop der Deutschen Telekom AG Bonn, Germany, October 26, 2011 Prof. Dr. Andreas Suchanek Book and Journal Articles Vertrauen als Grundlage nachhaltiger unternehmerischer Wertschöpfung STIFTUNGSFONDS DEUTSCHE BANK CHAIR OF INNOVATION MANAGEMENT AND ENTREPRENEURSHIP Prof. Dr. Andreas Suchanek Prof. Dr. Andreas Suchanek Tagung des Ausschusses „Wirtschaftswissen schaften und Ethik“ des Vereins für Socialpolitik St. Gallen, Switzerland, March 1-3, 2012 Prof. Dr. Iris Hausladen Ergebnisse der Marktstudie „Biomedizinische Logistik” „Ethik, Verantwortung und Vertrauen” Suchanek, Andreas / Lin-Hi, Nick Suchanek, Andreas Prof. Dr. Iris Hausladen Prof. Dr. Andreas Suchanek Trust as a Basis for Sustainable Corporate Value Creation Suchanek, Andreas Hausladen, Iris Nutzen und Kosten von Verhaltensregeln aus unternehmensethischer Sicht Trust and Innovation from an Ethical Perspective Das Konfliktthema ‚Stellenabbau’ im Kontext des Leitbilds für verantwortliches Handeln in der Wirtschaft Leitbilder für verantwortliches Handeln in der Wirtschaft VW-Auto-Universität Wolfsburg, Germany, November 2, 2011 Prof. Dr. Andreas Suchanek Freiheit braucht Bindung Statement im Rahmen der Disputation „Freiheit – Chancen und Grenzen“ Lutherstadt Wittenberg, Germany, October 31, 2011 Überlegungen zur Goldenen Regel Prof. Dr. Andreas Suchanek Einige kritische Anfragen zum Libertären Paternalismus aus wirtschaftsethischer Sicht Tagung „Chancen und Risiken des libertären Paternalismus“, Kulturwissenschaftliches Institut Essen Essen, Germany, February 8, 2011 Prof. Dr. Andreas Suchanek Alltagstaugliche Wirtschaftsethik Ringvorlesung der Brandenburgisch Technischen Universität Cottbus (BTU) Cottbus, Germany, January 19, 2011 Eugen Schmalenbach and the Leipzig School of Commerce International Conference on the Occasion On the Role of Economics as a Driver of Innovation in 21st Century Prof. Dr. Andreas Pinkwart Curricula von Business Schools auf dem Prüfstand HHL-Forum 2011: Führung neu denken: Was lernen wir aus den jüngsten Krisen? Leipzig, Germany, November 16-17, 2011 Prof. Dr. Andreas Pinkwart Das gesunde Unternehmen als Ziel nachhaltiger Sanierung BDU-Fachkonferenz Sanierung, IDW S 6 Wird er den Erwartungen gerecht? Anforderungen an die Erstellung von Sanierungskonzepten Düsseldorf, Germany, November 15, 2011 Prof. Dr. Andreas Pinkwart Innovation im 21. Jahrhundert – Perspektiven für Wirtschaft und Wissenschaft 25. Jubiläum von Biocom Berlin, Germany, October 13, 2011 54 HHL RESEARCH REPORT 2012 Prof. Dr. Andreas Pinkwart Zur Rolle der Wirtschaftswissenschaften im 21. Jahrhundert 50. Jubiläums der wirtschaftswissenschaftlichen Fakultät der Universität Erlangen-Nürnberg Nürnberg, Germany, September 16, 2011 Prof. Dr. Andreas Pinkwart Universities’ Contributions to the Innovation Systems of the U.S. and German AICGS-Conference in Cooperation with Stifter verband für die Deutsche Wissenschaft: Universities as Innovation Engines and Entrepreneurial Hubs, Transatlantic Conference Washington, USA, June 9, 2011 Prof. Dr. Andreas Pinkwart German Universities and the Role of the Excellence Initiative Meeting Global Challenges: German–U.S. Innovation Policy, DIW Berlin Berlin, Germany, May 24-25, 2011 Schumpeter Junior Professorship for Entrepreneurship and Technology Transfer Book and Journal Article Velamuri, Vivek K. Hybrid Value Creation Wiesbaden, Gabler Verlag, 2012 Velamuri, Vivek K. / Neyer, Anne-Katrin / Möslein, Kathrin M. Hybrid Value Creation: A systematic review of an evolving research area In: Journal für Betriebswirtschaft (JfB), 61 (2011) 1, 1-33 Publications 55 CENTER FOR LEADING INNOVATION & COOPERATION Books Borgmann, J. Dynamic Capabilities als Einflussfaktoren des Markteintrittstimings Dr. Bastian Bansemir / PD Dr. Anne-Katrin Neyer / Jun.-Prof. Dr. Vivek K. Velamuri Managing Organizational Innovation Communities: A Sensemaking Perspective. Annual Meeting of the Academy of Management (AoM) Boston, Massachusetts, USA, August 3-7, 2012 Dr. Jörg Haller / Jun.-Prof. Dr. Vivek K. Velamuri / Prof. Dr. Kathrin M. Möslein Why Open Evaluation? Objectives and Key Factors: Influencing the Output of Open Evaluation 10th International Open and User Innovation Workshop Boston, Massachusetts, USA, July 30-August 1, 2012 Jun.-Prof. Dr. Vivek K. Velamuri Tools of Open Innovation: An Introduction to how Open Innovation Works Lange Nacht der Wissenschaften Leipzig, Germany, June 29, 2012 Jun.-Prof. Dr. Vivek K. Velamuri / Dr. Bastian Bansemir / PD Dr. Anne-Katrin Neyer / Prof. Dr. Kathrin M. Möslein Product Service Systems as a Driver for Business Model Innovation 12th European Academy of Management Conference (EURAM) Rotterdam, The Netherlands, June 6-8, 2012 Dr. Jörg Haller / Jun.-Prof. Dr. Vivek K. Velamuri / Dr. Bastian Bansemir The Hidden Objectives of Open Evaluation: An Exploratory Study 12th European Academy of Management Conference (EURAM) Rotterdam, The Netherlands, June 6-8, 2012 Jun.-Prof. Dr. Vivek K. Velamuri Meet the Survivors and Early Career Scholars EURAM Doctoral Colloquium 2012 Rotterdam, The Netherlands, June 5, 2012 Jun.-Prof. Dr. Vivek K. Velamuri / Dr. Bastian Bansemir / PD Dr. Anne-Katrin Neyer / Prof. Dr. Kathrin M. Möslein Bessant, J. / von Stamm, B. / Möslein, K. M. 12th EURAM Annual Conference Rotterdam, The Netherlands, June 6-8, 2012 Technology Analysis & Strategic Management, 24 (2012) 2, 181–217 Selection Strategies for Discontinuous Innovation Reichwald, R. / Frenz, M. / Hermann, S. / Schipanski, A. Zukunftsfeld Dienstleistungsarbeit: Professionalisierung – Wertschätzung – Interaktion Wiesbaden: Springer Gabler, 2012 ISBN 978-3-8349-3434-5 Schipanski, A. Integrierte Unternehmenskommunikation in international tätigen Unternehmen Entwicklung eines länderübergreifenden Modells zur prozessorientierten Gestaltung der Integration von Kommunikationsaktivitäten und Kommunikationsmitteln und dessen Anwendung auf ein Unternehmen der Landtechnikbranche Wiesbaden: Springer Gabler, 2012 ISBN 978-3-8348-25070 Pahl-Schönbein, J. Konzerninterne Dienstleister Product Service Systems as a Driver for Business Model Innovation International Journal of Technology Management, 55 (2011) 1/2, 156-170 Temidayo Akenroye / Prof. Dr. Kathrin M. Möslein Habicht, H. / Möslein, K. M. / Reichwald, R. Global Conference on Innovations in Management 2011 London, UK Wiesbaden: Springer Gabler, 2012 Open Innovation: Grundlagen, Werkzeuge, Kompetenzentwicklung IM - Die Zeitschrift für Information Management und Consulting, 26(1), 2011, 44-51 Renken, U. / Bullinger, A. C. / Möslein, K. M. Webbasierte Werkzeuge für Wissensarbeiter HMD Praxis der Wirtschaftsinformatik, 277 (2011), 73-85 Haller, J. / Bullinger, A.C. / Möslein, K.M. Innovation Contests - An IT-Based Tool for Innovation Management A Conceptual Framework of the Forces Driving the Need for Innovation in the Health Sector Dr. Angelika C. Bullinger-Hoffmann / Prof. Dr. Kathrin M. Möslein / Uta Renken Understanding Online Collaboration Technology Adoption by Researchers – a Model and Empirical Study Thirty Second International Conference on Information Systems Shanghai, 2011 Business & Information Systems Engineering, 3 (2011) 2, 103-106 Velamuri, V.K. / Neyer, A.-K. / Möslein, K.M. Hybrid Value Creation: A Systematic Review of an Evolving Research Area Journal für Betriebswirtschaft (JfB), 61 (2011) 1, 3-35 Wiesbaden: Springer Gabler, 2011 Leimeister, J.M. / Krcmar, H. / Koch, M. / Möslein, K. (Eds.) Gemeinschaftsgestützte Innovationsentwicklung für Softwareunternehmen Lohmar: Josef Eul, 2011 Book Chapters and Journal Articles Plieth, H. / Bullinger, A.C. / Hansen, E.G. Conference Papers / Presentations Innovation Practices and their Boundary-Crossing Mechanisms: A Review and Proposals for the Future. Rau, C. / Neyer, A.-K. / Möslein, K. M. Sustainable Entrepreneurship in the Apparel Industry The Case of Manomama In: Journal of Corporate Citizenship (Special Issue), 45 (2012), 123-136 Conference Papers / Presentations Dr. Bastian Bansemir / Dr. Hagen Habicht / Hanna Plieth Establishing Organizational Innovation Communities: A Path Creation Perspective 12th EURAM Annual Conference Rotterdam, The Netherlands, June 6-8, 2012 Dr. Bastian Bansemir / PD Dr. Anne-Katrin Neyer / Jun.-Prof. Dr. Vivek K. Velamuri Managing Organizational Innovation Communities: A Sensemaking Perspective Academy of Management Conference 2012 Boston, Massachusetts, August 3-7, 2012 Reichwald, R. / Schipanski, A. / Pößl, A. Professionalisierung von Dienstleistungsarbeit und Innovationsfähigkeit in der Dienstleistungswirtschaft In: Reichwald, R. /Frenz, M. / Hermann, S. / Schipanski, A. (Hrsg.): Zukunftsfeld Dienst leistungsarbeit: Professionalisierung – Wertschätzung - Interaktion Wiesbaden: Springer Gabler, 2012, 19-43 Dr. Frank Danzinger / Martin Dumbach / Prof. Dr. Kathrin M. Möslein At the Edge and Innovative: The Role of Boundary Innovators in Demographic Change 12th EURAM Annual Conference Rotterdam, The Netherlands, June 6-8, 2012 Dr. Hagen Habicht / Prof. Dr. Ralf Reichwald Thallmaier, S. / Habicht, H. / Möslein, K. M. Innovation & Professionalisierung: Strategien (nicht nur) für Dienstleister In: Reichwald, R. /Frenz, M. / Hermann, S. / Schipanski, A. (Hrsg.): Zukunftsfeld Dienst leistungsarbeit: Professionalisierung – Wertschätzung - Interaktion Wiesbaden: Springer Gabler, 2012, 103–126 Bansemir, B. / Neyer, A.-K. / Möslein, K. M. Anchoring Corporate Innovation Communities in Organizations A Taxonomy In: International Journal of Knowledge-Based Organizations, 2 (2012) 1, 1-20 Bansemir, B. / Neyer, A.-K. / Möslein, K. M. Knowledge Exchange in Intra-Organizational Innovation Communities The Role of Cognitive and Affective States In: BuR - Business Research, 5 (2012) 1, 43-58 Habicht, H. / Möslein, K. M. / Reichwald, R. Open Innovation Maturity In: International Journal of Knowledge-Based Organizations, 2 (2012) 1, 92-111 Habicht, H. / Möslein, K. M. Open Innovation Maturity: Ein Reifegradmodell für das offene Innovationsmanagement In: Journal Arbeit, 11 (2012) 1, 29-30 Adamczyk, S. / Bullinger, A. C. / & Möslein, K. M. Commenting for New Ideas: Insights from an Open Innovation Platform International Journal Technology Intelligence and Planning, Forthcoming Open Innovation Maturity: Ein Reifegradmodell zur Kompetenzentwicklung für Open Innovation In: Dokumentation des 57. Arbeitswissenschaftlichen Kongresses in Chemnitz 23.03.-25.03.2011 Mensch, Technik, Organisation - Vernetzung im Produktentstehungs- und herstellungsprozess Dortmund: GfA-Press, 2012, 467-471 Dr. Hagen Habicht / Thomas Kandler / Stefan Thallmaier Open Geodata meets Open Government – eine empirische Studie interaktiver Wertschöpfungsmodelle In: Hilgers, D. / Schauer, R. / Thom, N. (Hrsg.) Public Management im Paradigmenwechsel Internationales Forschungscolloquium “Public Management” Linz: Trauner, 2012, 305-317 Imprint Editor: Prof. Dr. Andreas Pinkwart, Dean of HHL Leipzig Graduate School of Management Editorial Office: Volker Stößel (MBA), Dr. Tobias D. Höhn Layout: CLAUS KOCHTM, Thomas Szabo Dr. Jörg Haller / Jun.-Prof. Dr. Vivek K. Velamuri / Dr. Bastian Bansemir Printed by: 12th EURAM Annual Conference Rotterdam, The Netherlands, June 6-8, 2012 ISSN: 2195-0393 (Print) / ISSN: 2195-0407 (Online) The Hidden Objectives of Open Evaluation: An Exploratory Study Dr. Hagen Habicht / Simon Straßburger / Stefan Thallmaier Productivity in Mass Customization: Impacts of Interaction Channel and Customer to Customer Interaction In: Piller, F. T. / Chesbrough, H. (Hrsg.) Bridging Mass Customization & Open Innovation MCPC 2011 Conference San Francisco: Lulu Verlag, 2012, 65-78 ISBN 978-1-4716-3023-1 Fischer druck&medien Copyright 2012 by HHL Leipzig Graduate School of Management, Leipzig, Germany, www.hhl.de All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopy, recording, or otherwise – without the permission of HHL. 56 HHL RESEARCH REPORT 2012 HHL’s Schmalenbach Building The Schmalenbach building of HHL Leipzig Graduate School of Management was opened with a solemn ceremony in Summer 2011. The expansion of the business school is located in the Mensa building of the University of Leipzig. The Free State of Saxony and the Studentenwerk invested a total of EUR 11 million within a two-year period in which the whole building was renovated. In the Schmalenbach building, which is named after Eugen Schalenbach (1873-1955), one of the first students at HHL and the founder of the German business administration, close to an additional 700 square meters has been created for lecture halls and study rooms for students, as well as offices for HHL Chairs and a representative Senate room. 57 58 HHL RESEARCH REPORT 2012 HHL Leipzig Graduate School of Management HHL is a university-level institution and ranks amongst the leading international business schools. The goal of the oldest business school in German-speaking Europe is to educate effective, responsible and entrepreneurially-minded leaders. In addition to HHL’s international focus the combination of theory and practice plays a key role. HHL stands out for its excellent teaching, clear research focus, effective transfer of knowledge into practice as well as its outstanding student services. It offers a 21 to 24-month (and a 24-month part-time) Master Program in Management (M.Sc.) as well as an 18-month (or 24-month part-time) MBA in General Management and starting in October 2012 also an 18 month Global Executive MBA. HHL’s program is complemented by the two-year Euro*MBAProgram, a program based on e-learning (electronically supported learning). A three-year doctoral program, which can be studied part-time as well, completes HHL’s courses of study. The department of Executive Education offers company specific and open training programs for advanced education for specialist and leading positions. HHL received the accreditation of AACSB International in April 2004 and was the first German private school to be re-accredited in April 2009. www.hhl.de 59 HHL Leipzig Graduate School of Management Jahnallee 59, 05109 Leipzig, Germany Tel.: +49 341 9851-60, Fax: +49 341 9851-679 E-Mail: [email protected], Internet: www.hhl.de Allgemeiner Kontakt