Bücher veröffentlicht von Deutscher Universitats-Verlag

The latest increase in numbers of mergers and acquisitions (M&As) and the latest increase in size of M&As raise the question, whether M&As can meet the expectations. This question is relevant in two ways, from an economic as well as from a social perspective. Despite its central economic importance, many mergers and acquisitions fall short of their objectives. In his work, Florian Frensch sees cooperation relationships between employees and management of previously separate firms as the key success factor for the realization of synergies and thereby for the M&A success. Cooperation depends on different factors on the environmental, the firm, team and the individual level. Grounded on extensive literature search, Florian Frensch investigates which individual factors of employees and which dyadic factors of relationship partners affect the cooperation between employees of previously separated firms. With the help of social network analyses, Florian Frensch investigates cooperation relationships after M&A-transactions in two case studies. Unlike previous studies, he asks employees on the lower operative levels of the firm instead of using key informants in the management ranks. In order to use social network analysis in larger groups, Florian Frensch develops an innovative approach for gathering network data with the help of a dynamic computer based questionnaire, which allows him to conduct a full network analysis in a group with ~ 400 employees.

In the last decades, Islamic finance has evolved to become one of the most dynamic and fastest developing business areas in the global financial industry. Although still a niche market, the segment is experiencing ever increasing competition and, especially in recent years, has left its home turf with Islamic financial products being offered in major markets outside the Muslim world, such as the United States and Great Britain. While academic research has extensively covered the basics and a selection of special issues regarding Islamic finance and Islamic economics, the determinants of strategic management in Islamic finance have not drawn the same degree of attention in the literature. As will be presented in the following paragraphs, this study intends to make a contribution to this significant research area. 1.1 Research Problem ¿The foremost belief around which all the Islamic concepts revolve is that the whole universe is created and controlled by One, the only One God. He has created man (¿) to fulfill certain objectives through obeying His commands.

Venture capital has become an important driver of economic growth in Europe during the last decades. Corporate governance is a key success factor for the development of private growth companies and thereby for the achievement of the venture capitalists' financial objectives. Despite the high relevance of corporate governance for venture capital-financed companies the topic has so far not been extensively researched. Tra- tional research on corporate governance focussed almost entirely on public companies. Maik Kleinschmidt aims in his dissertation at narrowing the knowledge gap by ana- sing the relationship between venture capital, corporate governance and firm value for the first time in a systematic way. He researches how venture capitalists influence the corporate governance of their portfolio companies. Factors that determine the inf- ence and the impact are analysed in detail. In a second step, the impact of good corporate governance on the firm value of the portfolio companies is researched. The underlying research design is developed to ensure that the particularities of cor- rate governance of growth companies are captured. It incorporates both, a theoretical and an empirical analysis. The comprehensive research concept and the corresponding hypotheses are derived from an economic and a managerial theory. Thereby, the control as well as the value-adding role of corporate governance is taken into account. Empirical testing of the theoretical findings is done with qualtiative and quantitative analyses. State-of-the-art methods are used to allow for the characteristic development of growth companies.

Die Autoren dieses Sammelbandes betrachten die zentralen Erfolgsfaktoren und wichtigsten Entwicklungsphasen von Ausgründungen aus theoretischer wie aus empirischer Perspektive. Sie leiten allgemeine Erkenntnisse zu diesem Forschungsfeld ab und setzen sich detailliert mit praxisrelevanten Gestaltungsmöglichkeiten auseinander.

Foreword Corporate Evaluation in the German Banking sector is becoming more and more important. In times of hostile takeovers, missing success in the retail market and an unpleasant cost income ratio, especially small cooperative banks and savings banks are facing a changed situation they have never expected. The changing speed has increased dramatically in the German banking sector. While selling of a savings bank was not possible even 5 years ago, this hard frontier is broken up now. Banks have to manage this changed situation ¿ in order to prevent to be taken over or to increase the own value and the own independency accordingly. In both cases, the quantification of the own value is an essential aspect. The presented Master Dissertation of Svend Reuse solves theoretical and practical problems according to this topic. It combines actual value oriented management tools with the classical methods of corporate evaluation and the results of the actual status quo in the German ba- ing sector. The essentials can be summed up as follows: First, the theoretical status quo of corporate evaluation in the German banking sector was - fined. The result is that only the earnings value method, equity approach and multiplier method are useful for banks. All entity models must be rejected, as they do not consider the fact that a bank generates value with the liability side. Discussing several bank-individual evaluation models led to open questions.

Accounting-based market multiples are the most common technique in equity valuation. Multiples are used in research reports and stock recommendations ofboth buy-side and sell-side analysts, in fairness opinions and pitch books of investment bankers, or at road shows offirms seeking an IPO. Even in cases where the value of a corporation is primarily determined with discounted cash flow, multiples such as PIE or market-to-book play the important role of providing a second opinion. Mul­ tiples thus form an important basis of investment and transaction decisions of vari­ ous types of investors including corporate executives, hedge funds, institutional in­ vestors, private equity firms, and also private investors. In spite of their prevalent usage in practice, not so much theoretical back­ ground is provided to guide the practical application of multiples. The literature on corporate valuation gives only sparse evidence on how to apply multiples or on why individual multiples or comparable firms should be selected in a particular context.

Low-cost country sourcing has for long been one of the hottest buzz words in the purchasing and supply management community, especially among practitioners. The lack of coverage in the academic field can potentially be explained by the complexity and the breadth of the topic. Although companies in most industries have sourced on a global level for decades or even centuries in order to reduce cost, the subject have received increasing attention over the last few years in a sense that the concept has become more and more institutionalized as part of the overall sourcing strategy. The developments are welcome ¿ especially since the field of purchasing and supply management traditionally has been lagging behind other, more ¿acknowledged¿ disciplines such as finance, accounting, and marketing, among others. This lag is glaring if one considers the absence of faculties involved in the discipline among many universities. Therefore, the initiative of Supply Management Institute to build a worldwide research and training network has proven to be highly attractive for both scholars and practitioners. Furthermore, the discipline has also become increasingly complex due to globalization effects, where business networks become increasingly intertwined and the flow of goods, services, money and human capital grow exponentially over time. To handle the situation, companies are in desperate need for knowledge and information that can help them to crafting effective strategies that can secure supply, reduce risk and ultimately translate into competitive advantage.

Foreword With early warning of CEOs in small and medium-sized companies, Andreas Kirschkamp has found a highly relevant and, up to this point, mainly unexplored research area as a field for his dissertation thesis. In a first step, he confirms the results of traditional contingency theory which show a strong link between environmental uncertainty and strategic sensemaking. In a second step and as the actual core of this study, he elaborates on the link between personality traits of CEOs and their strategic sensemaking. Thus, he sees his study in the tradition of an ¿extended contingency theory¿. The underlying framework originates from Lewin/Stephens 1994 who distinguish eight attitudes as determinants of organizational design. Kirschkamp empirically shows that six of these attitudes have significant explanatory influence on the design variables. However, egalitarianism and degree of moral reasoning do not have any explanatory power within this context. Regarding the relationship between early warning behavior and success, Kirschkamp finds that successful CEOs differ in their use of sources from their less successful peers. They use internal, impersonal and external, personal sources more than managers of organizations with low success in early warning do. The managers with effective early warning behavior scan with a broader scope, delegate less, interpret with more and different partners, and more intensively. However, no difference can be observed as for the frequency of scanning, tool support and fixity of time for interpretation.

With this work, which was written under my academic supervision at the Graduate College for Law and Economics, Bert Van Roosebeke has covered a topic which is rather unusual to the literature of law and economics in a number of ways. This work does not ¿ as does the huge majority of law and economics scholarship ¿ deal with individual behaviour, as addressed by private law. Rather does the author analyse state behaviour as governed by European made state liability jurisdiction and law. He does so with the law and economics instruments traditionally used in the analysis of contract law, tort law and criminal law. The methods of analysis are truly interdisciplinary as well: legal, empirical as well as model-theoretical methods are applied to the questions under discussion. The starting point for the academic discussion on state liability was the European Court of Justice¿s landmark Francovich judgement in 1991. In that judgement, the ECJ ¿ against the declared political opinion of EU member states ¿ controversially paved the way for a liability of EU member states for damages caused by the n- transposition of European directives into national law. The judgement was followed by a rich and lengthy discussion among legal scholars, in which the competency of the ECJ to introduce such non-contractual state liability was controversially debated.

In early 2006 BASF AG, Ludwigshafen, acquired, in a prolonged and rather hostile transaction, the U. S. Company Engelhard Corporation in order to strengthen its competitive position in the world¿s largest economy. This sizable takeover follows even larger acquisitions by German companies in the United States in the past decade, such as by Daimler-Benz, Deutsche Telekom and Deutsche Bank. Due to increasing pressure from the continuous globalization of international capital and product markets, numerous medi- sized German companies also aimed at entering the United States, as it offers a more dynamic growth potential compared to many rather stagnant European markets. Accordingly, a transaction in the most important consumer market is expected to be particularly beneficial for German acquirers and should elicit positive reactions by investors. But did this actually happen? Despite the high volume of cross-border transactions during the past decade, the number of studies analyzing the success of mergers and acquisitions activity is still limited, especially regarding transatlantic acquisitions involving U. S. target companies. In his thesis, Bernd Wübben provides empirical evidence to fill this gap. Based on capital market data and a survey of executives, his primary objective is to assess the overall success of U. S. acquisitions by German companies and to identify which characteristics of the acquiring and target company and the acquisition structure had a significant impact on the transaction success.

The telecommunication markets in Europe, North America and Australia are currently changing from growth to saturation or even to decline. The results are fierce competition and strongly reduced profit rates. The situation in developing countries is totally different. Large unsatisfied needs are leading to increased demand and to important growth rates. China and India are especially attractive to operators and equipment manufacturers in the telecom sector, because of their important size. Ms. Kiruba J. B. Levi¿s research investigates India as one of these two markets. Ms. Levi¿s objective is to support, with her research, the successful entry of foreign companies in the Indian telecom market. To reach this objective, she proceeds in four steps. First, she summarizes the literature on market entry strategies. Afterwards, Ms. Levi describes the Indian Telecom Market. A lot of actual facts and figures are given. The clear structure helps the reader to find the needed information. The third step consists of four cases of foreign companies entering the Indian telecommunications sector. After the description of the companies and their entry activities, the cases are analyzed with the help of the case research method. Based on the analyses of the Indian telecommunications market and especially on the lessons learnt from the four cases, Ms. Levi finally provides recommendations for companies, which are planning to start activities in the Indian communications industry.

Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms¿ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany¿s revised bankruptcy legislation.

Foreword Starting point of Tanja Prinzessin zu Waldeck¿s dissertation thesis is the insight in the relevance of strategic sensemaking in top management teams. Consequently, Prinz- sin zu Waldeck investigates how the composition of the team may influence the cor- sponding activities. Different from previous research, her study takes a broader - proach in two respects. First, it describes top management teams more compreh- sively. Instead of focusing only on demographics such as age, tenure, or functional backgrounds, it also explores the personalities of the team members, the leadership style and team culture. In this context, it transfers knowledge from other research fields such as psychology to sensemaking research. Second, the study does not only concentrate on specific sensemaking activities, for instance scanning or information sharing, but tries to draw a more holistic picture of the sensemaking process. Finally, the study controls for the effects of the organizational context. It explores how varying the organizational size, involvement of owners in the management of an organization and ownership status changes the findings about the team composition and its effect on sensemaking. As a result, the work of Prinzessin zu Waldeck offers several interesting new insights and at least three substantial contributions to the relevant literature: It offers new ideas about how the composition of top management teams affects the strategic sensemaking of teams differently. It furthermore provides evidence that organizational factors might influence the composition of teams and consequently also their sensemaking.

Foreword Starting point for Sebastian-Dominik Jais¿ dissertation is the insight that ¿ despite the relevance of national culture on the one hand and the use of information on the other ¿ there is only little research on the relationship between the two variables. Thus, the author aimed at a better understanding of the influence of national culture on the use of information. To that end, Jais has carried out a survey with asset managers of a renowned global company in Germany, South Korea and the United States of America. Since there is only little relevant knowledge available, the author has chosen an explorative setup. In his research, Sebastian-Dominik Jais finds that differences between the samples are only observable where the adequate type of information use is determined neither by technical necessity nor the task to be fulfilled. Accordingly, national culture can only exert its influence when the information user has some degree of freedom when fulfilling his task. In addition, the findings of Jais¿ research provide first evidence for the existence of cross-national effects on the managerial use of information in general. In particular, the results show that power distance and uncertainty avoidance affect the managerial use of information most strongly. This confirms Hofstede¿s prediction and underscores the frequently made statement that not all cultural dimensions are similarly important as determinants of managerial behaviour.

Over the past two decades, equity carve-outs (ECOs) have become an increasingly popular form of corporate restructuring in Europe. Individual business segments are separated from the parent conglomerate company, and a minority stake is listed on the stock exchange. The parent company thus retains economic control over the subsidiary, while simultaneously creating more transparency for capital markets, restructuring its investment portfolio and creating the option to either reintegrate or completely sell off the subsidiary at a later stage. The attractiveness of ECOs as research objects is largely due to their dualistic nature as both means of parent company financing and corporate restructuring. While comprehensive academic literature on ECOs already exists, studies mainly focus on the US market. The objective of the present study is to conduct corresponding analyses using a European sample, allowing the examination of both research issues on an intra-European level, and of the admissibility of analogies between US and European results.

I owe the idea of creating this scales handbook to Klaus Brockhoff. At the Vallendarer Controlling-Tagung 2002 and with reference to German-language controlling research, he rightly pointed out that methodological approaches aim ¿ among other things ¿ at establishing the intersubjective comparability of research questions. Therefore, differing, unrelated definitions of latent constructs do a disservice to comparative research and cumulative discovery processes. This is where scales handbooks offer a concrete benefit: a quick and concise overview of the relevant constructs and their use in previous studies. Not surprisingly, scales handbooks have existed for quite some time in marketing and other disciplines. Most controlling researchers, however, have traditionally been rather hesitant to engage in rigorous empirical research and to connect to the international scientific community in management accounting. As a consequence, a handbook of management accounting and control-related constructs does not yet exist. However, we were able to build on a smaller compilation of scales which was collected and published by Jürgen Weber, Bianca Willauer and myself in 2003. Against this background, the collection of scales in this book aims at promoting empirical research in controlling by giving researchers a quick and ¿ to the extent possible ¿ concise overview of relevant constructs and their use in previous studies. A significant number of the constructs presented in this collection are based on data sampled in Germany, and have not been translated into English. However, the names of constructs, their descriptions and all the goodness-of-fit measures are given in English.

Foreword Research on the creation and development of new firms has gained substantial prominence over the past ten years - especially in the German-speaking countries, where many new entrepreneurship chairs have been created in universities. Despite the surge in interest, short-comings in the research domain remain. These shortcomings primarily concern the lack of solid empirical research that reflects the state of the art of management science. Based on psychological theories, expla- tions of the founding of a firm and its subsequent success have been made frequently in terms of character traits and attitudes. Yet these studies explain little about a new firm¿s success. Their usefulness was especially limited concerning team-based ventures, which represent the majority of technology-based ventures. Other more recent approaches focus on entrepreneurial activities and how they impact new venture development. In this stream of research, the competence perspective has special importance as competencies of founders determine which activities they undertake, and how they perform these activities. A key question has been raised often by entrepreneurs, researchers and educators with respect to competencies of the founders: What are the critical competencies needed to create and grow a new firm? Although this is a fundamental question of entrepreneurship research, this question has hardly been investigated empirically. The dissertation of Dr. Jan Brinckmann analyzes how competencies of founding teams of new technology based firms affect the development of the new firms. In order to identify the critical competencies needed to create and grow a firm, Dr.

Manuela Stoll focuses on two strategies to address change: adapting to change and creating change. Using a large-scale survey among top executives of manufacturing firms in Germany, she evaluates the importance of a range of resources, competences, and ¿isolating mechanisms¿ (shields against imitation) for the success of these strategies. She shows that adapting to change has an important effect on firm performance and is mainly influenced by a firm¿s industry foresight abilities. She also illustrates how these abilities can be strengthened.

The work of Christoph Breidert is positioned in a methodologically challenging area of marketing research that is highly relevant to both theoretical investigations and practical apphcations. Determination of willingness-to-pay for products and/or services from a customers per­ spective is crucial for modern approaches to pricing decision-making. Based on the in­ creasing availability of individual transaction data (e. g. , scanner data, consumer panel data, and data from Smart Cards) remarkable improvements have been achieved in es­ timating advanced price response models based on observed purchase data. However, empirical price and/or product variations are typically very Umited in such historical data which complicates accurate willingness-to-pay estimation or makes it even imprac­ tical. This is especially true when entirely new products are planned to be introduced or alternative marketing strategies (e. g. , product bundhng) are considered by the manage­ ment. While asking customers directly for their wiUingness or unwillingness to purchase a specific product at the designated price commonly results in unreahstic estimates, ex­ perimental survey-based methods turned out to be a promising approach for the indirect measurement of willingness-to-pay. Among the most prominent techniques within this methodological framework is conjoint (or trade-off) analysis, which aims at inferring re­ spondents preference structures based on their reactions to systematically varied profiles of product attributes (mostly including price) in an experimental design. In his work, Christoph Breidert provides a systematic overview of the competing methods that have been and are still applied in todays practical and theoretical pricing research.

Contract design is currently at the center of interest in venture capital research. The existing literature points out that German venture capital contracts differ significantly from Anglo-Saxon contracting practices in their choice of financial instruments and covenants. Contract comparisons have, however, so far neglected the complementary role covenants play in the allocation of entrepreneurial cash flow rights to the contracting parties. Against this background of diverse contract designs, this dissertation provides a first comprehensive analysis of cash flow Incentives implemented through financial instruments in combination with covenants in German venture capital contracts. The author begins with a contract-theoretical analysis of the cash flow effects Implemented by common contract designs. This is followed by an empirical study that presents new evidence on the contracting patterns used in the German venture capital market. Integrating theoretical and empirical findings, the author derives implications for an improved incentive-driven contract design In Germany. With its state-of-the-art analyses, the dissertation contributes extensively to the existing international theoretical and empirical literature on venture capital contracting. Furthermore, it provides significant value added for venture capitalists and portfolio companies operating in the German market. This dissertation makes a significant contribution to current venture capital research and will, without doubt, become widely accepted by and give impetus to venture capital researchers and practitioners alike. Professor Ulrich Hommel, Ph.D.

The importance of managerial support has been established for modern busine- related sciences at least as early as 1922. It was then in the ?rst issue of Harvard Business Review, that Wallace B. Donham called for a proper theory of business to avoid business to continue to be ¿unsystematic, haphazard, and for many men a pathetic gamble.¿ The past century witnessed signi?cant development in terms of theory. Common examples attracting considerable attention for scienti?c enquiry are decision theory, knowledge management and transfer,or organizational learning. Each set of theories focuses aspects of managerial work. Methods and tools based upon decision theory are concerned with ?nding one appropriate course of actions amongst a myriad of possibilities. Knowledge management methods and tools - sentially seek to conserve and transfer expert knowledge so that repetitive errors can more easily be prevented and repeating success more easily be achieved. - nally, methods and tools building upon the notion of organizational learning aim at signi?cantly lowering the resources involved in creating experts. I focus organizational learning for two main reasons: Firstly, learning is an ¿- avoidable¿ phenomenon. Learning does not have to be pursued as an additional activity to daily responsibilities. It is thus not the question if managers learn but what they learn and how this learning process can be directed. Secondly, a new dimension of criticism emerged from postmodern discussions of knowledge m- agement or decision making, which at least hints at the need to investigate other mechanisms for supporting management.

In this book, internationally renowned scholars and practitioners elaborate on political as well as managerial questions, e.g. how to make overriding Public Governance changes the ¿guiding model¿ for a now needed stronger strategic approach. More specifically, their focus is on how moves towards a re-positioning as an enabling authority are to be made drivers for adapting management systems across all levels. In accordance with present developments, the authors explain how changes in the overall governance structure have to be used to adapt leadership practices in a more output-oriented or even entrepreneurial fashion. Overall, the underlying idea is to provide some further basics for a public sector type of a design-oriented management science.

Die Autoren informieren über den jüngsten Stand der Teamforschung und präsentieren neue empirische Befunde aus Deutschland. Das Spektrum der untersuchten Teams reicht von Innovationsteams in der Software-Entwicklung über Fertigungsteams des Maschinenbaus bis hin zu Marketing-Teams von Werbeagenturen und Software-Unternehmen. Die 3. Auflage ist aktualisiert und erweitert.

Aus der Analyse der Bedeutung extrinsischer und intrinsischer Anreize für die motivationsorientierte Steuerung des Wissenstransferverhaltens leitet Jan Spelsiek Ansatzpunkte für die Gestaltung eines Anreizsystems ab. Es wird deutlich, dass primär bei den Transferbarrieren und der Förderung intrinsischer Motivation angesetzt werden sollte, extrinsische Anreize hingegen nur flankierend eingesetzt werden sollten.

Ivo A. Kroschel untersucht im Rahmen eines Vergleiches der Rechnungslegungsgrundsätze von HGB, IAS und US-GAAP beispielsweise die unterschiedlichen Zielsetzungen der Rechnungslegungssysteme, wie sich die Fair Presentation der internationalen Rechnungslegung von der deutschen Generalnorm unterscheidet und was unter Vorsichtsprinzip und Periodenabgrenzung zu verstehen ist, welche Gewichtung sie jeweils erfahren und welche Auswirkung dies auf die Bilanzierung und Bewertung hat.

Am Beispiel der Magazine Spiegel, Stern und Focus untersucht Bettina Kaltenhäuser den Einfluss der Titelseitengestaltung politischer Publikumszeitschriften auf ihren Einzelverkauf. Es wird deutlich, dass bestimmte Titelseitenmerkmale sich direkt und signifikant auf die Einzelverkaufsauflage auswirken, dass ihr Einfluss aber im Vergleich zu Umweltfaktoren, z.B. Saison und Länge des Verkaufszeitraums, relativ gering ist.

Thomas M. Lehmann formuliert eine Integrationsmethodik sowie detaillierte Integrationskriterien zur nahtlosen Einbindung computerunterstützter Verfahren und Algorithmen in die klinische Routineanwendung. Folgende Themen stehen im Mittelpunkt: Grundlagen der praxisorientierten Bildverarbeitung; Flexibilität, Adaptivität und Stabilität von Software; Kontrollmöglichkeiten für Anwender; Validierung von Bildverarbeitung und -analyse; Daten-, Funktions-, Präsentations- und Kontextintegration; Kriterienkatalog als Leitfaden und Analyseinstrument; Anwendungsbeispiele aus der klinischen Routine

Armin J. Hartmuth entwickelt ein Analyseinstrumentarium, mit dem sich der Wandel der Institution Börse aus der Perspektive der evolutorischen Ökonomik beschreiben und erklären lässt. Er zeigt, dass sich der Wandel von Börsen im Zuge einer "Koevolution der Technologie und der Institution Börse" vollzieht.