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The 21st century: an era where emojis and hashtags find their way into every sentence, where taking selfies, live tweeting and mining bitcoin are the norm, and where Insta-culture dictates what we say and do. This is the era into which the digital native was born. With so many changes in every aspect of our lives, how is it that one of the most influential aspects, our education, has remained unchanged? Our education system not only fails to appeal to today’s students, but more importantly, it fails to equip them with the skills required in the 21st Century. It is thus of no surprise that industries feel graduates entering the workplace lack skills in critical thinking, problem solving and self-directed learning. AI, machine learning and big data: Tools and mechanisms we so eagerly incorporate to create smart factories yet are hesitant to use elsewhere. Gamification and games have shown great results in education and training; with most research suggesting a stronger focus on personalization and adaptation. When combined with analytics and machine learning, the potential of games is yet to be realized. A real-time adaptive game would not only always present an appropriate degree of challenge for the individual but would allow for a shift in focus from the recitation of facts, to the application of information filtered to solve the particular problem at hand. South Africa, a country faced with a severe skills gap, could benefit greatly from games. If used correctly, they may just offer a desperately needed contribution toward equipping both current and future employees with the skills needed to survive in the 21st century. This paper explores the feasibility of using such games for enhanced knowledge dissemination and the upskilling of the workforce.
Academic research is vital for innovation and industrial growth. However, a potential burden of processing ever more knowledge could be affecting research output and researchers’ careers. We look at a dataset of researchers who have published in journals in the field of economics during a period of 45 years. For a subset of these researchers, we amass data from journals listed in the EconLit database, supplemented with years of birth from public sources. Our results show an increase in the age of researchers at their first publication, in the number of articles referenced in debut articles, and in the number of co-authors. Simultaneously, we observe a decline in the probability of researchers changing research fields. Our findings extend earlier findings on patents and hint at a burden of knowledge pervading different areas of human progress. Moreover, our results indicate that researchers develop strategies of specialisation to deal with this challenge.
This article analyses and compares the performance of regulators in the fields of finance and sport, especially cycling. I hypothesize that the courses of crises or scandals is the best time to study the lessons of regulatory response. First, I take into account the differences in both finance and cycling by looking at the nature of the rules and institutions governing the field. Second, I estimate the attention effect on new regulation in response to crises or scandals. The interest of the paper is in the alignment of incentives to prevent regulatory capture and to ensure accountability and enforceability. The paper concludes that the differences hold important lessons that call for the reform of rules and institutions governing finance and cycling alike.
Towards a sustainable future, looking beyond the system boundaries of a single manufacturing company is necessary to promote meaningful collaborations in terms of circular economy principles. In this context digital data processing technologies to connect the potential collaborators are seen as enablers to make use of proven collaborative circular business models (CCBMs). Since most of such data processing technologies rely on features to describe the entities involved, it is essential to provide guidance for identifying and selecting the relevant and most appropriate ones. Defining critical success factors (CSFs) is considered a suitable instrument to describe the decisive factors. A systematic literature review (SLR), followed by a qualitative synthesis is investigating two scientific fields of work, namely (1) the general relevant features of CCBMs and, (2) methodologies for determining CSFs. This results in the development of a conceptual framework which provides guidance for digital applications that perform further digital processing based on the relevant CSFs relating to the specific CCBM.
Purpose – Many start-ups are in search of cooperation partners to develop their innovative business models. In response, incumbent firms are introducing increasingly more cooperation systems to engage with startups. However, many of these cooperations end in failure. Although qualitative studies on cooperation models have tried to improve the effectiveness of incumbent start-up strategies, only a few have empirically examined start-up cooperation behavior. The paper aims to discuss these issues.
Design/methodology/approach – Drawing from a series of qualitative and quantitative studies. The scale dimensions are identified on an interview based qualitative study. Following workshops and questionnaire-based studies identify factors and rank them. These ranked factors are then used to build a measurement scale that is integrated in a standardized online questionnaire addressing start-ups. The gathered data are then analyzed using PLS-SEM.
Findings – The research was able to build a multi-item scale for start-ups cooperation behavior. This scale can be used in future research. The paper also provides a causal analysis on the impact of cooperation behavior on start-up performance. The research finds, that the found dimensions are suitable for measuring cooperation behavior. It also shows a minor positive effect on start-up’s performance.
Originality/value – The research fills the gap of lacking empirical research on the cooperation between start-ups and established firms. Also, most past studies focus on organizational structures and their performance when addressing these cooperations. Although past studies identified the start-ups behavior as a relevant factor, no empirical research has been conducted on the topic yet.
Intralogistics operations in automotive OEMs increasingly confront problems of overcomplexity caused by a customer-centred production that requires customisation and, thus, high product variability, short-notice changes in orders and the handling of an overwhelming number of parts. To alleviate the pressure on intralogistics without sacrificing performance objectives, the speed and flexibility of logistical operations have to be increased. One approach to this is to utilise three-dimensional space through drone technology. This doctoral thesis aims at establishing a framework for implementing aerial drones in automotive OEM logistic operations.
As of yet, there is no research on implementing drones in automotive OEM logistic operations. To contribute to filling this gap, this thesis develops a framework for Drone Implementation in Automotive Logistics Operations (DIALOOP) that allows for a close interaction between the strategic and the operative level and can lead automotive companies through a decision and selection process regarding drone technology.
A preliminary version of the framework was developed on a theoretical basis and was then revised using qualitative-empirical data from semi-structured interviews with two groups of experts, i.e. drone experts and automotive experts. The drone expert interviews contributed a current overview of drone capabilities. The automotive experts interview were used to identify intralogistics operations in which drones can be implemented along with the performance measures that can be improved by drone usage.
Furthermore, all interviews explored developments and changes with a foreseeable influence on drone implementation.
The revised framework was then validated using participant validation interviews with automotive experts.
The finalised framework defines a step-by-step process leading from strategic decisions and considerations over the identification of logistics processes suitable for drone implementation and the relevant performance measures to the choice of appropriate drone types based on a drone classification specifically developed in this thesis for an automotive context.
The financial crisis of 2007-2010 was probably one of the greatest, most lustrous black-swan events that people of our generation(s) will experience – and at its heart, it was a dynamic phenomenon. It is stated in the vision of the System Dynamics Society that we aspire to transform society by influencing decision-making. Yet, it seems as if system dynamics did not play any significant role in this crisis: we did not examine the markets, we did not provide insights to banks, and we did not warn governments or the people. In our presentation we describe the dynamics involved in a housing bubble, and describe what made the last one different. With the insights gained from this exercise we conclude that, from a system dynamics perspective, the dimension of the financial crisis of 2007-2009 was eminently foreseeable, which will lead us to pose the following question: where were we as a field while this crisis was unfolding, why were we not active players? We present a range of potential answers to this question, hoping to provoke some reflection… and maybe some (re)action.
This paper studies whether a monetary union needs a fical union in particular in the Eurozone. On 1 January 1999, despite controversial debates, the rule-based Economic and Monetary Union (EMU) started without a fiscal union. I show that there is weak economic convergence in the EMU since 18 years. In addition, I argue that a fiscal union does not solve the past disintegration failures.
I demonstrate that the major flaws are domestic policy failures and not institutional failures in the euro area. Consequently, establishing a monetary union without having a political union is a risky strategy. Indeed, the rule-based architecture of Maastricht is not guilty for the crisis alone. The root causes are the political flaws aligned with the rather weak enforcement of the rules. I propose a genuine redesign of the rule-based paradigm without a fiscal union. Yet a monetary union without a fiscal union works effectively if the rule enforcement is more automatic and independent of domestic and European policy-making.
Purpose: This paper aims to conceptualize and empirically test the determinants of service interaction quality (SIQ) as attitude, behavior and expertise of a service provider (SP). Further, the individual and simultaneous effects of SIQ and its dimensions on important marketing outcomes are tested. Design/methodology/approach – The narrative review of extant research helps formulate a conceptual model of SIQ, which is investigated using the univariate and multivariate meta-analysis.
Findings: There are interdependencies between drivers of SIQ that underlines the need to conceptualize service interaction as a dyadic phenomenon; use contemporary multilevel models, dyadic models, non-linear structural equation modeling and process studies; and study new and diverse services contexts. Meta-analysis illustrates the relative importance of the three drivers of SIQ and, in turn, their impact on consumer satisfaction and loyalty.
Research limitations/implications – The meta-analysis is based on existing research, which, unfortunately, has not examined critical services or exigency situations where SIQ is of paramount importance. Future research will be tasked with diversifying to several important domains where SIQ is a critical aspect of perceived service quality.
Practical implications: This study emphasizes that, although the expertise of an SP is important, firms would be surprised to learn that the attitude and behavior of their employees are equally important antecedents. In fact, there is a delicate balance that needs to be found; otherwise, attitudinal factors can have an overall counterproductive effect on consumer satisfaction.
Originality/value: This paper provides an empirical synthesis of SIQ and opens up interesting areas for further research.
It is known that the costs related with drug research and development (R&D) and the timelines to develop a new drug increased over the past years. In parallel, the success rates of drug projects along the pharmaceutical R&D phases are still very low, and the outcome of all R&D efforts is stagnating. In consequence, the R&D efficiency defined as the financial investment per drug has been steadily decreasing. As innovation is the major growth driver of the pharmaceutical industry, reliable data on R&D efficiency and new concepts to overcome these challenges are of great interest for R&D managers and the sustainability of the pharmaceutical industry as a whole. This book chapter reviews publications on R&D performance indicators of the past years, such as the success rates and timelines per phase. Additionally, it illustrates the factors influencing the success rates, timelines, and costs of pharmaceutical R&D most and, thus, the denominators of the R&D efficiency.
This article is a review of the book "Brain computation as hierarchical abstraction" by Dana H. Ballard published by MIT press in 2015. The book series computational neuroscience familiarizes the reader with the computational aspects of brain functions based on neuroscientific evidence. It provides an excellent introduction of the functioning, i.e. the structure, the network and the routines of the brain in our daily life. The final chapters even discuss behavioral elements such as decision-making, emotions and consciousness. These topics are of high relevance in other sciences such as economics and philosophy. Overall, Ballard’s book stimulates a scientifically well-founded debate and, more importantly, reveals the need of an interdisciplinary dialogue towards social sciences.
This paper is a brief review on the book ‘Capital in the Twenty-First Century’ by the French scholar Thomas Piketty. The book has started a new debate about inequality and capital taxation in Europe. It provides interesting empirical facts and develops a theory of the functioning of capitalist economies. However, I personally think the book is less convincing than recognized in the public debate. The demonstrated theory of economic growth in the book is elusive and lacks a psychological and behavioral underpinning. In fact, I do think that the increasing inequality and economic divergence are caused by capitalism but the psychological and behavioral aspects of humans are of similar or greater significance. Therefore, Piketty’s argument does not stimulate an open and scientifically founded debate in all aspects.
While academia and industry see large potential for human-robot collaboration (HRC), only a small number of realized HRC application is currently found in industry. To gather more data about current hindrances to wider implementation of collaborative robots, a study among 15 robot manufactureres and 14 system integrators of collaborative robot technology has been conducted through a predesigned questionnaire procedure. Additionally, five industrial users of human-robot collaboration have been interviewed on the main challenges they experienced during the initial implementation process. The quantitative data has been analyzed using the Wilcoxon-Signed-Rank-Test. Accoring to the study participants, the main challenges within the implementation currently are the identification of HRC-suitable processes, the application of relevant safety norms (such as ISO 10218, ISO/TS 15066) and the application-individual risk assessment.
This paper examines the determinants of Google search in the banking area. The weekly Google data from 2004 to 2013 used for this study consists of the 30 largest banks, the Federal Reserve, and the European Central Bank. To my knowledge, this is the first study on the determinants of Google data. Firstly the paper shows that Google searches are correlated with several performance variables and market data, such as asset prices and trading volume. Secondly it demonstrates that banks´ internal performance data has a major influence whereas market data is rather insignificant. Moreover it is shown that Google search for central banks is largely determined by the level of interest rates as well as the inflation and output gap. This is evidence that central bank attention is primarily driven by the policy targets. Accordingly Google data can be applied to analyze the timely impact of monetary policy.
This white paper builds a new financial theory of euro area sovereign bond markets under stress. The theory explains the abnormal bond pricing and increasing spreads during the recent market turmoil. We find that the strong disconnect of bond spreads from the respective bonds’ underlying fundamental values in 2010 was triggered by an increase in asymmetric information and weak reputation of government policies. Both factors cause a normal bond market to switch into a crisis mode. Finally, those markets are prone to self-fulfilling bubbles in which the economic effects are amplified by herding behaviour arising from animal spirits. Altogether, this produces contagious effects and multiple equilibria. Thus, we argue that government bond markets in a monetary union are more fragile and vulnerable to liquidity and solvency crises. Consequently, the systemic mispricing of sovereign debt creates more macroeconomic instability and bubbles in the euro area than in a single country. In other words, financial markets are partly blind to national default risks in a currency union. Therefore, the current European institutional framework puts the wrong incentives in place and needs structural changes soon. To tackle the root causes we suggest more market incentives via consistent rules, pre-emptive austerity measures in good economic times, and a resolution scheme for heavily indebted countries. In summary, our paper enhances the bond market theory and provides new insights into the recent bond market turmoil in Europe.
Die weiterhin hohen Schulden in einigen Staaten der Europäischen Wirtschafts- und Währungsunion lassen nach wie vor staatliche Insolvenzen befürchten. Um die entstandenen Probleme zu bewältigen, aber auch damit eine solche Situation erst gar nicht eintritt, hält der Autor eine staatliche Insovenzordnung – mit Bail-out durch die anderen Mitgliedstaaten nur in Notfällen – für erforderlich. Er schlägt einen staatlichen Abwicklungsmechanismus für überschuldete Euro-Länder vor, der auf einem Konzept des Sachverständigenrates für Wirtschaft von 2016 beruht.
Lean Management hat in viele Unternehmen Einzug gehalten. Lean Konzepte stellen neue Anforderungen an die Art und Struktur der benötigten Kosteninformation, welche von traditionallen Kostenrechnungssystemen nicht unmittelbar erfüllt werden. Vertreter eines „Lean Accounting“ schlagen deshalb teils radikale Änderungen und eine Vereinfachung der Kostenrechnung vor. Der Beitrag diskutiert die Beschränkungen der traditionellen Kostenrechnung bei der Umsetzung von Lean Management und stellt ausgewählte Ansätze eines „Accounting for Lean“ vor. Die Analyse zeigt, dass Ansätze des Lean Accounting zu eng fokussiert sind und die in der Praxis vorhandene Pluralität der Kostenrechnungsfunktionen nicht adäquat abbilden können. Eine radikale Neugestaltung bestehender Kostenrechnungssysteme wird deshalb als unrealistisch und unbegründet verworfen. Der Beitrag entwickelt alternative Vorschläge, wie Konzepte des Lean Managements und die dafür benötigte Kosteninformation in traditionellen Kostenrechnungssystemen integriert werden können.
Acting like a startup - using corporate startup structures to manage the digital transformation
(2023)
Digital transformation is proving to be a significant challenge for firms and companies when it comes to maintaining their market position. It is evident that many companies are struggling to find their particular way through this transformation. A corporate startup structure is one way to find a suitable solution quickly. Therefore, we are presenting a model for corporate startup activities, which we will instantiate in an appropriate tool to support the management of corporate startups by their parent firms. We have derived the first requirements and design principles from a comprehensive problem analysis and literature study. In addition to this,we are presenting a first artifact, which should realize the design principles by implementing a practical tool. Forming a cooperation with an automotive firm has enabled us to gain access to real-world data for the design and evaluation of the artifact.
The following paper is dealing with the issue on which actual consumer lifestyle segmentation methods there are for particular European countries and accordingly for Europe as a whole. This is important for corporations to be able to place their products accurately by a consumer orientated marketing concerning the constant change of values and minds. Researching current literature, internet sources and documents, the state of the science is presented by a detailed description of the most popular lifestyle segmentation methods used in European countries. In addition to that, these instruments are discussed individually and then compared to each other. All instruments, the Sinus-Milieus, Euro-Socio-Styles, Roper-Consumer-Styles, RISC and Mosaic, are serving the same purpose even so they differ pretty much from each other. Each market research company has its own method to generate their model just as different segments and definitions for them. Furthermore every segmentation method is illustrated in a different way. This paper demonstrates all these instruments in detail and shows its advantages and disadvantages. Summing up literature research concerning the main research question, there are several models segmenting consumers in different lifestyle groups for e.g. in Germany, France or Great Britain, but still less models referring to the entire European market.