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Rare but extreme events, such as pandemics, terror attacks, and stock market collapses, pose a risk that could undermine cooperation in societies and groups. We extend the public goods game (PGG) to investigate the relationship between rare but extreme external risks and cooperation in a laboratory experiment. By incorporating risk as an external random variable in the PGG, independent of the participants’ contributions, we preserve the economic equilibrium of non-cooperation in the original game. Furthermore, we examine whether cooperation can be restored by the relatively simple intervention of informing about countermeasures while keeping the actual risk constant. Our experimental results reveal that on average extreme risks indeed decrease contributions by about 20%; however, countermeasure information increases contributions by about 10%. Specifically, in the first interactions, cooperation levels can even reach those observed in the riskless baseline. Our results suggest that countermeasure information could help reinforce social cohesion and resilience in the face of rare but extreme risks.
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.
Framework for integrating intelligent product structures into a flexible manufacturing system
(2023)
Increasing individualisation of products with a high variety and shorter product lifecycles result in smaller lot sizes, increasing order numbers, and rising data and information processing for manufacturing companies. To cope with these trends, integrated management of the products and manufacturing information is necessary through a “product-driven” manufacturing system. Intelligent products that are integrated as an active element within the controlling and planning of the manufacturing process can represent flexibility advantages for the system. However, there are still challenges regarding system integration and evaluation of product intel-ligence structures. In light of these trends, this paper proposes a conceptual frame-work for defining, analysing, and evaluating intelligent products using the example of an assembly system. This paper begins with a classification of the existing problems in the assembly and a definition of the intelligence level. In contrast to previous approaches, the analysis of products is expanded to five dimensions. Based on this, a structured evaluation method for a use case is presented. The structure of solving the assembly problem is provided by the use case-specific ontology model. Results are presented in terms of an assignment of different application areas, linking the problem with the target intelligence class and, depending on the intelligence class of the product, suggesting requirements for implementation. The conceptual frame-work is evaluated by utilising a case study in a learning factory. Here, the model-mix assembly is controlled actively by the workpiece carrier in terms of transferring the variant-specific work instructions to the operator and the collaborative robot (cobot) at the workstations. The resulting system thus enables better exploitation of the poten-tials through less frequent errors and shorter search times. Such an implementation has demonstrated that the intelligent workpiece carrier represents an additional part for realising a cyber-physical production system (CPPS).
Tech hubs (THs) and cognate structures are nowadays ubiquitous in the innovation ecosystem of Sub-Saharan African (SSA) countries. However, the concept of THs is fuzzy due to the lack of a clear and universally accepted definition. This ambiguity is further compounded by the diverse range of organizations that self-identify as hubs, or are categorized as such by others. As a result, research on THs in SSA remained limited. Against the backdrop of established research on the interconnectedness of technology, innovation and entrepreneurship in different organizational forms, this paper is meant to provide fresh insights into the study of THs in SSA. To advance future research, first, it reveals what is special about THs in SSA and how they are related to existing concepts. I particularly argue that they contour a fourth-wave model of incubation. Second, four main categories are unfolded to delineate THs in SSA which is the cornerstone for future research.
Purpose – This paper aims to determine the affecting factors of the brand authenticity of startups in social media.
Design/methodology/approach – Using a qualitative method based on a grounded theory approach, this research specifies and classifies the affecting factors of brand authenticity of startups in social media through in-depth semi-structured interviews.
Findings – Multiple factors affecting the brand authenticity of startups in social media are determined and categorized as indexical, iconic and existential cues through this research. Connection to heritage and having credible support are determined as indexical cues. Founder intellectuality, brand intellectuality, commitment toward customers and proactive clear and interesting communications are identified as iconic cues. Having self-confidence and self-satisfaction, having intimacy with the brand and a joyful feeling for interactions with the community around the brand are determined as existential cues in this research. This research furthers previous arguments on a multiplicity of brand authenticity by shedding light on the relationship between the different aspects of authenticity and the form that different affecting factors can be organized together. Consumers eventually evaluate a strengthened perception of brand authenticity through existential cues that reflect the cues of other aspects (iconic and indexical) which passed through the goal-based assessment and self-authentication filter.
Research limitations/implications – The research sampling population can be more diversified in terms of sociodemographic attributes. Due to the qualitative methodology of this research, assessment of the findings through quantitative methods can be considered in future research. Practical implications – Using the findings of this research, startup managers can properly build a perception of authenticity in their consumers’ minds by using alternate factors while lacking major indexical cues such as heritage. This research helps startup businesses to design their brand communications better to convey their authenticity to their audiences.
Originality/value – This research determines the factors affecting the authenticity of startup brands in social media. It also defines the process of authenticity perception through different aspects of brand authenticity.
Digitalization and enterprise architecture management: a perspective on benefits and challenges
(2023)
Many companies digitally transform their business models, processes, and services. They have also been using Enterprise Architecture Management approaches for a long time to synchronize corporate strategy and information technology. Such digitalization projects bring different challenges for Enterprise Architecture Management. Without understanding and addressing them, Enterprise Architecture Management projects will fail or not deliver the expected value. Since existing research has not yet addressed these challenges, they were investigated based on a qualitative expert study with leading industry experts from Europe. Furthermore, potential benefits of digitalization projects for Enterprise Architecture Management were researched. Our results provide a theoretical framework consisting of five identified challenges, triggers and a number of benefits. Furthermore, we discuss in what ways digitalization and EAM is a promising topic for future research.
Do Chinese subordinates trust their German supervisors? A model of inter-cultural trust development
(2023)
In this qualitative study based on 95 interviews with Chinese subordinates and their German supervisors, we inductively develop a model which advances theoretical understanding by showing how inter-cultural trust development in hierarchical relationships is the result of six distinct elements: the subordinate trustor’s cultural profile (cosmopolitans, hybrids, culturally bounds), the psychological mechanisms operating within the trustor (role expectations and cultural accommodation), and contextual moderators (e.g., country context, time spent in foreign culture, and third-party influencers), which together influence the trust forms (e.g., presumptive trust, relational trust) and trust dynamics (e.g., trust breakdown and repair) within relationship phases over time (initial contact, trust continuation, trust disillusionment, separation, and acculturation). Our findings challenge the assumption that cultural differences result in low levels of initial trust and highlight the strong role the subordinate’s cultural profile can have on the dynamics and trajectory of trust in hierarchical relationships. Our model highlights that inter-cultural trust development operates as a variform universal, following the combined universalistic-particularistic paradigm in cross-cultural management, with both culturally generalizable etic dynamics, as well as culturally specific etic manifestations.
The Belt and Road Initiative (BRI) has reinforced China’s business engagement in Sub-Saharan Africa (SSA). While previous international business research focused on the internationalization and investments of Chinese companies, this viewpoint uncovers how both local African and international non-Chinese Small and Medium Sized Enterprises (SMEs) may benefit from and participate in the BRI. A focus is laid on the infrastructure sector accounting for the highest investments since the inception of the BRI in 2013. In a conceptual way, the motives of SMEs to participate in infrastructure project business in the context of the BRI are explored. Investigating the challenges of two large transport infrastructure projects, the business potentials for SMEs become visible. It is argued that SMEs find business potentials particularly as investors, sub-contractors and project management experts in the BRI in Sub-Saharan Africa.
Why are organizations and markets slow to transform toward sustainability despite the abundant well-recognized opportunities it provides? An important subset of the phenomena this question addresses involves decision-makers recognizing the existence of opportunities but failing to undertake ambitious, effective, sufficient, or timely action. Building on existing research on capability traps, market formation, and managing sustainability, we focus on the forces con-straining organizations from developing the capabilities and market infrastructures required for sustainability transformations. We characterize types of sustainability initiatives and, using causal loop diagramming, visualize structures that enable and constrain how organizations can navigate individually and collectively worse-before-better dynamics resulting from uncertain,nonlinear, and delayed returns. Being under day-to-day pressures and deeply intertwined within their environment, organizational actors find it difficult to recognize, undertake, maintain, and coordinate necessary efforts internally and externally. We discuss research implications and directions for future research on avoiding these traps and accelerating sustainability transformations.
Context
In a world of high dynamics and uncertainties, it is almost impossible to have a long-term prediction of which products, services, or features will satisfy the needs of the customer. To counter this situation, the conduction of Continuous Improvement or Design Thinking for product discovery are common approaches. A major constraint in conducting product discovery activities is the high effort to discover and validate features and requirements. In addition, companies struggle to integrate product discovery activities into their agile processes and iterations.
Objective
This paper aims at suggests a supportive tool, the “Discovery Effort Worthiness (DEW) Index”, for product owners and agile teams to determine a suitable amount of effort that should be spent on Design Thinking activities. To operationalize DEW, proposals for practitioners are presented that can be used to integrate product discovery into product development and delivery.
Method
A case study was conducted for the development of the DEW index. In addition, we conducted an expert workshop to develop proposals for the integration of product discovery activities into the product development and delivery process.
Results
First, we present the "Discovery Effort Worthiness Index" in form of a formula. Second, we identified requirements that must be fulfilled for systematic integration of product discovery activities into product development and delivery. Third, we derived from the requirements proposals for the integration of product discovery activities with a company's product development and delivery.
Conclusion
The developed "Discovery Effort Worthiness Index" provides a tool for companies and their product owners to determine how much effort they should spend on Design Thinking methods to discover and validate requirements. Integrating product discovery with product development and delivery should ensure that the results of product discovery are incorporated into product development. This aims to systematically analyze product risks to increase the chance of product success.
Since its first publication in 2015, the learning factory morphology has been frequently used to design new learning factories and to classify existing ones. The structuring supports the concretization of ideas and promotes exchange between stakeholders.
However, since the implementation of the first learning factories, the learning factory concept has constantly evolved.
Therefore, in the Working Group "Learning Factory Design" of the International Association of Learning Factories, the existing morphology has been revised and extended based on an analysis of the trends observed in the evolution of learning factory concepts. On the one hand, new design elements were complemented to the previous seven design dimensions, and on the other hand, new design dimensions were added. The revised version of the morphology thus provides even more targeted support in the design of new learning factories in the future.
The increase in product variance and shorter product lifecycles result in higher production ramp-up frequencies and promote the usage of mixed-model lines. The ramp-up is considered a critical step in the product life cycle and in the automotive industry phases of the ramp-up are often executed on separated production lines (pilot lines) or factories (pilot plants) to verify processes and to qualify employees without affecting the production of other products in the mixed-model line. The required financial funds for planning and maintaining dedicated pilot lines prevent small and medium-sized enterprises (SMEs) from the application. Hence, SMEs require different tools for piloting and training during the production ramp-up. Learning islands on which employees can be trained through induced and autonomous learning propose a solution. In this work, a concept for the development and application which contains the required organization, activities, and materials is developed through expert interviews. The results of a case study application with a medium-sized automotive manufacturer show that learning islands are a viable tool for employee qualification and process verification during the ramp-up of mixed-model lines.
Determinants of customer recovery in retail banking - lessons from a German banking case study
(2023)
Due to the increased willingness of retail banking customers to switch and churn their banking relationships, a question arises: Is it possible to win back lost customers, and if so, is such a possibility even desirable after all economic factors have been considered? To answer these questions, this paper examines selected determinants for the recovery of terminated customer–bank relationships from the perspective of former customers. This study therefore evaluates for the first time, empirically and systematically with reference to a German Sparkasse as a case-study setting, whether lost customers have a sufficient general willingness to return (GWR) a retail banking relationship. From our results, a correlation is shown between the GWR a banking relationship and some specific determinants: seeking variety, attractiveness of alternatives and customer satisfaction with the former business relationship. In addition, we show that a customer’s GWR varies depending on the reason for churn and is surprisingly greater when the customer defected for reasons that lie within the scope of the customer himself. Despite the case-study character, however, our results provide relevant insights for other banks and, in particular, this applies to countries with a comparable banking system.
Entrepreneurship plays a role both for the development of African countries and for foreign companies with market entry plans. The infrastructural and institutional conditions for entrepreneurship are still difficult, but the advancing digitization leads to an increasingly active start-up scene in many African countries. There is still a mismatch between the areas where start-ups are created and the areas where foreign companies are looking for partners for market entry. Thus, despite positive developments in entrepreneurship, it remains difficult to find suitable partners in the foreseeable future.
AbstractThrough their procyclical behavior, loan loss provisions have been determined as one of the factors that contribute to financial instability during a crisis. IFRS 9 was introduced in 2018 with an expected credit loss model replacing the incurred loss model of IAS 39 to mitigate the effect in the future. Our study aims to analyze loan loss provisions of major banks in the Eurozone to determine for the first time if the implementation of IFRS 9, as intended by regulators, has a dampening effect on procyclicality, especially during the stressed situation under COVID‐19. We analyze 51 banks from 12 countries of the European Monetary Union using 2856 firm‐year observations. While no robust evidence of less procyclicality can be found after the implementation of IFRS 9 until the pandemic, we find evidence that loan loss provisions moved countercyclical during 2020, indicating an alleviating effect at the beginning of the exogenous shock.
Circular economy aims to support reuse and extends the product life cycles through repair, remanufacturing, upgrades and retrofits, as well as closing material cycles through recycling. To successfully manage the necessary transformation processes to circular economy, manufacturing enterprises rely on the competency of their employees. The definition of competency requirements for circular economy-oriented production networks will contribute to the operationalization of circular economy. The International Association of Learning Factories (IALF) statesin its mission the development of learning systems addressing these challenges for training of students and further education of industry employees. To identify the required competencies for circular economy, the major changes of the product life cycle phases have been investigated based on the state of the science and compared to the socio-technical infrastructure and thematic fields of the learning factories considered in this paper. To operationalize the circular economy approach in the product design and production phase in learning factories, an approach for a cross learning factory network (so called "Cross Learning Factory Product Production System (CLFPPS)") has been developed. The proposed CLFPPS represents a network on the design dimensions of learning factories. This approach contributes to the promotion of circular economy in learning factories as it makes use of and combines the focus areas of different learning factories. This enables the CLFPPS to offer a holistic view on the product life cycle in production networks.
Global trade is plagued by slow and inefficient manual processes associated with physical documents. Firms are constantly looking for new ways to improve transparency and increase the resilience of their supply chains. This can be solved by the digitalisation of supply chains and the automation of document- and information-sharing processes. Blockchain is touted as a solution to these issues due to its unique combination of features, such as immutability, decentralisation and transparency. A lack of business cases that quantify the costs and benefits causes uncertainty regarding the truth of these claims. This paper explores how the costs and benefits of a blockchain-based solution for digitalising and automating documentation flows in cross-border supply chains compare to a conventional centralised relational database solution. The research described in this paper uses primary data collected through semi-structured interviews with industry experts, as well as secondary data from literature. Two models based on existing services were developed and the costs and benefits compared and then analysed using the Architecture Trade-off Analysis Method (ATAM) and the Analytic Network Process (ANP). Findings from the analysis show that a consortium blockchain solution like TradeLens is the favourable solution for digitalising and automating information flows in cross-border supply chains.
This article examines the risks and societal costs associated with flexible average inflation targeting in the United States and symmetric inflation targeting in the Eurozone. Employing an empirical approach, we analyze monthly cumulative inflation gaps over a monetary policy horizon of 36 months. By investigating the trajectories of the cumulative inflation gaps, we find a heavy tailed distribution and a 20 percent probability of over- and undershooting the inflation target. We exhibit that the offsetting mechanism introduced in the revised monetary strategies lack credibility in ensuring price stability during a period of persistent inflation. Consequently, the credibility of central banks may be compromised. The policy implications are the integration of an escape clause and prompt monetary corrections in cases where the inflation goal is not achieved. This study provides insights for policymakers and central banks, emphasizing challenges in maintaining credibility and price stability within the new monetary strategies.
The paper “focuses on the critique of economic rationality” (p. 2). The author analyses the work by Amartya Sen with a somewhat interdisciplinary approach. The author concludes that Sen has greatly shifted our paradigm of economic rationality. The nexus of ethics and economics as well as the two types of rationality (consistency versus optimization) are major contributions of Sen, according to the author. In a nutshell, Sen’s work is reconfiguring economic rationality until today.
The relevance of Robotic Process Automation (RPA) has increased over the last few years. Combining RPA with Artificial Intelligence (AI) can further enhance the business value of the technology. The aim of this research was to analyze applications, terminology, benefits, and challenges of combining the two technologies. A total of 60 articles were analyzed in a systematic literature review to evaluate the aforementioned areas. The results show that by adding AI, RPA applications can be used in more complex contexts, it is possible to minimize the human factor during the development process, and AI-based decision-making can be integrated into RPA routines. This paper also presents a current overview of the used terminology. Moreover, it shows that by integrating AI, some unseen challenges in RPA projects can emerge, but also a lot of new benefits will come along with it. Based on the outcome, it is concluded that the topic offers a lot of potential, but further research and development is required. The result of this study help researches to gain an overview of the state-of-the-art in combining RPA and AI.
Governments and public institutions increasingly embrace digital opportunities to involve citizens in public issues and decision making. While public participation is generally seen as an important and promising venture, the design of the participation processes and the utilized digital infrastructure poses challenges, especially to the public sector. Instead of limiting conceptual guidance and exchange to one domain, we therefore develop a taxonomy for digital involvement projects that unites the domains of e-participation, citizen science and crowd-X. Embedded in a design science research approach, we follow an iterative design process to elaborate the key characteristics of a digital involvement project based on the participation process, its individuals and digital infrastructure. Through evaluating the artifact in a focus group with domain practitioners, we find support for the usefulness of our taxonomy and its ability to provide guidance and a basis for discussion of digital involvement projects across domains.
Purpose
In recognising the key role of business intelligence and big data analytics in influencing companies’ decision-making processes, this paper aims to codify the main phases through which companies can approach, develop and manage big data analytics.
Design/methodology/approach
By adopting a research strategy based on case studies, this paper depicts the main phases and challenges that companies “live” through in approaching big data analytics as a way to support their decision-making processes. The analysis of case studies has been chosen as the main research method because it offers the possibility for different data sources to describe a phenomenon and subsequently to develop and test theories.
Findings
This paper provides a possible depiction of the main phases and challenges through which the approach(es) to big data analytics can emerge and evolve over time with reference to companies’ decision-making processes.
Research limitations/implications
This paper recalls the attention of researchers in defining clear patterns through which technology-based approaches should be developed. In its depiction of the main phases of the development of big data analytics in companies’ decision-making processes, this paper highlights the possible domains in which to define and renovate approaches to value. The proposed conceptual model derives from the adoption of an inductive approach. Despite its validity, it is discussed and questioned through multiple case studies. In addition, its generalisability requires further discussion and analysis in the light of alternative interpretative perspectives.
Practical implications
The reflections herein offer practitioners interested in company management the possibility to develop performance measurement tools that can evaluate how each phase can contribute to companies’ value creation processes.
Originality/value
This paper contributes to the ongoing debate about the role of digital technologies in influencing managerial and social models. This paper provides a conceptual model that is able to support both researchers and practitioners in understanding through which phases big data analytics can be approached and managed to enhance value processes.
Twitter and citations
(2023)
Social media, especially Twitter, plays an increasingly important role among researchers in showcasing and promoting their research. Does Twitter affect academic citations? Making use of Twitter activity about columns published on VoxEU, a renowned online platform for economists, we develop an instrumental variable strategy to show that Twitter activity about a research paper has a causal effect on the number of citations that this paper will receive. We find that the existence of at least one tweet, as opposed to none, increases citations by 16-25%. Doubling overall Twitter engagement boosts citations by up to 16%.
The 17 SDGs, as agreed upon by the international community, are designed to be implemented across all levels of human activity. Alongside the level of international politics, this also includes the local levels, national politics, wider society, and the economic sphere. Many channels are called on to further implementation, including the transfer of technology to developing and emerging countries. As the patent holders, this must include the active participation of companies. While the literature examines the important role of technology transfer in North-South business-to-business (B2B) partnerships, studies on the technology transfer between European and African companies are scarce. Therefore, in this study we use original data from 26 interviews conducted with managers engaged in sales partnerships between German manufacturers and their distributors in African markets to examine the existence and forms of technology transfer. We find that training and marketing excellence are the predominant forms of technology transfer and based on that suggest a refinement of established frameworks on B2B technology transfer.
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.
The dawn of the 21st Century has witnessed a tremendous increase in trade pacts among nations, resulting in renewed hopes for sustainable enterprise development in emerging economies worldwide. Ghana and other sub-Saharan African (SSA) countries have signed onto several North-South and South-South free trade agreements with the hope of strengthening their presence in the international trade arena, and to promote economic growth in SSA. For over two decades, however, very little has changed, and many have dashed their high hopes as enterprises continue to struggle in SSA. Not even the African Continental Free Trade Agreement (AfCFTA) could renew the hopes of sceptics. Several studies opined that enterprises in SSA could improve their domestic and international competitiveness by establishing mutually beneficial partnerships with their counterparts from the Global North and South. This study delved into the issues that affect North-South and South-South business collaborations and recommends key success factors that could help promote mutually beneficial cross-border business partnerships. The research includes both literature and empirical information on the key success factors of business partnerships between African enterprises as well as between African enterprises and firms from the Global North. We approached the study qualitatively using a phenomenological research design. Research participants included important stakeholders in Africa and Europe's international trade and sustainable enterprise development ecosystem. The study identified several challenges with the current business collaborations and recommended new ways of making such partnerships more beneficial.
Herein, biochar from biomass residues is demonstrated as active materials for the catalytic cracking of waste motor oil into diesel-like fuels. Above all, alkali-treated rice husk biochar showed great activity with a 250% increase in the kinetic constant compared to the thermal cracking. It also showed better activity than synthetic materials, as previously reported. Moreover, much lower activation energy (185.77 to 293.48 kJ/mol) for the cracking process was also obtained. According to materials characterization, the catalytic activity was more related to the nature of the biochar’s surface than its specific surface area. Finally, liquid products complied with all the physical properties defined by international standards for diesel-like fuels, with the presence of hydrocarbons chains between C10 - C27 similar to the ones obtained in commercial diesel.
Purpose
Job advertisements are important means of communicating role expectations for management accountants to the labor market. They provide information about which roles are sought and expected. However, which roles are communicated in job advertisements is unknown so far.
Design/methodology/approach
With a text-mining approach on a large sample of 889 job ads, the authors extract information on roles, type of firm and hierarchical position of the management accountant sought.
Findings
The results indicate an apparent mix of different role types with a strong focus on a classic watchdog role. However, the business partner role is more often sought for leadership positions or in family businesses and small- and medium-sized enterprises (SME).
Research limitations/implications
The main limitation is the lack of an agreed-upon measurement instrument for roles in job offers. The study results imply that corporate practice is not as theory-driven as is postulated and communicated in the management accounting community. This indicates the existence of a research-practice gap and tensions between different actors in the management accounting field.
Practical implications
The results challenge the current role discussion of professional organizations for management accountants as business partners.
Originality/value
The authors contribute the first study, which explicitly analyzes the communication of roles in job offers for management accountants. It indicates a discrepancy between scholarly discussion on roles and management accountants' work from an employer's perspective.
Customer orientation should be the core engine of every organisation. Information technology can be considered as the enabler to generate competitive advantages through customer processes in marketing, sales and service. The impact of information technologies is the biggest risk and at the same time a huge opportunity for any organisation. Research shows that Customer Relationship Management (CRM) enables organisations to perform better and focus more on their customers (e.g. market capitalisation of Amazon). While global enterprises are shaping the future of customer centricity and information technology, the question arises how German B2B organisations can shift their value contribution from product-centric to customer-centric. Therefore, these organisations are attempting to implement CRM software and putting their customers more into focus. However, the question remains, how organisations are approaching the implementation of CRM and if these attempts are paying off in terms of business performance.
Contributing to this highly topical discussion, this thesis contributes to the body of knowledge about the implementation of CRM in the German B2B sector and how it impacts their business performance. First, theoretical frameworks have been developed based on an extensive literature review. Hereby different aspects of CRM are worked-out and mapped against three dimensions of business performance, namely process efficiency, customer satisfaction and financial performance. Based on the theory, a conceptual framework was developed to test the relationships between CRM and Business Performance (BP). Therefore, a survey with 500 participants has been conducted. Based on this a measurement model was developed to test five main hypotheses.
The findings of these hypotheses suggest, that the implementation of CRM positively impacts business performance. In specific, the usage of analytical CRM and the establishment of a dedicated CRM success measurement correlate with the performance of German B2B organisations. In addition to these main findings, various key statements could be derived from the research and a measurement model was developed, which can be used for different organisational characteristics assessing BP. As a result, CRM implementations can be enhanced, and business performance can be improved.
In 2015, the United Nations adopted the Sustainable Development Goals (SDGs), a collection of 17 global objectives to promote economic, social and ecological development in all parts of the world. While the academic discussion on the contribution of companies to the Sustainable Development Goals has recently gained momentum, the role of business-to-business (B2B) partnerships in reaching the SDGs is underexplored, particularly when it comes to North-South relationships. With our research, we aim to fill this gap in the literature by investigating sales partnerships between German manufacturers and their distributors in African markets. Based on a qualitative analysis of 28 interviews with managers of German and African companies, we show that long-term partnerships and job creation, technology transfer, training as well as high standards are significant contributions of companies to achieve the SDGs. While several SDGs such as goals 4,6,13,16 and 17 are addressed by B2B partnership, we also discuss approaches on how the firms’ engagement could be further leveraged and expanded.
The Commitment of Traders report (CoT) has been around for over 30 years, consistently revealing the futures positions of key market players. This study's primary aim is to use the comprehensive data from the Commitment of Traders reports to develop a short-term reversal trading strategy. Against the benchmark, a S&P 500 buy-and-hold approach with a Sharpe ratio of 1.07, the CoT long only strategy generated significant results in six individual markets. Extending the strategy to long-and-short, two markets outperformed the benchmark significantly. However, a scenario analysis indicated underperformance of the CoT strategy when traded in a portfolio, confirming that the chosen strategy parameters could not generate excess Sharpe ratios. Our results indicate that the Commodity Futures Trading Commission, more specifically the CoT report, contributed to efficient derivatives market.
Purpose
The authors study the valuation effect of corporate diversification in the initial phase of the COVID-19 pandemic in 2020 in Europe.
Design/methodology/approach
Applying a cross-sectional regression model to a sample of public companies headquartered in the European Union, the authors investigate the existence of and the change in a diversification discount between 2018 and 2020. By applying the Excess Q methodology, the authors make an industry adjustment of diversified companies to measure the value effect of corporate diversification.
Findings
The authors find an economically and statistically significant diversification discount that increases from an average Excess Q of −0.05 in 2019 to −0.10 in 2020. The diversified companies' inferior fundamental financial performance in 2020 accompanies the discount. The results deviate from those of previous research, which mostly show a decrease in the diversification discount in economic crises, and thereby, shed doubt on whether diversification provides insurance against pandemic-induced adverse value effects.
Originality/valueThe study distinguishes the role of corporate diversification during recessionary periods by establishing that the valuation effect of diversification depends on the nature of the crisis. The analysis incorporates criticism of previous studies concerning a biased methodology and uniform data source by applying the Excess Q methodology and using FactSet industry segment data.
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.
Being exposed to compulsory religious education in school can have long-run consequences for students’ lives. At different points in time since the 1970s, German states terminated compulsory religious education in public schools and replaced it by a choice between ethics classes and religious education. This article shows that the reform not only led to reduced religiosity in students’ later life, but also eroded traditional attitudes towards gender roles and increased labor-market participation and earnings.
Gender pay gaps are commonly studied in populations with already completed educational careers. We focus on an earlier stage by investigating the gender pay gap among university students working alongside their studies. With data from five cohorts of a large-scale student survey from Germany, we use regression and wage decomposition techniques to describe gender pay gaps and potential explanations. We find that female students earn about 6% less on average than male students, which reduces to 4.1% when accounting for a rich set of explanatory variables. The largest explanatory factor is the type of jobs male and female students pursue.
User innovators follow multiple diffusion and adoption pathways for their self-developed innovations. Users may choose to commercialize their self-developed products on the marketplace by becoming entrepreneurs. Few studies exist that focus on understanding personal and interpersonal factors that affect some user innovators’ entrepreneurial decision-making. Hence, this paper focuses on how user innovators make key decisions relating to opportunity recognition and evaluation and when opportunity evaluation leads to subsequent entrepreneurial action in the entrepreneurial process. We conducted an exploratory study using a multi-grounded theory methodology as the user entrepreneurship phenomenon embodies complex social processes. We collected data through the netnography approach that targeted 18 entrepreneurs with potentially relevant differences through crowdfunding platforms. We integrated self-determination, human capital, and social capital theory to address the phenomena under study. This study’s significant findings posit that users’ motives are dissatisfaction with existing goods, interest in innovation, altruism, social recognition, desire for independence, and economic benefits. Besides, use-related experience, product-related knowledge, product diffusion, and iterative feedback positively impact innovative users’ entrepreneurial decision-making.
Industrial practice is characterized by random events, also referred to as internal and external turbulences, which disturb the target-oriented planning and execution of production and logistics processes. Methods of probabilistic forecasting, in contrast to single value predictions, allow an estimation of the probability of various future outcomes of a random variable in the form of a probability density function instead of predicting the probability of a specific single outcome. Probabilistic forecasting methods, which are embedded into the analytics process to gain insights for the future based on historical data, therefore offer great potential for incorporating uncertainty into planning and control in industrial environments. In order to familiarize students with these potentials, a training module on the application of probabilistic forecasting methods in production and intralogistics was developed in the learning factory 'Werk150' of the ESB Business School (Reutlingen University). The theoretical introduction to the topic of analytics, probabilistic forecasting methods and the transition to the application domain of intralogistics is done based on examples from other disciplines such as weather forecasting and energy consumption forecasting. In addition, data sets of the learning factory are used to familiarize the students with the steps of the analytics process in a practice-oriented manner. After this, the students are given the task of identifying the influencing factors and required information to capture intralogistics turbulences based on defined turbulence scenarios (e.g. failure of a logistical resource) in the learning factory. Within practical production scenario runs, the students apply probabilistic forecasting using and comparing different probabilistic forecasting methods. The graduate training module allows the students to experience the potentials of using probabilistic forecasting methods to improve production and intralogistics processes in context with turbulences and to build up corresponding professional and methodological competencies.
Advancements in Internet of Things (IoT), cloud and mobile computing have fostered the digital enrichment—or “digitization”—of physical products, which are gaining increasing relevance in practice. According to recent studies, global IoT spending will exceed USD 1 Trillion by 2021 and there will be over 25 billion IoT connections (KPMG, 2018). Porter and Heppelmann (2014) state that IT is “revolutionizing products [as …] IT is becoming an integral part of the product itself.” Senior business executives like GE’s former CEO Jeff Immelt (2015) are even proposing that “every industrial company in the coming age is also going to become a software and analytics company.” This reflects the increasing relevance of IT components’ (i.e., software, data analytics, cloud computing) integration into previously purely physical products. We call IT-enriched physical products, “digitized” products to differentiate them from purely intangible “digital” products, such as digital music, e-books, and software. Examples of digitized products include the Philips Hue smartphone-controllable lightbulb, Audi Connect internet-connected cars, or Rolls-Royce’s sensor-enabled pay per use jet engines.
Digitized products provide their producers with a wide range of opportunities to offer new functionality and product capabilities (e.g., autonomy) that traditional, physical products do not exhibit (Porter and Heppelmann, 2014). In addition, the digitization of products allows producers to continuously repurpose their offerings, by extending and/or changing the product functionality and, thus, enabling new value creation opportunities. Based on their re-programmability and connectivity, digitized products “remain essentially incomplete […] throughout their lifetime as users continue to add and delete […] and change […] functional capabilities” (Yoo, 2013). For instance, the Philips Hue connected lightbulb enables remote control of basic functions (e.g., switching on and off the light) as well as setting more advanced light scenes for day-to-day tasks (e.g., relax, read) via Amazon’s Alexa artificial intelligence assistant (Signify, 2019), offerings that were not intended use cases when Signify (previously known as Philips Lighting) created Hue in 2012. Thus, digitized products present limitless potentials for new functionality and unforeseen use cases, which provides them with a huge innovation capacity.
Despite the limitless potentials offered by digitized products, there has been a slow uptake of digitized products by businesses so far (Jernigan et al., 2016; Mocker et al., 2019). According to a 2016 MIT Sloan Management Review report (Jernigan et al., 2016) only 24% of the investigated firms were actively using IoT technologies – a key technology for digitized products. In a more recent research study Mocker et al. (2019) found that the median revenue share from digital offerings (i.e., solutions based on IT enriched products) in large companies only accounted for 5% of the total revenue of the investigated companies.
The slow uptake of digitized products might be explained by the challenges that firms face regarding the changing nature of digitized products. Pervasive digital technologies (such as IoT) change the nature of products by adding new functionality that was previously not part of the value proposition of the products/services (e.g., a pair of shoes embedded with sensors and connectivity allows joggers to have access to data regarding their run distance, speed, etc.) (Yoo et al., 2012). The addition of new functionality and use cases of digitized products makes it harder for producers to design and develop relevant products (Hui 2014). As described in the paper ‘Do Your Customers Actually Want a “Smart” Version of Your Product?’, “just because [firms] can make something with IoT technology doesn’t mean people will want it.” (Smith, 2017).
The shift in digitized products’ nature poses new challenges for producers along the entire product development process (Porter and Heppelmann, 2015; Yoo et al., 2012) and create a paradox in product digitization, described by Yoo et al. (2012) as the paradox of pace: while technology accelerates the rate of innovation, companies need to spend more time to digitize their products, extending time to market. The production of these digitized products also becomes more challenging, e.g., as companies need to deal with different clock-speeds of software and hardware development (Porter and Heppelman, 2015). The above-mentioned challenges suggest that producers need to better understand how they can generate value from their digitized products’ generative potentials.
The body of literature on digitized products has been growing in recent years. For instance, Herterich et al. (2016) investigate how digitized product affordances (i.e., potentials) enable industrial service innovation; Nicolescu et al. (2018) explore the emerging meanings of value associated with IoT; and Benbunan-Fich (2019) studies the impact of basic wearable sensors on the quality of the user experience. However, it remains unclear what it takes for firms to generate value with their digitized product potentials. This dissertation investigates this research gap.
Especially, if the potential of technical and organizational measures for ergonomic workplace design is limited, exoskeletons can be considered as innovative ergonomic aids to reduce the physical workload of workers. Recent scientific findings from ergonomic analyses with and without exoskeletons are indicating that strain reduction can be achieved, particularly at workplaces with lifting, holding, and carrying processes. Currently, a work system design method is under development incorporating criteria and characteristics for the design of work systems in which a human worker is supported by an exoskeleton. Based on the properties of common passive and active exoskeletons, factors influencing the human on which an exoskeleton can have a positive or negative effect (e.g. additional weight) were derived. The method will be validated by the conceptualization and setup of several work system demonstrators at Werk150, the factory of ESB Business School on campus of Reutlingen University, to prove the positive ergonomic effect on humans and the supporting process to choose the suitable exoskeleton. The developed method and demonstrators enable the user to experience the positive ergonomic effects of exoskeletal support in lifting, holding and carrying processes in logistics and production. The new work system design method will contribute to the fact that employees can pursue their professional activity longer without substantial injuries or can be used more flexibly at different work stations. Also new work concepts, strategies and scenarios are opened up to reduce the risk of occupational accidents and to promote the compatibility of work for employees. A training module is being developed and evaluated with participants from industry and master students to build up competence.
Moral change and the purchase-sales-relationship: critical analysis of German and Swiss companies
(2022)
This study examines the awareness and causes of moral change from the economic perspective in Germany and Switzerland. Based on an analysis of value research to date and interviews with experts in B2B sales, the manifestations of moral change are critically examined and recommendations for action are derived on an employee-specific and company-wide level.
Process risks are omnipresent in the corporate world and repeatedly present organizations with the challenge of how to deal with these risks. Efforts in trying to analyze and prevent these risks are costly and require many resources, which do not always bring the desired added value. The goal of this work is to determine how a benefit-oriented resource allocation can be made for risk-oriented process management. For this purpose, the following research question is posed: "How can systematic prioritization decisions regarding risk-oriented process management be made?” To answer it, an evaluation procedure is developed which assesses processes based on their characteristics regarding potential risk disposition as well as entrepreneurial relevance. For this purpose, requirements for such a procedure are first collected and used to define selection criteria for it. After the detailed analysis of known selection and evaluation procedures, one of them is selected and used for further development. Next steps include the definition of relevant criteria for the evaluation of the processes by examining process characteristics regarding their suitability for process evaluation. The focus here lies on characteristics that provide indications of the risk disposition and business relevance of processes. The result of this approach is a scoring model with a criteria catalog consisting of 15 criteria according to which a process is evaluated. The evaluation result is presented both numerically and in a matrix. This enables the comparison of several processes and a derived prioritization of those for a more in-depth risk analysis. The application of this approach will ensure a benefit-oriented allocation of resources in the management of process risks and increased process reliability.
For some time now, eSports has complemented the portfolio of many sponsors in sports. Though partnerships with important organizations, brands are gaining a foothold in the eSports landscape. While the communication work with media and fans in the framework of conventional sports has been tried and tested for many years, Public Relations (PR) in eSports is new for companies. The paper examines the requirements of PR in eSports. These are identified by analyzing a quantitative survey among eSports fans. The results prove the existance of significant differences in the requirements of successful PR in eSports. The differences are mainly based on the different target groups and their media usage behavoir. Classic formats such as TV or print are ignored by eSport fans. This influences the choice of media partners for sponsors. Successful PR in eSports requires patience and long-term planning. It is important to maintain a close exchange with partners in order to jointly design attractive formats for media and their consumers.
Addressing the high complexity of brand image measurement, the present research paper investigates the use of artificial neural networks in this particular application context. Since profound insights into the image of a brand are essential for management, the deployment of this learning algorithm is considered as it allows modeling of complex non-linear and multilayered relationships. The conceptual approach presented in the paper is illustrated with the empirical example of the sportswear manufacturer adidas. By using quantitative survey data, a multilayer artificial neural network is created to link the evaluations of specific brand attributes with the overall evaluation of the brand. Based on an analysis of the connection weights between neurons of the artificial neural network, the importance of different brand attributes for the brand evaluation is quantified. This results in concrete implications for brand management practice and potential for further investigations on the use of artificial intelligence in marketing analytics.
In contrast to classical advertising, event marketing is a dynamic communication instrument that is constantly bringing trends and innovations. The diverse application possibilities and potentials of event marketing make it possible to reach relevant target groups according to the current zeitgeist, to generate brand-relevant realities and worlds of experience, to generate emotions and sympathy values and in this way to create a bond between brand or company and recipients. Enduring brand experience worlds can be seen as a consistent further development of event marketing. Unlike typical branding events, which are limited in time, enduring brand experience worlds create theme worlds that can be experienced, usually for an unlimited period of time. The research paper reflects the development and current state of brand experience worlds. On this basis a systematisation of enduring brand experience worlds is presented and discussed.
Similarities and differences of the various types of enduring brand experience worlds are elaborated and critically appraised.
As consumer awareness surrounding impacts of the climate crisis continues to be a notable threat, businesses are searching for new models to make their sustainability profile even better. As a result, the implementation of a company’s sustainability vision following the SDGs has to be linked closely to the integration of customers into strategic action. One success factor is the management of customers over their entire life cycle. The Customer Journey serves as a model to systematise this approach, by designing touchpoints throughout the purchasing process in order to motivate consumers to act sustainably. Based on behaviour models, the authors develop recommendations for the food industry to design a sustainable Customer Journey that helps to reduce the percentage of consumers reporting positive attitudes to sustainable products while not exhibiting corresponding behaviour.
This article illustrates a method for sensorless control of a switched reluctance motor. The detection of the time instants for switching between the working phases is determined based on the evaluation of the switching frequency of the hysteresis current controllers for appropriately selected sensing phases. This enables a simple and cost efficient implementation. The method is compared with a pulse injection method in terms of efficiency and resolution.
This article explores the question of how sustainability and labour law are interrelated. The modern world of work is characterised by the growing social and environmental responsibility of companies. Especially in the post-COVID era, sustainability also plays an increasingly important role in the corporate context, which is also noticeable in the so-called ‘war for talent’. Achieving personal career goals is no longer enough for employees today. Corporate values and in particular the so-called ESG criteria (Environment, Social, Governance) are thus also becoming increasingly important in the employment relationship and in corporate reporting requirements. In terms of social sustainability, labour law instruments can, for example, promote the creation of a discrimination-free working environment, the introduction of flexible working time models or the protection of whistleblowers. From an ecological perspective, labour regulations are also suitable for implementing ‘green mobility’ and other measures to reduce companies’ ecological footprints. Working from home, which experienced a huge boom during the COVID-19 pandemic, is also sustainable, especially from an ecological point of view. Appropriate consideration of these sustainable work tools in future corporate social responsibility (CSR) strategies not only creates a competitive advantage but can also be beneficial in recruitment.
Values Management System
(2022)
The ValuesManagementSystem (VWS) is a management standard to “provide a sustainable safeguard of a firm and its development, in all dimensions (legal, economic, ecological, social)” (VWSZfW, p. 4). It includes a framework for values-driven governance through self-commitment and self-binding mechanisms. Values promote a sense of identity and give organizations guidance in decision-making. This is especially important in decision-making processes where topics are not clearly ruled by laws and regulations.
VMSZfW must be embedded in the specific business strategy, structure, and culture of an organization. The following four steps describe the implementation of the ValuesManagementSystemZfW: (i) Codify core values of an organization, for instance, with a “mission, vision and values statement” or Code of Ethics, (ii) implement guidelines such as Code of Conduct and specific policies and procedures, (iii) systematize these by establishing management systems such as Compliance and CSR management systems, and (iv) finally organize and establish structures to ensure the strategic direction and operational implementation and review of these processes. The top management shows that values management is taken seriously by their self-commitment to the core values of the company.
The Principles for Responsible Investments (PRI) is “the world’s leading proponent of responsible investment” (PRI 2021a). With the development of six Principles for Responsible Investment, the PRI supports its international network of investor signatories in incorporating the environmental, social, and governance (ESG) factors into their investment and ownership decisions. The goal of PRI is to develop a more sustainable global financial system by encouraging “investors to use responsible investment to enhance returns and better manage risks” (PRI 2021a). This independent financial initiative is supported by the United Nations and linked to the United Nations Environmental Program Finance Initiative (UNEP FI 2021) and the United Nations Global Compact (UN Global Compact 2021).