Recent Submissions

  • Controlling für innovative junge Unternehmen

    Brettel, Malte; Fehre, Kerstin; Heinemann, Florian (Springer, 2007)
    Der vorliegende Artikel liegt im Forschungsdefizit des „Entrepreneurial Controllings“, d. h. dem Controlling in innovativen jungen Unternehmen begründet. Dieses Forschungsdefizit manifestiert sich neben einer bisher geringen Anzahl an Forschungsarbeiten vornehmlich in offenen forschungstheoretischen Fragen. Unbeantwortet blieben bisher insbesondere die zwei elementaren Fragestellungen nach den controllingrelevanten Merkmalen und infolgedessen nach den Anforderungen an ein Controlling in innovativen jungen Unternehmen. Diesem Forschungsdefizit steht ein hoher Praxisbedarf gegenüber: ein fehlendes Controlling in innovativen jungen Unternehmen zählt zu den Hauptursachen ihres Scheiterns. Unter Anwendung des Rationalitätssicherungsansatzes leistet der vorliegende Artikel einen wesentlichen Beitrag zur Beantwortung dieser Fragestellungen und zur Schließung der Forschungslücke im „Entrepreneurial Controlling“. Hierzu werden zunächst die Besonderheiten innovativer junger Unternehmen...
  • The Disappearing ‘Deutschland AG’ – An analysis of blockholdings in German large caps

    Fehre, Kerstin; Rapp, Marc-Steffen; Schwetzler, Bernhard; Sperrling, Marco (LLC “Consulting Publishing Company “Business Perspectives”, 2011)
    The German corporate governance system changed substantially over the last ten years. Meanwhile, ownership structures of German firms changed significantly. The paper examines the phenomenon of changing ownership structures by studying blockholdings of German large caps between 1997 and 2006. It examines the dynamics of blockholdings by analyzing the evolution of free float and block trades, where at least 5% of voting rights change hands. Two findings emerge. First, the authors find that free float increases from 65% in 1997 to 75% in 2006, mainly caused by German financials and German government entities. Simultaneously, they observe a surprisingly high number of block trades: on average 1.6 block trades per firm from 1997 to 2006. Second, the authors find that particularly individuals and German industrials are guarantors for a stable ownership structure. German financials or German government entities as blockowners increase the free float and the likelihood of block trades. Moreover, block trades are more likely to occur in firms having foreign investors as owners. The findings are of interest with respect to the evolution of the so-called ‘Deutschland AG’ but also with respect to the current anchor shareholder discussion.
  • Förderung von Frauen in Führungspositionen: Bezugsrahmen und empirische Analyse der unternehmerischen Maßnahmen

    Fehre, Kerstin; Lindstädt, Hagen; Picard, Alexander (Springer, 2014)
    Der Beitrag untersucht den Umsetzungsgrad von Maβnahmen zur Förderung von Frauen in Führungspositionen. Mittels einer Umfrage unter den CDA X-Unternehmen sowie kleinen und mittleren Unternehmen (KMU) wird eine Bestandsaufnahme angewendeter Maβnahmen erarbeitet und weiterer Handlungsbedarf identifiziert. Dies stellt die bisher gröβte empirische Untersuchung dieser Art in Deutschland dar. Der Beitrag zeigt, dass Unternehmen mit einer vergleichsweise hohen Repräsentanz von Frauen in Führungspositionen einige der Maβnahmen verstärkt umsetzen, diese jedoch über die gesamte Stichprobe eher unterdurchschnittlich häufig angewendet werden. Es hat sich auf Maβnahmenseite bisher kein Standard etabliert; ein hoher Frauenanteil in Führungspositionen scheint derzeit noch das Ergebnis unternehmensindividueller Gegebenheiten zu sein.
  • Lost in transaction? The transfer effect of strategic consistency

    Fehre, Kerstin; Kronenwett, Daniel; Lindstädt, Hagen; Wolff, Michael (Springer, 2016)
    Prior empirical studies provide evidence that the learning-curve perspective from manufacturing settings is not directly applicable to strategic management settings. In the latter case learning relates to the quality rather than to the quantity of experience. Regarding the antecedents of organizational learning especially, there are still unanswered questions remaining; for example, the questions what kind of experience has a positive effect on performance and what kind of experience is more of a hindrance than a help. This becomes obvious when looking at acquisitions as examples of strategic management decisions. Results of prior empirical studies analyzing the relationship of acquisition experience and acquisition performance have been mixed. By introducing the concept of strategic consistency, we intend to facilitate a better understanding of the kind of experience necessary for organizational learning. Therefore, we measure the concordance and frequency of change in strategic actions. Employing a sample of 379 acquisition series, we find evidence for a positive transfer effect of strategic consistency within series and, therefore, a positive relationship between strategic consistency and acquisition performance.
  • Challenging corporate commitment to CSR: Do CEOs keep talking about corporate social responsibility (CSR) issues in times of the global financial crisis?

    Fehre, Kerstin; Weber, Florian (Emerald, 2016)
    Purpose In times of crisis, the fundamental principles of companies erode, leading to strategy shifts. This paper aims to examine whether corporate social responsibility (CSR) is on management’s agenda in times of crisis, indicating CSR embeddedness into corporate strategy. The focus is on the four pillars of CSR: social, environment, economy and governance. Design/methodology/approach Starting points are competing hypotheses based on shareholder and stakeholder theory. Chief executive officer (CEO) letters to shareholders of German HDAX firms from 2003 to 2012 are analyzed by means of computer-aided text analysis. Findings The authors find that CEOs talk less about CSR in times of crisis, especially about social and governance issues, indicating that CSR is not fully embedded into corporate strategy, and that, in times of crisis, other aspects gain more importance on management’s agenda.
  • Same same, but different: Eine Analyse des Humankapitals weiblicher und männlicher Aufsichtsräte in Deutschland

    Fehre, Kerstin; Spiegelhalder, Rebecca (Springer, 2017)
    Der Beitrag untersucht die Frage, ob sich Frauen und Männer im Aufsichtsrat in ihrem Humankapital unterscheiden und somit durch Geschlechterdiversität die Voraussetzung für Wissens- und Fähigkeitenvielfalt gegeben ist. Hierzu wurden die Lebensläufe von 264 Frauen und Männern in Aufsichtsräten der HDAX- und SDAX-Unternehmen analysiert. Die Ergebnisse zeigen, dass Frauen und Männer im Aufsichtsrat Unterschiede in Bezug auf ihre Studienabschlüsse, ihre Berufserfahrung, die Anzahl weiterer Aufsichtsratsmandate, die Art der Berufung, ihre Auslandserfahrung und die Anzahl ihrer Kinder aufweisen. Keine Unterschiede konnten hinsichtlich der Zugehörigkeit zur Eigentümerfamilie nachgewiesen werden. Daraus lässt sich schlussfolgern, dass Frauen im Aufsichtsrat das Ressourcenbündel an Fähigkeiten und Wissen erweitern. Mit diesem Ergebnis leistet die Studie einen wichtigen Beitrag zur Corporate Governance Forschung. Ferner leistet die Studie einen Beitrag zur Humankapitaltheorie, indem bislang vernachlässigte Humankapitalkriterien untersucht werden und schafft eine Basis für fundierte Diskussionen zum Thema Frauen in Führungspositionen.
  • DSO-TSO cooperation issues and solutions for distribution grid congestion management

    Hadush, Samson; Meeus, Leonardo (Elsevier, 2018)
    The role of DSOs is evolving due to the increasing penetration of intermittent and distributed energy resources in the distribution system. On the one hand, TSOs are accessing flexibility resources connected to the distribution grid. On the other hand, DSOs are actively managing distribution grid congestion, moving away from the conventional fit and forget approach. As a result, the need for DSO-TSO cooperation has become increasingly important. In this study, we first discuss market and grid operation issues related to different system states and the corresponding congestion management approaches, in the context of the European electricity market design and regulation. Second, we discuss viable solutions that are inspired by inter-TSO cooperation solutions as well as solutions that are being adopted by DSOs. Our findings show that the issues are rather similar both at transmission and distribution level; however, the need for cooperation and the solutions will depend on where structural congestion will occur and which borders will be managed. We also note that cooperation between DSOs as well as between DSOs and microgrids could become more important with the development of local energy markets in the long term.
  • CEO succession and the CEO's commitment to the status quo (Published Online)

    Behr, Henning; Fehre, Kerstin (Springer, 2018)
    Chief executive officer (CEO) commitment to the status quo (CSQ) is expected to play an important role in any firm’s strategic adaptation. CSQ is used often as an explanation for strategic change occurring after CEO succession: new CEOs are expected to reveal a lower CSQ than established CEOs. Although widely accepted in the literature, this relationship remains imputed but unobserved. We address this research gap and analyze whether new CEOs reveal lower CSQ than established CEOs. By analyzing the letters to the shareholders of German HDAX firms, we find empirical support for our hypothesis of a lower CSQ of newly appointed CEOs compared to established CEOs. However, our detailed analyses provide a differentiated picture. We find support for a lower CSQ of successors after a forced CEO turnover compared to successors after a voluntary turnover, which indicates an influence of the mandate for change on the CEO’s CSQ. However, against the widespread assumption, we do not find support for a lower CSQ of outside successors compared to inside successors, which calls for deeper analyses of the insiderness of new CEOs. Further, our supplementary analyses propose a revised tenure effect: the widely assumed relationship of an increase in CSQ when CEO tenure increases might be driven mainly by the event of CEO succession and may not universally and continuously increase over time, pointing to a “window of opportunity” to initiate strategic change shortly after the succession event. By analyzing the relationship between CEO succession and CEO CSQ, our results contribute to the CSQ literature and provide fruitful impulses for the CEO succession literature.
  • Orchestrating organizational agility

    Viaene, Stijn (Ivey Business School, 2018)
  • Centralization and effectiveness of reward management in multinational enterprises - Perceptions of HQ and subsidiary reward managers

    Tekieli, Michael; Festing, Marion; Baeten, Xavier (Hogrefe Publishing, 2018)
    Based on responses from 158 reward managers located at the headquarters or subsidiaries of multinational enterprises, the present study examines the relationship between the centralization of reward management decision making and its perceived effectiveness in multinational enterprises. Our results show that headquarters managers perceive a centralized approach as being more effective, while for subsidiary managers this relationship is moderated by the manager’s role identity. Referring to social identity theory, the present study enriches the standardization versus localization debate through a new perspective focusing on psychological processes, thereby indicating the importance of in-group favoritism in headquarters and the influence of subsidiary managers’ role identities on reward management decision making.
  • Venture capital internationalization: Synthesis and future research directions (Published Online)

    Devigne, David; Manigart, Sophie; Vanacker, Tom; Mulier, Klaas (Wiley, 2018)
    Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research streams within this literature, which revolve around the following questions: (1) which VC firms invest across borders and what countries do they target; (2) how do VC firms address liabilities of foreign investing; and (3) what are the real effects of international VC investments? We provide an overview of the contributions in these research streams, discuss the role of public policy, and suggest avenues for future research. Specifically, we call for a deeper understanding of: (1) the functioning and impact of VC firms’ modes of internationalization; (2) micro-level processes such as the functioning and decision making of international investment committees, or the development of international human and social capital; (3) the role of country institutions in VC internationalization and its real effects; and (4) the interplay of international VC with alternative financing sources.
  • Maximising the weighted number of activity execution modes in project planning

    Burgelman, Jeroen; Vanhoucke, Mario (Elsevier, 2018)
    In multimode resource-constrained project scheduling, activity modes are selected and activity start times are determined to minimise the project makespan subject to resource constraints. When disruptions occur during project execution delays to project activities may ensue. Therefore, the a priori selected modes restrict the options to adapt the project schedule given the deadline. During the project scheduling phase, information on the best execution mode to include in the baseline schedule for each activity is usually not available. Scheduling these projects requires decisions on the modes to incorporate in the solution to maximise the flexibility during project execution and to postpone the decision on how to implement the activity until more information is available. In this paper, we study a project scheduling problem with multiple execution alternatives. Our objective is to maximise the weighted number of alternative activity execution modes in the project solution under three different assumptions. The research is motivated by real-life project scheduling applications, where the activities to be planned are known in advance, but the execution of these activities is subject to uncertainty. We present a problem description and three mathematical formulations. Additionally, computational results on the efficiency of the formulations and the increased flexibility are reported.
  • Quality and pricing decisions in production/inventory systems

    Jalali, Hamed; Raïsa, Carmen; Van Nieuwenhuyse, Inneke; Boute, Robert (Elsevier, 2019)
    In this article, we consider the impact of finite production capacity on the optimal quality and pricing decisions of a make-to-stock manufacturer. Products are differentiated along a quality index; depending on the price and quality levels of the products offered, customers decide to either buy a given product, or not to buy at all. We show that, assuming fixed exogenous lead times and normally distributed product demands, the optimal solution has a simple structure (this is referred to as the load-independent system). Using numerical experiments, we show that with limited production capacity (which implies load-dependent lead times) the manufacturer may have an incentive to limit the quality offered to customers, and to decrease market coverage, especially in settings where higher product quality leads to higher congestion in production. Our findings reveal that the simple solution assuming load-independent lead times is suboptimal, resulting in a profit loss; yet, this profit loss can be mitigated by constraining the system utilization when deciding on quality and price levels. Our results highlight the importance of the relationship between marketing decisions and load-dependent production lead times.
  • Hoe Coca-Cola, Netflix en Amazon leren uit hun mislukkingen

    Desmet, Lien (Nieuwe Media Groep, 2018)
    Hoe komt het dat er ineens zoveel succesvolle bedrijfsleiders zijn die hun bedrijven en collega's aansporen om meer fouten te maken en hun mislukkingen meer te omarmen?
  • How to catch a moving target in the digital world

    Viaene, Stijn (Exact Editions, 2017)
    In this article, Prof. Stijn Viaene continues to shed light on the realities that executives and business leaders must face in the digital era. In an era where customers are moving at the speed of the Internet, how does a digital leader catch them?
  • Three steps to launch new products for optimum results

    Desmet, Bram (Institute of Business Forecasting & Planning, 2017)
    The article describes the necessary steps to prepare for a successful new product launch. The steps include preparing scenario forecasts (instead of point forecasts), negotiating a flexible contract with suppliers, and quickly dropping products that are not providing enough margin.

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