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Publikationen

Algorithmic trading and liquidity: Long term evidence from Austria

We analyze the relation between algorithmic trading and liquidity using a novel data set from the Austrian equity market. Our sample covers almost 4.5 years, it identifies the market share of algorithmic trading at the stock-day level, and it comes from a market that has hitherto not been analyzed. We address the endogeneity problem using an instrumental variables approach. Our results indicate that an increase in the market share of algorithmic trading causes a reduction in quoted and effective spreads while quoted depth and price impacts are unaffected. They are consistent with algorithmic traders on average acting as market makers.

Mestel, R., Murg, M. und Theissen, E. (2018): Algorithmic trading and liquidity: Long term evidence from Austria, in: Finance Research Letters, Vol. 26, pp. 198-203, doi: doi.org/10.1016/j.frl.2018.01.004.

Kontakt: Roland Mestel, Institut für Banken und Finanzierung, Tel.: 0316/380 - 7304

 

Strategic management of product and brand extensions: Extending corporate brands in B2B vs. B2C markets

Decisions about expanding an existing product portfolio and capturing new markets are of critical importance to a firm’s financial performance and growth. Yet, important questions remain in regard to the extent to which product and brand extensions contribute to a firm’s profit in B2B and B2C markets, respectively, and how firms with corporate brands in these markets should pursue an extension strategy that provides maximum impact on firm profit. The authors theorize and empirically address these questions based on a study of firms listed in the U.S. Fortune 500 published ranking. Findings of this research have important prescriptive implications for the management of B2B and B2C firms’ growth-based extension strategy and contribute to B2B theory.

Liu, Y., Foscht, T., Eisingerich, A. B. und Tsai, H.-T. (2018): Strategic management of product and brand extensions: Extending corporate brands in B2B vs. B2C markets, in: Industrial Marketing Management, Vol. 71, pp. 147-159, doi: doi.org/10.1016/j.indmarman.2017.12.016.

Kontakt: Thomas Foscht, Institut für Marketing, Tel.: 0316/380 - 7200

 

Integer optimization with penalized fractional values: The Knapsack case

We consider integer optimization problems where variables can potentially take fractional values, but this occurrence is penalized in the objective function. This general situation has relevant examples in scheduling (preemption), routing (split delivery), cutting and telecommunications, just to mention a few. However, the general case in which variables integrality can be relaxed at cost of introducing a general penalty was not discussed before. As a case study, we consider the possibly simplest combinatorial optimization problem, namely the classical Knapsack Problem. We introduce the Fractional Knapsack Problem with Penalties (FKPP), a variant of the knapsack problem in which items can be split at the expense of a penalty depending on the fractional quantity. We analyze relevant properties of the problem, present alternative mathematical models, and analyze their performance from a theoretical viewpoint. In addition, we introduce a Fully Polynomial Time Approximation Scheme for the approximate solution of the general problem, and an improved dynamic programming approach that computes the optimal solution in one relevant case. We computationally test the proposed models and algorithms on a large set of instances derived from benchmarks from the literature.

Malaguti, E., Monaci, M., Paronuzzi, P. und Pferschy, U. (2019): Integer optimization with penalized fractional values: The Knapsack case, in: European Journal of Operational Research, Vol. 273, No. 3, pp. 874-888, doi: doi.org/10.1016/j.ejor.2018.09.020.

Kontakt: Ulrich Pferschy, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3496

 

Capacity Planning Under Uncertainty and the Cost of Capital

We explore how risk aversion affects optimal capacity and pricing decisions within the economic setting of Banker and Hughes (1994). A risk-averse firm invests in fixed capacity and sets a product price, but can also purchase spot capacity at higher unit cost. Initial capacity and price are set by maximizing the firm’s mean-variance certainty equivalent. We find that, contrary to common intuition, optimal capacity or list prices can increase under greater risk aversion depending on exogenous fundamentals. We show how the firm’s capacity and price choices affect the economic trade-off between the mean and the risk of the firm’s uncertain payoffs. We also show that the cost of capital is affected not only by the firm’s covariance with other assets, but also by its payoff mean. The objective of minimizing the cost of capital is, therefore, fundamentally inconsistent with maximizing project value.

Johnstone, D. und Wagenhofer, A. (2018): Capacity Planning Under Uncertainty and the Cost of Capital, in: Journal of Management Accounting Research, Vol. 30, No. 3, pp. 169-185, doi: 10.2308/jmar-51859.

Kontakt: Alfred Wagenhofer, Institut für Unternehmensrechnung und Controlling, Tel.: 0316/380 - 3500

 

Forecasting the joint distribution of Australian electricity prices using dynamic vine copulae

We consider the problem of modelling and forecasting the distribution of a vector of prices from interconnected electricity markets using a flexible class of drawable vine copula models, where we allow the dependence parameters of the constituting bivariate copulae to be time-varying. We undertake in-sample and out-of-sample tests using daily electricity prices, and evidence that our model provides accurate forecasts of the underlying distribution and outperforms a set of competing models in their abilities to forecast one-day-ahead conditional quantiles of a portfolio of electricity prices. Our study is conducted in the Australian National Electricity Market (NEM), which is the most efficient power auction in the world. Electricity prices exhibit highly stylised features such as extreme price spikes, price dependency between regional markets, correlation asymmetry and non-linear dependency. The developed approach can be used as a risk management tool in the electricity retail industry, which plays an integral role in the apparatus of modern energy markets. Electricity retailers are responsible for the efficient distribution of electricity, while being exposed to market risk with extreme magnitudes.

Manner, H., Alavi Fard, F., Pourkhanali, A. und Tafakori, L. (2019): Forecasting the joint distribution of Australian electricity prices using dynamic vine copulae, in: Energy Economics, Vol. 78, pp. 143-164, doi: doi.org/10.1016/j.eneco.2018.10.034.

Kontakt: Hans Manner, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3446

 

Macroeconomic implications of switching to process-emission-free iron and steel production in Europe

Climate change is one of the most serious threats to the human habitat. The required structural change to limit anthropogenic forcing is expected to fundamentally change daily social and economic life. The production of iron and steel is a special case of economic activities since it is not only associated with combustion but particularly with process emissions of greenhouse gases which have to be dealt with likewise. Traditional mitigation options of the sector like efficiency measures, substitution with less emission-intensive materials, or scrap-based production are bounded and thus insufficient for rapid decarbonization necessary for complying with long-term climate policy targets. Iron and steel products are basic materials at the core of modern socio-economic systems, additionally being essential also for other mitigation options like hydro and wind power. Therefore, a system-wide assessment of recent technological developments enabling almost complete decarbonization of the sector is substantially relevant. Deploying a recursive-dynamic multi-region multi-sector computable general equilibrium approach, we investigate switches from coke-to hydrogen-based iron and steel technologies in a scenario framework where industry decisions (technological choice and timing) and climate policies are misaligned. Overall, we find that the costs of industry transition are moderate, but still ones that may represent a barrier for implementation because the generation deciding on low-carbon technologies and bearing (macro)economic costs might not be the generation benefitting from it. Our macroeconomic assessment further indicates that anticipated bottom-up estimates of required additional domestic renewable electricity tend to be overestimated. Relative price changes in the economy induce electricity substitution effects and trigger increased electricity imports. Sectoral carbon leakage is an imminent risk and calls for aligned course of action of private and public actors.

Mayer, J., Bachner, G. und Steininger, K. W. (2019): Macroeconomic implications of switching to process-emission-free iron and steel production in Europe, in: Journal of Cleaner Production, Vol. 210, pp. 1517-1533, doi: doi.org/10.1016/j.jclepro.2018.11.118.

Kontakt: Karl Steininger, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3451

 
Strategic Delegation in Oligopoly

This chapter provides the reader with a clear and intuitive, but yet rigorous, description of the topic of strategic managerial incentives under oligopolistic competition. A review of the closely related issue of vertical separation where a manufacturer delegates decisions to a retailer and an agent appointment game where a principal delegates decisions to a certain type of agent is also provided. We start the discussion of each of these themes by reflecting on seminal papers that have first introduced the corresponding topic. We present and critically discuss the key assumptions behind each of the basic models and point out important applications along with some empirical and experimental evidence. We also discuss contributions that have provided important extensions to the basic frameworks. Our chapter can be seen as complementary to the extensive literature on agency and control issues.

Kopel, M. und Pezzino, M. (2018): Strategic Delegation in Oligopoly, in: Corchón, L. C. und Marini, M. A. (Hrsg.): Handbook of Game Theory and Industrial Organization, Volume II: Applications, Edward Elgar, Cheltenham, S. 248-285.

Kontakt: Michael Kopel, Institut für Organisation und Institutionenökonomik, Tel.: 0316/380 - 7182

 
Youth Labor in Transition. Inequalities, Mobility, and Policies in Europe

Exacerbated by the Great Recession, youth transitions to employment and adulthood have become increasingly protracted, precarious, and differentiated by gender, ethnicity, and socioeconomic status. Youth Labor in Transition examines young people's integration into employment, alongside the decisions and consequences of migrating to find work and later returning home. The authors identify key policy challenges for the future related to NEETS, overeducation, self-employment, and ethnic differences in outcomes. This illustrates the need to encompass a wider understanding of youth employment and job insecurity by including an analysis of economic production and how it relates to social reproduction of labor if policy intervention is to be effective.

O‘Reilly, J., Leschke, J., Ortlieb, R., Seeleib-Kaiser, M. und Villa, P. (Hrsg.) (2018): Youth Labor in Transition. Inequalities, Mobility, and Policies in Europe, Oxford University Press, New York.

Kontakt: Renate Ortlieb, Institut für Personalpolitik, Tel.: 0316/380 - 7189

 
Predicting career success: is the dark side of personality worth considering?

Purpose: The purpose of this paper is to clarify whether the dark side of personality adds information beyond the bright side when predicting career success.
Design/methodology/approach: In total, 287 participants (150♀, Mage=37.74 and SDage=10.38) completed questionnaires on the Dark Triad (narcissism, Machiavellianism and psychopathy) and the Big Five (emotional stability, extraversion, openness, agreeableness and conscientiousness). They also provided information on their objective (salary and leadership position) and subjective (job satisfaction and satisfaction with income) career success. Regression analyses were used to estimate the Dark Triad’s incremental predictive value.
Findings: The results show that the Dark Triad only provides incremental information beyond the Big Five when predicting salary (ΔR2=0.02*) and leadership position (ΔR2=0.04*). In contrast, the Dark Triad does not explain unique variance when predicting job satisfaction or satisfaction with income.
Research limitations/implications: The exclusive use of self-rated success criteria may increase the risk of same-source biases. Thus, future studies should include ratings derived from multiple perspectives.
Practical implications: Considering the Dark Triad in employee selection and development seems particularly promising in the context of competitive behaviour.
Social implications: The results are discussed in light of the socioanalytic theory. This may help to better understand behaviour in organisational contexts.
Originality/value: This study is the first that simultaneously investigates all three traits of the Dark Triad and the Big Five in combination with objective and subjective career success. In addition, it extends previous findings by answering the question of whether the Dark Triad offers incremental or redundant information to the Big Five when predicting success.

Paleczek, D., Bergner, S. und Rybnicek, R. (2018): Predicting career success: is the dark side of personality worth considering?, in: Journal of Managerial Psychology, Vol. 33, No. 6, pp. 437-456, doi: doi.org/10.1108/JMP-11-2017-0402.

Kontakt: Dominik Paleczek, Institut für Unternehmensführung und Entrepreneurship, Tel.: 0316/380 - 7360

 
Service-Learning als Theorie-Praxis-Dialog: Nutzen und Wirkung für Lernende und Organisationen

Die Forderung nach einer Verbindung von Studium und Praxis zur Kompetenzentwicklung der Studierenden ist ein zentrales Thema für die wirtschaftspädagogische Forschung und Lehre. An Standorten der Wirtschaftspädagogik wurden im deutschsprachigen Raum unterschiedliche Ansätze und Praxisprojekte entwickelt, um Studierenden die Möglichkeit zu geben, „mit Problemen aus ihrer künftigen beruflichen Praxis konfrontiert [zu] werden, sich das Wissen und Können zur Problemlösung selbständig und unter Anleitung von Lehrenden und Experten aus der Praxis an[zu]eignen, gemeinsam Problemlösungen [zu] erarbeiten, [zu] präsentieren und [zu] erproben sowie Problemlöseprozesse und die individuelle Entwicklung der Problemlösefähigkeiten [zu] reflektieren“ (Klauser 2014, S. 1). Empirische Evidenz ist zwar die derzeitige Zauberformel, um die Wirkung unterschiedlicher Maßnahmen im Kontext dieses Theorie-Praxis-Dialogs herausarbeiten zu können; die Lernwirksamkeit und der Nutzen für beide Seiten, sowohl die Theorie als auch die Praxis, ist in der Literatur aber nicht unumstritten und empirisch noch keinesfalls eindeutig geklärt (vgl. z.B. Ostendorf et al. 2017, S. 308). Damit dieser Theorie-Praxis-Dialog gelingen kann, hat sich aber bisher in den Studien gezeigt, dass der Fokus auf die Beziehungen „zwischen unterschiedlichen Akteur/inn/en, institutionellen Kontexten und Wissensbeständen [gerichtet werden muss]. Es geht um ein enges Zusammenwirken und partnerschaftliches Handeln zwischen Bildungseinheiten und der Arbeitswelt“ (Ostendorf et al. 2017, S. 309). Im vorliegenden Beitrag soll dies am Beispiel des Masterstudiums Wirtschaftspädagogik am Standort Graz und des hier eingesetzten Lehr-Lern-Format Service-Learning gezeigt werden. Im Mittelpunkt der Darstellungen in diesem Beitrag sollen Erkenntnisse aus einer Begleitstudie zur Wirksamkeit dieses Theorie-Praxis-Dialogs am Beispiel des Service-Learning stehen – einerseits aus Sicht der Studierenden und andererseits aus Sicht der Organisationen. Es stellt sich im Rahmen dieser empirischen Untersuchung die Frage, wie der Transfer von Wissen, Können und Einstellungen gelingen kann – von der Theorie in die Praxis als auch umgekehrt von der Praxis in die Theorie – zum Nutzen der Praxis als auch zum Nutzen der Theorie.

Slepcevic-Zach, P. und Stock, M. (2018): Service-Learning als Theorie-Praxis-Dialog: Nutzen und Wirkung für Lernenden und Organisationen, in: berufsbildung. Zeitschrift für Theorie-Praxis-Dialog, Heft 170, S. 44–47.

Kontakt: Peter Slepcevic-Zach, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7271

 
Self-Censorship and Aesopian Language of Scholarly Texts of Late State Socialism

The article looks at self-censorship in state-socialist scholarly publishing in the broader context of censorship. Theories of censorship maintain that censorship is either conducive of (Leo Strauss) or detrimental to (for example Miklós Haraszti) creative work and critical thinking. This paper seeks to answer the question why both of these views occur simultaneously in the post-1989 narratives of Czech social science and humanities scholars who were active in academic publishing between 1969 and 1989. It considers, in turn, the politicisation of research subjects, the interventions of Cold War binaries into scholarly language and the (im)possibility of the existence of a code of communication between the author and the reader to produce subversive or alternative meanings.

Oates-Indruchová, L. (2018): Self-Censorship and Aesopian Language of Scholarly Texts of Late State Socialism, in: The Slavonic and East European Review, Vol. 96, No. 4, pp. 614-641, doi: 10.5699/slaveasteurorev2.96.4.0614.

Kontakt: Libora Oates-Indruchová, Institut für Soziologie, Tel.: 0316/380 - 7086

 
Skilling and deskilling: technological change in classical economic theory and its empirical evidence

This article reviews and brings together two literatures: classical political economists’ views on the skilling or deskilling nature of technological change in England, during the eighteenth and nineteenth centuries when they wrote, are compared with the empirical evidence about the skill effects of technological change that emerges from studies of economic historians. In both literatures, we look at both the skill impacts of technological change and at the “inducement mechanisms” that are envisaged for the introduction of new technologies. Adam Smith and Karl Marx both regarded the deskilling of the labour force as the predominant form of biased technical change, but other authors such as Charles Babbage also took account of capital-skill complementarities and skill-enhancing effects of technological change. For Smith, the deskilling bias was an unintended by-product of the increasing division of labour, which in his view “naturally” led to ever more simplification of workers’ tasks. As opposed to Smith, Marx considered unskilled-biased technical change as a bourgeois weapon in the class struggle for impairing the workers’ bargaining position. Studies of economic historians lend support to Marx’s hypothesis about the inducement mechanisms for the introduction of unskilled-biased innovations, but have produced no clear- cut empirical evidence for a deskilling tendency of eighteenth- and nineteenth- century technological change as a whole. Industrialization in the eighteenth and nineteenth centuries rather led to labour polarization, by simultaneously deskilling a large part of the workforce and raising the demand for some (but fewer) high-skilled workers.

Brugger, F. und Gehrke, C. (2018): Skilling and deskilling: technological change in classical economic theory and its empirical evidence, in: Theory and Society, Vol. 47, No. 5, pp. 663-689, doi: doi.org/10.1007/s11186-018-9325-7.

Kontakt: Christian Gehrke, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3457

 
An evaluation of the methods used by European countries to compute their official house price indices

Since 2012, Eurostat requires the national statistical institutes (NSIs) in all European Union (EU) countries to compute official House Price Indices (HPIs) at a quarterly frequency. Eurostat recommends computing the HPI using a hedonic method. Most NSIs have followed this advice, although they differ in their choice of method. Some NSIs use stratified medians instead of hedonic methods. We evaluate the theoretical and empirical properties of both hedonic and stratified median methods. Of particular concern is the comparability of the HPIs across countries when computed using different methods. Our empirical comparisons use detailed micro-level data sets for Sydney and Tokyo, containing about 867000 actual housing transactions. All the hedonic methods perform better than stratified medians. The hedonic methods generate quite similar results, except when applied to new dwellings in Tokyo. This finding shows that the choice of hedonic method can be important for smaller countries with less data. Also, the widely used hedonic repricing method becomes unreliable when the reference shadow prices are not updated frequently.

Hill, R. J., Scholz, M., Shimizu, C. und Steurer, M. (2018): An evaluation of the methods used by European countries to compute their official house price indices, in: Economie et Statistique / Economics and Statistics, Vol. 500-501-502, pp. 221-238, doi: doi.org/10.24187/ecostat.2018.500t.1953.

Kontakt: Robert J. Hill, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3442

 
Printmedien versus elektronische Medien. Eine empirische Studie zur Nutzung von Büchern, Zeitschriften und Zeitungen

Im Rahmen der gegenständlichen Untersuchung wird ermittelt, wie intensiv derzeit Printmedien im Vergleich zu elektronischen Medien im universitären Bereich genutzt werden. Insbesondere wird dabei auf die Nutzung von Büchern, Zeitschriften und Zeitungen eingegangen. Darüber hinaus wird analysiert, ob es geschlechter-, alters-, universitäts- und gruppenspezifische Unterschiede im Nutzungsverhalten gibt. Die für die Untersuchung benötigten Daten wurden mittels strukturierter Befragung von 554 Studierenden und 436 Universitätslehrern erhoben. Anhand der Ergebnisse lässt sich erkennen, dass Printmedien im universitären Bereich nach wie vor von großer Bedeutung sind, wobei ältere Nutzer, Nutzer aus dem Geisteswissenschaftlichen Bereich, sowie Nutzer aus der Gruppe der Universitätslehrer sowohl für berufliche als auch für private Zwecke besonders stark auf Printmedien zurückgreifen.

Reichmann, G. (2018): Printmedien versus elektronische Medien. Eine empirische Studie zur Nutzung von Büchern, Zeitschriften und Zeitungen, in: Information – Wissenschaft & Praxis, Band 69, Heft 1, S. 11-20, doi: doi.org/10.1515/iwp-2018-0004.

Kontakt: Gerhard Reichmann, Institut für Informationswissenschaft und Wirtschaftsinformatik, Tel.: 0316/380 - 3563

To claim or not to claim: Anonymity, symmetric externalities and honesty

In many situations, economic actors submit claims for money which are unverifiable or hard to verify. Examples include claims for a tax return or an insurance payout. This paper investigates what role anonymity and externalities play for the decision of whether to be (dis)honest when making such claims. First, does honest claiming increase when anonymity is removed and unverified claims are made public? We present experimental evidence to this effect. Second, does honest reporting increase when it is public knowledge that claims affect others’ payoffs and claimants’ payoffs are symmetrically affected by others’ claims? We find no such effect. Making claims public and having symmetric externalities together increases honesty, but this effect is driven solely by the reduction in anonymity.

Schitter, C., Fleiß, J. und Palan, S. (2018): To claim or not to claim: Anonymity, symmetric externalities and honesty, in: Journal of Economic Psychology, pp. 1-24, doi: https://doi.org/10.1016/j.joep.2018.09.006 [4.10.2018].

Kontakt: Jürgen Fleiß, Zentrum für Entrepreneurship und angewandte Betriebswirtschaftslehre, Tel.: 0316/380 - 7367

Investment timing effects of wealth under uncertainty and irreversibility

We analyze the impact of wealth taxes on investment timing decisions under uncertainty and irreversibility by employing a real options model of the Dixit/Pindyck type. Considering that wealth taxes have been (re-)introduced or are under discussion in many countries, investors need decision rules for tax systems with wealth taxation. We integrate different valuation methods for wealth tax purposes, distinguish between broadly and narrowly defined wealth taxes and vary the wealth tax rate to ascertain which wealth tax design is more or less likely to accelerate or delay investment. Our main findings are threefold. First, historical cost valuation reduces the distortive timing effects of wealth taxation compared to fair value accounting. Second, broadening the wealth tax base tends to accelerate investment during high interest rate periods and delay investment during low interest rate periods. Our results predict that wealth taxes with a broad tax base are likely to discourage risky investment in times of near-zero interest rates. These distortive wealth tax base effects, however, can be avoided by granting sufficiently high depreciation deductions for wealth tax purposes. Third, the investment timing effects of wealth tax rate variations are very sensitive to the riskiness of the underlying investment. Moreover, investment timing effects crucially depend upon the depreciation rate for wealth tax purposes. A tax legislator who aims to encourage risk taking should introduce generous depreciation deductions. Our study indicates that if a wealth tax is considered to be politically inevitable, possible harmful investment effects can be mitigated by choosing appropriate valuation methods and parameters.

Niemann, R. und Sureth-Sloane, C. (2018): Investment timing effects of wealth taxes under uncertainty and irreversibility, in: Journal of Business Economics, pp. 1-31, doi: https://doi.org/10.1007/s11573-018-0918-4 [5.10.2018].

Kontakt: Rainer Niemann, Institut für Unternehmensrechnung und Steuerlehre, Tel.: 0316/380 - 6444

Shaping Human Science Disciplines: Institutional Developments in Europe and Beyond

This book presents an analysis of the institutional development of selected social science and humanities (SSH) disciplines in Argentina, France, Germany, Hungary, Italy, the Netherlands, Sweden and the United Kingdom. Where most narratives of a scholarly past are presented as a succession of ’ideas,’ research results and theories, this collection highlights the structural shifts in the systems of higher education, as well as institutions of research and innovation (beyond the universities) within which these disciplines have developed. This institutional perspective will facilitate systematic comparisons between developments in various disciplines and countries. Across eight country studies the book reveals remarkably different dynamics of disciplinary growth between countries, as well as important interdisciplinary differences within countries. In addition, instances of institutional contractions and downturns and veritable breaks of continuity under authoritarian political regimes can be observed, which are almost totally absent from narratives of individual disciplinary histories. This important work will provide a valuable resource to scholars of disciplinary history, the history of ideas, the sociology of education and of scientific knowledge.

Fleck, C., Duller, M. und Karády, V. (Hrsg.) (2019): Shaping Human Science Disciplines: Institutional Developments in Europe and Beyond, Palgrave Macmillan, Cham.

Kontakt: Christian Fleck, Institut für Soziologie, Tel.: 0316/380 - 3544

Testing for structural breaks in factor copula models

We propose new fluctuation tests for detecting structural breaks in factor copula models and analyse the behaviour under the null hypothesis of no change. In the model, the joint copula is given by the copula of random variables which arise from a factor model. This is particularly useful for analysing data with high dimensions. Parameters are estimated with the simulated method of moments (SMM). The discontinuity of the SMM objective function complicates the derivation of a functional limit theorem for the parameters. We analyse the behaviour of the tests in Monte Carlo simulations and a real data application. It turns out that our test is more powerful than nonparametric tests for copula constancy in high dimensions.

Manner, H., Stark, F. und Wied, D. (2018): Testing for structural breaks in factor copula models, in: Journal of Econometrics, pp. 1-22, doi: https://doi.org/10.1016/j.jeconom.2018.10.001 [17.10.2018].

Kontakt: Hans Manner, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3446

The economy-wide effects of large-scale renewable electricity expansion in Europe: The role of integration costs

With the increasing share of renewables in electricity generation in Europe, implied economy-wide macroeconomic feedbacks and spill-over effects to other sectors and actors are of rising importance. We quantify the macroeconomic effects of a large-scale expansion of wind and photovoltaics (PV) in Europe, employing a global multi-regional multi-sectoral computable general equilibrium (CGE) model. We place special emphasis on electricity market integration costs, which have so far been neglected not only in most bottom-up technology comparisons, but also in macroeconomic studies. We find that the societal welfare effects of a large-scale expansion of wind and PV tend to be positive; however, when integration costs are taken into account, positive welfare effects are either much smaller or even become negative, depending very much on regional characteristics, such as the prevailing electricity mix, weighted average costs of capital (WACC) or capacity factors. We also show that macroeconomic feedback effects raise generation costs above what is anticipated from a bottom-up perspective, since the high capital intensities of renewable electricity generation technologies drive up economy-wide capital prices. This may imply that they are no longer competitive when installed at large-scales.

Bachner, G., Steininger, K. W., Williges, K. und Tuerk, A. (2018): The economy-wide effects of large-scale renewable electricity expansion in Europe: The role of integration costs, in: Renewable Energy, pp. 1-12, doi: https://doi.org/10.1016/j.renene.2018.09.052 [19.9.2018].

Kontakt: Karl Steininger, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3451

Organizational working time regimes: Drivers, consequences and attempts to change patterns of excessive work hours

A 40-hour working week is the norm in Europe, yet some organizations require 60 or more working hours and in investment banks an alarming 120-hour weeks are known to be worked. What is more, these organizations often require workers to be permanently on call and demonstrate high production rates. Consequences of such practices include frazzled employees, with their families’ and their own health under pressure. This article introduces our special issue of the German Journal of Human Resource Management. It tackles the many reasons behind excessive work hours and failed attempts to change working time arrangements in organizations. It first identifies three core ideas in previous research, namely the dispersed nature of regimes of excessive working hours, their high levels of persistence and their constitution at multiple levels of analysis. It then summarizes the contributions in this special issue. Finally, it proposes avenues for future research, such as focusing on the genesis and the historicity of organizational working time regimes, studying the interrelation of factors across multiple levels of analysis, and probing new theories to explain the extreme persistence of excessive working hours. The overarching aim of our special issue in this core area of human resource management is to contribute to an understanding of organizational working time regimes and the tenacity of excessive working hours in an effort to deepen our knowledge of how to change them.

Blagoy, B., Muhr, S. L., Ortlieb, R. und Schreyögg, G. (2018): Organizational working time regimes: Drivers, consequences and attempts to change patterns of excessive work hours, in: German Journal of Human Resource Management, Vol. 32, No. 3-4, pp. 155–167, doi: https://doi.org/10.1177/2397002218791408.

Kontakt: Renate Ortlieb, Institut für Personalpolitik, Tel.: 0316/380 - 7189

Optimised scheduling in human-robot collaboration - a use case in the assembly of printed circuit boards

Advances in the technologies of sensors and lightweight robots increasingly enable direct physical interaction between humans and robots. This so-called human–robot collaboration is supposed to offer more flexibility in production processes, as opposed to fully automated processes. The aim of this contribution is to describe an integer linear programming model which optimally coordinates the distribution of tasks between humans and robots in a realistic production process of printed circuit boards (PCBs), where the objective is to minimise the completion time of a board. In addition, we discuss an extended case wherein a whole set of different boards is to be assembled, which is highly relevant for low volume production with a high degree of customisation. After stating an extended integer linear programming (ILP) formulation, we propose two practical approaches for solving the computationally more complex second scenario: an order-based heuristic approach and a matheuristic applying a truncated variant of the ILP model with different sequencing strategies. The computational evaluation based on a real-world use case from the PCB industry underlines the efficacy of the matheuristic approach for obtaining a good overall makespan.

Bogner, K., Pferschy, U., Unterberger, R. und Zeiner, H. (2018): Optimised scheduling in human-robot collaboration – a use case in the assembly of printed circuit boards, in: International Journal of Production Research, Vol. 56, No. 16, pp. 5522-5540, doi: https://doi.org/10.1080/00207543.2018.1470695.

Kontakt: Ulrich Pferschy, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3496

What makes industry-university collaboration succeed? A systematic review of the literature

Industry–university collaborations (IUCs) have received increased attention in management practice and research. The need for innovation in today’s business environment and the ambition of policymakers to commercialize academic knowledge intensify this trend. However, although research has devoted considerable effort to finding the determinants of success for interfirm collaboration, much less is known about IUCs. This article presents the results of a systematic review of the literature on the collaboration between industry and universities. We perform an extensive analysis of research published on industry–university collaboration projects with the objective of distilling factors that influence the success of such collaborations. We propose a novel conceptual model, which synthesizes our empirical results, and use it to organize and categorize influencing factors and their interrelationship within the collaboration process. Based on our review of existing literature, we identify an agenda for future research in this domain.

Rybnicek, R. und Königsgruber, R. (2018): What makes industry-university collaboration succeed? A systematic review of the literature, in: Journal of Business Economics, pp. 1-30, doi: https://doi.org/10.1007/s11573-018-0916-6 [12.09.2018].

Kontakt: Robert Rybnicek, Institut für Unternehmensführung und Entrepreneurship, Tel.: 0316/380 - 7355

Übungsfirma - zwischen Lernendenorientierung, Geschäftsprozessorientierung und Digitalisierung

Das Schuljahr 2017/18 wurde für das kaufmännische Schulwesen in Österreich als das Jahr der Übungsfirma ausgerufen. Die Initiative will die Übungsfirma in den Blickwinkel aller Beteiligten rücken. Es bietet sich damit aber auch die Gelegenheit, die Übungsfirma aus dem Blickwinkel der Beteiligten zu betrachten. So wird in diesem Beitrag der Frage nachgegangen, wie die Lernenden die Übungsfirma wahrnehmen. Anhand von zwei Studien soll gezeigt werden, welchen Nutzen sich Schüler/innen vom Übungsfirmenunterricht für ihr späteres Berufsleben erwarten sowie welchen Mehrwert Absolvent/inn/en aus dem Übungsfirmenunterricht im Nachhinein erkennen. Dazu wurden leitfadengestützte Interviews mit 17 Schüler/inne/n sowie mit neun Absolvent/inn/en von steirischen Handelsakademien geführt und mittels einer qualitativen Inhaltsanalyse nach Kuckartz (2014) ausgewertet. Die Befragungsergebnisse liefern auch Impulse für die zukünftige Weiterentwicklung der Übungsfirmenarbeit. Als ein Beispiel wird hier der Bereich der Digitalisierung und digitalen Transformation aufgegriffen. Ausgehend von einer Darstellung der Geschäftsprozesse einer Übungsfirma werden exemplarisch Maßnahmen entwickelt, um diese aktuellen Entwicklungen in das Modell einer Übungsfirma einfließen zu lassen und eine mögliche Zukunftsperspektive auf die Lehr-Lern-Methode Übungsfirma darzustellen. Im Rahmen einer abschließenden Synopsis werden beide Perspektiven – jene der Lernenden und jene auf Digitalisierung – wieder zusammengeführt.

Riebenbauer, E., Dreisiebner, G. und Stock, M. (2018): Übungsfirma – zwischen Lernendenorientierung, Geschäftsprozessorientierung und Digitalisierung, in: Greimel-Fuhrmann, B. (Hrsg.): bwp@Spezial AT-1: Wirtschaftspädagogische Forschung und Impulse für die Wirtschaftsdidaktik – Beiträge zum 12. Österreichischen Wirtschaftspädagogikkongress, 26. April 2018, S. 1-16.

Kontakt: Elisabeth Riebenbauer, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 3532

Climate Agreements in a Mitigation-Adaption Game

We analyze the strategic interaction between mitigation (public good) and adaptation (private good) strategies in a climate agreement. We show the fear that adaptation will reduce the incentives to mitigate carbon emissions may be unwarranted. Adaptation can lead to larger self-enforcing agreements, associated with higher global mitigation levels and welfare if it causes mitigation levels between different countries to be no longer strategic substitutes but complements. We argue that our results extend to many public goods. The well-known problem of ”easy riding” may turn into ”easy matching” if the marginal utility of public good consumption is strongly influenced by private consumption.

Bayramoglu, B., Finus, M. und Jacques, J.-F. (2018): Climate Agreements in a Mitigation-Adaptation Game, in: Journal of Public Economics, Vol. 165, pp. 101-113, doi: https://doi.org/10.1016/j.jpubeco.2018.07.005.

Kontakt: Michael Finus, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3450

Public Policy, Dynamic Status Preferences, and Wealth Inequality

This paper studies the effect of productive government spending (taxation) on aggregate savings behavior and its consequences for the dynamics of wealth inequality, taking into consideration key behavioral changes that occur during the process of economic development. Substantial empirical evidence suggests that during this process agents' preferences towards status (positional consumption) evolves according to the average wealth of the society. The sources of wealth include private capital and productive public capital, the latter financed by a distortionary income tax. This dynamic status effect impacts peoples’ responses to tax policy in ways which contrast with those of the standard neoclassical model. Specifically, we find that in response to an increase in the income tax, in economies with a strong (weak) enough dynamic status effect, savings and inequality increase (decrease). Incorporating the behavioral changes to fiscal policy expands the set of mechanisms available to explain the observed variations of savings and wealth distribution dynamics that cannot be attributed to technological or other structural factors.

Dioikitopoulos, E. V., Turnovsky, S. J. und Wendner, R. (2018): Public Policy, Dynamic Status Preferences, and Wealth Inequality, in: Journal of Public Economic Theory, pp. 1-22, doi: https://doi.org/10.1111/jpet.12329 [23.08.2018].

Kontakt: Ronald Wendner, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3458

Catch me if you can. Can human observers identify insiders in asset markets?

Securities regulators around the globe face the challenge of identifying trades based on privileged information. We study human observers’ ability to identify informed traders and investigate which trading patterns are indicative of informed trading using experimental asset markets. We furthermore test how the behavioral response of informed traders to the threat of detection and punishment impacts observers’ detection abilities. We find that market trading data carries information which correlates with informed trading activity. Observers partly succeed in recognizing and using this information to identify informed traders.

Stöckl, T. und Palan, S. (2018): Catch me if you can. Can human observers identify insiders in asset markets?, in: Journal of Economic Psychology, Vol. 67, pp. 1-17, doi: doi.org/10.1016/j.joep.2018.04.004.

Kontakt: Stefan Palan, Institut für Banken und Finanzierung, Tel.: 0316/380 - 7306

Taking an Interest in Taking the Lead: The Influence of Vocational Interests, Leadership Experience and Success on the Motivation to Lead

Motivation plays a crucial role in leadership, particularly when facing difficult situations and decisions. This long‐term study investigates whether vocational interests predict an individual's motivation to lead (MtL) and whether the link between vocational interests and MtL is mediated by the extent and success of prior leadership experiences. To this end, 471 participants provided information on their vocational interests. Two years later, participants rated their MtL and provided information on both the extent of their prior leadership experiences and the respective success gained from these. Results show that enterprising and conventional interests positively affect MtL two years later. Additionally, enterprising and social interests also indirectly influence a person's motivation to lead through the extent and success of prior leadership experiences: people with higher enterprising and social interests report more prior experience in leading. This experience is linked to more self‐perceived leadership success, which consequently enhances these persons' motivation to take on leading roles. These findings enrich theory on the antecedents and malleability of MtL and further equip recruiters with information on how to search for motivated leaders.

Bergner, S., Kanape, A. und Rybnicek, R. (2018): Taking an Interest in Taking the Lead: The Influence of Vocational Interests, Leadership Experience and Success on the Motivation to Lead, in: Applied Psychology: An International Review, doi: doi.org/10.1111/apps.12150 [16.04.2018].

Kontakt: Sabine Bergner, Institut für Unternehmensführung und Entrepreneurship, Tel.: 0316/380 - 7359

CEO Activism and Supply Chain Interactions

In this paper we demonstrate that hiring a manager with a propensity to over-invest in socially and responsible production can increase firm profits if customers not only care about the responsible behavior of the market firm but also about the engagements of all players along the firm’s supply chain. The new mechanism we identify relies on the complementarity of investments by the firm and its suppliers. We demonstrate that CEO activism of this kind might cause a win-win outcome where all parties along the supply chain, the firm’s customers and society can be better off.

Hinterecker, H., Kopel, M. und Ressi, A. (2018): CEO Activism and Supply Chain Interactions, in: Annals of Public and Cooperative Economics, Vol. 89, No. 1, pp. 235-250, doi: doi.org/10.1111/apce.12195.

Kontakt: Michael Kopel, Institut für Organisation und Institutionenökonomik, Tel.: 0316/380 - 7182

Didaktische Modellierung einer Service-Learning-Lehrveranstaltung - Ergebnisse eines Design-Based-Research-Ansatzes

Die Einführung einer Service-Learning-Lehrveranstaltung im Rahmen des Masterstudiums Wirtschaftspädagogik stellt den Ausgangspunkt der hier vorgestellten Untersuchung dar. Obwohl bereits einige Studien zur Wirksamkeit von Service-Learning-Veranstaltungen bestehen, sind die Fragen der didaktischen Modellierung einer solchen sowie die sich daraus ergebenden Wirkungen noch wenig beachtet. Ziel dieser Studie war es, das Lehrveranstaltungskonzept Service-Learning im Rahmen des Studiums der Wirtschaftspädagogik zu evaluieren und in seiner didaktischen Modellierung weiterentwickeln. Als Methode wurde ein Design-Based-Research-Ansatz gewählt. Die Studierenden (N= 82) wurden dabei über vier Semester mit Hilfe einer quantitativen Pre-Post-Fragebogenerhebung (inklusive einer Kontrollgruppe aus dem Masterstudium Betriebswirtschaft, N= 105) sowie unterschiedlichen qualitativen Erhebungsformaten befragt. Es konnten einerseits die Wirksamkeit dieser Service-Learning-Veranstaltung belegt und andererseits für die didaktische Modellierung fünf Gestaltungselemente identifiziert werden. Zentral für die Wirksamkeit ist eine offene Problemstellung, welche die Lernenden in einer Situation der Unsicherheit belässt, sowie die Lernenden in Kontakt mit den KlientInnen der sozialen Organisationen zu bringen.

Fernandez, K. und Slepcevic-Zach, P. (2018): Didaktische Modellierung einer Service-Learning-Lehrveranstaltung – Ergebnisse eines Design-Based-Research-Ansatzes, in: Unterrichtswissenschaft, 46. Jg., Heft 2, S. 165-184, doi: doi.org/10.1007/s42010-017-0002-8.

Kontakt: Peter Slepcevic-Zach, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7271

Multiperspektivische Verbraucherforschung. Ansätze und Perspektiven

Wissenschaftliche Erkenntnisse über den Kauf bzw. den Ge- und Verbrauch von Konsumgütern werden meist nur von einzelnen Wissenschaftsbereichen erhoben, ohne dass diese bisher in einem engeren Dialog stehen. In diesem Buch werden Dimensionen, Ansätze und Gegenstände einer multiperspektivischen Verbraucherforschung vorgestellt. Neben theoretischen und interdisziplinären Zugängen werden auch Perspektiven aus der Praxis abgebildet. So wird ein Beitrag dazu geleistet, verschiedene Perspektiven in Dialog zu bringen und darauf aufbauend die multiplen Herausforderungen und Möglichkeiten, die Konsum für Gesellschaft, Individuum und Unternehmen beinhaltet, besser verstehen zu können. Bisherige Ansätze der Verbraucher- und Konsumforschung werden so um eine multidimensionale Perspektive erweitert.

Nessel, S., Tröger, N., Fridrich, C. und Hübner, R. (Hrsg.) (2018): Multiperspektivische Verbraucherforschung. Ansätze und Perspektiven, Springer VS, Wiesbaden.

Kontakt: Sebastian Nessel, Institut für Soziologie, Tel.: 0316/380 - 3547

The social profitability of photovoltaics in Germany

While Germany has led the market in photovoltaic (PV) implementation throughout the last decade, there has been increasing criticism of PV support policies due to their high cost. Although declining, the levelized cost of electricity (LCOE) from PV is still above the German wholesale electricity price. However, using LCOE as an evaluation yardstick falls short in at least 2 respects: It neither takes into account integration costs rising with PV penetration (ie, undervaluing its actual cost) nor avoided externalities of replacing conventional for renewable generation (social cost overvaluation). We thus calculate the social profitability of PV in Germany by including not only private costs and benefits but also integration costs to the electricity system and avoided environmental externalities, using the internal rate of return and the profitability index as indicators. Our results show that when these factors are considered, the social profitability of PV in Germany is higher than 10% at the lower bound of the social cost of carbon (150€/tCO2) up to a penetration level of at least 15% and positive up to a penetration level of at least 25%. Results also show the level of private profitability if all externalities were internalized and assert that subsidies are justified to align private and social profitability. The proposed method could be used as a complementary indicator to private profitability by public institutions, development banks, and companies with social responsibility values.

López-Prol, J. und Steininger, K. W. (2018): The social profitability of photovoltaics in Germany, in: Progress in Photovoltaics: Research and Applications, pp. 1-11, doi: doi.org/10.1002/pip.2988 [02.02.2018].

Kontakt: Karl W. Steininger, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3451

Individual and Institutional Corruption in European and US Healthcare: Overview and Link of Various Corruption Typologies

In recent years, the fight against healthcare corruption has intensified. Estimates from the European Healthcare Fraud and Corruption Network calculate an approximate €56 billion annual loss to Europe as a result of corruption. To promote understanding of the complexity and interconnection of corrupt activities, we aim to present healthcare-related corruption typologies of the European Union and European Healthcare Fraud and Corruption Network. We subsequently link them to the typology of individual and institutional corruption introduced by Dennis Thompson in the context of investigating misconduct of US Congressional members. According to Thompson, individual corruption is the personal gain of individuals performing duties within an institution in exchange for nurturing private interests, while institutional corruption pertains to the failure of the institution in directing the individual’s behaviour towards the achievement of the institution’s primary purpose because the institutional design promotes the pursuit of individual goals. Effective anti-corruption activities not only require the enactment of anti-corruption laws but also the monitoring and, where appropriate, revision of institutional frameworks to prevent the undermining of the primary purposes of health systems or institutions. To gain further understanding of the similarities and differences of the three typologies, prime examples of corrupt activities in the health sector in the European Union and USA (along with their potential remedies) are provided. Linking corruption cases to Thompson’s typology revealed that many corrupt activities may show elements of both individual and institutional corruption because they are intertwined, partly overlap and may occur jointly. Hence, sanctioning individual actors only does not target the problem.

Sommersguter-Reichmann, M., Wild, C., Stepan, A., Reichmann, G. und Fried, A. (2018): Individual and Institutional Corruption in European and US Healthcare: Overview and Link of Various Corruption Typologies, in: Applied Health Economics and Health Policy, Vol. 16, No. 3, pp. 289-302, doi: doi.org/10.1007/s40258-018-0386-6.

Kontakt: Margit Sommersguter-Reichmann, Institut für Finanzwirtschaft, Tel.: 0316/380 - 3516

Vergleich von Zitaten, Downloads und Lesehäufigkeiten. Am Beispiel von zwei Volkswirtschaftslehre-Zeitschriften

Im vorliegenden Beitrag untersuchen wir die Beziehung zwischen Zitaten, Downloads und sog. Lesehäufigkeiten des sozialen Literaturverwaltungssystems „Mendeley” anhand der beiden Volkswirtschaftslehre-Zeitschriften „Journal of Environmental Economics and Management” und „Journal of Financial Economics”. Trotz Ähnlichkeiten bei den Häufigkeitsverteilungen konnten wir großteils nur mittlere (Rang)Korrelationen zwischen den drei Zeitschriftenindikatoren berechnen. In den drei Top-10 Rankings kam es zur Überschneidung von nur drei Publikationen. Deutliche Unterschiede gibt es bei den Alters- und Nutzerstrukturen. Während der Großteil der Mendeley-Nutzer Studierende sind, ist der Anteil der Professoren relativ gering. Durch die Mendeley-Profile kann ermittelt werden, aus welchen Disziplinen die Leser einer Zeitschrift kommen. Dies lässt vor allem bei interdisziplinären Zeitschriften wie „Journal of Financial Economics” interessante Rückschlüsse zu. Ähnlich wie bei Zitaten, so gibt es auch bei Downloads und Lesehäufigkeiten disziplinspezifische Unterschiede.

Schlögl, C. und List, R. (2018): Vergleiche von Zitaten, Downloads und Lesehäufigkeiten. Am Beispiel von zwei Volkswirtschaftslehre-Zeitschriften, in: Information – Wissenschaft & Praxis, Band 69, Heft 1, S. 1-10, doi: doi.org/10.1515/iwp-2018-0005.

Kontakt: Christian Schlögl, Institut für Informationswissenschaft und Wirtschaftsinformatik, Tel.: 0316/380 - 3566

Business Ethics? A Critical Companion

Das Buch stellt Schlüsselbereiche wirtschaftlichen Handelns (Beschaffung/SCM, Konsum, Marketing, HRM, Corporate Governance, Accounting & Controlling, Sustainability Management) in einen breiteren – ökonomischen, sozialen und historischen – Kontext und reflektiert sie aus einer kritischen ethischen Perspektive. Ursprünglich als Lehrbuch konzipiert, richtet sich das Buch an alle mit einem Interesse an wirtschaftsethischen Fragen – und an einer frischen Sichtweise.

Raith, D. (2018): Business Ethics? A Critical Companion, Metropolis-Verlag, Marburg.

Kontakt: Dirk Raith, Institut für Unternehmensrechnung und Reporting, Tel.: 0316/380 - 3649

Patterns of Social Ties, Trust, and Participation after the Fall of the Iron Curtain: New Findings from Central and Southeast European Countries

Twenty-five years after the fall of the Iron Curtain, more than forty scholars from Central and Southeast Europe (CSE) came together at the University of Graz in Austria to take stock of the social changes that have been going on since 1989/90. The conference in 2014 was the starting point of this issue of the International Journal of Sociology, which covers a wide range of topics: patterns of social networks, social and institutional trust and political participation as well as wage dynamics of East–West commuters. This introduction outlines basic data and theories on the economic and democratic transition in CSE to serve as a frame for the articles presented in this issue. They are country case studies from Croatia, Hungary, and Slovenia and country-comparative studies dealing with East European-Austrian border regions. Altogether, the issue aims at raising international attention to new findings regarding social, structural, and sociocultural changes in the CSE countries.

Eder, A., Volk, H. und Haller, M. (2017): Patterns of Social Ties, Trust, and Participation after the Fall of the Iron Curtain: New Findings from Central and Southeast European Countries, in: International Journal of Sociology, Vol. 47, No. 3, pp. 147-161, doi: doi.org/10.1080/00207659.2017.1335524.

Kontakt: Anja Eder, Institut für Soziologie, Tel.: 0316/380 - 3542

A Social Choice Approach to Ordinal Group Activity Selection

We consider the situation in which group activities need to be organized for a set of agents when each agent can take part in at most one activity. The agents’ preferences depend both on the activity and the number of participants in that activity. In particular, the preferences are given by means of strict orders over pairs ”(activity, group size)”, including the possibility ”do nothing”. Our goal will be to assign agents to activities on basis of their preferences, the minimum requirement being that no agent prefers doing nothing, i.e., not taking part in any activity at all. Taking a social choice perspective, we aim at establishing such an assignment by two approaches. On the one hand, we use k-approval and Borda scores, and we apply the Condorcet criterion on the other hand. We analyze the computational complexity involved in finding a desired assignment, with focus on two natural special cases of agents’ preferences which allow for some positive complexity results.

Darmann, A. (2018): A Social Choice Approach to Ordinal Group Activity Selection, in: Mathematical Social Sciences, Vol. 93, pp. 57-66, doi: doi.org/10.1016/j.mathsocsci.2018.01.005.

Kontakt: Andreas Darmann, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 7139

The Refined Best Reply Correspondence and Backward Induction

Fixed points of the (most) refined best reply correspondence, introduced in Balkenborg et al. (2013), in the agent normal form of extensive form games with perfect recall have a remarkable property. They induce fixed points of the same correspondence in the agent normal form of every subgame. Furthermore, in a well-defined sense, fixed points of this correspondence refine even trembling hand perfect equilibria, while, on the other hand, reasonable equilibria that are not weak perfect Bayesian equilibria are fixed points of this correspondence.

Balkenborg, D., Hofbauer, J. und Kuzmics, C. (2018): The Refined Best Reply Correspondence and Backward Induction, in: German Economic Review, pp. 1-15, doi: doi.org/10.1111/geer.12136 [24.5.2017].

Kontakt: Christoph Kuzmics, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 7111

Clustering, Knowledge Sharing, and Intrabrand Competition: A Multiyear Analysis of an Evolving Franchise System

As franchise systems expand, the clustering and resulting proximity of same-brand outlets often become contentious issues. The increased interactions among outlets may facilitate knowledge sharing, even while inducing intrabrand competition. Prior research has considered each possibility – knowledge sharing or intrabrand competition – in isolation, resulting in conflicting recommendations to the central question of whether multiple same-brand outlets should be close to or distant from one another. In this study, the authors take the perspective of the focal outlet and show that the opportunity to share knowledge afforded by clustering-based proximity may or may not be realized, depending on the motivation and ability of the proximal outlets to share knowledge, the focal outlet’s ability to absorb knowledge, and the governance context. An analysis of more than 8,000 observations on the 988 outlets of a U.S.-based automotive service franchise system from 1977 to 2012, and corresponding outlet-level sales information from 2004 to 2012, provides support for the authors’ hypotheses.

Butt, M. N., Antia, K. D., Murtha, B. R. und Kashyap, V. (2018): Clustering, Knowledge Sharing, and Intrabrand Competition: A Multiyear Analysis of an Evolving Franchise System, in: Journal of Marketing, Vol. 82, No. 1, pp. 74-92.

Kontakt: Vishal Kashyap, Institut für Marketing, Tel.: 0316/380 - 7210

What makes academic careers less insecure? The role of individual-level antecedents

The early stages of an academic career are fraught with insecurity. By focusing on the individual and his or her background, this article sets out to analyse and develop theories for this insecurity. We see academic career insecurity as a mix of how much someone wants to pursue a job in academia and what they feel is the probability of reaching their goal. The article draws on concepts of boundaryless careers and protean careers to theorise about the antecedents of insecurity. Empirical analysis is based on survey data from early-career researchers at a large Austrian university. The findings indicate that the most important individual factors that reduce academic career insecurity are the willingness to be geographically mobile, self-attribution of previous career success, a high proportion of working time devoted to research and networking, as well as being at an advanced career stage. The article demonstrates the potential and limits of the boundaryless and protean career concepts for studying academic careers. Practical measures are that universities should provide early-career researchers with temporal space for research and networking, facilitate stays at other universities, inform them about career success factors, and tailor faculty development programmes to the distinct stages of academic careers.

Ortlieb, R. und Weiss, S. (2018): What makes academic careers less insecure? The role of individual-level antecedents, in: Higher Education, pp. 1-17, doi: doi.org/10.1007/s10734-017-0226-x [5.1.2018].

Kontakt: Renate Ortlieb, Institut für Personalpolitik, Tel.: 0316/380 - 7189

Who Empathizes with Machiavellian or Narcissistic Leaders?

Newspaper articles frequently report incidents where a leader’s dark side of personality causes disastrous damage for a whole organization. This study focuses on dark traits – narcissism, machiavellianism, psychopathy – and leadership. It investigates reasons for why the dark triad results in negative leadership outcomes and sheds light on the question whether ”darker” leaders become even more harmful when they work with ”darker” subordinates. In total, 349 subordinates (51% male) rated their own and their leader’s narcissism, machiavellianism, and psychopathy. Additionally, they provided information on their leader’s performance and on the quality of the relationship with their leader. Findings show that it takes two to tango: Leaders’ narcissism and machiavellianism result in lower-quality relationships. The lower-quality of the leader-subordinate relationship then impacts the leaders’ performance. Interestingly, narcissistic and machiavellian subordinates suffer less from narcissistic and machiavellian leaders than their humbler and less machiavellian counterparts. Therefore, this study shows that the negative consequences of a leader’s dark traits can be buffered by subordinates’ personality.

Page, N., Bergner, S. und Wills, S. (2017): Who Empathizes with Machiavellian or Narcissistic Leaders?, in: Harvard Business Review, doi: hbr.org/2017/09/who-empathizes-with-machiavellian-or-narcissistic-leaders [15.9.2017].

Kontakt: Sabine Bergner, Zentrum für Entrepreneurship und angewandte Betriebswirtschaftslehre, Tel.: 0316/380 - 7359

Providing feedback, orientation and opportunities for reflection as key elements for successful mentoring programs - Reviewing a program for future business education teachers

The introduction to teaching is critical for novice teachers. Near the end of their master’s program, students of Business Education and Development in Austria spend one semester at an assigned school. They are introduced to teaching, while being assisted by peer students, mentoring teachers, and a companion course. Mentors receive special training and preparation in advance, thus contributing to a high quality mentoring program. The program is organized threefold: (1) providing feedback, (2) opportunities for reflection and (3) career orientation. The purpose of this paper is to assess key elements of successful mentoring programs and to question which competences of mentors contribute most to the success of those programs. Between 2012 and 2015, 188 persons (student teachers and their mentors) responded to an online survey at the end of their mentoring program. Additionally, data from a study (1,245 questionnaires) regarding the student teachers’ perception of their own competence was utilized, allowing for a comparison of student teacher confidence in their abilities before and after the mentoring program.

Riebenbauer, E., Dreisiebner, G. und Stock, M. (2017): Providing feedback, orientation and opportunities for reflection as key elements for successful mentoring programs – Reviewing a program for future business education teachers, in: Global Education Review, Vol. 4, No. 4, pp. 54-69.

Kontakt: Elisabeth Riebenbauer, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 3532

The ”wrong skewness” problem in stochastic frontier models: A new approach

Stochastic frontier models are widely used to measure, e.g., technical efficiencies of firms. The classical stochastic frontier model often suffers from the empirical artefact that the residuals of the production function may have a positive skewness, whereas a negative one is expected under the model, which leads to estimated full efficiencies of all firms. We propose a new approach to the problem by generalizing the distribution used for the inefficiency variable. This generalized stochastic frontier model allows the sample data to have the wrong skewness while estimating well-defined and nondegenerate efficiency measures. We discuss the statistical properties of the model, and we discuss a test for the symmetry of the error term (no inefficiency). We provide a simulation study to show that our model delivers estimators of efficiency with smaller bias than those of the classical model even if the population skewness has the correct sign. Finally, we apply the model to data of the U.S. textile industry for 1958–2005 and show that for a number of years our model suggests technical efficiencies well below the frontier while the classical one estimates no inefficiency in those years.

Hafner, C. M., Manner, H. und Simar, L. (2018): The ”wrong skewness” problem in stochastic frontier models: A new approach, in: Econometric Reviews, Vol. 37, No. 4, pp. 380-400, doi: doi.org/10.1080/07474938.2016.1140284.

Kontakt: Hans Manner, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3446

The Birth of Social Choice Theory from the Spirit of Mathematical Logic: Arrow's Theorem in the Framework of Model Theory

Arrow’s axiomatic foundation of social choice theory can be understood as an application of Tarski’s methodology of the deductive sciences – which is closely related to the latter’s foundational contribution to model theory. In this note we show in a model-theoretic framework how Arrow’s use of von Neumann and Morgenstern’s concept of winning coalitions allows to exploit the algebraic structures involved in preference aggregation; this approach entails an alternative indirect ultrafilter proof for Arrow’s dictatorship result. This link also connects Arrow’s seminal result to key developments and concepts in the history of model theory, notably ultraproducts and preservation results.

Eckert, D. und Herzberg, F. S. (2018): The Birth of Social Choice Theory from the Spirit of Mathematical Logic: Arrow’s Theorem in the Framework of Model Theory, in: Studia Logica, pp. 1-19, doi: doi.org/10.1007/s11225-018-9794-8 [23.3.2018].

Kontakt: Daniel Eckert, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 3464

Price discovery of cryptocurrencies: Bitcoin and beyond

Academic research on cryptocurrencies is almost exclusively directed towards Bitcoin. We extend existing literature by performing various tests on efficiency of several cryptocurrencies and additionally link efficiency to measures of liquidity. Cryptocurrencies become less predictable / inefficient as liquidity increases.

Brauneis, A. und Mestel, R. (2018): Price discovery of cryptocurrencies: Bitcoin and beyond, in: Economics Letters, Vol. 165, pp. 58-61, doi: doi.org/10.1016/j.econlet.2018.02.001.

Kontakt: Roland Mestel, Institut für Banken und Finanzierung, Tel.: 0316/380 - 7304

Blinds up or down?: The influence of transparency, future orientation, and CSR on sustainable and responsible behavior

Purpose: This paper aims to explore how and when a business’ transparency leads to greater willingness to engage in sustainable and responsible consumption by consumers.
Design/methodology/approach: Data were collected in two studies. Study 1 collected data from 219 consumers in a large shopping mall. Study 2 followed an experimental approach and used data from 327 participants.
Findings: The current research contributes to theory by hypothesizing and demonstrating when transparency is associated with higher willingness for sustainable and responsible consumption. Critically, the positive benefits of transparency vary according to a business’ future orientation, corporate social responsibility (CSR) and levels of customer involvement.
Practical implications: An important societal and practical implication of the current research is that business should not be expected to only focus on transparency in isolation but rather also needs to consider levels of perceived future orientation, CSR and levels of customer involvement to strengthen sustainable and responsible behavior effectively.
Originality/value: This research builds on and extends current knowledge by exploring the key role of business’ transparency in influencing sustainable and responsible customer behavior and examines critical boundary conditions for the observed effects.

Foscht, T., Lin, Y. und Eisingerich, A. B. (2018): Blinds up or down?: The influence of transparency, future orientation, and CSR on sustainable and responsible behavior, in: European Journal of Marketing, doi: doi.org/10.1108/EJM-10-2016-0576.

Kontakt: Thomas Foscht, Institut für Marketing, Tel.: 0316/380 - 7200

Strategic Corporate Social Responsibility by a Local Firm Against a Multinational Enterprise

The present work considers competition between a local firm and a multinational enterprise (MNE). The MNE has a competitive advantage in terms of lower unit costs and plans to enter the local firm’s market either through exports or through FDI. The local firm may strategically become ”socially responsible” and follow a ”doing well by doing good” strategy by investing in socially responsible activities along its value chain. Investments in corporate social responsibility (CSR) increase the responsible firm’s equilibrium output and profit as well as consumer surplus and total welfare in its country. The multinational firm’s incentives to serve the foreign country through FDI are mitigated in the average consumer’s valuation for CSR in the responsible firm’s country implying that CSR investments by local firms give space for inward FDI by low-cost multinationals targeting consumers without environmental and social responsibility consciousness. Policy suggestions are also discussed.

Kopel, M., Manasakis, C. und Petrakis, E. (2018): Strategic Corporate Social Responsibility by a Local Firm Against a Multinational Enterprise, in: Commendatore, P., Kubin, I., Bougheas, S., Kirman, A., Kopel, M. und Bischi, G. I. (Hrsg.): The Economy as a Complex Spatial System. Macro, Meso and Micro Perspectives, Springer Proceedings on Complexity, Wiesbaden, S. 178-191, doi: doi.org/10.1007/978-3-319-65627-4_10.

Kontakt: Michael Kopel, Institut für Organisation und Institutioneökonomik, Tel.: 0316/380 - 7182

§ 236 UGB Erläuterung der Bilanz und der Gewinn- und Verlustrechnung

Nach § 222 Abs. 1 UGB hat der Jahresabschluss von Kapitalgesellschaften und diesen durch § 221 Abs. 5 UGB gleichgestellten Personengesellschaften neben den ohnehin obligaten Bestandteilen Bilanz und Gewinn- und Verlustrechnung auch einen Anhang zu umfassen. Der Beitrag beleuchtet zunächst die verschiedenen Funktionen des Anhangs im Rahmen der Rechnungslegung, geht in weiterer Folge auf die Grundsätze der Anhangerstellung ein und widmet sich schließlich der Kommentierung des Regelungsinhalts von § 236 UGB. Hierbei zeigt sich, dass es mit der Reformierung der Rechnungslegungsbestimmungen durch das Rechnungslegungs-Änderungsgesetz 2014 (RÄG 2014) zu einer nachhaltigen Änderung des Bedeutungsgehalts gekommen ist. Die unverändert den Regelungen für den Anhang vorangestellte Generalklausel, derzufolge die Bilanz und die Gewinn- und Verlustrechnung sowie die darauf angewandten Bilanzierungs- und Bewertungsmethoden im Anhang so zu erläutern sind, dass ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens vermittelt wird, stellt nunmehr nämlich nicht mehr als einen programmatischen Satz dar. Die bis zum RÄG 2014 vertretene Auffassung, dass aus der Generalklausel eine umfassende Erläuterungspflicht folgt, die mitunter auch zusätzliche Angaben erforderlich macht, lässt sich dagegen im Hinblick auf einschlägige Vorgaben der Bilanzrichtlinie der EU nicht weiter aufrechterhalten.

Bertl, R. und Königsmaier, H. (2017): § 236 UGB Erläuterung der Bilanz und der Gewinn- und Verlustrechnung, in: Bertl, R. und Mandl, D. (Hrsg.): Handbuch zum Rechnungslegungsgesetz, 21. Aufl., LexisNexis, Wien.

Kontakt: Heinz Königsmaier, Institut für Unternehmensrechnung und Wirtschaftsprüfung, Tel.: 0316/380 - 3471

Socio-Economic Changes and the Reorganization of Work

In this article, the authors first address three central socio-economic developments, namely financialization, network economy and digitalization, which have prepared the ground for recent changes in work and employment. In the following section, the authors take a closer look at these changes, referring to academic debates about precarization, the blurring boundaries of work and contradictory dynamics of work organization. They conclude that future research needs to focus on how workers are able to deal with these new demands.

Flecker, J., Fiebich, T. und Kraemer, K. (2017): Socio-Economic Changes and the Reorganization of Work, in: Korunka, C. und Kubicek, B. (Hrsg.): Job Demands in a Changing World of Work. Impact on Workers’ Health and Performance and Implications for Research and Practice, Springer VS, Wiesbaden, S. 7-24.

Kontakt: Klaus Kraemer, Institut für Soziologie, Tel.: 0316/380 - 3546

Austria's consumption-based greenhouse gas emissions: Identifying sectoral sources and destinations

Greenhouse gas emissions can be addressed at the points of both production and consumption of goods and services. In a world of inhomogeneous climate policy, missing out policies on either production or consumption leaves an important policy area idle, rendering climate policy inefficient and potentially ineffective. While consumption-based emissions accounts have become readily available at the national level, we here show how their more detailed analysis by sectoral destination (which final demand sectors account for them), sectoral source (in which sectors across the globe those emissions are actually occurring) and the geographical location of the latter can inform a complementary consumption-based climate policy approach. For the example of the EU member country Austria, we find that more than 60% of its consumption-based emissions occur outside its borders, and 34% even outside the EU. The top sectors are a very different list under a consumption-based accounting perspective (construction, public administration (including defense, health and education), and wholesale and retail trade) than under a production-based one (electricity, iron and steel, and non-metallic minerals, such as cement). While for some sectors (e.g. electricity) production-based approaches can work well, emission reduction in other sectors (e.g. electronic equipment) is crucially dependent on consumption-based approaches, as a structural path analysis reveals.

Steininger, K. W., Munoz, P., Karstensen, J., Peters, G. P., Strohmaier, R. und Velázquez, E. (2018): Austria’s consumption-based greenhouse gas emissions: Identifying sectoral sources and destinations, in: Global Environmental Change, Vol. 48, pp. 226-242, doi: doi.org/10.1016/j.gloenvcha.2017.11.011.

Kontakt: Karl Steininger, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3451

The strong increase of Austrian government debt in the Kreisky era: Austro-Keynesianismor just stubborn forecast errors?

In the Kreisky era (1970–1983), Austrian government debts increased strongly. Historically, the attitude of Kreisky and the Social Democrats towards Keynesian fiscal policy measures to fight unemployment during the oil crises has been held to be responsible for the successive budget deficits. Kreisky’s ideological debt policy has become a narrative that has strongly influenced Austrian fiscal policy until today. While this explanation for the strong increase in public debt during the Kreisky era is widely accepted, it is not necessarily true. In this paper, we assess a different explanation: the deficits might simply have resulted from forecast errors of GDP growth in those turbulent times. We find that about one-third of the increase in the debt-over-GDP ratio is directly explained by short-run forecast errors, i.e., the difference between the approved and the realized budget, and an additional one-fifth is the lower bound of forecast error regarding the long-run growth rate.

Brugger, F. und Kleinert, J. (2018): The strong increase of Austrian government debt in the Kreisky era: Austro-Keynesianism or just stubborn forecast errors?, in: Empirica, pp. 1-20, doi: doi.org/10.1007/s10663-017-9396-0 [27.2.2018].

Kontakt: Jörn Kleinert, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3443

Ist IFRS 16 ein Fortschritt oder kreiert der Standard mehr Probleme, als er löst?

Die Bilanzierung von Leasingbeziehungen nach internationalem Recht (IFRS) ist seit Jahren umstritten. Dies zeigt sich allein an der ungewöhnlich langen Zeitspanne, die die Reform des bisher gültigen Standards IAS 17 beansprucht hat. Vor kurzem kam es dennoch zu der Verabschiedung des Standards IFRS 16 (Leases). IFRS 16 ist für Geschäftsjahre anzuwenden, die ab dem 01.01.2019 beginnen.Ein Hauptkritikpunkt an dem bisherigen Standard war die Unterscheidung zwischen Operating- und Finance-Leasingverhältnissen. Diese Vorgehensweise wird als Risk-and-Reward-Ansatz bezeichnet. Im Fall eines Mietleasingverhältnisses (Operating-Leasing) kommt es nach IAS 17 zu keiner Erfassung aufseiten des Leasingnehmers. Daraus ergibt sich u.a. im Zusammenhang von Sale-and-Lease-back-Transaktionen ein bilanzpolitisches Potenzial. Der IASB hat das Problem scheinbar einfach gelöst. Aufseiten des Leasingnehmers wird die Unterscheidung zwischen Operating-und Finance-Leasingverhältnissen unerheblich. Der Risk-and-Reward-Ansatz wird durch den Right-of-Use-Ansatz ersetzt (IFRS 16.23). Diese Vorgehensweise wirkt auf den ersten Blick elegant und auf der Hand liegend. Das Problem wird einfach wegdefiniert. Obwohl dies vordergründig betrachtet auch stimmt und viele Bilanzskandale bei einer fixierten Vertragsgestaltung in Anbetracht des Right-of-Use-Ansatzes nicht möglich gewesen wären, ist die Vorteilhaftigkeit von IFRS 16 gegenüber IAS 17 nicht klar.

Schneider, G. (2017): Ist IFRS 16 ein Fortschritt oder kreiert der Standard mehr Probleme, als er löst?, in: Der Konzern. Zeitschrift für Gesellschaftsrecht, Steuerrecht, Bilanzrecht und Rechnungslegung der verbundenen Unternehmen, Heft 10, S. 447-451.

Kontakt: Georg Schneider, Institut für Unternehmensrechnung und Reporting, Tel.: 0316/380 - 3641

Konzepte und Entwicklungsmöglichkeiten der Begleitung schulischer Praxisphasen für angehende Lehrende

Die pädagogische Begleitung der Praxisphasen von angehenden Lehrenden an berufsbildenden mittleren und höheren Schulen in Österreich steht im Fokus. Für das Schulpraktikum im Rahmen des Masterstudiums der Wirtschaftspädagogik gibt es bereits elaborierte und validierte Konzepte, welche im Beitrag vor dem Hintergrund einer konnektivitätsorientierten Perspektive einer kritischen Analyse unterzogen werden. Als Untersuchungseinheiten werden die Begleitkonzepte der Praxisphasen der beiden österreichischen Universitäten Graz und Innsbruck herangezogen. Der Beitrag schließt mit Überlegungen zur Weiterentwicklung der Konzeptionen, die auch für andere Modelle schulischer Praxisphasen genutzt werden können.

Ostendorf, A., Riebenbauer, E., Stock, M. und Welte, H. (2017): Konzepte und Entwicklungsmöglichkeiten der Begleitung schulischer Praxisphasen für angehende Lehrende, in: Schlicht, J. und Moschner, U. (Hrsg.): Berufliche Bildung an der Grenze zwischen Wirtschaft und Pädagogik, Springer VS, Wiesbaden, S. 307-326, doi: doi.org/10.1007/978-3-658-18548-0_16.

Kontakt: Michaela Stock, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7272

Handbuch Geschichte der deutschsprachigen Soziologie. Band 1: Geschichte der Soziologie im deutschsprachigen Raum und Band 2: Forschungsdesign, Theorien und Methoden

Wer sich einen Überblick über die Geschichte der deutschsprachigen Soziologie und über soziologiehistorische Konzepte und Methoden verschaffen möchte, wird in diesem zweibändigen Handbuch umfassend fündig. Es ist das erste Handbuch zur Geschichte der Soziologie im deutschsprachigen Raum. Band 1 gibt zentrale Einblicke in die sozialen und kognitiven Dimensionen der Fachgeschichte und behandelt dabei auch Theorie- und Methodenentwicklungen, Kontroversen, internationale Rezeptionen sowie Institutionalisierungsprozesse in Form von Fachgesellschaften, -zeitschriften und Forschungseinrichtungen. Band 2 widmet sich soziologiegeschichtlichen Forschungsdesigns, analytischen Konzepten sowie unterschiedlichen Methodologien und Methoden für die soziologiehistorische Forschung. Er bietet auch einen praxisorientierten Teil zur Arbeit in und mit Archiven. Das Handbuch bezeugt die ausgewiesene internationale Kompetenz der Grazer Soziologie in der soziologiehistorischen Forschung.

Moebius, S. und Ploder, A. (Hrsg.) (2017): Handbuch Geschichte der deutschsprachigen Soziologie. Band 1: Geschichte der Soziologie im deutschsprachigen Raum, Springer VS, Wiesbaden.
Moebius, S. und Ploder, A. (Hrsg.) (2017): Handbuch Geschichte der deutschsprachigen Soziologie. Band 2: Forschungsdesign, Theorien und Methoden, Springer VS, Wiesbaden.

Kontakt: Stephan Moebius, Institut für Soziologie, Tel.: 0316/380 - 7081

Sport as a complex adaptive system for place-based leadership: Comparing five European cities with different administrative and socio-cultural traditions

This paper compares place-based leadership patterns of five European cities that have different administrative and socio-cultural traditions in order to understand the role that context plays in shaping city leadership patterns in the policy domain of sport. This paper uses an exploratory approach to analyse the city as a complex adaptive system. In pursuing this research, we investigate the main actors, structures, processes and followership patterns across different forms of city leadership (political, managerial, business and civic). Our findings show the similarities and the differences across the five cities that lead us to a two-part conclusion. First, context may or may not influence city leadership patterns but it remains an essential parameter in comparative analysis. Second, the main challenges for place-based leadership in the policy domain of sport appear generalisable and specifically we observe that civic leadership as praxis can reinforce the transformative nature of place-based leadership in developing and sustaining socio-economic resilience.

Budd, L., Sancino, A., Pagani, M., Kristmundsson, Ó., Roncevic, B. und Steiner, M. (2017): Sport as a complex adaptive system for place-based leadership: Comparing five European cities with different administrative and socio-cultural traditions, in: Local Economy, Vol. 32, No. 4, pp. 316-335, doi: doi.org/10.1177/0269094217709422.

Kontakt: Michael Steiner, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3450

Is there a "Ricardian Vice"? And what is its relationship with economic policy ad"vice"?

Schumpeter chastised Ricardo for his alleged ”vice” - the so-called ”Ricardian Vice” - of drawing far reaching policy conclusions from utterly simplistic models, which, moreover, were underdetermined. The paper first argues that Schumpeter saw Ricardo’s approach to the theory of value and distribution through a marginalist lens and therefore arrived at a distorted picture of the latter. Several of the criticisms he levelled at Ricardo cannot be sustained. The paper then has a closer look at Schumpeter’s pronouncements on economic policy issues and shows that in a number of respects his views did not differ that much from Ricardo’s and in some respects were remarkably similar. This concerns especially the problem of paying off the public debt, with regard to which both Ricardo after the Napoleonic Wars and Schumpeter after World War I advocated a once for all capital levy.

Kurz, H.-D. (2017): Is there a ”Ricardian Vice”? And what is its relationship with economic policy ad”vice”?, in: Journal of Evolutionary Economics, Vol. 27, No. 1, pp. 91-114, doi: doi.org/10.1007/s00191-016-0468-2.

Kontakt: Heinz-Dieter Kurz, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3444

Balls, Barbecues and Boxing: Contesting gender regimes at organizational social events

What do the relaxed social events held by companies and organizations do for continued gender inequality? This article argues that outings, barbecues and parties offer opportunities for members of an organization to challenge unequal gender regimes. But they can also end up maintaining these inequalities instead. The article draws on Joan Acker’s theory of gendered organizations, and Judith Butler’s notion of gender performativity. Based on 208 accounts of organizations’ social events, it identifies the following four areas of gender performativity and their varying significance in reaffirming or challenging unequal gender regimes: gender images, status differences, the body and sexuality. The findings indicate that practices reaffirming unequal gender regimes outnumber practices that possibly balance or break them. Paradoxically, practices that challenge unequal gender regimes, when joined with powerful responses from the hitherto privileged party, can form a vicious circle which again ends up continuing unequal gender regimes. The article provides a more nuanced understanding of ambivalences and the contested nature of gender regimes which is important in identifying avenues for gender equality.

Ortlieb, R. und Sieben, B. (2017): Balls, Barbecues and Boxing: Contesting gender regimes at organizational social events, in: Organization Studies, pp. 1-19, doi: doi.org/10.1177/0170840617736941 [16.11.2017].

Kontakt: Renate Ortlieb, Institut für Personalpolitik, Tel.: 0316/380 - 7189

Regionale Resilienz: Zukunftsfähig Wohlstand schaffen

Resilienz ist die neue Nachhaltigkeit – meinen manche. Das stimmt wohl, wenn man ihre Popularität, die Hoffnungen, die sich darum ranken, dann aber auch die Beliebigkeit und den semantischen Missbrauch betrachtet, der mit dem Begriff zuweilen betrieben wird. In ihrem vorliegenden Buch schauen die AutorInnen genauer hin, was sich hinter dem Schlagwort verbirgt und was der Begriff hergibt, wenn man Klarheit über aktuelle Probleme und alternative Wege einer zukunftsfähigen regionalen Entwicklung gewinnen möchte.
Das Buch startet mit einer Kritik expansiv-moderner Entwicklung, die – angesichts von Klimawandel und Peak Oil-Szenarien – globale Probleme verschärft und Regionen immer verletzlicher macht. Resilienz steht vor diesem Hintergrund für einen Perspektivenwechsel, auch im Nachdenken über nachhaltige Entwicklung: hin zu Lösungen, die keine „große Transformation” voraussetzen, sondern vor Ort und jetzt schon funktionieren. Daraus entwickeln die AutorInnen eine normative Vision regionaler Resilienz, die eine Re-Regionalisierung der Wirtschaft und die Entwicklung und Anwendung sozialer Innovationen vorsieht. Was das konkret bedeutet, wird im Buch nicht nur theoretisch dargelegt. Die AutorInnen präsentieren darin auch zehn Fallbeispiele (darunter die Transition-Bewegung), an denen deutlich wird, was mit regionaler Resilienz in vielen „kleinen Transformationen” verbunden und letztlich auch gewonnen ist – nämlich Zukunft.

Raith, D., Deimling, D., Ungericht, B. und Wenzel, E. (2017): Regionale Resilienz: Zukunftsfähig Wohlstand schaffen, Metropolis-Verlag, Marburg.

Kontakt: Bernhard Ungericht, Institut für Unternehmensrechnung und Reporting, Tel.: 0316/380 - 3642

Service-Learning in der wissenschaftlichen Berufsvorbildung von Wirtschaftspädagog/inn/en - Ergebnisse einer Mixed-Method-Studie

Service-Learning hat als Veranstaltungsformat sowohl im schulischen als auch im universitären Bereich in den deutschsprachigen Ländern in den letzten Jahren Eingang gefunden. Nach der ersten Euphorie der Einführung ist es an der Zeit, die dadurch erhofften Wirkungen empirisch zu überprüfen, insbesondere hinsichtlich der Frage, welche Wirkungen für die Lernenden aus diesem Format entstehen. In diesem Beitrag werden die Ergebnisse einer Mixed-Method-Studie zur Umsetzung bzw. Wirkung einer Service-Learning Lehrveranstaltung im Rahmen des Masterstudiums Wirtschaftspädagogik an der Karl-Franzens-Universität Graz vorgestellt und anhand der Ergebnisse wird versucht, Rückschlüsse auf die didaktische Modellierung zu ziehen.

Slepcevic-Zach, P. (2017): Service-Learning in der wissenschaftlichen Berufsvorbildung von Wirtschaftspädagog/inn/en – Ergebnisse einer Mixed-Method-Studie, in: Zeitschrift für Berufs- und Wirtschaftspädagogik, Vol. 113, No. 2, pp. 303-324.

Kontakt: Peter Slepcevic-Zach, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7271

Photovoltaic self-consumption regulation in Spain: Profitability analysis and alternative regulation schemes

Having achieved grid parity, photovoltaic (PV) self-consumption will play a key role in the transition to a low-carbon energy system. Spain, whilst among the EU countries with highest solar irradiation, has recently passed one of the most restrictive self-consumption regulations. We study the implications of this regulation in comparison with alternatives (net metering, net billing) on the profitability (internal rate of return) of potential residential, commercial and industrial investors, as well as the impact of PV self-consumption on government revenues and the electricity system. We find that this regulation hinders the diffusion of PV self-consumption applications by making them economically infeasible. It also creates inefficient disincentives for demand-side adjustment and by fostering disconnection from the grid. Under the current conditions, the direct economic impact of PV self-consumption on both aggregate government and electricity system revenues is positive for investments in the residential segment, negligible for those of the commercial segment and negative for those of the industrial segment. In order to raise compliance with the relevant European Commission guidelines and to promote the diffusion of PV systems at minimum cost to the electricity system, a dynamic net billing scheme is recommended.

López Prol, J. und Steininger, K. W. (2017): Photovoltaic self-consumption regulation in Spain: Profitability analysis and alternative regulation schemes, in: Energy Policy, Vol. 108, pp. 742-754, doi: doi.org/10.1016/j.enpol.2017.06.019.

Kontakt: Karl Steininger, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3451

An Exact Fatou's Lemma for Gelfand Integrals by Means of Young Measure Theory

We show that an exact version of Fatou's lemma for Gelfand integrable functions can be obtained by combining Young measure techniques and results due to E. J. Balder [New fundamentals of Young measure convergence, in: S. Reich, A. Ioffe and I. Shafrir (eds.), Calculus of Variations and Optimal Control, Chapman and Hall 2000, 24-48; and A Fatou lemma for Gelfand integrals by means of Young measure theory, Positivity 6 (2002) 317-329] with a purification result of M. Greinecker and K. Podczeck [Purification and roulette wheels, Economic Theory 58 (2015) 255-272].

Greinecker, M. und Podczeck, K. (2017): An Exact Fatou's Lemma for Gelfand Integrals by Means of Young Measure Theory, in: Journal of Convex Analysis, Vol. 24, No. 2, pp. 621-644.

Kontakt: Michael Greinecker, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3454

The shortest connection game

We introduce the Shortest Connection Game, a two-player game played on a directed graph with edge costs. Given two designated vertices in which the players start, the players take turns in choosing edges emanating from the vertex they are currently located at. This way, each of the players forms a path that origins from its respective starting vertex. The game ends as soon as the two paths meet, i.e., a connection between the players is established. Each player has to carry the cost of its chosen edges and thus aims at minimizing its own total cost. In this work we analyse the computational complexity of Shortest Connection Game. On the negative side, Shortest Connection Game turns out to be computationally hard even on restricted graph classes such as bipartite, acyclic and cactus graphs. On the positive side, we can give a polynomial time algorithm for cactus graphs when the game is restricted to simple paths.

Darmann, A., Pferschy, U. und Schauer, J. (2017): The shortest connection game, in: Discrete Applied Mathematics, Vol. 231, pp. 139-154, doi: doi.org/10.1016/j.dam.2017.01.024.

Kontakt: Ulrich Pferschy, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3496

How individual needs influence motivation effects: a neuroscientific study on McClelland's need theory

In this study, we investigate motivation theory using neuroscientific methods as a new lens of analysis. More detailed, we neurally test the assumptions that (1) heterogeneous rewards may result in similarly rewarding effects and (2) that these effects are enhanced if a reward closely matches an employee’s need. Therefore, we conducted an fMRI-study (n=44) in which participants completed decision tasks before receiving the heterogeneous rewards high income, respectful leadership and a company car. Additionally, participants provided information on their need for achievement, affiliation and power. Our study demonstrates that a closer matching between the type of reward and the participants’ individual needs results in stronger neural activations in the reward circuitry. These findings support key assumptions of McClelland’s need theory on a neural level and further promote a personality-based approach to work motivation. From a practical standpoint they suggest need-tailored reward systems for organizations and an increased use of rewards other than money.

Rybnicek, R., Bergner, S. und Gutschelhofer, A. (2017): How individual needs influence motivation effects: A neuroscientific study on McClelland’s need theory, in: Review of Managerial Science, doi: doi.org/10.1007/s11846-017-0252-1 [31.10.2017].

Kontakt: Robert Rybnicek, Institut für Unternehmensführung und Entrepreneurship, Tel.: 0316/380 - 7355

Nutzen österreichische Unternehmen Steueroasen?

Bedingt durch den globalen Wettbewerb versuchen internationale Konzerne verstärkt, ihre Steuerzahlungen durch die Gründung von Tochterunternehmen in Steueroasen zu senken. Dieser Beitrag untersucht erstmals Konzernstrukturen von 18.924 österreichischen Mutterunternehmen über den Zeitraum 1998-2013. Dabei zeigt sich, dass rund 3-5% der ausländischen Tochterunternehmen in Steueroasen angesiedelt sind, wobei insbesondere die Schweiz, Zypern und Luxemburg als Standorte genutzt werden. Die Steuerzahlung österreichischer Mutterunternehmen fällt umso niedriger aus, je größer der Anteil an ausländischen Tochterunternehmen in Steueroasen ist – dies ist ein Indiz dafür, dass österreichische Mutterunternehmen Steueroasen zur gezielten Steuervermeidung nutzen.

Herbst, C., Niemann, R. und Rünger, S. (2017): Nutzen österreichische Unternehmen Steueroasen?, in: Betriebswirtschaftliche Forschung und Praxis, Heft 4, S. 432-450.

Kontakt: Rainer Niemann, Institut für Unternehmensrechnung und Steuerlehre, Tel.: 0316/380 - 6444

The Internet of Things as Disruptive Innovation for the Advertising Ecosystem

The connection of physical and virtual objects via the Internet, the Internet of Things (IoT), is one of the most up-and-coming technologies in the digital age. First signs show that the IoT will have a tremendous impact on the whole advertising ecosystem formed by media, agencies, advertisers, and the consumer. Analysing early implementations of the IoT in the health and fitness sector and their impact on the advertising ecosystem, the article shows fundamental alterations in the information-disinformation relation between the involved players and subsequently the impact on their business models. It should also give a guideline for consumers to exploit the new opportunities of the IoT to communicate with brands and products and to become aware of associated threads.

Petrovic, O. (2017): The Internet of Things as Disruptive Innovation for the Advertising Ecosystem, in: Siegert, G., Rimscha, M. B. und Grubenmann, S. (Hrsg.): Commercial Communication in the Digital Age. Information or Disinformation?, De Gruyter, Berlin, New York, S. 183-206.

Kontakt: Otto Petrovic, Institut für Informationswissenschaft und Wirtschaftsinformatik, Tel.: 0316/380 - 7184

Die Grenzen der Finanzmärkte

Die in Wirtschaftssoziologie und Politischer Ökonomie breit diskutierte These der „Finanzialisierung” von Wirtschaft und Gesellschaft wird in diesem Beitrag kritisch bilanziert. Ausgangspukt ist die Frage, was Finanzmarktakteure „auf“ Finanzmärkten eigentlich beobachten, und was sich ihrem Beobachtungsradar entzieht. Auf dieser Grundlage wird gezeigt, dass Ausmaß und Häufigkeit der Beeinflussung eines Unternehmens der „Realökonomie” durch Finanzmarktakteure nicht modellschematisch erklärt werden kann, sondern von der Statuslage des betreffenden Unternehmens abhängt.

Kraemer, K. (2017): Die Grenzen der Finanzmärkte, in: Faust, M., Kädtler, J. und Wolf, H. (Hrsg.): Finanzmarktkapitalismus? Der Einfluss von Finanzialisierung auf Arbeit, Wachstum und Innovation, Campus Verlag, Frankfurt, New York, S. 123-154.

Kontakt: Klaus Kraemer, Institut für Soziologie, Tel.: 0316/380 - 3546

Election outcomes under different ways to announce preferences: an analysis of the 2015 parliament election in the Austrian federal state of Styria

We use preference data from the 2015 parliament election in the Austrian federal state of Styria to analyze different voting rules. An exit poll right after the election collected data on ordinal and cardinal preferences from approximately 1000 actual voters. Our analysis is threefold. First, we determine the hypothetical social outcomes under different voting rules; second, we investigate the stability of the outcomes under those rules. Finally, we provide a categorization of different types of parties and analyze the impact of certain voting rules (Plurality Rule, Plurality Run Off, Hare System, Condorcet Method, Approval Voting, Borda Rule, Evaluative Voting, and Majority Judgment) on the performances of parties in those scenarios.

Darmann, A., Grundner, J. und Klamler, C. (2017): Election outcomes under different ways to announce preferences: an analysis of the 2015 parliament election in the Austrian federal state of Styria, in: Public Choice, Vol. 173, No. 1-2, pp. 201-216, doi: doi.org/10.1007/s11127-017-0472-6 [16.08.2017].

Kontakt: Andreas Darmann, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 7139

Core equivalence with differentiated commodities

This paper presents improved core equivalence results for atomless economies with differentiated commodities in the framework of Ostroy and Zame (1994). Commodity bundles are elements of the space M(K) of signed Borel measures on a compact space K of commodity characteristics. Ostroy and Zame provide two sufficient conditions for core equivalence: It is sufficient that markets are ”physically thick”, so that there are many suppliers of every commodity, or that markets are ”economically thick”, so that consumers are sufficiently willing to substitute commodities with a similar composition for each other. The sufficient conditions in Ostroy and Zame (1994) all imply that there are ”many more agents than commodities”, an idea of Aumann that was formalized and discussed in Tourky and Yannelis (2001) and Greinecker and Podczeck (2016). We generalize the framework in Ostroy and Zame (1994) and weaken their sufficient conditions to not imply the presence of ”many more agents than commodities”. In particular, we drop the requirement that K is metrizable from the basic model, the requirement of an uniform bound on endowments from the condition of ”physically thick markets”, and the requirement that preferences are weak∗-continuous from the condition of ”economically thick markets”. Core equivalence still holds, showing that ”many more agents than commodities” are not needed for core equivalence in models of commodity differentiation.

Greinecker, M. und Podczeck, K. (2017): Core equivalence with differentiated commodities, in: Journal of Mathematical Economics, Vol. 73, pp. 54-67, doi: doi.org/10.1016/j.jmateco.2017.08.005.

Kontakt: Michael Greinecker, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3454

Immaterial and monetary gifts in economic transactions: evidence from the field

Reciprocation of monetary gifts is well-understood in economics. In contrast, there is little research on reciprocal behavior following immaterial gifts like compliments. We narrow this gap and investigate how employees reciprocate after receiving immaterial gifts and material gifts over time. We purchase (1) ice cream from fast food restaurants, and (2) durum doner, a common lunch snack, from independent vendors. Prior to the food’s preparation, we either compliment or tip the salesperson. We find that salespersons reciprocate compliments with higher product weight than in a control treatment. Importantly, this reciprocal behavior following immaterial gifts grows over repeated transactions. Tips, in contrast, have a stronger level effect which does not change over time.

Kirchler, M. und Palan, S. (2017): Immaterial and monetary gifts in economic transactions: evidence from the field, in: Experimental Economics, pp. 1-26, doi: doi.org/10.1007/s10683-017-9536-1 [02.08.2017].

Kontakt: Stefan Palan, Institut für Banken und Finanzierung, Tel.: 0316/380 - 7306

Clustering, Knowledge Sharing, and Intrabrand Competition: A Multiyear Analysis of an Evolving Franchise System

As franchise systems expand, the clustering and resulting proximity of same-brand outlets often become contentious issues. The increased interactions among outlets may facilitate knowledge sharing, even while inducing intrabrand competition. Prior research has considered each possibility – nowledge sharing or intrabrand competition – in isolation, resulting in conflicting recommendations to the central question whether multiple same-brand outlets should be close to or distant from one another. In this study, the authors take the perspective of the focal outlet and show that the opportunity to share knowledge afforded by clustering-based proximity may or may not be realized, depending on the motivation and ability of the proximal outlets to share knowledge, the focal outlet's ability to absorb knowledge, and the governance context. An analysis of more than 8,000 observations on the 988 outlets of a U.S.-based automotive service franchise system from 1977 to 2012, and corresponding outlet-level sales information from 2004 to 2012, provides support for the authors' hypotheses.

Butt, M. N., Antia, K. D., Murtha, B. R. und Kashyap, V. (2017): Clustering, Knowledge Sharing, and Intrabrand Competition: A Multiyear Analysis of an Evolving Franchise System, in: Journal of Marketing, doi: doi.org/10.1509/jm.16.0173 [23.08.2017].

Kontakt: Vishal Kashyap, Institut für Marketing, Tel.: 0316/380 - 7210

Developing international talents: how organisational and individual perspectives interact

Purpose – Focusing on an international trainee- and internship programme, this paper aims to propose a new framework that links organisational strategies regarding ethnic diversity with career competencies of the programme participants.
Design/methodology/approach – The paper adopts a case study design. It examines the interplay of the perspectives of the organisation, which is an Austrian bank, and of the programme participants, who are university graduates from South-Eastern Europe. It draws on the typology of diversity strategies by Ortlieb and Sieben (2013) and the categorisation of individual career competencies by DeFillippi and Arthur (1994).
Findings – The bank benefits from the programme participants’competencies with regard to South-Eastern Europe and increased legitimacy gained from the public. Programme participants acquire many knowing-how, knowing-why and knowing-whom competencies,especially if the bank pursues a so-called learning strategy towards ethnic diversity. On the other hand, individual knowing-how competency supports an organisation’s antidiscrimination strategy, whereas knowing-why and knowing-whom competencies benefit the organizational learning strategy.
Research limitations/implications – Although the paper builds on a single case study and the ability to generalise is limited, the findings imply that future human resource development concepts should jointly consider the perspectives of both organisations and individuals.
Practical implications – Owing to their high strategic relevance, organisations should look into the competencies of skilled migrants and evaluate the critical resources they offer. Both organisational learning and an organisation’s strategic development are key concerns. The proposed framework helps to effectively design trainee- and internship programmes and simultaneously anticipate organisational and individual consequences thereof at an early stage.
Originality/value – The proposed framework concerning the interplay between organisational and individual perspectives as well as the regional focus on South-Eastern Europe present novelties.

Hirt, C., Ortlieb, R., Winterheller, J., Bešić, A. und Scheff, J. (2017): Developing international talents: how organisational and individual perspectives interact, in: European Journal of Training and Development, Vol. 41, No. 7, pp. 610-627.

Kontakt: Christian Hirt, Institut für Personalpolitik, Tel.: 0316/380 - 3648

Managerial Discretion in Accruals and Informational Efficiency

In this paper, the authors examine the relation between managerial discretion in accruals and informational efficiency. They find that informational efficiency, measured by the price deviation from a random walk pattern using stock return variance ratios, increases in the extent to which managers exercise discretion over accruals. The results are consistent with the view that discretionary accruals, on average, convey useful information to investors and facilitate the price convergence to its fundamental value. The findings are robust to a battery of tests, including tests to validate both the measures of informational efficiency and the measure of managerial discretion in accruals.

Perotti, P. und Windisch, D. (2017): Managerial Discretion in Accruals and Informational Efficiency, in: Journal of Business Finance & Accounting, Vol. 44, No. 3/4, pp. 375–416, doi: 10.1111/jbfa.12241.

Kontakt: David Windisch, Center for Accounting Research, Tel.: 0316/380 - 7280

Die Geschichte der Soziologie im Spiegel der Kölner Zeitschrift für Soziologie und Sozialpsychologie (KZfSS)

Die Kölner Zeitschrift für Soziologie und Sozialpsychologie (KZfSS) gehört seit ihrer Gründung im deutschsprachigen Raum zu den zentralen Fachzeitschriften der Soziologie. Zahlreiche Beiträge der KZfSS prägten die Debatten, Kontroversen und Verlaufsprozesse der Soziologie in Deutschland oder spiegelten zentrale Fachdiskussionen und gesellschaftliche Entwicklungen wider. Ausgehend von ausgewählten Aufsätzen aus der KZfSS werden zentrale Stationen der Geschichte der Soziologie in Deutschland belichtet und nach dem Wandel soziologischer Kritik gefragt. Der Beitrag eröffnet das Sonderheft 69 der Kölner Zeitschrift für Soziologie und Sozialpsychologie.

Moebius, S. (2017): Die Geschichte der Soziologie im Spiegel der Kölner Zeitschrift für Soziologie und Sozialpsychologie (KZfSS), in: Kölner Zeitschrift für Soziologie und Sozialpsychologie, Vol. 69., Supplement 1, S. 3-44, doi: doi.org/10.1007/s11577-017-0433-6 [07.09.2017].

Kontakt: Stephan Moebius, Institut für Soziologie, Tel.: 0316/380 - 7081

Agency, exchange, and power in scholastic thought

The socio-economic reasoning of the schoolmen originated from heterogeneous roots and influences and developed over centuries. This is reflected in divergent interpretations of scholastic economic thought. Two conceptual coordinates are used to put those discussions into a common perspective: (1) the distinction between agency-sensitive vs. agency-neutral exchange; (2) the divide between intellectualism and voluntarism. While focussing important theological influences on key issues of economic thought, this allows for a critical account of continuity of problems, while at the same time taking seriously the profound transformation of knowledge systems since the scholastic era.

Sturn, R. (2017): Agency, exchange, and power in scholastic thought, in: The European Journal of the History of Economic Thought, Vol. 24, No. 4, pp. 640-669, doi: doi.org/10.1080/09672567.2017.1338393 [05.07.2017].

Kontakt: Richard Sturn, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 3461

Abraham Wald's Complete Class Theorem and Knightian Uncertainty

I study the implications of Wald's (1947) complete class theorem for decision making under Knightian uncertainty (or ambiguity). Suppose we call someone who uses Wald's approach to statistical decision making a Waldian. A Waldian may then have preferences over acts that are not in agreement with subjective expected utility but always chooses as if she was a subjective expected utility maximizer. In particular, even Wald's (1945) minmax decision rule is consistent with subjective expected utility.

Kuzmics, C. (2017): Abraham Wald’s Complete Class Theorem and Knightian Uncertainty, in: Games and Economic Behavior, Vol. 104, pp. 666-673, doi: doi.org/10.1016/j.geb.2017.06.012.

Kontakt: Christoph Kuzmics, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 7111

Various motivations for managerial (mis)reporting - an experimental study

In the experiment we model all possible consequences from misreporting for both the shareholder and for the manager, since we are interested in patterns in reporting behaviour resulting from different motivations for potential misrepresentation. This allows for examining the stability of the (mis)reporting behaviour in different treatments. Agents are primarily driven by the consequences for themselves rather than by the consequences for the principal, while deciding on misreporting. Participants are willing to sacrifice a small gain for themselves in order to prevent a greater loss for the principal. If agents misreport, they do it in order to generate positive rather than negative consequences for themselves. Reports in favour of the principal, but fruitless or even costly for the agent are very rare. The experiment indicates also that pro-social agents report more truthfully than pro-self agents.

Rasmußen, A. und Leopold-Wildburger, U. (2016): Various motivations for managerial (mis)reporting – an experimental study, in: Optimization. A Journal of Mathematical Programming and Operations Research, pp. 1-18, doi: dx.doi.org/10.1080/02331934.2016.1247158 [15.11.2016].

Kontakt: Ulrike Leopold-Wildburger, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3492

Two-stage capital budgeting, capital charge rates, and resource constraints

We study two-stage, multi-division budgeting mechanisms that allocate scarce resources among divisions using capital charge rates. Each divisional manager observes private sequential project information and competes for scarce resources over two stages. The optimal capital charge rates in our two-stage setting can be quite different from those that arise in a single-stage setting. If the firm faces a resource constraint at only the second stage, a less severe constraint can imply more first-stage project initiation, which can lead to higher second-stage capital charge rates. If resources are constrained at both stages, a decrease in the severity of the constraint at just one stage decreases the capital charge rate at that stage but increases the capital charge rate at the other stage because each constraint affects the intensity of competition at both stages. This result holds regardless of whether the scarce resources are fungible or non-fungible across stages.

Johnson, N. B., Pfeiffer, T. und Schneider, G. (2017): Two-stage capital budgeting, capital charge rates, and resource constraints, in: Review of Accounting Studies, Vol. 22, No. 2, pp. 933-963.

Kontakt: Georg Schneider, Institut für Unternehmensrechnung und Reporting, Tel.: 0316/380 - 3641

Using ePortfolios to Encourage Reflection and Competency Development. Results and Implications from an Accompanying Study and an Alumni Study

The Purpose of the research described within this paper is to evaluate the impact and sustainability of an ePortfolio (ePF)-initiative for students within a five-semester Master’s Program for Business Education and Development via an accompanying study among current students and an alumni study among former students. The accompanying study aims at evaluating students’ self-perception of their competences and attitude towards the method of ePF throughout the Master’s Program. Each student participates at six points of time, leading to 1158 questionnaires up to December 2015. To enhance insight into the sustainability of the ePF-initiative, an alumni study, involving 1079 graduates is conducted. Results indicate, that students value the positive impact of the ePF on their (self-)reflection. When being asked about their most distinctive competences, students’ responses reflect the main emphasis of their previous ePF-sessions, thus indicating a positive impact of the ePF on students’ self-perception of their own competences. However, the results of the alumni study indicate, that graduates do not continue their ePF-work during their professional life.

Dreisiebner, G., Riebenbauer, E. und Stock, M. (2017): Using ePortfolios to Encourage Reflection and Competency Development. Results and Implications from an Accompanying Study and an Alumni Study, in: The Journal of Research in Business Education, Vol. 58, No. 1, pp. 31-47.

Kontakt: Gernot Dreisiebner, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 3534

Schlüsselwerke der Wirtschaftssoziologie

Mit den Schlüsselwerken der Wirtschaftssoziologie haben Klaus Kraemer und Florian Brugger ein neues Handbuch herausgegeben, das einen umfangreichen Überblick über die wichtigsten Monografien, Abhandlungen und Aufsätze der Wirtschaftssoziologie bietet. Im ersten Teil des Handbuchs werden die klassischen Werke und Inspirationsquellen der älteren, im zweiten Teil die wichtigsten Studien der neueren Wirtschaftssoziologie seit den 1980er Jahren vorgestellt. In einem einführenden Beitrag geben die beiden Herausgeber einen Überblick über die Geschichte und den Forschungsstand der Wirtschaftssoziologie, diskutieren das noch immer unausgeschöpfte Potential der Klassiker der Wirtschaftssoziologie und umreißen einige zentrale Forschungsdesiderate. Hieran anschließend stellen renommierte Autorinnen und Autoren über 60 Schlüsselwerke der angelsächsischen, französischen und deutschsprachigen Wirtschaftssoziologie vor. Das Handbuch ist in der von Andrea Maurer und Uwe Schimank herausgegebenen Reihe „Wirtschaft und Gesellschaft” des Verlages Springer VS erschienen.

Kraemer, K. und Brugger, F. (Hrsg.) (2017): Schlüsselwerke der Wirtschaftssoziologie, Springer VS, Wiesbaden.

Kontakt: Klaus Kraemer, Institut für Soziologie, Tel.: 0316/380 - 3546

On Public Good Provision with Dominant Strategies and Balanced Budget

Consider a mechanism for the binary public good provision problem that is dominant strategy incentive compatible (DSIC), ex-post individually rational (EPIR), and ex-post budget balanced (EPBB). It is well known that if there are only two agents, then any such mechanism must have a threshold (or fixed cost-sharing) form, providing the public good if and only if both agents have values that are at least their respective thresholds. When there are more than two agents, there are mechanisms that are DSIC, EPIR, and EPBB that are not of the threshold form. Any DSIC, EPIR, and EPBB mechanism that additionally satisfies that the lowest types expect zero net utility from participating are again of the threshold form. This additional condition arises endogenously when maximizing expected welfare subject to DSIC, EPIR, and EPBB.

Kuzmics, C. und Steg, J.-H. (2017): On Public Good Provision with Dominant Strategies and Balanced Budget, in: Journal of Economic Theory, Vol. 170, pp. 56-69, doi: doi.org/10.1016/j.jet.2017.04.006 [03.05.2017].

Kontakt: Christoph Kuzmics, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 7111

Positional preferences and efficient capital accumulation when households exhibit a preference for wealth

We study the impact of positional preferences – with respect to wealth in addition to consumption – on endogenous growth, welfare, and corrective taxation. We consider first an AK model, and then introduce public capital. Labour supply is exogenous. We find analytically that the presence of wealth positionality always causes distortions (although a preference for absolute wealth by itself is non-distortionary). Consumption positionality introduces a distortion only if wealth is an argument in the utility function and the marginal degree of positionality in wealth does not match that of consumption. Two corrective tax instruments, a consumption or an income tax, are required for internalization of externalities in an AK set-up; the optimal choice of public investment is an additional instrument when public capital is introduced. Numerical simulations – pointing towards high corrective tax rates and their strong impact on growth and welfare – complement the theoretical analysis.

Ghosh, S. und Wendner, R. (2017): Positional preferences and efficient capital accumulation when households exhibit a preference for wealth, in: Oxford Economic Papers, doi: doi.org/10.1093/oep/gpx027 [01.06.2017].

Kontakt: Ronald Wendner, Institut für Vokswirtschaftslehre, Tel.: 0316/380 - 3458

Perceived Service Value - Implications for the viability of continuing education programmes

This article examines the perceived value of continuing education courses and asks how value is related to satisfaction, value for money judgements and willingness to pay for education. Data was collected through an online survey at four universities in two nations. A four-factor value structure was identified with the following dimensions: institutional image, career value, learning value and social value. Differences between Austrian and New Zealand based respondents in the relative importance of the four dimensions were observed and the possible origins of these differences are explored. We propose a theoretically informed model that is consistent with our observations.

Geertshuis, S. und Krickl, O. (2016): Perceived Service Value – Implications for the viability of continuing education programmes, in: Field, J., Schmidt-Hertha, B. und Waxenegger, A. (Hrsg.): Universities and Engagement – International perspectives on higher education and lifelong learning, Routledge, London und New York, S. 80-89.

Kontakt: Otto Krickl, Institut für Organisation und Institutionenökonomik, Tel.: 0316/380 - 7186

Approximation of the Knapsack Problems with Conflict and Forcing Graphs

We study the classical 0-1 knapsack problem with additional restrictions on pairs of items. A conflict constraint states that from a certain pair of items at most one item can be contained in a feasible solution. Reversing this condition, we obtain a forcing constraint stating that at least one of the two items must be included in the knapsack. A natural way for representing these constraints is the use of conflict (resp. forcing) graphs.
We derive a fairly complicated FPTAS for the knapsack problem on weakly chordal conflict graphs. Next, we show that the techniques of modular decompositions and clique separators, widely used in the literature for solving the independent set problem on special graph classes, can be applied to the knapsack problem with conflict graphs. In particular, we can show that every positive approximation result for the atoms of prime graphs arising from such a decomposition carries over to the original graph. We point out a number of structural results from the literature which can be used to show the existence of an FPTAS for several graph classes characterized by the exclusion of certain induced subgraphs. Finally, a PTAS for the knapsack problem with H-minor free conflict graph is derived. This includes planar graphs and, more general, graphs of bounded genus.

Pferschy, U. und Schauer, J. (2017): Approximation of Knapsack Problems with Conflict and Forcing Graphs, in: Journal of Combinatorial Optimization, Vol. 33, No. 4, pp. 1300-1323.

Kontakt: Ulrich Pferschy, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3496

Boost Entrepreneurship Education through Business Education

Entrepreneurship Education is a major concern to enable economic growth and sustainable development. According to the European Commission, the key competence entrepreneurship should be embedded into curricula across primary, secondary, vocational, higher and adult education before the end of 2015. This session concentrated on Vocational Education and Training and informed about various multidimensional learning and teaching approaches for the students' competence development according to a broad understanding of Entrepreneurship Education.
The focus was on action-oriented methods like Learning Office, Practice Enterprise (also Virtual Enterprise or Practice Firm) and Junior Company. These business simulations for learning purposes were introduced with theoretical background, practical examples and international platforms. After the discussion of their advantages and disadvantages, a combined concept for a comprehensive Entrepreneurship Education was developed in order to foster entrepreneurial, occupational and personal independence.

Riebenbauer, E., Dreisiebner, G. und Stock, M. (2016): Boost Entrepreneurship Education through Business Education, in: Proceedings of the 88th International SIEC-ISBE Conference International Society for Business Education, Graz und Maribor, 31. Juli bis 4. August 2016, S. 7.

Kontakt: Elisabeth Riebenbauer, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 3532

From the Iron Curtain to the Schengen Area: Memory Cultures of Bordering Communist and Postcommunist Europe

This article is part of the special section titled From the Iron Curtain to the Schengen Area, guest edited by Wolfgang Mueller and Libora Oates-Indruchová.

Oates-Indruchová, L. und Mueller, W. (2017): From the Iron Curtain to the Schengen Area: Memory Cultures of Bordering Communist and Postcommunist Europe, in: East European Politics and Societies and Cultures, Vol. 31, No. 2, pp. 227-233.

Kontakt: Libora Oates-Indruchová, Institut für Soziologie, Tel.: 0316/380 - 7086

Hedonic Indexes for Public and Private Housing in Costa Rica: Prices, Quality and Government Policy

Purpose – This study aims to show how hedonic methods can be used to compare the performance of the public and private sector housing markets in Costa Rica.
Design/methodology/approach – Hedonic price indexes are computed using the adjacent-period method. Average housing quality is measured by comparing hedonic and median price indexes. The relative performance of the public and private sector residential construction is compared by estimating separate hedonic models for each sector. A private sector price is then imputed for each house built in the public sector, and a public sector price is imputed for each house built in the private sector.
Findings – The real quality-adjusted price of private housing rose by 12 per cent between 2000 and 2013, whereas the price of private housing rose by 9 per cent. The average quality of private housing rose by 45 per cent, whereas that of public housing fell by 18 per cent. Nevertheless, the hedonic imputation analysis reveals that public housing could not be produced more cheaply in the private sector.
Social implications – The quality of public housing has declined over time. The hedonic analysis shows that the decline is not because of a lack of competition between construction firms in the public sector. An alternative demand side explanation is provided.
Originality/value – This study applies hedonic methods in novel ways to compare the relative performance of the public and private housing sectors in Costa Rica. The results shed new light on the effectiveness of public sector housing programs.

Guevara, P., Hill, R. und Scholz, M. (2017): Hedonic Indexes for Public and Private Housing in Costa Rica: Prices, Quality and Government Policy, in: International Journal of Housing Markets and Analysis, Vol. 10, No. 1, pp.140-155, doi: 10.1108/IJHMA-02-2016-0014.

Kontakt: Robert J. Hill, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3442

The Neoclassical Approach to Induced Technical Change: From Hicks to Acemoglu

This survey article provides a critical overview of the development of the neoclassical theory of induced technical change. From Hicks's introduction of the concept in his Theory of Wages up to the recent literature the strengths and weaknesses of the proposed models and the contexts in which they have been developed are outlined. It is shown that induced technical change has been invoked to explain various long-run distribution conundrums which could not be explained with standard neoclassical growth theory. The importance of induced technical change for the long-run distribution of income cannot be doubted. Nevertheless, we show that neoclassical models of induced technical change are still unsatisfactory in a number of respects.

Brugger, F. und Gehrke, C. (2016): The Neoclassical Approach to Induced Technical Change: From Hicks to Acemoglu, in: Metroeconomica, doi: 10.1111/meca.12141 [22.06.2016].

Kontakt: Christian Gehrke, Institut für Vokswirtschaftslehre, Tel.: 0316/380 - 3457

Reziprokes Empowerment in der Entwicklungszusammenarbeit: It takes two to tango

Dieser Beitrag stellt reziprokes Empowerment als ein viables Modell für Entwicklungszusammenarbeit im 21. Jahrhundert vor. Ausgangspunkt ist die fragwürdige Eindimensionalität von Entwicklungsanstrengungen im internationalen Feld. Die hegemoniale Haltung reproduziert Machtverhältnisse und steht somit einer Entwicklung im Sinne einer Befreiung entgegen. Um in einer interdependenten und multipolaren Weltordnung gegenseitige Veränderungsprozesse anzuregen, schlagen wir das Konzept von reziprokem Empowerment vor. Reziprokes Empowerment hat ein gutes Leben für alle WeltbürgerInnen zum Ziel. Reziprokes Empowerment ist dialogisch und stellt sich den Spannungsfeldern von Entwicklung. In diesem Sinne umarmt reziprokes Empowerment die Asymmetrie und bewirkt Bildungs- und Veränderungsprozesse auf beiden Seiten.

Pummer, C. und Pilaj, H. (2016): Reziprokes Empowerment in der Entwicklungszusammenarbeit: It takes two to tango, in: Gmainer-Pranzl, F. und Schottenhammer, A. (Hrsg.): Wissenschaft und globales Denken, Peter Lang, Frankfurt, S. 447-460.

Kontakt: Herwig Pilaj, Institut für Finanzwirtschaft, Tel.: 0316/380 - 3515

Comparing information literacy of student beginners among different branches of study

In our paper we present a study in which we investigated the level of information literacy of first-year students across different studies offered by faculties at the University of Graz. Data were collected by means of a multiple-choice questionnaire. In total we analyzed 232 questionnaires completed by first-year students from six studies (faculties). The results show that the overall level of information literacy is mediocre. However, the difference in the level of information literacy across the studies is not as big as originally expected. The type of high school completed has a strong effect at least in the beginning of the studies. Another interesting result shows that the students rated their information literacy skills much higher than the test indicated. It can be concluded that multiple-choice questionnaires are an efficient and objective test instrument to inform the students that they are much less information literate than they believe themselves to be.

Maurer, A., Schlögl, C. und Dreisiebner, S. (2016): Comparing information literacy of student beginners among different branches of study, in: Libellarium, Vol. 9, No. 2, pp. 309-319, doi: dx.doi.org/10.15291/libellarium.v9i2.280.

Kontakt: Christian Schlögl, Institut für Informationswissenschaft und Wirtschaftsinformatik, Tel.: 0316/380 - 3566

An experimental study on bribes, detection probability and principal witness policy

We present the results of a laboratory bribery experiment in which two bidders compete for a contract and make offers to an employee of a firm which can be accompanied by a bribe. The employee then decides who to award the contract to. The roles of both bidders and the employee are played by subjects in the laboratory. We test whether different probabilities of a bribe being discovered influence the honesty of a contract placing. In a further treatment we investigate the effect of the possibility of cooperating with the authority (principal witness) in combination with a leniency policy in the form of a reduced fine for the all players who cooperate with the authorities. We find that the presence of a leniency policy reduces the number of bribes offered, but at the same time makes the bribes that are offered more profitable for corrupt bidders who earn more, especially under the principal witness condition.

Christöfl, A., Leopold-Wildburger, U. und Rasmußen, A. (2017): An experimental study on bribes, detection probability and principal witness policy, in: Journal of Business Economics, doi: 10.1007/s11573-017-0846-8 [16.01.2017].

Kontakt: Ulrike Leopold-Wildburger, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3492

Zyklos 3. Jahrbuch für Theorie und Geschichte der Soziologie

Der dritte Band von „ZYKLOS: Jahrbuch für die Theorie und Geschichte der Soziologie”, hrsg. von Stephan Moebius, Martin Endreß und Klaus Lichtblau, widmet sich einer theorieorientierten Geschichte der Soziologie. Die Aufsätze des ersten Teils von ZYKLOS 3 analysieren unterschiedliche Facetten von Ludwik Flecks wissens- und wissenschaftssoziologischen Beiträgen. Weitere Aufsätze behandeln u.a. die Entstehungsgeschichte der Deutschen Gesellschaft für Soziologie, die Marx-Rezeption in der deutschsprachigen Soziologie nach 1945 sowie eine Debatte über die Geschichtsschreibung der deutschsprachigen Soziologie nach 1949. Die Rubrik „Nachrichten aus der soziologiegeschichtlichen Forschung” beginnt mit Nekrologen für Thomas Luckmann und Walter Rüegg. Ferner wird über Heinrich Popitz’ Nachlass in Konstanz informiert. In der Rubrik „Editionsprojekte” finden sich Beiträge über die Simmel-Gesamtausgabe, die Marx-Engels-Gesamtausgabe sowie über die „Schwarzen Hefte” von Martin Heidegger. In der Rubrik „Unveröffentlichtes aus den Archiven” bietet der vorliegende Jahrgang von ZYKLOS den bisher unveröffentlichten Text von Ferdinand Tönnies „Die Berechtigung der Soziologie als akademisches Lehrfach (Denkschrift, gerichtet an das Kultusministerium)” aus dem Jahr 1929.

Endreß, M., Lichtblau, K. und Moebius, S. (Hrsg.) (2017): Zyklos 3. Jahrbuch für Theorie und Geschichte der Soziologie, Springer VS, Wiesbaden.

Kontakt: Stephan Moebius, Institut für Soziologie, Tel.: 0316/380 - 7081

Maxmin Envy-Free Division of Indivisible Items

Assume that two players have strict rankings over an even number of indivisible items. We propose two algorithms to find balanced allocations of these items that are maximin-maximize the minimum rank of the items that the players receive – and are envy-free and Pareto-optimal, if such allocations exist. To determine whether an envy-free allocation exists, we introduce a simple condition on preference profiles; in fact, our condition guarantees the existence of a maximin, envy-free, and Pareto-optimal allocation. Although not strategy-proof, our algorithms would be difficult to manipulate unless a player has complete information about its opponent’s ranking. We assess the applicability of the algorithms to real-world problems, such as allocating marital property in a divorce or assigning people to committees or projects.

Brams, S. J., Kilgour, D. M. und Klamler, C. (2017): Maximin Envy-Free Division of Indivisible Items, in: Group Decision and Negotiation, Vol. 26, No. 1, pp. 115-131.

Kontakt: Christian Klamler, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 3465

Consistent economic cross-sectoral climate change impact scenario analysis: Method and application to Austria

Climate change triggers manifold impacts at the national to local level, which in turn have various economy-wide implications (e.g. on welfare, employment, or tax revenues). In its response, society needs to prioritize which of these impacts to address and what share of resources to spend on each respective adaptation. A prerequisite to achieving that end is an economic impact analysis that is consistent across sectors and acknowledges intersectoral and economy-wide feedback effects. Traditional Integrated Assessment Models (IAMs) are usually operating at a level too aggregated for this end, while bottom-up impact models most often are not fully comprehensive, focusing on only a subset of climate sensitive sectors and/or a subset of climate change impact chains. Thus, we develop here an approach which applies climate and socioeconomic scenario analysis, harmonized economic costing, and sector explicit bandwidth analysis in a coupled framework of eleven (bio)physical impact assessment models and a uniform multi-sectoral computable general equilibrium model. In applying this approach to the alpine country of Austria, we find that macroeconomic feedbacks can magnify sectoral climate damages up to fourfold, or that by mid-century costs of climate change clearly outweigh benefits, with net costs rising two- to fourfold above current damage cost levels. The resulting specific impact information – differentiated by climate and economic drivers – can support sector-specific adaptation as well as adaptive capacity building.

Steininger, K. W., Bednar-Friedl, B., Formayer, H. und König, M. (2016): Consistent economic cross-sectoral climate change impact scenario analysis: Method and application to Austria, in: Climate Services, Vol. 1, pp. 39-52, doi: 10.1016/j.cliser.2016.02.003.

Kontakt: Karl Steininger, Institut für Vokswirtschaftslehre, Tel.: 0316/380 - 3451

Demografische Prozesse in postsozialistischen EU-Ländern. Hajnal, Demografische Krise und die Postmoderne (1985/90 - 2015)

Betrachtet man zentrale demografische Indikatoren bzw. deren Entwicklung in den postsozialistischen Ländern seit 1985/90 bzw. vergleicht man diese mit den niemals sozialistischen EU-Ländern des „Westens” so fallen einerseits gemeinsame Tendenzen auf, andererseits bleiben aber Spezifika erhalten. In den ehemals sozialistischen Ländern steigt das Erstheiratsalter dramatisch an, dennoch bleiben alle diese Länder bis heute unter dem westeuropäischem Niveau. Alte osteuropäische Muster, die schon John Hajnal für das 18. Jahrhundert entdeckt hatte, wie etwa das jüngere Erstheiratsalter, hielten offensichtlich auch über die sozialistische Zeit stand. Andererseits beförderten die demografische Krise als Folge der Transformationskrise und allgemeine postmoderne Tendenzen eine Annäherung der Werte an jene Westeuropas.

Teibenbacher, P. (2017): Demografische Prozesse in postsozialistischen EU-Ländern. Hajnal, Demografische Krise und die Postmoderne (1985/90 – 2015), in: Karner, S., Botz, G. und Konrad, H. (Hrsg.): Epochenbrüche im 20.Jahrhundert. Beiträge, Veröffentlichungen des Clusters Geschichte der Ludwig Boltzmann Gesellschaft, Band 4, Böhlau, Wien, S. 227-244.

Kontakt: Peter Teibenbacher, Institut für Wirtschafts-, Sozial- und Unternehmensgeschichte, Tel.: 0316/380 - 3523

Sourcing Strategies of a Multi-Input-Product Firm

Firms commonly manufacture multiple products using multiple complementary inputs. The multi-input-multi-product environment generates interactions among products yielding the following results for the firm’s sourcing strategies: (i) A multi-input-multi-product firm might optimally deviate from an isolated least-cost comparison, i.e. might produce in-house even if marginal in-house production cost exceeds the per-unit input price (and vice versa). Such a deviation can be optimal even if the input supplier can engage in price discrimination and can condition its input prices on the individual products that the firm manufactures. (ii) An outsourcing wave can arise in that concurrently outsourcing all inputs can be profitable for the firm even though outsourcing each input individually is unprofitable. (iii) More competition on the supplier market can decrease the multi-input-multi-product firm’s profit.

Kopel, M., Löffler, C. und Pfeiffer, T. (2016): Sourcing Strategies of a Multi-Input-Multi-Product Firm, in: Journal of Economic Behavior & Organization, Vol. 127, pp. 30-45.

Kontakt: Michael Kopel, Institut für Organisation und Institutionenökonomik, Tel.: 0316/380 - 7182

The Joint Effects of Ex Ante Contractual Completeness and Ex Post Governance on Compliance in Franchised Marketing Channels

This study examines the heretofore neglected joint effects of ex ante contractual completeness and ex post governance on compliance in a franchise setting. In contrast to much of the extant literature which views contractual completeness in the aggregate, the present research disaggregates contractual completeness into ex ante monitoring and enforcement completeness, and additionally distinguishes between ex post monitoring and enforcement, allowing for a nuanced examination of the joint effects of different types of ex ante and ex post governance on compliance. Additionally, the authors advance the concept of consummate compliance, thereby complementing the literature which tends to view compliance solely in terms of perfunctory compliance – an important distinction since the results suggest that perfunctory compliance has a negative, whereas consummate compliance has a positive, relationship with customer satisfaction. Drawing on multiple data sources, the authors demonstrate that ex ante monitoring completeness positively moderates the relationship between ex post monitoring and both types of compliance; however, ex ante enforcement completeness negatively moderates the relationship between ex post enforcement and both types of compliance.

Kashyap, V. und Murtha, B. R. (2016): The Joint Effects of Ex Ante Contractual Completeness and Ex Post Governance on Compliance in Franchised Marketing Channels, in: Journal of Marketing, DOI: 10.1509/jm.14.0089 [14.12.2016].

Kontakt: Vishal Kashyap, Institut für Marketing, Tel.: 0316/380 - 7210
Career patterns of young highly skilled migrants from Southeast Europe in Austria: Investigating accumulation and use of career capital

Using a Bourdieuian perspective, the purpose of the paper is to analyse how highly skilled migrants (HSMs) from transition economies develop their careers by accumulating and using career capital upon migration. An interpretative approach was chosen to depict the career patterns of 18 HSMs from Southeast Europe. Semi-structured interviews were used to gather data about their career experiences in Western Europe and their home countries. Findings reveal four different career patterns that show how individuals develop their careers and adjust to the work environment by accumulating and using career capital. Building up country-specific work-related social contacts and gaining work experience in local companies were found to represent key elements in their adjustment process. Additionally, the findings show that organisational support facilitates the processes of individual adjustment. The paper emphasises that individuals do not always have to assimilate to the work environment of the host country but can also bargain over the value of their career capital in their adjustment process. Contrasting with previous literature this perspective presents a novelty.

Winterheller, J. und Hirt, C. (2017): Career patterns of young highly skilled migrants from Southeast Europe in Austria: Investigating accumulation and use of career capital, in: Personnel Review, Vol. 46, No. 2, pp. 222–236.

Kontakt: Julian Winterheller, Institut für Personalpolitik, Tel.: 0316/380 - 7180
Generating subtour elimination constraints for the TSP from pure integer solutions

The traveling salesman problem (TSP) is one of the most prominent combinatorial optimization problems. Given a complete graph G=(V,E) and non-negative distances d for every edge, the TSP asks for a shortest tour through all vertices with respect to the distances d. The method of choice for solving the TSP to optimality is a branch and cut approach. Usually the integrality constraints are relaxed first and all separation processes to identify violated inequalities are done on fractional solutions. In our approach we try to exploit the impressive performance of current ILP-solvers and work only with integer solutions without ever interfering with fractional solutions. We stick to a very simple ILP-model and relax the subtour elimination constraints only. The resulting problem is solved to integer optimality, violated constraints (which are trivial to find) are added and the process is repeated until a feasible solution is found. In order to speed up the algorithm we pursue several attempts to find as many relevant subtours as possible. These attempts are based on the clustering of vertices with additional insights gained from empirical observations and random graph theory. Computational results are performed on test instances taken from the TSPLIB95 and on random Euclidean graphs.

Pferschy, U. und Staněk, R. (2017): Generating subtour elimination constraints for the TSP from pure integer solutions, in: Central European Journal of Operations Research, Vol. 25, No. 1, pp. 231-260.

Kontakt: Rostislav Staněk, Institut für Produktion und Logistik, Tel.: 0316/380 - 7246

Der Einfluss der Abgeltungssteuer auf die Haltedauer von Aktien - eine empirische Untersuchung von Directors' Dealings am deutschen Kapitalmarkt

Durch die Offenlegungspflichten von Directors’ Dealings (Insidergeschäften) von deutschen börsennotierten Kapitalgesellschaften können wir individuelle Haltedauern von Aktien ermitteln und empirisch analysieren. Da Gewinne aus privaten Aktienverkäufen unter dem Halbeinkünfteverfahren erst nach Ablauf der einjährigen Spekulationsfrist steuerfrei vereinnahmt werden konnten, entstand ein Lock-in-Effekt. Mit der Einführung der Abgeltungssteuer entfällt dieser Anreiz, da Gewinne aus privaten Aktienverkäufen unabhängig von der Haltedauer besteuert werden. Basierend auf einer Stichprobe von 1.211 Insidergeschäften (922 davon aus dem Halbeinkünfteverfahren und 289 aus der Abgeltungssteuer) zeigen wir, dass die Haltedauer für Gewinngeschäfte unter der Abgeltungssteuer wie erwartet signifikant niedriger ausfällt. Im Gegensatz dazu weisen Verlustgeschäfte unter der Abgeltungssteuer ebenfalls eine niedrigere Haltedauer auf, weshalb eine steuerlich motivierte Wahl des Veräußerungszeitpunktes für Verlustgeschäfte nicht plausibel erscheint.

Niemann, R. und Rünger, S. (2017): Der Einfluss der Abgeltungssteuer auf die Haltedauer von Aktien – eine empirische Untersuchung von Directors’ Dealings am deutschen Kapitalmarkt, in: ZfbF Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, 69. Jg., Heft 1, S. 41-80.

Kontakt: Rainer Niemann, Institut für Unternehmensrechnung und Steuerlehre, Tel.: 0316/380 - 6444

Wipäd - und dann? Ergebnisse aus der aktuellen Abso-Befragung am Standort Graz

Das Studium der Wirtschaftspädagogik weist in Österreich eine polyvalente Ausrichtung auf. Es dient der wissenschaftlichen Berufsvorbildung für die facheinschlägige Lehrtätigkeit einerseits und bereitet andererseits auf unterschiedliche Beschäftigungsfelder in Wirtschaft und Verwaltung, Forschung, aber ebenso in der Erwachsenenbildung vor. Dieses mehrfachqualifizierende Studium ermöglicht somit den Weg in verschiedene Berufsfelder. Die spannende Fragestellung ist nun, welche Wege tatsächlich von den Absolventinnen und Absolventen der Wirtschaftspädagogik am Standort Graz eingeschlagen werden. Im Beitrag werden die zentralen Ergebnisse einer aktuellen Abso-Studie dargestellt, die im Herbst 2015 durchgeführt wurde und für die alle Absolvent/inn/en seit der Implementierung des Studienplans im Jahr 1979, soweit Kontaktdaten eruierbar waren (dies waren 820 Studierende), befragt wurden. Mit einer für eine Online-Befragung sehr hohen Rücklaufquote von 55% können nun belastbare Aussagen zu den Studienmotiven, den beruflichen Wegen sowie den Berufszielen getroffen werden. Die Ergebnisse zeigen, dass die Polyvalenz und die damit verbundene Wechselmöglichkeit als Perspektive und Orientierung für die Absolvent/inn/en auch längerfristig relevant bleibt.

Zehetner, E., Stock, M. und Slepcevic-Zach, P. (2016): Wipäd – und dann? Ergebnisse aus der aktuellen Abso-Befragung am Standort Graz, in: wissenplus – Sonderausgabe Wissenschaft, Heft 3-15/16, S. 30–33.

Kontakt: Michaela Stock, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7272

Verbraucherorganisationen und Verbraucherpolitik als Intermediäre der Nachhaltigkeit. Eine Analyse der institutionellen und organisationalen Einbettung nachhaltigen Konsums

Dieser Beitrag greift aktuelle Erklärungsansätze auf, die nachhaltigen Konsum als eine sozial und institutionell eingebettete Praxis verstehen. Die deutschen Verbraucherorganisationen und die staatliche Verbraucherpolitik werden als ein zentraler Bestandteil der institutionellen und organisationalen Einbettung des nachhaltigen Konsums kenntlich gemacht. Der Aufsatz arbeitet systematisch die Strategien dieser verbraucherpolitischen Akteure heraus, um zu verdeutlichen, wie das soziale und organisationale Umfeld von Konsumenten und Anbietern auf nachhaltige Konsummuster einwirkt. Die Analyse zeigt, dass verbraucherpolitische Organisationen zentrale Intermediäre nachhaltigen Konsums darstellen, die die Handlungsabsichten, die Einstellungen, das Wissen sowie die Koordination von Akteuren im Bereich nachhaltiger Märkte beeinflussen.

Nessel, S. (2017): Verbraucherorganisationen und Verbraucherpolitik als Intermediäre der Nachhaltigkeit. Eine Analyse der institutionellen und organisationalen Einbettung nachhaltigen Konsums, in: Berliner Journal für Soziologie, 26. Jg., Heft 2, S. 227–248, doi:10.1007/s11609-016-0316-0 [17.01.2017].

Kontakt: Sebastian Nessel, Institut für Soziologie, Tel.: 0316/380 - 3547

Proportional Borda allocations

In this paper we study the allocation of indivisible items among a group of agents, a problem which has received increased attention in recent years, especially in areas such as computer science and economics. A major fairness property in the fair division literature is proportionality, which is satisfied whenever each of the n agents receives at least 1/n of the value attached to the whole set of items. To simplify the determination of values of (sets of) items from ordinal rankings of the items, we use the Borda rule, a concept used extensively and well-known in voting theory. Although, in general, proportionality cannot be guaranteed, we show that, under certain assumptions, proportional allocations of indivisible items are possible and finding such allocations is computationally easy.

Darmann, A. und Klamler, C. (2016): Proportional Borda allocations, in: Social Choice Welfare, Vol. 47, No. 3, pp. 543-558.

Kontakt: Christian Klamler, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 3465

Edgeworth's conjecture and the number of agents and commodities

We answer the question asked by Robert Aumann as to whether core equivalence depends on there being ”many more agents than commodities.” We show that for a large class of commodity spaces, which might be infinite-dimensional and even non-separable, core equivalence is indeed equivalent to the presence of ”many more agents than commodities” when allocations are Bochner integrable. By contrast, we show that in a classical model of an atomless economy with an infinite-dimensional commodity space, the model where the commodity space is L∞(μ) with the Mackey topology and allocations are Gelfand integrable, core equivalence holds in full generality, even when there are ”many more commodities than agents.” The assumptions we make on economies are much weaker than what is commonly used in core equivalence results for infinite-dimensional commodity spaces and reduce to Aumann’s original assumptions when there are finitely many commodities.

Greinecker, M. und Podczeck, K. (2016): Edgeworth’s conjecture and the number of agents and commodities, in: Economic Theory, Vol. 62, No. 1, pp. 93-130, DOI: 10.1007/s00199-015-0866-y [10.03.2015].

Kontakt: Michael Greinecker, Institut für Vokswirtschaftslehre, Tel.: 0316/380 - 3454

Versorgungsstrukturen in Österreich im Hinblick auf Krankenanstaltenbetten, Ärzte und Apotheken

Im vorliegenden Beitrag wird untersucht, ob es in Österreich im Hinblick auf die vier Versorgungszonen sowie 32 Versorgungsregionen eine ausgewogene Versorgung mit Krankenanstaltenbetten, Ärzten und Apotheken gibt. Die Untersuchung legt offen, dass die Versorgung mit Krankenanstaltenbetten und die Basisversorgung mit Allgemeinmedizinern mit Kassenvertrag in allen Versorgungszonen und Versorgungsregionen in beinahe gleichem Ausmaß gewährleistet sind. Unterschiede in den Versorgungsstrukturen sind hinsichtlich der Fachärzte zu beobachten, wie etwa eine gewisse Konzentration von Fachärzten auf Ballungszentren, insbesondere Wien, zeigt.

Reichmann, G. und Sommersguter-Reichmann, M. (2016): Versorgungsstrukturen in Österreich im Hinblick auf Krankenanstaltenbetten, Ärzte und Apotheken, in: Soziale Sicherheit, Heft 6, S. 270-279.

Kontakt: Margit Sommersguter-Reichmann, Institut für Finanzwirtschaft, Tel.: 0316/380 - 3516

Employee share ownership in Germany: A cluster analysis of firms' aims

Politicians and scholars alike praise the significant benefits associated with employee share ownership (ESO). However, little is known about the concrete motives of firms to provide ESO to their employees. In particular, it is unknown how these motives correlate with firms’ contexts. Drawing on an institutional theoretical framework, this article examines what aims firms pursue through the provision of ESO. The data originate from a survey of firms in Germany. The cluster analytic findings indicate distinctive patterns of relationships between aims and firm characteristics. Aims related to employee performance are most important to foreign-owned firms, financial aims are most important to non-public small and medium-sized firms and aims related to corporate image are most important to big firms and to firms that do not provide profit sharing. Aims related to employee attraction and retention are almost equally important to all kinds of firms.

Ortlieb, R., Matiaske, W. und Fietze, S. (2016): Employee share ownership in Germany: A cluster analysis of firms’ aims, in: Management Review, Vol. 27, Issue 4, pp. 285-303.

Kontakt: Renate Ortlieb, Institut für Personalpolitik, Tel.: 0316/380 - 7189

Die Wirkung steuerlicher Maßnahmen zur Förderung von Eigenkapital - eine Analyse am Beispiel von Österreich

Wenngleich das geltende österreichische Steuersystem eine steuerliche Ungleichbehandlung von Eigen- und Fremdkapital verursacht, versuchte der Gesetzgeber in den letzten Jahren durch unterschiedliche Maßnahmen, die Eigenkapitalbildung bei österreichischen Personengesellschaften zu stärken. Der vorliegende Beitrag analysiert in diesem Zusammenhang die Wirkungsweise der Thesaurierungsbegünstigung (§ 11a öEStG) sowie des Investitionsfreibetrages (§ 10 öEStG) und untersucht empirisch, ob diese beiden Maßnahmen zu einem Anstieg der Eigenkapitalquote österreichischer Unternehmen führten. Basierend auf einer Stichprobe von 111.617 Unternehmen über den Zeitraum 2000 bis 2013 kann keine signifikante Erhöhung der Eigenkapitalquoten der begünstigen Unternehmen nachgewiesen werden. Insofern sind beide, die Prinzipien von ACE-Steuersystemen nur teilweise umsetzende, Maßnahmen nur unzureichende Instrumente der Förderung des Eigenkapitalzuwachses bzw. der Eigenkapitalsicherung.

Petutschnig, M. und Rünger, S. (2016): Die Wirkung steuerlicher Maßnahmen zur Förderung von Eigenkapital – eine Analyse am Beispiel von Österreich, in: Betriebswirtschaftliche Forschung und Praxis, 68. Jg., Heft 4, S. 359-378.

Kontakt: Silke Rünger, Institut für Unternehmensrechnung und Steuerlehre, Tel.: 0316/380 - 6442

Strategy map concepts in a balanced scorecard cockpit improve performance

In both academia and practice, strategy implementation generally receives less attention than strategic planning, although it is no less important. In our experimental study, we address the following research question: Do different cockpits result in different strategy-implementation decisions and different performance? By using a strategic-operations research perspective, we designed a strategy-implementation task as a closed-loop control task. An ambitious growth strategy placed in the context of a mortgage brokerage business had to be successfully implemented by deciding on price, employees and expenditures in Business Concept and Technology. Compared to two other tools, the balanced-scorecard strategy map cockpit was the interface that provided the most focused and useful information in support of participants when carrying out their tasks. By comparing business-reporting tools, we can state that our research has a theoretical, as well as a practical, contribution. Modeling the impact of management performance measurement is of great interest for both practitioners and management scholars.

Hu, B., Leopold-Wildburger, U. und Strohhecker, J. (2017): Strategy map concepts in a balanced scorecard cockpit improve performance, in: European Journal of Operational Research, Vol. 258, Issue 2, pp. 664-676.

Kontakt: Ulrike Leopold-Wildburger, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3492

Unraveling a Tradition, or Spinning a Myth?: Gender Critique in Czech Society and Culture

The hostility that met feminist ideas and gender equality issues in East Central Europe (ECE) after the demise of the Communist regimes was accompanied by a notion that feminism was imported to these societies after 1989. In the Czech Republic, the record of the publishing output by feminist scholars in the 1990s, however, rather speaks against this myth. Drawing on existing scholarship and the author’s own research on cultural discourses of gender and on socialist state science policies and censorship, this article argues that there has been a long tradition of gender critique that was present in a variety of discourses even during late state socialism. It proposes that the feminist impulse began in the 19th century and continued in some form throughout the 20th century. It then examines how the myth of the feminist import came to exist and what were the possible sources of the hostility toward feminism in the 1990s.

Oates-Indruchová, L. (2016): Unraveling a Tradition, or Spinning a Myth? Gender Critique in Czech Society and Culture, in: Slavic Review, Vol. 75, No. 4, pp. 919-943.

Kontakt: Libora Oates-Indruchová, Institut für Soziologie, Tel.: 0316/380 - 7086

Konkurrenz im nationalen Container

Ein Interview mit Univ.-Prof. Dr. Klaus Kraemer vom Institut für Soziologie zum neuen Nationalismus in Europa wurde im Blog zur Zeitschrift OXI veröffentlicht.

Kraemer, K. (2016): Konkurrenz im nationalen Container, in: OXI, Blog, oxiblog.de/konkurrenz-im-nationalen-container/ [08.12.2016].

Kontakt: Klaus Kraemer, Institut für Soziologie, Tel.: 0316/380 - 3546

Hedonic Price-to-Rent Ratios, User Cost, and the Detection of Departures from Equilibrium in the Housing Market

Departures from equilibrium in the housing market can be detected by comparing the actual price-rent ratio with the price-rent ratio derived from the user cost equilibrium condition. The equilibrium price-rent ratio, however, assumes that the sold and rented dwellings being compared are of equal quality, which is typically not the case. Using hedonic methods applied to prices and rents for 730,000 houses in Sydney, Australia, we find that quality-adjusting reduces the actual price-rent ratio by on average 18%. Failure to make such a correction therefore will seriously bias the results towards a finding that the price-rent ratio is above its equilibrium level. We also explore ways of imputing the expected capital gain – a key input into the equilibrium price-rent ratio formula, and show that price-rent ratios (both actual and equilibrium) vary in systematic ways over the housing distribution. This latter result implies that it is not enough to simply focus on the median, as different results may pertain for other quantiles.

Hill, R. J. und Syed, I. A. (2016): Hedonic Price-to-Rent Ratios, User Cost, and the Detection of Departures from Equilibrium in the Housing Market, in: Regional Science and Urban Economics, Vol. 56, pp. 60-72.

Kontakt: Robert J. Hill, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3442

Multiple carbon accounting to support just and effective climate policies

Negotiating reductions in greenhouse gas emission involves the allocation of emissions and of emission reductions to specific agents, and notably, within the current UN framework, to associated countries. As production takes place in supply chains, increasingly extending over several countries, there are various options available in which emissions originating from one and the same activity may be attributed to different agents along the supply chain and thus to different countries. In this way, several distinct types of national carbon accounts can be constructed. We argue that these accounts will typically differ in the information they provide to individual countries on the effects their actions have on global emissions; and they may also, to varying degrees, prove useful in supporting the pursuit of an effective and just climate policy. None of the accounting systems, however, prove 'best' in achieving these aims under real-world circumstances; we thus suggest compiling reliable data to aid in the consistent calculation of multiple carbon accounts on a global level.

Steininger, K. W., Lininger, C., Meyer, L. H., Muñoz, P. und Schinko, T. (2016): Multiple carbon accounting to support just and effective climate policies, in: Nature Climate Change, Vol. 6, pp. 35-41, DOI: 10.1038/nclimate286 [23.11.2015].

Kontakt: Karl Steininger, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3451

When chasing the offender hurts the victim: The case of insider legislation

Backers and opponents argue over the pros and cons of legislation forbidding trading by informed insiders. Yet a lack of reliable empirical data about the effects of such legislation inhibits a conclusive scientific evaluation. We overcome this problem by resorting to laboratory markets and find that insider legislation has significant negative effects on multiple market dimensions: under insider legislation, (1) markets are less liquid, (2) markets are less informationally efficient, and (3) uninformed traders' earnings (before redistribution of illicit insider gains) are lower.

Palan, S. und Stöckl, T. (2016): When chasing the offender hurts the victim: The case of insider legislation, in: Journal of Financial Markets, www.sciencedirect.com/science/article/pii/S1386418116300623 [04.08.2016].

Kontakt: Stefan Palan, Institut für Banken und Finanzierung, Tel.: 0316/380 - 7306

Boon or Bane? Advance Tax Rulings as a Measure to Mitigate Tax Uncertainty and Foster Investment

Politicians and tax practitioners often claim that tax uncertainty negatively affects investment. In many countries, firms can request fee-based advance tax rulings (ATRs) to mitigate tax uncertainty. We analyse theoretically the circumstances under which investors request ATRs, how tax authorities should price them and how they can affect investment. We assume that tax authorities integrate investors' reasoning into their decisions. We find that in special cases the optimal fee tax authorities should charge is prohibitively high, thus firms will refrain from requesting ATRs. However, we find that revenue-maximising tax authorities offer ATRs if the ruling enables them either to significantly reduce their tax audit costs or to increase the probability of detecting ambiguous tax issues. Under certain circumstances, ATRs may effectively foster investment and potentially benefit both the tax authorities and taxpayers. Our results provide new explanations for why taxpayers that face high levels of tax uncertainty often do not request ATRs, even when the fee is rather low. Our results also hold when the tax authority maximises social wealth instead of its revenues. Regulatory changes in ATR requirements might serve as a natural quasi-experiment for an empirical study of our predictions regarding investment decisions.

Diller, M., Kortebusch, P., Schneider, G. und Sureth-Sloane, C. (2016): Boon or Bane? Advance Tax Rulings as a Measure to Mitigate Tax Uncertainty and Foster Investment, in: European Accounting Review, DOI: 10.1080/09638180.2016.1169939 [24.05.2016].

Kontakt: Georg Schneider, Institut für Unternehmensrechnung und Reporting, Tel.: 0316-380 - 3641

Voneinander und miteinander lernen in der universitären Übungsfirma

Kooperatives Lehren und Lernen stand thematisch im Fokus des Lehrpreises für das Studienjahr 2014/15. Gesucht waren Lehrveranstaltungen mit besonderem Augenmerk auf Kooperation und Teamwork, auf Dialog und Diskussion, auf Wissens- und Erfahrungsaustausch, auf voneinander Lernen ebenso wie auf miteinander Lernen (vgl. Lehr- und Studienservice 2015). Der Kurzfilm bei der Lehrpreis-Verleihung wies folgende Zutaten als erforderlich für eine auszeichnungswürdige Lehrveranstaltung zu ebendiesem Fokus aus: engagierte Lehrveranstaltungsleiterinnen, motivierte Studierende, handlungsorientierte Lehrmethoden, kooperative Lehr- und Arbeitsformen. Werden diese Zutaten an der Sozial- und Wirtschaftswissenschaftlichen Fakultät der Karl-Franzens-Universität Graz gut ‚durchgemischt’, so folgt im Lehrpreisfilm als Ergebnis eine Übungsfirma. Im Beitrag wird zuerst die Methode Übungsfirma und ihre Implementierung in Österreich vorstellt. Danach wird die Umsetzung am Institut für Wirtschaftspädagogik in Graz mit der zugrunde liegenden Lehr-Lern-Philosophie beleuchtet und es wird exemplarisch dargestellt, wie kooperatives Lehren und Lernen an der Universität gelingen kann.

Riebenbauer, E. und Stock, M. (2016): Voneinander und miteinander lernen in der universitären Übungsfirma, in: Augustin, E., Salmhofer, G. und Scheer, L. (Hrsg.): Option Kooperation! Voneinander und miteinander lernen in der Hochschule, Grazer Beiträge zur Hochschullehre, Band 7, Grazer Universitätsverlag, Graz, S. 257-268.

Kontakt: Michaela Stock, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7272

How Analytics and AI Are Driving the Subscription E-Commerce Phenomenon

In recent years, amid a lackluster shopping environment, an unheralded retail phenomenon has taken off quite dramatically – with growth rates exceeding 1,000%. The startups representing this evolving segment are collectively grouped under the label of subscription e-commerce. With such evocative names as BarkBox, Birchbox, Blue Apron, Harry’s, OwlCrate, Trunk Club, and Winc, these online companies mail monthly boxes containing specially curated items in beauty, fashion, food, personal grooming, and pet products priced between $10 and $80 per box right to their subscribers’ doorsteps. Attention was brought to this category when consumer giant Unilever snapped up one of the best-known startups – Dollar Shave Club – in July 2016 for an eye-popping $1 billion – five times its annual revenue. That acquisition has drawn considerable interest to these companies, the reasons for their burgeoning popularity, and the tactics underlying their business practices.

Sinha, J. I., Foscht, T. und Fung, T. T. (2016): How Analytics and AI Are Driving the Subscription E-Commerce Phenomenon, in: MIT Sloan Management Review, Blog, sloanreview.mit.edu/article/using-analytics-and-ai-subscription-e-commerce-has-personalized-marketing-all-boxed-up/ [06.12.2016].

Kontakt: Thomas Foscht, Institut für Marketing, Tel.: 0316/380 - 7200

Propheten der Finanzmärkte. Zur Rolle charismatischer Ideen im Börsengeschehen

Finanzmärkte sind durch extreme Ungewissheiten gekennzeichnet. Gleichwohl sind Finanzmarktakteure unablässig gezwungen, Entscheidungen zu treffen. In diesem Beitrag wird der Frage nachgegangen, wie sie dieses Entscheidungsproblem bewältigen. In kritischer Auseinandersetzung mit orthodoxen Kapitalmarkttheorien, Behavioral Finance-Ansätzen sowie dem auf John M. Keynes zurückgehenden Konzept der „Erwartungs-Erwartungen” wird vorgeschlagen, Max Webers Charismakonzeption fruchtbar zu machen, um den Einfluss von „Börsenpropheten” auf Investment-Entscheidungen besser verstehen und in seiner sozialen Prozesshaftigkeit erklären zu können. Der Aufsatz ist in einem Sammelband erschienen, der auf eine Tagung des Max-Weber-Instituts für Soziologie der Universität Heidelberg im April 2014 zum 150. Geburtstag des Namensgebers zurückgeht.

Kraemer, K. (2016): Propheten der Finanzmärkte. Zur Rolle charismatischer Ideen im Börsengeschehen, in: Schwinn, T. und Albert, G. (Hrsg.): Alte Begriffe – Neue Probleme. Max Webers Soziologie im Lichte aktueller Problemstellungen, Mohr Siebeck, Tübingen, S. 311-337.

Kontakt: Klaus Kraemer, Institut für Soziologie, Tel.: 0316/380 - 3546

Handling the Complexity of Predator-Prey Systems: Managerial Decision Making in Urban Economic Development and Sustainable Harvesting

In this paper we deal with complex systems and how to handle them. We focus on a well-known class of dynamical systems, namely predator-prey models, firstly by applying this type of model to urban economic development and secondly by testing models in an experimental setting in order to ascertain how successful human decision makers are in managing such a system. Regarding urban economic development, we illustrate that residential density and air pollution can be understood in terms of a predator-prey model and show how pollution control affects the level of the long-run equilibrium and the transition path towards it. We do this to support the understanding of how urban economic development works today and how it can be managed by decision makers via different interventions to improve the quality of living in urban areas. Regarding the task of handling predator-prey systems, we analyse the results of an experimental study in which participants take the role of a decision maker who seeks to maximise revenues from simultaneously harvesting a prey and a predator species while avoiding their overexploitation. We find that participants fall significantly shorter of the optimal strategy when the price assigned to the predator species is very high, compared to the price assigned to the prey species, in contrast to the case where the price difference is smaller. We offer several explanations for this observation that shed light on the human capability to handle predator-prey systems in general.

Bednar-Friedl, B., Behrens, D. A., Grass, D., Koland, O. und Leopold-Wildburger, U. (2016): Handling the Complexity of Predator-Prey Systems: Managerial Decision Making in Urban Economic Development and Sustainable Harvesting, in: Dawid, H., Doerner, K. F., Feichtinger, G., Kort, P. M. und Seidl, A. (Hrsg.): Dynamic Perspectives on Managerial Decision Making, Springer VS, Wiesbaden, S. 127-148.

Kontakt: Birgit Bednar-Friedl, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 7107

Tax-induced distortions of effort and compensation in a principal-agent setting

Common consolidated corporate tax base (CCCTB) and tax allocation via formula apportionment (FA) are hotly debated in the European Union (EU). The objective of this paper is to analyze the tax-induced distortions of managerial incentives and remuneration packages caused by FA. We set up a LEN-type principal-agent model with agents in two different jurisdictions. There are no transactions between the two jurisdictions, thus all findings are driven by FA. If payroll enters the FA formula, the principal demands increased effort and pays an increased compensation to managers in low-tax jurisdictions compared to the bench mark case. Managers in high-tax jurisdictions face the opposite effect. Furthermore, the composition of the remuneration changes, which distorts incentives in addition to the excessive pay. Lastly, net profit increases because FA offers new potential for profit shifting.

Martini, J. T., Niemann, R. und Simons, D. (2016): Tax-induced distortions of effort and compensation in a principal-agent setting, in: Journal of International Accounting, Auditing and Taxation, Vol. 27, pp. 26-39.

Kontakt: Rainer Niemann, Institut für Unternehmensrechnung und Steuerlehre, Tel.: 0316/380 - 6444

Contract Bargaining and Location Choice

We study how managerial bargaining power affects outcomes and payoffs in a Hotelling-type duopoly framework with restricted and unrestricted locations. We show that bargaining power only affects the distribution of the surplus between owners and managers but does not affect the locations, prices, managerial incentives, and consumer welfare. This is in stark contrast to van Witteloostuijn et al. (2007) and related contributions where bargaining power has real effects. We argue that the difference between our irrelevance result and their findings originates from the fact that their approach seems to be based on a behavioral assumption and not on microeconomic principles of owner–manager bargaining.

Kopel, M., Pezzino, M. und Ressi, A. (2016): Contract Bargaining and Location Choice, in: Managerial and Decision Economics, Vol. 37, No. 2, pp. 140-148.

Kontakt: Michael Kopel, Institut für Organisation und Institutionenökonomik, Tel.: 0316-380 - 7182

Maximin fairness-profit tradeoff in project budget allocation

Companies typically select those projects that maximize their profit as the primary criterion, within the limited budget at their disposal. This criterion may lead to some company departments getting an exceedingly large share of the overall budget and induce a negative perception of unfairness among the less favorite ones. We investigate how profit optimization can be sought after while achieving the desired level of fairness at the same time. Adopting a maximin approach to fairness and using an Integer Linear Programming solver, we show that a linear trade-off is possible, since fairness and profit exhibit a nearly perfect linear anticorrelation. Fairness can be improved by even a relatively small reduction of profit, especially in large companies (i.e., managing a large number of projects).

Naldi, M., Nicosia, G., Pacifici, A. und Pferschy, U. (2016): Maximin fairness-profit tradeoff in project budget allocation, in: Procedia Computer Science, Vol. 100, pp. 313-320.

Kontakt: Ulrich Pferschy, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3496

Analytical Strategy for Dealing with Neutrality and Implicit Masculinity Constructions. Methodological Challenges for Gender Studies in Science and Technology

On the basis of an empirical example, we offer in this article a methodological discussion of the challenges and pitfalls gender studies scholars face when analyzing how gender norms are attributed to epistemic cultures in science and engineering. Faced with actors who claim neutrality and objectivity for themselves and their work, the challenge is to analyze gender norms that are mostly implicit without reifying gender differences. Committed to the goal of opening this black box, we propose an analytical strategy for qualitative empirical research to unveil these subtle, highly normalized, discursive practices of attributing gender norms to the epistemic subjects, objects and activities in science and engineering, and exemplify it with reference to our own empirical study. By comparing the patterns of distinction with respect to epistemic boundaries and to gender differentiations, it is possible to trace connections between the symbolic gender order and epistemic cultures within the data. The allegedly neutral scientist as well as the engineering scholar is then shown to be the androcentric construction of a masculine coded epistemic subject.

Paulitz, T., Kink, S. und Prietl, B. (2016): Analytical Strategy for Dealing with Neutrality Claims and Implicit Masculinity Constructions. Methodological Challenges for Gender Studies in Science and Technology, in: Forum: Qualitative Social Research, Vol. 17, No. 3, nbn-resolving.de/urn:nbn:de:0114-fqs1603138 [14.11.2016]

Kontakt: Susanne Kink, Institut für Soziologie, Tel.: 0316/380 - 7084

Current Account Adjustment in the Eurozone: Lessons From a Flexible Price Model

This paper discusses the desired size of the internal devaluation in the Eurozone for a scenario of current account adjustment induced by shifts in relative demand. Based on Obstfeld and Rogoff, I develop a four-region model of the world economy consisting of the Eurozone-core, Eurozone-periphery, United States and Asia. In contrast to most of the existing literature, this model structure enables studying the impact of global current account adjustment on the rebalancing process in the Eurozone. In addition, the model allows for movements of factors of production between tradable and non-tradable sectors. The results point to the important impact of sectoral reallocation and increases in Asian demand on the size of the internal devaluation as well as on the implied length of the adjustment period.

Zwick, C. (2016): Current Account Adjustment in the Eurozone: Lessons From a Flexible Price Model, in: The World Economy, Vol. 39, No. 7, pp. 1025-1045, DOI: 10.1111/twec.12309.

Kontakt: Christoph Zwick, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 7114

A short History of Demography in Austria. From a Population Issue to Special Scientific Discipline

This paper deals with the very beginnings of demographic research in the Austrian Monarchy, the abusage of this young branch by the NAZI-regime and the renaissance as a scientific discipline in Austria in the 1960s. Since 1875 the K.K. Statistische Zentral-Kommission edited the Statistische Monatsschrift, containing many articles and reports on demographical issues, mainly but oriented on ”population”, even when there were detailed explorations about specific topics, even regarding data from the 18th century. In Europe’s 3rd most populated state, namely the Austrian-Hungarian Monarchy, the state of the population played a strong role, like in other big nations too: A strong state needs a strong population. This motto, stemming from the times of Absolutism, still was decisive, even for research on population and demographic issues in the Inter-War period in the First Austrian Republic, when since 1934-1935 some statisticians argued that Austria could disappear, due to low fertility rates, lowered again by the Big Economic Crisis. In the NAZI-era population science and demography were massively abused in a racist sense. After 1945 therefore these topics obviously were somehow burdened for a longer time. Only since the 1960s research on historical demography, oriented on international standards emerged and was evolved as a specific scientific discipline. Besides the methodological, scientific aspect this paper tries to outline the political backgrounds of research on fertility decline.

Teibenbacher, P. und Exner, G. (2016): A short History of Demography in Austria. From a Population Issue to Special Scientific Discipline, in: Fauve-Chamoux, A., Bolovan, I. und Sogner, S. (Hrsg.): A Global History of Historical Demography. Half a Century of Interdisciplinarity, Peter Lang, Bern u. a., S. 117-130.

Kontakt: Peter Teibenbacher, Institut für Wirtschafts-, Sozial- und Unternehmensgeschichte, Tel.: 0316/380 - 3523

Why More Forward-Looking Accounting Standards Can Reduce Financial Reporting Quality

A premise of standard setters and of much empirical research is that improving the quality of accounting standards and their implementation increases information in capital markets. This paper challenges this premise and shows that there are situations in which 'better', that is, more forward-looking, accounting standards reduce the information content of financial reports. The reason is that a forward-looking accounting standard affects the smoothness of reported earnings, which can conflict with the manager’s smoothing incentive and her willingness to incorporate private information in the financial report. Although the manager could eliminate the effect by earnings management, it is too costly to do so. As a consequence, the capital market’s ability to infer the financial and nonfinancial information in reported earnings declines. This finding should increase the awareness that an 'improvement' in accounting standards, without considering incentives and other information residing in firms, can adversely affect the quality of financial reporting.

Ewert, R. und Wagenhofer, A. (2015): Why More Forward-Looking Accounting Standards Can Reduce Financial Reporting Quality, in: European Accounting Review, DOI: 10.1080/09638180.2015.1043927, [02.06.2015].

Kontakt: Ralf Ewert, Institut für Unternehmensrechnung und Wirtschaftsprüfung, Tel.: 0316/380 - 7168 und Alfred Wagenhofer, Institut für Unternehmensrechnung und Controlling, Tel.: 0316/380 - 3500

Interview: Re-Thinking the Diversity - Innovativeness Relation. A (Micro-) Political Approach

This book chapter, which is presented in the form of an interview by the volume’s editor Andreas Müller with Renate Ortlieb, discusses major shortcomings of extant research on the effects of work team diversity on innovativeness. While mainstream literature focuses on the input to teams in terms of socio-demographical or organizational-functional diversity, typically the concrete processes of innovation are relegated to the black box. Yet in order to understand the complex process that go on in innovation teams it is crucial to take account of power relations and (micro-)political processes prevailing through teams, since especially in highly diverse teams power mechanisms can hamper innovation success.

Ortlieb, R. (2016): Re-Thinking the Diversity - Innovativeness Relation. A (Micro-) Political Approach, in: Braedel-Kühner, C. und Müller, A. (Hrsg.): Re-thinking Diversity. Multiple Approaches in Theory, Media, Communities, and managerial Practice, Springer VS, Wiesbaden, S. 133-138.

Kontakt: Renate Ortlieb, Institut für Personalpolitik, Tel.: 0316/380 - 7189

A Household Is Not a Person. Consistency of Pro-Environmental Behavior in Adult Couples and the Accuracy of Proxy-Reports

Studies on environmental behavior commonly assume single respondents to represent their entire household or employ proxy-reporting, where participants answer for other household members. It is contested whether these practices yield valid results. Therefore, we interviewed 84 couples, wherein both household members provided self- and proxy-reports for their partner. For use of electrical household appliances, consumption of hot water, space heating, everyday mobility, and environmental values, many variables fail to achieve criteria for validity. Consistency (agreement between self-reports of household members) is higher if behaviors are undertaken jointly or negotiated between partners. Accuracy (agreement of proxy-reports with corresponding self-reports) is higher for routine behaviors and for behaviors easily observable by the partner. Overall, indices perform better than items on single behaviors. We caution against employing individual responses in place of the entire household. Interventions for energy conservation should approach the specific person undertaking the target behavior.

Seebauer, S., Fleiß, J. und Schweighart, M. (2016): A Household Is Not a Person. Consistency of Pro-Environmental Behavior in Adult Couples and the Accuracy of Proxy-Reports, in: Environment and Behavior, DOI: 10.1177/0013916516663796, [19.09.2016].

Kontakt: Jürgen Fleiß, Zentrum für Entrepreneurship und angewandte Betriebswirtschaftslehre, Tel.: 0316/380 - 7367

Kontroversen in der deutschsprachigen Soziologie nach 1945

Der Beitrag behandelt die zentralen fachdisziplinären Kontroversen der bundesrepublikanischen Soziologie nach 1945, die mitunter einen wichtigen Beitrag zur Institutionalisierung und Konsolidierung der Soziologie in West-Deutschland darstellen. Vielfach sind die Kontroversen im Kontext einer Aufarbeitung des Nationalsozialismus, der fachlichen und theoriepolitischen Neuorientierung zwischen sich bekämpfenden wissenschaftlichen und weltanschaulichen Lagern sowie im Rahmen der Werturteilsfrage angesiedelt.

Moebius, S. (2016): Kontroversen in der deutschsprachigen Soziologie nach 1945, in: Moebius, S. und Ploder, A. (Hrsg.): Handbuch Geschichte der deutschsprachigen Soziologie, Band 1, Springer, Wiesbaden, o. S., link.springer.com/referenceworkentry/10.1007/978-3-658-07998-7_20-1, [04.03.2016].

Kontakt: Stephan Moebius, Institut für Soziologie, Tel.: 0316/380 - 7081

It is difficult to tell if there is a Condorcet spanning tree

We apply the well-known Condorcet criterion from voting theory outside of its classical framework and link it with spanning trees of an undirected graph. In situations in which a network, represented by a spanning tree of an undirected graph, needs to be installed, decision-makers typically do not agree on the network to be implemented. Instead, each of these decision-makers has her own ideal conception of the network. In order to derive a group decision, i.e., a single spanning tree for the entire group of decision-makers, the goal would be a spanning tree that beats each other spanning tree in a simple majority comparison. When comparing two dedicated spanning trees, a decision-maker will be considered to be more satisfied with the one that is ”closer” to her proposal. In this context, the most basic and natural measure of distance is the usual set difference: we simply count the number of edges the spanning tree has in common with the proposal of the decision-maker. In this work, we show that it is computationally intractable to decide (1) if such a spanning tree exists, and (2) if a given spanning tree satisfies the Condorcet criterion.

Darmann, A. (2016): It is difficult to tell if there is a Condorcet spanning tree, in: Mathematical Methods of Operations Research, Vol. 84, No. 1, pp. 93-104.

Kontakt: Andreas Darmann, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 7139

Advanced Greedy Randomized Adaptive Search Procedure for the Obnoxious p-Median problem

The Obnoxious p-Median problem consists in selecting a subset of p facilities from a given set of possible locations, in such a way that the sum of the distances between each customer and its nearest facility is maximized. The problem is NP -hard and can be formulated as an integer linear program. It was introduced in the 1990s, and a branch and cut method coupled with a tabu search has been recently proposed. In this paper, we propose a heuristic method – based on the Greedy Randomized Adaptive Search Procedure, GRASP, methodology – for finding approximate solutions to this optimization problem. In particular, we consider an advanced GRASP design in which a filtering mechanism avoids applying the local search method to low quality constructed solutions. Empirical results indicate that the proposed implementation compares favorably to previous methods. This fact is confirmed with non-parametric statistical tests.

Colmenar, J. M., Greistorfer, P., Martí, R. und Duarte, A. (2016): Advanced Greedy Randomized Adaptive Search Procedure for the Obnoxious p-Median problem, in: European Journal of Operational Research, Vol. 252, No. 2, pp. 432-442.

Kontakt: Peter Greistorfer, Institut für Produktion und Logistik, Tel.: 0316/380 - 7244

Approximation of the Quadric Knapsack Problem

We study the approximability of the classical quadratic knapsack problem (QKP) on special graph classes. In this case the quadratic terms of the objective function are not given for each pair of knapsack items. Instead, an edge weighted graph, whose vertices represent the knapsack items, induces a quadratic profit for every pair of items, which is adjacent in the graph. We show that the problem permits an FPTAS on graphs of bounded treewidth and a PTAS on planar graphs and more generally on H-minor free graphs. We also show strong NP-hardness of QKP on graphs that are 3-book embeddable, a natural graph class that is related to planar graphs. In addition, we will argue that the problem is likely to have bad approximability behaviour on all graph classes that include the complete graph or contain large cliques. These hardness of approximation results under certain complexity assumptions carry over from the densest k-subgraph problem.

Pferschy, U. und Schauer, J. (2016): Approximation of the Quadratic Knapsack Problem, in: INFORMS Journal on Computing, Vol. 28, No. 2, pp. 308-318.

Kontakt: Ulrich Pferschy, Institut für Statistik und Operations Research, Tel.: 0316/380 - 3496

The Marketing-Mix - A Helicopter View

The mix concept is quintessential for marketing, as it links generic exchange functions – namely the generic product conception function, the generic pricing function, the generic communication function and the generic distribution function – to demand management. More concretely, the mentioned generic functions are realised by a „mixture” of controllable demand-impinging instruments for which a variety of pragmatic and mnemonic taxonomies or typologies have been developed in the past. Though, over the years, the limitations of these classifications have become apparent, e.g., as a result of the increased importance of promotion instruments in marketing practice that are needed to overcome inertia or to take advantage of favourable market developments. Especially, McCarthy’s widely accepted „4 Ps Classification” with its mixing up of strategic and tactical instruments and its negatively defined promotion category has been criticised.
Against this background, we propose a classification of the marketing mix instruments that (1) takes into account the primary generic function of the instruments and (2) clearly distinguishes between the strategic marketing mix functions and the tactical or promotional function which the instruments fulfil.

Van Waterschoot, W., Foscht, T., Brandstätter, M. und Eisingerich, A. B. (2016): The Marketing Mix – A Helicopter View, in: Baker, M. J. und Saren, M. (Hrsg.): Marketing Theory – A Student Text, 3. Aufl., SAGE Publications, London et al., S. 199-223.

Kontakt: Thomas Foscht, Institut für Marketing, Tel.: 0316/380 - 7200

Who Overrates, Who Underrates? Personality and Its Links to Self-Other Agreement of Leadership Effectiveness

The study investigates if personality can explain why certain managers are prone to overrate or underrate their own effectiveness. Thus, the relationship between self–other agreement of effectiveness and personality was studied. In total, 214 managers completed a multisource feedback where their effectiveness was evaluated by supervisors, peers, subordinates, and themselves. Additionally, all managers provided personality data. Results show that more extraverted managers overrated their effectiveness in relation to their supervisors but had more accurate perceptions when self–peer and self–subordinate ratings were compared. Managers high on openness had more accurate perceptions when comparing self and supervisor or subordinate ratings while detail-oriented and highly conscientious managers received lower subordinate than self-ratings. Findings show that personality partly explains why some managers misjudge their effectiveness and thus can be used for understanding managers’ careers.

Bergner, S., Davda, A., Culpin, V. und Rybnicek, R. (2015): Who Overrates, Who Underrates? Personality and Its Link to Self–Other Agreement of Leadership Effectiveness, in: Journal of Leadership and Organizational Studies, DOI: 10.1177/1548051815621256, [18.12.2015].

Kontakt: Robert Rybnicek, Institut für Unternehmensführung und Entrepreneurship, Tel.: 0316/380 - 7355

Verbraucherorganisationen und Märkte. Eine wirtschaftssoziologische Untersuchung

Diese Studie nimmt Verbraucherorganisationen zum Ausgangspunkt, um den Einfluss kollektiver Akteure auf Märkte zu untersuchen. Anhand von empirischen Fallanalysen werden fünf Verbraucherorganisationen (VO) in Deutschland vergleichend untersucht: die Verbraucherzentralen der Länder und der Verbraucherzentrale Bundesverband, die Stiftung Warentest, die Verbraucherinitiative, Foodwatch und Utopia. Zentrale Merkmale, Gemeinsamkeiten und Unterschiede dieser Organisationen sowie ihre Strategiewahl zur Vertretung von Verbraucherinteressen werden aufgedeckt. Die Effekte der teils variierenden Strategien von VO werden dann fallübergreifend im Hinblick auf Konsumenten- und Unternehmensentscheidungen sowie den Wandel und die Stabilität von Märkten analysiert. Hierbei wird ein Marktverständnis zugrunde gelegt, dass Märkte von seinen konstitutiven Bestandteilen her konzipiert: Von den darauf gehandelten Objekten, den daran beteiligten Akteuren sowie des zentralen Koordinationsmodus des Marktes, dem Wettbewerb. Indem Politik- und wirtschaftswissenschaftliche sowie soziale Bewegungsansätze diskutiert und für die Wirtschaftssoziologie fruchtbar gemacht werden, wird eine Brücke zwischen den Disziplinen ermöglicht, die auch neue Perspektiven für die Verbraucherforschung anregt.

Nessel, S. (2016): Verbraucherorganisationen und Märkte. Eine wirtschaftssoziologische Untersuchung, Reihe Wirtschaft und Gesellschaft, Springer VS, Wiesbaden.

Kontakt: Sebastian Nessel, Institut für Soziologie, Tel.: 0316/380 - 3547

Scarce Means, Competing Ends: Lord Robbins and the Foundations of Contextual Economics

This paper analyses the role of Lord Robbins’s definition of economics (RDE) emphasizing scarcity and choice, as well as its usefulness for clarifying the foundations of contextual economics. The reasons for RDE’s appeal and some strategic benefits of its flexibility/openness are discussed, along with a brief analysis of some of the criticism which has been raised with respect to the methodological and epistemological background, notably the status of empirics, of introspective knowledge, of motifs and of value judgments. RDE is found to impose restrictions regarding contextual interdependences related to endogenous contract enforcement, preferences, and technologies. Following David Hume, scarcity moreover will be considered as a contingent contextual condition of the environment rather than an aprioristic starting point of economic analysis.

Sturn, R. (2016): Scarce Means, Competing Ends: Lord Robbins and the Foundations of Contextual Economics, in: Journal of Contextual Economics/Schmollers Jahrbuch, Vol. 136, No. 1, pp. 1-28.

Kontakt: Richard Sturn, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 3461

A least squares approach to imposing within-region fixity in the International Comparisons Program

The International Comparisons Program (ICP) compares the purchasing power of currencies and real income across countries. ICP is broken up into six regions. Global results are then obtained by linking these regions together at both basic heading level and the aggregate level in a way that satisfies within-region fixity (i.e., the relative parities of a pair of countries in the same region are the same in the global comparison as in the within-region comparison). Standard multilateral methods violate this within-region fixity requirement and hence cannot be used to construct the global results. A method is proposed here that resolves this problem by altering the price and quantity indexes by the least-squares amount necessary to ensure that within-region fixity is satisfied. This method is then compared–both in terms of its underlying structure and empirically–with other methods for imposing within-region fixity.

Hill, R. (2016): A least squares approach to imposing within-region fixity in the International Comparisons Program, in: Journal of Econometrics, Vol. 191, No. 2, pp. 407-413.

Kontakt: Robert Hill, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 3442

Exploiting Regulatory Changes for Research in Management Accounting

This paper describes recent regulatory changes in the European Union to illustrate opportunities for research in management accounting. Issues are whether a regulation is effective in achieving its objective, how it affects the organizational design and decision making in firms, and what additional data become available. I particularly consider the areas of management compensation, risk management, performance measures, non-financial information, the influence of financial reporting, and accountability.

Wagenhofer, A. (2016): Exploiting Regulatory Changes for Research in Management Accounting, in: Management Accounting Research, Vol. 31, pp. 112-117.

Kontakt: Alfred Wagenhofer, Institut für Unternehmensrechnung und Controlling, Tel.: 0316/380 - 3500

Diversity management across borders: The role of the national context

The paper analyses the question how context-specific diversity management (DM) is and whether DM concepts are transferable by organizations from one country to another. It uses the example of an Austrian company operating in Bosnia and Herzegovina. Based on a relational framework proposed by Syed and Özbilgin the paper empirically examines differences between the Austrian headquarters and the Bosnian subsidiary. The analysis reveals that transferability of the DM concept is very limited. The findings indicate that in particular in the case of transition economies, contextual factors present significant barriers to the transfer of organizational practices. Hence, both theoretical models and business strategies in practice should take account of the context.

Besic, B. und Hirt, C. (2016): Diversity management across borders: The role of the national context, in: Equality, Diversity and Inclusion, Vol. 35, No. 2, pp. 123-135.

Kontakt: Christian Hirt, Institut für Personalpolitik, Tel.: 0316/380 - 3648

Research-based Learning and Service-Learning als Varianten problembasierten Lernens

Die hochschuldidaktischen Konzepte „Research-Based Learning“ und „Service Learning“ gewinnen vor dem Hintergrund der Bologna-Reform zunehmend an Bedeutung. Sie basieren auf den didaktischen Grundprinzipien problembasierten Lernens, werden jedoch unterschiedlich akzentuiert ausgestaltet. Im Beitrag werden die Gemeinsamkeiten und Unterschiede beider Konzept erörtert, Möglichkeiten ihrer Anwendung anhand von Beispielen aus der Lehrpraxis der Universitäten in Leipzig und Graz veranschaulicht sowie offene Forschungsfragen zur Weiterentwicklung der Konzepte thematisiert.

Schlicht, J. und Slepcevic-Zach, P. (2016): Research-based Learning und Service-Learning als Varianten problembasierten Lernens, in: ZFHE Zeitschrift für Hochschulentwicklung, 11. Jg., Nr. 3, S. 85-105, www.zfhe.at/index.php/zfhe/article/view/948/717 [18.05.2016].

Kontakt: Peter Slepcevic-Zach, Institut für Wirtschaftspädagogik, Tel.: 0316/380 - 7271

Sociology in Austria since 1945

Sociology in Austria has been frequently affected by political developments in the country. This first history of sociology in Austria examines the impact of the break-up of the Habsburg Empire and of two consecutive dictatorships, which destroyed academic freedom by means of forced migration and imprisonment. Even after 1945 the re-established Second Republic did not dismiss professors promoted during the Nazi period, and failed to invite exiled academics to return home. The author argues that the result has been a continuation of favouritism and conformism, with compliance to political regimes sanctioned at the expense of meritocracy and that in the light of this chequered past we should celebrate instances of de-institutionalization.

Fleck, C. (2015): Sociology in Austria since 1945, Palgrave Macmillan, London.

Kontakt: Christian Fleck, Institut für Soziologie, Tel.: 0316/380 - 3544

Nonparametric long term prediction of stock returns with generated bond yields

Recent empirical approaches in forecasting equity returns or premiums found that dynamic interactions among the stock and bond are relevant for long term pension products. Automatic procedures to upgrade or downgrade risk exposure could potentially improve long term performance for such products. The risk and return of bonds is more easy to predict than the risk and return of stocks. This and the well known stock-bond correlation motivates the inclusion of the current bond yield in a model for the prediction of excess stock returns. Here, we take the actuarial long term view using yearly data, and focus on nonlinear relationships between a set of covariates. We employ fully nonparametric models and apply for estimation a local-linear kernel smoother. Since the current bond yield is not known, it is predicted in a prior step. The structure imposed this way in the final estimation process helps to circumvent the curse of dimensionality and reduces bias in the estimation of excess stock returns. Our validated stock prediction results show that predicted bond returns improve stock prediction significantly.

Scholz, M. (2016): Nonparametric long term prediction of stock returns with generated bond yields, in: Insurance Mathematics and Economics, DOI: 10.1016/j.insmatheco.2016.04.007, [06.05.2016].

Kontakt: Michael Scholz, Institut für Volkswirtschaftslehre, Tel.: 0316/380 - 7112

 

 

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