Academic Year 2021/22

Author: Dr. Robert Merl, BSc MSc MSc

Study Program: Doctoral Program

Abstract:

Both insider trading and short selling are topics that many societies around the globe discuss emotionally. Most societies consider it necessary to regulate insider trading and short selling. Scientists, however, argue over the pros and cons of the regulations. In order to support governments in making the right regulatory decisions, it is important to scientifically investigate the advantages and disadvantages of regulations and possible interactions of these regulations. This is exactly the aim of this dissertation. In the first of my two experiments, I show, among other results, that in markets where insider trading is allowed and short selling is possible, informed traders are more active, the bid-ask spread decreases and price efficiency increases. Nevertheless, I do not find significant interaction effects of the two regulations. In my second experiment, I examine the validity of an argument often brought forward for regulation of insider trading. This argument states that insider trading regulation promotes confidence in the stock market, preserves its integrity, and therefore uninformed traders prefer markets with regulation. Contrary to this argument, the results of my second experiment show that when traders can choose between markets with and without regulation, both informed and uninformed traders trade more in unregulated markets. These markets exhibit lower bid-ask spreads and higher price efficiency. Furthermore, I find that when a market moves from regulation to no regulation, traders' activity shifts from the competing market to that market. In addition to the two experiments, my dissertation contains an exhaustive literature review of experiments conducted so far with asymmetrically informed participants.

Complete Thesis in the University of Graz Library

Author: Martin Rauch, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

While bonds are often perceived as a relatively low-risk alternative to other asset classes such as stocks, they still bear certain types of risks. One of the most relevant risks a bondholder faces is credit risk. Credit risk generally describes the possibility that the debtor is unable to fulfil its payment obligations because of financial distress. In order to quantify the credit risk that is inherent to a certain bond investment, it is very important to estimate the probability that the debt issuer will default within a certain time frame. Often, statistical techniques are utilized to estimate the probability of default. Two popular statistical methods for estimating the probability of default are the discriminant analysis and the logit and probit models. Both techniques can be applied to a variety of research fields. Generally, both the discriminant analysis and the logit and probit models are used to classify a certain group of objects. In the field of bankruptcy prediction, both techniques are utilized to separate borrowers into two groups, whereby one group consists of borrowers that will be able to meet their payment obligations and the other one comprises those who are likely to default. When applying the discriminant analysis, further procedures are necessary to estimate a debtor’s probability of default based on its group membership. Contrary to that, the logit and probit models can be used to directly calculate the probability with which a certain obligor will be part of the default group. In this master thesis, at first, both the discriminant analysis and the logit and probit models will be outlined theoretically. Afterwards, three models that apply these techniques to predict bankruptcy, namely the Z-Factor-Model, the Ohlson-Model and the Zmijewski-Model, will be discussed.

Complete Thesis in the University of Graz Library

Author: Lukas Starchl, BA MSc

Study Program: Master's Program Political and Empirical Economics

Abstract:

This thesis discusses Antonio Gramsci’s theory of the state and uses it to critically assess some of mainstream economics’ most influential theories of the state, namely market failure theory, the Virginia School of Public Choice’s conception of the state and the idea of the narrow corridor as brought forth by Acemoglu and Robinson (2017). Antonio Gramsci’s theory has been interpreted in a variety of different ways. This thesis adheres to a materialist reading, putting the concept of the extended state, as inferred from his writings by Buci-Glucksmann (1980), at its center. Here, the state in its narrow sense is conceptualized as necessarily interrelated with civil society, ultimately rejecting the liberal idea of the two as separable spheres. Using the main concepts of Gramsci’s theory of the state, the thesis aims to locate some lacunae present in mainstream economics’ theories of the state. Market failure theory is criticized based on its inability to sufficiently capture the problems resulting from the paramount aim of the class state to sustain the organization of the structure. Challenges that arise from stark contradictions in the structure, it is argued, can therefore not be resolved sufficiently by the capitalist state. This is illustrated by the example of goods that are characterized by network externalities. The Virginia School of Public Choice’s idea that state interference in the distributive process necessarily creates rent potentials and thus facilitates corrupting political influence is challenged based on Gramsci’s rejection of the private vs. public dichotomy, that rather identifies these distortive tendencies as intrinsic to the capitalist process of accumulation and appropriation. Gramsci’s theory, it is argued, provides a more general approach compared to the narrowly defined and essentially static framework of public choice theory. The idea of the narrow corridor is criticized due to its reliance on an oversimplistic notion of civil society ignoring civil society’s complex dynamics. Gramsci’s theory of the state, it is argued, provides a framework that captures the complex politico-economic dynamics related to the complementarity of the state and civil society, an issue of persisting relevance.

Author: Dr. René Hubert Kerschbaumer, Bakk. MSc

Study Program: Doctoral Program

Abstract:

In recent times we have been witnessing several important trends in retail. First, subscription services are emerging in numerous categories of digital and tangible goods. Second, the traditional model of buy-and-own is being replaced by access-based consumption models, offering durable goods on a subscription basis. Third, internet-based platform companies have emerged on several markets, challenging traditional retail. The aim of this cumulative dissertation is to address three research questions on the rise of subscription-based online services following a Mixed Methods approach. Essay 1 covers the relational character of subscription agreements and addresses the role of attachment theory for consumer adoption. Based on structural equation modeling, we show that personal attachment influences consumer attachment, which, in turn, affects attitude towards adoption. Essay 2 qualitatively addresses subscriptions for smart durable consumer goods. Qualitative content analysis revealed convenience and flexibility as drivers for adoption, whereas complexity, risk, and lack of knowledge or awareness act as barriers. Economic benefits, desire to own, and data privacy play a minor role in consumer adoption. Essay 3 addresses the combination of subscription models for durables and platform models with a scenario approach. Based on the Framework Foresight method, we created three scenarios on the future market for consumer durables. The baseline scenario describes established platforms entering the market for durables subscriptions. This notion is challenged by alternative scenario 1, addressing the market entry of new platforms. In contrast, alternative scenario 2 describes the transformation of strong manufacturer brands to subscription platforms. This dissertation may provide readers with insights into several emerging topics and inspire future researchers to further address specific aspects of these highly relevant developments.

Author: Armin Haberl, BSc

Study Program: Master's Program Business Administration

Abstract:

Open data is a valuable resource in modern societies and can benefit businesses, public institutions, and science. To realize these benefits, open data ecosystems need to facilitate effective data exchange and mitigate legal, technical, and economic barriers to open data adoption. In the literature, the implementation of data governance is proposed as a possible solution, but existing approaches are not based on inclusions and consensus between stakeholder groups. This thesis develops a data governance structure for the Innovative Data Environment @ Styria (IDE@S) based on stakeholder requirements. Thereby the following research question is answered: How to design data governance in open data ecosystems? A case study of IDE@S is conducted to identify data governance requirements of different stakeholder groups. Data governance mechanisms are then extracted from the literature to match the stakeholder requirements. Thus, a data governance framework is developed and used to recommend a data governance structure for the case of IDE@S. The stakeholder requirements identified in this thesis are data usability, ethical and legal compliance, data lineage, data access and specified data use, and organizational design. The developed data governance framework proposes suitable data governance mechanisms for each requirement. Each dimension of the framework includes three levels of requirement fulfilment that can be selected according to stakeholder requirements. Based on stakeholder feedback and insights from the literature a suitable data governance structure for IDE@S is recommended. The developed framework allows open data ecosystems to identify stakeholder requirements and develop suitable data governance structures and researchers to investigate different aspects of open data ecosystems. The data governance structure recommended for IDE@S can help to mitigate open data adoption barriers, increase stakeholder participation, and realize open data benefits.

Complete Thesis in the University of Graz Library

Author: Danijel Kurtovic, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

In this work, a new metaheuristic is developed and tested on a new NP-hard optimization problem that is derived from the Knapsack Problem, called the “Sequential Quadratic Knapsack Problem” (SQKP). It combines the classical Quadratic Knapsack Problem with a scheduling problem in which the sequence of the items gets chosen into the knapsack also matters. The new metaheuristic is nature-inspired – in particular, inspired by bees and also population-based – and builds on the “common stomach” paradigm of bee colonies. This biological mechanism is used to steer the algorithm into exploration and exploitation of the search space dynamically and autonomously, to influence the algorithm with external parameters as little as possible. Further, this bee-inspired metaheuristic gets applied to different instances of the SQKP along with three other algorithms – Genetic Algorithm, Evolution Strategy, and Simulated Annealing – to compare the performance of this new algorithm in regards to solution quality to already well-known and established methods in computational experiments. It is also analyzed how the implementation of the common stomach paradigm impacts solution diversity. The results of these experiments get statistically evaluated, with the finding that on average the bee-inspired algorithm outperforms all the other comparison algorithms on all tested instances of the SQKP and that the algorithm always manages to keep a certain level of solution diversity during a whole run. The conclusion is drawn that the new bee-inspired metaheuristic is a promising method for solving the SQKP. It is worthy to be investigated further on other NP-hard optimization problems.

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Author: Iris Sara Etzinger, BSc BSc MSc

Study Program: Master's Program Business Administration

Abstract:

As a reaction to climate change, the resulting environmental impacts and the increasing consumption of resources politicians are increasingly calling for the establishment of a circular economy. In this context, repair is seen as an important element, as it allows a product to be restored to working condition, thus extending its useful life, and increasing the intensity of use. Despite the benefits and the contribution that repair could make to a more sustainable society, repair services are not yet as widespread. On the one hand, there is often a lack of supply, and on the other hand, demand is also often not very high, among others due to the high price of repair, especially in relation to new purchases. To increase the repair rate and support the repair sector, promotional measures are necessary. One lever for promoting repair are financial incentives. This master thesis takes up this topic and deals with the design of a financial repair funding and its effects on consumers and companies. Based on the analysis of existing repair subsidies and subsidies from other contexts, as well as a literature review, categories of possible financial repair subsidies were created. A distinction was made between fund-based subsidies, fiscal measures, and government subsidies. Furthermore, the effects of the different designs of a financial repair incentive on market actors was analyzed. In principle, the introduction of a repair subsidy with financial incentives can be expected to reduce repair costs for consumers, which in turn increases the repair rate. The amount by which the price is reduced depends on the amount of the subsidy and, in the case of corporate subsidies, on how much of the reduction is passed on to consumers. Through the establishment of such a promotion, secondary effects such as the sensitization of the population for repair, for example through media attention, and a reduction of new purchases are achieved.

Author: Pia Wolf, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

Due to "social distancing" in times of the COVID pandemic, the personal and informal approach of talents outside the organisation as well as the informal exchange of talents within the company became more difficult. In this master's thesis, it is explained in more detail how talent can be successfully addressed and retained in the long term, even in times of the COVID pandemic. To answer the research question, a literature review and seven interviews with HR managers in six companies were conducted. The systematic evaluation of the generated data material was carried out using qualitative content analysis according to Mayring (2015). The results show that an appealing employer brand communicates values such as an employee-friendly working environment and job security, and offers opportunities for further development, a range of non-material rewards, a variety of activities and the possibility of spatial and temporal flexibility. Respect and humanity enable respectful interaction in an organisation, and communication and regular information sharing in times of crisis convey security and trust. Leadership that enables joint solution finding, the delegation of responsibility and the active involvement of employees in change processes, as well as an active feedback and error culture, contributes to promoting the adaptability of an organisation to changes in the corporate environment and at the same time strengthens the retention of talent in times of a health crisis. The insights gained will outline aspects that need to be con-sidered when designing talent targeting and retention measures in times of crisis. This is intended to expand the state of research on talent management and identify research topics for future research.

Author: Dr. Gerlinde Janschitz, BA MA

Study Program: Doctoral Program

Abstract:

In a total of seven contributions, this article thesis deals with two research gaps in the sociology of education and thus makes an innovative contribution to the further development of the research field. (1) On the one hand, inner-school processes are scarcely taken into account in the sociology of education. Therefore, the everyday school life is explored in three papers. “Oasis of well-being or pressure to perform?” presents different school cultures. The central features of the school cultures are described and discussed taking particular account of the social composition of pupils. “Coffee shop atmosphere in the classroom” provides a detailed description of the school cultures of two schools facing challenging circumstances and shows the structural problems these schools have to face. “Lines of conflict in everyday school life” analyses different lines of conflict in schools and discusses the results in the context of the Austrian education system. (2) On the other hand, there is hardly any research on digitalisation in the sociology of education. For this reason, four papers take a closer look at digital inequalities in the field of education. “Digital Transformation and Higher Education” describes the impact of the digital transformation on higher education institutions and outlines the resulting challenges for higher education. “How digital are ‘digital natives’ actually?” and “Digital inequalities in higher education” address the question of digital inequalities within the student body and present a multidimensional index for measuring the degree of digitalisation. “Effects of the pandemic on digitalisation and digital inequalities in Austrian schools” sheds light on current developments in education and analyses the link between social, educational, and digital inequalities.

Author: Nico Tackner, BA MA

Study Program: Master's Program Sociology

Abstract:

In face of the rising extent of Ethnoregional Mobilization (EM) in many Western European regions, indicated by increasing electoral successes achieved by Stateless Nationalist and Regionalist Parties (SNRPs), it is necessary to provide a sociological perspective on this large-scale trends. The aim here lies in providing a historical-comparative investigation, in appreciation of Stein Rokkans political sociology, but to employ modern quantitative methods rather than qualitative comparisons. The empirical part consists of three sequential investigations on (1.) the varieties of SNRPs, (2.) the measurement of EM, and (3.) the modeling of causal dynamics underlying EM. (1.) Using the Chapel Hill Expert Survey (CHES) from 2014, containing expert-ratings of policy orientations for many European political parties, a Cluster Analysis was conducted on all SNRPs. Three clusters of SNRPs could be identified and then replicated using five other waves of the CHES. The three types may be interpreted as Ethnic, Cultural, and Civic. (2.) On the basis of this new typology of SNRPs, an original dataset was collected containing all regional elections from 1945 to 2020 for Belgium, France, Germany, Italy, Spain, and the United Kingdom. The intention was to document the vote shares achieved by SNRPs free from a bias towards successful SNRPs and also to measure the extent of electoral success for the different types of SNRPs separately, by classifying each SNRP using a simple content analysis based on available materials. (3.) The newly recorded dataset on regional elections was used to perform a panel regression on the total vote share by SNRPs. It was possible to show that EM is primarily predicated by cultural distinctiveness of the region. Further, the model confirmed the presence of a moderated moderation: Regions with higher economic performance show higher degrees of EM, when they possess over medium political authority to an increasing degree over time.

Complete Thesis in the University of Graz Library

Author: Anna Jagl, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

Despite numerous discussions and approaches, no sustainable, uniform solution has been found to date to ensure equal opportunities in accessibility of management positions in Austria. This master thesis evaluates and compares different approaches that can contribute to gender equality in top management. The aim is to find out which measures can lead to breaking through the structurally entrenched discrimination of women in top management in Austria. Based on a comprehensive literature review, all advantages and disadvantages of gender quotas as well as alternative courses of action such as mentoring programs, networking activities and diversity management are analyzed. Furthermore, the causes of women's discrimination within the Austrian economy are being looked at and assessed. Guided interviews with numerous affected male and female individuals provide further insights into the interpretation of the measures and illustrate the effectiveness of the different approaches. There is no miracle cure that can, exquisitely applied, lead to structural change within the top hierarchical level. Rather, it requires a bundle of measures that combines both the political actions as well as action within the private-sector and relates the different measures to one another. In addition to increasing the proportion of women at the top level of the hierarchy, the totality of measures to promote women aims to bring about social change. In the long term, the aim is to create an environment in which differences between the sexes no longer appear in any statistics and equal opportunities exist for all. Austria is still a long way from this, but it can and must decide to embark on the path to gender equality and equal opportunities now.

Author: Lisa-Marie Url, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

The master's thesis "Forecasting with Artificial Intelligence" deals with the question of what AI-based systems change in forecasting work. What is needed and where can artificial intelligence be used in forecasting? In order to answer these questions, a large number of business administration and information technology literature as well as practical examples are used. First, the basics of forecasting and artificial intelligence are presented. Building on the basics, the contribution of artificial intelligence to operational forecasting is examined. Then special modern forecasting instruments are shown and some providers of systems that work with artificial intelligence are presented. The use of artificial intelligence is often viewed sceptically. Negative aspects include the emergence of black boxes and the resulting low traceability of calculation steps, as well as the redistribution of work activities. The redistribution of work activities also creates new potential. New skills have to be developed and additional staff employed in the controlling department. Positive aspects are growth effects, low error rates and the high level of accuracy of the results. This analysis shows that artificial intelligence is only just gaining ground in forecasting. However, the forecasting process offers many openings for using artificial intelligence. Forecasting tools such as data mining and predictive maintenance are now widespread and support the future use of artificial intelligence. There are many possibilities to carry out forecasting with the help of artificial intelligence in the future. The prospect of using prescriptive analytics shows future potential. In this way, the entire forecasting process – including a catalogue of possible measures as output – can be taken over by an artificial intelligence. 

Complete Thesis in the University of Graz Library

Author: Lisa Walcher, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

The economic success of a company can no longer be measured solely in terms of financial success and goals such as increasing sales revenues or maximizing profits as a result of entrepreneurial activities. Reporting on topics such as sustainable management of resources and responsible action are playing an increasingly important role in the economic positioning of a company, meaning that transparent measurement and disclosure of non-financial information as well as sustainability performance is an essential component of effective corporate governance. For the measurement and disclosure of such information, companies rely not only on legal rules and regulations but also on national or international frameworks from various standard setters. However, the large number of different frameworks and the information provided make it difficult to compare the individual pieces of information. The current situation of sustainability reporting is also problematic for companies. The master thesis first takes up the latest developments in sustainability reporting on a European and international level and then looks at the cooperations of standard setters in sustainability reporting, that are emerging as a response to the required measures. Subsequently, various standard setters in sustainability reporting are presented and individual cooperations of standard setters are highlighted. The differences between developments at the European and international level are striking. While standard setters and their frameworks are hardly considered in the further development of sustainability reporting at the European level, the IFRS Foundation focuses on such frameworks at the international level.

Author: Jonathan Friedrich Josef Lang, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

Based on the OECD's BEPS project and the EU's ATAD, CFC rules were introduced in Austria in 2018. The rules aim to subject passive income of subsidiaries located in tax havens to domestic taxation, irrespective of a distribution to the Austrian parent company. This intends to break the deferral privilege of foreign subsidiaries and to ensure taxation at the Austrian level. This master thesis examines the new set of rules from two different perspectives. On the one hand, the legal aspects of the CFC rules are analysed by comparing them with the similar regulations from the USA and Germany, the Subpart F taxation and the German CFC rules, which have already been in place for decades. Significant differences become apparent, especially in the conditions of application. Nevertheless, a basic comparability can be confirmed, especially with the German CFC rules, which were reformed in 2021. On the other hand, the master thesis examines the effects of the introduction of the CFC rules, applicable for the first time in the tax year 2019, on the share of European tax haven subsidiaries of Austrian companies. The empirical analysis is conducted in the form of a regression analysis based on a difference-in-differences approach over the years 2015-2020. German companies serve as the comparison group. The examination of the sample provides first indications of a negative correlation between the introduction of the CFC rules and the share of subsidiaries in European tax havens. However, the regression analysis cannot confirm this negative relationship. One possible reason for this could be lagged effects in connection with the short observation period after the introduction of the CFC rules.

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Author: Gabriel Johann Platzer, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

The disclosure of financial performance indicators plays an important role in the external financial reporting of capital market-oriented companies. Not only normative performance indicators are communicated, but also alternative ones that are not defined in the applicable accounting framework. However, the reporting of alternative performance indicators has increasingly come under criticism. Consequently, the European Securities and Markets Authority, ESMA, published guidelines on the reporting of alternative performance indicators, often referred to as Alternative Performance Measures (APMs). These came into force in 2016 and are intended to promote the usefulness of disclosed APMs. Likewise, the International Accounting Standards Board has been addressing the reporting of APMs for years.
This paper deals with the criticisms as well as the related solutions regarding the disclosure of APMs that have emerged over time. In particular, the research questions of which requirements of the ESMA guidelines are met and which practices the reporters resort to come to the fore. To answer this question, the management reports of the IFRS annual reports (2019) of companies in the "German Entrepreneurial Index" were examined. After the quantitative investigation, the implementation of selected ESMA disclosure requirements (definition, designation, comparison, reconciliation, explanation) was highlighted. It was found that most APMs are reported on the results of operations, followed by the financial position and net assets. The performance indicators "EBIT", "EBITDA" and "financial result" dominate. Furthermore, of the total of 256 APMs identified, 15 percent were reported as "adjusted." The qualitative analysis found, among other things, that the ESMA requirement "explanation" was implemented least frequently.

Complete Thesis in the University of Graz Library

Author: Dr. Patrick Mellacher, BA MSc

Study Program: Doctoral Program

Abstract:

In this doctoral dissertation, I use agent-based models to shed light on the causes, consequences and interrelation between innovations, economic inequality and polarization in politics and the economy. In the first paper, Timon Scheuer and I replicate the well-known Keynes + Schumpeter model and extend it by incorporating heterogeneous labor. We use this model to develop a Schumpeterian perspective on skill-biased technological change and to study the emergence of wage inequality. Our analysis suggests that policies aimed at strengthening the economic position of low-skilled workers must be accompanied by upskilling programs in order to be effective in the long-run. In the second paper, I combine the so-called Schumpeter Mark I and Mark II models to create a novel macroeconomic agent-based model featuring endogenous growth in the number of industries and in productivity. My model is able to reproduce a large array of stylized facts of the development of capitalist economies. Depending on the parameters, the model economy experiences either a Kuznets curve or an increase in inequality in mature economies as emphasized by Piketty, coupled with recent stylized facts on “declining business dynamism”. Using extensive policy simulations, I evaluate the impact of changes in the entrepreneurial activity and firm-level R&D on growth, market concentration and inequality. In the final paper, I develop a simple co-evolutionary model of economy, political decision making and opinion dynamics models to study the political economy of inequality. My analysis suggests that even a tiny minority is able to influence public opinion to its favor (and to the detriment of the rest of the population), if it has more access to information about its true interests. This effect is drastically increased, if the minority can use economic resources to sow disinformation. Within this framework, decreasing economic inequality can improve overall efficiency and decrease political polarization.

Complete Thesis in the University of Graz Library

Author: Lisa Kohl, BSc MSc

Study Program: Master's Program Business Education and Development

Abstract:

Competence orientation is an important principle in the field of education. Accordingly, a change toward competence orientation should also take place in class. To ensure this, the principle of competence orientation is also anchored in the curriculum of commercial colleges of 2014. However, common practice shows that teachers tend to use especially schoolbooks as a guide for planning and designing their lessons. Due to the intensive use of schoolbooks and the learning tasks they contain, schoolbook tasks should also provide learning situations that correspond to the principle of competence orientation. Thus, the research question of this master's thesis analyses what extent the principle of competence-oriented teaching can be promoted in the context of tasks in business administration schoolbooks. The first chapter of this thesis includes the subject of schoolbooks. In the next chapters, the topics tasks and the principle of competence orientation are explained. Based on the explained content, criteria for competence-oriented tasks are derived and an analysis grid is created, which is used as the basis for the qualitative content analysis. For the analysis, learning tasks from three business administration textbooks of commercial colleges, from the field of marketing, are analyzed based on four criteria. The analysis results of this work show that schoolbook tasks can only contribute to a small extent to promoting competence-oriented teaching and learning. Finally, based on the results of this thesis, recommendations for the design of competence-oriented tasks are derived.

Author: Lisa Lieber, BA MSc

Study Program: Master's Program Business Education and Development

Abstract:

NASA’s space program is often associated with today’s project management. Their project efforts were based on the project management concept of the US-Air Force – so called AFSCM 375. But throughout history there have always been large undertakings that now can be defined as projects. The pyramids of Giza, the construction of churches and other religious sites as well as the impressive Hoover Dam can be named here as examples. Although the technological tools of that time were not fully developed, and project management techniques were not yet available, key factors for a successful project performance were already determined. Therefore, this master thesis asks the question which milestones in project economy have occurred over time and which success factors are decisive for successful implementation. This research question is answered by literature research. After a short introduction to the topic, the second chapter deals with a rough outline of the most important definitions and refers also to a delimitation to other terms of definitions. The following chapter is focusing on unique projects that have been gone down in history. Therefor projects before the 20th century as well as projects during the 20th century are considered in this chapter. The last and most important chapter analyses critical success factors that were not only crucial for a successful project performance in the past but are still important for today’s projects performance. These critical success factors are explained in detail by using today’s theoretical perspective. It becomes clear that those critical success factors were not only important for projects in the past. They are still crucial for today’s projects.

Complete Thesis in the University of Graz Library