Academic Year 2022/23

Author: Mag. Dr. Viktoria Maria Steffen, BSc MSc

Study Program: Doctoral Program

Abstract:

The concept of financial market quality comprises three dimensions, namely liquidity, transaction costs, and information efficiency. Due to structural changes such as the rise of computer-based trading as well as changes in the market structure leading to new measures of economic policy, empirical research on the effect of these developments on market quality is more important than ever. Each paper of this thesis addresses different aspects of market quality with a special focus on the Austrian capital market. I investigate how times of market stress, in particular extreme price movements with reversal, as well as policy changes impact the Austrian market quality. The first paper is a literature review on extreme price movements with reversal, which is the first that places (mini) flash crashes in the larger context of extreme price movements. It forms the basis for my empirical papers, as each of them investigates a different type of extreme price movement in the context of market quality. The first empirical paper analyzes market reactions following share repurchase announcements in Austria and Germany. I additionally evaluate how the change of the capital gains taxation affected financial market quality. My results confirm previous findings of negative abnormal returns prior to repurchase announcements and positive and significant abnormal returns and volumes on the announcement day. Liquidity is lower than expected, especially in Austria. I do not find changes in capital gains taxation to have led to a change in the market reactions. My second empirical paper studies mini flash crashes on the Austrian capital market with a special focus on the role of algorithmic traders. I am the first to address endogeneity issues by applying the control function approach in market microstructure literature, thus making a methodological contribution. My results do not confirm that algorithmic traders cause mini flash crashes, but that trading volume is one of the main causes.

Author: Dominik Novak, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

The bursting of the housing bubble in the US in 2008 put pressure primarily on the banking sector. However, the crisis spread rapidly to all economies of the world and required supportive monetary policy measures by central banks. The prime rate promptly reached the lower limit of 0%, which made it difficult for central banks to use conventional measures to provide an expansionary stimulus to the economy. All central banks therefore relied on unconventional measures such as quantitative easing. This master’s thesis answers the question which quantitative easing measures were adopted by the European Central Bank and the Federal Reserve and how the effectiveness of the measures can be classified in view of controlling the economic complications of the financial crisis as well as the pandemic caused by the SARS-CoV-2 virus. The research question was answered by undertaking a qualitative analysis of the main empirical studies available on the effectiveness of quantitative easing measures. The research in the master’s thesis was able to demonstrate the importance of quantitative easing measures in stimulating market participant’s long-term expectations about the dynamics of the interest rate and the general direction of the monetary policy. In addition, the analysis of empirical data shows how the active intervention of central banks in the financial markets in combination with portfolio adjustments by investors has a positive effect in the stability and functioning of the markets. Despite the positive effects in the short and medium term, there are numerous risks in the long term, which, are highlighted in the master’s thesis. At the end of 2022 all economies have been confronted with rising inflation. Therefore, the master’s thesis examines to what extent quantitative easing measures could have contributed to the sharply rising inflation.

Complete Thesis in the University of Graz Library

Author: Dieter Anton Reumiller, MSc (Econ.)

Study Program: Master's Program Political and Empirical Economics

Abstract:

Today more than ever, statistical data and methods are regarded as the key to understanding a reality that is perceived as increasingly complex. This thesis deals with the genesis of statistics as the central information system of modern societies and presents the long-term development of official economic statistics in Austria since the middle of the 18th century. After a clarification of the term "statistics" and a discussion of various fields of research on the history of "statistics", the third chapter traces the development of the official institutions of Austrian statistics up to the present. In addition to the official institutions at the federal level, which are dealt with in detail, other statistical actors at the regional, national and international level are also presented. This discussion of the institutional framework forms the foundation for a detailed examination of the activities of official statistics in the field of economic statistics. In the fourth chapter, starting with the cameralistic “manufacture tables”, the development up to the end of the Second World War is presented, with a focus on industry statistics. The systematic expansion of economic statistics did not take place until the early 1950s, parallel to the introduction of national accounts. The fifth chapter is devoted to this gradual expansion of the secondary statistical information system. In addition to the core collection of accounts, the development of the regional, quarterly and input-output accounts is also dealt with in particular. Due to the important role of the Austrian Institute of Economic Research in the project of the quantification of the Austrian economy after 1945, its economic statistical activities also partly form the subject of this work.

Complete Thesis in the University of Graz Library

Author: Antonia Kovac, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

Quick-commerce grocery retailers have already established themselves in many countries and cities, and competition in this industry is continuously increasing. This business model offers particularly fast delivery times and the opportunity to shop almost without restrictions regarding opening hours. The promises of short delivery times create expectations on the part of customers, which companies aim to fulfill. In this context, the present master thesis focuses on the influence of promised delivery time on customer expectations and tolerance. The theoretical background for this research question is expectation management and the zone of tolerance. Tolerance represents the zone between the service desired by customers and the service deemed acceptable. Furthermore, based on the service quality model and the expectation-disconfirmation theory, the hypothesis assumes an effect of delivery time promise fulfillment on customer satisfaction and repurchase intention. This was empirically tested through an online experiment by manipulating the promised and actual delivery time. The results of the online experiment demonstrate that the difference between promised and actual delivery time affects customer satisfaction. Additionally, the level of delivery time promise influences the level of customer tolerance. Moreover, a positive relationship between satisfaction and repurchase intention was observed. It is noteworthy that the willingness to repurchase decreases particularly with lower promises and greater delays. The findings of this study highlight the importance of realistic delivery time promises to enhance customer satisfaction and repurchase intention and offer potential directions for future research, alongside acknowledging the limitations.

Author: Jaqueline Victoria Bojer, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

This master thesis deals with the optimal occupancy of event locations under social distancing rules. In times of the COVID-19 pandemic, the observance of distancing regulations was among the most important measures to reduce infections. Adhering to this measure also made it possible to hold various events again. However, the implementation of distancing rules can also be a challenging task, especially for branches where many customers are present at the same time, like in the hospitality industry or in the cultural and entertainment sector. Here, the use of optimization tools can be very effective in order to accommodate as many customers as possible in compliance with the required minimum distance, which in turn has a positive impact on sales and profit. In the context of the theoretical treatment of the problem, different methods of seat allocation from the literature as well as possible application areas and objective function formulations are discussed. This is followed by the presentation of the basic optimization problem and the discussion of possible model extensions for different practical applications. The focus of the work is on the formulation of mathematical optimization models and seat allocation algorithms for the two concrete real-world applications in a lecture hall and in a cinema hall. In the latter, the seat assignment to pairs or groups of customers is of particular relevance. Finally, the implementation of all optimization models in Python allows an analysis of the results for different scenarios in order to gain important insights into the optimization of event location occupancy under social distancing.

Author: Dr. Johannes Paul Zeiringer, BSc MSc

Study Program: Doctoral Program

Abstract:

This thesis deals with the elaboration of design requirements, which are needed to be put in place, to fulfil scientific and professional standards to support the management of knowledge risks in digital supply chains (DSC). These knowledge risks arise from the fact that, on the one hand, comprehensive data is collected automatically and exchanged between organizations and, on the other hand, that modern data science methods make it possible to reengineer knowledge out of it. Based on the problem setting, this thesis uses the approach of design science research (DSR) to develop possible design requirements for decision support to achieve the balancing of knowledge sharing and protection. Suitable elaborated design requirements for decision support and the argumentation for their necessity of them are presented in this research. The discourse of the associated research question was deduced from two literature reviews, one interview study with industry experts and two questionnaire studies in the relevant fields. The thesis contributes to science and practice in multiple ways. First, the challenges of emerging “new” knowledge risks, as well as directions for possible design requirements to manage them were identified. Second, this thesis collected the challenges identified in the professional business environment, and thus provides partly completely new insights. And third, through the evaluation of design requirements for possible decision support for balancing knowledge sharing and protection, new insights could be made available to the scientific and practitioners’ community. Overall, a better understanding of balancing knowledge sharing and protection, respectively overcoming knowledge boundaries, is provided, and guidance to fulfil requirements to support the management of knowledge risks in DSC is given.

Author: Dr. Ines Güsser-Fachbach, BSc MSc MSc

Study Program: Doctoral Program

Abstract:

One goal of the circular economy is to reduce waste and a central way to achieve this is through repair. However, many consumers still prefer to replace products, making it necessary to understand and change this behavior. This cumulative dissertation addresses this issue by conducting four empirical studies to analyze the repair decisions of users with a main focus on the decision to use repair services. These studies examined questions about drivers of the consumers’ repair intention, repair service convenience, willingness-to-pay in consideration of different repair service attributes, and the extent to which people make the repair decision in an economically optimal way. In a fifth study, recommendations for action of repair companies were developed based on the empirical findings of the previous studies in order to encourage more people to use their services. A variety of methods were used in this thesis: consumer data was collected by using an online survey, focus group interviews, conjoint analysis, and a laboratory experiment. Repair company owners were also included in the thesis through interactive workshops and an online survey. Furthermore, the repair decision was investigated on a product-independent level as well as by considering different product types. Overall, this dissertation draws several important conclusions. Firstly, people are aware of the optimal economic repair versus replace decision, which includes the decision to opt for repair repeatedly. Nevertheless, in reality, this behavior is not widespread, due to inconvenient repair service attributes or lack of information regarding repairs and repairability of products. However, many small repair companies are constrained by their limited resources to improve those repair service attributes and thus the attractiveness of the repair service. Public policies such as repair subsidies and measures to promote repairability and durability are needed to help these businesses improve their attractiveness. In this context it was shown that while such measures generally have the potential to increase demand for repair services, individual existing measures may not be sufficient to achieve desired results. Hence, on the one hand, this thesis contributes to literature by confirming existing phenomena related to (sustainable) decision making and finding out new effects related to the repair decision. On the other hand, this dissertation also has direct implications for practice, as it identifies opportunities for repair companies to improve their service and also discusses possible actions by policy-makers.

Author: Anna Rab, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

Due to demographic and societal changes, diversity is becoming increasingly important in organizations. Organizations implement diversity management in the hope of improving the experiences and outcomes of groups that are disadvantaged both in organizations and in society. Diversity management measures such as diversity training, mentoring programs, or targeted recruitment are not always crowned with success despite their prevalence. Various studies show ambivalent results regarding the impact of diversity management and the influence of diversity measures on employees. The aim of this master thesis is to explore and synthesize the literature on the effects of specific diversity measures on cognition, attitude, behavior, health and compensation of employees. This will provide a better understanding of how diversity management impacts employees and the interactions that influence these outcomes. The focus of this master's thesis is on the diversity characteristics of gender, age, and ethnicity. The research question is answered in the context of a detailed literature review. To this end, the relevant literature is systematically selected, categorized, analyzed, and critically reflected upon in order to subsequently derive its own conclusions and implications for science and practice. The literature analysis shows that diversity management has a predominantly positive effect on employees. However, it should not be underestimated to what extent employees perceive diversity measures as fair and legitimate. In particular, if minorities receive preferential treatment, employees who are not favored by the diversity measures may react negatively.

Complete Thesis in the University of Graz Library

Author: Mag. Dr. Stefan Egon Reichmann, BA MA

Study Program: Doctoral Program

Abstract:

Taking Open Science as its starting point, the thesis studies data sharing practices as an example for the movement’s broader concerns with openness and transparency. It is found that data practices – the practices surrounding the production, dissemination, analysis, and (re)use of research data – , and, consequently, the propensity to share data, vary with institutional contexts as well as epistemic strategies. The thesis takes issue with the optimism surrounding data sharing, to argue that influential positions on data practices have dissociated the benefits of data sharing from specific research contexts, thereby sailing too close to the normative tenets of Open Science (of ensuring reproducibility and data reuse). It remains critical of the view that the transparency envisioned by Open Science will drive unambiguously positive change, a claim made plausible on the example of academic policy advice and the potential for open research practices to drive research uptake. The thesis remains equally critical of the assumption that data sharing and reuse are a matter of course once technical obstacles have been removed, a view underpinned by a concept of data as decontextualized facts. This idea has come under criticism of late as scholars are beginning to appreciate the situatedness and mutability of data. For instance, some research fields generate their findings not by producing datasets but through producing artefacts. This suggests that differences in the propensity to share data can be explained by differences in what counts as advancements in knowledge production. In terms of institutional contexts, the thesis finds that data sharing is moderated by the broader transformations of academic employment conditions. The notion of “data handovers” is introduced to accommodate theories of data sharing to local forms of data release.

Complete Thesis in the University of Graz Library

Author: Mag. Thomas Mairunteregger, BA MA

Study Program: Master's Program Sociology

Abstract:

Despite the supposed information age, political lies and misinformation still seem to be prevalent. Using the U.S.-American society as an example, the current study attempts to examine several contributing factors to this situation. Recent research suggests that the U.S. political system is increasingly becoming affectively polarized (i.e. people strongly dislike and distrust individuals that are affiliated with the opposing party regardless of the political values of those people). Similarly, the U.S. media system has been losing trust in recent decades while recipients increasingly consume partisan media outlets that confirm their viewers’ pre-existing viewpoints. Another recent development are social media platforms through which people can find and discuss political content. The fairly recent phenomenon of fact-checker (FC) outlets attempts to combat the spread of misinformation by rating the truthfulness of politicians’ statements. Using the 2016 presidential election as a backdrop, first, the empirical analysis explores how people utilize FC articles with regards to their partisan goals by examining Facebook users’ sharing behavior of said articles. Second, the characteristics of Facebook debates revolving around FC articles were investigated. Third, interviews with American voters and journalists were conducted to gain a deeper understanding of the explored subjects. The results suggest that users utilize FC articles in a way that either attempts to foster their political in-group or to damage their political out-group. The examined online debates were found to be fairly aggressive in tone, agreements between commenters from opposing parties rarely happened, opinion changes virtually never occurred and belief-incongruent information was regularly dismissed. The insights gained from the interviews underline these results impressively. 

Complete Thesis in the University of Graz Library

Author: David Marco List, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

The shortage of skilled workers dominates public discourse. IT services are gaining importance worldwide due to increasing digitalization. Consequently, it is hardly surprising that this sector is also massively affected by a shortage of qualified IT specialists. But what is a shortage of skilled workers and how does such a shortage come about? This is the question that Styrian IT service companies need to answer in terms of strategic orientation and strategic personnel planning. Accordingly, the following research questions were posed in the context of this work: (1) "Is the much-discussed topic of the shortage of skilled workers a phenomenon that can be defined? If so, how does it occur?", (2) "Which specifications can be identified?" and (3) "What possible solutions for companies in the IT services sector can be depicted or identified?" The aim of this work is to be able to answer the questions explained above. With the help of extensive literature research, the theoretical foundation for a delimitation of various terms is to facilitate an analysis of the causes and factors of a shortage of skilled workers in the Styrian IT services sector. Furthermore, the current and past labour shortages in Austria in the 1960s and 1970s identify the various players in the issue of the shortage of skilled workers then and now. Within the framework of the qualitative findings, eleven experts from business, education, interest groups, and semi-government were interviewed. The aim was to identify differences and similarities in the way the issue is viewed, dealt with, and strategies for dealing with a shortage of skilled workers and thus provide a basis for concrete recommendations for action and approaches to solutions for strategic management.

Author: Zilha Kevilj, BA MSc

Study Program: Master's Program Business Administration

Abstract:

The introduction of XBRL as a new format for financial reporting has implications for both report creators and recipients in the information transfer process. The automation of data creation and processing in the new standard enables information to be transported more quickly and used for decision-making. This master thesis deals with the topic of the costs and benefits of XBRL implementation. It does so by providing an overview of the standard, the status of mandatory implementations worldwide, and the impact on various stakeholder groups. Based on an analysis of scientific research results, it will be presented which assumptions from theory are supported by results and which actual observations could be made during the analyses, with a focus on investors. With the presented research results, a large number of observations and indications can be summarized, which support the positive effects of XBRL on the information status of these, but also all other stakeholder groups. There are also studies that fail to observe the assumptions of a positive effect in their data analyses. The explanations for these cases are mostly based on an observation period chosen directly after the respective implementation. Existing problems, such as the different level of information between large and small investors, may be further amplified if the use of the new format is applied more professionally by the former group. For other stakeholders, analyses showed a reduction in the processing effort. For further use, it appears that this standard will also be used in the future for sustainability reports, which are increasingly required in more detail.

Author: Lea Schulz, MSc

Study Program: Master's Program Business Administration

Abstract:

Integration problems following an acquisition represent a major reason for the failure of business mergers. These difficulties mainly occur in the five integration areas of strategy, organization, personnel, culture and operations. In this thesis, the theoretical foundations will be applied to the acquisition of the U.S. long-distance bus company Greyhound by the German mobility provider FlixBus in October 2021 and the integration of the companies that has taken place since then. Interviews, podcasts, and press articles were primarily used as sources for this qualitative single case study. FlixBus acquired Greyhound mainly for strategic reasons to achieve market leadership in the US. Since the motto of integration is a combination of the best of both worlds, a symbiosis of the companies suits as an integration approach. Most of the problems were to be expected in the area of culture, since the business models, histories and nationalities of Flix and Greyhound differ. In the area of strategy, there was a high degree of complementarity from the start in terms of visions, networks and brand identities, and there was also a certain basic euphoria among the personnel, so that less action was required in this field. In order to achieve the strategic goals, the necessary requirements were created at the organizational level by establishing a new company – Flix North America. Finally, the integration area of operations required the fewest changes, as the operations of Flix and Greyhound are to continue independently for the time being due to the different models. Thanks to its diverse integration experience, Flix knows what challenges can arise in the individual areas and how to solve them, so good progress is being made in the integration with Greyhound.

Author: Kerstin Trummer, BSc MSc

Study Program: Master's Program Business Administration

Abstract:

Tax avoidance behavior of multinational companies has drawn attention from media, tax administration and research for several decades. Transfer prices as enterprise determined prices for goods and services between affiliated companies represent one of several possibilities for tax avoidance and profit shifting. Due to globalization, cross border exchange of goods and services within a group of companies continues to increase. Both international politics and national legislators are constantly working on regulations to curb tax avoidance. The effects of such regulation should be subject to further research. The objective of this master thesis is to evaluate the impact of the introduction of the Austrian Transfer Pricing Guidelines (öVPR) in 2010 and the Transfer Pricing Documentation Act (VPDG) in 2016 on the tax avoidance behavior of Austrian multinational companies. For this purpose, a distinct approach for an empirical assessment based on a difference-in-difference analysis has been developed, factoring in the current state of research. The effects of the introduction of the öVPR in 2010 are examined based on 54,530 observations of Austrian companies from 2004 to 2015. For the introduction of VPDG in 2016, 40,635 observations from 2012 to 2019 are evaluated. Results for the legislative change in 2010 indicate no mitigation in tax avoidance behavior of Austrian parent comparison due to the introduction of the öVPR. In contrast, results for the legislative change in 2016 indicate a decrease in profit shifting behavior. This effect is amplified when Austrian parent companies are considered in isolation. In conclusion the master thesis shows that the introduction of stricter transfer pricing documentation rules with the legislative change in 2016 contributed to curbing tax avoidance by Austrian multinational companies.

Complete Thesis in the University of Graz Library

Author: Dr. Anna Kasmanhuber, BSc MSc LL.M.

Study Program: Doctoral Program

Abstract:

The majority of European listed companies have to publish mandatory Corporate Social Responsibility (CSR) reports alongside their financial information. The credibility of CSR reports is often limited by issues such as “greenwashing", where companies mislead report users by presenting their CSR information in a particular, usually more positive, light. More transparency can help increase the credibility of the information, e.g., by having CSR reports verified by independent certifiers, such as auditors or CSR experts. This dissertation consists of three essays on the issue of the credibility of CSR reports. The first essay examines how mandatory CSR assurance can help improve the quality of CSR reports. I use analytical publications on financial audits to gather hypotheses on how a CSR assurance mandate might affect the quality of the (financial and CSR) audit, audit fees, and the audit market in general. In the second essay, we examine the impact of mandatory CSR assurance on the quality of financial audits. In an analytical model, we define the circumstances under which CSR assurance positively affects financial audit quality, and under which the opposite is true. The third article examines how the presence of CSR information and environmental preferences of firm owners alter manager compensation contracts. I find that, under certain conditions, more environmentally conscious owners reward higher pollution to achieve congruence with their objectives.

Author: Dr. Alexander Marbler, B.A. (Econ.) MSc (Econ.)

Study Program: Doctoral Program

Abstract:

Climate change is projected to alter the Earth’s water cycle, causing regional drying and wetting, as well as an increase in the severity and frequency of extremes, such as drought and extreme rainfall. To comprehensively assess the social and economic consequences of climate change, it is essential to understand how changes in water availability affect society and the economy. This dissertation addresses questions about how changes in water availability influence different aspects of economic activity based on econometric analyses of big data stemming from different sources. The findings demonstrate that agriculture is a key mechanism which explains the causal effects of water availability on economic activity and that the consideration of seasonal climatic conditions is essential to understand these effects. Dry growing season conditions are particularly harmful, and low- to middle-income regions are affected the strongest. The negative effects of dry growing seasons on economic activity can diffuse in space, and investment in irrigation infrastructure can help mitigate these effects. A spatial assessment of the effects of anomalies in growing season water availability in rural areas provides evidence that economic activity moves towards cities in periods of too little or too much water available for agricultural production. This effect is stronger for large cities than for smaller cities and towns. This dissertation contributes to a growing literature focused on quantifying climate impacts on the economy, thereby supporting the design of optimal policy responses for climate change mitigation and adaptation, as well as sustainable and climate-resilient development.

Author: Sowannry Monika Em, BSc MSc

Study Program: Master's Program Business Education and Development

Abstract:

A current growing shortage of competent and qualified management and skilled employees in small and medium-sized enterprises is causing many countries across Europe to address the growing need for skilled personnel and the engagement with strategies to ensure this issue. In Germany, the Dual Study Programme is seen as having the potential to counteract the skilled labour problem. The aim of this master's thesis is to examine the approaches to Dual Study Programme through a comprehensive literature review based on the European Commission's organisational models of primary and lower secondary education. The analysis of approaches to the Dual Study Programme is based on single structure (Sweden and Denmark), common core curriculum (France and Italy) and differentiated branches/tracks (Austria and Germany), by using the definition of the German Science Council (Wissenschaftsrat) as a guideline. The literature research shows that there is not only a great diversity at the level of organisational models for education in Europe, but also that there is no unified definition for the model of the Dual Study Programme. Most of the study formats from the selected countries meet the quality-relevant minimum requirements of the German Science Council. Despite the close linkage of the learning locations, it can be stated that the academic and practical elements show an imbalance and therefore the study formats may not be defined as a Dual Study Programme according to the German Science Council. A standardised concept with a unified definition and quality criteria could prove useful in counteracting the impending EU-wide shortage of skilled personnel. However, further concrete actions are required to push the advancement of a standardised Dual Study Programme.