Junior Management Science (E-Journal - LMÜ München)
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The Impact of Female Board Members on ESG Performance: An Empirical Analysis
Full text linkThis study investigates the impact of female board representation on ESG performance within the German two-tier corporate governance system. Using OLS regression analysis on a sample of 157 DAX, MDAX, and SDAX companies over a two-year period, the findings reveal a positive and significant relationship between the presence of women on both management and supervisory boards and improved ESG performance, regardless of whether measured by percentage or absolute number. Contrary to the critical mass theory, even the presence of a single woman on a board was found to significantly enhance ESG outcomes. No statistically significant effect was observed for female CEOs, although this is likely to be attributed to the low number of female CEOs in the sample. The study highlights both the ongoing underrepresentation of women on boards and the limited scope of current gender quota regulations (FüPoG I & II), suggesting the need for stronger legislative measures to support gender diversity as a driver of corporate sustainability.
Keywords: board gender diversity; board structure; critical mass; corporate governance; ESG performanceThis study investigates the impact of female board representation on ESG performance within the German two-tier corporate governance system. Using OLS regression analysis on a sample of 157 DAX, MDAX, and SDAX companies over a two-year period, the findings reveal a positive and significant relationship between the presence of women on both management and supervisory boards and improved ESG performance, regardless of whether measured by percentage or absolute number. Contrary to the critical mass theory, even the presence of a single woman on a board was found to significantly enhance ESG outcomes. No statistically significant effect was observed for female CEOs, although this is likely to be attributed to the low number of female CEOs in the sample. The study highlights both the ongoing underrepresentation of women on boards and the limited scope of current gender quota regulations (FüPoG I & II), suggesting the need for stronger legislative measures to support gender diversity as a driver of corporate sustainability.
Keywords: board gender diversity; board structure; critical mass; corporate governance; ESG performanc
Who Bears the Costs of the UK Soft Drink Tax? An Empirical Study of Medium-Term Effects
Full text linkUsing five years post-tax data on CPI prices, national employment as well as firm-level employment, we provide novel evidence on the medium-term effects of the UK Soft Drinks Industry Levy (SDIL). Applying a difference-in-differences research design, we find that neither consumers nor employees visibly bore the costs of the tax. However, given the falling trend in beverage prices in the UK, consumers faced a 6% less decline in soft drink prices compared to prices of levy-exempt beverages, since the introduction of the tax. Employees in the soft drink manufacturing industry were unaffected by the tax, whilst employees in the beverage manufacturing industry even benefitted from it through significant employment increases. Our study offers policy advice for other countries which are yet to implement soft drink taxes. We advocate the implementation of tiered tax designs, such as in the UK, due to its positive impact on employment and minimal burden for consumers.
Keywords: public health policy; soft drink taxation; UK sugar taxUsing five years post-tax data on CPI prices, national employment as well as firm-level employment, we provide novel evidence on the medium-term effects of the UK Soft Drinks Industry Levy (SDIL). Applying a difference-in-differences research design, we find that neither consumers nor employees visibly bore the costs of the tax. However, given the falling trend in beverage prices in the UK, consumers faced a 6% less decline in soft drink prices compared to prices of levy-exempt beverages, since the introduction of the tax. Employees in the soft drink manufacturing industry were unaffected by the tax, whilst employees in the beverage manufacturing industry even benefitted from it through significant employment increases. Our study offers policy advice for other countries which are yet to implement soft drink taxes. We advocate the implementation of tiered tax designs, such as in the UK, due to its positive impact on employment and minimal burden for consumers.
Keywords: public health policy; soft drink taxation; UK sugar ta
From Pictures to Perceptions: Exploring the Strategic Use of Visuals in CSR Reports and the Impact of Regulatory Mandates
Full text linkThis thesis explores the strategic use of visuals in CSR reports, comparing companies in the EU and Switzerland. Using automated image classification and clustering, 11,455 images from sustainability reports were analyzed. The study finds that firms in environmentally or socially sensitive industries, especially those with higher CO2 emissions per revenue, tend to use more images—often aligned with their specific challenges. This suggests that visuals are not merely illustrative but serve to shape corporate perception, potentially diverting attention from negative impacts. The introduction of the EU’s Non-Financial Reporting Directive (NFRD) appears to reduce image reliance, indicating a positive regulatory effect on transparency. Overall, the findings highlight that images can be used not just to complement text, but to construct a more favorable corporate narrative. The study underscores the importance of critically assessing visual elements in CSR disclosures, as they may subtly influence stakeholders’ perception beyond what is verbally communicated.
Keywords: CSR; image analysis; NFRD; greenwashing; visual communicationThis thesis explores the strategic use of visuals in CSR reports, comparing companies in the EU and Switzerland. Using automated image classification and clustering, 11,455 images from sustainability reports were analyzed. The study finds that firms in environmentally or socially sensitive industries, especially those with higher CO2 emissions per revenue, tend to use more images—often aligned with their specific challenges. This suggests that visuals are not merely illustrative but serve to shape corporate perception, potentially diverting attention from negative impacts. The introduction of the EU’s Non-Financial Reporting Directive (NFRD) appears to reduce image reliance, indicating a positive regulatory effect on transparency. Overall, the findings highlight that images can be used not just to complement text, but to construct a more favorable corporate narrative. The study underscores the importance of critically assessing visual elements in CSR disclosures, as they may subtly influence stakeholders’ perception beyond what is verbally communicated.
Keywords: CSR; image analysis; NFRD; greenwashing; visual communicatio
Employment with Autism: What Are Educational and Adaptive Needs of Employers in Austria from the Perspective of Women with Low-Symptom Autism?
Full text linkMenschen im Autismus-Spektrum haben geringe Chancen auf eine qualifikationsadäquate, zufriedenstellende und langfristige Beschäftigung am ersten Arbeitsmarkt, und es gibt wenigWissen darüber, welche Faktoren aus Sicht der Betroffenen förderlich für die Teilhabe am Arbeitsmarkt sind. In der vorliegenden Masterarbeit wurde im Zuge einer qualitativen Studie untersucht, welche Aufklärungs- und Anpassungsmaßnahmen auf Seiten der Arbeitgeber:innen zur erfolgreichen Beschäftigung von Menschen mit Autismus in Österreich führen. Elf weibliche autistische Expertinnen in eigener Sache und zwei neurotypische Autismus-und-Arbeit-Expertinnen identifizierten dabei Rahmenbedingungen für den Beschäftigungserfolg von Autist:innen sowie organisationalen Veränderungsbedarf in den Phasen Rekrutierung, Onboarding und Retention. Die Ergebnisse wurden in einem umfassenden Modell dargestellt und lassen sich wie folgt zusammenfassen: Menschen im Autismus-Spektrum brauchen mehr Klarheit in der Kommunikation, sie haben ein h.heres Bedürfnis nach Struktur und Vorhersehbarkeit, und sie benötigen in manchen Bereichen des Arbeitsalltags mehr Unterstützung als neurotypische Menschen. Arbeitgeber:innen des ersten Arbeitsmarktes sollten also Maßnahmen setzen, um auf diese Bedürfnisse einzugehen und ein inklusives und verständnisvolles Arbeitsklima zu schaffen, das authentisch vertreten wird. Somit hat diese Arbeit wichtige Implikationen sowohl für die Praxis des Diversitätsmanagements als auch für die Forschung im Bereich Autismus und Arbeit.
Keywords: autism; diversity management; inclusion; labor marketPeople on the autism spectrum have little chance of finding adequate, satisfying, and long-term employment in the primary labor market, and little is known about the factors that promote labor market participation from the perspective of individuals with autism. In this master’s thesis, a qualitative study was conducted to investigate which educational and adaptive measures on the part of employers lead to the successful employment of people with autism in Austria. Eleven female autistic experts and two neurotypical experts on autism and work identified framework conditions for the employment success of autistic people as well as needs for change in the recruitment, onboarding and retention phases of organizations. The findings were presented in a comprehensive model and can be summarized as follows: People on the autism spectrum need more clarity in communication, they have a greater need for structure and predictability, and they require more support than neurotypical people in some areas of everyday work. Thus, employers in the primary labor market should address these needs and create an inclusive and understanding work environment that is lived authentically. As such, this work has important implications for both diversity management practice and research on autism and work.
Keywords: autism; diversity management; inclusion; labor marke
Understanding Emergent Leadership Across Cultural Levels: A Theoretical Framework
Full text linkEmergent leadership literature emphasises identifying and nurturing leaders at all organisational levels to foster team harmony and align efforts toward shared goals. Since past studies focused largely on individual traits predicting leadership emergence, the interplay of different cultural levels, such as national culture, organisational culture and team culture in relation to individuals emerging as emergent leaders remains unexplored. This study extends beyond discussing the antecedents and outcomes of emergent leadership and provides an in-depth understanding of the phenomenon through different cultural levels. It introduces an overarching theoretical framework proposing that a) the unfolding of emergent leadership occurs at four levels, which are organic emergence, non-normative emergence, conditional emergence and non-emergence, based upon the type of interaction between cultural levels and potential emergent leaders, b) for emergent leadership to occur, potential emergent leaders must have or display some of the compatible antecedents, c) the approval of higher-level authority figures at the organisational or national level is a precondition for the occurrence of emergent leadership in stratified teams.
Keywords: emergent leadership; individual traits; national culture; organisational culture; team cultureEmergent leadership literature emphasises identifying and nurturing leaders at all organisational levels to foster team harmony and align efforts toward shared goals. Since past studies focused largely on individual traits predicting leadership emergence, the interplay of different cultural levels, such as national culture, organisational culture and team culture in relation to individuals emerging as emergent leaders remains unexplored. This study extends beyond discussing the antecedents and outcomes of emergent leadership and provides an in-depth understanding of the phenomenon through different cultural levels. It introduces an overarching theoretical framework proposing that a) the unfolding of emergent leadership occurs at four levels, which are organic emergence, non-normative emergence, conditional emergence and non-emergence, based upon the type of interaction between cultural levels and potential emergent leaders, b) for emergent leadership to occur, potential emergent leaders must have or display some of the compatible antecedents, c) the approval of higher-level authority figures at the organisational or national level is a precondition for the occurrence of emergent leadership in stratified teams.
Keywords: emergent leadership; individual traits; national culture; organisational culture; team cultur
Gone, Space Gone - Non-Territorial Workplace Models in the Context of Hybrid Working From the Employees\u27 Perspective
Full text linkDiese Studie untersucht die Wirkung einer non-territorialen & hybriden Arbeitsplatzform auf die Präferenz und marginale Zahlungsbereitschaft von Arbeitnehmenden im Vergleich zu territorialer & nicht-hybrider, territorialer & hybrider und nonterritorialer & nicht-hybrider Arbeit. Mittels Vignetten-Studie werden Jobangebote entsprechend der Präferenz bewertet, die sich hinsichtlich der Arbeitsplatzform und des Gehalts unterscheiden. Der Zusammenhang wird durch einen Chi-Quadrat-Test und eine Rank Ordered Logit-Regression analysiert. Per Umfrage werden mögliche zugrundeliegenden Mechanismen untersucht, indem der Einfluss der Arbeitsplatzform auf die Arbeitsbedingungen Territorialität, Privatsphäre, Zusammenarbeit und Autonomie abgefragt und durch den Kruskal-Wallis und Dunn’s Test ausgewertet wird. Die Ergebnisse zeigen einen signifikanten Einfluss der Arbeitsplatzformen auf die Präferenz und Zahlungsbereitschaft. Arbeitnehmende präferieren territoriales & hybrides Arbeiten und würden dafür auf durchschnittlich 2.175 =C im Vergleich zum territorialen & nicht-hybriden Arbeiten verzichten. Alle vier Arbeitsbedingungen werden von den Arbeitsplatzformen beeinflusst und können als Mechanismen wirken, am besten bewertet werden sie insgesamt bei territorialem & hybridem Arbeiten.
Keywords: hybrid working; marginal willingness to pay; non-territorial working; vignette study; working conditionsThis study examines the effect of a non-territorial & hybrid workplace model on employees’ preferences and marginal willingness to pay compared to territorial & non-hybrid, territorial & hybrid and non-territorial & non-hybrid work. A vignette study is used to evaluate individual preferences concerning various job offers which differ in terms of workplace model and salary. The correlation is analyzed using a chi-square test and a rank ordered logit regression. Possible underlying mechanisms are investigated by asking about the influence of workplace models on the working conditions of territoriality, privacy, collaboration and autonomy. The data is analyzed using the Kruskal-Wallis and Dunn’s test. The results show a significant influence of workplace models on preference and willingness to pay. Employees prefer territorial & hybrid working and would forego an average of =C2,175 compared to territorial & non-hybrid working. All four working conditions are influenced by the workplace models and can act as mechanisms. Overall, the conditions are rated best for territorial & hybrid working.
Keywords: hybrid working; marginal willingness to pay; non-territorial working; vignette study; working condition
A New Dimension of Transparency: ESG Disclosure and Its Effect on Shareholder Behavior
Full text linkThis study examines the impact of Environmental, Social, and Governance Disclosure (ESGD) on a company’s ownership structure in predominantly developed economies. It aims to assess whether ESGD influences the shares held by different investor types, with a focus on institutional investors. Using data from 2016 to 2022, ESGD is measured relatively and absolutely, while ownership is categorized into corporate, government, individual, and institutional types. A multivariate regression assesses the overall impact, and a univariate regression specifically examines the effect on institutional ownership. The analysis reveals a significant link between ESGD and ownership structure, suggesting that ESGD shapes ownership dynamics. In particular, institutional investors respond positively to relative ESGD, valuing how a company’s ESG transparency compares to its peers. The study acknowledges limitations like the short time frame and potential biases in the database. Nevertheless, the findings suggest that companies can attract institutional investors by improving ESG transparency, even if actual ESG outcomes are modest. This research contributes to the understanding of how ESG transparency shapes investor behavior, offering valuable insights for companies, investors, and policymakers.
Keywords: corporate governance; ESG disclosure; institutional investors; ownership structure; transparencyThis study examines the impact of Environmental, Social, and Governance Disclosure (ESGD) on a company’s ownership structure in predominantly developed economies. It aims to assess whether ESGD influences the shares held by different investor types, with a focus on institutional investors. Using data from 2016 to 2022, ESGD is measured relatively and absolutely, while ownership is categorized into corporate, government, individual, and institutional types. A multivariate regression assesses the overall impact, and a univariate regression specifically examines the effect on institutional ownership. The analysis reveals a significant link between ESGD and ownership structure, suggesting that ESGD shapes ownership dynamics. In particular, institutional investors respond positively to relative ESGD, valuing how a company’s ESG transparency compares to its peers. The study acknowledges limitations like the short time frame and potential biases in the database. Nevertheless, the findings suggest that companies can attract institutional investors by improving ESG transparency, even if actual ESG outcomes are modest. This research contributes to the understanding of how ESG transparency shapes investor behavior, offering valuable insights for companies, investors, and policymakers.
Keywords: corporate governance; ESG disclosure; institutional investors; ownership structure; transparenc
Mandatory ESG Disclosure and Firm Value – A Quantitative Analysis of the Effect of Directive 2014/95/EU on Firm Value
Full text linkThis work offers novel insights into how the introduction of the Non-Financial Reporting Directive in the European Union in 2014 affected firm value. Based on the theoretical discourse, it seems ex-ante unclear how this ESG disclosure directive is perceived by capital markets and affects firm value. Hence, this work aims to shed more light on the topic and add to the scant evidence literature offers. Specifically, the implications of the first-time mandate of ESG information disclosure are investigated using an instrumental variable and a difference-in-difference approach on a propensity score-matched sample of 708 firms based in the European Union and the U.S. Difference-in-difference results imply that firm’s ESG performance, measured by Refinitiv’s ESG scores, significantly increases after the adoption of the directive. Subsequent instrumental variables analysis suggests that the increased ESG performance resulting from the directive is associated with relatively weak, negative effects for Tobin’s Q as the measure of firm value. In addition to confirming anticipatory effects for Tobin’s Q as early as 2014, significant evidence reveals that firms (sectors) with higher ESG performance had a more negative market reaction than firms (sectors) with lower ex-ante ESG performance.
Keywords: disclosure regulation; firm value; mandatory ESG reporting; market reaction; non-financial reporting directive (NFRD)This work offers novel insights into how the introduction of the Non-Financial Reporting Directive in the European Union in 2014 affected firm value. Based on the theoretical discourse, it seems ex-ante unclear how this ESG disclosure directive is perceived by capital markets and affects firm value. Hence, this work aims to shed more light on the topic and add to the scant evidence literature offers. Specifically, the implications of the first-time mandate of ESG information disclosure are investigated using an instrumental variable and a difference-in-difference approach on a propensity score-matched sample of 708 firms based in the European Union and the U.S. Difference-in-difference results imply that firm’s ESG performance, measured by Refinitiv’s ESG scores, significantly increases after the adoption of the directive. Subsequent instrumental variables analysis suggests that the increased ESG performance resulting from the directive is associated with relatively weak, negative effects for Tobin’s Q as the measure of firm value. In addition to confirming anticipatory effects for Tobin’s Q as early as 2014, significant evidence reveals that firms (sectors) with higher ESG performance had a more negative market reaction than firms (sectors) with lower ex-ante ESG performance.
Keywords: disclosure regulation; firm value; mandatory ESG reporting; market reaction; non-financial reporting directive (NFRD
Numerical Studies for the Scheduling of Continuous Annealing Lines
Full text linkThe continuous annealing of flat steel improves its properties for applications such as automotive manufacturing. Scheduling these processes on Parallel Heterogeneous Annealing Lines (PHALs) is complex due to diverse coil properties, incompatible process modes, and due date constraints. Introducing stringers to address incompatibilities between steel sheets raises costs, energy use, and CO2 emissions, highlighting the need for optimized scheduling. This thesis implements a mathematical model in Python using the Gurobi solver to optimize PHAL scheduling by minimizing stringer usage while meeting tardiness constraints. The model is extended to include coil-specific release dates and expanded to address trade-offs between stringer use, tardiness, and due date deviations, including earliness. A computational study evaluates the model under various scenarios, examining the effects of coil heterogeneity, urgency, process flexibility, and stringer processing times. Results show that optimized schedules reduce stringer use and delays, particularly under high process flexibility. These findings demonstrate the potential of optimization to improve efficiency and sustainability in steel production while guiding future research in dynamic scheduling approaches.
Keywords: continuous annealing lines; Gurobi solver; scheduling optimization; steel industry; stringer minimizationThe continuous annealing of flat steel improves its properties for applications such as automotive manufacturing. Scheduling these processes on Parallel Heterogeneous Annealing Lines (PHALs) is complex due to diverse coil properties, incompatible process modes, and due date constraints. Introducing stringers to address incompatibilities between steel sheets raises costs, energy use, and CO2 emissions, highlighting the need for optimized scheduling. This thesis implements a mathematical model in Python using the Gurobi solver to optimize PHAL scheduling by minimizing stringer usage while meeting tardiness constraints. The model is extended to include coil-specific release dates and expanded to address trade-offs between stringer use, tardiness, and due date deviations, including earliness. A computational study evaluates the model under various scenarios, examining the effects of coil heterogeneity, urgency, process flexibility, and stringer processing times. Results show that optimized schedules reduce stringer use and delays, particularly under high process flexibility. These findings demonstrate the potential of optimization to improve efficiency and sustainability in steel production while guiding future research in dynamic scheduling approaches.
Keywords: continuous annealing lines; Gurobi solver; scheduling optimization; steel industry; stringer minimizatio
Energy-Aware Production Planning with Renewable Energy Generation Considering Combined Battery- and Hydrogen-Based Energy Storage Systems
Full text linkThis study investigates the capacity of a developed production planning model to coordinate energy management within a hybrid energy system. The specific focus is on energy-intensive manufacturing firms utilizing renewable energy generation and energy storage. Unlike prior research in the field of energy-aware production planning, which revealed considerable cost saving potentials for the consideration of energy storage, this study considers a combined battery- and hydrogen-based energy storage with more realistic technology modeling. A formal mathematical model is developed as a mixed-integer linear program. Moreover, the cost saving potential of the combined energy storage system in energy-aware production planning is investigated based on numerical experiments. The experiments reveal that the implementation of the proposed planning approach saves significant costs compared to a baseline scenario. Up to 29.3 % cost saving potentials can be reached. In particular, the battery storage achieves significant energy cost savings while the hydrogen storage improves independence from fluctuating energy tariffs and availability of renewable energy. Possible model extensions are suggested to enhance the utilization of the proposed planning approach.
Keywords: energy-aware production planning; energy storage systems; hydrogen; mixed-integer linear programming; renewable energy generationThis study investigates the capacity of a developed production planning model to coordinate energy management within a hybrid energy system. The specific focus is on energy-intensive manufacturing firms utilizing renewable energy generation and energy storage. Unlike prior research in the field of energy-aware production planning, which revealed considerable cost saving potentials for the consideration of energy storage, this study considers a combined battery- and hydrogen-based energy storage with more realistic technology modeling. A formal mathematical model is developed as a mixed-integer linear program. Moreover, the cost saving potential of the combined energy storage system in energy-aware production planning is investigated based on numerical experiments. The experiments reveal that the implementation of the proposed planning approach saves significant costs compared to a baseline scenario. Up to 29.3 % cost saving potentials can be reached. In particular, the battery storage achieves significant energy cost savings while the hydrogen storage improves independence from fluctuating energy tariffs and availability of renewable energy. Possible model extensions are suggested to enhance the utilization of the proposed planning approach.
Keywords: energy-aware production planning; energy storage systems; hydrogen; mixed-integer linear programming; renewable energy generatio