Junior Management Science (E-Journal - LMÜ München)
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How Sustainable Is Private Equity? Unlocking the Impact of Private Equity on Asset-Level Sustainability: An Empirical Investigation
Full text linkThe debate over the broader impact of the private equity industry has been a contentious topic in the academic literature. While recently, private equity investors have endorsed sustainability in their investment strategies, little is known whether the industry promotes sustainable transformation. This research uses data from the U.S. Environmental Protection Agency on the emission and handling of toxic chemicals in U.S. factories from 1991 to 2021 as a proxy for facility sustainability. The study reveals that, compared to the overall peer group facilities involved in a private equity takeover reduce pollution by 1.55 %-points less and reduce production waste by 1.1 %-points more in the two years after takeover. Further analysis indicates, that with a higher environmental hazard of the underlying chemicals, both the increase in pollution and the decrease in production waste become more pronounced. The study reveals that private equity ownership does not result in enhanced ecological sustainability. Further, the concurrence of the found trends with generally rising costs of both pollution control and raw materials of higher hazards suggest that the private equity business model is only effective in achieving sustainability goals if those are well aligned with financial objectives.Keywords: impact of private equity; private equity; SRI; sustainability; sustainable financ
Flipping the Switch – The Role of Activity Load in Temporal Acquisition Patterns of Acquiring Firms
Full text linkThis study presents evidence on the effect of a firm’s activity load from acquisitions on its temporal acquisition pattern. Exploiting a panel of the 300 largest Fortune Global 500 firms over the 1990-2010 period, I use a hybrid logit model in which I regress momentum on activity load. I find that increases in the activity load from acquisitions, on average, reduce a firm’s likelihood to maintain acquisition momentum. That is, the increase in acquisition activity created by acquisition routines and cognitive maps of managers translates into a higher activity load until firms face a situation of information overload. Rational acquirers neutralize this pressure by reducing their acquisition volume which, in turn, decreases the activity load burden. Moreover, my results reveal that acquirers can switch from targets in a higher-complexity target firm category to targets in a lower-complexity target firm category to reduce their activity load burden while maintaining overall momentum. Yet, I obtain ambiguous results when examining heterogeneity in acquirer responses arising from differences in absorptive capacity. With these findings, my study adds to prior literature on acquisition patterns, strategic momentum, and the interplay between a firm’s activity load and absorptive capacity.Keywords: activity load; M&A; momentum; switching behavior; temporal acquisition patternsThis study presents evidence on the effect of a firm’s activity load from acquisitions on its temporal acquisition pattern. Exploiting a panel of the 300 largest Fortune Global 500 firms over the 1990-2010 period, I use a hybrid logit model in which I regress momentum on activity load. I find that increases in the activity load from acquisitions, on average, reduce a firm’s likelihood to maintain acquisition momentum. That is, the increase in acquisition activity created by acquisition routines and cognitive maps of managers translates into a higher activity load until firms face a situation of information overload. Rational acquirers neutralize this pressure by reducing their acquisition volume which, in turn, decreases the activity load burden. Moreover, my results reveal that acquirers can switch from targets in a higher-complexity target firm category to targets in a lower-complexity target firm category to reduce their activity load burden while maintaining overall momentum. Yet, I obtain ambiguous results when examining heterogeneity in acquirer responses arising from differences in absorptive capacity. With these findings, my study adds to prior literature on acquisition patterns, strategic momentum, and the interplay between a firm’s activity load and absorptive capacity.Keywords: activity load; M&A; momentum; switching behavior; temporal acquisition pattern
Spitzeder, Schmider, Marsalek: What Role Does the Human Factor Play in Accounting Scandals?
Full text linkDer Faktor Mensch – eine Einflussgr..e, die bei der Analyse von Bilanzbetrugsf.llen schwer zu quantifizieren ist. Trotz zahlreicher Untersuchungen über Bilanzskandale, mangelt es bislang an systematischen Vergleichen verschiedener Fälle bezüglich des Einflusses persönlichen Verhaltens auf Entstehung, Prävention und Aufarbeitung von Bilanzskandalen. Es ist das Ziel dieser Arbeit, anhand der Fälle von Wirecard (2020), Flowtex (1999) und der Dachauer Bank (1872) zu erforschen, inwiefern der Faktor Mensch dem Erfolg der Betrugssysteme zutr.glich war. Nach einer literaturbasierten Aufarbeitung der drei vorliegenden Fälle, werden die handelnden Akteure Jan Marsalek, Manfred Schmider und Adele Spitzeder mithilfe des soziologischen Modells des Fraud Diamonds analysiert. Daraus werden abschließend Herangehensweisen für den Umgang mit Betrugssystemen abgeleitet. Zentrale Erkenntnis ist, dass der Faktor Mensch nicht nur bei der Betrachtung der T.ter hinsichtlich der Motivation, Rechtfertigung und Fähigkeit zum Betrug relevant ist, sondern auch bei der Betrachtung anderer Akteure von Bedeutung ist. Zudem ist der Faktor Mensch die Grundlage dafür, dass aus einem Betrugsfall ein Skandal wird.
Keywords: fraud diamond; fraud schemes; human factor; WirecardThe human factor is a significant influence that is difficult to quantify when analyzing accounting fraud cases. Despite several studies on accounting scandals, there has been a lack of systematic comparisons of different cases concerning the impact of personal behavior on their emergence, prevention, and processing. The objective of this thesis is to investigate the extent to which the human factor contributed to the success of the fraud schemes using the cases of Wirecard (2020), Flowtex (1999) and Dachauer Bank (1872). After reviewing the three cases based on literature, the key characters Jan Marsalek, Manfred Schmider, and Adele Spitzeder, are analyzed using the sociological model of the Fraud Diamond. This analysis finally derives approaches for dealing with fraud schemes. The study reveals that the human factor is not only relevant when considering the perpetrators in terms of motivation, justification, and their ability to commit fraud, but also when considering other parties involved. Furthermore, the human factor is the basis for a fraud case becoming a scandal.
Keywords: fraud diamond; fraud schemes; human factor; Wirecar
Reusable Packaging Systems for Restaurants and Delivery Services: A Study of Consumer Preferences and Adoption Barriers
Full text linkGermany, the EU’s top plastic waste contributor, sees rising demand for single-use packaging, especially in coffee-to-go, takeaway, and food delivery. To promote a sustainable circular economy, Germany amended its packaging law in 2023, mandating gastronomic businesses to offer reusable packaging alternatives. However, consumer acceptance of reusable packaging systems (RPSs), crucial for success, is relatively unexplored. This study examines drivers and barriers to RPS adoption in Germany, offering recommendations for improvement. It includes a literature review, market research, and a representative online survey of 405 participants. A binary logistic regression model identified key adoption factors. Sustainability-focused intrinsic motivations were found to drive acceptance, while time and effort to return packaging pose significant barriers. Overall, the findings emphasize the importance of prioritizing both sustainability and convenience in the design of RPSs to promote consumer adoption. These insights can guide gastronomic businesses, pool system providers, and policymakers to improve RPS design and implementation, fostering public acceptance and adoption in Germany.
Keywords: circular economy; consumer acceptance; gastronomic industry; reusable packaging system (RPS); sustainabilityGermany, the EU’s top plastic waste contributor, sees rising demand for single-use packaging, especially in coffee-to-go, takeaway, and food delivery. To promote a sustainable circular economy, Germany amended its packaging law in 2023, mandating gastronomic businesses to offer reusable packaging alternatives. However, consumer acceptance of reusable packaging systems (RPSs), crucial for success, is relatively unexplored. This study examines drivers and barriers to RPS adoption in Germany, offering recommendations for improvement. It includes a literature review, market research, and a representative online survey of 405 participants. A binary logistic regression model identified key adoption factors. Sustainability-focused intrinsic motivations were found to drive acceptance, while time and effort to return packaging pose significant barriers. Overall, the findings emphasize the importance of prioritizing both sustainability and convenience in the design of RPSs to promote consumer adoption. These insights can guide gastronomic businesses, pool system providers, and policymakers to improve RPS design and implementation, fostering public acceptance and adoption in Germany.
Keywords: circular economy; consumer acceptance; gastronomic industry; reusable packaging system (RPS); sustainabilit
Leveraging Credit Ratings Through Impression Management: An Exploratory Study of German Small and Medium-Sized Family Firms
Full text linkIn an era marked by multi-crisis environments, the significance of corporate finance and credit ratings amplifies, especially for German small- and medium-sized family firms, often constrained in accessing capital markets. This thesis investigates how family firms employ impression management strategies within qualitative credit ratings to enhance their creditworthiness. Through exploratory qualitative research involving 17 interviews with German family firms and banks, primarily financing the Mittelstand, three key dimensions of impression management emerge: family-specific, business-specific, and relationship-specific tactics. Family-specific factors, including values and generational succession, significantly influence qualitative credit rating scores. Moreover, the interplay between firms and banks, orchestrated by the owning family, shapes effective impression management strategies. This research underscores the role of family involvement in shaping qualitative credit ratings, emphasizing the interrelations among family, business, and banking dynamics. The discussion highlights the relevance and adaptability of these impression management dimensions, contributing to a deeper understanding of qualitative credit rating processes within the context of family firms.
Keywords: credit rating; family firm; impression management; leveraging credit ratings; qualitative rating factorsIn an era marked by multi-crisis environments, the significance of corporate finance and credit ratings amplifies, especially for German small- and medium-sized family firms, often constrained in accessing capital markets. This thesis investigates how family firms employ impression management strategies within qualitative credit ratings to enhance their creditworthiness. Through exploratory qualitative research involving 17 interviews with German family firms and banks, primarily financing the Mittelstand, three key dimensions of impression management emerge: family-specific, business-specific, and relationship-specific tactics. Family-specific factors, including values and generational succession, significantly influence qualitative credit rating scores. Moreover, the interplay between firms and banks, orchestrated by the owning family, shapes effective impression management strategies. This research underscores the role of family involvement in shaping qualitative credit ratings, emphasizing the interrelations among family, business, and banking dynamics. The discussion highlights the relevance and adaptability of these impression management dimensions, contributing to a deeper understanding of qualitative credit rating processes within the context of family firms.
Keywords: credit rating; family firm; impression management; leveraging credit ratings; qualitative rating factor
Authenticity and Brand Activism – An Empirical Analysis
Full text linkDie steigende Relevanz von Markenaktivismus verbunden mit ihrer kontroversen Natur stellt Marken vor Herausforderungen. Ob sich Marken aktivistisch engagieren sollten und wie wichtig dabei das authentische Engagement in diesem Zusammenhang ist, sind Fragen, die es zu beantworten gilt. In dieser Arbeit wird mit Hilfe eines Experiments belegt, dass authentischer Markenaktivismus die Einstellung zu einer Marke verbessert. Dabei wird die dadurch gr..erer wahrgenommene Markenauthentizität als wichtiger Treiber identifiziert. Dafür wurde eine Definition von authentischem Markenaktivismus betrachtet, bei der nicht die Handlungen isoliert betrachtet werden, sondern das Zusammenspiel von Purpose, Werten, Unternehmenspraktiken und aktivistischer Botschaft. Zusätzlich wird festgestellt, dass der Einfluss von authentischem Markenaktivismus auf die wahrgenommene Markenauthentizität nicht von den Moderatoren Involvement und Skepsis beeinflusst wird. Weiterhin können erste Erkenntnisse über verschiedene Formen von nicht authentischem Markenaktivismus erlangt werden. Diese Arbeit trägt damit zur Forschung über die Wirksamkeit von aktivistischen Engagement bei und schließt eine empirische Lücke in Bezug auf die Authentizität von Markenaktivismus.
Keywords: attitude towards brands; brand activism; brand authenticity
The increasing relevance of brand activism, coupled with its controversial nature, poses challenges for brands. Whether brands should engage in activism and the significance of authentic engagement in this context are questions that need to be addressed. This study employs an experiment to demonstrate that authentic brand activism enhances attitudes towards a brand, with the perceived brand authenticity identified as a key driver. To achieve this, a definition of authentic brand activism is considered, emphasizing the interplay of purpose, values, corporate practices, and activist messaging rather than isolating actions. Furthermore, it is found that the influence of authentic brand activism on perceived brand authenticity is not affected by the moderators of involvement and skepticism. Additionally, preliminary insights into various forms of non-authentic brand activism are gained. This research contributes to the study of the effectiveness of activist engagement and fills an empirical gap regarding the authenticity of brand activism.
Keywords: attitude towards brands; brand activism; brand authenticit
How Does ESG Rating Disagreement Influence Analyst Forecast Dispersion?
Full text linkThe practice of responsible and sustainable investing has led to the incorporation of environmental, social and governance (ESG) information into investment decisions. The role of ESG rating agencies has been to facilitate decision-making by aggregating unstructured ESG information into a single rating. Market participants, such as financial analysts, rely on these ratings as part of their research. However, ESG rating agencies rarely agree in their assessment of a company’s ESG performance, leading to divergent ESG ratings. This paper uses an OLS regression model based on a large sample of firm data to investigate whether ESG rating agency disagreement increases analysts’ forecast dispersion. It builds on previous research by Kimbrough et al. (2022). The results do not provide sufficient evidence to support a significant relationship between ESG discrepancies and analyst forecast dispersion. This calls into question the importance of non-financial ESG information in analysts’ assessment of a company‘s financial performance.
Keywords: analyst forecast; disagreement; ESG rating agencies; ESG score; intermediariesThe practice of responsible and sustainable investing has led to the incorporation of environmental, social and governance (ESG) information into investment decisions. The role of ESG rating agencies has been to facilitate decision-making by aggregating unstructured ESG information into a single rating. Market participants, such as financial analysts, rely on these ratings as part of their research. However, ESG rating agencies rarely agree in their assessment of a company’s ESG performance, leading to divergent ESG ratings. This paper uses an OLS regression model based on a large sample of firm data to investigate whether ESG rating agency disagreement increases analysts’ forecast dispersion. It builds on previous research by Kimbrough et al. (2022). The results do not provide sufficient evidence to support a significant relationship between ESG discrepancies and analyst forecast dispersion. This calls into question the importance of non-financial ESG information in analysts’ assessment of a company‘s financial performance.
Keywords: analyst forecast; disagreement; ESG rating agencies; ESG score; intermediarie
Comparison of the Preferential Treatment of Retained Earnings with the Option Model for Family Partnerships
Full text linkDie unterschiedlichen Besteuerungskonzeptionen von Personen- und Kapitalgesellschaften in Deutschland führen, insbesondere im Fall der Gewinnthesaurierung, zu systematischen Missverhältnissen und teils deutlichen Belastungsunterschieden. Der Gesetzgeber verfolgt indes zunehmend das Ziel einer Angleichung durch steuerliche Begünstigungen und Wahlrechte für Personengesellschaften. Neben der Thesaurierungsbegünstigung nach § 34a EStG, kann ab 2022 mittels § 1a KStG eine Personengesellschaft nach den Vorschriften für Körperschaften besteuert werden. In der vorliegenden Arbeit wird die Vorteilhaftigkeit beider Wahlrechte für den primären Adressatenkreis – d.h. „Familienpersonengesellschaften“ – untersucht. Dabei werden die speziellen steuerlichen Anforderungen und Bedürfnisse, die sich aus den wesenstypischen Eigenschaften von Familienpersonengesellschaften ergeben, definiert. Es wird deutlich, dass das vom Gesetzgeber verfolgte Ziel einer rechtsformneutralen Besteuerung in der derzeitigen Ausgestaltung nicht erreicht werden kann.
Keywords: § 1a KStG; § 34a EStG; family business; option model; preferential treatmentThe different taxation concepts of partnerships and corporations in Germany lead to systematic disparities and sometimes significant differences in tax burdens, particularly in the case of profit retention. However, legislators are increasingly pursuing the goal of harmonization through tax concessions and options for partnerships. In addition to the preferential treatment of retained earnings in accordance with Section 34a EStG, from 2022 a partnership can be taxed in accordance with the provisions for corporations by means of the new Section 1a KStG. This paper examines the benefits of both options for the primary target group - i.e. "family partnerships". In doing so, the special tax requirements and needs arising from the typical characteristics of family partnerships are defined. It becomes clear that the legislator’s aim of achieving taxation that is neutral in terms of legal form cannot be achieved in its current form.
Keywords: § 1a KStG; § 34a EStG; family business; option model; preferential treatmen
The Daughter Effect: Does Raising Daughters Influence Fathers’ Gender-Related Attitudes in the Workplace?
Full text linkUnter dem Begriff "Tochtereffekt" veröffentlichte Forschungsarbeiten legen nahe, dass sich geschlechterbezogene Einstellungen von Männern durch die Vaterschaft einer Tochter in eine egalitärere Richtung entwickeln. In einer Studie mit 184 berufstätigen Vätern kann der erwartete Tochtereffekt nur für Väter mit einer engen Vater-Kind Beziehung und ausschließlich auf einer expliziten Einstellungsebene nachgewiesen werden. Die Ergebnisse stellen einen allgemeinen Tochtereffekt in Frage und sprechen für die Notwendigkeit der Berücksichtigung moderierender Variablen. Um zu prüfen, ob eine experimentelle Herstellung des Tochtereffekts durch eine mentale Perspektivenübernahmemanipulation möglich ist, werden in einer zweiten Studie 232 Teilnehmende randomisiert einer von drei experimentellen Bedingungen (Perspektivenübernahme: Tochter vs. Sohn vs. Kontrollgruppe) zugeteilt. Konsistent zu den Annahmen zeigen Teilnehmende, die sich in die Perspektive einer vorgestellten Tochter versetzt hatten, egalitärere geschlechterbezogene Einstellungen. Theoretische Implikationen bezüglich des zu Grunde liegenden Wirkmechanismus sowie praktische Implikationen für die Entwicklung von Diversity-Trainings im Unternehmenskontext werden diskutiert.
Keywords: daughter effect; diversity; gender stereotypes; perspective-takingStudies published under the term ’daughter effect’ suggest that men’s gender attitudes develop in a more egalitarian direction asa result of fathering a daughter. In a study with 184 working fathers, the expected daughter effect can only be demonstrated for fathers with a close father-child relationship and only at the level of explicit attitudes. The results question a general daughter effect and argue for the need to consider moderating variables. In a second study, 232 participants were randomly assigned to one of three experimental conditions (perspective-taking: daughter vs. son vs. control group) to test whether an experimental production of the daughter effect is possible through a mental perspective-taking manipulation. Consistent with the hypotheses, participants who took the perspective of an imagined daughter showed more egalitarian gender attitudes. Theoretical implications regarding the underlying theoretical mechanism and practical implications for developing diversity training in the corporate context are discussed.
Keywords: daughter effect; diversity; gender stereotypes; perspective-takin
Rewarding Creativity: The Moderating Role of Personality
Full text linkThe aim of this paper is to find out if Openness to Experience and Extraversion have an interacting effect on the relationship between monetary rewards and originality. Therefore, in an online experiment which was set up in two parts - the first part measured participants personality level whereas the second part included a divergent thinking task, where the originality of ideas was measured - I find that Openness to Experience and Extraversion positively influence creativity. Further, it is assumed, that monetary rewards positively influence an individual’s creativity, as those individuals being rewarded for creativity performed more creative. However, analysis indicates that there is no interaction effect as assumed. As the ability of creative thinking is essential for companies and can even lead to a competitive advantage, the findings of this study provide useful insights about the relevance of personality on creativity for theory and practice.Keywords: creativity; divergent thinking, performance; personality; reward sensitivityThe aim of this paper is to find out if Openness to Experience and Extraversion have an interacting effect on the relationship between monetary rewards and originality. Therefore, in an online experiment which was set up in two parts - the first part measured participants personality level whereas the second part included a divergent thinking task, where the originality of ideas was measured - I find that Openness to Experience and Extraversion positively influence creativity. Further, it is assumed, that monetary rewards positively influence an individual’s creativity, as those individuals being rewarded for creativity performed more creative. However, analysis indicates that there is no interaction effect as assumed. As the ability of creative thinking is essential for companies and can even lead to a competitive advantage, the findings of this study provide useful insights about the relevance of personality on creativity for theory and practice.Keywords: creativity; divergent thinking, performance; personality; reward sensitivit