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Market performance impact of ESG disclosure and performance scores : evidence from Europe
No full textInterest in sustainable investing has grown strongly in recent years and has become a popular field in research and in the financial industry. The aim of this thesis is to examine whether European equity portfolios based on high ESG scores could generate superior returns. For this purpose, the ESG scores provided by Bloomberg and Refinitiv are used in the time period from 2011 to 2021. Further, the thesis will investigate whether the explanatory power of the Fama-French Three-Factor model can be improved by adding an ESG factor, thus making the performance impact of ESG scores measurable.
In a first step, this thesis summarises the findings of existing literature and explains the theoretical foundations on which this thesis is based. For the performance and risk analysis, sustainable portfolios are constructed by using the individual environmental, social and governance pillar scores or the overall ESG scores. As the focus of the thesis is on the European region, equities that were included in the European equity index STOXX Europe 600 are used for the construction of the portfolios. The investment period is set for 10 years, starting at the end of June 2011. To calculate the ESG factor, a similar method is used as for the calculation of the Fama-French factors.
The results of the performance and risk analysis of the ESG portfolios reveal that high-score companies did not achieve superior returns. On a risk-adjusted basis, European high-score companies, on average, underperformed both, the European benchmark index and low-score companies. In addition, the explanatory power could be minimally increased by adding an ESG factor. The statistically significant ESG coefficient made the performance impact of ESG scores measurable and the resulting ESG Four-Factor model was well suited to explain the returns of the STOXX 600 Europe index in the period from 2011 to 2021.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Pressekonferenzen in Zeiten von SARS-CoV-2
No full textDue to the SARS-CoV2 pandemic and its impact on the gathering of groups of people, information events such as press conferences also had to switch to new implementation methods. Press conferences were held only online or, subsequently, hybrid, starting with the government-imposed lockdowns.
In the years leading up to the pandemic, it was not common practice to make a press conference additionally available online. With the outbreak of the pandemic, this became inevitable for corporate communications, PR and marketing departments.
Thus, press conferences were disseminated through a wide variety of channels such as a dedicated streaming platform, social media channels or web conferencing tools. To ensure interaction, different methods were offered, from written chats to video feeds. In the end, written interaction was preferred, which could be carried out using specially developed tools.
Basically, it can be said that the assumption that the pandemic and the associated restrictions had an impact on the implementation method was confirmed and that the new dissemination methods developed during the pandemic are likely to remain in use.
Thus, the hybrid variant of a press conference with a written interaction option for the online participants and a possibility of a review emerged as the implementation variant preferred by both groups studied (organizers and journalists).
In this way, organizers can meet the needs of new structures in the media houses and continue to count on a high level of participation by media representatives in the press conferences, while also achieving the desired dissemination of information.Masterarbeit Wien, Fachhochschule des BFI Wien 202
B2B-Mobile Commerce : Erfolgsfaktoren sowie Barrieren im österreichischen Trockenbau-Fachhandel
No full textThe field of mobile commerce has already been discussed several times in the scientific literature in recent years. Electronic commerce and electronic business have been the main focus of attention, and mobile commerce has been ascribed a simple derivation to mobile devices. In addition, scientific literature focuses on the B2C sector and its requirements and needs. As a result, a reference to the Austrian construction industry and its drywall trading field in the B2B area has not been established and has not been investigated so far.
The target of this master thesis is to show the potential and the success factors of mobile commerce for the Austrian drywall trading field within the B2B sector and to show which instruments and demands should be considered in order to implement this venture successfully in the company. Key factors are the increased use of smartphones in everyday working life and the resulting change in the purchasing behavior of customers. Companies are challenged to face this significant change and to adapt their marketing and sales strategy to the newly emerging requirements. The treatise of the topic was first examined in more detail by means of a comprehensive literature research. Subsequently, interviews were held with experts from the building materials industry and from drywall companies in order to research all relevant aspects and perspectives of the industry. The results generated from these interviews were evaluated using the qualitative content analysis method according to Mayring.
The results of the theoretical and empirical analysis examined lead to the conclusion that the drywall trading field should put mobile commerce in the focus of its marketing and sales strategy in order to reach its own clientele more efficiently and with higher future potential. Especially if an existing multi- or omni-channel strategy is already being pursued in the company because it can only develop its full potential with the mobile channel. Ultimately, customers determine the long-term success of a company, and this success can only be achieved if the target group is actually won over.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Retoursendungen im E-Commerce : Ihre Gründe und Maßnahmen zur Senkung
No full textDie vorliegende Arbeit befasst sich mit dem Thema Retourenverhalten im E-Commerce und möglichen Maßnahmen zur Reduzierung von Retouren. Aus der gesamten Arbeit wird deutlich, dass der E-Commerce immer mehr an Bedeutung gewinnt und damit auch die mit dem E-Commerce verbundenen Retouren. Die Retourenquoten von Online-Unternehmen sind in den letzten Jahren stetig gestiegen. Die Gründe dafür liegen in der zunehmend kundenfreundlichen Retourenpolitik. Diese wird zum einen durch den Wettbewerb und zum anderen durch die gesetzlichen Rahmenbedingungen beeinflusst, die unter anderem ein 14-tägiges Widerrufsrecht bei Fernabsatzverträgen ermöglichen.
Für Unternehmen verursachen Retouren enorme Kosten für die Rücksendung der Ware an das Unternehmen (Anschaffungskosten) sowie für die Bearbeitung der Retoure (Bearbeitungskosten). Eine Abwälzung der Retourenkosten würde zwar die Zahl der Retouren reduzieren, hätte aber negative Auswirkungen auf das Kaufverhalten der Kunden. Dies wurde auch durch die empirische Studie bestätigt, da die Mehrheit der Befragten bestätigte, dass sie weniger oder gar nicht mehr online kaufen würden, wenn sie die Kosten für Versand und Retouren tragen müssten. Die Herausforderung für Unternehmen besteht also darin, wirksame Maßnahmen zu etablieren, die unnötige Retouren reduzieren und gleichzeitig die Anbieter-Kunden-Beziehung nicht beschädigen. Voraussetzung für die Reduzierung von Retouren durch wirksame Maßnahmen ist ein grundlegendes Verständnis des Retourenverhaltens von Konsumenten. In der Literatur werden negative Erwartungskonfirmation und kognitive Dissonanz als Hauptauslöser für Retouren gesehen. Es gibt aber auch diejenigen, die Produkte nach einer zufriedenstellenden Nutzung zurückgeben.
Zur Beantwortung der Forschungsfragen, was die Gründe für Retouren sind und welche Maßnahmen Unternehmen ergreifen können, um Retouren zu reduzieren, wurde ergänzend zur Literaturrecherche eine empirische Studie durchgeführt. Für die Datenerhebung wurde eine Online-Befragung eingesetzt, die sich aus allgemeinen Fragen zum Kauf- und Rückgabeverhalten, Fragen zu den Gründen für Retouren und Fragen zur Akzeptanz von Maßnahmen sowie soziodemografischen Fragen zusammensetzt. Die endgültige Stichprobe besteht aus 119 vollständig ausgefüllten Fragebögen.This paper is based on the topic of return behavior in e-commerce and possible measures to reduce returns. It is clear from the entire work that e-commerce is becoming more and more important and thus also the returns associated with e-commerce. The return rates of online companies have been rising constantly over the last few years. The reasons for this are the increasingly customer-friendly returns policy. On the one hand, this is influenced by the competition and, on the other hand, by the legal framework conditions, which, among other things, allow a 14-day right of withdrawal from distance selling contracts.
For companies, returns cause enormous costs for the return of the goods to the company (acquisition costs) as well as for the processing of the return (processing costs). Although passing on the costs of returns would reduce the number of returns, it would have a negative effect on the buying behavior of customers. This was also confirmed by the empirical study, as the majority of respondents confirmed that they would buy less or no longer online if they had to bear the costs of shipping and returns. The challenge for companies is therefore to establish effective measures that reduce unnecessary returns and at the same time do not damage the supplier-customer relationship. The prerequisite for reducing returns by means of effective measures is a basic understanding of the return behavior of consumers. In the literature, negative disconfirmation of expectations and cognitive dissonance are seen as the main triggers for returns. However, there are also those who return products after a satisfactory use.
To answer the research questions of what the reasons for returns are and what measures companies can take to reduce returns, an empirical study was conducted in addition to the literature research. For the data collection, an online survey was used, which consisted of general questions on purchasing and return behavior, questions on the reasons for returns and questions on the acceptance of measures as well as socio-demographic questions. The final sample consisted of 119 fully completed questionnaires.Masterarbeit Wien, Fachhochschule des BFI Wien 202
The impact of COVID-19 pandemic on working university students in Austria: depression and anxiety
No full textAls sich das neuartige Coronavirus weltweit ausbreitete und begann, das Leben der Menschen einzuschränken, wurden die Auswirkungen der umgesetzten Maßnahmen auf die psychische Gesundheit der Öffentlichkeit zunehmend besorgniserregend. Es wurde angenommen, dass unsichere Prognosen, die Auferlegung ungewohnter Maßnahmen im Bereich der öffentlichen Gesundheit, große und wachsende finanzielle Verluste sowie widersprüchliche Botschaften von Behörden zweifellos zu weit verbreiteter emotionaler Belastung und einem erhöhten Risiko für psychische Gesundheitsprobleme beitragen würden.
Eine der Bevölkerungsgruppen, die von den Maßnahmen stark betroffen sind, obwohl sie im Allgemeinen kein erhöhtes Risiko für schwere gesundheitliche Folgen einer Coronavirus-Infektion haben, sind Student*innen. In Anbetracht der Tatsache, dass Student*innen bereits vor der Pandemie aufgrund hoher Angstzustände, depressiver Verstimmungen, Alkohol- und Drogenmissbrauch und Suizidalität als gefährdete Gruppe galten, betrachtet diese Studie die Auswirkungen und das Ausmaß der Covid-19-Pandemie auf die psychische Gesundheit (mit Fokus auf Depressionen und Angststörungen) von Studierenden in Österreich, die gleichzeitig arbeiten und studieren. Um die Befindlichkeit und Erfahrungen der Zielgruppe zu erfassen, wurde ein Online-Fragebogen mit Fragen zu psychischer Gesundheit, Studien- und Berufsperspektiven sowie dem Beck-Depressions- und Angstinventar an berufstätige Universitätsstudent*innen verteilt.
Die Ergebnisse dieser Studie zeigen, dass bestimmte Bevölkerungsgruppen unter berufstätigen Universitätsstudent*innen während der COVID-19-Pandemie ein höheres Risiko für Depressionen und Angstzustände aufweisen als andere. Kinderlose Personen jüngeren Alters (18-25), mit bereits bestehenden psychischen Erkrankungen, niedrigerem monatlichem Einkommen, hohem Coronavirus-Risiko entwickeln mit höherer Wahrscheinlichkeit eine depressive Störung und eine generalisierte Angststörung. Des Weiteren, weisen die Ergebnisse auch auf die exzessive Nutzung von Sozialen Netzwerken und Online-Shopping als Ablenkung und Kompensation fehlender sozialer Kontakte und Freizeitaktivitäten hin. Schließlich hat die COVID-19-Pandemie auch das Arbeitsumfeld der Befragten negativ beeinflusst, indem sie körperliche Schmerzen und psychische Belastungen verursachte, die zu einem Rückgang der Arbeitsmotivation und des Engagements führten.Masterarbeit Wien, Fachhochschule des BFI Wien 202
B2B Vertrieb komplexer Produkte : wie kann die Digitalisierung funktionieren?
No full textMasterarbeit Wien, Fachhochschule des BFI Wien 202
Koexistenz, Kohärenz oder Symbiose : die Wahrnehmung von Zusammenhängen zwischen digitaler Transformation und nachhaltiger Entwicklung in Unternehmen
No full textDigital transformation and sustainability are nowadays recognized as future-critical challenges for and in companies. The management of both topics reveals striking differences - in the conceptual understanding, in the assessment of the respective status, and in the perception of potential interrelationships between the transformation processes toward a digital and sustainable company. A systematic analysis of existing perceptions provides insights into which fundamental perceptions of the interactions between digital transformation and sustainable development exist in the corporate con-text and which influence of the digital maturity of companies on sustainability and its dimensions is recognized. The multi-level research design creates a conceptual understanding based on a qualitative literature analysis, examines known perception pat-terns through a theory-driven text analysis, and analyzes empirically collected data from an online survey. The systematic study in the context of companies in German-speaking countries reveals three basic profiles for perceiving relationships between digital transformation and sustainable development: coexistence, coherence, and symbiosis. Only a minority perceives the two challenges to be independent of one another. Furthermore, serious differences exist in the perception of sustainability and its dimensions in general and one's own company. This paper thus provides a research contribution to a better understanding of the perceived interaction between the challenges as a starting point for further investigation of the interrelationship between sustainability and digital transformation, as well as a basis for discussion of the integrated consideration of both transformation processes in the corporate and organizational context.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Bürowelt in der Transformation : Auswirkungen historischer, technologischer und ökonomischer Trends auf Anforderungen an die Büroimmobilienbranche
No full textOffice buildings have undergone major changes in the course of their development over the years. At the beginning of the twentieth century, there was a need to accommodate as many employees as possible in a space-saving manner and to meet the increasing demand for office workspace at low cost. The needs of the employees were only in the focus insofar as they should be able to perform their work in the best possible way. The human being was a mostly exchangeable production factor.
In the course of the last century, the view of people in Western-oriented market economies has changed, and the demographic developments towards fewer birth cohorts of working age coupled with increasing individualization of many life models is influencing the design and operation of office buildings. A stronger focus on the needs of people is noticeable.
Office concepts in the twenty-first century have become complex, multifunctional projects in which spatial concepts, psychology, technology, laws and standards, business management and construction know-how, Big Data and artificial intelligence come together to create energy-efficient, intelligent, high-quality office buildings with added value for the users and the environment.
The following work analyzes which historical, technological, economic and social trends are influencing the office real estate sector in detail and which requirements these trends impose on real estate developers and property owners. In addition to an extensive literature research, interviews with industry experts were also conducted in order to incorporate the latest trends into the analysis.
Analyzing literature and interviews, requirements for sustainability in construction and operation, flexibility and variability in construction and equipment of the buildings, digitization of buildings and processes, as well as a functioning infrastructure within and around the buildings and, last but not least, a focus on people appear to be the main factors tenants will look for in the future.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Kreditvergabe im Wandel der Digitalisierung : Auswirkungen auf die Effizienz von Kreditprozessen aufgrund geänderter Kundenbedürfnisse am Beispiel von Regionalbanken in Österreich
No full textThe aim of the present work is to consider the lending process of regional banks and to work out in which process steps and subject areas digitization steps have to be taken in order to be able to react accordingly to the changed customer needs in the lending business. Derived from this, opportunities but also risks of digitization steps in the credit process of regional banks will be presented in this work.
The following two research questions will be answered in the master‟s thesis: How and in which processes must the lending of regional banks be adapted in order to meet the changed customer needs with regard to more digitization? What opportunities and what risks arise for regional banks with regard to their business model if they take into account the changed customer needs for more digitization?
To answer the research questions and to present the solution approaches, the author conducted semi-structured expert interviews. These guideline-based interviews were processed and the resulting information content is used to answer the research questions or generally provide new information about the subject area defined in the research questions.
The reason for the selection of this scientific method is that the current status of digitization steps in bank lending is so fast-paced that it must be assumed that the prevailing literature contains too little well-founded information on this topic. For this reason, in the course of this master's thesis, profound information should be collected and evaluated by experts. The advantage of this scientific method is that it provides more in-depth information than would be the case, for example, with a survey.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Eigenverantwortung als Empowerment in mittelständischen und großen Unternehmen aus Sicht der ArbeitgeberInnen
No full textDie vorliegende Masterarbeit befasst sich mit dem Thema Eigenverantwortung und Empowerment von MitarbeiterInnen aus Unternehmenssicht. Ziel ist es, zu untersuchen, wie MitarbeiterInnen mit einer eigenverantwortlichen Arbeits- und Leistungseinstellung die Möglichkeit gegeben werden kann, eine Führungslaufbahn im Unternehmen einzuschlagen. Der Prozess der Personalauswahl beginnt bereits mit der konkreten Anforderung an die Eigenverantwortung der BewerberInnen. Das Stichwort Eigenverantwortung vermittelt allgemein den Eindruck von Gestaltungs- und Handlungsfreiheit. Im Arbeitsleben suggeriert dieser Begriff auch einen gewissen Handlungsspielraum für die Mitarbeitenden, in dem diese auch über erweiterte Kompetenzen verfügen und später in Führungspositionen gelangen können.
Im Hinblick auf eine eigenverantwortliche Einstellung zur Arbeit wird zunächst der Bereich der Motivation bzw. Leistungsmotivation theoretisch näher beleuchtet. Anschließend wird auf das Menschenbild eingegangen, in das der/die eigenverantwortlich handelnde Mitarbeiter/in am ehesten einzuordnen ist, sowie auf die entsprechenden Führungsansätze für diesen Typ von Mitarbeiter/in. Auch die Generation Y wird hier untersucht, da deren Vertreter/innen mit ihrer selbstständigen und eigenverantwortlichen Arbeitseinstellung ebenfalls in den Fokus rücken.
In der Untersuchung geht es, wie erwähnt, um die Erwartungen und Erfahrungen von ArbeitgeberInnen mit selbstverantwortlichen MitarbeiterInnen und den daraus resultierenden Möglichkeiten, durch Empowerment Führungspositionen zu erreichen. Um die Forschungsfrage zu beantworten, werden die diesbezüglichen Wahrnehmungen der ArbeitgeberInnen analysiert. Bei den Befragten handelt es sich um acht Personalverantwortliche, die überwiegend der gleichen Überzeugung sind, dass gerade diese selbstverantwortliche Haltung der MitarbeiterInnen sie für eine Führungsposition befähigt.This Master's thesis deals with the topic of self-responsibility and the empowerment of employees from the company's point of view. The aim is to examine how employees with a self-responsible attitude to work and performance can be given the opportunity to pursue management careers in the company. The process of personnel selection already begins with the specific requirement of the applicant's personal responsibility. The keyword personal responsibility generally conveys the impression of freedom in shaping and acting. In working life, this term also suggests a certain scope of action for the employee, in which he or she also has extended competences and can subsequently reach management levels.
With regard to a self-responsible attitude to work, the area of motivation or achievement motivation is first examined in more detail in terms of theory. Then we will look at the image of man in which the employee who acts on his own responsibility is most likely to be classified, as well as the corresponding leadership approaches for this type of employee. Generation Y is also examined here, as its representatives with their independent and self-responsible attitude to work also come into focus here.
The research, as mentioned, is about employers' expectations and experiences of autonomous employees and the resulting opportunities to reach leadership positions through empowerment. To answer the research question, employers' perceptions in this regard are analysed. The interviewees are eight HR managers who are predominantly of the same conviction that it is precisely this autonomous attitude of the employees that enables them for a position of leadership.Masterarbeit Wien, Fachhochschule des BFI Wien 202