Vienna University of Economics and Business
Elektronische Publikationen der Wirtschaftsuniversität WienNot a member yet
4204 research outputs found
Sort by
Studie zum gesellschaftlichen und ökonomischen Mehrwert des Förderprogramms "Beschäftigungsgutscheine" bzw. des Interreg CE "Social Impact Voucher" (SIV) Programms in Deutschland (Württemberg) mittels einer Social Return on Investment (SROI)-Analyse
Full text linkPassive ESG Portfolio Management—The Benchmark Strategy for Socially Responsible Investors
Full text linkIn this article, we investigate the notion of doing well while doing good from the perspective of passive portfolio strategies. We analyze a number of asset allocation strategies based on ESG-weighting and compare their financial and ESG performance for the US and Europe. We find no significant difference in the financial performance but superior ESG performance of ESG-based strategies. It can be concluded that, compared to a naive strategy, socially responsible investors are willing to pay a small premium for the impact of the portfolio via transaction costs when rebalancing the portfolio according to their preferences for social responsibility. In addition, when comparing the ESG-based strategies to a value-weighted strategy, we observe no significant difference in ESG performance but a high degree of significance in the superior financial performance of the ESG-based strategy. We also analyze the strategies with regards to the factor loadings given by the Fama–French five-factor model and a sixth factor denoted GMB (Good minus Bad) and find significant differences across the regions and strategies. Overall, the results show strong support of ESG-based strategies being preferred by socially responsible investors but also suggest that such strategies might be preferred by conventional investors looking for a passively managed alternative compared to a value-weighted index. Furthermore, it seems that such a strategy might be a more adequate benchmark for active SRI funds
Categorizing transaction costs outcomes under uncertainty: a blockchain perspective for government organizations
Full text linkPurpose – The immature nature and the absence of standards in blockchain technology lead to uncertainty in government organizations concerning the adoption (“what to adopt”) and the identification of the right time (“when to start”). In response, the purpose of this paper is to provide theoretical frameworks about the organizational uncertainty behind what and when to adopt blockchain technology and their implications on transaction costs.
Design/methodology/approach – Using transaction cost theory and path dependency theory, this paper proposes two frameworks: to assess transaction cost risks and opportunities costs; and to depict fourdifferent types of transaction costs outcomes regarding blockchain adoption.
Findings – This paper identifies various theoretical concepts that influence blockchain adoption and combine the two critical constructs of “bounded rationality” and the “lock-in effect” to categorize the multiple transaction costs outcomes for blockchain adoption.
Research limitations/implications – Although existing research in blockchain highlights mainly the potential benefits of blockchain applications, only a little attention has been given to frameworks that categorize potential transaction costs outcomes under uncertainty, in particular from organizational theorists.
Originality/value – Both frameworks advance the understanding of the decision-making behind blockchain adoption and synthesize the current literature to offer conceptual clarity regarding the varied implications and outcomes linked to the uncertainty regarding transactions costs stemming from blockchain technology
The Orchestration of Corporate Performance Management and Business Process Management and Its Effect on Perceived Organizational Performance
Full text linkVarious management approaches have been proposed to maintain good organizational performance on a continuous basis, with corporate performance management (CPM) and business process management (BPM) being two major groups. While the conceptual connection between CPM and BPM might see obvious, their actual empirical connection with performance remains poorly understood. In this article, we address this gap and develop a theoretical model that explicates the causal paths from CPM via BPM toward organizational performance in terms of a set of hypotheses. Based on a survey, we find that the effect of CPM on organizational performance is largely mediated by CPM-BPM orchestration and process performance. With this study, we respond to recent calls for novel studies in this area and highlight the impact of well-orchestrated CPM and BPM initiatives on organizational performance
Europe's cross-border trade, human security and financial connections: A climate risk perspective
Full text linkAs the impacts of climate change begin to take hold, increased attention is being paid to the
consequences that might occur remotely from the location of the initial climatic impact, where
impacts and responses are transmitted across one or more borders. As an economy that is highly
connected to other regions and countries of the world, the European Union (EU) is potentially
exposed to such cross-border impacts. Here, we undertake a macro-scale, risk-focused literature
and data review to explore the potential impact transmission pathways between the EU and other
world regions and countries. We do so across three distinct domains of interest - trade, human
security and finance - which are part of complex socio-economic, political and cultural systems
and may contribute to mediate or exacerbate risk exposure. Across these domains, we seek to
understand the extent to which there has been prior consideration of aspects of climate-related
risk exposure relevant to developing an understanding of cross-border impacts. We also pro-vide quantitative evidence of the extent and strength of connectivity between the EU and other
world regions. Our analysis reveals that - within this nascent area of research - there is uncer-tainty about the dynamics of cross-border impact that will affect whether the EU is in a relatively
secure or vulnerable position in comparison with other regions. However, we reveal that risk is
likely to be focused in particular ‘hotspots’; defined geographies, for example, that produce
materials for EU consumption (e.g. Latin American soybean), hold financial investments (e.g.
North America), or are the foci for EU external action (e.g. the Middle East and North Africa
region). Importantly, these domains will also interact, and - via the application of a conceptual
example of soybean production in Argentina based on a historical drought event - we illustrate
that impact and response pathways linked to EU risk exposure may be complex, further heightening the challenge of developing effective policy responses within an uncertain climatic and socioeconomic future
The Dasgupta Review deconstructed: an exposé of biodiversity economics
Full text linkThe Dasgupta Reviewis the latest attempt at justifying financialisation of Nature, but also much more. It represents a high point in applying concepts of capital and wealth accumulation comprehensively to all aspects of humanand non-human existence. Unravelling the flaws in the arguments, contradictions and underlying motives requires both understand of and cutting through the specialist language, neoclassical economic models, mathematics and rhetoric. We offer a critical guide to and deconstruction of Dasgupta’s biodiversity economics and reveal its real aim. Framing critical biodiversity loss as an issue of asset management and population size is a blind to avoid questioning economic growth, which remains unchallenged and depoliticized despite apparently recognizing natural limits. Dasgupta ignores long-standing problems with capital theory and social cost–benefit analysis. Rather than a scientific review of biodiversity economics he offers impossible to achieve valuation, based on old flawed theories and methods, embedded in an unsavoury political economy
Inadequate methods undermine a study of malaria, deforestation and trade
Full text linkIn a recent study, Chaves et al. find international consumption and trade to be major drivers of ‘malaria risk’ via deforestation. Their analysis is based on a counterfactual ‘malaria risk’ footprint, defined as the number of malaria cases in absence of two malaria interventions, which is constructed using linear regression. In this letter, I argue that their study hinges on an obscured weighting scheme and suffers from methodological flaws, such as disregard for sources of bias. When addressed properly, these issues nullify results, overturning the significance and reversing the direction of the claimed relationship. Nonetheless, I see great potential in the mixed methods approach and conclude with recommendations for future studies
In varietate concordia? Wikipedia editor debates about EU culture
Full text linkThis paper addresses how the Wikipedia community has debated the existence of an EU culture on a Wikipedia discussion site between 2001 and 2019. That is, a corpus of discussions among Wikipedia editors (‘Wikipedians’) was examined to shed light on how the Wikipedians involved argue for/against the idea that an overarching EU culture exists at present. This, combined with an examination of debates about concrete cultural elements associated with the EU, permits an insight into Wikipedians’ conception(s) of the union. Drawing on argumentation analysis shows that the data examined indicates that cultural commonality across EU member states is not necessarily ascribed to the EU but to their being European countries. Additionally, even Wikipedians who argue that an overarching EU culture exists do not necessarily actually subscribe to this view but argue for reference to cultural elements in the Wikipedia article on the EU in order to signal to Wikipedia readers that the EU is “more than a set of treaties”
Accountability by design? Exploring design characteristics of Corporate Social Responsibility Standards
Full text linkPurpose: While corporate social responsibility (CSR) standards are amongst the most widely adopted instruments for supporting firms in becoming more accountable, firms who adopt them frequently fail to comply. In this context, the purpose of this study is to explore to what extent CSR standards are designed for accountability. In the analysis, this paper investigates design characteristics related to accountability across different standard types, namely, principle-based, reporting, certification and process standards.
Design/methodology/approach: This study reviews the design characteristics of 50 CSR standards in a systematic and comparative fashion. This paper combines qualitative deductive coding with exploratory quantitative analyses methods to elucidate structural variance and patterns of accountability-related design characteristics across the sample.
Findings: This study finds that the prevalence of design characteristics aimed at fostering accountability varies significantly between different types of standards. This paper identifies three factors related to the specific purpose of any given standard that explain this structural variation in design characteristics, namely, implementability, comparability and measurability.
Practical implications: Non-compliance limits the effectiveness and legitimacy of CSR standards. The systematic exploration of patterns and structural variation in design characteristics that promote accountability may provide valuable clues for the design of more effective CSR standards in the future.
Social implications: Better understanding the role of design characteristics of CSR standards is critical to ensure they contribute to greater corporate accountability.
Originality/value: This study strives to expand the current understanding of the design characteristics of CSR standards beyond individual cases through a systematic exploration of accountability-related design characteristics across a larger sample
Is Consistency the Panacea? Inconsistent or Consistent Tax Transfer Prices with Strategic Taxpayer and Tax Authority Behavior
Full text linkThis study investigates how strategic tax transfer pricing of a multinational company (MNC) and two tax authorities in different countries affects production and tax avoidance decisions at the firm level and tax revenues at the country level. We employ a game-theoretical model to analyze the costs and benefits of two tax transfer pricing regimes (consistency vs. inconsistency) under asymmetric information. Though tax transfer pricing harmonization is considered a promising instrument to fight undesired tax avoidance, the implications are largely unclear. We find tax avoidance in equilibrium in both countries under inconsistency. Surprisingly, we identify conditions under which low-tax countries benefit from consistency while high-tax countries benefit from inconsistency. This explains how the strategic interaction of taxpayer and tax authorities under firm-level heterogeneity challenges the implementation of consistent regimes. Understanding the implications of (in)consistent transfer pricing rules is crucial when reforming transfer pricing regulations to fight tax avoidance and double taxation.Series: WU International Taxation Research Paper Serie