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Climate Policy Uncertainty and Firms' and Investors' Behavior
No full textDespite decades of global attention, effective climate policy implementation remains challenging, with firms and investors often grappling with uncertainty about potential policymaking in addition to actual policy changes. This paper introduces a novel Climate Policy Uncertainty (CPU) index, along with a set of sub-indices capturing the direction of uncertainty, and assesses the impacts of CPU on firm and investor behavior in the United States. Leveraging variation in our indices over the past three decades, we find that uncertainty surrounding climate policies negatively impacts firm financial outcomes, innovation, and stock-market outcomes for firms that are in CO2-intensive sectors, i.e. exposed to climate policy. Higher CPU reduces capital expenditures, employment, and research and development, which in turn translates to a decrease in innovation (patent filings), particularly for clean technologies. On the stock market, CPU leads to increased stock volatility and decreased returns for exposed firms. This negative effect of CPU is distinct from the impact of changes and salience in climate policy as well as variations in economic policy uncertainty. These findings underscore the economic costs of climate policy uncertainty, which delays the low-carbon transition by deterring investment and innovation
Product recall effectiveness and consumers’ participation in corrective actions
No full textFirms struggle to respond to product recalls and achieve high recall effectiveness, i.e., the percentage of affected consumers who participate in corrective actions. We present the first comprehensive study of recall effectiveness that analyzes a broader set of product categories, identifies managerially relevant drivers, outlines boundary conditions, and demonstrates the underlying psychological processes. Specifically, three studies investigate the impact of remedy choice, incident likelihood, and their interaction with firm reputation on recall effectiveness. In Study 1 (unique secondary data set), we show that remedy choice and incident likelihood each interact with the firm’s reputation to influence recall effectiveness. In two subsequent experiments, we not only test the findings of the secondary data in a causal setting but also examine the underlying psychological process. We find that offering full remedy leads to higher recall effectiveness for high reputation firms and that recall effectiveness is higher for recalls with a high incident likelihood, but only for high reputation firms. In both cases, firms not only make consumers feel like they would benefit more from participating in the recall, but they also make them feel more comfortable in their ability to participate in the recall. These nuanced findings enable us to derive actionable guidelines for firms to increase recall effectiveness
Alleinerziehende entlasten: Freibetrag oder Steuergutschrift? Stellungnahme für den Finanzausschuss des Schleswig-Holsteinischen Landtags
No full textEine steuerliche Besserstellung von Alleinerziehenden streben in ihren Anträgen im schleswig-holsteinischen Landtag sowohl CDU und Grüne als auch FDP an. Gleichzeitig ist dieses Ziel auch im Koalitionsvertrag zwischen Union und SPD auf Bundesebene verankert, wonach eine Anhebung oder Weiterentwicklung des Alleinerziehenden-Entlastungsbetrags geplant ist. Während eine Anhebung des Freibetrags konform ist mit dem Antrag der schleswig-holsteinischen FDP-Fraktion, stellt die von CDU und Grünen in Schleswig-Holstein geforderte Steuergutschrift eine Weiterentwicklung dar. Grundsätzlich bestehen für die Gruppe der Alleinerziehenden zwischen einem Freibetrag und einer Steuergutschrift keine fundamentalen Unterschiede mit Blick auf Entlastungshöhe und Verteilungswirkung. Dies liegt nicht zuletzt daran, dass die meisten Alleinerziehenden eher geringe und mittlere Einkommen erzielen, so dass die Steuerprogression nicht übermäßig zum Tragen kommt, das heißt, dass die für einen Freibetrag typische mit dem Einkommen ansteigende Entlastung nur eine untergeordnete Rolle spielt. Gleichwohl kann eine Steuergutschrift noch zielgenauer Alleinerziehende mit kleinen und mittleren Einkommen entlasten, da die Gutschrift je nach Ausgestaltung mehr oder weniger unabhängig vom Einkommen ist. Allerdings hat eine reine Steuergutschrift kaum Verbesserungen der Arbeitsanreize zur Folge. Dies gilt nicht nur für den Fall, dass sie als erstattungsfähig ausgestaltet wird, so dass es sich im Grunde um eine Transferzahlung handelt, sondern in abgeschwächter Form auch für den Fall, dass sie mit der Einkommensteuer verrechnet wird, aber ohne entsprechende Einkommensteuerzahlung nicht zur Anwendung kommt. Vor diesem Hintergrund sollte die Politik eine Weiterentwicklung des Entlastungsbetrags ins Auge fassen, die Verteilungswirkung und Arbeitsanreize gleichzeitig berücksichtigt. Eine quasi-progressive Steuergutschrift als Kombination aus Steuergutschrift und Teilanrechnung wäre hier eine zielführende Option. Das IW schlägt eine Steuergutschrift in Höhe von 1.000 Euro vor und eine anschließende Teilanrechnung von 33,3 Prozent - also im Prinzip eine Steuererstattung von 33,3 Cents auf jeden weiteren Euro des zu versteuernden Einkommens - bis eine Gesamtentlastung von maximal 2.000 Euro bei einem monatlichen Bruttoeinkommen von rund 3.100 Euro erreicht wird. Es besteht folglich ein stärkerer Anreiz für Alleinerziehende, zum Beispiel durch Ausweitung ihrer Arbeitszeit ein Bruttoeinkommen bis zu dieser Höhe zu erzielen. Die Wahl des Maximalwerts von 2.000 Euro ergibt sich daraus, dass der Aufkommenseffekt in etwa den Aufkommenswirkungen der diskutierten Anträge in Höhe von bundesweit gut 800 Millionen Euro im Jahr entspricht. Auf diesem Wege wäre es möglich, Verteilungsgerechtigkeit und Effizienz als Zielkonflikt der Steuerpolitik in Einklang zu bringen
The role of Artificial Intelligence in Supply Chain Management: A systematic Literature Review
No full textAs the global business landscape continues to evolve, the integration of advanced technologies has become imperative for enhancing efficiency and competitiveness. This paper explores the multifaceted role of Artificial Intelligence (AI) in revolutionizing supply chain management (SCM). The traditional supply chain paradigm is being reshaped by AI-driven solutions, presenting opportunities for optimization, agility, and resilience. The author conducted a systematic literature review evaluation of the published literature from peer-reviewed journals in the major databases Scopus and Web of Science. The analysis of literature is a frequency analysis of the literature by considering the year of publications, the contribution of leading journals and publishers, and the methodology adopted and the content analysis of literature. The author's findings from the literature reveal that key AI applications in supply chain management, such as demand forecasting, inventory management, logistics optimization, and risk mitigation enable organizations to make informed decisions, reduce forecasting errors, and optimize inventory levels, ultimately improving overall supply chain efficiency
Centre-free kurtosis orderings for asymmetric distributions
No full textThe concept of kurtosis is used to describe and compare theoretical and empirical distributions in a multitude of applications. In this connection, it is commonly applied to asymmetric distributions. However, there is no rigorous mathematical foundation establishing what is meant by kurtosis of an asymmetric distribution and what is required to measure it properly. All corresponding proposals in the literature centre the comparison with respect to kurtosis around some measure of central location. Since this either disregards critical amounts of information or is too restrictive, we instead revisit a canonical approach that has barely received any attention in the literature. It reveals the non-transitivity of kurtosis orderings due to an intrinsic entanglement of kurtosis and skewness as the underlying problem. This is circumvented by restricting attention to sets of distributions with equal skewness, on which the proposed kurtosis ordering is shown to be transitive. Moreover, we introduce a functional that preserves this order for arbitrary asymmetric distributions. As application, we examine the families of Weibull and sinh-arcsinh distributions and show that the latter family exhibits a skewness-invariant kurtosis behaviour
Vorgehen bei der Einführung einer Organisation für das Management von Enterprise Systems
No full textDer vorliegende Beitrag beschreibt die Einführung einer Organisationeinheit für das Enterprise Architecture Management in einem deutschen Logistikunternehmen. Die Anwendungslandschaft besteht aus wenigen Eigenentwicklungen sowie verschiedenen Standardsoftwaresystemen, von denen einige durch Konfiguration, andere aber durch Nicht-Standard-Erweiterungen angepasst werden. Die Einführung der Organisationseinheit erfolgt im Rahmen eines Action-Research-Projects, welches sich über drei Phasen gezogen hat. Ziel des Beitrags ist die Ableitung von Empfehlungen für ähnliche Vorhaben auf Basis der Erprobung von Konzepten aus der Literatur sowie den Erfahrungen aus ihrer praktischen Umsetzung.The article at hand describes the introduction of an organizational unit for Enterprise Architecture Management in a German logistics company. The application landscape consists of a few in-house developments as well as various standard software systems, some of which are customized through configuration, while others are modified with non-standard extensions. The introduction of the organizational unit takes place as part of an action research project, covering three phases. The aim of this contribution is to derive recommendations for similar endeavours based on concepts from the literature and experiences from their practical application
[Rezension] Praxisbuch Energiewirtschaft. Energieumwandlung, -transport und -beschaffung, Übertragungsnetzausbau und Kernenergieausstieg
No full textImplications between Financial Literacy and Credit Card use among Retirees in Bosnia and Herzegovina
No full textFinancial literacy is crucial in navigating complexities of personal finance, enabling individuals to make informed decisions about budgeting, saving, investing, and borrowing. Financially more literate individuals are better equipped to withstand economic uncertainties, achieve their financial goals, and secure their long-term financial well-being. The aim of this study was to investigate level of financial literacy among retirees in Bosnia and Herzegovina using the "Big Three" financial literacy questions and to connect the results to their credit card usage. Empirical research on 556 respondents showed a very low level of financial literacy/knowledge among retirees as well as a very low rate of adoption and usage of credit cards. Research results point toward need for better financial education of this segment of population in order to raise their financial wellbeing and consequently the life quality as retirees in CEE countries represent a low-income segment of consumers and therefore a financially vulnerable social group that needs better inclusion into society. Furthermore, the research results point toward market opportunities, for financial institutions operating on Bosnian market, to launch a specialized financial product such as credit cards that would be specifically tailored towards the needs of this particular market segment
Endogenous Green Preferences
No full textStringent environmental policies often lack public support. But after policies are enacted, do individual preferences about them change? Using surveys covering 38 countries around the world, we study the effect of exposure to environmental policies on policy preferences. Exploiting within-country-year, across birth-cohort variation, we find that individuals exposed to more stringent environmental policies during early adulthood are more supportive of environmental policies later on in life. This relationship suggests that a society's environmental policy attitudes evolve endogenously, with implications for forecasting the path of these economic measures, as well as for how to evaluate their normative appropriateness
Trade Interdependence, Arming and the Choice Between War and Peace
No full textWe consider a dynamic setting where two countries with competing claims to a resource/asset first arm and then choose whether to resolve their dispute through war or peacefully through settlement. War precludes international trade and can be destructive, but also locks gains and eliminates arming costs in the future. By contrast, a peaceful resolution, possibly supported by arming, avoids destruction and allows for mutually advantageous trade; yet future settlements must be renegotiated under the threat of war. We characterize the conditions under which peace is stable and show that, depending on war's destructiveness, time preferences, and the distribution of resource endowments, greater gains from trade can pacify international tensions, but possibly only for more uneven endowment distributions