Der Einfluss der Zinsschranke auf unternehmerische Kapitalstrukturentscheidungen

In principle corporations are free to raise debt capital or equity capital. To protect tax revenues and to increase corporations?? equity ratio Germany has introduced an interest ceiling rule. From a tax planer??s point of view it is not clear whether debt or equity capital is advantageous. On the basis of Miller (J Finance 32:261?C275, 1977) we analyze whether this interest ceiling rule discriminates debt capital against equity capital. We find that investors can be indifferent towards the capital structure with and without considering the interest ceiling rule. This result does not depend on the investors?? percentage of participation or the corporation??s optimal dividend policy. The result depends significantly on the profit, the deductible fraction of EBITDA, the tax rates and when capital gains are realized. The advantage of debt capital normally decreases due to the introduction of this regulation but in some cases even increases. Nevertheless, many investors will prefer debt capital even when the interest ceiling rule applies. This result also arises in the case of external debt financing. Thus, it is an open question whether this regulation leads to higher equity ratios.     

Wem droht die Zinsschranke? Eine empirische Untersuchung zur Identifikation der Einflussfaktoren

One important aspect of the German corporate tax reform 2008/2009 is the introduction of an EBITDA-based interest deduction limitation. This article focuses on the questions how many and which companies are threatened by this so-called “interest ceiling rule”. Based on an analysis of 77.464 financial statements of German corporations this limitation is relevant for 561 up to 1.511 companies. Thus, this thin-capitalization rule affects more companies than expected by politics. Additionally, we derived several hypotheses from theory concerning possible distortions caused by this rule and tested them empirically. As a result, the “interest ceiling” does affect systematically large, less profitable companies, those with high collaterals as well as holding and real estate companies. Consequently, domestic corporate decisions will be distorted and the theorem of production efficiency is violated.     

Die Bedeutung von Steuern in der Nachhaltigkeitsberichterstattung: Eine international vergleichende empirische Analyse

Due to tax competition, high levels of national debt and promulgated tax avoidance strategies of large corporations, there is a growing interest of multiple stakeholders in taxation putting taxes on the corporate social responsibility (CSR) agenda. This study empirically examines the relevance of taxes in sustainability reports of 90 corporations listed on the Dow Jones 30, DAX 30 and FTSE 100. The findings show that 54,4?% of these corporations disclose tax information in their reports. The quality of disclosure is examined using a scoring model based on the tax-related performance indicators of theGlobal Reporting Initiative Guidelines and two standards for voluntary disclosure of tax information. In most cases, disclosure practices are of low quality. However, there are a few corporations providing high disclosure quality, especially in the UK. By analyzing the determinants of disclosure, this study demonstrates that extractive companies and companies that have been object of negative tax-related media coverage tend to disclose more information. Furthermore, corporations with higher profitability and high performance in CSR rankings rather disclose tax information.     

Die Bedeutung von Familienkonstellationen im Coaching

Family Constellation Theory. The approach and its use in coaching The author shows the approach of Walter Toman, psychoanalyst and scientist of psychology, in the most important aspects and in its use in coaching. As a psychoanalytic theory of socialization it is used for the analysis of biographic dates. In opposit to traditional approaches of psychoanalysts Toman emphasizes relationships between siblings in a sense of ranking and gender.     

Die Bedeutung von Vertrauen im internen Coaching

This article addresses the interface of personal trust and trust in the organization in internal coaching taking particular account of the fact that the coach is part of the organization. The consequences of the mode of assignment, i.e. the circumstances under which the coaching is initiated, the importance of neutrality, discretion, voluntariness and the importance of the coachee??s previous experience with the organization are discussed. The article also explains which aspects affect trust development and how trust building in internal coaching can be improved.     

Die Kultur der Macht. Die Macht der Kultur

Acting in organizations is characterized by strategies of “Bemächtigung” (repression) just as “Ermächtigung” (empowerment): Everyone tries to push through its individual interests, legitimate or not. Thereby in every organization specific rules of game and stiles of play are developed. Altogether these rules constitute the specific organizational culture. In unfair games, strategies of repression are dominant. In fair games, all players try to realize over and over again a just balance of legitimate interests of all stakeholders. Supervision aims to strengthen “Spielmächtigkeit” (ability of play and game) so that its addressees are able to change unfair games into fair games. The know-how for this is here called “technology of empowerment”.     

Über die Bedeutung der Beziehung im Coaching

In this paper the question, which role the working relationship plays in coaching, is taken up. Based on the reflections of Neukom et al. (OSC 18(3):317–332, 2011), who see the working relationship both as premise for coaching processes and as the medium, in which coaching takes place, it is attempted to differentiate the concept of the work relationship. Furthermore it is shown, that many effective factors in coaching are underestimated or overlooked, since they are only seen as part of the relationship and not as independent factors themselves.     

Die Zukunft der Coachingforschung

The article presents a brief summary of the current state of research findings regarding both effectiveness (outcome) and factors contributing to the outcome (process) of coaching. The findings are presented along the dimensions outlined in Greif??s (2008) ??structural model of coaching effects?? as well as Kirkpatrick??s (1994) four-level evaluation taxonomy. The current state of research is critically analyzed and challenges for future research are outlined. It is suggested that coaching research needs to draw on both psychotherapy research and training evaluation in order to do justice to the process nature of coaching and its embeddedness in the organizational context. Promising research scenarios, namely the collaboration between academic research groups and professional coaching associations, and selected research approaches are described.     

Die Professionalisierung der Organisationsberatung und die Rolle der Wissenschaft

This article deals with the contribution of scientific knowledge and methods for the ongoing professionalization of organizational consulting. There is a need for a unique selling point as well as for a proof of efficacy. That can be achieved by generating own knowledge, exclusive key competencies and a code of ethics. Science can make valuable contribution at this point. The various options and there shortcomings are discussed.     

Die Akzeptanz der elektronischen Gesundheitskarte in Deutschland

Against the background of the increasing importance of eHealth, this contribution concentrates on the issue of acceptance regarding the introduction of the electronic health card (English for elektronische Gesundheitskarte, hereinafter referred to as eHC) on the part of the service providing health institutions. After presenting the general issue, the relevance of the subject is described and the eHC is defined. Then the eHC is classified in terms of terminology and afterwards the current state of research of investigations regarding acceptance in the field of eHC is presented and evaluated. Based on both the technology acceptance model and the relevant literature, the important factors influencing the attitude towards and the eventual use of the eHC are conceptualized and integrated in an investigation model. The empirical investigation took place throughout Germany within the scope of an online survey of the health care providers. All in all, 502 questionnaires were reflected in the evaluation of the willingness of acceptance. The empirical results show that regarding the perceived usefulness the performance of the system and a well balanced cost-/benefit-ratio lead to an increasing acceptance of the eHC. Being integrated in the decision process, however, is not relevant for the German physicians. Within the context of the perceived ease of use the compatibility of the system is much less relevant than the controllability or the general usability.     

Die Abgeltungsteuer auf Kursgewinne und der Steuerstundungseffekt in der Unternehmensbewertung

In Germany capital gains have to be taxed independently of the holding period, according to the withholding tax regulations. Nevertheless, investors can initially avoid taxation by not realizing capital gains. Then, taxes are postponed into the future. Thereby investors can make use of an interest-free tax loan (tax deferral). Equally beneficial would be the immediate realization of negative capital gains, if this leads to reduced taxes by balancing these losses against other gains. The potential use of interest-free tax loans leads to the necessity of making assumptions on the investors?? strategy with respect to liquidation when it comes to business valuation based on discounting future after-tax payments towards investors (DCF-methods). It will be shown how much firm value depends on these assumptions by taking alternative, inflexible and flexible strategies of investors into account. Our considerations generate a lower and an upper bound for the firm value, and easier to calculate medium values. The calculations are illustrated by a numerical example which is also the subject of a comparative static analysis.     

Thomas Diener: Essenz der Arbeit. Die Alchemie der Berufsnavigation

Ohne Zusammenfassung     

Die Entwicklung der Fehler- und Feedbackkultur durch Team-Coaching

The development of an error culture and feedback culture by team coachingTeams and departments can be relieved of a tremendous burden and collaborate far more efficiently by mutually reflecting on making mistakes, giving and receiving feedback, calling meetings, trying things out in real life situations and, by doing so, establishing new forms of a culture that embraces failure and feedback. This approach works in areas such as team coaching. The purpose of this paper is to present a practical method for developing a team-based culture of learning from failure and feedback. The paper is designed to encourage professional trainers not to leave company employees and management on their own with the issue of establishing such a culture but to make the introduced tools a part of staff training, management and other company development programs as well as team workshops or to develop one’s own formats for introducing a culture of learning from failure and feedback.     

Die deutschen Gewerkschaften: Ein Review der aktuellen Forschungsliteratur

Unions, particularly in Germany, are the subject matter of intense public debates as well as discussions in academic research, which corroborate the former. The last systematically conducted analysis of the status quo in academic research was done in spring 2001. In view of the rather dramatic symptoms of the crisis German unions are facing, it is time to incorporate the latest results of scientific research. This paper addresses this task against the background of a systematic literature review. Three application areas are distilled out of a total of 79 pieces of research that are considered relevant and intensively discussed: (1) the membership in German unions, (2) the unions in the German system of industrial relations and (3) the reformation of the German unions. The detected symptoms of the unions' crisis are impressively documented and explained by the studies. However, shortcomings regarding the respective research questions and the development of recommendations for future courses of action for the unions can also be identified.     

Die Rolle des Bilanzrechts in der aktuellen Corporate Governance-Diskussion

This paper discusses the role of accounting and auditing and its regulation in the current debate over good corporate governance. Part I addresses the functional relationship of accounting and corporate governance and the extent to which the goals of accounting and auditing on one hand and of corporate governance on the other hand converge. Part II discusses the ways in which specific substantive and formal or procedural features of accounting and auditing are designed to foster the goals of good corporate governance. Finally, part III presents a number of regulatory steps taken recently in order to enhance efficiency of accounting and auditing as devices to promote good corporate governance. It becomes evident that despite strong emphasis on information and disclosure as core functions of accounting, the original and prime function of accounting is self-information and self-account, particularly with regard to corporate governance, as has been evidenced by recent attempts of regulators to exploit self-information and self-account functions of accounting in the context of risk-management and the relationship between accountant and supervisory board. From a regulator’s perspective this recent development is of particular interest since after a long period of focusing on transparency and disclosure the classical technique of material regulation is back in the center or legislative attention.