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.     

Macht in der Organisationsberatung

Power in organization counseling. A qualitative study in a hospital in East Germany Power is a main topic of this analysis of a consulting process in an East German hospital: How power is appearing within organizational consulting? What is the power the client has, and the consultants have? And what is the interrelation between power and the resistance to change? In recourse to the theory of micropolitics, power is understood as the combination of rules and distribution of resources within an organization. The consulting process itself is interpreted as the consultant’s introduction to the ongoing game the organization is playing. The qualitative case study of the consulting process in an East German hospital clearly shows, how ineffective interventions remain, if the consultants fail to recognize and take into consideration the valid combination of rules and distribution of resources. In the presented case this combination is based on the peculiar history of East Germany. It was only after the project had failed that the consultants realized that they had been practiced upon.     

Coaching in der Software-Branche

Coaching in the software development industry. The author describes the basic principles and starting points of a coaching concept within the context of the software development industry. The structures and processes in this context create a special need for support that can be addressed by different forms of coaching. A company-specific coaching concept has to define the goals and rationality of coaching, to determine the different ways coaching is requested and provided and to outline the overall strategy to introduce and to integrate coaching within the organization. The special need for coaching is related to the communication-intensive collaboration within software development teams and the complexity of the overall process. In particular forms of internal coaching are discussed to address these needs and a way of implementing an internal coaching pool is sketched.     

Mentalisierung in der Teamsupervision

The present article focuses on mentalization in the context of team supervision. First, we elaborate on mentalization “breakdown”. We describe the different prementalizing modes by referring to the example of a team supervision, and we explain when and how they are activated. Beyond the general, stress-related model of mentalization, we identify factors in the organizational context that may impact mentalization positively and negatively. Afterwards, we illustrate how mentalization can be used in (team) supervision and how the general approach of and interventions from mentalization-based therapy (MBT) may be translated in the context of team supervision.     

Coaching in der Verwaltung

Coaching in administrative authorities. A study on the acceptance of a new counseling method This study proves that also leadership in administrative authorities are in need of counseling for developing their social, professional and organizational competence. Coaching turns out to be a helpful method for it. Occasions for coaching, efficacy and conditions of coaching are explored. In spite of the promising start support of the organization is necessary to establish coaching in the long run. For this aspects and suggestions are discussed.     

Humor in der Supervision

Humour in supervision Humour in different appearance may have many functions, it may serve as social skill, as coping, or it may stimulate insight and problem solving. Since 20 years, humour and laughter are increasingly considered in psychology and psychotherapy. Likewise in supervision humour may be used in order to create a favourable atmosphere, to obtain insights or to facilitate social interaction. Further more, a humorous attitude may facilitate a detached view of one’s problems and an increased range of options.     

Illiquide Assets in der Portfoliooptimierung

When optimizing a portfolio, which comprises liquid as well as illiquid assets, under the constraint of a liquidity requirement, one has to take into account the particular characteristics of illiquid assets. Illiquid assets in this context have the constituting property that they can only be sold as a whole and – if sold on a short term basis – selling leads to losses. Performing the analysis of a single period model in a mean downside risk framework with one liquid and one illiquid asset, significant differences are proven in comparison to the results of an optimization concerning solely liquid assets. For example, although the return on assets is safe in the first scenario, the portfolio value is already risky due to the uncertain liquidity requirement and situations arise where the allocation to both the liquid and the illiquid asset is optimal. Furthermore, when asset returns are uncertain, the expected portfolio value depends on the assets’ variances and can even be increased by positive correlations.     

Synchrone Inszenierungen in der Organisationsberatung

Synchroneous stagings in organizational consulting Consulting is mostly based on linear processes occurring in organizations, or operates with a linearly functioning choice of methods. It is however known from chaos research that complex systems are acting spontaneously and irregularly, while they are nevertheless mostly in a position to keep in balance both order and disorder. With this in mind, the paper is dealing with some aspects of reality assessment, presenting methods and method components of synchroneous stagings which are fitted into historical connections. Described in detail is the method of the deambulating plenum as a practical example of acting in consulting processes.     

Ehrenamtliche in der Sterbebegleitung supervidieren

Zusammenfassung  Der Aufsatz beschreibt die Arbeit mit Ehrenamtlichen, die als Sterbebegleiter/innen ihr Angebot auf Bewohner/innen in Altenpfle geheimen zugeschnitten haben. Die hauptamtliche Koordinatorin der Gruppe ist gleichzeitig die Supervisorin der Ehrenamtlichen. Anhand einer Supervisionssitzung wird eine typische Fragestellung beschrieben. Julia Sipreck, Krankenschwester und Diplom-Psychologin, Supervisorin (BDP), 1997 bis 2003 Leiterin des Arbeitsbereiches Lebensbegleitung bis zum Tode im Institut für Sozialarbeit in Frankfurt, seit 2003 Leitung der Freiwilligenagentur des Instituts für Sozialarbeit.     

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 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”.     

Der Stand der Coachingforschung: Kernergebnisse der vorliegenden Metaanalysen

The present article provides a quantitative overview of the state of coaching research. It first provides an insight into the status quo of the academic publishing landscape. Afterwards, results of the four meta-analyes that have been published on coaching research up to now are summarized. First, results on the efficacy of coaching or coaching outcomes are presented. Findings for different outcome measures as well as different study designs are reported. Next, results on predictors of coaching success are presented. They include specific features of the coaching process and setting, the coach-coachee-relationship as well as characteristics of coaches and coachees. The article closes with a summary and an assessment of the state of coaching research.