Einfluss der Mandatsdauer des Abschlussprüfers auf ergebniszielgr??enorientierte Bilanzpolitik

This study examines whether the length of auditor-client-relationship affects audit quality. It is motivated by recent calls for mandatory auditor rotation in Europe which are based on concerns that a longer auditor tenure reduces audit quality. Earnings management is used as proxy for audit quality. It is measured by the firms’ success to achieve earnings benchmark targets. A situation in which an abnormal high proportion of firms just meet the benchmark and an abnormal low proportion of firms just miss the benchmark is interpreted as earnings management. Analysed benchmark targets are the reporting of small profits (loss avoidance) and the reporting of small positive earnings increases. Multivariate analyses indicate a higher success for benchmark beating with longer auditor tenure. This result suggests that, in the current environment, mandatory limitations on the length of auditor-client-relationship could result in higher audit quality.     

?konomie des Abschlusspr��ferwechsels

In this state-of-the-art article we survey the analytical and empirical work on the economic determinants and consequences of auditor changes. First, we define the term ??auditor change?? and touch on the legal constraints affecting auditor changes in Germany and in the USA. Additionally. we discuss the corresponding disclosure requirements associated with auditor changes in these countries. Auditor changes can be triggered by the client or by the auditor. We identify four categories under which auditor change incentives can be classified: (1) changes in contractual relationships of the client which in turn can cause a change in demand for audit quality; (2) changes of information possessed by the client or auditor concerning certain attributes of the audit; (3) changes in certain characteristics of the audit and (4) changes in regulation. We use this classification to structure our discussion of analytical models and empirical evidence. Turning to the consequences of auditor changes, we summarize the findings of the prior literature to show that capital market participants react on auditor changes and that they differentiate between both the initiator of auditor changes and the incentives to change auditor. We conclude with a discussion of some of the limitations of the current literature on auditor changes and identify some possible avenues for future research.     

Das Erfordernis der Umsatzunabh?ngigkeit und die Konzentration auf dem deutschen Markt f��r Abschlusspr��ferleistungen

The German market for services provided by audit firms is characterised by a growing concentration over the last decades. Due to numerous scandals, an auditor is obliged to meet stricter independence regulations. An audit firm has to reject a client if it received more than 15% of its total income from the listed company to be audited at any time during the last five years and at the same time expects to receive more than 15% in the current period. It can be argued that this regulation accelerates the concentration process, while small and midsize accountants, which serve only a small number of clients, are suppressed. This analysis is based on the data of 442 Prime-Standard audits for the periods 2005, 2006 and 2007. The results show that the Big4-audit firm obtained an increasing market share in terms of clients (77% (2005), 83% (2007)) and total fees (96% (2005), 97% (2007)). Furthermore, it is noticeable, that in particular NonBig4-audit firms exceed the critical threshold of 15% during the periods under investigation. As a result hereof such firms must leave the market after five years. Hence, the German commercial code`s independence regulations may affect the audit market structure. The results suggest that an enhancement of auditor independence through income thresholds is in conflict with a reduction of market concentration. Furthermore, it can be observed that an increase in fees earned from a particular client does not impact auditor independence as long as the income threshold is not exceeded. In addition, internal auditor rotation, auditor engagement by supervisory boards, and the implementation of audit committees could also result in an increase of concentration.     

Der Einfluss von Mehrfachmandatstr?gern auf die Unternehmensperformance

Although interlocking directorates are regularly associated with a negative connotation, empirical evidence is as yet insufficient to offer convincing answers about their impact on performance. Contradicting results can mostly be explained both by the use of different theoretical frameworks and value creation measures. In order to shed more light as to what effect busy directors have on shareholder??s wealth, we have developed a two-pillar model explaining the potential contributions of directorship interlocks to value creation within an enlarged corporate governance perspective. The validity of the model has been tested through a panel data analysis of director networks within German Blue Chip corporations over a 5 year period from 2001 to 2005. Empirical tests indicate that the performance effects of interlocks depend on the nature of the board positions occupied. Moreover, statistical modelling confirms the existence of cognitive contributions of interlocked directors and partially shows positive effects on value creation. Finally the study argues in favour of board composition without external executive directors and suggests that a simple reduction of the number of external board positions legally authorized, does not within itself enhance corporate performance.     

Einflussfaktoren der Pr��fungshonorare �C Anmerkungen zu den Beitr?gen ?Quasirentenmodell und Honorare f��r Abschlusspr��fungen in Deutschland �C eine empirische Analyse�� und ?Pr��fungshonorare in Deutschland �C Determinanten und Implikationen��

Bigus and Zimmermann and Köhler et al. investigate various determinants of audit fees of companies that are listed on German stock exchanges using multiple linear regression analysis. While Bigus and Zimmermann identify not significant higher audit fees for initial audit engagements than for continuing audit engagements, Köhler et al. detect significant lower audit fees for initial audit engagements than for continuing audit engagements. Although the authors of both studies only investigate the fees for the audit of the German entities of the respective groups of companies, they use determinants from the prior audit fee literature that relate to the audit of the worldwide entities that are included in the groups of companies. In addition to this mismatch of the geographic scope of the variables, the authors use determinants whose influence on audit fees is not explained by theories, that have been rarely used in prior studies, or that have previously been associated with inconsistent results, and that should have been critically questioned. Given the weaknesses of the methodologies used in both studies, the gain in knowledge from their results is questionable.     

Replik auf Stellungnahme zu ?Pr��fungshonorare in Deutschland �C Determinanten und Implikationen��

Responding to Merkl??s discussion the authors show that Merkl??s arguments are not convincing.     

Zum Einfluss der Inhaberführung auf die Betriebsrat-Geschäftsführer-Beziehung – Eine theoretische und empirische Analyse in mittelständischen Unternehmen

This paper examines the quality of the relationship between business managements and works councils in small and medium-sized enterprises and strives for answering the question, which factors determine the quality. As ownership is an important determining factor of the establishment of works councils in small and medium-sized businesses, especially the impact of ownership on this relationship has been investigated. Agency theory and stewardship theory give hints that the owner management can have different impacts on this relationship. In order to test these contradictory hypotheses we have estimated a Heckman selection model to investigate which factors determine the quality of the relationship between business managements and works councils. Our results based on data generated from a survey in small and medium-sized enterprises conducted by the IfM Bonn in the years 2005 and 2006 indicate that ownership has a negative influence on the establishment of works councils, but a positive one on the quality of the relationship between business management and works council. Thus, the hypotheses predicting the existence of stewardship behaviour among owners and the existence of agency behaviour among managers can be confirmed.     

Sind die Regeln der externen Unternehmensrechnung auf die kommunale Rechnungslegung übertragbar?

The replacement of public sector accounting methods in municipalities by double-entry bookkeeping has been discussed as well as implemented for some time now. This paper examines whether municipal accounting comprises accounting purposes which are comparable to the purposes of external financial reporting and whether the recognition and valuation rules used in firms can also be applied to municipal accounting. We argue that municipalities and businesses have similar accounting purposes. However, the application of financial reporting, including the corresponding recognition and valuation rules, to municipal accounting requires a critical look for several reasons. First, the concept of accounting income is not suitable in terms of decision-facilitating and decision-influencing in municipalities. Furthermore, it is doubtful how meaningful the valuations of municipal assets in annual financial statements are. The equivalent of providing dividend restrictions based on accounting income is often thought to consist in ensuring intergenerational fairness by asset preservation in municipalities. However, this element of municipal accounting requires rules that are not based on an asymmetrical recording of risks and chances according to the principle of prudence and that take into account the assessment of future generations regarding the benefits of municipal projects.     

Erwiderung zu den Anmerkungen von Georg Merkl zum Beitrag ?Quasirententheorie und Abschlusspr��fungshonorare in Deutschland��

The comments made by Merkl on our study Bigus and Zimmermann (2009) are generally not helpful. The arguments put forward are partly wrong, partly not consistent and partly irrelevant.     

Franchise- vs. Neugr��ndung: Analyse der Einfl��sse auf Gr��ndungsart und Gr��ndungserfolg

The survey at hand uses a sophisticated classification between derivative and original founders to demonstrate that the group of entrepreneurs consists of several distinct sub-groups or types. With the help of personality traits (Big Five) we examine the different entrepreneurial types. We also investigate how the interaction of personality and entrepreneurial type influences success. The analyses were conducted with a sample of franchise founders (derivative founders) and new business founders (original founders) in Germany. The results in relation to the entrepreneurial type support the distinction between groups as differences were found in personality traits. With respect to the prediction of success we identify interaction effects between personality and entrepreneurial type.     

Einfluss von Vorgesetzten, T?tigkeit, Arbeitsbedingungen und variabler Besoldung auf die Motivation von Mitarbeitern im ?ffentlichen Dienst

This paper analyses the effects of four main influence factors on motivation of public personnel. These influence factors are “superior”, “job satisfaction”, “work environment”, and “variable wages”. I analyse the four factors by using a structural equation model with empirical data. My focus lies on the complex interdependencies of influence factors among each other. There is empirical evidence that the influence factor “job satisfaction” plays a decisive role in public service motivation. Moreover, the influence factors “work environment” and “variable wage” have a quite low direct effect on motivation. Surprisingly, the influence factor “superior” has an strong effect on “job satisfaction” and on “variable wages”.     

Kann zu viel Kundenorientierung nachteilig sein? Eine Analyse der Wirkung der Kundenorientierung von Verkäufern auf die Kaufentscheidung

Zusammenfassung  In diesem Beitrag wird analysiert, wie das kundenorientierte Verk?uferverhalten auf die Kaufentscheidung der Kunden wirkt. Die Analyse erfolgt auf der Ebene der Dimensionen des kundenorientierten Verkaufens, namentlich Entscheidungsunterstützung, Aufbau eines positiven Gespr?chsklimas und Vermeidung von Abschlussdruck. Die Ergebnisse best?tigen die indirekte Wirkung des kundenorientierten Verkaufens auf die Kaufentscheidung über die Beratungszufriedenheit. Daneben k?nnen sowohl ein direkter umgekehrt u-f?rmiger Effekt der Vermeidung von Abschlussdruck auf die Kaufentscheidung als auch ein direkter negativer Einfluss des Aufbaus eines positiven Gespr?chsklimas auf die Kaufentscheidung nachgewiesen werden. Zudem zeigt sich, dass der Aufbau eines positiven Gespr?chsklimas den st?rksten Einfluss auf die Beratungszufriedenheit ausübt.

---

Can too much customer orientation be less effective? An analysis of the effects of customer-oriented selling on customers’ decision to buy

Summary  This research investigates the effects of customer-oriented selling on customers’ decision to buy. In so doing, the focus of the analysis is on the effects of the dimensions of customer-oriented selling, namely supporting customer decision-making, building a positive interaction climate, and avoiding pressure to close the sale. The findings of an empirical study support an indirect effect of customer-oriented selling on customers’ decision to buy through customer satisfaction with the sales interaction. The results also support a direct inverted u-shaped effect of avoiding pressure to close the sale on customers’ decision to buy as well as a direct negative effect of building a positive interaction climate on customers’ decision to buy. And building a positive interaction climate was found to have the strongest effect on customer satisfaction with the sales interaction.

Der Autor dankt den zwei anonymen Gutachtern für die wertvollen Anmerkungen und Anregungen zu einer früheren Version dieses Beitrags.     

Kapitalmarktreaktionen auf Personalabbauprogramme: Welchen Einfluss haben Motiv,Umfang und Freiwilligkeit?

This study examines the effects of layoff announcements on the market value of German listed companies. Analyzing 136 announcements being published between 2000 and 2009, the results show marginal abnormal returns but high variance indicating that the market reaction might depend on specific characteristics. As potential determinants we particularly discuss the reasons for layoff, the size of layoff and the voluntariness of layoff. We find that reactive reasons like plant closures have a negative impact on shareholder value whilst active reasons like cost improvements enhance shareholder value. The size of layoff tends to induce negative effects. A voluntary layoff announcement however increases the value of a firm. Furthermore, we find a positive relationship between abnormal returns and human capital intensity and a negative one with both the manufacturing industry membership and financial leverage. In addition, the regression model extends prior literature since its coefficient of determination exceeds those in Anglo-American studies.     

Macht und Einfluss verschiedener Abteilungen in fr��hen und sp?ten organisationalen Lebenszyklusphasen

The present research examines the performance consequences of the influence of four major departments (sales, marketing, R&D, and manufacturing) and integrates organizational life cycle stages as moderating variables. Further, the article derives a hypothesis that addresses the influence dispersion among the departments that is most beneficial for performance. In order to validate this research model empirically, survey data from small and medium-sized German firms were gathered. Findings show that the optimal distribution of influence among departments is a function of the organizational life-cycle stage. While no moderating effects of the life-cycle stage emerge for the sales or manufacturing departments, a strong marketing department contributes to organizational performance only in early stages, while a strong R&D department contributes only in later stages. Further, the estimation of the non-linear regression model shows that a medium level of influence dispersion among departments is most beneficial to organizational performance.     

Replik zu den Erwiderungen zu den Anmerkungen zu den Determinanten der Pr��fungshonorare in Deutschland

I maintain my critique of the studies of Bigus and Zimmermann (2009) and of Köhler et al. (2010) without reservation. In light of the legal basis of the scope of audits of financial statements, of auditing standards, of the practice of auditing of international groups of companies, and of international studies of audit fees, the replies of the authors do not provide solid counter arguments and do not seem to take the practice of auditing into account.     

Popularity kills the Talentstar? Einflussfaktoren auf Superstargeh?lter in der NBA

The observation that top athletes earn top salaries is well known. The (controversial) debate on superstar-salaries is mainly based on the two competing but equally plausible explanations outlined by Rosen (Am Eco Rev 71(5):845–858, 1981) and Adler (Am Eco Rev 75(1):208–212, 1985). Although both authors illustrate conclusive arguments, the discussion which of these two theories is more adequate in explaining superstar salaries still remains unsolved. The present paper analyzes salary information from the National Basketball Association (NBA) to explore the effect of Rosen’s (Am Eco Rev 71(5):845–858, 1981) talent approach versus the network and media approach by Adler (Am Eco Rev 75(1):208–212, 1985). Using innovative indicators for talent (draft position) and popularity (Facebook fans) in one model, the results of our preferred quantile regression specification indicates that player talent is stronger related to earning than popularity, particularly in the upper quantiles.     

K?nnen Studienbeitr?ge die Lehre in der BWL verbessern?

The introduction of tuition fees by some German universities raised fears about possible negative effects, which scientific research has not substantiated, though. Meanwhile, little attention has been paid to positive effects tuition fees might entail. This is surprising as universities are obliged to use tuition fees to improve study conditions. Business programs are highly frequented with limited academic staff. More assistance would therefore improve study conditions substantially. Tutorials funded by fees can be introduced quickly and, unlike faculty positions, do not tie up money in the long run. This makes them ideal to cope with the one-time enrollment peak due to the shortening of secondary education. We show that tutorials improve both satisfaction and study outcomes. We use data from an introductory course characteristic of business programs, where tutorials have been introduced. This course is attended by about 750 students per term and the data cover several terms. We control for a number of effects, including general academic ability. Increased satisfaction and improved study outcomes show that tutorials enhance both the objective and perceived study conditions. This makes tutorials an example of how tuition fees can be used to produce positive effects.     

Standardisierte Qualitätsinformationen und ihr Einfluss auf die Wahl von Leistungsanbietern – Ergebnisse einer empirischen Studie am Beispiel der Qualitätsberichte von Krankenhäusern

This study analyses the impact of standardized quality information of complex services on decisions, exemplified for Germany’s hospital quality reports. The presumed impact of quality information on decisions is based on theoretical considerations and hypotheses are developed accordingly. Though results of two experiments show that simplified quality indicators used in the quality reports for hospitals basically lead to consistent decisions, results also show that the impact of standardized quality information on decisions is not stable. It is disturbed and superimposed by the effects of additionally presented quality information. Implications for competition on hospital markets and for the effectiveness of standardized quality information as they are used in the hospitals’ quality reports are discussed as well as general conclusions about standardized information of complex services are drawn.     

Warum kann die Wirkung von Maßnahmen eines Unternehmens auf das Vertrauen des Partners kulturabhängig sein?

Several studies give recommendations which actions a company can take to build its partners’ trust in business relationships. Studies report that, for instance, a company’s flexibility and detailed contractual agreements may positively affect the partner’s trust. However, cultural norms may moderate the effects of potential actions on the partner’s trust and this has hardly been considered in relevant literature. The present paper explains why actions a company takes may have different effects on trust in different cultures. Suggestions for future research and the design of empirical studies are proposed.