Zur Wirkung von Neukunden-Promotions auf Bestandskunden

Service providers frequently offer better deals to prospective customers than they offer to customers who prolong their contracts. The present paper examines the effectiveness of incentives on new customers and, perhaps even more significantly, assesses negative effects on existing customers. To test the hypothesized effects, a series of two experiments was conducted. Results indicate that promotions that are offered exclusively to prospective customers have a negative effect on existing customers, and that this negative effect is stronger for customers with a short relationship age and for those at the end of their contract life-cycle. The unfairness and inequity perceived by existing customers can be substantially reduced if these customers are offered the opportunity to receive a part of the promotion value, while the promotion??s effectiveness to attract new customers remains unaffected.     

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.     

Ein Forschungsleistungsranking auf der Grundlage von Google Scholar

Regarding the evaluation of academic research performance, the currently predominant method of judging an individual paper according to the academic journal it was published in implies a few drawbacks: Monographs and edited volumes cannot be assessed, and estimating the quality of an individual article by looking at the journal it was published in is problematic. Based on the work of Harzing (The publish or perish book: your guide to effective and responsible citation analysis. Tarma Software Research, Melbourne, 2010), this article applies a different approach by measuring the individual impact of each researcher. As a data source we use Google Scholar because it offers the best coverage available in the field of German academic literature in business administration. However, Google Scholar implies qualitative shortcomings that deserve a careful inspection and revision. We analyse all recent publications (2005–2009) of all members of the German Academic Association for Business Research (VHB). Among the researchers, the citations are distributed highly unequal and follow Pareto’s Law: Few scholars gather a large part of all citations. Between the different subfields of business administration there exist large differences regarding their publication and citation cultures. This should be considered carefully when interpreting the results of the ranking.     

Wozu brauche ich auf geradem Weg einen Kompass?

Why do I need a compass on a straight way? The formation of relationships in psychodramatic supervision Encounter is the basic principle of psychodrama. The first aspect of this essay focuses relations in psycho-social work and on the significance of the relation to oneself for the encounter with others. The second aspect examines the different layers of relations in supervision. Finally this paper considers psycho-dramatic techniques in supervision. Using many examples the author illustrates how working with psychodrama supports development of constructive relationships.     

Einfluss der Besteuerung auf die Bewertung ausländischer Kapitalgesellschaften

Zusammenfassung  Der vorliegende Beitrag integriert die Auswirkungen der Regelungen zur Besteuerung von Einkünften aus ausl?ndischen Kapitalgesellschaften in die Discounted Cashflow-Methodik. Bewertungsobjekt ist eine ausl?ndische Kapitalgesellschaft, der von einem inl?ndischen Anteilseigner oder von fremden Dritten Finanzmittel zugeführt werden. Da das Steuerrecht nicht entscheidungsneutral ist, sind die beiden Finanzierungsalternativen Eigen-oder Fremdfinanzierung nicht als gleichwertig zu beurteilen. Unterschiedliche steuerliche Effekte ergeben sich daraus, dass Zinsen bei der Tochterkapitalgesellschaft grunds?tzlich als Betriebsausgaben abzugsf?hig sind, wohingegen Dividenden aus dem bereits versteuerten Einkommen gezahlt werden (sog. Tax Shield). Im grenzüberschreitenden Fall wird mit der Entscheidung für eine Finanzierungsalternative gleichzeitig bestimmt, in welchem Umfang die mit der Finanzierung einhergehenden Kapitalertr?ge der deutschen oder der ausl?ndischen Besteuerung unterworfen werden. Die H?he des Tax Shield h?ngt damit nicht nur von den Abzugsm?glichkeiten der Fremdkapitalzinsen ab, sondern auch vom Steuerniveau im Ausland. Damit müssen in der Unternehmensbewertung die in- und ausl?ndischen Steuervorschriften, die Steuers?tze im In- und Ausland, sowie eventuell bestehende Doppelbesteuerungsabkommen berücksichtigt werden.

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Effects of the tax regulations on the taxation of income from foreign corporations

Summary  The present article integrates the effects of the tax regulations on the taxation of income from foreign corporations in the discounted cash flow method. The item to be assessed is foreign corporation that is allocated funds (equity capital or borrowed capital) by a domestic shareholder or an unaffiliated third party. In this cross-border case, the decision in favor of one financing alternative or the other will at the same time determine the extent to which the capital yields associated with the financing are liable to taxation in Germany or abroad. The amount of the tax shield therefore not only depends on the deductibility of interest payments on debt, it also depends on the rate of tax abroad. When assessing the company it will therefore be necessary to bear in mind both domestic and overseas tax regulations, domestic and overseas tax rates as well as any existing double taxation agreements.

     

Coaching auf dem Weg zur Profession? Eine professionssoziologische Einordnung

Following a historical and sociological introduction into the special subject of profession the contribution discusses the niveau of the professionalization of coaching. While the development of the expertise and the organisational level has achieved obvious progress the definition of jurisdiction remains still unclear. A look at the development of coaching in the context of the New Capitalisms shows a connection between the de-professionalization in many working areas and a complementary differentiation and professionalization of extra-functional competences. The professionalization of Coaching and other new forms of reflexive counselling are linked to this development. Although the classical model of profession has become weaker the clarifying of jurisdiction and the autonomy are still remaining the decisive challenges of professional work. As to both aspects the contribution provides an outlook.     

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.     

Anmerkungen zur Professionalisierung des Coaching auf dem Hintergrund des klassischen Professionsbegriffs

Some comments on the professionalization of coaching with regard to the classical concept ?profession“ In the current discussions on the professionalization of coaching the concept ?profession“ often is not clear. Therefore, the author first delineates the classical concept of profession and its main criterions. He then discusses the question whether these criterions are present in coaching and whether coaching may or should be conceived as an independent profession. Considering the tendencies of deprofessionalization in the traditional professions, it seems to be meaningful to understand coaching as a profession, but with a revised theoretical concept of profession: Particularly concerning the necessary scientific orientation it demands an interdisciplinarity instead of a fixed corpus of knowledge. The professionality of the practitioner means an orientation on general values and concepts of understanding and acting and is a central aspect of quality of coaching.     

Die Auswirkungen von Neid auf individuelle Leistungen: Ergebnisse einer Panelanalyse

Relative income differences are likely to lead to envy within a reference group. Envy in turn influences social behavior and individual performance. While positional concerns are apparent in daily life, empirical evidence is rare in the economic literature. This paper investigates the impact of the relative income position on individuals’ performance or productivity. As ?performance“ is difficult to measure we turn to soccer players whose performance has been well documented. The broad sample covers eight seasons of the German premier soccer league (Bundesliga) between 1995 and 2004, and includes 1040 players, a salary proxy and several performance variables. The results show that player performance is strongly affected by relative income position. A disadvantage in the relative income position reduces productivity. The larger the income differences within a team, the stronger are the effects of positional concern. Team composition also significantly affects behaviour.     

Systematisierung der Erfolgsfaktoren von Wissensmanagement auf Basis der bisherigen empirischen Forschung

Zusammenfassung  Der vorliegende Beitrag leitet aus einer umfassenden Bestandsaufnahme der empirischen Forschung zum Wissensmanagement einen Bezugsrahmen der Erfolgsfaktoren ab. Ziel ist die Zuordnung der identifizierten Erfolgsfaktoren zu übergeordneten Aggregationsniveaus (Untersuchungsfelder, Kategorien und Dimensionen) und damit die Reduzierung von Komplexit?t und Systematisierung der bisherigen Befunde. Weiterhin sollen aus den Ergebnissen der vorliegenden Analyse Implikationen für die weitere Forschung im Wissensmanagement abgeleitet werden. Als Ergebnis resultiert ein Modell, welches die Inhalte als auch die hypothetischen Beziehungen zwischen den identifizierten Aggregationsebenen veranschaulicht. Er bildet damit Grundlage für eine weitere Analyse der Erfolgsfaktoren, ihrer Auspr?gungen und Interdependenzen. Aus der Heterogenit?t der Studien konnten weitere Implikationen für die theoretische Wissensmanagement-Forschung abgeleitet werden.

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Knowledge management factors of success: A review of empirical findings and a model for future research

Summary  This paper derives a framework of key success-factors from an in-depth review of empirical research in knowledge management. Our first objective was to reduce the complexity of previous findings in the field of knowledge management by developing a model-structure that focuses on the interdependencies of the identified variables and to develop a framework that would allow for further research. We thus iteratively aggregated the identified factors of success to superior fields of analysis (named research fields, categories and dimensions). Our second objective was to extract from the analysis further implications for future research. The derived hypothetical framework maps the identified levels of aggregation and its describing factors, as well as the hypothetical interdependencies among them. Therefore this framework not only structures the findings, but also provides a basis for further analysis that aims at sound confirmation of the knowledge management factors of success, their characteristics and interdependencies. The observed heterogeneity of existing research points towards further research implications for knowledge management theory.

Forschungsschwerpunkte: Mergers & Acquisitions, Projektmanagement, Wissensmanagement     

Der Insolvenzprozess und die Eigenverwaltung in der Insolvenz auf Basis unterschiedlicher Theoriekonzepte

Zusammenfassung  Der Beitrag erkl?rt einerseits die Notwendigkeit eines durch Gesetz geregelten Verfahrens zur Insolvenzabwicklung mittels betriebswirtschaftlicher Grundlagentheorien. Andererseits werden dieselben Grundlagentheorien genutzt, um die unterschiedlichen sich ver?ndernden Machtstrukturen, die oft gegens?tzlichen Interessen von Stakeholdern, die Kosten des Insolvenzprozesses sowie deren Dynamik im Rahmen des vierphasigen Insolvenzprozesses (vor Insolvenzanmeldung, nach Antragstellung, nach Er?ffnung, nach Abschluss des Verfahrens) eines Not leidenden Unternehmens besser veranschaulichen zu k?nnen. Der besondere Schwerpunkt wird hierbei auf das Verfahren in Eigenverwaltung, das hei?t mit eigenem Management, gelegt.

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The bankruptcy process and the self-administration in the bankruptcy proceedings

Summary  This article explains on one hand the necessity of a legally fixed process for the bankruptcy proceedings with basic economic theories. On the other hand, the same theories are used to demonstrate the changing power structures, the often different interests of stakeholders, the costs of the bankruptcy proceedings as well as its dynamics during the four bankruptcy phases (before the filing, after the filing, after opening and after closing) of the bankruptcy process. The focus of this article lies hereby on bankruptcy proceedings in self-administration which means that the management stays on duty.

Dr. Martin K?rner ist promovierter Diplom- und Bankkaufmann und leitet die Abteilung Strategic Advisory bei einem führenden europ?ischen IT- und Telekommunikationsunternehmen. Seine Forschungsgebiete umfassen strategische Fragestellungen, Kapitalmarktthemen, das Outsorcing sowie das Krisen- und Insolvenzmanagement.     

Integre Unternehmensführung — Antwort auf die Replik von Horst Albach

Ohne Zusammenfassung     

Auftragsklärung: Interventionen auf dem Wege zur Konstituierung eines Beratungssystems*

The author demonstrates basing on a case study, that the development of a consultation system is a process that requires time and patience of everyone involved. Not a fast decided definition of a consultation method with the corresponding setting is the first step but a clarification of the request. That is what the author is pleading for a phase of detailed analysis with the potential client.