Empowerment as a success factor in start-up companies

In this paper, we develop a theoretical model of employee empowerment in start-ups by integrating different management-oriented approaches in the literature. To test this model, we use recent survey data from start-up companies in high-growth industries based in Germany. In particular, we examine the degree to which employee empowerment as a modern concept of delegative leadership contributes to a higher organizational effectiveness within the firm and eventually to higher growth.

When Financial Intermediaries are Corporate Owners: An Agency Model of Institutional Ownership

Increasingly, the equity investments of individual investors are being channeled through financial institutions. This article posits that the role of institutional owners as financial intermediaries, and the resulting complexity that institutions bring to ownership, distinguish institutional ownership from individual ownership. I develop a model of institutional ownership, referred to as the nexus agency model (NAM), which reflects this complexity. The model provides a framework for identifying the potential additional agency costs to beneficial owners that are associated with owning via financial institutions. The degree to which owning via institutions benefits individual owners depends on the adequacy of the legal and regulatory environment and governance mechanisms in protecting individual owners' interests. The applicability of the nexus model to different institutional owner types is then demonstrated in a discussion of U.S. public and private pension plans and mutual funds, leading to the generation of a NAM-based research agenda for each type and across the types. The article ends with discussion of the model's applicability to non-U.S. institutional environments.     

Analytical uses of Kalman filtering in econometrics — A survey

This paper surveys the different uses of Kalman filtering in the estimation of statistical (econometric) models. The Kalman filter will be portrayed as (i) a natural generalization of exponential smoothing with a time-dependent smoothing factor, (ii) a recursive estimation technique for a variety of econometric models amenable to a state space formulation in particular for econometric models with time varying coefficients (iii) an instrument for the recursive calculation of the likelihood of the (constant) state space coefficients (iv) a means of helping to implement the scoring⁻ and EM-method for iteratively maximizing this likelihood (v) an analytical tool in asymptotic estimation theory. The concluding section points to the importance of Kalman filtering for alternatives to maximum⁻ likelihood estimation of state space parameters.     

Hot times,hot places. Youths’ risk perceptions and risk management in Chicago and Rotterdam

Many young people in low-income neighbourhoods are considered to be at risk of poor social outcomes and of becoming victims of violence and crime. This exploratory study focuses on how young people perceive risk and navigate their environment in two low-income, multi-ethnic neighbourhoods, one in Rotterdam and one in Chicago. We conducted in-depth interviews and mental mapping exercises with young people aged 14–19 in both sites. We found that neighbourhoods matter because they expose young people to certain kinds of risks, but also that their responses were shaped by their perceptions and interpretations of these risks. Moreover, we illustrate the dynamic and interactive nature of these processes of risk perception and management by discussing the ways in which different groups occupy and use, or travel through, public space at different times of the day. We argue that risk in disadvantaged neighbourhoods is not a static dimension in young people’s lives but rather emerges from an ongoing and complex interaction between perception, interpretation and response that can be seen as a kind of boundary work.     

Circular literacy. A knowledge-based approach to the circular economy

ABSTRACT

This paper applies a knowledge-based approach to study the role of circular economy (CE) for sustainable development. An analysis of publications from practice-oriented CE advocates is deployed to study the types of knowledge actors foster when they pursue the transition towards a CE. With the proposed term ‘circular literacy’ (CL), an analytical framework is provided to differentiate between different types of knowledge relevant for a transition towards the CE: system, target, and transformation knowledge. The main emphasis is on identifying knowledge-related prerequisites that prevent or stimulate the transformative potential of CE thinking and practices for sustainable development. The analysis reveals how the CL in the sample is confined by a narrow economic vision of the CE, lacking a reflection of political and sociocultural aspects that are needed to be addressed in future research to gain a robust concept of a CE-driven systemic transition towards sustainability.     

以后期维特根斯坦为导向探讨宗教理解的语言哲学前提

哈贝马斯主张,为使宗教进入公共领域,必须对它们的文本进行分类和翻译,从而把它们的命题含义与它们的神圣外衣加以分离,以便使它们的意义成为公众可理解的.作者以后期维特根斯坦的哲学为基础进行论证,认为宗教语言不同于科学语言,因为它们涉及不同的生活形式、处理不同的主题,宗教所关心的是对作为整体的世界的生活态度,而科学则对作为物的总和的世界加以说明,因而把宗教的话语翻译成命题的表达方式的做法既无必要也无助益.     

Aufsichtsratsverflechtungen und ihr Einfluss

This article examines the development of executive compensation of the German DAX corporations from 2001 to 2006. A higher executive compensation requires an approval of the supervisory board. Accordingly, we investigate the social network of the board of directors of these companies and use several variables describing the structure of this network as covariates of the development of the executive compensation in a panel analysis. Fixed and time effects panel estimations imply that a rising number of executives in the supervisory board of other companies results in increasing compensation. By contrast, executive compensation decreases when the supervisory board of the respective company is controlled by a growing number of executives from foreign companies.