Kaiserslautern - Fachbereich Wirtschaftswissenschaften
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In recent decades, academia has addressed a wide range of research topics in the field of ethical decision-making. Besides a great amount of research on ethical consumption, also the domain of ethical investments increasingly moves in the focus of scholars. While in this area most research focuses on whether socially or environmentally sustainable businesses outperform traditional investments financially or investigates the character traits as well as other socio-demographic factors of ethical investors, the impact of sustainable corporate conduct on the investment intentions of private investors still requires further research. Hence, we conducted two studies to shed more light on this highly relevant topic. After discussing the current state of research, in our first empirical study, we explore whether besides the traditional triad of risk, return, and liquidity, also sustainability exerts a significant impact on the willingness to invest. As hypothesized, we find that sustainability shows a clear and decisive impact in addition to the traditional factors. In a consecutive study, we investigate deeper into the sustainability-willingness to invest link. Here, our results show that improved sustainability might not pay off in terms of investment attractiveness, however and conversely, it certainly harms to conduct business in a non-sustainable manner, which cannot even be compensated by an increased return.
Interview with Frank Petry on “Digital Entrepreneurship: Opportunities, Challenges, and Impacts”
(2022)
Frank Petry is a primal rock of Germany's startup scene. He is a serial founder, serial investor (e.g., Ticketmaster, Expedia, Lending Tree, Web.de, ESCOM), partner and member of the Advisory Board at Blue Lake VC, as well as a partner, mentor and advisory board member at the Baltic Sandbox Accelerator. Additionally, he is the CEO of PECON (Consulting) and Thundermountain (VC, Accelerator, Corporate innovation).
We examine the predictability of 299 capital market anomalies enhanced by 30 machine learning approaches and over 250 models in a dataset with more than 500 million firm-month anomaly observations. We find significant monthly (out-of-sample) returns of around 1.8–2.0%, and over 80% of the models yield returns equal to or larger than our linearly constructed baseline factor. For the best performing models, the risk-adjusted returns are significant across alternative asset pricing models, considering transaction costs with round-trip costs of up to 2% and including only anomalies after publication. Our results indicate that non-linear models can reveal market inefficiencies (mispricing) that are hard to conciliate with risk-based explanations.
Without actors, there is no action: How interpersonal interactions help to explain routine dynamics
(2020)
In this paper, we argue that it is important to gain a better understanding on how people interact with each other to explain routine dynamics. Thus, we propose to focus on the interpersonal interactions of actors which is not only the fact that actors interact with each other but that the manner and quality of these interactions is important to understand routine dynamics. By drawing on social exchange theory, we propose a framework that seeks to explain routine dynamics based on different relationships between actors. Building on this framework, we provide different process models indicating how routine performing and patterning is enacted due to the respective relationship of actors. Our insights contribute to research on routine dynamics by arguing (1) that actions of patterning are dependent on the relationship of actors; (2) that trust works as an enabler for creating new patterns of actions; (3) that distrust functions as an enhancer for interrupting and dissolving patterns of actions.
Personalized dynamic pricing (PDP) involves dynamically setting individual-consumer prices for the same product or service according to consumer-identifying information. Despite its profitability, this pricing provokes strong negative fairness perceptions, explaining why managers are reluctant to implement it. This research provides important insights into the effect of two PDP dimensions (price individualization level and segmentation base) on fairness perceptions and the moderating role of privacy concerns. The results of two experimental studies indicate that consumers perceive individual prices as less fair than segment prices. They also evaluate location-based pricing as less fair than purchase history-based pricing. Consumer privacy concerns moderate these effects.
To foster sustainability pursuits, regulation by state-imposed legislation is often crucial, but self-regulation by corporations, associations, and other non-state actors increasingly exerts pressures
and provides incentives for sustainable practices. In order to shed more light on the complex interplay among sustainability regulations and self-regulation, this study focused on a highly regulated field:
the German wine industry. Using a social network analysis, this study identified the most central actors (e.g., associations, regulatory institutions) that need to be addressed in order to ensure the
enforcement of sustainability. By analyzing 15 semi-structured interviews with the key actors, we outlined their understanding of sustainability, and classified three distinctive governance patterns.
These mixed methods and in-depth analyses revealed that self-regulation by associations plays a crucial role in terms of enhancing sustainability, but regulation remains an important trigger in this
context. This article concludes with some lessons for regulation and self-regulation policies that can ensure sustainability within an organizational field.
Corporate environmental reporting makes good business and environmental sense. A big challenge for companies is to utilize the technical benefit of state of the art IT, especially of Internet-technologies and Internet-services. In this paper an approach of internet-based environmental reports by companies is presented. Three different levels are discussed: The first level deals with the basics of corporate environmental reports (CER) by companies. Illustrating the order within the emerging field of CERs a morphological box is suggested (section 1). Building on this, general requirements for corporate environmental reports are outlined (section 2). On the second level, the general reporting requirements are specified by IT-relevant challenges, seen as starting points for internet-based environmental reports (section 3). The immense technical benefit of using the Internet towards efficient, integrated, interactive, hypermedia-featured, dialog-oriented, and customised environmental reporting is analysed (section 4). On the basis of the technical benefit analysis, the state of the art of internet-based CERs is presented (section 5). The third level refers to the IT-application turning from the basics, IT-challenges and technical benefit to consequences for environmental reporting companies in practice. Thereby a fundamental framework for internet-based CERs is sketched (section 6). Grounded on this framework a basic architecture of an IT-implementation is explained (section 7).