Flexible collective bargaining agreements: Still a moderating effect on works council behaviour?

We analyse the interaction between different labour market institutions in Germany, namely, industry‐level bargaining and firm‐level codetermination by works councils. In particular, we are interested in the moderating effect of flexibility measures on the link between the existence works councils and collective agreements on wages and productivity. In presence of institutional changes, the question is whether works councils in covered plants still generate rather than redistribute rents, given recent decentralisation processes in the German system of industrial relations. We augment a theoretical model to provide hypotheses, which are then tested using empirical analysis of representative German plant level data. We find that the existence of flexibility provisions in collective bargaining agreements does not alter the effect of works council on firms' wages. We find, however, that with flexibility provisions works council presence is associated with higher productivity levels than without such provisions. These findings, however, depend on the level of collective bargaining: they can only be observed in plants covered by industry‐level contracts, but do not hold in plants covered by firm‐level contracts.     

Sustainability concerns in luxury supply chains: European brand strategies and French consumer expectations

Sustainability in supply chain management has become a concern in both research and practice. Although consumption and purchasing have been significantly explored in the luxury sector, a gap in supply chain studies is still evident. Therefore, the aim of this article is to examine how industry bodies and supply chain partners address sustainability concerns in the European luxury sector and how they respond to consumer expectations. In an explanatory study, we have collected data about sustainable supply chain practices in 11 European luxury good companies, by interviewing and surveying 13 managers. In a first consumer study, we held interviews with French luxury consumers in Bordeaux about their sustainability expectations (N = 170). The results show that while the distribution of attention is dependent on the respective supply chain activities, luxury goods companies address sustainability concerns and aim to take responsibility for their activities. However, the emphasis is on the dimension of economic sustainability. A comparison with sustainability expectations of French luxury goods consumers suggests that business practices are not perfectly well aligned with these expectations. Consumers put more emphasis on social and environmental sustainability dimensions. On the other hand, business activities concerning waste reduction and raw material management rather well match consumer expectations.     

Neuregelung des bundesstaatlichen Finanzausgleichs: Umverteilungs- und Verbleibseffekte

The paper explores effects of the revision of the system of fiscal equalisation in Germany as recently agreed upon by the federal and state governments. More specifically, using a simulation analysis, it explores the distribution of gains and losses associated with changes in horizontal and vertical fiscal flows. In addition, the paper determines the degree of fiscal redistribution. While the degree of fiscal redistribution is found to be reduced for major revenue sources, local tax revenues are subject to much higher redistribution than under the status quo. Increases in local tax revenues might even result in total revenue losses for some states.     

Trust and controllability in venture capital fundraising

This study discusses a model of success in venture capital (VC) fundraising. We develop this model based on agency and trust theory. The model is tested against quantitative data collected from 151 limited partners (LP) with headquarters predominantly in North America and Europe. Beyond the well-known criterion of the VC firm's track record, results suggest that trust and perceived controllability shape the investment decisions of those LPs. Moreover, antecedents of these main factors are evaluated. In sum, this study shows how fundraising VC firms can systematically manage the fundraising process.     

Time series momentum

We document significant “time series momentum” in equity index, currency, commodity, and bond futures for each of the 58 liquid instruments we consider. We find persistence in returns for one to 12 months that partially reverses over longer horizons, consistent with sentiment theories of initial under-reaction and delayed over-reaction. A diversified portfolio of time series momentum strategies across all asset classes delivers substantial abnormal returns with little exposure to standard asset pricing factors and performs best during extreme markets. Examining the trading activities of speculators and hedgers, we find that speculators profit from time series momentum at the expense of hedgers.     

On the Incentive Effects of Sample Size in Monitoring Agents – A Theoretical and Experimental Analysis

When agents compete for a bonus and their productivity in each of several possible occasions depends stochastically on (constant) effort, the number of times this is checked to assign the bonus affects the level of uncertainty in the selection process. Uncertainty, in turn, is expected to increase the effort made by competing agents (Cowen and Glazer, 1996; Dubey and Haimanko, 2003; Dubey and Wu, 2001). Theoretical predictions are derived and experimental evidence is collected for two competing agents, with the bonus awarded to that agent who outperforms the other. Sampling occasions (1 or 3), cost of production (high or low), cost symmetry (asymmetric or symmetric), and piece‐rate reward are manipulated factorially to test the robustness of the effects of uncertainty. For control, a single‐agent case is included. Results indicate that, for tournaments, greater uncertainty does indeed lead to greater than expected effort and lower average variable costs.     

The need for services and technologies in physical fast fashion stores: Generation Y’s opinion

ABSTRACT

This study answers the question of in which services and technologies should fast fashion retailers with physical stores invest. Fifteen improvement options were identified through a literature review, corporate practice and expert interviews. Then, a sample of 255 members of Generation Y evaluated and classified these options as attractive, indifferent, must-be, one-dimensional, or reverse according to Kano’s approach using the segmented Kano perspective. Results show that Generation Y generally values service improvements (e.g. with respect to salesperson friendliness and competence) higher than technology improvements. However, this evaluation differs among customer segments: whereas quality-conscious fast fashion shoppers are mainly indifferent to technology improvements, other customer segments rate ‘3D Bodyscan’, ‘Barcode App’, ‘Click&Collect’, ‘iDressroom’, ‘iTerminal’, ‘Loc Aware App’, or ‘Self-Checkout’ as highly attractive.     

Das Web als Fenster zum Kunden - Neue Regeln für neue Insights

Mit dem Paradigmenwechsel im Internet hin zu partizipativ angelegten Internetangeboten ergeben sich neue Chancen für eine bedürfnisgerichtete Marktforschung. Die Analyse der intrinsisch motivierten Beitr?ge von Verbrauchern in Blogs und Communities erlaubt einen neuen Zugang zu den tats?chlichen Episoden und Ritualen im t?glichen Leben der Kunden. So ergibt sich die M?glichkeit einer „netnografischen“ Identifikation von latenten Bedürfnissen. Eine systematische Herangehensweise liefert authentische Customer Insights.     

The uncompromising leader

Managing the tension between performance and people is at the heart of the CEO's job. But CEOs under fierce pressure from capital markets often focus solely on the shareholder, which can lead to employee disenchantment. Others put so much stock in their firms' heritage that they don't notice as their organizations slide into complacency. Some leaders, though, manage to avoid those traps and create high-commitment, high-performance (HCHP) companies. The authors' in-depth research of HCHP CEOs reveals several shared traits: These CEOs earn the trust of their organizations through their openness to the unvarnished truth. They are deeply engaged with their people, and their exchanges are direct and personal. They mobilize employees around a focused agenda, concentrating on only one or two initiatives. And they work to build collective leadership capabilities. These leaders also forge an emotionally resonant shared purpose across their companies. That consists of a three-part promise: The company will help employees build a better world and deliver performance they can be proud of, and will provide an environment in which they can grow. HCHP CEOs approach finding a firm's moral and strategic center in a competitive market as a calling, not an engineering problem. They drive their firms to be strongly market focused while at the same time reinforcing their firms' core values. They are committed to short-term performance while also investing in long-term leadership and organizational capabilities. By refusing to compromise on any of these terms, they build great companies.