Anreizsysteme als Instrument des Beteiligungscontrolling in Venture-Capital-Gesellschaften

Vor dem Hintergrund des Prinzipal-Agenten-Ansatzes werden vorhandene Fehlanreize in der Finanzierungsbeziehung zwischen Venture-Capital-Gesellschaften und jungen Unternehmen aufgezeigt. Diese Fehlanreize k?nnen mittels Anreizsystemen, welche ein Instrument des Beteiligungscontrolling darstellen, reduziert oder gar unterbunden werden. Nachdem die Bestandteile von Anreizsystemen und die Anforderungen an diese in allgemeiner Form dargelegt wurden, wird überprüft, inwieweit verschiedene Ausgestaltungen von Anreizsystemen, unter Berücksichtigung in der Praxis verwendeter Finanzierungsarten, diesen Anforderungen gerecht werden und insofern wirkungsvoll als Instrument des Beteiligungscontrolling eingesetzt werden k?nnen.     

Exchange rate exposure

In this paper we examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed firms in a sample of eight (non-US) industrialized and emerging markets. We find that exchange rate movements do matter for a significant fraction of firms, though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time, suggesting that firms dynamically adjust their behavior in response to exchange rate risk. Exposure is correlated with firm size, multinational status, foreign sales, international assets, and competitiveness and trade at the industry level.     

Staffing excellence: moving from retrospective to prospective management of risk

Our complex health care system will not be error free for the foreseeable future. Certain interventions must be put into place to manage that risk, and staffing effectiveness is a critical part of clinical risk management. Application of research and practice can create a basis for a proactive risk management plan, and will build in an essential feedback loop to leadership. Pay for performance initiatives by the Centers for Medicare & Medicaid Services and other payers are creating further incentive to get to zero errors faster. By implementing what we know about staffing and avoidable errors, we are in a very good position to meet the challenges to create a safe health care system.     

How and why small to medium size enterprises (SMEs) engage with their communities: an Australian study

• While many studies address corporate philanthropy and corporate community involvement, limited work has been conducted internationally in small to medium businesses and even less has been elucidated about the Australian small business landscape.
• This article reports findings from qualitative research investigating giving to community causes by 52 small to medium size enterprises (SMEs) across Australia.
• Three key questions addressed in this article are: (1) why SMEs engage with community (2) how they engage with community and (3) obstacles they perceive in giving.
• Our findings suggest that SMEs have a preference to avoid cash gifts, prefer to support local causes and would benefit from the development of best practice giving guidelines and templates.

Copyright © 2006 John Wiley & Sons, Ltd.     

Strategic judgment proofing

A liquidity‐constrained entrepreneur raises capital to finance a business activity that may harm bystanders. The entrepreneur raises senior (secured) debt to shield assets from the tort victims in bankruptcy. For a fixed level of borrowing, senior debt creates better incentives for precaution taking than either junior debt or outside equity. The entrepreneur's level of borrowing is, however, socially excessive. Giving tort victims priority over senior debtholders in bankruptcy prevents overleveraging but leads to suboptimal incentives. Lender liability exacerbates the incentive problem even further. A limited seniority rule dominates these alternatives. Shareholder liability, mandatory liability insurance, and punitive damages are also discussed.     

A classification of business-to-business buying decisions: risk importance and probability as a framework for e-business benefits

Business-to-business (B2B) markets have been considered an attractive e-business venue for the realization of cost reduction and exchange creation utilities. However, as marketers have long argued, there are different types of buying situations, and the benefits sought in each may vary substantially. The present work builds on the thinking of previous industrial buying typologies by integrating perceived risk concepts into the business buying decision. Specifically, we develop a classification grid of industrial buying situations and then explicitly link likely e-business benefits to the various situations. The proposed framework holds implications for management and research related to supply chain relationships.     

Testing how information about cost-effectiveness,cause preferences,and geographic preferences interact to affect philanthropic giving

The broad instrumental philanthropy movement advocates for considerations of cost-effective impact in donation decisions. Within that broader movement, the effective altruism movement goes as far as to advocate for cause neutrality and geographic neutrality when prioritizing cost-effectiveness in charity. We present a survey experiment that examined how information about cost-effectiveness, cause area preferences, and geographic preferences interact to affect philanthropic giving. The experiment varied these three dimensions in a hypothetical giving situation and found that cost-effectiveness information had the strongest influence on hypothetical giving. Participants gave most when presented with charities that were shown to be highly cost-effective, local/domestic, and that matched their preferred cause area. Understanding how these three considerations interact to affect donors is important as donors continue to desire more information about the cost-effective impact of their donation.     

Business Planning Practices of Family‐Owned Firms within a Quality Framework*

Study purpose is to investigate the contribution of an integrated, interfunctional approach to quality management, inclusive of family/business interface management, to the success of 572 small family firms, using multiple measures of success (congruity and business revenues). A positive customer reputation was the most important business goal for 44.6 percent of firms. Interface and business management significantly explained business revenue and congruity between business and family while controlling for owner and business characteristics. Family/business interface management explained 9.7 percent of congruity variance and 8.2 percent of gross revenue variance, whereas business management explained 3.3 percent of congruity variance and 2.2 percent of gross revenue variance.     

Coke is It: How stories in childhood memories illuminate an icon

This paper builds on consumer storytelling theory and childhood memory research by proposing that earliest childhood memory stories are useful for developing brand myths and providing relevance to iconic brands. This article investigates consumers' childhood memories with Coca-Cola and finds that memories from early childhood are more predictive and insightful for understanding current brand attitudes than memories coming from adolescence. A focus group is unable to elicit memories from as early in life as the childhood memory session. In addition, the memories elicited by the group interviewer are not as relevant and meaningful to participants. When participants read experiences coming from the childhood memory session, those who connect with the earliest childhood memory stories have the strongest attitudes toward Coca-Cola. A discussion describes how this research method aids in generating insights about iconic brands and brands aspiring to become iconic.     

There may be trouble ahead: exploring the changing shape of non-profit entrepreneurship in third sector organizations

This paper explores the challenges and benefits of managing non-profit organizations and social enterprise activities in an increasingly complex and difficult environment of austerity, reduced public sector funding, and higher competition for resources. It draws on the experience of women senior managers within the context of small/medium third sector organizations in Wales. Findings indicate diverse perspectives, but a consensus on the relevance of entrepreneurial behaviour to the third sector, and the importance of relationship-building and collaboration within gendered entrepreneurial practice.