Social media adoption: A process-based approach

This research conceptualizes and measures social media adoption (SMA) of companies with a process-based approach and explains its antecedents of micro- and macro-environment, size, and ownership, as well as its consequence of intention to increase resources dedicated to social media. Based on data from 310 Turkish small and medium enterprises, the study first develops a conceptual framework on the pillars of internal and external stakeholder focus as well as relationship and information oriented implementation. Based on these two dimensions, it discusses the novel concepts of social customer relations, social stakeholder communication, social intelligence, and social responsiveness related to SMA. The study further indicates that ownership type and micro environment play a role in SMA and that path dependence exists in the interplay of current adoption and future intentions.     

“Why did I do this?”: Understanding leadership behavior through a dynamic five‐factor model of leadership

Leadership theories referring to complex adaptive system theory (CAS) describe leadership as a dynamic process of interdependent, cooperating agents. However, research on leadership behavior focuses mainly on the leader as an influencing, active agent. This article offers a different perspective by focusing on factors that influence leadership behavior. A dynamic five‐factor model of leadership is introduced, which identifies (1) the leader's individual competence, (2) the group, (3) the organization, (4) the context, and (5) the immediate situation as all influencing factors on leadership behavior. To address the problem of the procedural nature of leadership behavior, the dynamic five‐factor model is combined with a scenario‐based approach. The scenario approach focuses on situational developments in a given context, whereby a previous situation influences a leader's behavior in the subsequent situation. By integrating the dynamic five‐factor model into a scenario approach, one can understand a leader's behavior in its procedural nature. The practical usability of the dynamic five‐factor model and the scenario approach was assessed in a leadership development program with 81 military officers. Structured feedback from participants indicated that the model and the approach were perceived as helpful and relevant for understanding leadership behavior.     

Exact linear rank tests for two‐sample equivalence problems with continuous data

The present paper introduces a methodology for the semiparametric or non‐parametric two‐sample equivalence problem when the effects are specified by statistical functionals. The mean relative risk functional of two populations is given by the average of the time‐dependent risk. This functional is a meaningful non‐parametric quantity, which is invariant under strictly monotone transformations of the data. In the case of proportional hazard models, the functional determines just the proportional hazard risk factor. It is shown that an equivalence test of the type of the two‐sample Savage rank test is appropriate for this functional. Under proportional hazards, this test can be carried out as an exact level α test. It also works quite well under other semiparametric models. Similar results are presented for a Wilcoxon rank‐sum test for equivalence based on the Mann–Whitney functional given by the relative treatment effect.     

Structural measurement errors in nonseparable models

This paper considers measurement error from a new perspective. In surveys, response errors are often caused by the fact that respondents recall past events and quantities imperfectly. We explore the consequences of limited recall for the identification of marginal effects. Our identification approach is entirely nonparametric, using Matzkin-type nonseparable models that nest a large class of potential structural models. We show that measurement error due to limited recall will generally exhibit nonstandard behavior, in particular be nonclassical and differential, even for left-hand side variables in linear models. We establish that information reduction by individuals is the critical issue for the severity of recall measurement error. In order to detect information reduction, we propose a nonparametric test statistic. Finally, we propose bounds to address identification problems resulting from recall errors. We illustrate our theoretical findings using real-world data on food consumption.     

Wechselwirkungen von Finanzkrise und Rechnungslegung

Praxis / MagazinTermine

Termine     

Die Erwartungen der Wirtschaft für 2018

The German economy experiences a boom period. The leading economic research institutes upgrade their economic balance for 2017 to a growth rate exceeding two per cent and their forecasts for 2018 are equally positive. This optimism is widespread despite the UK’s exit from the EU, the protectionist tendencies and the difficult coalition-building in Germany. Technological innovations look ahead: manufacturing industry and trade sector have to react to digital transformation — i.e. electro-mobility, autonomous driving, the use of artificial intelligence and the spread of online trading.     

Business Schools and the Development of Responsible Leaders: A Proposition of Edgar Morin’s Transdisciplinarity

The subprime mortgage crisis which was caused to a large degree by questionable mortgage lending and securitization practices that were furthered by deregulatory policies devastated the economy, led to large scale unemployment, and caused the foreclosure of millions of homes. There is evidence that numerous mortgage companies, financial firms, rating agencies, and high-level professionals were involved in unethical and often fraudulent business practices leading to the most severe economic meltdown since the Great Depression. In spite of the great economic and social harm, there was a lack of criminal sanctions against those companies and individuals, who were involved in creating the crisis that reached even global dimensions. This article analyses the reasons for and the possible social impacts of the lack of criminal sanctions against those who crossed the line between unethical and criminal business practices.     

Option pricing in the moderate deviations regime

We consider call option prices close to expiry in diffusion models, in an asymptotic regime (“moderately out of the money”) that interpolates between the well‐studied cases of at‐the‐money and out‐of‐the‐money regimes. First and higher order small‐time moderate deviation estimates of call prices and implied volatilities are obtained. The expansions involve only simple expressions of the model parameters, and we show how to calculate them for generic local and stochastic volatility models. Some numerical computations for the Heston model illustrate the accuracy of our results.     

What are the determinants of hiring? The importance of product market demand and search frictions

In this article, we study the importance of product market demand and search frictions for hiring. We use a search-matching model with imperfect competition in the product market to derive an equation for total hiring in a local labour market, and estimate it on Swedish panel data. If product markets are imperfectly competitive, product demand shocks should have a direct effect on employment for given levels of prices and wages. Our main finding is that product demand has such a direct effect on hiring. This highlights the importance of taking imperfect competition in the product market into account in studies of employment dynamics and hiring. We also find that, for given levels of prices, wages, and product demand, the number of unemployed workers in a local labour market has a positive effect on hiring, suggesting that search frictions matter. Quantitatively, product demand shocks seem to be more important for understanding the variation in hiring than shocks to the number of unemployed workers.     

How Do Political Factors Shape the Bank Risk–Sovereign Risk Nexus in Emerging Markets?

This paper studies the role of political factors for determining the impact of banking sector distress on sovereign bond yield spreads for a sample of 19 emerging market economies in the period 1994–2013. Using interaction models, I find that the adverse impact of banking sector distress on sovereign solvency is less pronounced for countries with a high degree of political stability, a high level of power sharing within the government coalition, a low level of political constraint within the political system, and for countries run by powerful and effective governments. The electoral cycle pronounces the bank risk–sovereign risk transfer.