Personality characteristics and the decisions to become and stay self-employed

Based on a large, representative German household panel, we investigate to what extent the personality of individuals influences the entry decision into and the exit decision from self-employment. We reveal that some traits, such as openness to experience, extraversion, and risk tolerance affect entry, but different ones, such as agreeableness or different parameter values of risk tolerance, affect exit from self-employment. Only locus of control has a similar influence on the entry and exit decisions. The explanatory power of all observed traits among all observable variables amounts to 30 %, with risk tolerance, locus of control, and openness having the highest explanatory power.     

The Research Field “Modeling Business Information Systems”

The research field “Modeling business information systems” has a long tradition in the scientific discipline of Business and Information Systems Engineering (BISE). The present paper highlights research shaping the research field, discusses challenges impairing the development of the research field in the coming years, and outlines elements of a future research agenda.     

How do the success factors driving repurchase intent differ between male and female customers?

As customers’ repurchase behavior leads to long-term corporate profitability, managers should know the success factors influencing repurchase intent. Knowledge of gender differences in these success factors would enable managers to separately optimize repurchase intent for men and women. This research thus develops original hypotheses on gender differences in the formation of repurchase intent. Based on hierarchical linear modeling of data from five countries and ten industries, this research finds that public brand image more strongly influences customer satisfaction and repurchase intent for women than for men. Perceived value has a weaker effect on repurchase intent for women than for men. The analyses do not detect any gender difference in the influence of customer satisfaction on repurchase intent. Contrary to conventional wisdom, relational switching costs more strongly influence repurchase intent for men than for women. Further analyses illustrate moderating effects of country differences in gender egalitarianism and of contextual differences between products and services.     

Common trends and common cycles among interest rates of the G7-countries

Both, from a macroeconomic modeling perspective, as well as for a policy point of view, there has recently been a renewed interest in the cyclical and long-run comovement of interest rates. In this paper we re-investigate the long- and short-run comovements in the G7-countries by conducting tests for cointegration, common serial correlation and codependence with nominal and real interest rates, using quarterly data from 1975 to 2010. Overall, we find only little evidence of comovements. Common trends are occasionally observed, but the majority of interest rates are not cointegrated. Although some evidence for codependence of higher order is found in the pre-Euro area sample, common cycles appear to exist only in rare cases. We argue that some earlier, more positive findings are difficult to reconcile due to differing assumptions about the underlying stochastic properties of interest rates. We conclude that they cannot be generalized for all interest rates, time periods, and reasonable alternative estimation procedures.     

Linking material and energy flow analyses and social theory

The paper explores the potential of Habermas' theory of communicative action to alter the social reflexivity of material and energy flow analysis. With his social macro theory Habermas has provided an alternative, critical justification for social theory that can be distinguished from economic libertarianism and from political liberalism. Implicitly, most flow approaches draw from these theoretical traditions rather than from discourse theory. There are several types of material and energy flow analyses. While these concepts basically share a system theoretical view, they lack a specific interdisciplinary perspective that ties the fundamental insight of flows to disciplinary scientific development. Instead of simply expanding micro-models to the social macro-dimension social theory suggests infusing the very notion of flows to the progress of disciplines. With regard to the functional integration of society, material and energy flow analyses can rely on the paradigm of ecological economics and at the same time progress the debate between strong and weak sustainability within the paradigm. However, placing economics at the centre of their functional analyses may still ignore the broader social integration of society, depending on their pre-analytic outline of research and the methods used.     

An Epistemic Analysis of (Un)Sustainable Business

Michel Foucault famously analysed orders of knowledge, ‘epistemes’, in past European ages. In this study, his analytical method is fruitfully applied to gaining a better understanding of business sustainability within and beyond the Modern episteme. After an introduction to the contextual background for the study, this article provides (i) a justification for the use of a Foucauldian epistemic analytical method, (ii) an outline of the method, (iii) an application of the method to identify four sets of questions (morality, specialisation, anthropologization and mathematicization) that are both direct derivatives of the Modern episteme and problematic for sustainable development, and finally (iv) an application of the method to consider evidence for the emergence of a new episteme. Conclusions are also provided.     

Evaluating DSGE model forecasts of comovements

This paper develops and applies tools to assess multivariate aspects of Bayesian Dynamic Stochastic General Equilibrium (DSGE) model forecasts and their ability to predict comovements among key macroeconomic variables. We construct posterior predictive checks to evaluate conditional and unconditional density forecasts, in addition to checks for root-mean-squared errors and event probabilities associated with these forecasts. The checks are implemented on a three-equation DSGE model as well as the Smets and Wouters (2007) model using real-time data. We find that the additional features incorporated into the Smets–Wouters model do not lead to a uniform improvement in the quality of density forecasts and prediction of comovements of output, inflation, and interest rates.