Sicherstellung der Effektivität und Effizienz der Führung als Kernfunktion des Controlling

Die Sicherstellung der Effektivit?t und Effizienz der Führung kann als Wesensmerkmal des rationalit?tsorientierten Controlling sowie als Kernfunktion auch anderer Controlling-Konzeptionen verstanden werden.     

Multiple directorships and acquirer returns

This paper examines the impact of multiple directorships on stockholder wealth around the announcements of mergers and acquisitions. Grounded in agency theory, we argue that multiple directorships affect the quality of managerial oversight and thus influence agency conflicts in acquisition decisions. We show that acquiring firms where directors hold more outside board seats experience more negative abnormal returns. This adverse effect, nonetheless, does not extend across the entire range of multiple directorships. Rather, the detrimental impact is significant only when the number of outside board seats surpasses a certain threshold. We interpret this result as suggesting that directors serving on multiple boards allow value-destroying acquisitions when they become too busy beyond a certain point, and the effect of directors’ busyness on acquisition performance appears to be nonlinear. We employ several alternative definitions of directors’ busyness and obtain consistent results.     

Leveraging open innovation to improve society: past achievements and future trajectories

Open innovation (OI) is an approach which describes a purposive attempt to draw together knowledge from different contributors to develop and exploit innovation. It has become clear that OI directly benefits organisations' economic performance and resilience, but researchers, practitioners, and policy makers became also convinced that OI might be the way forward to tackle the world’s most pressing societal challenges, representing unresolved Grand Challenges, which can only be weathered by diverse sets of collaborative partners that join forces. Although anecdotal evidence points at how OI practices can be employed to achieve societal impact not only in private firms but also in public organisations, very little understanding exists ‐beyond anecdotal‐ to link OI to societal impact. This special issue has the ambition to start the discussion and establish a framework as the stepping stone to tackle this complex research gap.     

Empirical evidence on surrogate country method for non‐market economy: US anti‐dumping policy towards China

Whether the non‐market economy (NME) treatment on China can be maintained even after the expiry date under Section 15 of China's World Trade Organization (WTO) Accession Protocol is one of the most controversial issues in the WTO. In fact, the key issue of the NME status in the anti‐dumping (AD) proceedings turns out to be how surrogate countries are selected in relation to dumping margin calculation. This paper reviews the US practices concerning the application of the surrogate country method. Despite the general perception of capricious and random selection of surrogate countries, the Department of Commerce has maintained a consistent pattern for applying the criteria. This seemingly consistent practice, however, raised systematic problems—but not at a significant scale—in dumping margin calculation concerning Chinese products. This result sheds an interesting light on the current WTO disputes concerning the China's NME status. At least in terms of the US AD practices, the result of the WTO dispute settlement process may not have a significant impact on the China's exportation.     

The effect of dynamic integrated resort experience on Croatian customer behavior

This paper aims to gain knowledge on customers’ experience toward integrated resorts in Croatia. Customer perception toward integrated resorts was collected via face‐to‐face survey. The multidimensional experiential values and behaviors of 354 customers were studied. The data were analyzed using structural equation modeling. Croatian customers are engaged with the integrated resort experience. This engagement influences their satisfaction and behavioral intention. Specifically, customers with high playfulness and service expectations tend to engage positive behavioral intention toward the integrated resort brand. This paper offers the first insight into the relationship between experiential value and behavioral intention in the integrated resort setting.     

Knowledge Flows Between Advertising and Other Disciplines: A Social Exchange Perspective

Knowledge flows between advertising and other academic disciplines are examined to identify the structure of scientific knowledge, the extent of social exchange and the scientific status of the field. Bibliometric analysis is used to identify who is citing our research and who we cited. Cocitation patterns for the leading advertising journals (Journal of Advertising [JA], Journal of Advertising Research [JAR], International Journal of Advertising [IJA], Journal of Interactive Advertising [JIA], and Journal of Current Issues and Research in Advertising [JCIRA]) and the top 50 citing and cited journals with citation relationships from 2005 to 2014 were examined. Findings revealed that advertising is citing advertising scholarship the most, followed by marketing, consumer research, psychology, and communication. This suggests a “maturing field” where scholars look within the discipline's body of knowledge. In turn, advertising research is cited by advertising, marketing, business (general), communication, and psychology. The overall citing-to-cited ratio suggests that advertising is more a “receiver” than “provider” of knowledge to other disciplines; however, there is variation across the advertising journals. The positioning of advertising journals in the larger disciplinary framework shows close relationships to consumer research and interactive communication. The most common focus among the top-cited articles is digital media, with few articles focusing on traditional advertising. The implications of our findings for the field of advertising are discussed.     

Rent seeking in groups

Rent-seeking contests between groups involve conflicts of interests at the levels of individuals, groups, and the society as a whole. We conduct a series of economic experiments to study the behavior of groups and individuals competing against each other in rent-seeking contests. We find substantial over-contribution to rent-seeking relative to the equilibrium predictions of standard models regardless whether individuals compete against other individuals, groups compete against other groups, or individuals compete against groups.     

Directional Accuracy of Urban Consumers’ Inflation Forecasts in China

We evaluate the directional accuracy of inflation forecasts based on the survey data of urban savings account holders in China. By using a new market-timing test, we show that the urban consumers’ expectations of inflation are not a useful predictor of the overall consumer price index (CPI) and the urban household CPI (U-CPI) in China. However, after our in-depth analysis using the inflation rate of each category in the U-CPI basket, we find that the consumers’ forecasts are useful in predicting the movement of the residence component in the U-CPI basket since the third quarter of 2009.     

Optimal Risk Management Using Options

This article provides an analytical solution to the problem of an institution optimally managing the market risk of a given exposure by minimizing its Value-at-Risk using options. The optimal hedge consists of a position in a single option whose strike price is independent of the level of expense the institution is willing to incur for its hedging program. This optimal strike price depends on the distribution of the asset exposure, the horizon of the hedge, and the level of protection desired by the institution. Moreover, the costs associated with a suboptimal choice of exercise price are economically significant.