Schärfere Regulierung von Managergehältern in Aktiengesellschaften?

Zusammenfassung  Die Finanzmarktkrise hat einer breiten ?ffentlichkeit bewusst gemacht, dass Manager auch in notleidenden Unternehmen hohe Geh?lter und Bonuszahlungen erhalten. Darauf hat die Bundesregierung mit einem Gesetzesvorschlag zur Angemessenheit der Vorstandsvergütung reagiert. Die deutlichen Zuw?chse der Managergeh?lter in den letzten 20 Jahren führen zu der Frage, nach welchen Kriterien die Entlohnung von Managern und anderen Arbeitskr?ften zu bewerten ist. Kann die geplante Reform zu mehr Gerechtigkeit verhelfen? Prof. Dr. Bernd Noll, 55, lehrt Volkswirtschaftslehre und Wirtschaftsethik an der Hochschule Pforzheim; Fridolin Haag, 25, Dipl.-Betriebswirt, arbeitet als Projektmanager in einem mittelst?ndischen Logistik-Unternehmen.     

Identifying personality traits to enhance trust between organisations: an experimental approach

We investigate an experimental representatives' trust game which resembles trust relationships between representatives of organisations. Personality traits of subjects are elicited by a personality questionnaire (Cattell's 16 PF‐R) which is well established in personnel psychology. For the first time, personality traits are linked to actually observed behaviour in a trust game. Detailed personality profiles are derived and it is shown that they differ significantly between behavioural types. Individuals with low scores in anxiety turn out to be particularly qualified for enhancing trust between organisations. Copyright © 2008 John Wiley & Sons, Ltd.     

Managing Customer Relationships in the Social Media Era: Introducing the Social CRM House

CRM has traditionally referred to a company managing relationships with customers. The rise of social media, which has connected and empowered customers, challenges this fundamental raison d'etre. This paper examines how CRM needs to adapt to the rise of social media. The convergence of social media and CRM creates pitfalls and opportunities, which are explored. We organize this discussion around the new “social CRM house,” and discuss how social media engagement affects the house's core areas (i.e., acquisition, retention, and termination) and supporting business areas (i.e., people, IT, performance evaluation, metrics and overall marketing strategy). Pitfalls discussed include the organization's lack of control over message diffusion, big and unstructured data sets, privacy, data security, the shortage of qualified manpower, measuring the ROI of social media marketing initiatives, strategies for managing employees, integrating customer touch points, and content marketing.     

Money-output Granger causality revisited: an empirical analysis of EU countries

In this paper, the evidence collected in the large literature on testing for Granger-causality from money to output is revisited. Using a broad data base of 14 EU countries plus Canada, the US and Japan, and quarterly data from the mid 1960s to mid 1990s, a number of hypotheses from this literature is evaluated. It is found that very few general conclusions can be sustained. For instance, in most countries it is not the case that the use of data in levels creates a bias in favour of finding Granger-causality effects of money on output compared to using differences. Neither does the significance of money lags decline when increasing the number of variables included in the model. What appears to be robust, though, is that allowing for asymmetries clearly increases the likelihood of finding significant causality effects. Based on the Granger-causality test results, a number of country groups are obtained using cluster analysis, which are characterized by a similarly behaviour with respect to the money-output relation.     

Friedens-versus Ausscheidegrenze in der Krankenversicherung: Ein<Emphasis Type="Italic">kriegerischer</Emphasis> Beitrag für mehr Nachhaltigkeit

The German health insurance system is separated between the private and public sector by a social security ceiling. To reduce the risk selection of the current system we discuss the implications of the conversion of the upper income limit into a provision limit. Using a generational accounting approach, we find that such a conversion has a negative effect in respect of sustainability. In addition, we present the idea of a transfer premium, which reflects the value of the analyzed group of insurants. Our results show that with a transfer premium or in a system of lump-sum-premiums, the provision limit would have positive implications and would leave the German system more sustainable.     

Logic from space

This is one of the essential results of an inquiry into spacetime-sociology which was outlined and begun with in a research memorandum of the Institute for Advanced Studies, Vienna (IHS) 1992. It contains a proof that classical logic, or Boole's laws of thought, can be derived from an original concept of orientation that has emerged in human cognition during paleolithic worship activity. The original concept of orientation represents a genetic structure of orientation in both physical and social space. This is of a considerable importance. Because the original concept of orientation in its exact mathematical form is a symmetry in space, strictly a subgroup of the rotation-groupD ₃. Thus it belongs to the fields of mathematics and physics entirely and has nothing to do with logistics, linguistics or sociology. On the other hand binary logic is an important aspect of language and thought and seems to have little in common with the perception of objects in space. So there is a connection between logic and orientation in space. Mathematically this is represented by an isomorphism between the spatial symmetryD _2d of the Mandala of the quartered circle and the symmetry of classical logic.     

Managerial Efficiency in German Top League Soccer: An Econometric Analysis of Club Performances On and Off the Pitch

Abstract. This study applies stochastic frontier analytic techniques in the estimation of sporting production functions. As ex-ante input factors, we use pre-seasonal estimates of wage bills of players and coaches that are transformed during the production process of a season into ex-post pecuniary revenues and sporting success. In the case of athletic output we find a robust pattern of technical efficiency over subsequent seasons. Estimates based on economic output, however, do not support an efficiency model. A significant inter-seasonal change in overall technical productivity rather highlights the economic instability of the German soccer industry.     

Delegation and Information Sharing in Cournot Duopoly

Information sharing in oligopoly has been analyzed by assuming that firms behave as a sole economic agent. In this paper it is assumed that ownership and management are separated. Contrary to the classical result of information sharing in a Cournot duopoly with private cost information, the paper shows that information sharing is no longer always a dominant strategy and expected consumer surplus is no longer always decreased. The paper determines the circumstances under which information is exchanged and analyzes its welfare consequences.      

Why is the corporate tax rate lower than the personal tax rate?: The role of new firms

In many OECD countries, statutory corporate tax rates are lower than personal income tax rates. This tax rate difference is often particularly large for small firms. The present paper argues that a reduction of the corporate tax rate below the personal tax rate is an optimal tax policy if there are problems of asymmetric information between investors and firms in the capital market. The reduction of the corporate tax rate below the personal tax rate encourages equity financing and thus mitigates the excessive use of debt financing induced by asymmetric information. Our main theoretical result stands in marked contrast to the traditional view of corporate taxation and corporate finance theory, according to which there is a tax disadvantage to equity financing. More recent empirical evidence on this issue, however, is in line with our result.