Bio- and regenera- tive Medicine as an important growth Market

esearchreport
2012

content
innovate125 – HHL Targeting Top 10 in Europe . . . . . . . . . . . . . . . . . . . 04
Advisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05
Center for Advanced Studies in Management . . . . . . . . . . . . . . . . . . . . . 06
Strategic and international ManageMent
Chair of Strategic Management and Organization . . . . . . . . . . . . . . . . 08
Center for Strategy and Scenario Planning . . . . . . . . . . . . . . . . . . . . . . . 09
Finance, accounting and
corporate governance
Chair of Financial Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Chair of Accounting and Auditing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Center for Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
econoMicS and regulation
Chair of Economic and Information Systems . . . . . . . . . . . . . . . . . . . . . 22
Chair of Microeconomics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
SuStainaBilitY and coMpetitiveneSS
Chair of Marketing Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Heinz Nixdorf Chair of IT-based Logistics . . . . . . . . . . . . . . . . . . . . . . . . 32
Sparkassen-Finanzgruppe Chair of Macroeconomics . . . . . . . . . . . . 36
Dr . Werner Jackstädt Chair of Economic
and Business Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
innovation and entrepreneurSHip
Stiftungsfonds Deutsche Bank Chair
of Innovation Management and Entrepreneurship . . . . . . . . . . . . . . . 40
Schumpeter Junior Professorship for Entrepreneurship
and Technology Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Center for Leading Innovation & Cooperation . . . . . . . . . . . . . . . . . . . . 44
Publications and Conference Presentations . . . . . . . . . . . . . . . . . . . . . . 46
Imprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
dear reader,
With its innovate125 Future Concept,
HHL aims to sharpen its research
profile on a sustainable basis . To
achieve this, it further developed its
scientific structure to systematically
consolidate its strengths and form
new research focuses . Moreover,
HHL founded a Center for Advanced
Studies in Management (CASiM)
which examines the basic questions
of business administration in the
21st century in cooperation with all
chairs . One part of this strategy is
to introduce a new type of research
report presenting the new group
structure and the new cross-group
centers .
We wish to present our esteemed
readers an improved insight into
our research topics as well as our
researchers . Our basic principles are
rigor and relevance . In collaboration
with the top experts in this field and
other disciplines, we want to perform
outstanding research . However,
it is also important to us that our
research is relevant to practice .
In this respect, we wish the readers
of our Research Report a productive
experience when looking at
what we are doing today and what
we are planning to develop in the
future . We would like to invite you
to connect with us in a scientific
context or cooperate with us as
a partner from the economy in
order to develop a level of transferability
for the new knowledge
on practical issues with us .
Yours,
Prof. Dr. Andreas Pinkwart
Dean of HHL Leipzig
Graduate School of Management

4 HHL RESEARCH REPORT 2012 5
innovate125 –
HHl targeting
top 10 in europe
Since its foundation in 1898, HHL
has proven to be a driving force for
innovation: 1898, and it was the
first business school in the German
speaking world to pave the way for
the academic training of merchants.
Upon its re-establishment in 1992, the
international orientation of business
administration within the globalization
of the German economy was the
focus of its attention. HHL is one of the
pioneers in Germany, teaching all programs
in English since the mid-1990s.
Long before the financial crisis, HHL
was one of the first business schools to
focus on the conditions for responsible
sustainable leader ship. HHL now
responds to the growing complexity of
leadership through its concept for the
future, increasing awareness for the
whole issue and expanding the dimensions
of effectiveness and responsibility,
aided by the perspectives of innovation
and entrepreneurial leadership.
With our Future Concept innovate125
we are taking a glimpse at the year 2023,
when HHL will celebrate its 125th anniversary
. By then, HHL wants to have
moved up into the league of the top 10
graduate schools in Europe with its
significant M .Sc ., MBA and Executive
programs as well as its well-structured
doctoral program . To achieve this, great
effort will be made to realign the content
and structure of this university . HHL will
organize its research and teaching activities
in topic-related groups to consolidate
its strengths and be able to profile new
focal points . In relation to the pressing
issues of modern leadership, the faculty
will be composed of the following fields:
Strategic & International Management;
Finance, Accounting & Corporate Gov-
er nance; Economics & Regulation;
Sustainability & Competitiveness as
well as Innovation & Entrepreneurship .
The cross-faculty center will be established
at HHL to ensure the cross-linking
and profiling of research, teaching and
knowledge transfer . Firstly, HHL’s new
Center for Advanced Studies in Management
(CASiM) will deal with basic ques-
tions of business administration in
the 21st century in close cooperation
with the five research groups and
HHL’s doctoral program . The current
research program focuses on the role
of trust within and between companies
as well as the trust in innovation . The
planned Center for Entrepreneurial and
Innovative Manage ment (CEIM) will
bundle the individual groups’ expertise
in innovative entrepreneurship in existing
companies, companies established
by merger or start-up businesses . With
this, HHL seeks to establish itself as one
of the leading entrepreneurial universities
in Europe .
The content-related advanced development
and expansion is accompanied
by a further growth of the faculty and a
quality-oriented increase in the number
of students . New programs are to roughly
double the number of students and
faculty members in the following five
years . This will allow HHL to obtain
additional international accreditations
and to be included in further rankings .
This growth is to involve a further internationalization
of the faculty as well as
an increase in the number of women in
the faculty, the student community and
the HHL bodies . In 2012 alone, the proportion
of international faculty members
will rise from 10 to over 25 percent . HHL
wants to fund its growth by strengthening
its self-financing power from tuition
fees, third-party research funding, the
systematic expansion of endowment
chairs and the capital increase of the
Kramer-Foundation, which is one of
HHL’s three non-profit associations .
HHL will organize its research and teaching activi -
ties in topic-related groups to consolidate its
strengths and be able to profile new focal points.
“academics who are not taking
part in discussions are like boxers
who never go into the ring.”
How do external scientists rate HHL’s
new scientific strategy? The first
meeting of the Advisory Board on this
topic took place in summer 2011. The
body is to recommend procedures for
the strategic orientation of HHL on a
regular basis. Renowned experts such
as Professor Holger Burckhart (Rector
of the University of Siegen), Professor
Michael Czinkota (Associate Professor
of International Business and Marketing
at Georgetown McDonough School
of Business, Washington D.C., and
Professor Emeritus of the University
of Birmingham) and Professor Robert
G. Hansen (Senior Associate Dean of
Tuck School of Business at Dartmouth)
have been enlisted for this project.
“Everyone who cares deeply about HHL
should be excited about the School’s
new strategy and optimistic about the
future of management education at
HHL . The new strategy begins with a
mission statement that emphasizes
several core themes: entrepreneurship,
outstanding teaching and research,
global outlook, and lifelong service
and support to students . Much of this
mission was already captured in the
existing strategy, but there is enhanced
emphasis on entrepreneurship, global
focus, responsibility to broader society,
and lifelong learning . This mission
statement creates strong expectations .
In five years, I expect to see serious
developments at HHL on these new
dimensions, in particular in entrepreneurial
and global activity . The faculty
and leadership of HHL should be commended
for doing a serious strategic
review and for taking difficult actions
to support a new direction . They should
be encouraged and supported by all who
love HHL to continue unabated their
work to make the School even better .“
Prof. Dr. Robert G. Hansen
“With this highly innovative concept,
HHL is blazing a trail on the frontiers of
research, teaching and studies as well
as adjusting its internal structure not
just for today’s requirements but also in
preparing itself as an attractive location
for the challenges of the future . Since
this is being realized through a concept
adapted to the conditions and traditions
of the university, the planned increase
in research output and student numbers
are realistic .”
Prof. Dr. Holger Burckhart
“As the oldest original institution of
higher learning in business within
From left to right: Prof. Dr. Robert G. Hansen,
Prof. Dr. Michael Czinkota, Prof. Dr. Holger
Burckhart
“With this
highly innovative
concept, HHL is
blazing a trail on
the frontiers of
research, teaching
and studies...”
prof. dr. Holger Burckhart
the German speaking area, the HHL
Leipzig Graduate School of Management
(formerly Handelshochschule Leipzig)
benefits from the reputation of the
pioneer . At the same time, we realize
from our research that these benefits
are accompanied by eager competitors .
Therefore, any institution with the word
‘Handel’ in its name, realizes that it
needs to make things happen, in other
words, it must ‘handeln’ . This active
perspective requires several important
steps: A forward looking orientation; the
formation of an innovation engine and
entrepreneurial hub; the integration of
international perspectives; the adjustment
to a shifting context; and the ability
to accomplish all this across faculty
and area boundaries . While our Board
provided Prof . Dr . Pinkwart and his colleagues
with thoughts and insights, it
was the leader ship, the enthusiasm and
the dedication of all the members of the
HHL which has resulted in a new clarity
of direction and uniqueness of approach .
What has been achieved deserves the
paraphrasing of Wittgenstein’s advice:
‘Academics who are not taking part in
discussions are like boxers who never go
into the ring’ . HHL is in the ring! My best
wishes for ongoing future success .”
Prof. Dr. Michael Czinkota

6 HHL RESEARCH REPORT 2012 CEnTER fOR AdvAnCEd STudiES in MAnAgEMEnT 7
The Center for Advanced Studies in
Management (CASiM) is an inter-divisional
research center for business
administration in the 21st century.
The entire know-how of different
branches of business administration
goes into its four key research themes
“The Role of Trust in Firms and with
its Stakeholders”, “Change Management
in Firms and Markets”, “Health
Care Economics and Management of
Health Care Institutions” and “Urban
Dynamics: Cities and Firms in Global
Competition”.
CASiM is closely interlinked with HHL’s
main focuses – on the one hand in
research through the professorships
and other centers, and on the other
hand through its personnel . Two of the
four members of the Executive Board
Executive Board of CASiM: Prof. Dr. Heribert Meffert, Prof. Dr. Ralf Reichwald,
Prof. Dr. Andreas Pinkwart, Prof. Dr. Horst Albach (from left to right)
caSiM – a trans-disciplinary
and international
platform
work directly at HHL: Prof . Dr . Andreas
Pinkwart, Dean and chair holder of
the Stiftungsfonds Deutsche Bank
Chair of Innovation Management and
Entrepreneurship, and Prof . Dr . Ralf
Reichwald, the Academic Director of
the research center CLIC (Center for
Leading Innovation and Cooperation) .
“Globalization of the markets, dynamic
technological development, environmental
pollution and the crisis on the
financial markets together with growing
demands for more social responsibility
pose a big challenge for business administration
as an applied science,” says
board member Prof . Dr . Heribert Meffert .
And his colleague Prof . Dr . Horst Albach
adds: “I have collaborated on the mission
statement of CASiM and I am looking
forward to working at and with
CASiM .” The research at CASiM will be
done primarily by the doctoral candidates
who will be guided and supervised
by the members of the Executive Board
of CASiM, the HHL professors as well
as associated professors from other
universities and institutes . The CASiM
graduate school starts in the fall of 2012 .
CASiM’s first international conference
“The Role of Trust in Business Econom ics”
took place on June 28, 2012 .
A Trans-Disciplinary and
International Platform
Besides its research on the currently
pressing economic issues of the 21st
century, CASiM also wants to offer a
trans-disciplinary and international
platform for the development of business
administration with regard to the
big challenges of the present and the
future . With this platform CASiM wants
to provide a forum for the interdisciplinary
and international dialogue of
business administration with other
academic disciplines and with practitioners
. This becomes apparent looking
at the research theme “The Role of Trust
in Firms and with its Stakeholders”
which subsumes contract and control
theory, compliance, corporate management
as well as business ethics .
Trust and Co-operation
In a time of a continuous financial and
economic crisis, trust becomes a key
resource . Prof . Dr . Reichwald explains
the background: “Business administra-
dr. Kerstin Hesse
Executive Director of CASiM, who also
lectures statistics/mathematics at HHL
tion in the 21st century will give more
attention than before to competition
in innovation . The consequences of
globalization will become more apparent
than ever in all branches of trade .
In connection with the change to a
knowledge-based and service society,
to remain a center of innovation,
Germany has to become stronger and
prove itself in international competition .
The kinds of goods and products will
change which will require more effective
innovation management at the core
of business considerations . Suitable
concepts, methods and competencies
are preconditions for ‘Integrated Innovation
Management’ which is based
both on technological and business
knowledge . These competencies need to
be sustained . CASiM’s business research
will dedicate a research focus to these
topics . They will hereby cooperate
closely with Leipzig-based institutes for
natural and engineering sciences .”
There are several research centers in
Leipzig that offer opportunities for
co-operation . For example, at the Max-
Planck-Institute for Mathematics in the
Sciences, one of acting director Prof . Dr .
Jürgen Jost’s research groups works on
economic problems . Mathematics and
statistics provide the foundations for
cryptography, data mining, logistics,
image processing and almost all quantitative
analysis methods .
“CASiM has set itself the challenging
target to contribute considerably to the
development of the economic discipline
under the management aspect in profit
and non-profit companies,” says Prof .
Dr . Meffert . Looking at it across disciplines,
questions of trust, innovation
and change management are central .
prof. dr. dr. h.c.
mult. Horst albach
Prof . Dr . Dr . h .c . mult . Horst Albach was
born on July 6, 1931, in Essen, Germany .
He attended school in Essen, Breslau,
Gießen, and again in Essen . He graduated
from high school in 1952 . After a
year of studies at Bowdoin College in
Brunswick, ME, he continued his studies
of management and economics at
Cologne University, where he received
his Ph .D . in business economics in
1958 . He taught at Darmstadt Technical
University (1958 - 1960), Graz University
(1960), and Kiel University (1960/61) . He
accepted an offer to become full professor
of business economics at Bonn
University in 1961, co-founded the private
Coblence School of Management in
1984 and taught there, while on leave of
absence from Bonn until 1987 when he
became professor of industrial economics
at the Free University Berlin . After
the unification of Germany, he became a
professor of management science at the
Humboldt-University of Berlin .
Prof . Dr . Albach holds honorary
degrees from the Swedish School of
Management in Stockholm, the Finnish
School of Business in Helsinki, the universities
of Kiel, Bielefeld, Cottbus, Graz,
Alcalá de Henares, Waseda, Bowdoin
College in Brunswick, ME, and the
Russian Academy of Science .
He is a member of the Order “Pour le
mérite in the sciences and the arts”
and was its Chancellor during the years
2004 - 2009 .
“They touch both the significance and
the reorientation of market-oriented
management . With this research
approach, CASiM also contributes to
securing and developing the competitive
advantage of the location Leipzig .” The
management and academic development
of the new center falls to the
Executive Board of CASiM . The expertise
and practical experience of its members
is very diverse: Prof . Dr . Albach has devel -
oped a dynamic theory of the firm
with an empirical foundation and has
published in almost all disciplines of
business management . Prof . Dr . Meffert
is an internationally renowned expert in
marketing and corporate management .
Prof . Dr . Reichwald is one of economics’
leading organizational and innovation
researchers, and Prof . Dr . Pinkwart is
an internationally renowned expert on
innovation and entrepreneurship .
prof. dr. dr.
h.c. mult.
Heribert Meffert
Prof . Dr . Dr . h .c . mult . Heribert Meffert
studied business administration in
Munich and wrote his habilitation about
“Flexibility in Business Decisions”
in 1968 . In 1969 he was appointed to
the chair of business administration
at the University of Münster, where
he established the first institute of
marketing at a German university . In
1981 he was a founding member of the
“Wissenschaftliche Gesellschaft für
Marketing und Unternehmensführung
e . V .”, a scientific society for marketing
and management . From 1995 until 1997
he was responsible for the scientific
management of the HHL Leipzig
Graduate School of Management . As an
emeritus professor, Heribert Meffert was
Chairman of the Board of Management
of the Bertelsmann Foundation from
October 2002 to December 2005 . He
received numerous awards as well as
honorary doctorates, and he was active
on a number of supervisory boards and
advisory committees of international
companies . As a marketing researcher
he published more than 300 scientific
writings and over 30 monographs . As
the initiator of the “AMD-Net NRW”,
Prof . Dr . Meffert has been working
since 2008 in an honorary capacity
toward the improvement of the health
care situation for persons with visual
impairments .

8 HHL RESEARCH REPORT 2012 STRATEgiC And inTERnATiOnAL MAnAgEMEnT 9
Prof. Dr. Torsten Wulf (left) and
Dr. Stephan Stubner of the Chair
of Strategic Management and
Organization
CuRRenT SITuATIon
PoSSIBle PATHS of DeveloPMenT PoSSIBle fuTuReS
todaY Future
In a world that is characterized by increasing complexity,
dynamics and volatility companies can no longer rely
on just one strategic direction that they plan for.
Rather, they have to derive strategic plans for an
‘option space’. The Center for Strategy and Scenario
Planning, co-headed by Prof. Dr. Torsten Wulf and
Prof. Dr. Burkhard Schwenker, has developed an
approach to scenario-based strategic planning that
takes these new challenges into account and improves
strategic decision making in companies.
center For StrategY and Scenario planning
Scenario planning
leads to Higher Quality
of decisions
Only if managers adjust the business
model of their company to changes in
time, will their company remain competitive.
This sounds like an easy, yet effective
recipe. But what is behind it?
Prof. Dr. Wulf: Of course, it seems easy
and logical at first glance . However, not
all companies manage to follow this intuitive
rule in real life . Proven processes
and the executives’ thinking play an important
role here . Research summarizes
this with the term “inertia” . It means
that companies do not adequately adjust
to changes, particularly environmental
changes . This especially applies to businesses
that have been successful for a
long time . Kodak, for example, is on the
verge of insolvency because it missed
the development of digital photography,
although they helped to invent digital
photography .
Prof. Dr. Schwenker: Take Nokia
as another example: a market leader
for years, the mobile phone producer
missed the boat on the development of
smart phones . The same applies to some
extent to Blackberry manufacturer
Research in Motion (RIM), which fell
way behind Apple and its iPhone . On
the other hand, Lufthansa is a positive
example . It reacted well to the pressure
of low-cost airlines, set up EUR 99 offers
itself and successfully established its
own low-cost subsidiary, Germanwings .
It is not just about changes in the
industry and its environment but also
political, socio-political, technological,
ecological and economic ones. What
roles do international markets and
international competition play?
Prof. Dr. Wulf: Large ones, certainly .
The increasing globalization of markets
and competitors raises the complexity
and dynamics of the environmental
changes . In my opinion, this increases
the need to extensively and continuously
deal with the changes in your industry .
Prof. Dr. Schwenker: More and more,
emerging economies are driving the
growth of the global economy, not just
as buyers but also as providers of goods
and services . Companies in the BRIC
countries in particular are therefore
becoming competitors in all world
markets . Companies from industrialized
nations are already feeling the competition
– both in their domestic markets
and in exports; China, for example,
is becoming an ever more powerful
competitor to German and Japanese
mechanical engineering companies in
the world market . The German solar
industry could write a book about it
as well: five years ago, its worldwide
market share was 50 percent; today it
is about 20 percent . Instead, Chinese
producers have conquered the market
and make about half of the turnover
worldwide . The only reaction to this is
continuous development of your own
products and innovations . Generally,
German industry is well prepared in this
respect . International markets also offer
great opportunities for company expansion
. Middle and upper class consumers
in the emerging economies who want
high- quality products are getting more
numerous .
Which companies did you examine
in your study, in collaboration with
Roland Berger Strategy Consultants,
and what are the results?
Prof. Dr. Wulf: Our study summarized
the results of our cooperation with
Lufthansa and Media Markt-Saturn .
These examples clearly show that a
process such as the 360° Stakeholder
Feedback can lead to an improved
perception of the environment . In both
cases we, together with the management,
were able to point out important
developments which are going to play
a vital role in their future strategic
orientation .
What conclusions can be drawn from
this? To what type of company can your
tool be applied?
Prof. Dr. Wulf: From my point of view,
the approach is suitable for any type
of business, large or small . I think the
benefit for major enterprises is greater
due to their more complex structures,
especially against a background of
inertia as described above .
Prof. Dr. Schwenker: Scenario studies
can generally be applied to and used in
all companies, irrespective of the size
or product portfolio . That is because
all companies must plan – whether it is
factory capacities, investment, human
resources, new products, new channels
of distribution, entering new markets,
etc . Scenario planning extends our toolbox
and helps us use classic tools more
sensibly .
This means every company needs an
external consultant who is permanently
scanning external influences and advising
management on the adaptation of
its products/markets.
Prof. Dr. Wulf: Interaction with external
stakeholders leads to managers
cHair oF Strategic ManageMent and organiZation /
center For StrategY and Scenario planning
center SupporterS
Roland Berger Strategy Consultants
cHairHolder
Prof. dr. Torsten Wulf (until 3/2012)
acadeMic directorS oF tHe
center For Scenario planning
Prof. dr. Torsten Wulf
Prof. dr. Burkhard Schwenker
core coMpetencieS/
reSearcH intereSt
• executive leadership and succession
• strategy and governance in family
business
• strategic and scenario planning
contact
www.hhl.de/strategy
www.scenariomanagement.de

10 HHL RESEARCH REPORT 2012 STRATEgiC And inTERnATiOnAL MAnAgEMEnT 11
“I think companies
should think more
in scenarios and not
longer rely on a plan
for business development.”
rethinking their personal views and
therefore considering factors which
they had previously not taken into
account . It is precisely because of this
symbiosis with external stakeholders,
who can be but do not necessarily
have to be consultants, that the 360°
Stakeholder Feedback is so important
when dealing with environmental
changes .
Do you agree, Prof. Dr. Schwenker?
Prof. Dr. Schwenker: Changes in the
macro-environment such as increasing
complexity and volatility are creating
more insecurity – this can be seen in
the global economic crisis and individual
countries’ debt crisis . In the past
few years, we have learned that prognoses
are difficult to make and often
fail . The classic business planning
cycles do not function anymore and
the usual strategic tools have become
un reliable, although the need for
planning has remained the same .
The macro-environment today, however,
has a far more central significance
for companies, since they are increasingly
active on the world markets . If
change takes place quickly, companies
have to anticipate them, design plausible
images for the future, i .e . scenarios
looking at various options and prepare
for them to happen . Scenario planning
compensates for the deficits of conventional
planning tools . Having external
consultants makes sense, as they can
identify blind spots; those influencing
factors considered very important
externally but underestimated internally
. External consultants can also
point out so-called weak signals early
on – these are important influencing
factors which have not been perceived
on the inside . Consultants do not have
to be with the company permanently .
With the Scenario Cockpit, we have
developed a monitoring tool which
enables companies to keep an eye
on major developments and react if
necessary .
Prof. Dr. Burkhard Schwenker
Academic Director of the HHL
Center for Strategy and Scenario
Planning, and Chairman of the
Supervisory Board of Roland
Berger Strategy Consultants
What is in your toolbox for scenario
planning?
Prof. Dr. Schwenker: We are collaborating
closely with HHL within the
framework of our Roland Berger School
of Strategy and Economics and together
we have developed a clearly structured
process for creating scenarios . The
process is more than just a toolbox: it
includes a holistic scenario approach
with well-described process steps and
various tools that were developed or
adjusted for every single one of these
steps, e .g . the Scenario Cockpit or the
360° Stakeholder Feedback . The latter
is a special two-tier survey approach
not only identifying and assessing the
influencing factors relevant to scenario
planning, but also making it possible
to recognize the blind spots and weak
signals mentioned above, since it addresses
both internal and external
stakeholders . Various companies
operating internationally are already
using our toolbox to prepare scenarios .
Unfortunately, I cannot give any names .
Prof. Dr. Wulf: In a larger context, the
360° Scenario Feedback is part of our
jointly developed scenario approach,
which includes a total of six steps and
seeks to make company planning more
flexible to better prepare for volatile
environmental changes . In order to
simplify use of the method in business
practice, we have developed a tool for
each step of the process which can be
applied quickly and easily . In doing so,
we managed to bring the execution time
of the process down to four to six weeks .
This meets the needs of the companies
far better than older scenario processes .
What role does scenario planning as a
whole assume in a company?
Prof. Dr. Wulf: A very important one .
In times of increased insecurity and
because of the growing complexity of
environmental changes, I think companies
should think more in terms of scenarios
and no longer rely on fixed plans
for business development . Scenarios
offer an excellent methodical basis for
this . And many companies we speak
to are using this instrument more and
more these days .
Prof. Dr. Schwenker: The environmental
changes mentioned above – the
increasing volatility and complexity –
make long-term planning like that done
in the past virtually impossible today .
Therefore, scenario planning plays an
increasingly important role as a planning
tool since it allows companies to
be flexible . They can be run not just on
the evidence of the managers’ own eyes
but are also able to prepare for various
developments in the framework of a
specific planning horizon . Scenario planning
means identifying opportunities and
preparing for threats . The principle and
the procedure are always the same, the
difference lies in the extent of the planning
horizon: it is obviously much wider
in the commodity industry than for fastmoving
consumer goods .
How can the quality of decisions made
by managers be sustainably improved?
Prof. Dr. Schwenker: By involving them
directly in the preparation of scenarios .
Scenario planning is most promising if
the company executives recognize that
classic planning does not work anymore
and scenario planning is a suitable tool
used to outline various possibilities for
the future and develop measures for
how to react to these .
Prof. Dr. Wulf: There are many ways .
One of them is to use scenario planning .
Over the last few years, we have run
several cognitive experiments with
decision-makers and proven that scenario
planning leads to better-quality
decisions than traditional strategic
planning tools . These results confirm
the importance of scenario planning in
business practice and show how this
method can help managers react to
the challenges of a global and volatile
world .
center For StrategY and Scenario planning
european
aviation
industry
While air travel was mostly open to only
the upper classes in the last century
due to high prices, globalization today
requires a high level of fast and reasonably
priced freight transport worldwide
. This comes with opportunities for
the airlines in the form of growth but
also causes problems: new technologies,
the disappearance of economic
boundaries and regulations leading
to falling prices – and therefore to the
establishment of new low-cost carriers
such as Ryanair, Air Berlin or easyJet .
Therefore, the Center for Strategy and
Scenario Planning under the leadership
of Prof . Dr . Torsten Wulf prepared
four future scenarios for the European
aviation industry within the framework
of a study . They center around
two major factors of insecurity: regulation
within the industry and customer
price sensitivity . The authors firstly
recommend further restructuring and
increases in efficiency to put the brakes
on growing costs in administration and
processes . Secondly, more service and
quality through innovation both in the
air and on the ground to remain competitive
with Asian low-cost carriers .
Since foreign airlines entering the
European market limit the growth of
the EU airlines, institutions on national
and international levels are called
upon to examine the advantages and
disadvantages of the liberalization .
“Detailed strategic recommendations,
however, can only be provided on the
basis of the specific situation in the
respective company,” according to
Prof . Dr . Wulf . He regards the scenarios
prepared as a starting point to develop
company-specific strategies and action
plans for the European airlines in
this highly dynamic environment .
www.scenariomanagement.de
cHair oF Strategic ManageMent and organiZation
Family equity:
Shareholding from
Family assets
coMpanY
FaMilY eQuitY
asset Management of the Family
When investing their private capital,
entrepreneurial families often build
on other companies . It is not about
speculation and the planned repurchase
with a high yield but about maintaining
the indirect influence on the assets
invested and the possibility to continue
to act as an entrepreneur . This is the
conclusion drawn by the “Family
Equity: Shareholding from Family
Assets” study . Entrepreneurial families
therefore assume an increasingly
pax SHare oF BuSineSS
and econoMY claSS
MarKet SHare oF intra
european capacitY
15 %
30%
MarKet SHare oF MediuM-
and long-Haul capacitY
30%
15 %
55%
15 %
40 %
5%
BuSineSS
95%
econoMY
low-coSt
carrier
european
networK
carrier
otHer eu
carrier
aSian and
Middle eaSt
carrier
row carrier
european
networK
carrier
eu low-coSt
and otHer
carrier
active role as shareholders . “As a final
conclusion we can say that family
businesses and/or entrepreneurial
families differ from institutional investors
with regards to shareholding in
other companies,” explains Prof . Dr .
Torsten Wulf . He is one of the authors
of the study compiled in cooperation
with AlphaZirkel (Forum for Family
Entrepreneurs) . Prof . Dr . Wulf expects
the trend of increasing direct shareholding
by companies to continue in the
future: “Entrepreneurial families will
play a more and more important role
as capital providers and partners .”
If the guiding principle of entrepreneurial
families continue in their
shareholdings, advantages and disadvantages
arise . These are to be analyzed
in a subsequent paper . Additionally,
the question whether entrepreneurial
families are the more successful investors
in shareholdings is to be addressed .

12 HHL RESEARCH REPORT 2012 finAnCE, ACCOunTing And CORPORATE gOvERnAnCE 13
cHair oF Financial ManageMent
can Serial acquirers
Benefit from M&a?
The Chair of Financial Management
under the leadership of Prof. Dr.
Bernhard Schwetzler is both scientifically-based
and application-oriented.
“To ensure this claim we teach
basic theoretical models and apply
them to current and relevant questions
and examples from the business
practice,” says Prof. Dr. Schwetzler.
The teaching seeks to prepare students
for a job in an international
environment.
In order to connect the research work
with actual practice, the Center for
Corporate Transactions was founded
in 2007.
Can companies actually learn how
to acquire other enterprises? This
question is the basis of a worldwide
analysis entitled “The Anatomy of Serial
Acquirers” by the Center for Corporate
Transactions in collaboration with the
Boston Consulting Group . According
to Prof . Dr . Bernhard Schwetzler, the
results drawn from more than 20,000
corporate transactions are surprising
and of great practical importance: They
show that the transaction performance
of serial acquirers is significantly lower
than that of non-serial and one-time
acquirers contrary to the presumption
of positive learning curve effects .
Learning effects within the framework
of acquisitions seem to exist in just a
few specific fields, e .g . the acquisition
of companies in crisis (“distressed
acquisitions”) .
Enterprises, such as Siemens, that
frequently acquire other companies are
not necessarily better acquirers than
companies that only rarely take others
over – and therefore could not build up
experience in this process . Theoretically
speaking, learning effects should
exist for mergers and acquisitions as
well, considering the specialized M&A
departments, external consultants and
CEOs/CFOs experienced with such deals .
It therefore comes as a surprise that the
analysis comes to the exact opposite
conclusion . The practice has generally
assumed that learning effects lead to a
direct advantage over the competition
in the field of M&A as well, just like in
industrial production processes, and
that this strategy substantially enhances
the probability for acquisitions which
increase value . “Although our first step
shows that this undifferentiated consideration
is to be dismissed, we identify
tools which also enable serial acquirers
to create value through M&A in our
second step,” says Prof . Dr . Schwetzler .
The PMI Phase
The PMI phase (post-merger integration)
is of great importance to the
success of the transaction and its assessment
by the capital market . In addition
to the fin dings of past research, it now
has been proven empirically that a continual
burden on the organization in
particular can lead to serious problems
for serial acqui rers – an empirical result
which had not been rendered yet . M&A
decision-makers must ask themselves
one question in this context: “Can my
organization as a whole currently
handle another acquisition or is it
already over-strained?”
“The results of our research are highly
relevant for most major companies
and enterprises that conclude serial
transactions, since we show how these
acquirers can potentially benefit from
their M&A experience and establish
advantages in the competition towards
one-time acquirers,” concludes Prof . Dr .
Schwetzler . “Beyond that, we show that
an overburdening of the organization by
integrating acquired companies is to be
avoided and that the ‘digestive process’
of previous acquisitions should rather
be given a little more time .”
The results, obtained with the dissertation
by Dominic Klemmer, have an added
value for both practice and science .
From a practical standpoint, conditions
which will increase the probability of
successful acquisitions are presented
Glossary
pMi phase (post-
Merger integration)
The PMI (post-merger integration) phase is the
final part of the M&A process, following the closing
of the merger agreement itself. In this phase, the
assets, personnel, and business activities of the
two companies participating in the merger are
combined. The post-merger integration may take
between a few months to multiple years after the
merger agreement is signed.
for all serial acquirers as well as companies
planning to set up an extensive
M&A program in the near future . From
a scientific point of view, the capital
market is assessed with regard to future
integration costs as an important influencing
factor for the short-term capital
market reactions .
Non-crisis times
1.5
1.0
1.5
The graph shows that the transactional performance (= development of the company’s shares) of
serial acquirers in times of non-crisis is lower in comparison to single acquirers. In times of crisis,
however, the transactional performance of serial acquirers is higher in comparison to single
acquirers. Positive learning effects through repeated acquisitions seem to exist only in special
situations such as the acquisition of an enterprise in the crisis.
Conglomerate
Discount
Prof . Dr . Bernhard Schwetzler and
Christin Rudolph, who holds a degree
in economics, examined the influence
of the 2008-2009 financial crisis on
the conglomerate discount in various
regions (Asia Pacific, United Kingdom,
Continental Europe, North America) in
their joint article “Conglomerates on the
Rise Again? The Impact of 2008-2009
Financial Crisis on the Diversification
Discount” . “Conglomerate discount”
refers to the undervaluation of diversified
firms caused by the perception
that corporate diversification destroys
shareholder wealth . It was shown
that the financial crisis had a positive
influence on the conglomer ate
discount in regions with a high level
of capital market development, thus,
cHair oF Financial ManageMent
cHairHolder
Prof. dr. Bernhard Schwetzler
cHair SupporterS
• duff & Phelps
• Henkel Ag & Co. KgaA
• noerr LLP
• The Boston Consulting group gmbH
contact
www.hhl.de/finance
-1.2
0.5 -0.8
0.0 -1.2
0.3
“The PMI phase is
of great importance
to the success of the
transaction”
Crisis times
ØCAR in % Single acquirers Serial acquirers ØCAR in % Single acquirers Serial acquirers
0.4
0.0
-0.4
+1.4
-1.1
0.3
the discount on the diversified company
actually decreased there . This
means that the financial crisis per
se was not bad for all companies .
On the contrary, it even came with
benefits for diversified companies .
In regions with a relatively lessdeveloped
capital market, however,
the crisis did not have any influence;
there is no conglomerate discount in
these regions . “The added value in our
study compared to a previous one on
the US market is that we were able to
show that results cannot be applied
to other countries or regions just like
that . Instead, the influence of the crisis
on the discount depends on the institutional
conditions of the country or
region as well,” says Ms . Rudolph . The
conglomerate discount is the subject
of her cumulative dissertation .
core coMpetencieS/
reSearcH intereSt
• corporate valuation and
corporate finance
• fairness opinions
• material adverse change (MAC) clauses
in corporate transactions
• transaction currency and performance
• effects of debt financing in corporate
valuation

14 HHL RESEARCH REPORT 2012 finAnCE, ACCOunTing And CORPORATE gOvERnAnCE 15
cHair oF Financial ManageMent
the value of corporate
debt in the valuation
of companies
There are various theories about how
companies make financing decisions.
They can incur debt in order to obtain
outside capital for important investments
without having to ask the
share holders for equity. On the one
hand, these debts have certain financial
benefits since the interest to be
paid will reduce taxes under certain
circumstances. On the other hand,
high debt may lead a company into
insolvency. This is the basis of the
trade-off theory which concludes that
there is an optimal debt level which
trades the advantages and disadvantages
off against each other and is
therefore ideal for the company. If this
is the case, there should be observable
factors to explain the financing choices
of companies using empirical models.
Evidence for this but also contrary
considerations are found in the
respective literature.
Jens Reinstädt wanted to explore this
more thoroughly in his Master thesis,
supervised by Sven Arnold and
Alexander Lahmann from Prof . Dr .
Bernhard Schwetzler‘s Chair . He examined
the liquidity supply and market
development using various capital
structure theories in a data set of G7
countries between 1999 and 2009 .
His conclusion: “The companies are
going to have to rethink the debt policies
due to the crisis and they will finance
their businesses in a more conservative
manner in the future . More over, it will
become more difficult to obtain outside
capital .” In addition to the Master thesis,
a publication in Corporate Finance biz
will support decision-makers to make
the right choice between corporate debt
and equity .
“Neither the trade-off nor the pecking
order theory can explain all aspects
of capital structure decisions,” says
Alexander Lahmann who holds a degree
in economics . “We were able to confirm
many results of previous studies for the
period of examination but also reassess
statistically significant connections and
show that they are constant over time .”
In detail: Profitability and company size
have a continuous significance . In contrast,
growth, tangibility of assets and
the tax rate lose influence during certain
years . “We were able to test capital
structure theories in a quite interesting
“The companies are going to have
to rethink the debt policies due to the
crisis and they will finance their businesses
in a more conservative manner
in the future. Moreover, it will become
more difficult to obtain outside capital.”
Jens reinstädt (part-time MBA student)
data set . The sample is especially
character ized by the bust of the dot-
com bubble in 2000 and the financial
crisis of 2007/2008,” says Mr . Arnold .
Capital structure
during the crisis
During the dot-com bust and the
recent economic crisis, neither the
trade-off nor the pecking order theory
were reliable; but the profitability of
firms maintained to be statistically
significant . Between 1999 and 2009, it
is remarkable how the highest model
quality was achieved in the year of
crisis 2008 . Profitability and company
size show a constant importance over
time with profitability as an influencing
factor being evidence for the pecking
order theory while size can be considered
to prove the trade-off theory . At the
peak of the crisis in 2008, profitability
was becoming more important while
company size was losing significance .
Additionally, the trade-off theory is
supported by the influencing factors
of growth and tangibility of assets
mainly in the first years of the study .
They are not constant over time and
lose significance with the crisis of the
New Economy with tangibi lity of assets
even becoming a negative factor prior to
the crisis, which supports the pecking
order theory . However, this trend has
not continued . Moreover, the pecking
order theory does explain the financing
choice of large companies throughout
the entire period very well . Since the
present study provides arguments for
both theories during various periods,
it can be assumed that the trade-off
and pecking order theory each explain
a part of the capital structure decision
making and complement one another .
“Interesting is the fact that industry
membership is a very important determinant
of leverage . This is an indicator
that companies position themselves
with respect to their own peer group,”
says Alexander Lahmann .
From this finding, the authors derive
further questions for scientific research:
are there cyclical economic schematics
in the industries or are there industryspecific
characteristics which we have
not understood yet? In any case, the
asset tangibility variable becomes insignificant
when including industries into
the empirical model .
Another result of the data analysis:
prior to the financial crisis, companies
worldwide were not excessively in debt .
“The common statement in the public
debate that excessive debt led to the
crisis is refuted in our global data set of
capital market companies,” says Sven
Arnold, who holds a degree in mathematics
. No differences in the development
of the debt ratio were measured
in the individual countries during the
crises . Generally, Canada and Germany
have the lowest, Japan and Italy the
highest debt ratio over the entire study
period .
cHair oF Financial ManageMent
tax Shield – a topic in
practice and Science
The value of outside financing has
always been a crucial question of
economics which could only be
answered with assumptions far from
reality up to now . The question has
been asked and actively discussed
since the 1960s . However, the work of
Prof . Dr . Bernhard Schwetzler, Sven
Arnold and Alexander Lahmann takes
an advanced look at this valuation
problem in Germany . They examine
the value of tax shields with particular
consideration towards insolvency and
the value of the interest barrier .
Glossary
tax Shield
A tax shield is the reduction in income taxes that
results from taking an allowable deduction from
taxable income. Since a tax shield is a way to
save cash flows, it increases the value of the
business, and it is an important aspect of
business valuation.
“In general, we deal with the value
proposition of outside capital in the
valuation of companies,” says economist
Alexander Lahmann . The interest
on loans taken out by companies
being tax-deductible in the calculation
of the annual net income leads to
tax benefits from outside financing .
“This tax shield is a considerable part
of the market value of a company,”
he adds . Empirical studies showed
that it accounts for 10 percent of the
entire company value on average . This
value proposition may decrease when
including various conditions in the
examinations such as insolvency or
limitations on interest deductibility .
The background: the 2008 company
tax reform introduced the limitation
on the tax deductibility of interest
paid, the so-called interest barrier .
The legislature sought to lower the
fiscal incentive of outside financing .
“The regulation was to prevent
excessive financing through borrowing
by German companies . It resulted
in a number of critics from the practice
raising their voices to warn
about significant losses in value by
the companies affected,” explains
Prof . Dr . Schwetzler . Therefore he,
together with his two colleagues,
examined the economic effects of this
tax barrier regulation for company
owners . The objective was to determine
the tax benefits resulting from
outside financing (tax shield) when
applying this new tax regulation .
The result: the application of the
model set up for the assessment of
tax benefits on the empirical data for
German companies from the Prime
All Index showed that the value proposition
of the tax barrier is negligible .
The recommended procedure for
practitioners therefore is to consider
the tax barrier solely in
extreme cases and to take into
account the insolvency probability
when assessing tax benefits .
Prof . Dr . Schwetzler sees relevance
in this project both for the practice
and for science . “In the practice, you
want to know whether you should
indeed model the interest barrier
and insolvency in the valuation of a
company . The scientists, on the other
hand, want to know how to technically
realize these problems .”
Mathematician Sven Arnold says
about the research process: “One
difficulty was to connect a theoretically
correct point of view with reality
. It was the excellent cooperation
between theoretical stand points
and certain modeling techniques
which greatly contributed to the
solution of the scientific question .”
The research topic required various
types of expertise: company
valuation, model-based theoretical
work, knowledge on stochastic
processes and implementation in
a computer program . By combining
various abilities it became possible
to analyze these questions .

16 HHL RESEARCH REPORT 2012 finAnCE, ACCOunTing And CORPORATE gOvERnAnCE 17
enforcement
Consolidation
Performance
Reporting
Standard
Setting
IfRS
The internationalization of financial reporting is advancing rapidly
following the concept of the ‘International Financial Reporting Standards’
(IFRS). The goal is to utilize one financial reporting language
all around the globe and thereby to supersede the national accounting
systems. The Chair led by Prof. Dr. Zülch actively participates in
the international discussion through its research activities shown
in the graphic.
cHair oF accounting and auditing new books
consolidation
in accordance
with iFrS
The research and teaching at HHL’s
Chair of Accounting and Auditing
under the leadership of Prof. Dr.
Henning Zülch deals with International
Financial Reporting Standards
(IFRS). Those standards are binding
for all capital market-oriented companies
within the European Union
since 2005. In the scope of international
financial reporting, three
topics represent the central pillars of
the Chair‘s research: consolidation,
performance reporting as well as
standard setting and enforcement.
Consolidation entails group reporting
by capital-market oriented companies
in accordance with IFRS . Economists
unanimously agree that today groups
represent the most important organizational
form for the economic activities
of large enterprises . Groups are
conglomerates of legally independent
but economically dependent enterprises .
The economic importance of groups
stresses the need for an information tool
which stakeholders like investors, creditors,
employees as well as the management
may use to assess the economic
situation of a company . Consolidated
finan cial statements represent such
a tool, which is why group accounting
is of particular importance for
information purposes . Regardless of
how companies are organizationally
linked within a group, their business
activities are joined by various existing
supply and service relationships .
Consequently, the financial statement of
one entity within the group cannot provide
accurate insight into the financial
and earnings position of a group . This
problem is caused by the interrelations
within the group which blur the individual
financial statements . Merely adding
up individual financial statements does
not accurately reflect the situation of
the “group” as an economic unit . Only
consolidated financial statements,
Glossary
consolidation
Consolidation in the context of financial accounting
refers to the aggregation of financial statements of a
group company as consolidated financial statements.
in which all interdependencies within
the group have been eliminated, can
faithfully represent the economic
situation .
The Chair’s research on consolidation
focuses on the various steps of preparing
consolidated financial statements .
It deals with the acquisition of group
companies (business combinations),
techniques for preparing a consolidated
financial statement (regulations and
procedures) and impairments of assets
acquired in the course of an acquisition
or a merger . The research work in
this field is supported by the Center for
Financial Reporting and Consolidation
(CFRC), initiated by Prof . Dr . Mark-Ken
Erdmann (Rickmers Holding) in 2010 .
The CFRC aims to discuss business
problems and solve them consistently
based on profound theory . Besides
Prof . Dr . Henning Zülch and Prof . Dr .
Mark-Ken Erdmann, Prof . Dr . Bernhard
Schwetzler as well as Dr . Johannes
Wirth were appointed as members of
the governing board of the CFRC . Due
to his multifaceted commitment to
research and teaching at HHL, and
especially due to his active role in establishing
the CFRC, the Senate of HHL
unanimously decided to appoint Prof .
Dr . Mark-Ken Erdmann as an Honorary
Professor in 2011 .
Research on business combinations
pays particular attention to the accounting
standard IFRS 3 . This standard regulates
procedures on how to account for
Accounting
according to
International
Financial Reporting
Standards
(IFRS) has been
undergoing dynamic
changes in
the last few years .
This also applies to the reporting
of income directly booked against
equity in the so-called other comprehensive
income (OCI) . Prof . Dr .
Pronobis shows that these OCI
results are not directly processed
by the capital market but at the
same time have high relevance for
the forecasting of future results .
The findings presented confirm the
latest developments demanding
more prominent reporting of OCI .
Approximately
one in four financial
statements
by capital-market
oriented companies
are faulty .
This is the noteworthy
result
of random tests
conducted by the
Financial Reporting Enforcement
Panel and the Federal Financial
Super visory Authority since 2005 .
The Enforce ment Guide gives an
overview of the relevant legal and
organizational framework of the
enforcement process and analyzes
errors as well as the accounting
problems which caused them .
Based on this, important recommendations
are given for practice
concerning all relevant accounting
issues .
cHair oF accounting
and auditing
cHairHolder
Prof. dr. Henning Zülch
core coMpetencieS/
reSearcH intereSt
• consolidation
• performance reporting
• accounting in private firms
• standard setting and enforcement
contact
www.hhl.de/accounting

18 HHL RESEARCH REPORT 2012 finAnCE, ACCOunTing And CORPORATE gOvERnAnCE 19
cHair oF accounting and auditing
“the trust in
capital Markets must
be re-estab lished”
What is your motivation for supporting
the Chair in its research work?
Prof. Dr. Mark-Ken erdmann:
Having a close interaction between
theory and practice is beneficial
for both sides, especially due to the
increasing complexity of regulations .
While business practice may serve as
a source for research topics that are
not always obvious at first glance, the
academic environment provides outstanding
opportunities for managers
to remain up-to-date regarding current
developments and to assure a steady
transfer of state-of-the-art knowledge
into companies . In this respect, HHL
offers an excellent platform .
In what respect is research on
consolidation and other topics
being discussed at HHL relevant
for practice?
Prof. Dr. Mark-Ken erdmann:
The term “consolidation” is somewhat
restrictive since in the end
management needs to receive
information that is relevant for
steering their company . HHL is
well prepared in this respect .
The systematic integration of
accounting-related (Chair of
Accounting and Auditing) and
financial knowledge (Chair of
Financial Management) at the
Center for Financial Reporting and
Consolidation is the right approach,
especially since in practice “consolidation”
is increasingly driven by the
need to also solve valuation issues .
Prof. Dr.
Mark-Ken Erdmann
What are the challenges that theory
and practice have to face in this field?
Prof. Dr. Mark-Ken erdmann:
In my opinion, it is essential that theory
helps to solve practical problems in
a systematic and scientifically wellfounded
manner; and that business
practice implements the respective
solutions accordingly . Foremost the
trust in capital markets must be reestablished
sustainably . In the long run
this may only be achieved by - amongst
others - a close interaction of theory
and practice . Both theory and practice
are required to focus on the true essentials,
most importantly they need to
face the at least partly exaggerated
Anglo-American developments by
presenting alternative solutions .
the acquisition of another company .
It therefore is a pre-stage to preparing
consolidated financial statements . The
Chair‘s research focuses on management’s
role in the context of an acquisition
and its effects on the financial
statements . A current working paper
examines the link between management
compensation and the amount
of goodwill recognized as an asset in
the balance sheet . The key finding is
that the CEO’s short-term cash bonus
is a determinant of goodwill if it makes
up between 150 and 200 percent of his
or her fixed salary . This result implies
the following: Limiting the CEO’s
short-term bonus to 150 percent of its
fixed salary may help avoid excessive
goodwill accounting thus decreasing
the risk of future extraordinary losses
(impairments) .
With regard to regulations and procedures
the newly issued accounting
standards IFRS 10, 11 and 12 are of particular
importance . Those regulations
will alter reporting practice significantly
and will come into effect on January
1, 2013 . Research in this area critically
examines the new regulations based
on relevant theories of consolidated
accounts . It is analyzed whether the
new requirements satisfy the information
needs of stakeholders and whether
previously existing regulatory gaps
were closed by the new regulations .
In the course of the Chair’s research on
the impairment of assets, consequences
of mergers and acquisitions are examined
from an accounting perspective . In
this context it is important to consider
the regulations of IAS 36, which require
companies to regularly assess whether
the book value of an asset needs to be
written down extraordinarily . With
regard to mergers and acquisitions, the
intangible asset ‘goodwill’ requires
special attention . Goodwill is that part
of the purchase price that the acquirer
paid in excess of the current value
of acquired net assets . A worsened
economic outlook, negative industry
conditions or unfavorable management
decisions may require impairing capitalized
goodwill . In a recent research paper
the Chair examines determinants of
impairment decisions of listed companies
in Germany between 2004 and
2009 . In this context, the influence of
both economic factors and accounting
incentives on impairment decisions was
analyzed . It was found that management’s
desire to smooth earnings had a
significant influence on the respective
impairment decisions . Moreover, impairment
of intangible assets turned out
to be more likely in years in which there
was a change in management .
Performance
Reporting
The research field of performance
reporting focuses on the presentation of
a company’s profits and losses . The
International Accounting Standards
Board (IASB) and the U .S . Financial
Accounting Standards Board (FASB) aim
to align and harmonize their respective
accounting standards IAS 1 “Presentation
of Financial State ments” and
SFAS 130 “Reporting Comprehensive
Income” during the course of their Joint
Financial Statement Presentation Pro -
ject . The presentation of income and
expenses in international financial
statements are to be improved in order
to meet users’ needs more adequately
than before . It is therefore essential to
critically examine the forthcoming
standard, also with regard to potential
management discretion .
The Chair’s current research examines
the extent to which German companies
use discretion in the course of accounting
for pension obligations and how this
affects the capital market . Discretion
may, among other things, be exercised
when estimating the life expectancy of
eligible employees and when making assumptions
on the company’s employee
structure as well as salary development .
Accounting for pension obligations is
frequently mentioned in the business
press, especially because these obligations
often make up a significant share
of a company‘s total liabilities .
Glossary
iFrS
International Financial Reporting Standards (IFRS)
comprise a conceptual framework and principlesbased
accounting standards issued by the International
Accounting Standards Board (IASB).
It is found that companies indeed
make use of the discretion provided by
the accounting standard for pension
obligations . The findings suggest that
companies with underfunded pension
obligations use discretion as a way to
achieve positive capital market reactions
(i .e . share price increases) . In
other words, if a listed company has
an underfunded pension plan, i .e . the
company has not saved enough capital
for future pension payments, it aims to
hide this fact in its financial statements
by using discretion such that the share
price at least does not decrease . These
findings are of particular relevance for
capital market research since it has not
yet been conclusively shown how discretion
in accounting standards affects
stock markets .
Standard Setting &
enforcement
The research field of standard setting
and enforcement deals with the emergence
of accounting regulations (standard
setting) on the one hand and the
legal enforcement of accounting standards
on the other .
The dissertation by Dr . Sebastian
Hoffmann entitled “Lobbying im
Rahmen der Entstehung von Rechnungslegungsnormen”
(“Lobbying in
the Context of Accounting Standard
Setting”), submitted in 2011, is at the
core of the Chair’s research on standard
setting . The nucleus of this dissertation
is a research paper on the work of the
technical staff of the International
Accounting Standards Board (IASB) .
It is shown that comments on regulatory
proposals that are sent by companies,
accountants, associations, etc . are
not consistently and comprehensively
evaluated by the IASB’s staff . In fact,
seemingly critical statements are underweighted
. Hence, the public cannot ob -
tain an accurate picture of the actual
statements and the opinions expressed
therein when reading the summary
of comments prepared by the IASB .
Moreover, by weighting the statements
without reservation or further explanation,
the IASB is at risk of not achieving
its own standards of transparency
and credibility . Both characteristics
are essen tial for this body since it is a
private regulatory authority and consequently
very much dependent on trust .
The IASB has been advised to change
its mode of publishing the summary of
comments received on proposals .
The sub-field of enforcement is of
particular relevance since there is a consistently
high number of German listed
companies publishing erroneous financial
statements . German capital marketoriented
companies, i .e those which
are either listed or have issued bonds
that are traded on a stock exchange,
are subject to accounting enforcement
by the “accounting police” . This
institution is formed by the German
Financial Reporting Enforcement Panel
(DPR), as well as the Federal Financial
Supervisory Authority (BaFin) . Both
dr. Sebastian Hoffmann
Assistant Professor, Chair of Accounting
and Auditing
bodies investigate audited financial
statements of companies, i .e . they perform
a second review of the statements .
Through its research, the Chair aims to
inform companies about procedures
and problems which are inherent to the
German enforcement system . Moreover,
policies and best practices are developed
which may assist companies in
avoiding erroneous financial statements .
In cooperation with Dr . Oliver Beyhs
(KPMG Berlin) the Chair published an
“Enforcement Guide”, which not only
familiarizes companies with the procedural
and legal aspects of the enforcement
system, but also system atically
discusses previous financial statement
errors identified by DPR and BaFin . The
guide may thus help companies avoid
erroneous financial reporting and not
be punished as “accounting criminals”
by public announcement .
The findings suggest
that companies
with underfunded
pension
obligations use
discretion as a way
to achieve positive
capital market
reactions.

20 HHL RESEARCH REPORT 2012 finAnCE, ACCOunTing And CORPORATE gOvERnAnCE 21
center For corporate governance
the Success of
corporate governance
The Center for Corporate Governance
(CCG) at HHL Leipzig was initiated
in April 2010. The research focus
includes the following topics: performance
relevance of good governance,
governance ratings and scoring
systems, diversity-related questions
and the development of corporate
governance in emerging markets.
A Center for “Good”
Corporate Governance
Following an initiative by Prof . Dr .
Bernhardt Schwetzler and Christian
Strenger – who was already associat ed
with HHL through his teaching activities
– the center was founded in
November 2010 to establish “corporate
governance” as a separate research
focus within HHL . In addition to
Christian Strenger, Prof . Dr . Marc Steffen
Rapp (Philipps-Universität Marburg)
and Prof . Dr . Michael Wolff (Georg-
August Universität Göttingen) – both
HHL alumni – agreed to act as founding
Co-Directors of the center . Since its
foundation, the center has been supported
by the sponsors DWS Investment,
Bertelsmann and KPMG to stimulate
excellence in research and teaching .
Additionally, the CCG is well connected
internationally and has co-operations
with highly respected institutions such
as the Global Corporate Governance
Forum of the IFC/Worldbank .
A research focus of the Center in 2011
was the acceptance level of the German
Corporate Governance Code (GCGC) and
the efficiency of such a soft-law in contrast
to hard regulation . To supplement
the research in Corporate Governance,
the center initiated an independent
’HHL Research Paper Series in Corporate
Governance‘, which has produced seven
working papers so far . Additionally, the
Center‘s research results were placed in
refereed journals and edited publications
as well as presented at international
conferences .
In October 2011, the ‘Workshop on
Corporate Governance and Investment’
was held at HHL to further strengthen
the Center‘s position in the academic
community . Over 55 researchers from
Europe and the US participated in the
symposium, which was held for the
twelfth time, to exchange the latest
research results and its implications
for politics and the economy .
Since fall 2011, the topic ’Corporate
Governance in Emerging Markets’ has
been researched and dealt with intensively
. The Fritz Thyssen Foundation was
won as significant external supporter
of this research topic . In June 2012 the
Center –in collaboration with the Global
Corporate Governance Forum– brought
together senior representatives from
academia, development institutions,
companies and investors for a conference
on ’Key Corporate Governance
Issues in Emerging Markets’ at HHL .
The conference provided a futureoriented
assessment of the governance
situation in three important regions of
the world - Africa, Asia and Southern
Europe . Two sessions of the conference
focused on key governance issues
with global relevance: the performance
value of ‘good governance‘ in emerging
markets, based on the latest academic
research and practical insights from
large international investors, as well as
corruption and practical ways of dealing
with this major governance problem .
The Center for Corporate Governance
is equally involved in HHLs curriculum .
Corporate Governance courses are
offered within the MBA - and MSc
Programs as well as the Ph .D . Program .
Research Insights on
the German Corporate
Governance Code
In February 2002 the Government
Commission appointed by the German
Justice Minister presented the first
version of the German Corporate
Governance Code . Ten years later the
Center examined two fundamental
questions: (i) the general acceptance
levels of the GCGC by listed German
firms and (ii) whether soft regulation
with standardized reporting following
the code’s comply-or-explain principle
dominates hard regulation of corporate
governance practices .
Code Acceptance
2012 – the results:
1
On average, the DAX and MDAX
listed companies comply with 97
percent of the code recommendations
. Only a minority rejects more
than 10 percent of the recommendations
. Mainly referring to the
D&O insurance, the compensation
cap in management contracts, the
disclosure of individual compensation,
variable compensation of
supervisory board member and
issues of diversity on the board
show the highest levels of deviation .
2
Large companies show higher
compliance levels as well as widely
held firms . From an economic point
of view this represents an efficient
“substitution effect” between the
GCGC and the external governance
structure of a company .
3
Differentiating various dimensions
of the code reveals that
almost all DAX firms achieve very
high standards with regard to
transparency, monitoring/control
and incentive systems . In contrast,
MDAX firms show much higher
variability . The diversity index
shows the highest heterogeneity:
with an average acceptance level of
89 percent of the index constituents,
there are also index values
below 70 percent up to multiple
minimum values of 33 percent .
Conclusion:
“Our study shows the positive fact
of an already very high acceptance
level of the code by DAX and MDAX
firms, however there is certainly
potential for rising compliance
rates for example in terms of
diversity on boards.”
Code Acceptance
Study 2012
To evaluate the acceptance levels of the
code by listed German firms, the CCG
systematically examined the annual
compliance statements according to
§161 AktG (Stock Corporation Act)
of German listed firms . The analysis
provided a detailed impression of the
compliance behavior with regard to
the different code recommendations
as well as the influence on the latter by
various corporate characteristics such
as firm size and ownership structure .
Finally the Center translated the firms’
compliance levels into four specially
constructed indices to obtain a measure
of the individual governance quality of
German firms .
Is soft regulation of
corporate governance
practices efficient?
Being one of the very few studies on
soft regulation of corporate governance
practices, the paper “Hard or soft
regulation of Corporate Governance?”
discusses whether the often criticized
approach of soft regulation works well
in the context of corporate governance
practices using the experience with
the German Corporate Governance
Code . To analyze whether the code’s
comply-or-explain principle dominates
hard regulation of corporate governance
practices, CCG researchers used a novel,
specially selected panel dataset . The
finding is that while on the one hand
widely-held firms benefit from high
levels of compliance, on the other hand
high levels of compliance jeopardize
firm performance in dominated firms .
In a second step, the paper shows that
firm-specific agency costs increase the
compliance level, indicating that managers
voluntarily use code compliance as a
substitute for other governance devices .
The Center’s existing research on the
GCGC contributes to the debate between
supporters and opponents of the code .
While supporters emphasize, amongst
other things, the transparency function
of voluntary self-regulation and the
successful response to the challenge of
global competition, opponents deem it a
regulatory instrument of the economy .
center For corporate governance
SupporterS
• dWS investment gmbH
• Bertelsmann Business
Consulting gmbH
• KPMg Wirtschaftsprüfungs-
gesellschaft Ag
• fritz Thyssen foundation
acadeMic directorS
Prof. dr. Marc Steffen Rapp
Christian Strenger
Prof. dr. Michael Wolff
From left to right: Prof. Dr. Marc Steffen Rapp,
Christian Strenger, Prof. Dr. Michael Wolff –
the academic directors of the Center.
future Research
Further research by the Center for
Corporate Governance in the area of
the GCGC aims to further deepen the
academic understanding and public
perception of soft regulation . For instance,
one project will examine the role
of the GCGC for family controlled firms .
Beyond that, the Center will intensify
its research activities on Corporate
Governance in Emerging Markets, in
particular regarding local regulation
and their effectiveness . Furthermore,
all research activities of the Center aim
to contribute to the understanding of
the performance implications of “good”
Corporate Governance .
core coMpetencieS/
reSearcH intereSt
• performance relevance of
good governance
• governance ratings and scoring
systems
• diversity related questions
• development of corporate governance
in emerging markets
contact
www.hhl.de/ccg

22 HHL RESEARCH REPORT 2012 ECOnOMiCS And REguLATiOn 23
The graph illustrates the practical importance
of market design in the context of wireless
spectrum auctions. Government revenues in
various European countries ended up being
vastly different depending on the specific
auction format which was adopted.
uS$/PoP
3g auction priceS
For 2 x 10 MHZ + 5 MHZ
NEw ENtRANt SEt ASiDE:
ENtRANt MUST WIN
107.2
NEw
ENtRANt wiNS
93.1
uK
4/00
oNLy
iNCuMBENtS
wiN
24.7
DutCH
4/00
GERMAN
8/00
GREAtER
CLARity ABout
wHo wiLL wiN
35.2
itALiAN
10/00
15.3
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11/00
2.6
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11/00
13.2
BELGiuM
3/01
cHair oF econoMic and inForMation SYSteMS
How can Market
Mechanisms
be made more
efficient and
transparent?
Economic theory deals with rational
decisions within and outside of markets
and therefore provides a uniform
language and methodology in many
fields of business economics. Professor
Pierfrancesco La Mura’s main research
is to be found at the interface of economics
and computer sciences. He
thereby focuses on decision theory
basics of game theory and artificial
intelligence.
Professor La Mura, why are market
design theories important for political
decisions and market regulation?
Professor Pierfrancesco la Mura:
Current market failures showed that
Adam Smith’s idea of naturally self-regulating
markets does not always hold true
in reality . The intuition of the classical
approach to economics is the following:
if you let each consumer choose freely
what to buy and each producer freely
what to sell, then the market will settle
on an efficient product allocation and
price, hence maximizing the benefits for
the society as a whole . However, financial
crises and thousands of other examples
of market failures contradict these
intuitive conclusions . More recently,
mechanism design theorists came to
one of the most remarkable negative
results in economics – they showed that
there is no efficient way for two parties
to trade a good for which they have
secret reservation values .
What does that mean precisely?
Professor la Mura: The fact that we
all possess some private information
and do not know the information of
others (we can, of course, guess but do
not know it for sure) might lead to some
undesirable behavior by market participants
(for example; insider trading, and
other sorts of manipulations) and this
might result in inefficiency . If we come
back to a simple example of trade – if a
seller exploits the fact that the buyer is
not familiar with the real costs of producing
a good and asks for too high a
price, the buyer might simply not buy the
good even if there was a potential gain
from trade . Mechanism design theory
offers a solution to such situations –
to develop a set of rules (regulations)
which all participants are obliged to follow
and which enable the revelation of
private information in a way that leads
to mutual benefits for buyers and sellers .
Can you give an example for your thesis?
Professor la Mura: Market failures are
not rare . I already mentioned the example
of financial crises . Another famous
example of bad mechanism design is
the case of liberalization of the energy
sector in the US in the 90s . The introduction
of an auction mechanism for
setting the prices for energy sources and
for booking of the capacities in the pipelines,
without considering the right set
of “rules” and incentives for the traders
led to a series of blackouts in California
because the mechanism allowed for
manipulations which were used by big
energy companies such as Enron . It is
important to analyze the conditions and
problems of those examples to be able to
avoid the repetition of these situations
in Europe .
Let us talk about another important
point that keeps appearing in the headlines:
the formation of cartels, e.g. in
the petroleum industry or in energy
markets. To what extent has this topic
been researched?
Professor la Mura: The vulnerability
of markets to the creation and
More value for real
estate Markets
Selling or buying a house is, for most
people, an important financial decision,
but also a source of significant
stress . Whether it’s through private
negotiation, perhaps facilitated by
brokers, or through a real-estate
auction, only rarely is a buyer or
seller able to obtain the most favorable
deal on the market . Professor
La Mura and Dr . Lukasz Swiatczak
developed an electronic trading
platform, eptrader, which improves
on existing marketplaces by combining
a double-auction design
with an element of negotiation .
The patented design allows buyers
to place interconnected bids across
objects, giving them more control on
the trading process . The marketplace
is built in such a way that the
information contributed by buyers
or sellers is never used against them:
as a consequence, the participants
do not need to enact complicated
strategies . Unlike auction platforms,
eptrader only sets final prices when
the competition among buyers or
sellers is sufficient to determine
them: in all other cases it only sets
price ranges, which can then be used
by each optimally-matched buyer
and seller as the basis for a more
focused, effective negotiation .
Professor La Mura and Dr. Swiatczak are
in the process of commercializing their
solution among existing real estate portals
and online marketplaces.
cHair oF econoMicS
and inForMation
SYSteMS
cHairHolder
Prof. Pierfrancesco La Mura, Ph.d.
core coMpetencieS/
reSearcH intereSt
• interface of economics
and computer
sciences
• focus on theory basics of game
theory and artificial intelligence
contact
www.hhl.de/informationsystems

24 HHL RESEARCH REPORT 2012 ECOnOMiCS And REguLATiOn 25
existence of cartels is one of the great
problems of mechanism design . Every
year we hear about this or that cartel
being revealed . Of course, in general
it is difficult to avoid completely the
coordination of some illegal actions by
market participants, but in some cases
one can develop a set of rules which will
self-sustain the fair and honest behavior
of the participants . In other words, it
should be in the interest of markets
participants to behave accordingly . The
question is what these rules should
be and if it is at all possible to create a
mechanism which would enable socially
desirable outcomes . And an even more
general question – would such a mechanism
exists? Already in the 60s, Nobel
prize winner William Vickrey showed
the existence of such a mechanism for
the case of auctions . This is the famous
second price auction – the rules of this
auction format are such that a good
goes to the highest bidder but (s)he pays
only the second highest price . Later, the
auction was generalized to the case of
multiple goods . The lesson one can learn
from this mechanism is that a Vickrey
auction results in effi cient outcomes
thanks to the right incentive set for the
sellers and buyers . It is always in the
participants’ interest to reveal their
true values for the good . This idea of
setting the right incentives is what our
chair applies to the energy and financial
markets .
As your research is theory-based, the
question arises to what extent real
events can be transformed into theoretical
models. Do your results actually
affect the market or are they, critically
speaking, mere scientific mind games?
Professor la Mura: We use theoretical
analysis as a tool to study specific
practical problems . The complexity
here is to understand what the existing
practical limitations are, what are the
objectives of the regulator and/or other
stakeholders and other relevant aspects .
All these real-life “inputs” are incorporated
in the theoretical models to be
applied to a particular situation, and get
the correct theoretical predictions and
give recommendations . The theoretical
predictions are then compared with
the observed outcomes . In other words,
as you can see this is really a field in
which it is impossible to separate theory
and practice and both components are
equally important . I already mentioned
that this is an applied area of research .
We start with the question what are the
desired goals (this could be efficiency,
transparency or revenue maximization,
etc .) . And we construct the set of
rules which would lead to the desired
outcome . The main constraint however,
if one deals with applied research, is
that some rules are simply given, by
law or due to some technical constrains .
In this case, the question faced by the
regulator is a bit different from an absolutely
abstract theoretical one, but it is
transformed into a question of what is
the best market design to reach certain
goals given the existing constrains, e .g .
existing regulations which, for this or
other reasons, cannot be changed . It is
easy to see that, given these limitations,
our analysis might show that the desired
aim will never be completely
achieved . One cannot expect to end up
with an optimal outcome if some rules
of the game make it more profitable for
players to play strategies which lead to
some other outcome . Despite the fact
that it is not always in our power to
change the existing regulations, we can
show by means of theoretical analysis
the cause of some problems and communicate
it to the regulator and the
industry . In particular, in the case of the
gas industry, we analyzed the proposed
auction design for booking capacities to
transport the gas in Germany and with
our analysis we were able to identify
problems in the existing mechanism,
and identify their causes . Of course, we
do not expect that the German regulator
will immediately change the regulations,
which were discussed and approved by
various stakeholders, but it will contribute
to the ongoing discussion on
regulation of the upcoming harmonized
European gas market .
At your chair, economic theory is being
researched. To what extent can the
research results be transformed into
practice or is there even cooperation
with the economy?
Professor la Mura: The outcomes of
research in this area are important for
different stakeholders . If the market is
inefficient, not only end users suffer
from higher prices or inability to get
access to resources , but also this
damages the industry as a whole . Of
course, another important stakeholder
is the government . At our chair, we
concentrate on the theoretical analysis
of these problems, and we gain a lot of
practical insights from our industry
partners . For the Energy sector we have
been cooperating closely with several
industry partners, including one of the
largest transmission system operators
in Germany . We hope that we, as an
independent and objective party, can
contribute to this dialog between the
regulator and the industry to reach a
common goal – an efficient, transparent
and non-discriminatory gas market .
With respect to applications of mechanism
design to financial markets, we
cooperate with HHL’s Chair of Financial
Management, in particular, with Prof . Dr .
Schwetzler . We recently investigated the
market consequences of alternative regimes
of financial regulation, specifically
with regard to the role of third-party
fairness opinions in the context of M&As .
Another area in which ideas from
mechanism design plays an important
role is conflict resolution . In a recent
paper with Ekaterina Demidova, who
is a doctoral student at the Chair, we
studied negotiations between two opposing
groups of stakeholders . Such
situations are common in business life,
for instance in M&As, as well as in the
political arena . In our paper we show
that closed-room negotiations, where
each delegation withdraws to a separate
room before issuing a joint reply to the
current offer, lead to quicker agreement
compared to open-room negotiations,
where each stakeholder issues individual
replies and counteroffers to the
other group .
What are your plans for the future?
Professor la Mura: I believe that there
is a lot of potential for future research
in market design, and also in the design
of non-market situations such as negotiations
or voting procedures . As the
California Electricity Crisis and other
instances of manipulation and market
failures show, energy markets are an important
area in which a correct design
plays a central role . Financial markets
are in my opinion another area in which
complex, and unavoidable, issues of
regulation arise, and especially in the
wake of the current global crisis giving
a correct resolution to those issues is
becoming more pressing . I hold a longtime
interest in the above directions,
and would like to continue pursuing
them in future research . Other directions
in which I have ongoing projects
involving aspects of mechanism design
are the real estate market, where a spinoff
team from the chair (Dr . Lukasz
Swiatczak, Björn Lindner, and myself)
developed an innovative, more efficient
design and are currently seeking industry
partners, and the job market, where
we are currently exploring the possibility
to implement a novel concept in
cooperation with the City of Leipzig .
cHair oF MicroeconoMicS
Special edition of
the Journal:
“philosophy of
Management”
“Philosophical Lessons from the
Financial Crisis”, the special edition
of the journal “Philosophy of
Management”, takes a philosophical
view of the global financial and economic
crisis . “Authors from Germany,
Great Britain and the USA in one or
another form plead for a changed
perspective – be it in the understanding
of crisis and risks, the responsibility
of bankers and managers or the
teaching at Business Schools,” says
Prof . Dr . Vilks . Together with Martin
Kelly of the Waikato Business School
in Hamilton (New Zealand) he is editor
of the special edition which was
published at the beginning of 2012 .
In the editorial it says: “Altogether,
the special edition signals the reader
that powerful decision makers in
the financial world and politics are
responsible for decisions that were
‚built on sand‘; those decisions were,
philosophically viewed, unsound .
Many decisions were a total insult to
any sense of intelligence . It is important
that we attempt to explain to
future decision makers the necessity
to clearly and comprehensively
consider the consequences which
will result from their decisions, and
who could be affected by them .”
www.managementphilosophers.com
dissertations at
the chair of
Microeco nomics
“The end of rural poverty in China;
a study of farmers‘ poverty, the economic
behavior of farmers and the
efficiency of national allocation of
funds in China” is the title of Chun
Yuan‘s dissertation . In his work,
Yuan proves that economic growth
alone cannot be the solution to the
poverty problem that still exists in
China‘s rural regions . By means of
microeconomic behavior analysis,
he manages to illustrate that human
capital is one of the most important
factors to reduce poverty and
facilitate economic growth . Yuan
then researches the efficiency of the
national allocation of funds by the
Chinese government to boost the
economy and concludes that it would
be wiser to spread funds more evenly
so that the economy can develop
faster and in a poverty-reducing way .
Martina Wuttke‘s dissertation deals
with the issue of “Poverty reduction
through corporate social responsibility;
an empirical study about
transnational companies in India” .
With 1 .3 billion inhabitants, India is
the second most populous country in
the world . Although India‘s economic
growth has risen steadily to reach an
annual growth rate of approximately
ten percent in the last ten years, income
poverty has only decreased by
approximately 10 percent since 1990 .
The study researches corporate
social responsibility as a means of
reducing poverty . Wuttke considers
CSR a leadership task that is to be
included in strategic management
and she researches how companies
can implement this instrument
effectively to improve social and
economic circumstances . In light
of a worldwide trend of increasing
rather than decreasing poverty,
practical management solutions
are in demand as well as practiceoriented
approaches that would not
be in conflict with corporate interests .

26 HHL RESEARCH REPORT 2012 ECOnOMiCS And REguLATiOn 27
cHair oF MicroeconoMicS
the next economic Boom
will take place in africa
Microeconomics appears to be a collection of models – ranging from simple
optimization and market models to subtle attempts to model information and
thinking processes, which then infer participants‘ behavior according to
game theory solution concepts. The problems that can be analyzed with
micro economic modeling are very diverse: they vary from efficient allocation
of resources and the decision making process of executives to conflicts and
coopera tion in international politics. Prof. Dr. Arnis Vilks‘ research interest
is directed towards questions of basic philosophical principles of economic
sciences on the one hand and development economics on the other hand.
“Sierra Leone‘s integration in the global
economy is, in no small part, obstructed
by the ignorance and stereotypes often
found in the ‚developed‘ countries,” says
Prof . Dr . Arnis Vilks . During a research
term Vilks traveled the country for five
weeks . His conclusion: “The next and
probably last economic boom of our
time will take place in Africa .” And still
it is unknown to the broad section of
the public in Germany that this country,
which until ten years ago was suffering
through a cruel civil war, has developed
into a peaceful, politically stable and, to
a large extent, democratic country with
a low crime rate and loads of different
investment opportunities .
Vilks‘ seminar about ethical leadership
was met with wide popularity . For the
four-day long course 23 participants had
to be selected from 100 applications to
keep the group at a workable size and
not to exceed the limited budget of the
Wittenberg Center for Global Ethics
which financed the seminar . “We talked
about globalization, business ethics,
corruption, constitutional legality,
democracy and economic development,
and the participants often discussed
with such animation that it was hard to
follow what was being said,” says Vilks .
The participants were junior employees
from economics, politics, science and
non-govern mental organizations .
Decent Salaries
There are very many of the latter in
Sierra Leone‘s capital and they are
considered good employers as they are
usually financed by foreign investors
and pay their staff decent salaries .
“Decent” in this context means that a
coordinator or project leader of such
an organization can earn USD 1000 or
more per month while a police officer,
for example, earns no more than USD
50 per month . The average per capita
income in Sierra Leone converts to USD
300 or USD 760 if the higher purchasing
power of a Dollar is taken into account
in the conversion . So, Sierra Leone‘s
inhabitants have to manage with as
much money annually as a Hartz-
IV (German unemployment benefit)
recipient receives per month .
“It is hardly surprising that we kept
returning to the issue of income in our
seminar,” says Vilks . Participants asked
whether the “small” corruption of a police
officer whose salary cannot provide
for his family is surprising . Another
discussion topic was the temptation
for corruption of politicians who have
dealings with western colleagues, who
easily earn ten times as much, and with
entrepreneurs and managers, who at
times earn a thousand times as much .
Many young Sierra Leoneans are very
committed to the economic and social
development of their home country .
A prime example is Ibrahim Bangura,
a Ph .D . student of Prof . Dr . Vilks . The
young man, who grew up in Freetown,
graduated from Fourah Bay College –
the oldest University in Western Africa,
founded in 1827 – with a Bachelor in
History and Political Science, as well as
a Masters degree in “Gender Studies” .
In 2006, Horst Köhler‘s initiative
“Partnership with Africa” brought him
to a big international Africa Conference
in Wittenberg . After returning to
Freetown, he and some like-minded
people founded the “International
Human Rights and Rule of Law Training
and Research Institute” which since has
been training “Peace-Keeping Forces”
for several international organizations,
as well as police and military staff .
“His matter-of-fact but often also
humorous view on African mentalities
and problems gives reason to hope that
through the commitment of young
executives, Sierra Leone can realize
the vision of their president to become
one of the donor countries rather than
belong ing to the recipients of international
assistance within 50 years,” says
Vilks . “There are hardly any reasons why
a long-lasting economic boom like those
in China or the small Asian ‚Tiger‘ countries
should not be possible in Western
Africa . In those countries, the Chinese
and Indians especially – as well as the
Lebanese – contribute to their countries‘
development by means of entrepreneurial
activities rather than foreign
aid .” Chinese construction machinery is
everywhere, hardly any from Germany
is present . It seems as if German entrepreneurs
would rather accept a lower
return than a higher risk . “The risks here
in Sierra Leone, however, are rather low,”
says Vilks .
Business opportunities
Looking at the endless white beaches,
the Professor for Economics sees opportunities
for investment in tourism,
for example . Mosquitoes which could
spread Malaria hardly exist at those
beaches due to a constant breeze . The
fact that tourism – given the appro priate
conditions – is able to make a large contribution
to economic development can
be observed 1000 kilometers northwest
of Sierra Leone: up until 2007, the islandstate
Cabo Verde was one of the “least
developed countries” but now has a percapita
income (adjusted for purchasing
power) of about USD 3,800 and its
infrastructure already looks very similar
to that of the Canary Islands .
Besides tourism, Sierra Leone‘s natural
resources promise lucrative business
fields for investors – diamonds, gold,
bauxite, titanium and iron ore – and last
but not least, crude oil . Just off Sierra
Leone‘s coast huge fields of crude oil
have been found; drilling rights are
currently being negotiated with international
oil companies . According to Prof .
Dr . Vilks, it is more than likely that the
upcoming big investments and the public
revenue, which will, in all probability,
increase considerably from drilling
rights and taxes, will lead to long-lasting
economic growth .
cHair oF
MicroeconoMicS
cHairHolder
Prof. dr. Arnis vilks
core coMpetencieS/
reSearcH intereSt
• philosophical foundations of
economic sciences
• development economics
contact
www.hhl.de/microeconomics

28 HHL RESEARCH REPORT 2012 SuSTAinABiLiTY And COMPETiTivEnESS 29
Prof. Dr. Manfred Kirchgeorg holds the Chair of Marketing Management at HHL Leipzig Graduate School of Management.
The chair provides specific expertise in the three fields of research “Sustainability Marketing”, “Holistic Branding”
and “Live and Virtual Communication” and cooperates in several networks with international experts. To offer both,
theoretical and methodological knowledge as well as practical experience, various partners such as well-known
companies or institutions are involved in lectures and research projects alike, so students can apply their knowledge
in case study workshops, field projects or consulting projects.
cHair oF MarKeting ManageMent
can Sustainable products
develop Brand power?
The research at the Chair of Marketing
Management under the leadership of
Prof. Dr. Manfred Kirchgeorg focuses
on three fields of competence; sustainability
marketing, holistic branding
and live & virtual communication.
These days, companies must integrate
a high degree of social and ecological
requirements into their marketing
concepts in order to be able to offer
competitive solutions on national and
international markets . Sustainabilityoriented
product and service innovations
must be positioned both in the
market and in complex stakeholder
environments .
The field of holistic branding develops
and examines positioning concepts empirically,
e .g . from company brands up
to entire regions and industrial clusters
as perceived by a large num ber of stakeholders
. Brands have to be perceived
and experienced by customers and
stakeholders, therefore, live communication
to create multisensory brand
and product experiences is of particular
importance to establish brands . The
Chair of Marketing Management has
gained wide recognition nationally and
inter nationally through its targeted
re search and publications in the field
of live communication .
The research philosophy at the chair is
characterized by the mutual interconnection
of the three fields of competence,
sustainability marketing, holistic
branding and live & virtual communication,
which results in unique research
projects with much relevance for business
practice . The research findings are
assessed with the help of multivariate
methods of analysis and interpreted
based on a decision-oriented approach,
using approved theories together with
the latest empirical research methods,
such as online surveys or eye tracking
technologies .
Sustainability Marketing:
The Influence of Brand
Acceptance of Sustainable
Product Innovation
Sustainable product innovation is more
necessary than ever before due to the
problems arising regarding resources,
energy and climate change . In many
cases, sustainable solutions are already
available but they require a change in
the behavior of the customers using
them . Products with proven benefits
for the environment and society are
often only marginally accepted as they
require a change in behavior or come
with limitations to their utility compared
to conventional products .
Against this background, one research
project by the Chair of Marketing
Management examines the question
of how a strong emotional bond with a
brand (brand loyalty) can promote the
launch of more sustainable products
that have limitations to their use .
A reference framework based on
behavioral theory, which includes
findings from various fields of research
such as new product adaptation as well
as brand and environmental consciousness,
was developed for this purpose,
according to doctoral candidate Isabel
Staufer . The hypotheses are tested by a
survey which examines the perception
and acceptance of the “E-MINI” automobile
. Within the scope of an online
survey, respondents are shown a clip
which presents to them the new E-MINI .
It explains the characteristics of the
product and certain disadvantages in
its use (limited cruising range, charging
time etc .) . After this information
was provided, the attitude towards the
brand, acceptance barriers and the
disposition to buy are recorded among
the potential target groups . Important
conclusions on positioning and marketing
of sustainable product innovation
can be drawn from this project .
cHair oF MarKeting
ManageMent
cHairHolder
Prof. dr. Manfred Kirchgeorg
core coMpetencieS/
reSearcH intereStS
• sustainability marketing
• holistic branding
• live & virtual communication
contact
www.hhl.de/marketingmanagement
Source: BMW

30 HHL RESEARCH REPORT 2012
Holistic Branding: Strategies
of Multisen sory Brand
Manage ment on the levels
of Manufac turing and Sales
Brand strategies for manufacturers and
retailers regarding the enhancement
of market competitiveness have seen
a growing relevance in the last four
decades . Research on brand management
is therefore promoted with special
intensity in various research projects
at the Chair of Marketing Management .
Questions dealing with the targeted
establishment of a multisensory brand
experience and an analysis of the perception
and behavioral effects thereof
are at the center of attention .
Considering the information consumers
are exposed to every day, companies are
increasingly challenged to attract their
customers’ attention . This results in the
question for brand management of how
product and/or brand experiences must
be designed in order to achieve a level
of differentiation from the competition
and to consequently ensure the consumers‘
attention . A product or brand experience
appealing to all the senses shows
great potential in this respect . Various
examinations based on perception theory
have shown that recall ability can be
increased by coherently communicating
information through different senses .
However, there is very little systematic
knowledge on what characteristics can
be transferred using different types of
multisensory stimuli .
In 2010 and 2011, two more in-depth
research projects were initiated based
on a project to measure the effect and
design of multisensory brand experience,
executed by the chair in cooperation
with Porsche Leipzig . These
theory-based empirical examinations
focused on the multisensory positioning
of company brands on the levels of
manufacturing and sales . While one
project examined what influence colors,
music and scents have on the cus tomers’
perception of the store atmosphere,
their shopping behavior and the profiling
of store brands in fashion retail,
the second project was executed in
cooperation by Beatrice Ermer, who
analyzed the influence of the shapes
and colors of a trade fair booth on the
visitors’ perception . Jenny Müller
worked on a research project which
showed that the multisensory design
of the shop atmosphere has a significant
influence on brand per ception and buying
behavior . Specific effects among consumers
were detected after changing
the color of the room or the background
music . “It was difficult though to determine
an appro priate dose of multisensory
stimuli to convey a predefined
brand identity to the con sumer . Multisensory
brand management is not an
end in itself . The great art is to shape
and use it in such a manner that it works
to the benefit of the uniqueness of the
brand, the feel-good atmosphere and the
brand profile as well,” concludes Prof .
Dr . Kirchgeorg . Some intended effects
of multisensory stimuli could not be
confirmed as ex pected, so that further
questions for future research arose .
In addition to the models based on
behavioral theory, the Chair of Marketing
Management developed a first
monitoring approach to help discover
which colors, shapes or scents contribute
to increasing the perception
of certain brand characteristics by the
target group .
live Communication:
future Scenarios for Trade
fairs and live Communication
in 2020
“Globalization, rapid development
in the Far East and the advancement
of internet-based communication
raise the question whether and how
Germany can maintain its position as
the world market leader in the field of
major international trade fairs,” says
Prof . Dr . Kirchgeorg, explaining his
research approach . Considering the
increasing intensity of the competition,
the German trade fair business faces
enormous challenges which require a
systematic examination of the strategic
implications . The Chair of Marketing
Management offers an important basis
for strategic planning to trade fair associations,
exhibitors and companies providing
trade fair related services with its
“Future Scenarios for Trade Fairs and
Live Communication in 2020” research
project . This is based on a future-oriented
analysis of the competitiveness of the
industry .
The core of the project is the identification
of factors that have a major
influence on the future development of
the German and international trade fair
business . Potential paths of development
are outlined based on various
future scenarios which trade fair
organizers, exhibitors and trade fair
service providers are going to have to
face and which will provide an incentive
for further discussion .
Glossary
Holistic Branding
Research in the field of “Holistic Branding” is focused
on analyses of complex brand objects like companies
(corporate brands), regions, cities and industrial
clusters in multiple stakeholder environments.
Germany is the leading nation in the
presentation of major international fairs
in the field of BtoB products . Therefore,
the future development of trade fairs as
a marketing tool for retail, production
and service companies will be of special
relevance . Using the research results,
various sce narios show which potential
challenges Germany might face as a
trade fair location and which fundamental
shifts the global trade fair business
might have to deal with . Consumer fairs
are facing increasing competition . Since
the year 2000, the average number of
visitors per trade fair has been decreasing
. This is proven by a longitudinal
analysis prepared within the framework
of the research project . So-called special
interest fairs have grown in importance
over the last decade compared to general
consumer fairs . They are far more
focused on specific target groups than
the general ex hibitions . Beatrice Ermer,
Silko Pfeil and Martin Wiedmann contributed
to this project .
Cluster Strategies for
Regional Profiling
These days, marketing and competition
strategies of individual companies are
analyzed in the context of networking
and regional cluster strategies . At the
same time, micro-economic findings
related to competitiveness are applied to
larger units such as regions or even
entire nations . Michael Porter stimulated
this discussion in the late 1980s
with his standard reference “Competitive
Advantage of Nations” . Against the background
of the research field of marketing
science, concepts of marketing were
applied to cities, whole regions and
stakeholder networks (cluster) .
Prof . Dr . Manfred Kirchgeorg‘s chair
has dedicated its research to ques tions
of regional competition and marketing
strategies for over a decade . It is
involved in the cluster activities of
Central Germany through analysis and
monitoring activities in various forms .
For the first time, the Chair of Marketing
Management has prepared a comparative
analysis of the clusters in the region
of Leipzig and drawn up recommendations
for the advancement of economic
development . “After the reunification of
Scenario Positioning in Dependance of
Business Environment & Demand for Trade Fairs
HIGH
Demand for
Trade fairs
loW
Germany, the City of Leipzig faced the
challenge of redefining focal points for a
competitive economic structure . A large
number of traditional industrial value-
added chains in the region of Leipzig
were far behind the inter national
competition and their revitalization
seemed to have little prospect for
success in most cases,” said Prof . Dr .
Kirchgeorg and his research assistant
Kai Weinrich . The examination results
prove that the clusters defined in the
Leipzig region made an above-average
contribution to regional employment,
that some clusters have to be considered
as beyond city limits and that the cluster monitoring
must be improved to increase cluster
excellence . “Promising visions of
turning Leipzig into a leading bank
metropolis in East Germany were
overtaken by reality in the mid- 1990s .
As a consequence, the task was to
connect to competitive competencies
that still existed and to implant new
industrial developments promising
good prospects in the Leipzig economic
structure,” concludes Prof . Dr .
Kirchgeorg . While the Economic
Scenario B
Continental Trade
Shows and Protected
Markets
loW
Scenario C
Smart exhibitions
in a Digital World
Development & Stability
of Business environment
Development Office of the City of
Leipzig organized a number of
cluster-related events and activities
during the initial and buildup phase,
the new phase of “Cluster Strategy
Leipzig 2020” requires the expertise of
companies and scientists, which are to
assume responsibility in the valueadded
chain directly, as well as in
the research and development of the
clusters . The clusters’ potential for
success can only be improved if the
stakeholders actively involved in the
value-added chain are the ones defining
the priorities to be set, according to
Prof . Dr . Kirchgeorg . The definition
and development of fields of activity
demands a more intense dialogue
between all stakeholders of business
practice, science and administration .
The promotion of cluster processes in
Leipzig requires that the activities of
the various institutions become more
bundled together over the next few
years .
SuSTAinABiLiTY And COMPETiTivEnESS 31
HIGH
Scenario A
Globalized Trade
Shows and Common
Growth

32 HHL RESEARCH REPORT 2012 SuSTAinABiLiTY And COMPETiTivEnESS 33
Testing phase Implementation phase Initial phase Analytical phase
Preparatory phase
Test overall
specifications
Allocate
resources
Implement
concept
Prepare overall
specifications
Professional service engineering
is becoming more and more important
for the logistics sector.
In addition to creativity and a
future-oriented business spirit,
the successful innovation pro cess
needs to be guided by an incre-
Generate
ideas
mental procedure model which
includes dedicated concepts,
methods and interdisciplinary
activities. Particularly new intelligent
IT-based logistics services
offer additional market potential
in accompaniment with the further
development of the traditional
service portfolio.
Analyze
requirements
evaluate ideas
Prepare
individual
specifications
Conceptual phase
HeinZ nixdorF cHair oF it-BaSed logiSticS
Bio- and regenerative
Medicine as an
important growth
Market
The Heinz Nixdorf Chair of IT-based Logistics has the task of promoting practicerelated
research and teaching in the field of modern logistic systems by applying
intelligent information technologies. The goal is to establish a cross-context
connection between the business administration focus and the information
science and technologies as well as harmonizing the interests of companies,
service providers and organizations. Strategies, concepts and methods of ITbased
Logistics, which contribute to the successful expansion of the regional and
national logistics location, are researched and prepared in close cooperation
with companies and the interdisciplinary collaboration with research partners.
There are still a number of logistic
challenges for the market penetration
of bio-medical products in order to
transport the highly sensitive goods
fast and to process (e .g . laboratory) or
implant (e .g . hospital, patient) them at
the recipient‘s facilities without losses .
From a bio-technological point of view,
the medical-technological processes are
being opti mized while logistics is often
not, or only sporadically, considered
when the shipment of the respective
products is acute . On the other hand,
logistic practitioners generally have
little insight in the world of bio-medicine
but face difficult challenges when
transporting the goods, e .g . following
regulations for hazardous materials .
“Up to now, the shipping of cellular
products has required handling them
as hazardous materials, the transport
of which is a service connected with
high individual complexity and therefore
generally with high costs as well,”
explains Prof . Dr . Iris Hausladen, Chairholder
of the Heinz Nixdorf Chair of
IT-based Logistics . This special handling
leads to logistics providers reaching the
limit of their economic and/or technological
capacity, especially in the case of
small volumes . Due to unclear security
regulations, vitally important stem cells
either cannot be transported or are
only done so at an extremely high cost .
Since the stakeholders of bio-medicine,
logistic services as well as packaging
and technology providers tend to act at
cross purposes, blood or tissue samples
often do not arrive at the laboratories
and hospitals in time or are damaged .
Therefore, the bio-technological and
bio-medical processes must be adjusted
to the logistical requirements and, on
the other hand, logistical solutions for
transporting, handling and storing
cellular products must be developed .
The Bio-Logistics Innovation Forum
– supported by the Federal Ministry
of Education and Research – dealt
with this topic . Over a period of six
months, the HHL Professor joined
representatives specifically from regional
companies and researchers from
the fields of bio-medicine, logistics,
IT and packaging technologies as well
as organizations such as the bm-log
network and the Cluster Life Sciences
Central Germany with the project initiators
of HHL – Leipzig Graduate School of
Management, the Translationszentrum
für Regenerative Medizin (TRM) and
Leipzig University of Applied Sciences
(HTWK Leipzig) for an active exchange .
Glossary
Bio-logistics
innovation Forum
The Bio-Logistics Innovation Forum, which HHL
initiated in 2011 extending beyond the borders of
the university, brings together logistics providers,
bio-medical (research) companies, users as well as
technology providers on one table. The goal was and
is to improve work processes in bio-medical logistics.
Using a “translation concept”, the stakeholders now
want to take a closer look into bio-medical processes
and the subsequent logistics together. The Bio-Logistics
Innovation Forum was supported by the Federal
Ministry of Education and Research.
The objective was to develop approaches
on how logistical and technological
system solutions can accelerate these
transfer processes . “The focus was
on the inter- and trans-disciplinary
exchange of experiences and knowledge
between the protagonists of bio-medicine,
especially regenerative medicine,
logistic (services) and technology with
special consideration of the legal framework,”
says Prof . Dr . Hausladen . “In this
respect, the forum, including the workshops,
revolutionized the understanding
of bio-medical logistics . Conventional
views of this paradigm were critically
reflected by practice and science so that
relevant fields of innovation could be
identified .” Prof . Dr . Hausladen understands
the Innovation Forum as a hotbed
for successful seminal concepts
which are now to open up the determined
potential in the framework of
further project activities and concludes,
“We do this with the goal in mind to
close the existing gap between the fast
development of bio-technology and the
logistics required for this and therefore
to strengthen the profile of Central
Germany as a bio-logistics location .”
www.innovationsforum-biologistik.hhl.de
Textbook on
IT-based logistics
HeinZ nixdorF cHair oF it-BaSed logiSticS
cHair donor
Heinz nixdorf Stiftung
cHairHolder
Prof. dr. iris Hausladen
contact
www.hhl.de/logistics
In her book “IT-gestützte Logistik .
Systeme – Prozesse – Anwendungen”
(“IT-based Logistics . Systems –
Processes – Applications”), the author
Prof . Dr . Iris Hausladen presents the
basics and practical applications of
the field of research and teaching at
the same time . The most important
concepts and tools are discussed by
means of the logistical process chain –
from procurement and production
logistics to distribution logistics .
Numerous vivid examples give a wellstructured
insight into the manage -
ment of IT-based Logistics, the success
factors as well as framework
conditions for the efficient control of
logistical processes by means of IT .
The book with an activity-oriented
concept was published in 2011 by
Gabler Verlag (ISBN 978-3-8349-2199-
4) and is aimed towards students and
practitioners alike .
The focus is not on teaching merely
the theory . Rather, the exciting topic
of “Logistics through IT” is reviewed
based on the practical application in
combination with the theoretical
basis required for understanding .
The motto is: “From practice to theory
and from science to application .” The
reader obtains insight in the basics of
IT-based Logistics, gets to know the
logistical processes and technologies
which form the basis of the concepts
and learns how important applications
currently used in global and
interconnected logistic systems
function and what the practice-relevant
framework conditions are . While
logistics originally focused on the
physical component of the space-time
transformation of goods, the second
pillar – information management –
cannot be disregarded these days .
www.hhl.de/fileadmin/texte/ls-logistik/
Buchinformation.pdf
core coMpetencieS/
reSearcH intereSt
• Logistics and Supply Chain
Management
• E-SCM / iT-based Logistics
• Business Process Management
in the field of e-technologies
• Production Management
• Organizational development
• Competence management
in companies

34 HHL RESEARCH REPORT 2012
HeinZ nixdorF cHair oF it-BaSed logiSticS
“natural catastophes
affect Humanitarian
logistics”
Humanitarian logistics represent a
highly complex as well as specialized
field of logistics. Humanitarian aid
is at the center of attention, even if it
cannot be detached from economic
criteria. HHL as a business school considered
it both an honor and duty for
the Heinz Nixdorf Chair of IT-based
Logistics to be able to work in the
“Humanitarian Logistics” research
group by the Bundes vereinigung
Logistik (Federal Logistics Association,
BVL) and to contribute its
experience in the field of logistics.
Prof. Dr. Hausladen, about USD
100 billion is spent on humanitarian aid
each year. What role do logistics play in
saving lives and delivering supplies?
Prof. Dr. Hausladen: Logistics has the
central task of providing people in need
with supplies of drinking water, food,
tents and medication etc ., controlling
and coordinating the delive ries and is
therefore vitally important – logistics
represents the crystal nucleus of humani
tarian aid . It is the connection between
organization and supply, shipping
and transport in addition to distribution
of relief goods on location . It facilitates
the presence of first responders and
medical staff as well . Humanitarian
logistics cannot prevent catastrophes
but contribute to easing the impact and
support sustainable devel opment, e .g .
rebuilding self-sustaining infrastructures
in the disaster regions .
The famine in east Africa with more
than 12 million people suffering, the
earthquake in Haiti with over 220,000
victims or the flood in Pakistan affecting
more than 20 million people:
it seems the number of natural catastrophes
is increasing. What challenges
do logistics face in this respect?
Prof. Dr. Hausladen: These past events
unfortunately confirm the experts‘ prognoses
that there will be more natural
catastrophes . This development affects
humanitarian logistics in many ways
and brings on enormous challenges .
Development aid is a continuous task
within logistics, meaning the annual
capacities regarding human and financial
resources can be planned by comparing
the previous figures, although
the resources in the event of a catastrophe
need to be provided immediately
and often in a decentralized manner .
These capacities cannot be quantified
beforehand and most importantly
they cannot be stockpiled exclusively
either . Efficient logistics in the event of
a natural disaster therefore requires an
unbureaucratic, fast activation of logistical
resources which is often accompanied
by the labor of many volunteers .
However, this can only be successful if
assistance scenarios are designed for
potential catastrophes; cooperation and
communication structures between the
main actors are established sustainably;
humanitarian aid processes are, to a
large extent, documented and standardized;
and catastrophe relief measures
are simulated and practiced in a “training
environment” . The greatest importance
is to be attached to the coordination
of relief organizations, public
institutions, logistics providers, etc . in
a regional, national and, particularly, in
an international context .
How can logistical processes be improved,
especially with regard to the
cooperation between service providers
and relief organizations?
Prof. Dr. Hausladen: The field of
humanitarian logistics encompasses
various logistical processes . This starts
with the definition of strategies and
budget planning for humanitarian projects,
and continues with scheduling aid
in the disaster regions to classic logistical
processes such as storing, picking,
loading, shipping and distributing .
Basically, the same requirements and
possibilities of business process management
and process optimization as in
industrial logistics apply to humanitarian
logistics . However, due to the special
ad hoc nature of disaster logistics and
the diversity of actors involved, often
acting in an uncoordinated manner,
optimization plans are much more
difficult in practice . A gradual improvement
in the cooperation together with
optimized processes can be reached by
cooperation agreements, codes of conduct,
communication platforms etc .
What can humanitarian logistics learn
from other industries?
Prof. Dr. Hausladen: Humanitarian
logis tics has many structural features in
common with industrial but also trade
logistics regarding the basic tasks and
objectives, i .e . providing the right product
in the right place at the right time
with an appropriate quality . Approved
concepts and methods from procurement,
storage, distribution and maintenance
logistics for various industries
(e .g . automotive, chemical, health care)
offer an excellent initial basis for the
transfer and adaptation of the elements
to the specific requirements of catastrophe
logistics . Beyond that, approaches
to crisis and catastrophe management,
development aid (in the form of permanent
humanitarian aid) may be examined
related to their logistics-relevant
transfer and application potential .
Would preventive measures also be
possible?
Prof. Dr. Hausladen: Of course, preventive
measures can be defined for
humani tarian logistics to a limited
extent as well . This does not mean, however,
that tons of medication and relief
goods can be stored for years or means
of transport can be reserved exclusively
for ad hoc emergencies . I do see some
potential in the layout and standardization
of the logistical processes, the
scenario planning and simulation, the
establishment of strategic cooperations
as well as in the development of
concepts for initial phase logistics for
humanitarian projects . In my opinion, all
these diverse and complex aspects could
be bundled into an integrated logistics
system – in this context, I would like to
refer to my publication on this topic –
for the purpose of effective prevention .
SuSTAinABiLiTY And COMPETiTivEnESS 35
HHl wins national
leading-edge cluster
competition
Together with about 40 partner
companies and half a dozen research
institutions from Saxony-Anhalt
and Saxony, HHL won the Leading-
Edge Cluster Competition by the
Federal Ministry of Education
and Research (BMBF) with the
“BioEconomy” project in early 2012 .
The BioEconomy Cluster in central
Germany, which will receive up to
EUR 40m from the BMBF, focuses
on the integrated material and energetic
use of non-food biomass for the
production of materials, chemicals,
energy carriers and products from
new materials . Cross-cluster material
flow management as well as the
development, scaling and implementation
of production procedures by
the industry allow for the optimization
of value added from biomass .
With the support of the Helmholtz-
Zentrum für Umweltforschung - UFZ,
the Deutsches BiomasseForschungs-
Zentrum - DBFZ, as well as
InfraLeuna GmbH, HHL’s Heinz
enzYMATIC
HYDRolYSIS
Nixdorf Chair of IT-based Logistics,
Stiftungsfonds Deutsche Bank Chair
of Innovation Management and
Entrepreneurship along with the
Chair of Marketing Management are
responsible for the accompanying
research within the cluster focusing
on the development of competitive
strategies and control tools .
Specifically, HHL is involved in
the projects of Material Flow
Management, Innovation and
Marketing Management as well as
Governance and Cluster Management .
Prof . Dr . Iris Hausladen says on
behalf of her HHL colleagues:
“The project started on July 1, 2012
with a consolidation of the experience
of all partners involved in deliberations
on the BioEconomy Cluster
Strategy . The next concrete steps
are the documentation and analysis
of established material flows and
their logistical concepts, an analysis
of the market, positioning, innovation
and start-up potential as well
WooD/BARK/ReSIDuAl MATeRIAlS
AlCoHol-WATeR-PulPInG
enzYMATIC
HYDRolYSIS
as the development of the tools of
control for the cluster management .
Thanks to the intensive practical
collaboration with companies from
the cluster region and the interdisciplinary
project approach at the
interface of technology, economy
and environment, the chairs involved
in this project can not only develop
and transfer methodological skills
and experience in the highly innovative
field of BioEconomy but also
strengthen and expand their position
in the scientific landscape .
HHL is looking forward to the exciting
collaboration between natural
science and business practice . As
the German top manager Eberhard
von Kuenheim once said: ‘Philosophy,
technology and social sciences
must meet more often . They should
find a common language .’ If you
add economic sciences as a supplementary
category to this list,
the BioEconomy Leading-Edge
Cluster is a wonderful example .”
An example of a discussion subject within
the BioEconomy Leading-Edge Cluster:
the organosolv pulping of wood as well as
possible applications of the products
BASe-CATAlYzeD-
DePolYMeRISATIon
GluCoSe XYloSe PHenolS
feRMenTATIon
e.G. SuCCInIC ACID, lACTIC
ACID foR BIoPlASTICS
AlCoHol ReCYClInG
CelluloSe HeMICelluloSe lIGnIn
e.G. THeRMoSeTTInG
MATeRIAl
Source: ©Fraunhofer CBP

36 HHL RESEARCH REPORT 2012 SuSTAinABiLiTY And COMPETiTivEnESS 37
SparKaSSen-FinanZgruppe cHair oF MacroeconoMicS
a Model for the role
of Foreign Banks in
eastern europe
The Sparkassen-Finanzgruppe Chair
of Macroeconomics under the leadership
of Prof. Dr. Wilhelm Althammer
has the task of teaching students the
theory of economics and its implications
for the practice of economic
policy. The research focuses on international
economic and environmental
policy as well as the interaction
between these two political fields.
Prof. Dr. Althammer, in what way do
the eastern European banks and the
eastern European banking market differ
from the rest of the world?
Prof. Dr. Althammer: Banking markets
are characterized by the fact that
domestic institutions have an advantage
and dominate the market . This applies
to industrialized nations, emerging
markets and developing countries .
Only in the Eastern European banking
market do foreign banks have a dominant
position with a market share of an
average of 70 percent .
You developed a theoretical model from
the empirical analysis. What implications
regarding the stability of the
banking markets can be drawn from it?
Prof. Dr. Althammer: One danger
arising from the dominance of foreign
banks is that they might withdraw in
the event of a crisis which would make
the markets less stable . One of the results
of our model, however, was that
foreign banks in fact use situations of
crisis to build up their market position
so that they actually contributed to the
stabilization of these markets .
Under which conditions can foreign
banks increase their market share?
Prof. Dr. Althammer: Domestic banks
have informational advantages since
their customer relations have grown .
This is referred to as “relationship
banking” in banking theory and leads to
advantages regarding “soft” facts .
We assumed, however, that foreign
banks have a better “banking technology”
due to their longer experience
in a market economy, which means having
better methods of risk assessment,
risk management, liquidity management,
refinancing, etc . Therefore, they
have an advantage regarding the “hard”
facts and can compensate for any disadvantages
. Which effect dominates
depends on the volatility of the environment
.
What implications arise from the financial
crisis? What research approaches
result from it?
Prof. Dr. Althammer: The data basis of
this report was created before the financial
crisis and reflects the development
of eastern Europe between 1995 and
2006 . The possibility of a worldwide collapse
of banking markets due to a trust
crisis seemed unlikely not just to us .
Therefore, our model lacks the aspect
that a bank crisis serves as a transmission
mechanism for instabilities in the
country of origin . This is an extension
that has now become interesting .
What was the feedback on the model
introduced at several conferences
within professional circles?
Prof. Dr. Althammer: Our colleagues
like that we developed an innovative
idea in a model with a relatively low
level of complexity .
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
Domestic Foreign
The average market share of foreign banks in
the 12 most developed CEE countries increased
sharply in the second halt of the 90s. This
develop ment is unique, both among developed
and emerging economies.
6
5
4
3
2
1
0
1994 1995 1996 1997 1998 1999 2000 2001 2002
GDP growth Std
1995 1996 1997 1998 1999 2000 2001 2002
The surprising fact is that the foreign banks invested
in this period despite the fact that in these countries,
average GDP growth was low and declining.
SparKaSSen-FinanZgruppe cHair oF MacroeconoMicS
20 Years of Bürgschaftsbank Sachsen
160 1200
120 900
80 600
40 300
Million
EUR
1991
Geschäftsentwicklung der BBS 1991-2010
Volume of guarantees issued in million EUR in the reporting year Number of guarantees issued in the reporting year
With insolvency Without insolvency
Guarantee banks are a part of the
funding for small and medium-sized
enterprises (SME) in Germany . They
were founded to provide debt and
investment guarantees in order to
solve the problem of insufficient loan
securities from these companies .
Therefore they support investment
and company growth . On the occasion
of the 20th anniversary of the
Bürgschaftsbank Sachsen (Surety
Bank of Saxony), Prof . Dr . Wilhelm
Althammer, Dr . Oliver Hoßfeld and
and Georg Siegert prepared a report in
which they provide an overview of the
activities of Bürgschaftsbank Sachsen
(BBS) up to the present, put these
activities in a national context, assess
the effects on the Saxon economy and
outline future challenges for the BBS .
Since it was established, the BBS
Trade issued more than 11,000 guarantees
. Most of them were given
to companies from handicraft and
manufacturing . The data showed that
about one third of all the supported
businesses were start-ups . The BBS
is in the top group in relation to the
granted volume in the national comparison
. Surveys among companies
show that the guarantees support
start-ups, facilitate transfers of
SparKaSSen-FinanZgruppe cHair
oF MacroeconoMicS
cHair donor
Sparkasse Leipzig
cHairHolder
Prof. dr. Wilhelm Althammer
contact
www.hhl.de/macroeconomics
1995 2000 2005 2010
business, increase the competitiveness
of the individual businesses and
strengthen the innovative power of
the companies .
According to the authors‘ calculations,
the BBS has granted an average
of EUR 60 million per year between
2006 and 2010, triggering investments
of more than EUR 130 million per year,
increasing the Saxon GDP by almost
EUR 200 million per year and creating
almost 800 new jobs each year .
“The objective in the future must be
to further strengthen the Saxon economy
and to increase the number of
start-ups which is still relatively low
compared to the Old Federal States,”
explains Prof . Dr . Althammer . Due to
the demographic change, the topic of
transfer of business will come more
and more to the fore . The authors
therefore conclude: “The BBS plays a
significant role in both areas and can
do even more in the future .
With the investment subsidy being
discontinued soon and the limitation
of other funding, the importance of
investment guarantees will grow in
the future .”
www.bbs-sachsen.de
core coMpetencieS/
reSearcH intereSt
• international economics
• environmental policy
• interaction between these
two political fields
Number

38 HHL RESEARCH REPORT 2012 SuSTAinABiLiTY And COMPETiTivEnESS 39
dr. werner JacKStÄdt cHair oF econoMic and BuSineSS etHicS
can Business Be
Managed without trust?
The dialogue between theory and
practice on corporate responsibility
is at the center of the work at the
Dr. Werner Jackstädt Chair of
Economic and Business Ethics.
Based on a theoretical concept and
with an orientation towards issues
from the practice, Prof. Dr. Andreas
Suchanek and his staff examine the
question of how profit and morality
can be made mutually fruitful according
to the golden rule: Invest in the
conditions of social cooperation for
mutual advantage!
Code of Responsible
Conduct for Business
The work of the chair centers on the
realization that trust is the fundamental
basis for societal cooperation . It examines
how companies and their leaders
can regain the trust which shrank over
the last few years using the “Code of
Responsible Conduct for Business” .
This Code, to which Prof . Dr . Suchanek
contrib uted, has been signed by executives
of more than 40 major German
enterprises, renowned family-run businesses
and medium-sized companies as
well as four leading bodies within the
economy .
“The Code of Conduct was not primarily
created to establish concrete rules but
to highlight an attitude which conveys
trust,” explains Prof . Dr . Suchanek .
A successful economy is not only
based on law and justice – it always
requires the people‘s fundamental
trust as well . The loss of confidence in
the market economy, companies and
their managers therefore represents a
serious problem . Trustworthiness is an
indispensable precondition for the sustainable
success of business: if you are
not trusted, you will not find customers,
investors, employees, suppliers or other
cooperation partners; nobody wants to
collaborate with someone they do not
HB H Hf HB
1 1 1 2
The scheme explains the embeddedness of one’s
actions in time. On one hand you depend on
given conditions of action (HB1) and it makes
sense to understand them, e.g. with respect to
social relationships and dependencies; on the
other hand every action does not only lead to
intended consequences (HF1) but frames also
your own future (HF2) and the track record
(reputation, trustworthiness) you’ll then have,
respectively.
trust . When looking at it that way, trust
is nothing other than an investment
in an asset . Customers or investors,
politicians or administrators, media
representatives or citizens: they all have
an impact on the value-added processes
in companies . Therefore, trust plays an
important part in all these interactions .
Consistent Actions
For people to consider this attitude
genuine, it must be reflected in the
actions of the decision makers and
their companies; words and deeds
must comply with each other, they
must be perceived as consistent . Many
companies have initiated a number of
activities and projects, even strategic
re-orientation, under desig nations such
as “CSR”, “social commitment” and
“sustainability” over the last 20 years
but, according to Prof . Dr . Suchanek,
what happens in the core business is
pivotal to credibility . For example: if
credibility is about to be gambled away
by closing down a location which still
makes profit – and the public perceives
this as a “relevant inconsistency” which
undermines trust – it does not help
much to support an art project (which
by it self may well be worthy of spon -
soring) . “Against this background, the
systematic causes for the loss of
con fidence must be envisioned in
order to find the right starting points
for measures in accordance with the
Code and avoid unwanted counterproductive
measures,” concludes Prof . Dr .
Suchanek .
The Code therefore seeks to establish
basic and generally-accepted guidelines
for responsible conduct in business
from which both expectations and
decisions on business can be drawn .
The main principle of the Code is:
“The wording of
the Code is neither
a law nor a document
defining
binding rules and
monitoring the
compliance thereof
using precisely determined
criteria“
prof. dr. andreas Suchanek
“The economy must promote the public
good .” The leading representatives of
the economy play a significant role in
the implementation of this principle
as they actively take a stand on topics
which are important for the sustainable
continuation of the company and
the maintenance of public trust . “This
Code is not about another new standard
such as ISO 26000 or the German
Sustainability Code by the German
Council for Sustainable Development .
In fact, it is about executives disclosing
their general benchmark for responsible
conduct in business .”
In doing so, the economy has made
society an offer of dialogue which
now needs to be substantiated . One
precondition crucial to success is that
both sides take the thought of dialogue
seriously . On the one hand, companies
must not confine themselves to emphasizing
their good deeds and sublime
principles but must actively take a stand
on the disputed topics . On the other
hand, representatives of the public and
civil society must not limit themselves
to merely challenging the trust and
over-simplifying conflicts; instead, they
should take the managers at their word,
set out their expectations, specify the
criticism through the guidelines of the
Code and consider the limitations of
how much responsibility businesses can
take in the process .
“The wording of the Code is neither a law
nor a document defining binding rules
and monitoring the compliance thereof
using precisely determined criteria,”
emphasizes Prof . Dr . Suchanek . It was
developed by the economy – and not external
influences – to express an attitude
and making it part of a dialogue in the
form of principles and positions .
www.wcge.org
Dissertations
Martin von Broock wrote about
the “understanding of the game” as
a category which shows the central
significance of individual perception
of societal processes, rules and situations
as a precondition of societal
order . With his work, he adds an
essential dimension to the existing
terms of “game moves” and “rules of
the game” .
Hans-Christian erdmann‘s thesis
dealt with the responsibility of
media companies . The thesis was
prepared in cooperation with the Axel-
Springer-Verlag publishing house .
Marcos Sáez obtained his doctoral
degree by examining the question of
trust between banks and retail customers
. The financial crisis showed
the elementary importance of trust .
Sáez‘ theses analyzes the challenges
for banks to invest in this “asset” .
Jan Sammeck submitted collective
self-commitment processes to an
economic analysis and identified
central factors of fundamental importance
for the success or failure
of these processes (possibilities of
measure ment of cost and return of
self-commitment, interdependence
of committing actors, and the cost of
implementation) .
Christian zangs submitted a thesis
on the influence of corporate responsibility
strategies within the context
of mergers & acquisitions and the
implications that may arise due to
differences in these strategies .
dr. werner JacKStÄdt
cHair oF econoMic and
BuSineSS etHicS
cHair donor
dr. Werner Jackstädt-Stiftung
cHair Supporter
Stifterverband für die
deutsche Wissenschaft
cHairHolder
Prof. dr. Andreas Suchanek
core coMpetencieS/
reSearcH intereSt
• corporate responsibility
• economic and business ethics
• management of trust and integrity
• methodology of social sciences
• theory of sustainability
contact
www.hhl.de/ethics

40 HHL RESEARCH REPORT 2012 innOvATiOn And EnTREPREnEuRSHiP 41
Bohr’s Quadrant
(pure basic research)
nO
COnSidERATiOn Of uSE?
Hobbyist’s Quadrant
(exploring particular
phenomena)
YES
pasteur’s Quadrant
(use-inspired
basic research)
challenge of the entrepreneurial university
QuEST fOR
fundAMEnTAL
undERSTAnding
nO
YES
edison’s Quadrant
(pure applied research)
As Stokes pointed out in his four quadrants, if universities aim for
more use-inspired basic research like in Pasteur’s quadrant, they
could become much stronger in making use of their knowledge.
They could do this without losing their demanding standards, which
would happen if they concentrated on pure applied research like
in Edison’s quadrant. The balance between science and technology
needs is the essential asset modern universities should possess.
StiFtungSFondS deutScHe BanK cHair oF
innovation ManageMent and entrepreneurSHip
the changing role of
uni versities as innovation
engines and entrepreneurial
Hubs
The importance of the quality of
knowledge for the welfare of nations
can be illustrated by a simple example .
Although the physical weight of the US’s
annual exports has not changed significantly
over the last one hundred years,
the real value of its exports has increased
twentyfold . It is the knowledge that
goes into the goods and services and the
processes required to produce them that
determines the value of the exports and
their competitiveness in world markets .
Historically, the traditional school of
thought has regarded universities as a
typical ‘production machine’ of human
resources . On the other hand, companies
encourage researchers to join their R&D
department, and in some years, each of
these companies has a huge R&D department,
in which many researchers are
working on relatively similar tasks with
low degree of efficiency and specialization,
and where ideas are developed in
their central facilities, and then developed
to a product or service .
Now companies have shifted to a more
project-oriented approach, where research
activities are sectored and spread
across several sites that are not only in
the company’s headquarters, but also
worldwide . The interest in a big R&D
research center has seriously declined .
Parallel to the change in companies,
universities as well have been changing
. It started with universities seeking
cooperation with nearby companies
and national firms, reaching to a global
network of cooperation between universities
and firms on the international
level, moving from central research
units to joint-venture laboratories (i .e .
university-industry collaborations),
to a research institution, reaching to a
complete form of an emerging company .
The late nineteenth century witnessed
an academic revolution in which universities
added a third task in addition
to research and teaching, which is
its contribution into the economic
development . This trend began in the
U .S .A . in the 1970s, then in various
Western European countries during
the 1980s .
The role of universities as engines of
innovation is in the first place due to
the education and qualification of the
students, doctorates and the post-docs .
The people are the creative disrupters,
the catalysts and the future entrepreneurs
. This is the traditional function of
universities, which counts in the current
world of sciences much more than it
ever has in the past .
What is really new in principle, is that
the best skilled people develop their
splendid ideas und inventions more
often during their time in the universities,
than when they begin working in
the laboratories of the research oriented
companies as they had in the past .
Therefore the universities not only have
to “produce” the best people, but they
also have to organize well the shift of
knowledge from the labs in the universities
to the markets .
The shift from mode 1 to mode 2
was a great change in the concept
of knowledge transfer . According to
Michael Gibbons and his co-workers,
mode 1 is about the traditional knowledge
created within a discipline in a cognitive
context, while mode 2 is created
in a broader transdisciplinary social and
economic context . Shifts in universities
reflected changing from mode 1 to mode
2, to the bigger manifestation of the
expanding role of universities which is
the Triple Helix approach . As the name
suggests, it is the combined effort of a
society’s three main institutions – universities,
companies, and government
agencies, that overlays the network of
knowledge sharing .
Over the last ten years, most countries
have been trying to attain some
advanced form of the Triple Helix . Their
main goal is to attain an “innovative
environment consisting of university
spin-offs, tri-lateral initiatives for
knowledge-based economic development,
and strategic alliances among
firms, government laboratories, and
academic research groups . These arrangements
are often then encouraged,
but not controlled by the government .”
The universities in all developed countries
especially in the US and Germany
have added in the past two decades a
lot of additional functions to the innovation
process . More quantitative as
well as qualitative participation at the
national and international innovation
eco-system has taken place .
In addition to this multifunctional
nature, especially within U .S . universities,
they are magnets for the best skilled
immigrants . With a rapid growing share
of foreign-born doctorates in the US
from 15 percent in the age group of 66 to
70 up to over 40 percent in the age group
StiFtungSFondS deutScHe BanK cHair oF
innovation ManageMent and entrepreneurSHip
cHair donor
Stiftungsfonds deutsche Bank
cHairHolder
Prof. dr. Andreas Pinkwart
contact
www.hhl.de/innovation
core coMpetencieS/
reSearcH intereSt
• innovation management in new
business creation and in established
companies
• focus on intellectual venturing
• transfer of created knowledge from
academia into businesses

42 HHL RESEARCH REPORT 2012 innOvATiOn And EnTREPREnEuRSHiP 43
of 26-30, the US-universities are on one
hand not only engines of innovation
for their own population but also for
the global market . On the other hand,
the universities as magnets for the best
students, is important within their
own innovation system because they
attract these qualifications which are
necessary for growth and employment
through innovation .
Although the German universities are
able to attract a relatively high share
of the international student market, it
is not comparable with the role of the
U .S . universities . Maybe the German
universities have to learn how to earn
money from the foreign students as
well as to support them in staying and
founding companies in Germany after
their exams . This will help fill the gap of
demography which will be much more
deeper in Germany than in the U .S .
Conclusion
It is quite obvious now that universities
can no longer be regarded as only
providers of human resources, but
rather as incubators and network
hubs for new ideas and innovations .
Academic knowledge is transferred to
new products and processes through
many different channels such as the
patenting and licensing of inventions,
business development, or universityindustry
collaborations . Although there
is evidence of growing academic knowledge
commercialization, less is known
about whether the commercialization
of research takes place in universities in
a form that companies cannot replicate .
This is a rich context for many emerging
questions for both the academic
and practical world .
Internationalization Strategies
for German High-Tech Start-ups
As part of an empirical long-term study
of the financial and risk management
of German high-tech companies
Dorian Proksch, Research Assistant
at the Stiftungsfonds Deutsche Bank
Chair for Innovation Management and
Entrepreneurship, conducts a special
analysis for internationalization behavior
of high-tech companies in the
early phase . The long term study uses
a comprehensive analysis of merged
documents and interviews with the
founding players of German early stage
funds . He uses his empirical findings
of the long-term study to find out the
In the early stage of the development of
newly founded technology based firms
(NTBF) intensive non-financial support
is often required in order to cope with the
vast number of existing restrictions and
risks . In this stage the additional value
created by Venture Capital Funds (VCF) –
beyond from covering capital requirements
– is mainly based on management
support and a balanced risk management .
So far empirical academic studies of the
early stage financing are mostly crosssectional
and look at a set of investments
based just on the notion of the
investment manager in charge . There is
a lack of longitudinal studies more objectively
considering the decisions and
characteristics of a set of investments
factors which hinder or foster the early
internationalization in the early stage of
high-tech startups . Mr . Proksch answers
the question if there is a correlation between
the international experience and
the networking of the founders team
and the degree of international involvement
of high-tech startups . Mr . Proksch
also takes into account the uniqueness
of the business concept and the influence
of the risk-bearing capacity to
inter nationalization . The results can
help investors to better determine the
chance of internationalization of a hightech
company .
Strategic Management in Early Stage
Venture Capital Funds
crowdFunding and crowdinveStMent
Crowdfunding is one of the recent
trends regarding the financing of
social, artistic and commercial projects .
Since 2003, there has been a great rise
of crowdfunding platforms in the U .S
and Europe . It became very popular
through internet platforms like kiva .
org or kickstarter .com in the English
speaking world and developed very fast
in Germany .
Crowdfunding is a method to earn capital
through masses . Using an internet
platform, a wide range of people can
be addressed to collect money for the
project . It can be differentiated between
projects with natural incentives and
without incentives . Also start-ups
have been gaining capital over a crowd
using the methods of crowdfunding .
But it never seems to fit to the needs
of a young start-up . This changed with
new emerging forms of platforms like
seedmatch .de or innovestment .de in
Germany . Start-ups now have a supply
which seems to fit their specific needs .
The platforms are mediators between
investors and young start-up firms
with the aim of closing the financing
gap in early stages through supplying
over time . The newness of the examination
by Dorian Proksch rests on analyzing
VCFs’ original deal documentation
at the source and surveying investment
managers and NTBF only regarding
those pieces of information, which cannot
be found in the VCFs’ files . For this
examination Mr . Proksch wants to use
a framework of accepted and known
perspectives which are seen as success
factors for new venture creation . These
factors are in the fields of interpersonal
relationships, networks, characteristics
of technology and management support
by an equity capital provider . The study
by Mr . Proksch highlights a conceptual
framework of strategic management in
early stage VCF .
high-risk shares to interested investors .
The incentive here is clearly monetary .
This new form of Crowdfunding can be
called Crowdinvesting . There are essential
advantages in Crowdinvesting,
which prompt questions in the usability
of it for start-ups . Especially
the problem of a failing investment or
the high probability of copying one’s
business idea when submitting the
whole business plan to an undefined
mass of investors are not yet totally
discussed by the academic community .
These problems will be addressed in a
research project by Anja Hagedorn .
ScHuMpeter Junior proFeSSorSHip For
entrepreneurSHip and tecHnologY tranSFer
creating an incubator
for new Business ideas
Since March 1, 2012, Dr. Vivek K.
Velamuri is the Schumpeter Junior
Professor for Entrepreneurship and
Technology Transfer at HHL.
This junior professorship is kindly
sponsored by the Leipzig Foundation
for Innovation and Technology Transfer.
Dr. Velamuri will strengthen HHL’s
profile as an international business
school and incubator for new business
ideas and start-ups in the Leipzig innovation
region. His research focus is on
hybrid value creation, i.e. the process
of generating additional value by combining
products and services. He is
currently leading a team at HHL, which
is responsible for developing a detailed
concept for the EXIST competition.
HHL is the only business school that
was voted into the second round of the
EXIST – Culture of Entrepreneurship
program. What do you have to do to be
successful in this competition?
Dr. velamuri: To score in this nationwide
competition one has to provide a
comprehensive plan how to foster the
entrepreneurial spirit not only in the
university but also in the local region .
EXIST calls for a holistic entrepreneurship
concept that incorporates the entire
organization – including the Dean,
the faculty, the students, and the staff .
They all should truly live the entrepreneurial
spirit . Additionally, HHL wants
to facilitate different research institutions
from the Leipzig innovative region
(e .g . University of Leipzig, Fraunhofer
MOEZ, HTWK Leipzig) in commercializing
their research . Here, HHL wants to
contribute with its profound expertise
in facilitating various start-ups .
By this means, we also want to
strengthen HHL’s profile as one of the
world’s leading entrepreneurial business
schools . Over the next two months,
we will analyze best-practice examples
from entrepreneurial universities in
Germany, Europe and the U .S . more
intensively .
What implication does the EXIST competition
have on the research at HHL?
Dr. velamuri: We want to channel funds
from the EXIST competition directly to
conducting state-of-the-art research in
the field of entrepreneurship . In particular
we would like to focus on aspects of
entrepreneurial finance and marketing .
This will complement research conducted
by the Stiftungsfonds Deutsche Bank
Chair and my own chair .
How does EXIST affect the teaching at
your business school?
Dr. velamuri: Entrepreneurship is a
solid component of the curriculum
as a compulsory or elective subject
in the full-time and part-time M .Sc .
and MBA programs . The business
plan class stands out in particular
in this respect since it is considered
an early incubator for start-ups .
Moreover, the programs at HHL
include an internship which, on
average, every fourth student
completes in a start-up business .
Our classes are enriched by regular guest
lectures given by founders and investors
. The new series of lectures entitled
“Leipzig Entrepre neurship Lecture”,
which is open to visitors, examines
current entrepreneurship topics from
the perspective of the economy and
research, e .g . women entrepreneurship
and social entrepreneurship .
Glossary
exiSt
The “EXIST – Existenzgründungen aus der Wissenschaft”
(“Start-ups from Science”) program has funded
measures and projects since 1998 to establish the topic
of starting businesses in universities and reThe “EXIST
– Existenzgründungen aus der Wissenschaft” (“Startups
from Science”) program has funded measures and
projects since 1998 to establish the topic of starting
businesses in universities and re up University”)
competition, the Federal Ministry of Economics and
Technology (BMWi) provides almost EUR 46 million
over the course of seven years for challenging projects
at universities. The EXIST program is co-financed by a
grant from the European Social Fund (ESF).
Does EXIST give new impulses to the
theory-practice transfer?
Dr. velamuri: Funds will also be used to
build up a physical interaction platform
for people, ideas, and technology in
the region . With this, HHL supports
personal and professional independence
in a cross-subject and cross-institute
manner by offering workshops/seminars
and start-up coaching sessions .
ScHuMpeter Junior
proFeSSorSHip For
entrepreneurSHip and
tecHnologY tranSFer
cHair donor
Leipzig foundation for innovation and
Technology Transfer
cHairHolder
dr. vivek K. velamuri
core coMpetencieS/
reSearcH intereSt
• solving managerial problems faced
by organizations with a focus on
entrepreneurship, intrapreneurship,
and technology transfer
• focus on different facets of hybrid
value creation
• open innovation
• research on the phenomenon of
social entrepreneurship.
contact
www.hhl.de/entrepreneurship

44 HHL RESEARCH REPORT 2012 innOvATiOn And EnTREPREnEuRSHiP 45
center For leading innovation & cooperation
clic – a think tank of
innovation Management
The Center for Leading Innovation &
Cooperation (CLIC) is a research
facility at HHL. It is chaired by the
academic directors Prof. Dr. Kathrin
M. Möslein (Friedrich-Alexander-
University of Erlangen-Nuremberg &
HHL Leipzig Graduate School of Management),
Professor Anne Sigismund
Huff, Ph.D. (National University of
Ireland Maynooth & Technische Universität
München), and Prof. Dr. Ralf
Reichwald (HHL Leipzig Graduate
School of Management & Technische
Universität München). The Executive
Director, Dr. Hagen Habicht, makes
its Board of Directors complete.
CLIC is designed as a think tank in
the field of innovation management in
organizations and markets . It pools the
knowledge and experience of a strong
international network consisting of
institutions and experts in the field of
innovation research . CLIC currently
runs joint initiatives with more than 60
corporate partners and an international
academic network . “It is the innovative
spirit of our network of collaborators
that makes CLIC a ‘hot spot’ for exploring
possible futures, designing innovations
and learning across boundaries,”
says Prof . Dr . Reichwald .
ClIC‘s Research focus
Leadership of innovation and cooperation
are key challenges of the 21st
century . In this context, CLIC has set
its research focus in two separate, but
closely interconnected research fields:
(1) Open Innovation & Interactive Value
Creation and (2) Service Innovation &
Hybrid Value Creation .
Current projects in the research field
Open Innovation & Interactive Value
Creation address research questions
like: How to strategically open corporate
innovation systems? How to implement
open collective inno vation and value
co-creation processes? How to assess
the maturity of a firm’s open innovation
activities? How to develop individual or
organizational innovation and inter -
action competence? Or how to democratize
management and decision
processes in public administration,
legislation, educational or governmental
organizations or our healthcare system .
Current research in the field Service
Innovation & Hybrid Value Creation
deals with research questions like: How
to professionalize innovative services?
How to measure service productivity?
How to servitize traditional manufacturing
firms? Or how to develop governance
structures for service innovation
and hybrid value creation? Depending
Prof. Dr. Kathrin M. Möslein
Prof. Dr. Ralf Reichwald
Prof. Anne Sigismund Huff, Ph.D.
(from left to right)
on the specific research focus, CLIC’s research
approach ranges from exploratory
case study re search, surveys and user
experiments to longitudinal and largescale
design-oriented prototyping, piloting
and field experiments . Through the
support of national and inter national
funding institutions, private sector
organizations and the Peter Pribilla
Foundation, CLIC is able to facilitate
selected and particularly interesting
inter-disciplinary approaches . “It’s the
collaborative research with our partners
from industry that inspires everyone at
CLIC: the team at HHL as well as the network
of international CLIC Fellows and
Senior Fellows”, says Prof . Dr . Möslein .
In the following, a number of project vignettes
will showcase selected research
activities at CLIC .
Mastering Management
and Competence Development
for open Innovation
Open Innovation (OI) is a silver bullet,
but rather a constant challenge . Even
world famous companies sometimes
make far-ranging mistakes . It took 3,000
staff members approximately one year
to complete the systematization and
evaluation of the submissions to Google‘s
prestigious $10 million innovation contest
‘Project 10 to the 100 th ’
(www.project10tothe100.com/index.html) .
The promising use of OI-tools demands
companies to build up supporting competencies
and to create transparency
about OI activities . Both demands go
hand in hand and result in the intertwining
of competence management and controlling
. The Open Innovation Maturity
Model is a model which can make OI
transparent and assessable and supports
companies on their way to a systematic
use of OI . First results have already been
presented at several national and international
conferences, e .g . the European
Academy of Management, and were also
published in academic journals as well as
a number of practitioner outlets .
expanding the Reach
of open Innovation to
neglected People
Basically everybody is talking about open
innovation . In view of the actual participants
of OI shows, however, the processes
which are aimed at a large amount of
participation usually only reach young
technophiles . In order for the advantages
of innovation and participation processes
to reach social relevance, methods need
to be developed that include presently
neglected groups . At CLIC, there is research
in two directions: (1) How can staff
(of mixed age) systematically be included
in open innovation? The focus here is
on the development of tools for mutual
learning and to impart values . (2) How
can open innovation tools contribute to
the capacity of innovation in the care
system? Questions to overcome limited
capability to articulate and the academic
institutionalization of the care professions
play an additional role hereby .
understanding and
Managing the Productivity
of Services
The productivity of services has been
in the strategic focus of companies
for a while . The gross profit margins
of IBM, for example, diverge widely
with 80 percent in the product sector
and under 30 percent in the service
sector . Such discrepancies hint at the
necessity of further research in the
areas of measurement and management
of service productivity . At CLIC,
new concepts for the measurement and
practice-oriented management models
to increase service productivity are
being developed . Bridges between the
existing disciplinary perspectives are
being created in “workshop” meetings .
Current indepth research studies create
a better understanding of the development
and impact of service productivity
on service providers and customers
CLIC@EURAM:
Contributions to the
European Community
of Innovation
Researchers
For years CLIC researchers have been
engaged in the development of the
European Academy of Management
(EURAM), the biggest European community
of management researchers .
As a founding member of EURAM,
Prof . Dr . Möslein has been its Vice-
President from 2007 to 2012 and is
regularly teaching in the joint EFMD-
EURAM Programme on Developing
Research Managers . Together with
Dr . Habicht, she chaired the EURAM
Doctoral Colloquium for many years .
Both of them have also been involved
in shaping the EURAM Early Career
Community (EECC) . CLIC researchers
are regularly co-chairing research
tracks, e .g . on “Service Innovation
and Hybrid Value Creation” or
“Organizing for Creativity” . The aim
of these activities is the systematic
development of collaborative research
platforms for the next generations of
European management researchers .
and present starting points for new
management models . From a scientific
point of view the project ServProd,
Forschungswerkstatt (Productivity of
Services), contributes to the conceptual
and empirical development of the
service productivity construct . Business
practice benefits from assessment and
management approaches providing, in a
sense, a cockpit for service productivity .
Improving the Productivity
of Mass Customization
with Communities and
Media Provision
On the one hand Mass Customization
(MC) has been celebrated for years as a
Germany and the
Yasmin Revolution:
Nurturing Competencies
in the Field of
Innovation Management
in North Africa
In joint educational initiative with
a broad range of partners from
industry and academia in Tunisia
the focus is on the development of
tools for new approaches to blended
learning . Education is becoming
more and more relevant as a remote
service for the German economy .
This applies to educational institutions
as service exporters as well as
German industrial enterprises which
act as global education consumers .
Focusing on the German automotive
supply industry in the Tunisian
region, more efficient technologically-supported
forms of learning
based on open innovation tools are
being developed . Those comply with
the need for situational processing
and the knowledge transfer of expert
knowledge and competencies .
www.clicresearch.org
new paradigm of customer orientation in
mass production . On the other hand most
practical applications show that the price
premium hardly ever justifies the high
customization costs . The aim of CLIC‘s
research is to enable innovative small and
medium-sized businesses to increase and
extend their productivity and competitive
strength long term . The research projects
conducted by CLIC focus on the effects of
the systematic use of communities as well
as processes . First results of the project
have already been presented at several
national and international conferences .
center For leading innovation & cooperation
acadeMic directorS
Prof. Anne Sigismund Huff, Ph.d.
Prof. dr. Kathrin M. Möslein,
Prof. dr. Ralf Reichwald
executive director
dr. Hagen Habicht
contact
www.clicresearch.org
core coMpetencieS/
reSearcH intereSt
• think tank and exploration lab for
researchers and practitioners
• current and future key challenges in
the fields of leadership, innovation and
cooperation
• ’hot spot‘ for exploring possible
futures, designing innovations and
learning across boundaries

46 HHL RESEARCH REPORT 2012 PuBLiCATiOnS 47
publications
and conference
presentations
2011/2012
For further publications, see also:
www.hhl.de/publications
cHair oF Strategic
Manage Ment and
organiZation/
center For StrategY
and Scenario planning
Books
Hungenberg, Harald / Wulf, Torsten
grundlagen der unternehmensführung
Heidelberg: Springer, 2011
ISBN 3642177840
Book Chapters and Journal Articles
Wulf, Torsten / Stubner, Stephan /
Meißner, Philip / Brands, Christian
Szenariobasierte strategische planung
in volatilen umfeldern
In: Zeitschrift für Controlling und Management,
56(2012) 2, 34-38
Wulf, Torsten/ Stubner, Stephan
Strategische planung und strategisches
controlling mit Szenarien
In: Zeitschrift für Controlling, in Veröffentlichung
Bender, Manuel / Roleder, Kati
“prior to engagement: the Systematic examination
of ex-ante trust in First-time Strategic alliance”
In: Ilg, Markus / Puhr, Rainer (Hrsg .): Value Day
2012 . Aktuelle Entwicklungen in Controlling,
Finance & Strategy
Berlin: wvb Wissenschaftlicher Verlag, 2012
Wulf, Torsten / Stubner, Stephan /
Blarr, W . Henning / Brands, Christian:
organizational ambidexterity and
Family Firm performance
In: Journal of Small Business & Entrepreneurship,
25 (2012) 2, 217-229
Wulf, Torsten / Hoffmann, Christian /
Stubner, Stephan /Mach, Andreas
“Family equity” – unternehmensbeteiligungen
aus dem privatvermögen
In: Mach, Andreas / Labbow, Harald (Hrsg .): Family
Equity – Unternehmerfamilien, Investoren, Family
Offices, Private Equity, München 2011, 141-160
Wulf, Torsten / Miksche, Jutta / Roleder, Kati /
Stubner, Stephan
performance over the ceo life cycle: the impact
of Structural power creation activities
In: Problems and Perspectives in Management,
4 (2011) 9, 98-108
Wulf, Torsten / Stubner, Stephan /
Landau, Christian / Gietl, Robert
Buyouts in Familienunternehmen –
eine Herausforderung für private equity
In: Zeitschrift für KMU und Entrepreneurship
(ZFKE), in Veröffentlichung
Wulf, Torsten / Krys, Christian / Brands, Christian /
Meißner, Philip / Stubner, Stephan
ein radar für die Strategieplanung
In: Harvard Business Manager, 11(2011) 3, 56-63
Wulf, Torsten / Maul, Björn
eine Branche hängt in der luft
In: Zukunftsmanager,11 (2011) 3, 8-11
Wulf, Torsten/ Stubner, Stephan
position-specific Knowledge, new ceo learning
and Firm performance
In: European Journal of international Management,
in Veröffentlichung
Working Papers
Wulf, Torsten / Meißner, Philip /
Brands, Christian / Maul, Björn
Future Scenarios for the european airline industry
Working Paper, (01/2011)
Wulf, Torsten / Stubner, Stephan /
von Stietencron, Philipp
Führungskonzeption und Erfolg deutscher
Familien- und Nichtfamilienunternehmen
Working Paper (03/2011)
Wulf, Torsten / Brands, Christian /
Günther, Kareen /Meißner, Philip
Sachsenbank Branchenszenarien Mitteldeutschland –
Zukunftsszenarien für die Mikroelektronik in
Mitteldeutschland
Working Paper (04/2011)
Wulf, Torsten / Brands, Christian /
Günther, Kareen / Meißner, Philip
Sachsenbank Branchenszenarien Mitteldeutschland –
Zukunftsszenarien für die Fernwärme in den neuen
Bundesländern
Working Paper (4/2011)
Wulf, Torsten / Brands, Christian / Meißner, Philip
a Scenario-based approach to Strategic planning:
tool description Framing checklist
Working Paper (06/2011)
Wulf, Torsten / Brands, Christian / Meißner, Philip
a Scenario-based approach to Strategic planning:
tool description impact-uncertainty-grid
Working Paper (07/2011)
Wulf, Torsten / Meißner, Philip /
Brands, Christian / Reineke, Björn
der Markt für unterhaltungselektronik
in deutschland – Szenarien als Basis für
erfolgreiche wachstumsstrategien
Working Paper (12/2011)
Hoffmann, Christian / Wulf, Torsten /
Stubner, Stephan
Family Management and Firm performance
Working Paper (12/2011)
Conference Presentations
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Christian Hoffmann
Family Management and Firm performance – the
role of long-term orientation on Firm performance
Annual Conference of the Academy of Management,
Boston, USA, August 3-7, 2012
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Christian Hoffmann
Family Management and Firm performance – the
role of long-term orientation on Firm performance
Annual IFERA World Family Business Research
Conference, Bordeaux, France, June, 26-29, 2012
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner/
Philipp von Stietencron / Christian Hoffmann
goal orientation and Family Firm performance
Annual IFERA World Family Business Research
Conference, Bordeaux, France, June 26-29, 2012
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Christian Hoffmann
Stability orientation and Family Firm performance
2 . German Conference of Family Firm Researchers,
Vallendar, Germany, March 1-2, 2012
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Christian Hoffmann
is long term orientation really the Source
of Superior Family Firm performance?,
2 . German Conference of Family Firm Researchers,
Vallendar, Germany, March 1-2, 2012
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Philipp von Stietencron
the role of goals in the relation between Family
influence and Firm performance
G-Forum Jahreskonferenz
St . Gallen, Switzerland, November 2-4, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Christian Hoffmann
Family Management and Firm performance – the
role of long-term orientation for Firm performance
G-Forum Jahreskonferenz
St . Gallen, Switzerland, November 2-4, 2011
Prof . Dr . Torsten Wulf / Philip Meißner /
Dr . Stephan Stubner
Behavioral consequences of Scenario planning:
its impact on Biases and decision Quality
Annual Conference of the Academy of Management
San Antonio, USA, August 12-16, 2011
Prof . Dr . Torsten Wulf / Philip Meißner /
Dr . Stephan Stubner
Behavioral decision Making in Family Businesses:
the influence of Biases on decision Quality
in Strategic decisions
Annual Conference of the Academy of Management
San Antonio, USA, August 12-16, 2011
Prof . Dr . Torsten Wulf / Philip Meißner /
Dr . Stephan Stubner
Behavioral decision Making in Family Businesses:
the influence of Biases on decision Quality
in Strategic decisions
Annual IFERA World Family Business
Research Conference
Palermo, Italy, June 28-July 1, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Philipp von Stietencron
goal orientation and Family Firm performance
Annual IFERA World Family Business
Research Conference
Palermo, Italy, June 28-July 1, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Christian Brands
organizational ambidexterity and
Family Firm performance
Annual IFERA World Family Business
Research Conference
Palermo, Italy, June 28-July 1, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner
a ceo’s position-specific Skills and
post-succession performance
73 . Annual Congress of the German Academic
Association for Business Research (VHB)
Kaiserslautern, Germany, June 16-18, 2011
Prof . Dr . Torsten Wulf / Jutta Miksche /
Kati Roleder / Dr . Stephan Stubner
performance over the ceo life cycle –
the impact of Structural power creation activities
73 . Annual Congress of the German Academic
Association for Business Research (VHB)
Kaiserslautern, Germany, June 16-18, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
Philipp von Stietencron
a goal orientation and Family Firm performance.
Annual Conference of the European
Academy of Management
Tallinn, Estonia, June 1-4, 2011
Prof . Dr . Torsten Wulf / Philip Meißner
Behavioral decision Making in Family Businesses
the influence of Biases on decision Quality
in Strategic decisions
Annual Conference of the European
Academy of Management
Tallin, Estonia, June 1-4, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner /
W . Henning Blarr / Christian Brands
organizational ambidexterity and
Family Firm performance
Annual Conference of the European
Academy of Management
Tallin, Estonia, June 1-4, 2011
Prof . Dr . Torsten Wulf / Jutta Miksche /
Kati Roleder / Dr . Stephan Stubner
performance over the ceo life cycle –
the impact of Structural power creation activities
Annual Conference of the European
Academy of Management
Tallin, Estonia, June 1-4, 2011
Prof . Dr . Torsten Wulf / Dr . Stephan Stubner
Zielorientierung und erfolg von Familienunternehmen
1 . Deutsche Konferenz der
Familienunternehmensforscher,
Witten, Germany, March 11-12, 2011
cHair oF Financial
ManageMent
Book Chapters, Journal Articles
and Others
Schwetzler, Bernhard / Arnold, Sven
Multiples und Beta-Faktoren für deutsche Branchen
In: Corporate Finance biz, 3 (2012) 5, 253-254
Schwetzler, Bernhard / Aders, Christian /
Adolff, Johannes
Zur anwendung der dvFa Best-practiceempfehlungen
unternehmensbewertung
in der gerichtlichen abfindungspraxis
In: Corporate Finance biz, 3 (2012) 5, 237-241
Aders, Christian / Arnold, Sven /
Schwetzler, Bernhard
HHl/duff&phelps - Fairness opinion Monitor
Jahresreport 2011
In: Corporate Finance biz, 3 (2012) 3, 155-162
Arnold, Sven / Alexander Lahmann /
Schwetzler, Bernhard
tax Shield, insolvenzwahrscheinlichkeit und
Zinsschranke – eine empirische analyse
In: Die Wirtschaftsprüfung, 65 (2012) 6, 324-337
DVFA Expert Group “Corporate Transaction
and Valuation” / Schwetzler, Bernhard
die Best practice empfehlungen der dvFa
zur unternehmensbewertung
In: Corporate Finance biz, 3 (2012) 1, 43-50
Kengelbach, Jens / Klemmer, Dominic C . /
Sperling, Marco / Schwetzler, Bernhard
Kapitalmarktorientierte wertschaffung mit M&a
aus der Käuferperspektive, teil 2: erfolgsfaktoren
von Serienkäufern
In: M&A Review, 23 (2012) 1, 1-5
Fehre, Kerstin / Rapp, Marc / Sperling, Marco /
Schwetzler, Bernhard
the disappearing ‚deutschland ag‘ – an analysis
of Blockholdings in german large caps
In: Problems and Perspectives in Management,
9 (2011) 4, 46-58
Aders, Christian / Schwetzler, Bernhard
perspektivwechsel bei der Bestimmung der angemessenene
abfindung von Minderheitsaktionären
In: Finanzplatz (2012) 2, 30
Aders, Christian / Schwetzler, Bernhard
change in perspective when determining an
appropriate Settlement for Minority Shareholders
In: Finanzplatz (2012) 2, 31
Beckmann, Philip / Heuskel, Dieter /
Pidun, Ulrich /Rubner, Harald /
Rudolph, Christin / Schwetzler, Bernhard
the power of diversified Firms during crises
BCG Publikation, (2012) January
Arnold, Sven / Lahmann, Alexander / Reinstädt, Jens
Zur Überprüfung von Kapitalstrukturtheorien
in einer von Krisen geprägten Zeit
In: Corporate Finance biz, 2 (2011) 8, 449-458
Arnold, Sven / Lahmann, Alexander /
Schwetzler, Bernhard
Multiples und Beta-Faktoren für deutsche Branchen –
erläuterungen zu den Kapitalmarktdaten von
www.finexpert.info und corporate Finance
In: Corporate Finance biz, 2 (2011) 7, 430-434
Friedl, Gunther / Schwetzler, Bernhard
unternehmensbewertung bei wachstum und
inflation – eine Kritik am Modell von Bradley/Jarrell
In: Corporate Finance biz, 2 (2011) 6, 352-358
Friedl, Gunther / Schwetzler, Bernhard
terminal value, accounting numbers, and inflation
In: Journal of Applied Corporate Finance,
23 (2011) 2, 104-112
Arnold, Sven / Lahmann, Alexander /
Schwetzler, Bernhard
der einfluss der “Zinsschranke” auf den
unternehmenswert – eine anmerkung
In: Corporate Finance biz, 2 (2011) 5, 293-299
Aders, Christian / Schwetzler, Bernhard
HHl/duff&phelps - Fairness opinion Monitor
Jahresreport 2010
In: Corporate Finance biz, 2 (2011) 3, 208-212
La Mura, Pierfrancesco / Rapp, Marc Steffen /
Schwetzler, Bernhard / Wilms, Andreas
the certification Hypothesis of Fairness opinions
for acquiring Firms
In: International Review of Law and Economics,
31 (2011) 4, 240-248
Aders, Christian / Schwetzler, Bernhard
der preis eines Squeeze-outs – dvFa Best-practice
empfehlungen zur unternehmensbewertung
In: Going Public, (2011) 12, 44-47 .
Schwetzler, Bernhard
cash in der unternehmensbewertung
In: Bewertungspraktiker, (2011) 2, 2-7
Kengelbach, Jens / Klemmer, Dominic C . /
Schwetzler, Bernhard / Sperling, Marco O . /
Roos, Alexander
does practice Make perfect? How the top
Serial acquirers create value
In: BCG Publikation, (2011) April
Kengelbach Jens / Klemmer, Dominic C . /
Schwetzler, Bernhard
Kapitalmarktorientierte wertschaffung mit M&a
aus der Käuferperspektive
Teil 1: Erfolgsfaktoren im zyklischen Umfeld
In: M&A Review, 22 (2011) 12, 520-530
Working Papers
Rudolph, Christin / Schwetzler, Bernhard
conglomerates on the rise again? the worldwide
impact of the 2008-2009 Financial crisis on the
diversification discount
Working Paper, 2011
Kengelbach, Jens / Klemmer, Dominic C . /
Schwetzler, Bernhard / Sperling, Marco O .
an anatomy of Serial acquirers, M&a learning,
and the role of post-Merger integration
Working Paper, 2011
Rudolph, Christin / Schwetzler, Bernhard
conglomerate discounts and their Biases:
an international Survey
Working Paper, 2011
Chullen, Alberto / Schwetzler, Bernhard
does consistency improve Multiple Quality? –
the german case
Working Paper, 2011
Arnold, Sven / Lahmann, Alexander /
Schwetzler, Bernhard
tax Shield, insolvenz und Zinsschranke
Working Paper, 2011
Arnold, Sven / Lahmann, Alexander /
Schwetzler, Bernhard
Zinsschranke, unternehmensbewertung und apv
ansatz – eine anmerkung zum Beitrag von Förster/
Stöckl/Brenken (ZfB 2009, volume 79, p. 985 ff.)
Working Paper, 2011
Arnold, Sven / Lahmann, Alexander
Bewertung der Zinsschranke
Working Paper, 2011
Klemmer, Dominic C . / Schwetzler, Bernhard /
Sperling, Marco
capital Structure and corporate distress:
empirical evidence from a Bank-based economy
Working Paper, 2011
Doctoral Theses
Klemmer, Dominic, C .
treatises on Mergers and acquisitions and
capital Structure choices
Leipzig, HHL Leipzig Graduate School of
Management, 2012

48 HHL RESEARCH REPORT 2012 PuBLiCATiOnS 49
Metzker, Martin
determinants of Strategic choices and
central response variables like value
Creation in Corporate Takeovers
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Conference Papers / Presentations
Christin Rudolph / Prof . Dr . Bernhard Schwetzler
conglomerates on the rise again? the worldwide
impact of the 2008-2009 Financial crisis on the
diversification discount
EFMA 2012 Annual Conference
Barcelona, Spain, June 28, 2012;
74 . Annual Congress of the German Academic
Association for Business Research (VHB)
Bolzano, Italy, May 30-June 2, 2012;
WHU Campus for Finance - Research Conference
Vallendar, Germany, January 12, 2012
Prof . Dr . Bernhard Schwetzler
research in private equity @ HHl
WHU Campus for Finance, Private Equity Conference
Vallendar, Germany, March 29-30, 2012
Prof . Dr . Bernhard Schwetzler
private equity und Mittelstand
Arbeitsgemeinschaft Selbständiger
Unternehmer ASU e .V .
Leipzig, Germany, March 27, 2012
Prof . Dr . Bernhard Schwetzler
an anatomy of Serial acquirers, M&a learning and
the role of post-Merger integration
WHU Campus for Finance - Research Conference
Vallendar, Germany, January 12, 2012;
2 . Fachtagung “Mergers & Acquisitions im Spannungsfeld
der Rechts- und Wirtschaftswissenschaften
– Aktuelle Erkenntnisse aus Forschung und
Praxis”, M&A Alumni Deutschland e .V .
Cologne, Germany, December 2, 2011
Dipl .-Math . (FH) Sven Arnold /
Dipl .-Vw . Dipl .-Bw . Alexander Lahmann /
Prof . Dr . Bernhard Schwetzler
wie hoch ist der tax Shield bei der unternehmensbewertung
unter realistischen Bedingungen
2 . Fachtagung “Mergers & Acquisitions im Spannungsfeld
der Rechts- und Wirtschaftswissenschaften
– Aktuelle Erkenntnisse aus Forschung und
Praxis”, M&A Alumni Deutschland e .V .
Cologne, Germany, December 2, 2011
Dipl .-Kfm . Alexander Knauer /
Dipl .-Kfm . Matthias Tischner
value creation in private equity transactions;
Synergies in M&a transactions
Doktorandenseminar Ost des HypoVereinsbank-
UniCredit Group-Stiftungsfonds
Riga, Latvia, September 23-25, 2011
Dipl .-Kfm . Dominic C . Klemmer /
Prof . Dr . Bernhard Schwetzler
Serial acquirers: Können Firmen lernen
zu akquirieren?
IACVA’s 5th Annual Business Valuation Conference
Neuss, Germany, November 11, 2011
Dr . Christian Aders / Prof . Dr . Bernhard Schwetzler
die Best practice empfehlungen der dvFa zur
unternehmensbewertung
IACVA’s 5th Annual Business Valuation Conference
Neuss, Germany, November 10, 2011
Prof . Dr . Bernhard Schwetzler
communication Synergies in corporate transactions
UF Kolloquium, Henkel AG & Co . KGaA
Düsseldorf, Germany, September 19, 2011
Prof . Dr . Bernhard Schwetzler
recent trends in corporate valuation
PKF International Limited Network CF Meeting
Amsterdam, The Netherlands, September 15, 2011
Prof . Dr . Bernhard Schwetzler
unternehmensbewertung bei wachstum und inflation
Finexpert Breakfast
Munich, Germany, July 15, 2011
Prof . Dr . Bernhard Schwetzler
nachhaltiges wachstum in der
unternehmensbewertung
73 . Annual Congress of the German Academic
Association for Business Research (VHB)
Kaiserslautern, Germany, June 16-18, 2011
Dr . Marco Sperling / Prof . Dr . Bernhard Schwetzler
Serial acquirers: can Firms learn to acquire?
Vortrag bei Deutsche Bahn AG,
Berlin, Germany, April 12, 2011
Dr . Marco Sperling
does cash Burn Holes in their pockets
Midwest Finance Association (MFA)
Conference 2011
Chicago, USA, March 2-5, 2011
Prof . Dr . Bernhard Schwetzler
recent trends in M&a research
Presentation at the Quito Stock Exchange
Quito, Ecuador, January 20, 2011
cHair oF accounting
and auditing
Book
Zülch, Henning / Beyhs, Oliver /
Hoffmann, Sebastian / Krauß, Patrick
enforcement-guide: wegweiser für das
dpr-verfahren
Berlin: Erich Schmidt Verlag, 2012,
ISBN 978-3-503-13825-8
Book Chapters, Journal Articles
and Others
Zülch, Henning / Detzen, Dominic
executive compensation and goodwill recognition
under iFrS: evidence from european Mergers
In: Journal of International Accounting, Auditing
and Taxation, 21 (2012) 2, 106-126
Zülch, Henning / Popp, Marco
reformation der iFrS-Konzernrechnungslegung
(teil i): das control-Konzept nach iFrS 10
In: Der Konzern, 5 (2012) 10, 245-255
Zülch, Henning / Detzen, Dominic
die Begrenzung variabler Bestandteile der
vorstandsvergütung – ein Beitrag zur unterstützung
der regelung im vorstag
In: Zeitschrift für Corporate Governance: ZCG, 7
(2012) 3, 107-112
Beyhs, Oliver / Kühne, Erhard / Zülch, Henning
abschlussprüfung und dpr-verfahren – darstellung
und würdigung der verfahrensunterschiede
In: Die Wirtschaftsprüfung, 65 (2012) 12, 650-660
Zimmermann, Jochen / Zülch, Henning /
Knigge, Philipp / Teuteberg, Torben
ausweis von veränderungen des planvermögens
in der Kapitalflussrechnung deutscher dax30-
Konzerne: Berufsstand und enforcement
im Konflikt
In: Der Betrieb, 65 (2012) 29, 1577-1584
Hoffmann, Sebastian / Detzen, Dominic
das Joint conceptual Framework von iaSB und
FaSB – praktische implikationen aus dem abschluss
der phase a für kapitalmarktorientierte unternehmen
In: Zeitschrift für internationale und kapitalmarktorientierte
Rechnungslegung: KoR, 12 (2012) 2, 53-55
Zülch, Henning / Detzen, Dominic
Status Quo der Übernahme und akzeptanz der
iFrS in den uSa – condorsement als kleinster
gemeinsamer nenner?
In: Der Betrieb, 65 (2012) 21, 1166-1168
Zülch, Henning
der iFrS-Konzernabschluss ab 2013: grundlagen der
iFrS-Konzernrechnungslegung und Überblick über
die Änderungen
Düsseldorf: EUROFORUM Verlag, 2012,
Schriftlicher Management-Lehrgang „Der IFRS-
Konzernabschluss“ .
Zülch, Henning / Güth, Simon / Stamm, Andreas
der entwurf einer neuen Bilanzrichtlinie –
implikationen für die künftige ausgestaltung
des europäischen Bilanzrechts
In: Der Betrieb, 65 (2012) 8, 413-419
Zülch, Henning / Salewski, Marcus
auswirkungen der Finanzkrise auf die pensions -
bilanzierung nach iFrS. eine empirische analyse
der Jahre 2005 – 2010 und implikationen für die
Überwachungsfunktion des aufsichtsrats
In: Zeitschrift für Corporate Governance:
ZCG, 7 (2012) 1, 35-39
Zülch, Henning / Salewski, Marcus
Bilanzierung von pensionsverpflichtungen deutscher
unternehmen nach iFrS – empirische erkenntnisse
für die Jahre 2000-2008
In: Die Wirtschaftsprüfung, 65 (2012) 1, 9-17
Zülch, Henning / Salewski, Marcus
das Joint Financial Statement presentation project
von iaSB und FaSB – neuerungen durch die
Änderung an iaS 1 im Hinblick auf die präsentation
der Bestandteile des sonstigen ergebnisses
In: Der Betrieb, 64 (2011) 48, 2674-2675
Pronobis, Paul / Zülch, Henning
the predictive power of comprehensive income
and its individual components under iFrS
In: Problems and Perspectives in Management:
PPM, 9 (2011) 4, 72-88
Zülch, Henning / Siggelkow, Lena
accounting for the impairment of assets under iFrS
CFRC Note No . 2 . Center for Financial Reporting and
Consolidation at HHL, Leipzig 2011
Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco
Kritische würdigung der neuregelungen des iFrS 10
im vergleich zu den bisherigen vorschriften des
iaS 27 sowie Sic-12
In: Zeitschrift für internationale und
kapitalmarktorientierte Rechnungslegung:
KoR, 11 (2011) 12, 585-593
Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco
iFrS 12 „disclosure of interests in other entities“ –
neuformulierung der konzernbezogenen
anhangangaben im Überblick
In: Zeitschrift für internationale und
kapitalmarktorientierte Rechnungslegung:
KoR, 11 (2011) 11, 509-512
Zülch, Henning / Güth, Simon
europäisches Bilanzrecht und bilanzieller Kapital-
schutz – Status Quo und Möglichkeiten einer
weiterentwicklung auf Basis des britischen
Überleitungsmodells
In: Der Konzern, 10 (2011) 9, 460-473
Zülch, Henning / Detzen, Dominic
enforcing Financial reporting Standards:
the case of white pharmaceuticals ag
In: Issues in Accounting Education,
26 (2011) 3, 619-632
Zülch, Henning / Popp, Marco
iFrS 10 – consolidated Financial Statements:
ein erster Überblick über das neue control-Konzept
In: Deutsches Steuerrecht, 49 (2011) 32, 1532-1538
Zülch, Henning / Erdmann, Mark-Ken /
Popp, Marco / Wünsch, Martin
iFrS 11 – die neuen regelungen zur Bilanzierung
von Joint arrangements und ihre praktischen
implikationen
In: Der Betrieb, 64 (2011) 33, 1817-1822
Zülch, Henning / Güth, Simon / Stamm, Andreas
einzelabschluss nach dem iFrS for SMes und
bilanzielle ausschüttungsbemessung in deutschland
In: Die Wirtschaftsprüfung, 64 (2011) 15, 709-721
Zülch, Henning / Erdmann, Mark-Ken /
Detzen, Dominic
rückstellungen
In: Reuther, Frank/Heyd, Reinhard (Hrsg .) .
Praxishand buch Full IFRS für Familienunternehmen
und Mittelstand . Berlin: Erich Schmidt-Verlag, 2011,
419-438
Zülch, Henning / Hoffmann, Sebastian
editorial: die neuordnung der europäischen
Finanzaufsicht
In: Zeitschrift für Corporate Governance:
ZCG, 6 (2011) 3, 101
Hoffmann, Sebastian / Detzen, Dominic
eSMa – praktische implikationen und kritische
würdigung der neuen europäischen wertpapier-
und Marktaufsichtsbehörde
In: Der Betrieb, 64 (2011) 22, 1261-1263
Zülch, Henning / Güth, Simon
revisionsberichterstattung und Follow up (ii.B.)
In: Freidank, Carl-Christian und
Peemöller, Volker H ., ed .
Kompendium der Internen Revision .
Berlin: Erich Schmidt Verlag, 2011, 355-380
Zülch, Henning / Popp, Marco
gastkommentar: die neuen Standards für die
Konzernrechnungslegung nach iFrS
In: Der Betrieb, 64 (2011) 21, M 1
Zülch, Henning / Hoffmann, Sebastian /
Detzen, Dominic
eSMa – die neue europäische wertpapier-
und Kapitalmarktaufsicht
In: Europäisches Wirtschafts- und Steuerrecht :
EWS, 22 (2011) 5, 167-173
Hoffmann, Sebastian
enforcement-verfahren: unzulässigkeit relativierender
oder verharmlosender darstellung in der
Fehlerveröffentlichung - § 37q wpHg –
Kurzkommentar zu olg Frankfurt/M. Beschluss v.
31.8.2010 – wpÜg 3/10
In: Entscheidungen zum Wirtschaftsrecht (EWiR),
27 (2011), 9, 293-294
Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco
changes of the ownership interest in a group and
associated Questions of revaluation
CFRC Note No . 1 . Center for Financial Reporting and
Consolidation at HHL, Leipzig 2011
Zülch, Henning / Erdmann, Mark-Ken / Popp, Marco
Änderung von Beteiligungsquoten im Konzern und
damit auftretende Bewertungsfragen
CFRC Note Nr . 1 . Center for Financial Reporting and
Consolidation at HHL, Leipzig 2011
Zülch, Henning / Nellessen, Thomas
the reliability of investment property
Fair values under iFrS
In: Journal of Property Investment & Finance,
29 (2011) 1, 59-73
Zülch, Henning / Popp, Marco
angaben über Beziehungen zu nahe stehenden
unternehmen und personen ab 2011
In: PiR (2011) 11, 89-95
Zülch, Henning / Detzen, Dominic /
Wilhelm, Martin
Familienunternehmen und corporate governance
In: Zeitschrift für Corporate Governance: ZCG,
6 (2011) 2, 57-63
Zülch, Henning / Detzen, Dominic
eu-grünbuch zur abschlussprüfung
aus Sicht des Mittelstands
In: Bilanzen im Mittelstand, (2011), 2,
25 (Gastkommentar)
Zülch, Henning / Hoffmann, Sebastian
gestaltungsgrenzen der Fehlerveröffentlichung im
rahmen des enforcement-verfahrens
In: Steuern und Bilanzen: StuB, 13 (2011) 6, 210-214
Zülch, Henning / Popp, Marco
iFrS 2011 – ab dem geschäftsjahr 2011
anzuwendende iFrS im Überblick
In: Der Betrieb, 64 (2011) 10, 546-550
Zülch, Henning / Detzen, Dominic
revenue recognition, accounting enforcement and
error correction: the case of Borussia dortmund
gmbH & co. Kgaa
ecch European Case Clearing House, 2011,
Ref .: 111-009-1
Zülch, Henning / Salewski, Marcus
die Bedeutung des fair value für europäische Banken–
empirische erkenntnisse der geschäftsjahre 2008
und 2009
In: Zeitschrift für internationale und kapitalmarktorientierte
Rechnungslegung: KoR, 11 (2011) 1, 35-40
Doctoral Theses
Thomas Nellessen
die Bedeutung transparenter unternehmens-
berichterstattung nach iFrS
2012 . Weinheim: WILEY Thesis, Band 5, hrsg . von
Henning Zülch, ISBN 978-3-527-50717-7
Pronobis, Paul
die neugestaltung des performance reporting
nach iFrS
2011 . Weinheim: WILEY Thesis, Band 4, hrsg . von
Henning Zülch, ISBN 978-3-527-50634-7
Burghardt, Stephan
produktmarken im rahmen der Kaufpreisallokation
nach iFrS – Bilanzpolitische gestaltungsspielräume
2011 . Weinheim: WILEY Thesis, Band 3, hrsg . von
Henning Zülch, ISBN 978-3-527-50568-5
Hoffmann, Sebastian
lobbying im rahmen der entstehung
von rechnungslegungsnormen
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Online publication on Qucosa
Conference Presentations
Dr . Sebastian Hoffmann
the organizational context of standard setting –
the role of iaSB’s technical staff in comment
letter analysis
Interdisciplinary Perspectives on Accounting
Conference 2012, Cardiff, United Kingdom,
July 11-13, 2012
Prof . Dr . Henning Zülch /
Dominic Detzen, M .A . HSG
Bright pharmaceuticals: accounting for
a Business combination under iFrS 3
International Accounting and Auditing Conference
Amsterdam, The Netherlands, June 20 - 21, 2012
Prof . Dr . Henning Zülch
the relation of auditor tenure to audit Quality under
iFrS and uS-gaap: a german-u.S. comparison
74 . Annual Meeting of the German Academic
Association for Business Research (VHB),
Bolzano, Italy, May 30-June 2, 2012
Dr . Sebastian Hoffmann
the role of iaSB’s Staff – How (not) to do
a comment letter analysis
74 . Annual Congress of the German Academic
Association for Business Research (VHB),
Bolzano, Italy, May 30-June 2, 2012
Prof . Dr . Henning Zülch
the relation of auditor tenure to audit Quality
under iFrS and uS-gaap: a german-u.S.
comparison
35 . EAA Conference
Ljubljana, Slovenia, May 9-11, 2012
Dominic Detzen, M .A . HSG
the conceptual Framework’s (in-)adequacy
for resolving recognition issues in accounting
Standard Setting
35 . EAA Conference
Ljubljana, Slovenia, May 9-11, 2012
Dr . Sebastian Hoffmann
the role of iaSB’s Staff – How (not) to do
a comment letter analysis
35 . EAA Conference
Ljubljana, Slovenia, May 9-11, 2012
Dr . Sebastian Hoffmann
the organizational context of Standard Setting –
the role of iaSB’s technical Staff in comment
letter analysis
2012 Alternative Accounts Conference
Québec, Canada, April 27-28, 2012
Dominic Detzen, M .A . HSG
the effect of Short-term incentives on purchase
price allocations based on iFrS – evidence from
european Mergers
7th Workshop on European Financial Reporting
Bamberg, Germany, September 8-9, 2011
Dr . Sebastian Hoffmann
what they Mean when they use Quantifiers –
an empirical analysis of iaSB’s Staff analysis
paper on ed 9
American Accounting Association (AAA)
Annual Meeting
Denver, USA, August 8-10, 2011
Prof . Dr . Henning Zülch
enforcing Financial reporting Standards:
the case of white pharmaceuticals ag
American Accounting Association (AAA)
Annual Meeting
Denver, USA, August 8-10, 2011
Dr . Sebastian Hoffmann
what they Mean when they use Quantifiers –
an empirical analysis of iaSB’s Staff analysis
paper on ed 9
Critical Perspectives on Accounting Conference 2011
Clearwater, USA, July 10-12, 2011
Dr . Sebastian Hoffmann
what they Mean when they use Quantifiers –
an empirical analysis of iaSB’s Staff analysis
paper on ed 9
Doctoral Seminar of the School of Accounting,
Florida Atlantic University
Boca Raton, USA, June 30, 2011
Prof . Dr . Henning Zülch
a european perspective on the adoption
of iFrS by the u.S.
IMA´s 92nd Annual Conference
Orlando, USA, June 8, 2011
Prof . Dr . Henning Zülch
enforcing Financial reporting Standards:
the case of white pharmaceuticals ag
European Accounting Association (EAA)
Conference
Rome, Italy, April 20-22, 2011
Dipl .-Kffr . Lena Siggelkow
earnings Management concerning the impairment
decision: a quantitative empirical analysis of german
listed companies between 2004 and 2009
European Accounting Association (EAA)
Conference
Rome, Italy, April 20-22, 2011
Dipl .-Kfm . Marcus Salewski
Managerial discretion in accounting for defined
Benefit obligations – an empirical analysis of
german iFrS statements
European Accounting Association (EAA)
Conference
Rome, Italy, April 20-22, 2011
Dominic Detzen, M .A . HSG
the effect of Short-term incentives on purchase
price allocations based on iFrS – evidence from
european Mergers
European Accounting Association (EAA)
Conference
Rome, Italy, April 20-22, 2011
Dr . Sebastian Hoffmann
the politics of the iaSB Standard Setting
Tagung der Gesellschaft für kapitalmarktorientierte
Rechnungslegung e .V .
Leipzig, Germany, April 14, 2011
Dipl .-Bw . Patrick Krauß
unexpected audit Fees and audit Quality:
do audit Fee premiums indicate earnings
Management and accounting restatements?
VIII Workshop on Empirical Research
in Financial Accounting
Sevilla, Spain, March 25, 2011
Dipl .-Kfm . Thomas Nellessen
disclosure Quality of Financial reporting for
investment properties in europe
VIII Workshop on Empirical Research
in Financial Accounting
Sevilla, Spain, March 25, 2011

50 HHL RESEARCH REPORT 2012 PuBLiCATiOnS 51
center For corporate
governance
Book Chapters, Journal Articles
and Others
Eulerich, Marc / Rapp, Marc Steffen / Wolff, Michael
ausgewählte aspekte der vorstandsvergütung:
„Say-on-pay“-abstimmungen während der Hv
In: Zeitschrift für Corporate Governance,
2 (2012), 69-72
Strenger, Christian
unabhängigkeit des aufsichtsrats –
mehr denn je relevant
In: Der Konzern, 1/2 (2012), 10-15
Kohl, Christian / Rapp, Marc Steffen /
Wolff, Michael
Kodexakzeptanz 2011: analyse der
entsprechenserklärungen zum deutschen
corporate governance Kodex
In: Der Aufsichtsrat, 8 (2011), 108-110
La Mura, Pierfrancesco / Rapp, Marc Steffen /
Schwetzler, Bernhard / Wilms, Andreas
the certification Hypothesis of Fairness
opinions for acquiring Firms
In: International Review of Law and Economics,
31 (2011) 4, 240-248
Lazar, Christian / Metzner, Yves /
Rapp, Marc Steffen / Wolff, Michael
praxis der aufsichtsratsvergütung in börsennotierten
unternehmen: Status Quo und Herausforderungen
In: Zeitschrift Führung + Organisation,
80 (2011) 4, 248-254
Jahn, Daniel F . / Rapp, Marc Steffen /
Strenger, Christian / Wolff, Michael
der deutsche corporate governance Kodex aus
investorenperspektive - ergebnisse einer Studie zur
Kodex-Befolgung deutscher prime-Standard-unternehmen
und deren Kapitalmarktperformance
In: Zeitschrift für Corporate Governance, 2 (2011),
64-68
Strenger, Christian
ethik in Finanzinstituten
In: Hopt, Klaus J . / Wohlmannstetter, Gottfried (Hrsg .)
Handbuch Corporate Governance von Banken,
München: Verlag Franz Vahlen, Verlag C . H . Beck, 2011,
395-405
Working Papers
Kohl, Christian / Rapp, Marc Steffen /
Wolff, Michael
Kodexakzeptanz 2012: analyse der entsprechens-
erklärungen zum deutschen corporate
governance Kodex (Kodexakzeptanz-Studie 2012)
Leipzig, HHL Leipzig Graduate School of
Management, 2012
Eulerich, Marc / Rapp, Marc Steffen /
Wolff, Michael
ausgewählte aspekte der vorstandsvergütung:
Say-on-pay-abstimmungen im rahmen der Haupt-
versammlung – ergebnisse einer empirischen
analyse der Hv-Saison 2010
HHL Research Paper Series in Corporate
Governance, 7 (2012) .
Rapp, Marc Steffen / Schmid, Thomas /
Wolff, Michael
Hard or Soft regulation of corporate governance?
HHL Research Paper Series in Corporate
Governance, 6 (2011) .
Kohl, Christian / Rapp, Marc Steffen /
Wolff, Michael
Kodexakzeptanz 2011: analyse der
entsprechenserklärungen zum deutschen
corporate governance Kodex
HHL Research Paper Series in Corporate
Governance, 5 (2011) .
La Mura, Pierfrancesco / Rapp, Marc Steffen /
Schwetzler, Bernhard / Wilms, Andreas
the certification Hypothesis of Fairness opinions
for acquiring Firms
HHL Research Paper Series in Corporate
Governance, 4 (2011) .
Lazar, Christian / Metzner, Yves /
Rapp, Marc Steffen / Wolff, Michael
praxis der aufsichtsratsvergütung in börsennotierten
unternehmen: Status Quo und Herausforderungen
HHL Research Paper Series in Corporate
Governance, 3 (2011) .
Conference Presentations
Prof . Dr . Marc Steffen Rapp
Hard or Soft regulation of corporate governance?
2012 China Internationan Conference in
Finance (CICF)
Chongqing, China, July 9-13, 2012
Prof . Dr . Marc Steffen Rapp
Hard or Soft regulation of corporate governance?
2012 Annual Meeting of the European
Financial Management Association (EFMA)
Barcelona, Spain, June 27-30, 2012
Dr . Thomas Schmid
Hard or Soft regulation of corporate governance?
10th International Conference on
Corporate Governance
Birmingham, UK, June 25, 2012
Prof . Dr . Michael Wolff / Prof . Dr . Marc Steffen Rapp
Hard or Soft regulation of corporate governance?
74 . Wissenschaftliche Jahrestagung des Verbands der
Hochschullehrer für Betriebswirtschaft e .V . (VHB)
Bolzano, Italy, May 30-June 2, 2012
Prof . Dr . Michael Wolff
Hard or Soft regulation of corporate governance?
35 . Annual Congress, European
Accounting Association
Ljubljana, Slovenia, May 9-11, 2012
Dr . Thomas Schmid
Hard or Soft regulation of corporate governance?
12 . Workshop on Corporate Governance
and Investment
Leipzig, Germany, October 7-8, 2011
Prof . Dr . Marc Steffen Rapp
wer fragt die aktionäre? abstimmung über das
System der vorstandsvergütung im rahmen der
Hauptversammlung
73 . Annual Congress of the German Academic
Association for Business Research (VHB)
Kaiserslautern, Germany, June 16-18, 2011
Prof . Dr . Marc Steffen Rapp
are private equity investors governance champions
or Simply Stock picking Specialists?
Jahrestagung der European Management
Association (EURAM)
Tallinn, Estonia, June 1–4, 2011
cHair oF econoMic and
inForMation SYSteMS
Journal Articles
Casajus, André
amalgamating players, Symmetry, and
the Banzhaf value
In: International Journal of Game Theory,
41 (2012) 3, 497-515
Casajus, André
Marginality, differential Marginality, and
the Banzhaf value
In: Theory and Decision 71 (2011) 3, 365-372 .
Casajus, André
differential Marginality, van den Brink Fairness,
and the Shapley value
In: Theory and Decision 71 (2011) 2, 163-174 .
Casajus, André / Tutic, Andreas / Pfau, Stefan
experiments on Bilateral Bargaining in Markets
In: Theory and Decision 70 (2011) 4, 529-549 .
Conference Presentations
La Mura, Pierfrancesco / Brandenburger, Adam
Quantum decision theory
Proceedings of the 13 . Conference on Theoretical
Aspects of Rationality and Knowledge, July 12-14, 2011
La Mura, Pierfrancesco / Brandenburger, Adam
an information-theoretic description of
Quantum Mechanics
Proceedings of the 13 . Conference on Theoretical
Aspects of Rationality and Knowledge, July 12-14, 2011
Doctoral Thesis
Swiatczak, Lukasz
interdisciplinary developments
in Mathematical Social Sciences
Leipzig, HHL Leipzig Graduate School of
Management, 2011
cHair oF MicroeconoMicS
Book and Journal Articles
Vilks, Arnis / Hempel, C .G .:
aspects of Scientific explanation
and other essays
In: M . Quante (Hrsg .)
Kleines Werklexikon der Philosophie
Kröner Verlag (to be published in fall 2012)
Vilks, Arnis / Kelly, Martin
philosophical lessons from the Financial crisis.
Editorial
In: Philosophy of Management, 11 (2012) 1, 1-4
Vilks, Arnis
leadership and Meditation
In: Gupta, A . (Hrsg .) Cambridge Business and
Economics Conference 2011, Cambridge University,
Murray Edwards College, Cambridge, UK,
June 27-29, 2011
Doctoral Theses
Chun Yuan
the end of peasants’ poverty in china: a Study
on peasants’ poverty, peasants’ economic Behaviour,
and the efficiency of national Funds allocation
in china
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Online publication on Qucosa
Martina Wuttke
poverty alleviation through corporate Social
responsibility - an empirical Study on transnational
corporations in india
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Published on CD
Conference Papers / Presentations
Prof . Dr . Arnis Vilks
leadership and Meditation
Proceedings of the Cambridge Business and
Economics Conference 2011, Cambridge University,
Murray Edwards College, Cambridge, UK,
June 28, 2011
Prof . Dr . Arnis Vilks
economic crises – are they inevitable?
Universidade Jean Piaget de Cabo Verde, Praia,
November 25, 2011
cHair oF MarKeting
ManageMent
Books
Meffert, Heribert / Burmann, Christoph /
Kirchgeorg, Manfred
Marketing – grundlagen marktorientierter
unternehmensführung
11 . Auflage, Wiesbaden: Gabler, 2012
Book and Journal Articles
Kirchgeorg, Manfred / Springer, Christiane /
Ermer, Beatrice
Brand lands – inszenierung begehbarer
erlebniswelten für den Kunden
In: Bruhn, M ., Hadwich, K . (Hrsg .): Customer
Experience . Forum Dienstleistungsmanagement,
Wiesbaden: Gabler, 2012, 295-316
Kirchgeorg, Manfred / Ermer, Beatrice
wahrnehmungswirkung von Messeständen als
temporäre Markenerlebniswelten
In: Bruhn, M ., Hadwich, K . (Hrsg .): Customer
Experience . Forum Dienstleistungsmanagement,
Wiesbaden: Gabler, 2012, 252-271
Dyckhoff, Harald / Kirchgeorg, Manfred
nachhaltigkeitsmanagement – editorial
In: Die Betriebswirtschaft (DBW) .
72 (2012) 4, 269-275
Müller, Jenny / Kirchgeorg, Manfred
audio Branding in line with Brand personality
In: Bronner, K ., Hirt, R ., Ringe, C . (Hrsg .):
Audio Branding Academy Yearbook 2010/2011,
2011, 189-202
Kirchgeorg, Manfred / Müller, Jenny
personalmarketing als Schlüssel zur gewinnung,
Bindung und wiedergewinnung von Mitarbeitern
In: Stock-Homburg, R ., Wolff, B . (Hrsg .): Handbuch
Strategisches Personalmanagement, Wiesbaden:
Gabler, 2011, 63-81
Kirchgeorg, Manfred / Wildner, Raimund
die Strategien erfolgreicher Marken
In: Media Spectrum, 31 (2011) 4, 22-24
Bruhn, Manfred / Kirchgeorg, Manfred
Zukunftsorientierung im Marketing
In: Tiberius, V . (Hrsg .): Zukunftsorientierung in
der Betriebswirtschaftslehre, Wiesbaden:
Gabler, 2011, 227-247
Kirchgeorg, Manfred / Bruhn, Manfred /
Hartmann, Dagobert
live communication im wandel der
Kommunikations portfolios – Substitution
oder integration?
In: Marketing Review St . Gallen,
28 (2011) 2, 7-13
Kästner, Evelyn / Springer, Christiane /
Kirchgeorg, Manfred
goal relations at trade Shows – a B-to-B
versus B-to-c comparison
In: Marketing Review St . Gallen,
28 (2011) 2, 22-27
Weinrich, Kai / Kirchgeorg, Manfred / Müller, Jenny
impact of the Financial crisis on the employer
Brands of Banks
In: Noble, St . M .; Noble, Ch . H . (Ed .):
Marketing 2011: Delivering Value in Turbulent Times
AMA Educators‘ Proceedings 22 (2011), 403ff .
Winn, Monika / Kirchgeorg, Manfred /
Griffith, Andrew / Linnenluecke, Martina /
Günther, Elmar
impacts from climate change on organizational
environments – a conceptual Foundation
In: Business Strategy and the Environment,
20 (2011) 3, 157-173
Working Papers
Kirchgeorg, Manfred / Weinrich, Kai
clusteranalysen und empfehlungen zur ausrichtung
der clusterorientierten wirtschaftsförderung der
Stadt leipzig
Leipzig, 2011
Backhaus, Klaus / Kirchgeorg, Manfred /
Meffert, Heribert (Hrsg .)
der Beitrag des Marketing zum wirtschaftlichen
unternehmenserfolg
Working Paper No . 206 of the Academic Society for
Marketing and Business Leadership, Leipzig, 2011
Backhaus, Klaus / Kirchgeorg, Manfred /
Meffert, Heribert (Hrsg .)
integrierte Kommunikation in einer fragmentierten
Medienlandschaft – anspruch und wirklichkeit
Working Paper No . 207 of the Academic Society for
Marketing and Business Leadership, Leipzig, 2011
Roj, Manuel / Schalk, Willi / Kirchgeorg, Manfred
Medienabgabe – warum und wofür?
Zur Legitimation öffentlich-rechtlicher Medien und
ihrer Finanzierung im Zeitalter des Internets
Working Paper No . 208 of the Academic Society for
Marketing and Business Leadership, Leipzig, 2011
Backhaus, Klaus / Kirchgeorg, Manfred /
Meffert, Heribert (Hrsg .)
umbruch der Medienlandschaft –
entwicklungsszenarien und geschäftsmodelle
Working Paper No . 209 of the Academic Society for
Marketing and Business Leadership, Leipzig, 2011
Meffert, Heribert / Hensmann, Jan
umweltorientierte unternehmensführung im wandel –
Beiträge des umweltmanagements zur nachhaltigen
entwicklung
Working Paper No . 210 of the Academic Society for
Marketing and Business Leadership, Leipzig, 2011
Doctoral Theses
Böttger, Eva
employer Branding – verhaltenstheoretische analysen
als grundlage für eine identitätsorientierte
Führung von arbeitgebermarken
Wiesbaden: Gabler, 2012
Müller, Jenny
Multisensuale gestaltung der ladenatmosphäre
zur profilierung von Store Brands – ein theorie-
geleitetes, experimentelles design zum
Shopperverhalten
Wiesbaden: Gabler, 2012
Ehrlich, Oliver
determinanten der Kanalwahl im Multichannel-
Kontext: eine branchenübergreifende untersuchung
Wiesbaden: Gabler, 2011
Greven, Gunther
Hochschulen als Marken: ein Beitrag zur
Hochschulwahl auf verhaltenstheoretischer
grundlage
Wiesbaden: Gabler, 2011
Liersch, Anna
dialogkommunikation inner- und außerhalb des
Kaufentscheidungsprozesses von potentiellen
neukunden
Wiesbaden: Gabler, 2011
Thürbach, Kai
der einfluss der unternehmensmarke auf die
geschäftsbeziehungen von Medienunternehmen:
eine empirische untersuchung am Beispiel von
Film- und Fernsehproduktionsunternehmen
Wiesbaden: Gabler, 2011
Conference Paper / Presentations
Prof . Dr . Manfred Kirchgeorg
Brand trust in Stakeholder relationships.
CASiM Conference, Leipzig, June 28, 2012
Prof . Dr . Manfred Kirchgeorg
the Business case for consumer
Knowledge consolidation.
GameChanger Conference, Berlin, June 18, 2012
Prof . Dr . Manfred Kirchgeorg / Beatrice Ermer /
Martin Wiedmann
Messeszenarien und live communication 2020
AUMA Annual Conference, Berlin, May 23, 2012
Prof . Dr . Manfred Kirchgeorg
perspektiven, potentiale und positionierung von
publikumsmessen
FAMA Annual Conference, Offenburg, May 23, 2012
Prof . Dr . Manfred Kirchgeorg
Mehr theorie wagen:
eine neue ausbildung für die praxis?
74 . Annual Congress of the German Academic
Association for Business Research (VHB)
Bolzano, Italy, May 30-June 2, 2012
Prof . Dr . Manfred Kirchgeorg
perspektiven und potentiale für publikumsmessen
Fachforum “B2C-Kommunikation auf Messen und
Ausstellungen”, Erfurt,
November 22, 2011
Prof . Dr . Manfred Kirchgeorg / Beatrice Ermer
perceptions and impact of live communication
instruments – application of Mobile eye tracking
for trade Show Booths
Tobii EyeTrackBehavior 2011 – Eye Tracking
Conference on Behavioral Research
Frankfurt a . M ., Oktober 4-5, 2011
Prof . Dr . Manfred Kirchgeorg /
Jenny Müller / Kai Weinrich
impact of the Financial crisis on the
employer Brands of Banks
Vortrag bei der AMA Summer Marketing
Educators‘ Conference
San Francisco, USA, August 5-7, 2011
Prof . Dr . Manfred Kirchgeorg
Messen als instrument der live communication –
Zukunftsperspektiven
VDMA, Frankfurt a . M, July 21, 2011
Prof . Dr . Manfred Kirchgeorg
perspektiven, potenziale und positionierung
von Messen in der live communication 2020 –
projektskizze
FAMA Summer Meeting, Wiesbaden, July 20, 2011
Prof . Dr . Manfred Kirchgeorg
Kritische reflexionen zum einfluss
ökologischer diskontinuitäten auf das Marketing
73 . Annual Congress of the German Academic
Association for Business Research (VHB)
Kaiserslautern, Germany, June 16-18, 2011
Prof . Dr . Manfred Kirchgeorg
employer Branding – Strategien im wettbewerb
um talente
Bundesverband der Personalmanager, Leipzig,
March 30, 2011
Prof . Dr . Manfred Kirchgeorg
glaubwürdigkeit und nachhaltigkeit:
Herausforderung Sustainable Branding
CMO Gipfel für Innovation und Strategie im
Marketing, Heiligendamm, May 17, 2011
Prof . Dr . Manfred Kirchgeorg / Raimund Wildner
gap zwischen Medianutzung und Mediaspendings?
Media & Marketing Kongress “Markenbildung und
Werbeeffizienz in digitalen Zeiten”, Wiesbaden,
April 14, 2011
Prof . Dr . Manfred Kirchgeorg
Studienattraktivität und Studienentscheidung aus
Sicht des Marketing
Einführungsvortrag zur Auftaktveranstaltung
Best-Practice-Prozess 2011 für “Attraktive Studienbedingungen
und Marketing an ostdeutschen
Hochschulen”, Magdeburg, April 7, 2011

52 HHL RESEARCH REPORT 2012 PuBLiCATiOnS 53
HeinZ nixdorF cHair oF
it-BaSed logiSticS
Books
Hausladen, Iris
it-gestützte logistik. Systeme, prozesse
und anwendungen
Wiesbaden: Gabler Verlag, 2011
ISBN 978-3-834-92199-4
Hausladen, Iris / Porzig, Nicole
logistik als wertschöpfungsfaktor der Biomedizin:
Marktstudie. netzwerk biomedizinische logistik
bm-log
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Hausladen, Iris / Löffler, Denis /
Reichert, Melanie / Santel, Hauke-Christoph
ergebnisse der Marktstudie
“Biomedizinische logistik”
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Hausladen, Iris / Löffler, Denis /
Reichert, Melanie / Santel, Hauke-Christoph
tagungsband „innovationsforum
Biomedizinische logistik”
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Book and Journal Articles
Hausladen, Iris
auf Herz und nieren prüfen
In: Logistik heute: das deutsche Logistikmagazin,
33 (2011) 9, 46-47
Hausladen, Iris
Biomedizinische logistik „goes public”
In: VDI Ingenieur Nachrichten: Magazin für
Technologietransfer, 13 (2011) 2, 8-9
Hausladen, Iris
integriertes logistiksystem im Kontext
humanitärer Hilfsprojekte
In: Baumgarten, H . / Kessler, M . / Schwarz, J . (Hrsg .):
Schriftenreihe Wirtschaft & Logistik: Humanitäre
Logistik: Herausforderungen und Potenziale der
Logistik in der humanitären Hilfe
Hamburg: DVV Media Group GmbH, 2011, 208-226
Hausladen, Iris
Materialwirtschaft & produktion heute –
materiell oder doch virtuell?
In: HMD-Blog, 01/28/2011;
See: http://hmdblog .dpunkt .de/
Conference Presentations
Prof . Dr . Iris Hausladen
Biomedizinische logistik
3 . Mitteldeutscher Exporttag
Leipzig, Germany, September 6, 2011
Prof . Dr . Iris Hausladen
ergebnisse der Marktstudie
„Biomedizinische logistik”
Innovationsforum Bio-Logistik
Leipzig, Germany, May 18, 2011
SparKaSSen FinanZgruppe
cHair oF MacroeconoMicS
Book Chapters, Journal Articles
and Others
Althammer, Wilhelm / Haselmann, Rainer
explaining Foreign Bank entry in emerging Markets
In: Journal of Comparative Economics,
39 (2011) 4, 486-498
Althammer, Wilhelm / Hoßfeld, Oliver / Siegert Georg
20 Jahre Bürgschaftsbank Sachsen – effekte auf die
wirtschaftliche entwicklung in Sachsen
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Download: http://www .bbs-sachsen .de)
Doctoral Thesis
Scherzer, Falk
internationalisierung der wertschöpfungsketten und
die Mobilität des produktionsfaktors arbeit
Leipzig, HHL Leipzig Graduate School of
Management, 2011
Online publication on Qucosa
cHair oF econoMic and
BuSineSS etHicS
Book and Journal Articles
Suchanek, Andreas
vertrauen als grundlage nachhaltiger
unternehmerischer wertschöpfung
In: A . Schneider, R . Schmidpeter (eds .):
Corporate Social Responsibility, Berlin-Heidelberg:
Springer 2012, 55-66
Suchanek, Andreas
alltagstaugliche wirtschaftsethik
In: bdvb aktuell . Mitgliedermagazin des
Bundesverbandes Deutscher Volks- und
Betriebswirte e . V ., 112 (2011), 8-9
Suchanek, Andreas
vertrauenswürdigkeit als Kriterium für
unternehmensverantwortung
In: universitas Sonderedition: Verantwortung
unternehmen – nachhaltig wirtschaften,
hg . v . d Eberhard von Kuenheim Stiftung, 26-32
Suchanek, Andreas / Lin-Hi, Nick
die goldene regel als Führungsinstrument
In: L . Becker, H . Hakensohn; F . H . Witt (eds .):
Unternehmen nachhaltig führen, Düsseldorf:
symposion Verlag 2012, 445-462
Suchanek, Andreas
die Siemens-affäre aus Sicht der wirtschaftsethik
In: Weidenfeld, Ursula (ed .):
Nützliche Aufwendungen? Der Fall Siemens und
die Lehren für das Unternehmen, die Industrie und
Gesellschaft . München (u . a .): Piper, 2011, 163-172
Suchanek, Andreas
der wittenberg-prozess der chemie-Sozialpartner
aus wirtschaftsethischer perspektive
In: Voscherau, Eggert; Vassiliadis, Michael (eds .):
Die Frey’sche Formel – Stationen der Chemie-
Sozialpartnerschaft . Festschrift zu Ehren von Hans
Paul Frey . BAVC, Heidelberg: Dr . Curt Haefner-
Verlag, 2011, 146-155
Suchanek, Andreas
der wittenberg-prozess der chemie-Sozialpartner
In: Wieland J . und Schack, A . (eds .):
Soziale Marktwirtschaft: Verantwortungsvoll
gestalten, Frankfurt/Main: F .A .Z .-Institut für
Management-, Markt- und Medieninformationen
GmbH 2011, 54-66
Suchanek, Andreas
das verhältnis von Markt und Moral
In: Aßländer, Michael (ed .):
Handbuch Wirtschaftsethik,
Stuttgart: Metzler, 2011, 198-208
Suchanek, Andreas
Markt und Moral
In: Nguyen, T . (ed .): Mensch und Markt .
Die ethische Dimension des menschlichen
Handelns . Wiesbaden: Gabler, 2011, 49-72
Suchanek, Andreas
Führungsethik
In: Stock-Homburg, Ruth; Wolff, Birgitta (eds .):
Handbuch Strategisches Personalmanagement .
Wiesbaden: Gabler, 2011, 277-292
Suchanek, Andreas
nutzen und Kosten von verhaltensregeln
aus unternehmensethischer Sicht
In: Neue Zeitschrift für Arbeitsrecht, 7/2011
(Beilage 1/2011), 3-8
Suchanek, Andreas / Lin-Hi, Nick
eine Betrachtung von anreizen aus
unternehmensethischer perspektive
In: Zeitschrift für Controlling&Management 3/2011,
12-15
Lin-Hi, Nick / Suchanek, Andreas
corporate Social responsibility als integrations-
herausforderung. Zum systematischen umgang mit
Konflikten zwischen gewinn und Moral
In: ZfB Journal of Business Economics,
Special Issue 1/2011, 63-92
Working papers
Suchanek, Andreas
trust as a Basis for Sustainable
corporate value creation
HHL Working Paper 111 (2012)
Suchanek, Andreas
vertrauen in die Führungseliten aus
Sicht der wissenschaft
Discussion Papers of the Wittenberg Center
for Global Ethics 12-02 (2012)
Sammeck, Jan
discussing industry Self-regulation:
the contribution of an institutional
economics perspective
HHL Working Paper 108 (2011)
Suchanek, Andreas
Freiheit braucht Bindung
Discussion Papers of the Wittenberg Center for
Global Ethics 11-04 (2011)
Suchanek, Andreas / von Broock, Martin .
Konzeptionelle Überlegungen zum “leitbild
für verantwortliches Handeln in der wirtschaft“
Discussion Papers of the Wittenberg Center for
Global Ethics 11-02 (2011)
Doctoral Theses
Zangs, Christian
die Bedeutung differierender unternehmensverantwortungsverständnisse
für Fusionen und
Übernahmen
Hamburg: Kovac, 2012
Sammeck, Jan
a new institutional economics perspective
on industry Self-regulation
Wiesbaden: Gabler 2011
Sáez, Marcos
vertrauen in der anlageberatung von Banken
aus Sicht der ökonomischen ethik
Leipzig, HHL Leipzig Graduate School of
Management, 2012
Online publication on Qucosa
Erdmann, Hans-Christian
verantwortung von Medienunternehmen aus
perspektive der ökonomischen ethik
Hamburg: Kovac, 2012
Conference Papers / Presentations
Prof . Dr . Andreas Suchanek
trust and innovation from an ethical perspective
CASiM Conference “The Role of Trust in Business
Economics”, HHL Leipzig Graduate School of
Management, Leipzig, June 28, 2012
Prof . Dr . Andreas Suchanek
„ethik, verantwortung und vertrauen”
Baden-Badener Unternehmergespräche (BBUG)
Baden-Baden, Germany, April 30, 2012
Prof . Dr . Andreas Suchanek
„irrte adam Smith?”
Wirtschaftskammer Salzburg
Salzburg, Austria, April 26, 2012
Prof . Dr . Andreas Suchanek
„ethik, verantwortung, vertrauen – und das leitbild
für verantwortliches Handeln in der wirtschaft”
Vortrag auf dem Führungskräfteseminar
„Verdienen Unternehmen Vertrauen?“ der
Telekom School of Transformation
Berlin, Germany, March 26, 2012
Prof . Dr . Andreas Suchanek
„das leitbild für verantwortliches Handeln
in der wirtschaft“
UPJ-Jahrestagung 2012
Berlin, Germany, March 12, 2012
Prof . Dr . Andreas Suchanek
„unternehmensverantwortung, vertrauens-
würdigkeit und relevante inkonsistenzen”
Tagung des Ausschusses „Wirtschaftswissenschaften
und Ethik“ des Vereins für Socialpolitik
St . Gallen, Switzerland, March 1-3, 2012
Prof . Dr . Andreas Suchanek
„win-win-orientierung im gesundheitswesen”
Symposion „Internationale Zusammenhänge der
Arzneimittelpreisregulierung – sind bessere Lösungen
der Rabattabwicklung nach AMNOG denkbar?“
Verband forschender Arzneimittelhersteller
Berlin, Germany, February 7, 2012
Prof . Dr . Andreas Suchanek
„ethik der Sozialen Marktwirtschaft”
Konferenz „Ethik der Sozialen Marktwirtschaft“
des BMWI und WZGE
Berlin, Germany, February 7, 2012
Prof . Dr . Andreas Suchanek
verantwortliches wirtschaften
in einer globalisierten welt
Konferenz des BMAS „CSR-Gesellschaftliche
Verantwortung im internationalen Dialog“
Berlin, Germany, December 15, 2011
Prof . Dr . Andreas Suchanek
der wittenberg-prozess der chemie-Sozialpartner
BASF-Wittenberg-Dialoge
Ludwigshafen, Germany, December 1, 2011
Prof . Dr . Andreas Suchanek
Kontrolle ist gut, vertrauen ist besser:
was bedeutet verantwortung?
9 . Fachsymposium des Roman-Herzog-Instituts
Munich, Germany, November 24, 2011
Prof . Dr . Andreas Suchanek
grundlagen der wirtschaftsethik
5 . Kolloquiums der CSSA
Kagel-Möllenhorst, Germany, November 3, 2011
Prof . Dr . Andreas Suchanek
leitbilder für verantwortliches Handeln
in der wirtschaft
VW-Auto-Universität
Wolfsburg, Germany, November 2, 2011
Prof . Dr . Andreas Suchanek
Freiheit braucht Bindung
Statement im Rahmen der Disputation
„Freiheit – Chancen und Grenzen“
Lutherstadt Wittenberg, Germany, October 31, 2011
Prof . Dr . Andreas Suchanek
das Konfliktthema ‚Stellenabbau’ im Kontext
des leitbilds für verantwortliches Handeln
in der wirtschaft
Leitbild-Workshop der Deutschen Telekom AG
Bonn, Germany, October 26, 2011
Prof . Dr . Andreas Suchanek
corporate responsibility in der
pharmazeutischen industrie
Workshop „Future of clinical research in
vulnerable populations“ der Berlin-Branden-
burgischen Akademie der Wissenschaften
Berlin, Germany, October 25, 2011
Prof . Dr . Andreas Suchanek
unternehmensethik
Führungsakademie der Generali Deutschland
Köln-Bensberg, Germany, August 26, 2011
Prof . Dr . Andreas Suchanek
alltagstaugliche unternehmensethik
109 . Giessener Unternehmensführungstag
Leipzig, Germany, June 15, 2011
Prof . Dr . Andreas Suchanek
werteorientierte Führung als grundlage
vertrauensvoller Zusammenarbeit
Kommunales Beteiligungstreffen der enviaM
Altenburg, Germany, May 25, 2011
Prof . Dr . Andreas Suchanek
Mit werten in Führung gehen
Führungskräftetag der Stadtwerke Leipzig
Leipzig, Germany, May 21, 2011
Prof . Dr . Andreas Suchanek
employee relations in a connected world
Internationales Forum der Deutschen Telekom AG
Berlin, Germany, May 5, 2011
Prof . Dr . Andreas Suchanek
grundlagen der wirtschaftsethik
4 . CSSA-Kolloquium
Haltern am See, Germany, April 14, 2011
Prof . Dr . Andreas Suchanek
Zur logik des leitbilds für verantwortliches
Handeln in der wirtschaft
Arbeitskreis Nachhaltige Unternehmensführung
in der Schmalenbach-Gesellschaft für
Betriebswirtschaft e . V .
Nürnberg, Germany, April 12, 2011
Prof . Dr . Andreas Suchanek
grenzen der verantwortung von unternehmen
Jahrestagung des UPJ-Netzwerkes engagierter
Unternehmen und Mittlerorganisationen
Berlin, Germany, March 24, 2011
Prof . Dr . Andreas Suchanek
investieren Banken genügend in vertrauen?
Tagung der Wissenschaftlichen Kommission
Wissenschaftstheorie und Ethik in der
Wirtschaftswissenschaft
Berlin, Germany, March 19, 2011
Prof . Dr . Andreas Suchanek
verantwortung als investition in vertrauen
OLB-Forum 2011
Wilhelmshaven, Germany, March 16, 2011
Prof . Dr . Andreas Suchanek
Überlegungen zur goldenen regel
Gemeinsame Workshops des Hans-Jonas-Zentrums,
der Stiftung Weltethos und des Wittenberg-
Zentrum für Globale Ethik
Berlin, Germany, March 2, 2011
Prof . Dr . Andreas Suchanek
einige kritische anfragen zum libertären
paternalismus aus wirtschaftsethischer Sicht
Tagung „Chancen und Risiken des libertären
Paternalismus“, Kulturwissenschaftliches
Institut Essen
Essen, Germany, February 8, 2011
Prof . Dr . Andreas Suchanek
alltagstaugliche wirtschaftsethik
Ringvorlesung der Brandenburgisch Technischen
Universität Cottbus (BTU)
Cottbus, Germany, January 19, 2011
StiFtungSFondS deutScHe
BanK cHair oF innovation
ManageMent and entrepreneurSHip
Book
Pinkwart, Andreas
the new role of universities in the twenty-First
century: universities as engines of innovation
and entrepreneurial Hubs
AICGS Policy Report 50 (2012)
Washington: Johns Hopkins University, 2012
ISBN 978-1-933942-36-0
Book and Journal Articles
and Working Papers
Pinkwart, Andreas / Abu El-Ella, Nagwan
Business economics as a driver of innovation
HHL Working Paper 109 (2012)
Pinkwart, Andreas / Czinkota, Michael
international Business research and the new role of
universities – there is a Sunshine above the clouds
Thunderbird International Business Review
Journal, 54 (2012) 2, 253-261
Pinkwart, Andreas
das gesunde unternehmen als Ziel
nachhaltiger Sanierung
KSI, 8 (2012) 2, 5-10
Pinkwart, Andreas / Czinkota, Michael
exports and innovation
In: Marketing Management, 20 (2011) 3/4, 14-15
Conference Papers / Presentations
Prof . Dr . Andreas Pinkwart /
Dorian Proksch
the internationalization Behavior of
german High-tech-Start-ups
AMA Global Marketing Conference 2012 on
International Entry in Marketing and
Entrepreneurship – From Theory to Practice
Cancun, Mexico, March 29-April 1, 2012
Prof . Dr . Andreas Pinkwart /
Prof . Dr . Michael Schefczyk
Strategic Management in early Stage venture
capital Funds – a longitudinal analysis of
Success Factors in german Funds
IECER Regensburg, Germany, February 16, 2012
Prof . Dr . Andreas Pinkwart
eugen Schmalenbach and
the leipzig School of commerce
International Conference on the Occasion
of the 150th Anniversary of Cooperation
between Germany and Japan, Bonn,
Germany, November 22-24, 2011
Prof . Dr . Andreas Pinkwart
on the role of economics as a driver
of innovation in 21st century
MIT Club of Germany e .V ./HHL – Joint Symposium
“Innovation Technologies”
Leipzig, Germany, November 19, 2011
Prof . Dr . Andreas Pinkwart
curricula von Business Schools auf dem prüfstand
HHL-Forum 2011: Führung neu denken:
Was lernen wir aus den jüngsten Krisen?
Leipzig, Germany, November 16-17, 2011
Prof . Dr . Andreas Pinkwart
das gesunde unternehmen als Ziel
nachhaltiger Sanierung
BDU-Fachkonferenz Sanierung, IDW S 6 -
Wird er den Erwartungen gerecht? Anforderungen
an die Erstellung von Sanierungskonzepten
Düsseldorf, Germany, November 15, 2011
Prof . Dr . Andreas Pinkwart
innovation im 21. Jahrhundert – perspektiven
für wirtschaft und wissenschaft
25 . Jubiläum von Biocom
Berlin, Germany, October 13, 2011

54 HHL RESEARCH REPORT 2012 PuBLiCATiOnS 55
Prof . Dr . Andreas Pinkwart
Zur rolle der wirtschaftswissenschaften
im 21. Jahrhundert
50 . Jubiläums der wirtschaftswissenschaftlichen
Fakultät der Universität Erlangen-Nürnberg
Nürnberg, Germany, September 16, 2011
Prof . Dr . Andreas Pinkwart
universities’ contributions to the
innovation Systems of the u.S. and german
AICGS-Conference in Cooperation with Stifterverband
für die Deutsche Wissenschaft:
Universities as Innovation Engines and
Entrepreneurial Hubs, Transatlantic Conference
Washington, USA, June 9, 2011
Prof . Dr . Andreas Pinkwart
german universities and the role
of the excellence initiative
Meeting Global Challenges:
German–U .S . Innovation Policy, DIW Berlin
Berlin, Germany, May 24-25, 2011
ScHuMpeter Junior
proFeSSorSHip For
entrepreneurSHip and
tecHnologY tranSFer
Book and Journal Article
Velamuri, Vivek K .
Hybrid value creation
Wiesbaden, Gabler Verlag, 2012
Velamuri, Vivek K . / Neyer, Anne-Katrin /
Möslein, Kathrin M .
Hybrid value creation: a systematic review
of an evolving research area
In: Journal für Betriebswirtschaft (JfB),
61 (2011) 1, 1-33
Conference Papers / Presentations
Dr . Bastian Bansemir / PD Dr . Anne-Katrin Neyer /
Jun .-Prof . Dr . Vivek K . Velamuri
Managing organizational innovation communities:
a Sensemaking perspective.
Annual Meeting of the Academy
of Management (AoM)
Boston, Massachusetts, USA, August 3-7, 2012
Dr . Jörg Haller / Jun .-Prof . Dr . Vivek K . Velamuri /
Prof . Dr . Kathrin M . Möslein
why open evaluation? objectives and Key Factors:
influencing the output of open evaluation
10th International Open and User
Innovation Workshop
Boston, Massachusetts, USA, July 30-August 1, 2012
Jun .-Prof . Dr . Vivek K . Velamuri
tools of open innovation: an introduction
to how open innovation works
Lange Nacht der Wissenschaften
Leipzig, Germany, June 29, 2012
Jun .-Prof . Dr . Vivek K . Velamuri /
Dr . Bastian Bansemir / PD Dr . Anne-Katrin Neyer /
Prof . Dr . Kathrin M . Möslein
product Service Systems as a driver
for Business Model innovation
12th European Academy of Management
Conference (EURAM)
Rotterdam, The Netherlands, June 6-8, 2012
Dr . Jörg Haller / Jun .-Prof . Dr . Vivek K . Velamuri /
Dr . Bastian Bansemir
the Hidden objectives of open evaluation:
an exploratory Study
12th European Academy of Management
Conference (EURAM)
Rotterdam, The Netherlands, June 6-8, 2012
Jun .-Prof . Dr . Vivek K . Velamuri
Meet the Survivors and early career Scholars
EURAM Doctoral Colloquium 2012
Rotterdam, The Netherlands, June 5, 2012
center For leading
innovation & cooperation
Books
Borgmann, J .
dynamic capabilities als einflussfaktoren
des Markteintrittstimings
Wiesbaden: Springer Gabler, 2012
Reichwald, R . / Frenz, M . / Hermann, S . /
Schipanski, A .
Zukunftsfeld dienstleistungsarbeit:
professionalisierung – wertschätzung – interaktion
Wiesbaden: Springer Gabler, 2012
ISBN 978-3-8349-3434-5
Schipanski, A .
integrierte unternehmenskommunikation
in international tätigen unternehmen
Entwicklung eines länderübergreifenden Modells
zur prozessorientierten Gestaltung der Integration
von Kommunikationsaktivitäten und Kommunikationsmitteln
und dessen Anwendung auf ein
Unternehmen der Landtechnikbranche
Wiesbaden: Springer Gabler, 2012
ISBN 978-3-8348-25070
Pahl-Schönbein, J .
Konzerninterne dienstleister
Wiesbaden: Springer Gabler, 2011
Leimeister, J .M . / Krcmar, H . / Koch, M . /
Möslein, K . (Eds .)
gemeinschaftsgestützte innovationsentwicklung
für Softwareunternehmen
Lohmar: Josef Eul, 2011
Book Chapters and Journal Articles
Plieth, H . / Bullinger, A .C . / Hansen, E .G .
Sustainable entrepreneurship in the apparel industry
The Case of Manomama
In: Journal of Corporate Citizenship (Special Issue),
45 (2012), 123-136
Reichwald, R . / Schipanski, A . / Pößl, A .
professionalisierung von dienstleistungsarbeit und
innovationsfähigkeit in der dienstleistungswirtschaft
In: Reichwald, R . /Frenz, M . / Hermann, S . /
Schipanski, A . (Hrsg .): Zukunftsfeld Dienstleistungsarbeit:
Professionalisierung –
Wertschätzung - Interaktion
Wiesbaden: Springer Gabler, 2012, 19-43
Thallmaier, S . / Habicht, H . / Möslein, K . M .
innovation & professionalisierung:
Strategien (nicht nur) für dienstleister
In: Reichwald, R . /Frenz, M . / Hermann, S . /
Schipanski, A . (Hrsg .): Zukunftsfeld Dienstleistungsarbeit:
Professionalisierung –
Wertschätzung - Interaktion
Wiesbaden: Springer Gabler, 2012, 103–126
Bansemir, B . / Neyer, A .-K . / Möslein, K . M .
anchoring corporate innovation communities
in organizations
A Taxonomy
In: International Journal of Knowledge-Based
Organizations, 2 (2012) 1, 1-20
Bansemir, B . / Neyer, A .-K . / Möslein, K . M .
Knowledge exchange in intra-organizational
innovation communities
The Role of Cognitive and Affective States
In: BuR - Business Research, 5 (2012) 1, 43-58
Habicht, H . / Möslein, K . M . / Reichwald, R .
open innovation Maturity
In: International Journal of Knowledge-Based
Organizations, 2 (2012) 1, 92-111
Habicht, H . / Möslein, K . M .
open innovation Maturity: ein reifegradmodell
für das offene innovationsmanagement
In: Journal Arbeit, 11 (2012) 1, 29-30
Adamczyk, S . / Bullinger, A . C . / & Möslein, K . M .
commenting for new ideas: insights from an open
innovation platform
International Journal Technology Intelligence
and Planning, Forthcoming
Rau, C . / Neyer, A .-K . / Möslein, K . M .
innovation practices and their Boundary-crossing
Mechanisms: a review and proposals for the Future.
Technology Analysis & Strategic Management,
24 (2012) 2, 181–217
Bessant, J . / von Stamm, B . / Möslein, K . M .
Selection Strategies for discontinuous innovation
International Journal of Technology Management,
55 (2011) 1/2, 156-170
Habicht, H . / Möslein, K . M . / Reichwald, R .
open innovation: grundlagen, werkzeuge,
Kompetenzentwicklung
IM - Die Zeitschrift für Information Management
und Consulting, 26(1), 2011, 44-51
Renken, U . / Bullinger, A . C . / Möslein, K . M .
webbasierte werkzeuge für wissensarbeiter
HMD Praxis der Wirtschaftsinformatik,
277 (2011), 73-85
Haller, J . / Bullinger, A .C . / Möslein, K .M .
innovation contests - an it-Based tool
for innovation Management
Business & Information Systems Engineering,
3 (2011) 2, 103-106
Velamuri, V .K . / Neyer, A .-K . / Möslein, K .M .
Hybrid value creation: a Systematic review
of an evolving research area
Journal für Betriebswirtschaft (JfB), 61 (2011) 1, 3-35
Conference Papers / Presentations
Dr . Bastian Bansemir / Dr . Hagen Habicht /
Hanna Plieth
establishing organizational innovation communities:
a path creation perspective
12th EURAM Annual Conference
Rotterdam, The Netherlands, June 6-8, 2012
Dr . Bastian Bansemir / PD Dr . Anne-Katrin Neyer /
Jun .-Prof . Dr . Vivek K . Velamuri
Managing organizational innovation communities:
a Sensemaking perspective
Academy of Management Conference 2012
Boston, Massachusetts, August 3-7, 2012
Dr . Frank Danzinger / Martin Dumbach /
Prof . Dr . Kathrin M . Möslein
at the edge and innovative: the role of Boundary
innovators in demographic change
12th EURAM Annual Conference
Rotterdam, The Netherlands, June 6-8, 2012
Dr . Hagen Habicht / Prof . Dr . Ralf Reichwald
open innovation Maturity: ein reifegradmodell zur
Kompetenzentwicklung für open innovation
In: Dokumentation des 57 . Arbeitswissenschaftlichen
Kongresses in Chemnitz 23 .03 .-25 .03 .2011
Mensch, Technik, Organisation - Vernetzung im
Produktentstehungs- und herstellungsprozess
Dortmund: GfA-Press, 2012, 467-471
Dr . Hagen Habicht / Thomas Kandler /
Stefan Thallmaier
open geodata meets open government –
eine empirische Studie interaktiver
wertschöpfungsmodelle
In: Hilgers, D . / Schauer, R . / Thom, N . (Hrsg .)
Public Management im Paradigmenwechsel
Internationales Forschungscolloquium
“Public Management”
Linz: Trauner, 2012, 305-317
Dr . Jörg Haller / Jun .-Prof . Dr . Vivek K . Velamuri /
Dr . Bastian Bansemir
the Hidden objectives of open evaluation:
an exploratory Study
12th EURAM Annual Conference
Rotterdam, The Netherlands, June 6-8, 2012
Dr . Hagen Habicht / Simon Straßburger /
Stefan Thallmaier
productivity in Mass customization:
impacts of interaction channel and
customer to customer interaction
In: Piller, F . T . / Chesbrough, H . (Hrsg .)
Bridging Mass Customization & Open Innovation
MCPC 2011 Conference
San Francisco: Lulu Verlag, 2012, 65-78
ISBN 978-1-4716-3023-1
Jun .-Prof . Dr . Vivek K . Velamuri /
Dr . Bastian Bansemir / PD Dr . Anne-Katrin Neyer /
Prof . Dr . Kathrin M . Möslein
product Service Systems as a driver
for Business Model innovation
12th EURAM Annual Conference
Rotterdam, The Netherlands, June 6-8, 2012
Temidayo Akenroye / Prof . Dr . Kathrin M . Möslein
a conceptual Framework of the Forces driving the
need for innovation in the Health Sector
Global Conference on Innovations
in Management 2011
London, UK
Dr . Angelika C . Bullinger-Hoffmann /
Prof . Dr . Kathrin M . Möslein / Uta Renken
understanding online collaboration technology
adoption by researchers – a Model and
empirical Study
Thirty Second International Conference
on Information Systems
Shanghai, 2011
imprint
editor:
Prof . Dr . Andreas Pinkwart, Dean of HHL Leipzig
Graduate School of Management
editorial office:
Volker Stößel (MBA), Dr . Tobias D . Höhn
layout:
CLAUS KOCHTM , Thomas Szabo
printed by:
Fischer druck&medien
ISSN: 2195-0393 (Print) / ISSN: 2195-0407 (Online)
Copyright 2012 by HHL Leipzig Graduate School of
Management, Leipzig, Germany, www .hhl .de
All rights reserved . No part of this publication may
be reproduced, stored in a retrieval system, used in
a spreadsheet, or transmitted in any form or by any
means – electronic, mechanical, photocopy, recording, or
otherwise – without the permission of HHL .

56 HHL RESEARCH REPORT 2012 57
HHl’s
Schmalenbach
Building
The Schmalenbach building of HHL Leipzig Graduate School of
Management was opened with a solemn ceremony in Summer 2011 .
The expansion of the business school is located in the Mensa building of
the University of Leipzig . The Free State of Saxony and the Studentenwerk
invested a total of EUR 11 million within a two-year period in which the
whole building was renovated . In the Schmalenbach building, which is
named after Eugen Schalenbach (1873-1955), one of the first students at
HHL and the founder of the German business administration, close to an
additional 700 square meters has been created for lecture halls and study
rooms for students, as well as offices for HHL Chairs and a representative
Senate room .

58 HHL RESEARCH REPORT 2012 59
HHl leipzig
graduate School
of Management
HHL is a university-level institution and ranks amongst the leading international
business schools . The goal of the oldest business school in German-speaking
Europe is to educate effective, responsible and entrepreneurially-minded leaders .
In addition to HHL’s international focus the combination of theory and practice
plays a key role . HHL stands out for its excellent teaching, clear research focus,
effective transfer of knowledge into practice as well as its outstanding student
services . It offers a 21 to 24-month (and a 24-month part-time) Master Program
in Management (M .Sc .) as well as an 18-month (or 24-month part-time) MBA
in General Management and starting in October 2012 also an 18 month Global
Executive MBA . HHL’s program is complemented by the two-year Euro*MBA-
Program, a program based on e-learning (electronically supported learning) .
A three-year doctoral program, which can be studied part-time as well, completes
HHL’s courses of study . The department of Executive Education offers company
specific and open training programs for advanced education for specialist and
leading positions . HHL received the accreditation of AACSB International in April
2004 and was the first German private school to be re-accredited in April 2009 .
www.hhl.de

HHl leipzig Graduate School of Management
Jahnallee 59, 05109 leipzig, Germany
Tel.: +49 341 9851-60, fax: +49 341 9851-679
e-Mail: ResearchReport@hhl.de, Internet: www.hhl.de
allgemeiner Kontakt