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Striving for sustainable development by combating climate change and creating a more social world is one of the most pressing issues of our time. Growing legal requirements and customer expectations require also Mittelstand firms to address sustainability issues such as climate change. This dissertation contributes to a better understanding of sustainability in the Mittelstand context by examining different Mittelstand actors and the three dimensions of sustainability - social, economic, and environmental sustainability - in four quantitative studies. The first two studies focus on the social relevance and economic performance of hidden champions, a niche market leading subgroup of Mittelstand firms. At the regional level, the impact of 1,645 hidden champions located in Germany on various dimensions of regional development is examined. A higher concentration of hidden champions has a positive effect on regional employment, median income, and patents. At the firm level, analyses of a panel dataset of 4,677 German manufacturing firms, including 617 hidden champions, show that the latter have a higher return on assets than other Mittelstand firms. The following two chapters deal with environmental strategies and thus contribute to the exploration of the environmental dimension of sustainability. First, the consideration of climate aspects in investment decisions is compared using survey data from 468 European venture capital and private equity investors. While private equity firms respond to external stakeholders and portfolio performance and pursue an active ownership strategy, venture capital firms are motivated by product differentiation and make impact investments. Finally, based on survey data from 443 medium-sized manufacturing firms in Germany, 54% of which are family-owned, the impact of stakeholder pressures on their decarbonization strategies is analyzed. A distinction is made between symbolic (compensation of CO₂-emissions) and substantive decarbonization strategies (reduction of CO₂-emissions). Stakeholder pressures lead to a proactive pursuit of decarbonization strategies, with internal and external stakeholders varying in their influence on symbolic and substantial decarbonization strategies, and the relationship influenced by family ownership.
Survey data can be viewed as incomplete or partially missing from a variety of perspectives and there are different ways of dealing with this kind of data in the prediction and the estimation of economic quantities. In this thesis, we present two selected research contexts in which the prediction or estimation of economic quantities is examined under incomplete survey data.
These contexts are first the investigation of composite estimators in the German Microcensus (Chapters 3 and 4) and second extensions of multivariate Fay-Herriot (MFH) models (Chapters 5 and 6), which are applied to small area problems.
Composite estimators are estimation methods that take into account the sample overlap in rotating panel surveys such as the German Microcensus in order to stabilise the estimation of the statistics of interest (e.g. employment statistics). Due to the partial sample overlaps, information from previous samples is only available for some of the respondents, so the data are partially missing.
MFH models are model-based estimation methods that work with aggregated survey data in order to obtain more precise estimation results for small area problems compared to classical estimation methods. In these models, several variables of interest are modelled simultaneously. The survey estimates of these variables, which are used as input in the MFH models, are often partially missing. If the domains of interest are not explicitly accounted for in a sampling design, the sizes of the samples allocated to them can, by chance, be small. As a result, it can happen that either no estimates can be calculated at all or that the estimated values are not published by statistical offices because their variances are too large.
For decades, academics and practitioners aim to understand whether and how (economic) events affect firm value. Optimally, these events occur exogenously, i.e. suddenly and unexpectedly, so that an accurate evaluation of the effects on firm value can be conducted. However, recent studies show that even the evaluation of exogenous events is often prone to many challenges that can lead to diverse interpretations, resulting in heated debates. Recently, there have been intense debates in particular on the impact of takeover defenses and of Covid-19 on firm value. The announcements of takeover defenses and the propagation of Covid-19 are exogenous events that occur worldwide and are economically important, but have been insufficiently examined. By answering open research questions, this dissertation aims to provide a greater understanding about the heterogeneous effects that exogenous events such as the announcements of takeover defenses and the propagation of Covid-19 have on firm value. In addition, this dissertation analyzes the influence of certain firm characteristics on the effects of these two exogenous events and identifies influencing factors that explain contradictory results in the existing literature and thus can reconcile different views.
Recent non-comparative studies diverge in their assessments of the extent to which German and Japanese post-Cold War foreign policies are characterized by continuity or change. While the majority of analyses on Germany find overall continuity in policies and guiding principles, prominent works on Japan see the country undergoing drastic and fundamental change. Using an explicitly comparative framework for analysis based on a role theoretical approach, this study reevaluates the question of change and continuity in the two countries" regional foreign policies, focusing on the time period from 1990 to 2010. Through a qualitative content analysis of key foreign policy speeches, this dissertation traces and compares German and Japanese national role conceptions (NRCs) by identifying policymakers" perceived duties and responsibilities of their country in international politics. Furthermore, it investigates actual foreign policy behavior in two case studies about German and Japanese policies on missile defense and on textbook disputes. The dissertation examines whether the NRCs identified in the content analysis are useful to understand and explain each country- particular conduct. Both qualitative content analysis and case studies demonstrate the influence of normative and ideational variables in foreign policymaking. Incremental adaptations in foreign policy preferences can be found in Germany as well as Japan, but they are anchored in established normative guidelines and represent attempts to harmonize existing preferences with the conditions of the post-Cold War era. The dissertation argues that scholars have overstated and misconstrued the changes underway by asserting that Japan is undergoing a sweeping transformation in its foreign policy.
This dissertation focuses on e-marketing strategy's effective elements in tourism industry. As case study, research focus is on Airlines, tour operator, chain hotels in Iran and Germany. It aims to show various possibilities to enhance the company- e-marketing strategy and successfully performance e-marketing strategies with recognition effective elements and their important during the strategy designing and implementation process. For the purpose of this research due to the nature of the research, Explanatory -exploratory-applicable; after studying and consulting, Delphi technique has been chosen. In results, we have some effective elements and their important according the Delphi and AHP method. For example between elements "Tourists' Needs, Experience and Expects" with the importance coefficient of %204 is the most remarkable elements and "Customer satisfactions' elements group" with average value 5.54 according the research results have more important than other groups.
Do Personality Traits, Trust and Fairness Shape the Stock-Investing Decisions of an Individual?
(2023)
This thesis is comprised of three projects, all of which are fundamentally connected to the choices that individuals make about stock investments. Differences in stock market participation (SMP) across countries are large and difficult to explain. The second chapter focuses on differences between Germany (low SMP) and East Asian countries (mostly high SMP). The study hypothesis is that cultural differences regarding social preferences and attitudes towards inequality lead to different attitudes towards stock markets and subsequently to different SMPs. Using a large-scale survey, it is found that these factors can, indeed, explain a substantial amount of the country differences that other known factors (financial literacy, risk preferences, etc.) could not. This suggests that social preferences should be given a more central role in programs that aim to enhance SMP in countries like Germany. The third chapter documented the importance of trust as well as herding for stock ownership decisions. The findings show that trust as a general concept has no significant contribution to stock investment intention. A thorough examination of general trust elements reveals that in group and out-group trust have an impact on individual stock market investment. Higher out group trust directly influences a person's decision to invest in stocks, whereas higher in-group trust increases herding attitudes in stock investment decisions and thus can potentially increase the likelihood of stock investments as well. The last chapter investigates the significance of personality traits in stock investing and home bias in portfolio selection. Findings show that personality traits do indeed have a significant impact on stock investment and portfolio allocation decisions. Despite the fact that the magnitude and significance of characteristics differ between two groups of investors, inexperienced and experienced, conscientiousness and neuroticism play an important role in stock investments and preferences. Moreover, high conscientiousness scores increase stock investment desire and portfolio allocation to risky assets like stocks, discouraging home bias in asset allocation. Regarding neuroticism, a higher-level increases home bias in portfolio selection and decreases willingness to stock investment and portfolio share. Finally, when an investor has no prior experience with portfolio selection, patriotism generates home bias. For experienced investors, having a low neuroticism score and a high conscientiousness and openness score seemed to be a constant factor in deciding to invest in a well-diversified international portfolio
The German Mittelstand is closely linked to the success of the German economy. Mittelstand firms, thereof numerous Hidden Champions, significantly contribute to Germany’s economic performance, innovation, and export strength. However, the advancing digitalization poses complex challenges for Mittelstand firms. To benefit from the manifold opportunities offered by digital technologies and to defend or even expand existing market positions, Mittelstand firms must transform themselves and their business models. This dissertation uses quantitative methods and contributes to a deeper understanding of the distinct needs and influencing factors of the digital transformation of Mittelstand firms. The results of the empirical analyses of a unique database of 525 mid-sized German manufacturing firms, comprising both firm-related information and survey data, show that organizational capabilities and characteristics significantly influence the digital transformation of Mittelstand firms. The results support the assumption that dynamic capabilities promote the digital transformation of such firms and underline the important role of ownership structure, especially regarding family influence, for the digital transformation of the business model and the pursuit of growth goals with digitalization. In addition to the digital transformation of German Mittelstand firms, this dissertation examines the economic success and regional impact of Hidden Champions and hence, contributes to a better understanding of the Hidden Champion phenomenon. Using quantitative methods, it can be empirically proven that Hidden Champions outperform other mid-sized firms in financial terms and promote regional development. Consequently, the results of this dissertation provide valuable research contributions and offer various practical implications for firm managers and owners as well as policy makers.
Mechanical and Biological Treatment (MBT) generally aims to reduce the amount of solid waste and emissions in landfills and enhance the recoveries. MBT technology has been studied in various countries in Europe and Asia. Techniques of solid waste treatment are distinctly different in the study areas. A better understanding of MBT waste characteristics can lead to an optimization of the MBT technology. For a sustainable waste management, it is essential to determine the characteristics of the final MBT waste, the effectiveness of the treatment system as well as the potential application of the final material regarding future utilization. This study aims to define and compare the characteristics of the final MBT materials in the following countries: Luxembourg (using a high degree technology), Fridhaff in Diekirch/Erpeldange, Germany (using a well regulated technology), Singhofen in Rhein-Lahn district, Thailand (using a low cost technology): Phitsanulok in Phitsanulok province. The three countries were chosen for this comparative study due to their unique performance in the MBT implementation. The samples were taken from the composting heaps of the final treatment process prior to sending them to landfills, using a random sampling standard strategy from August 2008 onwards. The size of the sample was reduced to manageable sizes before characterization. The size reduction was achieved by the quartering method. The samples were first analyzed for the size fraction on the day of collection. They were screened into three fractions by the method of dry sieving: small size with a diameter of <10 mm, medium size with a diameter of 10-40 mm and large size with a diameter of >40 mm. These fractions were further analyzed for their physical and chemical parameters such as particle size distribution (total into 12 size fractions), particle shape, porosity, composition, water content, water retention capacity and respiratory activity. The extracted eluate was analyzed for pH-value, heavy metals (lead, cadmium and arsenic), chemical oxygen demand, ammonium, sulfate and chloride. In order to describe and evaluate the potential application of the small size material as a final cover of landfills, the fraction of small size samples were tested for the geotechnical properties as well. The geotechnical parameters were the compaction test, permeability test and shear strength test. The detailed description of the treatment facilities and methods of the study areas were included in the results. The samples from the three countries are visibly smaller than waste without pretreatment. Maximum particle size is found to be less than 100 mm. The samples are found to consist of dust to coarse fractions. The small size with a diameter of <10 mm was highest in the sample from Germany (average 60% by weight), secondly in the sample from Luxembourg (average 43% by weight) and lowest in the sample from Thailand (average 15% by weight). The content of biodegradable material generally increased with decreasing particle sizes. Primary components are organic, plastics, fibrous materials and inert materials (glass and ceramics). The percentage of each components greatly depends on the MBT process of each country. Other important characteristics are significantly reduced water content, reduced total organic carbon and reduced potential heavy metals. The geotechnical results show that the small fraction is highly compact, has a low permeability and lot of water adsorbed material. The utilization of MBT material in this study shows a good trend as it proved to be a safe material which contained very low amounts of loadings and concentrations of chemical oxygen demand, ammonium, and heavy metals. The organic part can be developed to be a soil conditioner. It is also suitably utilized as a bio-filter layer in the final cover of landfill or as a temporary cover during the MBT process. This study showed how to identify the most appropriate technology for municipal solid waste disposal through the study of waste characterization.
Mankind has dramatically influenced the nitrogen (N) fluxes between soil, vegetation, water and atmosphere " the global N cycle. Increasing intensification of agricultural land use, caused by the growing demand for agricultural products, has had major impacts on ecosystems worldwide. Particularly nitrogenous gases such as ammonia (NH3) have increased mainly due to industrial livestock farming. Countries with high N deposition rates require a variety of deposition measurements and effective N monitoring networks to assess N loads. Due to high costs, current "conventional"-deposition measurement stations are not widespread and therefore provide only a patchy picture of the real extent of the prevailing N deposition status over large areas. One tool that allows quantification of the exposure and the effects of atmospheric N impacts on an ecosystem is the use of bioindicators. Due to their specific physiology and ecology, especially lichens and mosses are suitable to reflect the atmospheric N input at ecosystem level. The present doctoral project began by investigating the general ability of epiphytic lichens to qualify and quantify N deposition by analysing both lichens and total N and δ15N along a gradient of different N emission sources and severity. The results showed that this was a viable monitoring method, and a grid-based monitoring system with nitrophytic lichens was set up in the western part of Germany. Finally, a critical appraisal of three different monitoring techniques (lichens, mosses and tree bark) was carried out to compare them with national relevant N deposition assessment programmes. In total 1057 lichen samples, 348 tree bark samples, 153 moss samples and 24 deposition water samples, were analysed in this dissertation at different investigation scales in Germany.The study identified species-specific ability and tolerance of various epiphytic lichens to accumulate N. Samples of tree bark were also collected and N accumulation ability was detected in connection with the increased intensity of agriculture, and according to the presence of reduced N compounds (NHx) in the atmosphere. Nitrophytic lichens (Xanthoria parietina, Physcia spp.) have the strongest correlations with high agriculture-related N deposition. In addition, the main N sources were revealed with the help of δ15N values along a gradient of altitude and areas affected by different types of land use (NH3 density classes, livestock units and various deposition types). Furthermore, in the first nationwide survey of Germany to compare lichens, mosses and tree bark samples as biomonitors for N deposition, it was revealed that lichens are clearly the most meaningful monitor organisms in highly N affected regions. Additionally, the study shows that dealing with different biomonitors is a difficult task due to their variety of N responses. The specific receptor surfaces of the indicators and therefore their different strategies of N uptake are responsible for the tissue N concentration of each organism group. It was also shown that the δ15N values depend on their N origin and the specific N transformations in each organism system, so that a direct comparison between atmosphere and ecosystems is not possible.In conclusion, biomonitors, and especially epiphytic lichens may serve as possible alternatives to get a spatially representative picture of the N deposition conditions. Furthermore, bioindication with lichens is a cost-efficient alternative to physico-chemical measurements to comprehensively assess different prevailing N doses and sources of N pools on a regional scale. They can at least support on-site deposition instruments by qualification and quantification of N deposition.