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80. Jahrestagung des Verbandes der Hochschullehrer für Betriebswirtschaft (VHB)23. bis 25. Mai 2018

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ABSTRACTS DES PROGRAMMS DER VHB JAHRESTAGUNG Session CON1: Opportunismus und Risikoübernahme Donnerstag, 24.05.2018, 9:30 - 10:00 Uhr | Raum G22A-110 Multiple tasks and the spillover of opportunistic behavior Christian Brück, Thorsten Knauer, Anja Schwering (Ruhr-Universität Bochum) Multiple tasks may provide different opportunities for self-interested behavior. This study investigates how the opportunity to misreport on a first task affects shirking behavior on a second task. Additionally, we investigate how formal controls affect this spillover of opportunism. In an experimental investigation, we vary the opportunity to misreport on a first task (absent vs. present). Nested within an opportunity to misreport, we further manipulate the strengths of controls for a first task (no, weak, strong). We find that an opportunity to misreport on the first task significantly increases shirking behavior on a subsequent task, regardless of the strengths of controls. We argue that the opportunity to misreport enables mechanisms of moral disengagement and ethical fading such that individuals are more willing to engage in self-interested behavior on the second task. Even if strong controls prevent actual lying, the economic frame established by the controls still leads to increased shirking behavior. Overall, our study informs accountants about the consequences of misreporting and the effects of formal controls. Donnerstag, 24.05.2018, 10:00 - 10:30 Uhr | Raum: G22A-110 Subjective evaluations of risk taking decisions: Experimental evidence on outcome biases and their consequences Robert Gillenkirch1, Louis J. Velthuis2

(1Universität Osnabrück, 2Johannes Gutenberg-Universität Mainz) This study experimentally investigates how a principal uses outcome information in her subjective evaluation of an agent who chooses between alternatives of differing risks, and how outcome bias in the evaluation is related to the agent’s risk taking decision. We consider both a situation of information symmetry, where the principal can observe the agent’s decision, and a situation of information asymmetry, where the agent’s decision is hidden. Within both situations, we compare a condition where the principal receives peer comparison information with a condition where such information is unavailable. We hypothesize and find that principals’ evaluations are subject to an outcome bias, and that the bias is stronger when peer comparison is present. We further hypothesize and find that with peer comparison being present, agents’ decisions become increasingly misaligned with principals’ preferences. Our findings contribute to understanding outcome biases in subjective evaluations of risk taking decisions, and how these biases may contribute to explaining excessive risk taking by agents.

Session FI1: Investitionen in Aktien und Anleihefonds Donnerstag, 24.05.2018, 9:30 - 10:00 Uhr | Raum: G22A-111 The impact of financial transaction taxes on stock markets: Short-run effects, long-run effects, and migration Sebastian Eichfelder1, Mona Lau2, Felix Noth3

(1Otto-von-Guericke-Universität Magdeburg, 2Freie Universität Berlin, 3IWH – Leibniz-Institut für Wirtschaftsforschung Halle) Diskutant: Thomas Kourouxous (Universität Paderborn) We focus on the impact of the French 2012 financial transaction tax (FTT) on trading volumes and volatility. We extend the empirical research by identifying FTT announcement and short-run treatment effects, which can distort difference-in-differences estimates. We also consider long-run volatility measures that better fit the French FTT’s legislative design, the heterogeneity of market reactions and the migration of trading volumes to potential substitute stocks. While we find a strong short-term impact on trading volume (announcement effects and short-run effects), the long-run treatment effect is much weaker and only significant for less liquid stocks not participating at the Supplemental Liquidity Provision program of NYSE Euronext. We further find a significant reduction of long-term volatility measures after the FTT effective date as evidence for a market-stabilizing effect, and a significant increase in the trading volume of potential substitute stocks traded at NYSE Euronext as evidence for a migration of trading volumes. Donnerstag, 24.05.2018, 10:00 - 10:30 Uhr | Raum: G22A-111 Bond fund performance: Does management activity pay? Martin Rohleder (Universität Augsburg) Diskutant: Marc Gürtler (Technische Universität Braunschweig) Many recent studies report that management activity is positively related to equity fund performance, thereby partly solving the “active management puzzle”. In this paper, I am the first to present consistent and robust evidence that the opposite is true for a large and comprehensive sample of over 900 US domestic corporate and government bond funds in the period 1987 to 2015 as they exhibit a significantly negative activity-performance relation in the cross-section as well as over time. This finding holds for different performance and activity measures. Thus, higher management activity in corporate and government bond funds does not pay.

Session NAMA1: Umweltkostenrechnung und Managementkontrollsysteme Donnerstag, 24.05.2018, 9:30 - 10:00 Uhr | Raum: G22A-112 What are environmental management control systems? A construct validity study Edeltraud Guenther1, Jan Endrikat1, Qi Wu2, Kokubu Katsuhiko2, Nishitani Kimitaka2, Thomas Guenther1 (1Technische Universität Dresden, 2Kobe University) In research on management control systems (MCS) we find different conceptualizations, with the Levers of Control (LOC) framework of Simons (1994), the Object of Control (OOC) framework of

Merchant and van der Stede (2003), and the idea of MCS as a package (Malmi & Brown, 2008) as the most prominent MCS conceptualizations. In research on environmental management control systems (EMCS), literature trying to capture the EMCS concept is still sparse. Some empirical papers adapt existing MCS frameworks, while others focus on specific aspects of EMCS and capture only particular dimensions of the broad concept of EMCS. As it is generally believed that EMCS should be considered a multidimensional construct, it is important to know which dimensions EMCS consists of, how the different dimensions relate to each other, and how the dimensions can be measured. From our construct validity study, we strive to learn about eminent elements of EMCS through the identification of distinct dimensions by means of an exploratory and confirmatory factor analysis. We base our study on survey data from 301 large German firms and examine reliability (Which part of the total variance can be explained by the systematic variance?), convergent validity (In how far do the identified indicators express the same construct and converge to a common factor?), and discriminant validity (In how far do the identified indicators express different constructs?). With our study we contribute to three research developments in MCS research, namely (1) developing sound conceptual specifications of EMCS constructs, (2) extending compartmentalized and reductionist construct selections to holistic EMCS constructs, and (3) adapting constructs to the context and desired outcome, in our case, environmental performance. Donnerstag, 24.05.2018, 10:00 - 10:30 Uhr | Raum: G22A-112 A production and cost theory-based material flow cost accounting system Stefan Dierkes, David Siepelmeyer (Georg-August-Universität Göttingen) Because of public interest and the massive environmental impact of economic growth, sustainability has become increasingly more important for stakeholders, and, consequently, for companies. A management tool that supports sustainable management is material flow cost accounting, which helps management identify economic or ecological weaknesses in the production process, and exploit the company’s undetected potential for success. In this study, a production and cost theory-based material flow model is developed, including waste and rejects, which are the main sources of material losses. Moreover, the economic or ecological impacts of material and energy flows in and out of a quantity center are analyzed in detail. Furthermore, the conception and implementation of a production theory-based material flow cost accounting system are shown, and the relationship between existing cost accounting systems and material flow cost accounting are especially emphasized. Finally, with the extension of material flow cost accounting to include flexible product unit costing, which provides specific information for management, the requirements are met for greater application in practice of this cost accounting tool.

Session TIE1: Patente und Compliance Donnerstag, 24.05.2018, 9:30 - 10:00 Uhr | Raum: G22A-113 Regional social capital and the entrepreneurial establishment process: A multi level study Johannes Kleinhempel, Sjoerd Beugelsdijk, Mariko Klasing (Universität Groningen) We assess the relationship between regional social capital and individuals’ propensity to transition through the entrepreneurial establishment process. We predict that regional social capital as a regional resource of public goods character reduces entrepreneurs’ liabilities of smallness,

newness, and outsidership, as well as the adverse effects of information asymmetries and moral hazard problems between entrepreneurs and resource holders. To test our predictions, we conceptualize and measure entrepreneurship as a dynamic sequential process for 22,878 individuals nested in 110 regions in 22 European countries and estimate multi-level models. Our results show that regional social capital is especially relevant for individuals who want to become entrepreneurs and seek to gather the required resources and knowledge to formally establish the venture. Conversely, regional social capital does not influence initial interested in entrepreneurship or the survival odds of young established businesses beyond the first 3 years. Donnerstag, 24.05.2018, 10:00 - 10:30 Uhr | Raum: G22A-113 The effect of compliance time in patent examination: An experimental study Sven Fischer1, Marco Kleine2, Daniel Zizzo1

(1Newcastle University, 2Max-Planck-Institut für Innovation und Wettbewerb) Using controlled and incentivized individual decision making experiments, we test whether the length of compliance periods in patent examinations affects application behavior and overall efficiency, measured by wasteful investment into hopeless applications on the one hand, and insufficient investment into promising ones on the other. More specifically, our participants – students and IP practitioners – decide in the role of a patentee with an invention which, unbeknown to them, is either patentable or not. They can invest real effort in order to reach a threshold while receiving incomplete yet informative feedback about the binary prospects of their application. We vary the time a patentee has available to finish his or her work on the application – either one week, three weeks or six weeks. We find evidence that a longer compliance period leads to more efficient decisions whether to try to reach the required threshold.

Session WP1: Wirtschaftsprüfungskosten und Whistleblowing Donnerstag, 24.05.2018, 9:30 - 10:00 Uhr | Raum: G22A-120 Costs and benefits of accounting services − evidence from Europe Marcus Bravidor1, Thomas Loy2 (1Heinrich-Heine-Universität Düsseldorf, 2Universität Bayreuth) We empirically analyze the benefits associated with the costs of accounting-related services in 18 European countries. We use the revenues earned from accounting-related services as an estimate of compliance costs and explore whether the cross-country and temporal variation of these costs is associated with benefits for firms (e.g., in the form of lower corporate tax burdens) and/or the public (e.g., through increased earnings quality). Prior studies focused on audit and non-audit (e.g., tax advisory) fees paid by listed companies. Our dataset also includes SMEs and individuals. Empirical results indicate increased spending on accounting-related services is related to decreasing earnings quality, as measured by accrual-based earnings management and real activities management. However, we find no evidence that companies use discretionary spending to decrease their effective tax rates indicating that accounting services are primarily used to comply with tax laws. Country-level governance mechanisms partially mitigate this relation. Differences in the quality of financial reporting and tax regulation do not alter the benefits from accounting-related services. We attribute these results to an increased demand in accounting advisory services to identify avenues for earnings management and tax planning. Additionally, either the advisory

effect of accounting regulation supersedes the effect of audits, which should restrict earnings management, or companies demand accounting services to smooth earnings for tax purposes. Donnerstag, 24.05.2018, 10:00 - 10:30 Uhr | Raum: G22A-120 Mehr Whistleblowing, weniger Bilanzmanipulationen? – Über den Einfluss des Whistleblowings auf die Jahresabschlussprüfung Brian Halim (Otto-von-Guericke-Universität Magdeburg) Wegen diversen Bilanzskandalen in der Vergangenheit ist Whistleblowing in den Fokus von Politikern, Unternehmern und Wissenschaftlern gerückt. In den USA wurden im Rahmen von SOX und dem Dodd-Frank Act Gesetze erlassen, die Whistleblowing fördern sollten durch mehr Schutz und durch finanzielle Anreize für Whistleblower. Die Hoffnung dabei ist, dass Whistleblowing nicht nur zu einer erhöhten Aufdeckung von Bilanzmanipulationen, sondern auch zu einer Verringerung eben dieser führen soll. Die Förderung von Whistleblowing steht in der Kritik, z.B. weil befürchtet wird, dass diese zu mehr Fehlmeldungen führt. Andererseits kann man zeigen, wenn man davon abstrahiert und annimmt, dass die Förderung von Whistleblowing zu einer erhöhten Aufdeckung von Manipulationen führt, dass es trotzdem vorkommen kann, dass Manager nicht weniger manipulieren. Dazu wird in dieser Arbeit ein einfaches (Eigentümer-) Manager-Wirtschaftsprüfer-Spiel modelliert, in dem ein Manager seine Manipulationswahrscheinlichkeit und ein Prüfer seine mit Kosten verbundene Aufdeckungsbemühungen wählt. Die beiden Spieler beachten jeweils das Kalkül des anderen bei der eigenen Aktionswahl: Wenn es wahrscheinlicher wird, dass schon vor der Abschlussprüfung eine Manipulation aufgedeckt wird, fällt für den Prüfer der Grenznutzen der eigenen Aufdeckungsbemühungen - entweder weil er dieses Ereignis bei der Wahl der Aufdeckungsbemühungen vorhersieht, oder aber, weil er das Nichtaufdecken einer Manipulation vor der Prüfung als Signal dafür deutet, dass wahrscheinlich keine vorliegt. Ein Manager wird daher kein Interesse daran haben, seine Manipulationswahrscheinlichkeit zu senken. Anders sieht es allerdings aus, wenn eine mögliche Aufdeckung nach einer Prüfung wahrscheinlicher wird. Für den Prüfer bedeutet dies, dass sein Prüfungsversagen öffentlich wird und er daher einen Reputationsschaden erleidet. Für ihn ist es daher vorteilhafter, gründlicher zur prüfen, worauf der Manager mit einer Verringerung der Manipulationswahrscheinlichkeit reagiert. Wahrscheinlichere Vorprüfungsaufdeckungen könnten dennoch nützlich sein, wenn der Prüfer eine konvexe Kostenfunktion hat, da so Prüfungsgebühren reduziert werden können. Session UF1: Futures und Optionen Donnerstag, 24.05.2018, 9:30 - 10:00 Uhr | Raum: G22A-122 When subadditivity becomes a problem: Coherent risk measures and optimal futures hedging with background risk Mario Brandtner (Friedrich-Schiller-Universität Jena) In this paper, we analyze standard futures hedging problems with and without background risk under law invariant coherent risk measures. While previous literature motivates the use of these risk measures by referring to their consistent axiomatic foundation, our findings raise doubts on the fit of the coherence axioms for hedging purposes. If perfect hedging is possible (i.e., the futures contract exactly matches the maturity and the underlying of the commodity to be sold), we find an all-or-nothing decision: either the hedger chooses full coverage, or there is infinite speculation if

the futures market exhibits a sufficient level of normal backwardation and contango, respectively. This restrictive pattern is induced by the coherence axioms of translation invariance and positive homogeneity. We further consider an extended hedging problem in which an additional independent background risk arises. In the presence of this background risk, the speculative component in both normal backwardation and contango markets is counterintuitively increasing rather than decreasing; that is, under law invariant coherent risk measures, background risks induce risk-shifting. This problematic incentive can be directly attributed to the landmark subadditivity axiom. Likewise, we find more instead of less speculation if a basis risk arises. We also derive optimal hedge quantities for Gaussian distributions.

Donnerstag, 24.05.2018, 10:00 - 10:30 Uhr | Raum: G22A-122 Performance measurement for option portfolios in a stochastic volatility framework Rainer Baule1, Oliver Entrop2, Sebastian Wessels1

(1FernUniversität in Hagen, 2Universität Passau) Considering a stochastic volatility framework according to Heston (1993), we present a theoretical verication of applying option-based factors to performance measurement for option portfolios in order to capture the influence of the volatility on the portfolio returns. Using discrete portfolio returns, any single option-based factor is able to capture the portfolio's performance perfectly, if its factor sensitivities reflect the time-varying relative portfolio delta and vega. In applications however, factor sensitivities are usually estimated in a single regression, which may lead to potential biases in performance measurement. We conduct a simulation study to reveal properties of well-suited factors. Factors with rolling strategies in the sense that options are prematurely sold at the market and replaced by new options are superior to strategies which hold the options until expiry. For portfolios with a high percentage of option holdings, we advocate an optimization approach in order to find an appropriate factor.

Session Symposium: Schnelle und schlichte Heuristiken im Management Donnerstag, 24.05.2018, 11:00 - 12:30 Uhr | Raum: G22A-110 Fast and frugal heuristics in management Chair der Sitzung: Florian Artinger (Max-Planck-Institut für Bildungsforschung) Managers make decisions under uncertainty with only limited information in a dynamic and competitive environment. Recent research across management in areas such as Organization, Strategy, Operations Research, and Marketing shows that managers frequently rely on heuristics in such a context. These simple rules can be highly functional, outperforming even complex state-of-the art models if they are well adapted to the environment. The symposium provides novel insights into the range of decision making environments where mangers use heuristics including personnel decisions, managing innovations, strategy, and for prediction. It details the strategies that mangers use and shows when and why these heuristics are functional and when not. The symposium highlights how simple strategies that use only limited information are key in reaping profits in an uncertain world.

Beiträge des Symposiums Leadership heuristics Sabrina Artinger (Max-Planck-Institut für Bildungsforschung) Experts often use simple and intuitive decision rules. A growing body of literature shows that these simple rules, or heuristics, often predict very well and can result in surprisingly effective decisions that might even outperform complex, data driven decision strategies (for a review see Artinger et al. 2015) In this study, we investigate the decisions of top managers and examine the role of simple rules in leadership decision-making. Specifically, we aim to understand whether experienced leaders use simple rules, whether these rules rely on the principles of fast and frugal heuristics and if so, to which extend they are ecologically rational and adapted to the environment and industry they are used in (Gigerenzer, Todd, and the ABC Research Group 1999; Smith 2003). To the best of our knowledge, this is the first study to investigate simple decision rules in leadership. Recurrent situations promote the development of simple jet effective decision rules. In a first step, we surveyed top managers from different industries to identify and classify decision situations that are both central to and frequent when leading a team or company. Based on this classification, we developed a semi-structured interview guide, focusing on decisions in three domains: (1) growth strategies, (2) personnel development, and (3) conflict resolution. We interviewed more than 100 top managers from different industries who had significant experience in a senior leadership position. All interviews were led face to face and took about 60 to 90 minutes each. They were followed by a questionnaire on the educational and career background of the participants and on the most important sources of uncertainty in the industry of the participant. Our results show that experienced leaders indeed use simple decision rules and that many of these decision rules rely on the principles of fast and frugal heuristics. For instance, elimination by aspect was found to be frequently used in personnel recruiting and personnel development decisions (Tversky 1972). Here, the decision maker uses a catalogue of criteria sorted according to importance. If a given candidate does not perform above the aspiration level of the first criterion, this candidate is excluded from the set of all candidates. The decision maker proceeds by applying this logic to subsequent criteria until a predefined target group of candidates is left. A further example is 1/N which allocates resources by dividing them equally among for instance a set of business units or team members (DeMiguel, Garlappi, and Uppal 2007). This strategy is frequently used in growth strategies and conflict resolution. We could provide evidence that many of the leadership heuristics are well adapted to their specific industry. For instance, we found that top managers hire new team members based on the degree of personality similarity (Read and Grushka-cockayne 2011). If the newly hired person predominantly works with other team members, experienced leaders reported that they prefer those candidates with a similar personality compared to existing group members. However, when the candidate works predominantly with a client, as is often the case in consulting, experienced leaders preferred candidates with very different personalities than the ones currently in the team. Hence, while team homogeneity with respect to personality was favored for intra-team collaboration, team heterogeneity was favored in client collaboration because the personality fit with the client is viewed as the most important factor for successful delivery.

Our study provides a framework to study and explore fast and frugal heuristics in a management context. We show that experienced leaders indeed use simple decision rules and that many of these decision rules rely on the principles of well adapted, fast and frugal heuristics. Based on these results, we identify and describe opportunities for future research into leadership heuristics and their ecological rationality. Heuristics as micro-foundations of business model co-innovation Moritz Loock (Universität St. Gallen) Business model innovation - the processes of developing novel ways of creating and capturing value - has become a central topic in innovation research (Foss & Saebi, 2017). Business model innovation is a way for firms to commercialize new ideas and technologies (Chesbrough 2010). Recent publications stress that in order to transition towards sustainability it is crucial to understand and capture the decision making strategies that underlie the development of new business models (Boons and Lüdeke-Freund 2013; Schaltegger, Hansen, and Lüdeke-Freund 2016). Business model innovations facilitate the market acceptance of technological innovation and support their broader diffusion (Bohnsack & Pinkse, 2017; Chesbrough & Rosenbloom, 2002; Drury et al., 2012; Yu & Hang, 2010). They also help to create new industry recipes, thereby changing the perception of firms in an industry by enacting novel references for how to create and capture value (Matthyssens, Vandenbempt, and Berghman 2006; Sabatier, Craig-Kennard, and Mangematin 2012). Many heterogeneous groups, individuals, and perspectives are involved in business model innovation processes. This includes not only managers within a firm or managers of various firms co-operating but also investors, suppliers, customers, policy-makers and many more who are part of an eco-system. Earlier research shows that business models are “innovation devices” that facilitate coordination between diverse stakeholders in regard to value creation and value capture (Doganova & Eyquem-Renault, 2009). However, little is known about how co-operation of different stakeholders allows co-creating and co-capturing value (Lüdeke-Freund et al., 2017). We have limited understanding of how business models are developed, who contributes to what, and how each stakeholder influences the mechanisms of value creation, delivery and capture. Researchers metaphorically point to the “key partner box” in the Business Model Canvas of Osterwalder (2004), without further questioning and investigating the micro-foundations of business model co-innovation. To address this gap, this paper aims to answer the following research question: what are the micro-foundations of business model co-innovation? Answering this research question is an important and timely task as business model innovation processes increasingly happen at the eco-system level and require to integrate heterogeneous stakeholders. Several developments drive this phenomenon: some industries are increasingly initiating novel collaborations with actors from other industries, such as between the transport and energy industries where alliances are made to offer novel products such as vehicle-to-grid solutions (Bohnsack and Pinkse 2017; Kempton and Tomi� 2005). Furthermore, boundaries between different sectors and experts are becoming blurry. Actors with diverse knowledge and backgrounds are increasingly working together. A profound example is the emergence of business models where value creation is not solely done by firms but where customers become co-creators of value (Angeli and Jaiswal 2016; Payne, Storbacka, and Frow 2008b). Recent advancements in digital developments offers novel opportunities to coordinate business model innovation among different actors that have not commonly interacted in the past (Brynjolfsson, Hofmann, and Jordan

2010); (Ritu Agarwal et al. 2010; Brynjolfsson, Hofmann, and Jordan 2010). Overall, we need to know how business model innovations deal with the increasing diversity among the stakeholders involved, and how business model co-innovation comes about. We proceed as follows. First, we ground our investigation on the recent advancements in business model theory that link heuristics as the cognitive foundations of business models (Loock & Hacklin, 2015). We then report from preliminary set of interviews, conducted by us, to capture the various stakeholder perspectives that are involved in five business model innovation processes in the sustainable energy sector. Applying established methods of extracting heuristics from interview data (Bingham & Eisenhardt, 2011), we find that business model innovation processes host different and interesting types and bundles of heuristics that have been unknown so far. Based on the data, we are able to explain how the heuristics and bundles of heuristics come about, where they appear and how they work as micro-foundations of business model co-innovation. Beyond contributing to novel understandings of the micro-foundations of business model co-innovation, we extend existing theories on social heuristics. The latter have explicated how heuristics facilitate coordination, but not – as we are able to show – how heuristics guide co-innovation and co-creation. We state fundamental implications for the micro-macro link in innovation studies and the specific role of heuristics for economic renewal and business model innovation process as an important mediator in the relations between heuristics and innovation. Changing a portfolio of organizational heuristics: opening the black box Madeleine Rauch (Europa-Universität Viadrina Frankfurt (Oder)) Exploring how organizations make decisions under uncertainty has a long-standing tradition in academia and is immediately relevant for both academia and practice. In the past, many scholars have addressed the question of how decisions are made under uncertainty (e.g., Mintzberg et al., 1976; Langley et al., 1995; Mintzberg, 1971; March, 1981; 1988; Bingham & Eisenhardt, 2011). In this context, heuristics have been recognized as important mechanisms for strategic decision-making in uncertain situations (Bingham et al., 2007; Eisenhardt & Sull, 2001; Sull & Eisenhardt, 2015). Heuristics are also noted as increasingly important concepts in strategy and are directly linked to organizational processes (e.g. Loock and Hinnen, 2014; Laamanen and Wallin, 2008). More broadly, scholars have highlighted the central importance of heuristics for organizations as being “the essence of strategy” (Bingham & Haleblian, 2012: 47). Much of this literature on heuristics discusses the superiority or inferiority of the decisions that result from heuristics compared to more complex forms of decision-making (e.g., see Bingham & Eisenhardt, 2011; Bingham et al., 2007; 2015; Eisenhardt et al., 2010, 2011; Teece, 2007, 2014; Vuori & Vuori, 2014; Healey et al., 2015; see also Gigerenzer, 1999, 2009, 2011, and Kahneman & Tversky, 1972, 1973, 2011, 2012). Much of this debate centers on how strategists develop effective heuristics (Bingham & Haleblian, 2012; Bingham et al., 2007; see also Gavetti & Rivkin, 2007; Zollo & Winter, 2002) and the practice of clustering different types of heuristics based on which strategists make decisions; these categories include lower-order and higher-order heuristics (Bingham et al., 2007), individual-level and organization-level heuristics (Laamanen & Wallin, 2009), and inductive and deductive heuristics (Regnér, 2003). Furthermore, for the first time, studies have been exploring how organizations develop heuristics to facilitate decision-making in uncertain situations (Bingham & Haleblian, 2012; Bingham et al., 2007; see also Gavetti & Rivkin, 2007; Zollo & Winter, 2002). While this vibrant stream of literature illustrates that simple rules are feasible tools to deal

with complexity and can lead to superior decisions (e.g., Bingham et al., 2007), much less is known about how organizations actually use heuristics and how these unfold in the organizational context. In particular, much of the literature on heuristics has discussed the superiority or inferiority of decisions that result from the use of different types of heuristics; however, the process of using heuristics is largely conceived as less problematic and, thus, little attention has been devoted to the actual use of heuristics and their development in the strategy process. While this nascent body of literature has made substantial contributions to a better understanding of heuristics and has carved out their important role in the strategy process, it has paid far less attention to how organizations actually use heuristics to make strategic decisions. In the face of this assumption, that organizations use a variety of organizational heuristics, the literature does not appear to consider this issue to be problematic and, therefore, treats it as a black box (e.g., see Heimeriks et al., 2015). In view of this gap, our research objective in this paper is to explore the phenomenon of how organizational heuristics actually work by opening the black box of heuristics and addressing the underlying mechanisms of heuristics in an organization. We used an inductive theory building approach in which we analyzed decision-making in the strategy process of a large, established German broadcasting company. Our analysis shows firms employ two kinds of heuristics: generic organizational heuristics, which are in place and used across the entire organization, and department- and product-specific heuristics, which are solely used in distinct organizational units for particular products. In more detail, our results draw attention to the use of set of heuristics in a dispersed way and may even separate the use of heuristics in distinct organizational units. In doing so, they tightly couple the use of heuristics to specific products. Our results suggest that this occurs by inscribing (Koch, 2011) heuristics into the strategic discourse. Our data also demonstrate how new heuristics emerge, adapt, change, and dissolve over time and illustrate their evolvement in detail. A main contribution our work offers is an extension of existing theories on heuristics and strategic decision-making. Specifically, we show how heuristics actually work in the organizational context and explore the important underlying processes associated with strategic decision-making and the use of heuristics. In doing so, our findings contribute to a deeper and more nuanced understanding of how firms use heuristics for strategic decision-making in the strategy process, going beyond the traditional focus on the superiority or inferiority of heuristics (e.g., Gigerenzer, 1999; Kahneman & Tversky, 1972). Furthermore, we introduce the distinction between general organizational heuristics and department-specific heuristics and go beyond the traditional focus on start-up organizations by analyzing a nascent organization with a highly complex organizational structure and history. In addition, we introduce the aspect of inscribed heuristics, which are heuristics embedded in the organizational discourse, drawing on already-existing and previously-used heuristics. Finally, we illuminate the emergence of new organizational heuristics, explore how newly formed heuristics might evolve and change over time, and explain their interdependence with already inscribed organizational heuristics. Recency: Prediction with smart data Florian Artinger (Max-Planck-Institut für Bildungsforschung) Since 1912, marketing practitioners have used the recency-based hiatus heuristic for making predictions whether a customer will buy or not (Petrison, Blattberg, and Wang 1997). The heuristic operates by comparing the time since the last event occurred to a fixed threshold such as whether a customer did buy within the last six months. The mere reliance on how recently an event

occurred ignores much of the available data such as how often an event has occurred or the importance of an event such as how much a customer spent. The reliance on recency as the sole input variable has not only been observed in Marketing but across a wide range of decision-making contexts such as in anticipating natural disasters (Kunreuther 1976), or who will win the Eurovision Song contest (de Bruin 2005). The literature asserts that the sole reliance on recency is a sever bias and results in poor performance, yet without having tested the performance in terms of predictive accuracy (e.g., Fudenberg & Levine, 2014). At the same time, there is a growing literature that documents that the simple heuristics that people have developed can perform well compared with complex methods given an uncertain environment (see for an overview Artinger et al. 2015). In order to assess how decision makers fare by only relying on recency we analyze 60 data sets each containing up to 10 independent variables. Across all these data sets, the task is to predict whether an event will occur again, such as a whether a specific customer will buy again at a given shop, whether a city will be hit by another tornado, or whether a given country will win the Eurovision Song contest again. We pitch the hiatus heuristic against a number of state-of-the-art algorithms such as Random Forest, Parteo/NBD and BG/NBD models from marketing that have been specifically developed for customer predictions, as well as logistic regression. Across the 60 data sets we find that on average the recency-based hiatus heuristic beats all the sophisticated algorithms in terms of predictive accuracy. The heuristic has also the smallest accuracy variance compared to all other algorithms except BG/NBD. The power of recency is further highlighted when comparing the performance of Radom Forest with only recency as an independent variable against a Random Forest that includes all independent variables available: Both models perform equally well. At the same time, looking at the individual data sets, we do find considerable heterogeneity: the hiatus heuristic performs best in 25 data sets, but delivers lower accuracy compared to nine variants of the state-of-the-art algorithms in other data sets. This begs the questions what exactly are the conditions under which recency and the hiatus heuristic perform well. There are two explanations why just relying on recency can be such a successful strategy: (i) the available data is relatively limited which implies that it is difficult to reliably estimate the parameters of a complex model (DeMiguel, Garlappi, and Uppal 2007; Artinger and Gigerenzer 2016); (ii) a single variable dominates all other variables in terms of predictive performance and it is therefore sufficient to rely on irrespective of sample size (Hoffrage and Martignon 2002). We find that out of 60 data sets recency is in 42 data sets the most predictive variable and in a further 10 data sets the second most predictive variable. In comparison, frequency, that is how often an evet occurred, is the most predictive variable in 10 data sets. Other variables contained in the data sets provide even less predictive power. Running regression analysis across these 60 data sets confirms that the importance of recency centrally drives the good performance of the heuristic compared to other algorithms and that the results are not due to limited sample size. In summary, we find that solely relying on recency can be a powerful strategy in many different decision-making contexts where people have to predict whether an event will occur.

Session FI2: Investitionsentscheidungen Donnerstag, 24.05.2018, 11:00 - 11:45 Uhr | Raum: G22A-111 Self-attribution bias and overconfidence among nonprofessional traders Florian Röder, Daniel Czaja (Justus-Liebig-Universität Gießen) Diskutant: Matthias Pelster (Universität Paderborn) This paper investigates the self-attribution bias among individual investors. By using a unique dataset of more than 45,000 public comments of nonprofessional traders at a big social trading platform, we create a more direct measure for the self-attribution bias than prior works. Results suggest that traders are prone to the self-attribution bias. We find that one component of the self-attribution bias, the self-enhancement bias, leads to future underperformance. Evidence identifies overconfidence resulting from biased self-enhancement as a possible driver. Due to social interaction, traders' biased self-enhancement also disadvantageously affects their investors as those traders attract higher investment flows.

Donnerstag, 24.05.2018, 11:45 - 12:30 Uhr | Raum: G22A-111 Knowing me, knowing you? Similarity to the CEO and fund managers’ investment decisions Peter Limbach, Stefan Jaspersen (Universität zu Köln) Diskutant: Rainer Baule (FernUniversität in Hagen) We study whether investors’ demographic similarity to CEOs affects their investment decisions. Mutual fund managers are found to overweight firms led by CEOs who resemble them in terms of age, ethnicity and gender. This finding is robust to excluding educational and local ties and is supported by variation in similarity caused by CEO departures. Investing in firms run by similar CEOs, on average, is associated with superior performance and is more pronounced when uncertainty is higher. Results suggest that demographic similarity to CEOs facilitates informed trading. They further suggest that CEOs matter to investors. Session ORG1: Rationale Entscheidungen Donnerstag, 24.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-112 Modeling rational decisions in ambiguous situations: A multi-valued logic approach Olga Metzger, Thomas Spengler (Otto-von-Guericke-Universität Magdeburg) If a decision context is continuously precise, making good decisions is relatively easy. In the presence of ambiguity, rational decision making is incomparably more challenging. We understand ambiguous situations as cases, where the decision maker has imprecise (uncertain or vague) knowledge that is acquired from incomplete information (without limiting it to probability judgements as in common terminology). From that, we assume that imprecisions in knowledge can affect all elements of the decision field as well as the objective function. For the modeling of such decision situations classical logics are no longer considered as means of choice, so that we suggest using approaches from the field of multi-valued logic. In the present work, we take suitable calculi

from the so-called intuitionistic fuzzy logic into account. On that basis, we propose a model for the formulation and solving of decision problems under ambiguity (in the general sense). Particularly, we address decision situations, in which a decision maker has sufficient information to specify point probability estimates, but insufficient information to express point utility values. Our approach is also applicable for modeling cases in which the probability judgments or both, probability and utility judgements are imprecise. Our model is novel in that we combine core elements of established approaches for the formal handling of uncertainty (maxmin and �-maxmin expected utility models) with the mathematical foundation of intuitionistic fuzzy theory. Donnerstag, 24.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-112 When rational decision making becomes irrational: A critical assessment and re-conceptualisation of intuition effectiveness Christian Julmi (FernUniversität in Hagen) The assumption that intuition can lead to more effective decision making than analysis under certain conditions can be regarded as common sense. However, dominant research streams on intuition effectiveness in decision making view intuition as either detrimental or a form of analysis, which only poorly reflects current findings in general intuition research. It is now widely accepted that intuition is a holistic form of information processing that is distinct from analysis and can be superior in some cases. To reconcile this mismatch, dominant conceptions on intuition effectiveness are critically assessed in order to offer a re-conceptualization that builds on current findings of general intuition research. Basically, the structuredness of the decision problem is suggested as the main criterion for intuition effectiveness, and organization information processing theory is proposed to conceptually establish this link. It is pointed out that it is not the uncertainty but the equivocality of decision problems that call for an intuitive approach. Implications for further research are derived, and potential restrictions and constraints are discussed.

Donnerstag, 24.05.2018, 12:00 - 12:30 Uhr | Raum: G22A-112 (Ir-)Rationality of teams: A process-oriented model of team cognition emergence Iris Lorscheid, Matthias Meyer (Technische Universität Hamburg-Harburg) In today’s competitive environment, companies rely increasingly on teams and their flexibility. While effectively working teams may accomplish great results, ineffective teams may fall short of their potential and can even be a risk for the organization. Little is known about the socio-cognitive processes of team decisions and particularly the emergence of knowledge from individual to team level. This study addresses this process by analyzing team cognition as an emergent property. The here presented research approach allows for a deeper analysis of the underlying processes. A laboratory experiment provides information about quantitative patterns of individual and team cognition. For the analysis of these patterns we introduce the team cognition matrix. By applying this format to the results of the laboratory experiment, this study identifies four categories of typical emergent team cognition structures. These four categories are the basis for a simple decision algorithm that was analyzed in an agent-based model. The resulting simulation shows that 67% of all simulated group decisions are very close to the empirical group decisions (ranking position distances ≤3) and 89% are close on a medium range (ranking position distances ≤6). The article contributes to the current literature by showing an innovative research approach that further is applied to open up the black box of successful team behavior beyond well-known static attributes.

Session SM1: Unternehmensergebnis Donnerstag, 24.05.2018, 11:00 - 11:45 Uhr | Raum: G22A-113 CEO divorce and firm performance Ingo Kleindienst1, Kaleb Abreha1, Denis Schweizer2, Juliane Proelss2 (1Universität Aarhus, 2Concordia University) This study examines how private life events of CEOs affect the economic performance of their firms. To this end, we exploit a quasi-natural experiment provided by divorce and estimate the causal effect of CEO divorce on firm performance. We use unique panel datasets on CEOs of Danish firms over the sample period 1999-2011. Applying a differences-in-differences regression with and without matching, we find that a CEO divorce has a large and significant negative effect on a firm’s return on assets (ROA) and other performance measures. In addition, the results show that the negative effect is aggravated by the degree of concentration of the total household income on one of the spouses as well as the presence of children in the household. Overall, the results point to the existence of a CEO professional life—private life interaction. Donnerstag, 24.05.2018, 11:45 - 12:30 Uhr | Raum: G22A-113 Hierarchies, polyarchies and hybrids: How organizational structures determine economic performance in a risky environment Matthias Georg Will1, Mousa Kfairy2, Robert B. Mellor2 (1Martin-Luther-Universität Halle-Wittenberg, 2Kingston University London) The mutual interdependencies between organizational architectures, decision-making processes and corporate performance, was investigated by applying agency-based Monte-Carlo simulations in combination with cellular automata. Three organizational architectures (hierarchical, polyarchical and hybrid structures) were modelled using three different initial project portfolios considering different risks including collective myopia and organizational inertia. In risky environments, rigid hierarchies achieved a much higher performance in average even when the decision quality of the managers was poor. However decentralized structures accept more projects because of fewer omission errors and indeed the average performance of hybrid structures was generally found to be between the performance of hierarchies and polyarchies. Subtle systematic interdependencies were found to exist between project selection on the individual level, organizational structures and corporate performance, namely where agents are aware and able to evaluate the quality of projects, whereupon hybrids were found to be the superior form of organization. On the other side, hybrid organizations are liable to joint myopia. Results also highlight the dangers involved in erecting organizations tending towards hybrid, because such organizations can readily become over-challenged regarding handling risks adequately. Finally, we discuss how firms could be structured to increase performance and minimize risks. Session STEU1: Unternehmensübernahmen und Betriebsprüfungen Donnerstag, 24.05.2018, 11:00 - 11:45 Uhr | Raum: G22A-119 Taxing away M&A: Capital gains taxation and acquisition activity Lars P. Feld1, Martin Ruf2, Ulrich Schreiber3, Maximilian Todtenhaupt3, Johannes Voget3 (1Universität Freiburg, 2Eberhard Karls Universität Tübingen, 3Universität Mannheim)

Capital gains taxation distorts the takeover market by imposing a cost on selling shareholders in acquisitions. This drives up premiums required for deal completion and therefore prevents some M&As from taking place at all. We estimate the effect of capital gains taxation on the quantity of realized M&A deals and use acquisition premiums to compute the shareholder loss related to taxing these transactions. Based on an international sample of large tax reforms, we find that a one percentage point increase in the capital gains tax rate reduces acquisition activity by around 1% annually. The total cost of capital gains taxation to shareholder value, arising because of foregone synergy gains, is large and estimated to be about US$ 9 billion each year for the United States. Donnerstag, 24.05.2018, 11:45 - 12:30 Uhr | Raum: G22A-119 Negotiating with the tax auditor: The effect of tax auditors’ negotiation strategy on firms’ tax adjustments Kay Blaufus1, Daniela Lorenz2, Benjamin Peuthert1, Alexander Schwäbe1 (1Leibniz Universität Hannover, 2Freie Universität Berlin) Due to considerable tax law ambiguity, the outcome of a tax audit depends on a negotiation between the taxpayer’s advisor and the auditor. Using German tax audit data, we empirically investigate which negotiation tactics tax auditors use during tax audits, and we analyze the effect of their chosen tactics on audit adjustments. The results show that on average, auditors are able to push through approximately 40% of the detected pre-negotiation audit differences during tax audit negotiations. We find that competitive auditor negotiation strategies dominate more cooperative or neutral strategies. The use of a competitive instead of a neutral strategy increases the negotiation rate by ten percentage points, on average. Further analyses reveal that tax auditors’ negotiation strategies are not strongly affected by firm or auditor characteristics. The most significant determinants of tax auditors’ negotiation strategies are the perceived strategies of their opponents. Session ERW1: Internationale Rechnungslegung Donnerstag, 24.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-120 ‘Be prudent in using the term prudence’ – Revisiting the concept of prudence in financial reporting standard setting Selina Orthaus1, Christoph Pelger2, Christoph Kuhner1, Ruth Heilmeier1

(1Universität zu Köln, 2Universität Innsbruck) In the ED 2015 on its Conceptual Framework, the IASB introduces the distinction between cautious and asymmetric prudence. While the former should be taken up in the Framework as part of the qualitative characteristic of neutrality, the latter is rejected to be a general desirable attribute. This paper takes the IASB’s approach as a motivation to explore how the notion of cautious prudence originated. By tracing the meaning of prudence in various national settings since the mid-19th century, we find that it increasingly lost its traditional connotation with conservatism, gradually altering its meaning to the exercise of caution in the preparation of accounts. Our structured analysis of a multitude of historical documents identifies the major changes in the economic and accounting environment that triggered the transformation of prudence and roots the change in the American and international standard setting activities since the 1960s. Thereby, this paper

contributes to our understanding of how prudence became a concept which is continuously accused to evoke confusion in the accounting community. Donnerstag, 24.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-120 Model-based fair values for financial instruments: relevance or reliability? Conjoint measurement-based evidence Stephanie Jana, Martin Schmidt (ESCP Europe) Accounting standard setters have defined the provision of decision useful information as the primary objective of financial reporting. According to the FASB’s and IASB’s conceptual frameworks, decision usefulness is based on two fundamental qualitative characteristics, relevance and reliability (now replaced by ‘‘representational faithfulness’’). This paper reports on a conjoint analysis which examines preferences for these two qualitative characteristics, and the extent to which these characteristics contribute to decision usefulness. 202 master students from different cultural backgrounds enrolled in financial and managerial accounting courses completed a case that asked them to rank five different techniques by decision usefulness to calculate the risk premium in the context of determining a model-based fair value for a corporate bond. Different combinations of relevance and reliability are inherent in the five techniques in such a way that an increase in one characteristic is associated with a decrease in the other characteristic. The results show that relevance is preferred to reliability. Neither the individuals’ degree of uncertainty avoidance nor their familiarity with fair values impacts these preferences. Additional experimentation with auditors confirms the preference for relevance. These results have important implications for researchers, preparers of financial statements, and especially for standard setters. Donnerstag, 24.05.2018, 12:00 - 12:30 Uhr | Raum: G22A-120 The quest for a primary EPSAS purpose – Insights from literature and conceptual frameworks Bianca Dogge1, Peter Christoph Lorson1, Lasse Oulasvirta2 (1Unversität Rostock, 2Universität Tampere) The European Commission and Eurostat have initiated an EPSAS (European Public Sector Accounting Standards) project with the objective to develop a uniform accrual-based accounting system that could potentially become obligatory for all member states of the European Union (EU). Currently, these standards are not developed yet, but subject of political and scientific controversies. In this paper, we want to contribute to the quest of one (or even more) dominating objective(s) in order to prevent the development of inconsistent rules. This „conceptual framework first” approach should consist in an explicit selection of objectives out of a common picture of potential purposes for an accrual-based public sector accounting system. As those common ideas do not exist, neither in research literature nor in existing conceptual frameworks (CF) we firstly try to narrow this research gap and do a literature review, to systematize the purposes of public sector accounting (PSA) and link them to contingency factors. Secondly, we apply our results on three CF’s: the IPSASB CF as implicit reference for EPSAS, the unofficial German Conceptual Framework Proposal (unofficial CF-P) of the GPA NRW and the Hessian Court of Auditors (HCA), and the US-American GASB CF. Thirdly, we conclude, which overall accounting purpose (i.e. accountability) we find preferable for the EPSAS CF to develop. Lastly, we evaluate the most recent status quo of the ongoing EPSAS project.

Our paper has several implications: Through our literature review and systematization, we offer a starting point for standard setters and scholars to define (and finally prioritize) purposes for PSA. Our empirical work – i.e. the comparison of the literature systematization with existing CFs – enriches this picture. Our normative discussion is deemed to support the development of a future EPSAS CF and reveal that the current status is unsatisfactory and supports everything except the design of coherent standards. Session WIRH: Soziale Medien und Zitationen Donnerstag, 24.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-122 Emergent user roles in online political discussions: A typology based on twitter data from the German Federal Election 2017 Henner Gimpel, Florian Hamann, Manfred Schoch, Marcel Wittich (Universität Augsburg) Twitter is well recognized as a microblogging site, an online social network (OSN), and increasingly as a digital news platform. With the changing media usage behavior over the past decade, political actors have now recognized the need to enrich their election campaign efforts by including social media strategies. However, previous research has shown that users behave heterogeneously in online political discussions. To better understand how users behave and interact in such debates, we conduct an exploratory study to identify emergent user roles from Twitter data. We develop a dynamic selection query to collect a representative data set on the German federal election of 2017. We define features of structure, function, and time for Twitter discussions and conduct a cluster analysis to derive eleven emergent roles from the 30,553 most active users. We then refine those roles by further data-driven analyses to enhance and deepen their understanding. Our results indicate dominance of the online discussion by the populist party Alternative für Deutschland. We also find that media outlets and political parties show somewhat similar behavior, and that the offline popularity of prestigious actors is extended into the online world. Donnerstag, 24.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-122 Non-financial disclosure on facebook and corporate reputation Janine Maniora, Christiane Pott (Technische Universität Dortmund) This paper examines the impact of firms’ dissemination of non-financial information through Facebook on corporate reputation. We use corporate social responsibility (CSR) disclosure to proxy for non-financial information. We investigate this relationship empirically in the German setting by using a corporate reputation index that tracks the general public’s perceptions of corporate reputation over time. Using firms’ discretionary use of Facebook to communicate CSR information, we find that firms posting single or multiple CSR information experience a decrease in corporate reputation. More specifically, this effect becomes larger with time. Additional analyses indicate that non-professional stakeholders perceive reputation as being lower if a firm increases the number of CSR postings suggesting a diluting effect if CSR communication is high (quantity effect). However, if we differentiate postings based on whether their content relates to an environment, social or economic activity of a firm, we find a positive effect on reputation for firms posting environmental information (quality effect). Also, only firms with an above-average amount of earned media attention, as well as “Likes”, “Comments”, and “Shares” experience a significant decrease in corporate reputation with an increase in the number of CSR posts. Overall, findings suggest that

non-professional stakeholders perceive social and economic activities related to CSR as a greenwashing tool with a doubtable sustainable impact. Only additional photos can turn over this negative effect with an increase in the number of CSR postings as such having a positive effect on corporate reputation possibly providing evidence to the non-professional stakeholders that a sustainable activity stays behind the verbal posting. Donnerstag, 24.05.2018, 12:00 - 12:30 Uhr | Raum: G22A-122 Confused but convinced: Article complexity and the number of citations Marc Berninger, Eduard Gaar, Florian Kiesel, Dirk Schiereck (Technische Universität Darmstadt) We analyze whether the readability of published finance articles increases the number an article has been cited. 11,146 articles that were published between 2000 and 2016 in 13 major finance journals are investigated. We conduct a textual analysis and calculate the readability of the full-text of the paper. In addition, we apply a sentiment analysis and analyze the linguistic tone of the paper. We find a significant relation between all measures of readability for the full-text and the number of citations the article gets. The more complex an article is written the more it is cited. Moreover, we find evidence that the textual tone influences the number of citations. Our results are suggesting that complex texts are perceived as better and thus become more successful. This result is in line with the Doctor Fox hypothesis that scientist gain recognition by unintelligible writing. Session CON2: Fluktuationen Donnerstag, 24.05.2018, 14:00 - 14:45 Uhr | Raum: G22A-110 How does a new broom sweep cleaner? Sales and costs consequences of CEO turnovers Julia Nasev1, Dan Weiss2 (1Universität zu Köln, 2Universität Tel Aviv) Diskutant: Stefan Dierkes (Georg-August-Universität Göttingen) Exploring consequences of CEO turnover, we find that incoming CEOs increase sales less than continuing CEOs in peer firms, but reduce resources and costs more. Specifically, incoming CEOs restrain more COGS and SG&A, fire more employees, and discontinue more firm operations than continuing CEOs. Examining the mean one- and three-year earnings growth, incoming CEOs only marginally outperform continuing ones. Particularly, incoming CEOs nominated during unfavorable circumstances achieve significantly greater earnings growth than continuing CEOs because their larger cost savings overcompensate their lower sales growth. In contrast, CEOs nominated during favorable circumstances achieve significantly lower earnings growth than continuing CEOs because of their modest curtailments and lower sales growth. The study contributes by showing how incoming CEOs achieve earnings growth relative to continuing CEOs – by restraining costs, not by boosting sales. Donnerstag, 24.05.2018, 14:45 - 15:30 Uhr | Raum: G22A-110 Equilibrium earnings management following CEO turnover: How are discretionary accruals affected by corporate governance and labor market competition? Tim Hensel, Jens Robert Schöndube (Leibniz Universität Hannover)

Diskutant: Georg Schneider (Karl-Franzens-Universität Graz) Following executive turnovers, it is often observed that discretionary expenses are used to reduce the current accounting income for the benefit of higher earnings in subsequent years. To provide an analytical explanation for this big bath behavior, we study a two-period LEN setting in the presence of career concerns in which a manager can add a bias to the reported signal. The reported bias which is added in the first period must be reversed in the second period. Our analysis shows that a manager has incentives to take an earnings bath following a CEO turnover. Earnings management incentives are driven by both career concerns and the compensation contract. A first-period earnings overstatement can only occur if the uncertainty in the agent's second-period performance measure is sufficiently high. Furthermore, we investigate the impact of the demand for top managers and the firm's corporate governance design on the level of discretionary accruals. A higher competition intensity for CEOs between firms leads to an increase of the extent of earnings management. To counteract earnings management during a CEO turnover, an improvement of external governance mechanism is necessary. The internal control system acts only as a substitute for external controls. Therefore, the internal governance system is only strong if the external control intensity is relatively low. Session FI3: Bankenregulierung Donnerstag, 24.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-111 Did the basel process of capital regulation enhance the resilience of European Banks? Thomas Gehrig1, Maria Chiara Iannino2

(1Universität Wien, 2University St. Andrews) Diskutant: Corinna Woyand (Westfälische Wilhelms-Universität Münster) This paper analyses the evolution of the safety and soundness of the European banking sector during the various stages of the Basel process of capital regulation. In the first part we document the evolution of various measures of systemic risk as the Basel process unfolds. Most strikingly, we find that the exposure to systemic risk as measured by SRISK has been steeply rising for the highest quintile, moderately rising for the second quintile and remaining roughly stationary for the remaining three quintiles of listed European banks. This observation suggests that the Basel process has succeeded in containing systemic risk for the majority of European banks but not for the largest institutions. In the second part we analyse the drivers of systemic risk. We find compelling evidence that the increase in exposure to systemic risk (SRISK) is intimately tied to the implementation of internal models for determining credit risk as well as market risk. Based on this evidence, the sub-prime crisis found especially the largest and more systemic banks ill-prepared and lacking resiliency. This condition has even aggravated during the European sovereign crisis. Banking Union has not (yet) brought about a significant increase in the safety and soundness of the European banking system. Finally, low interest rates affect considerably to the contribution to systemic risk across the whole spectrum of banks. Donnerstag, 24.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-111 The partial use of internal models and risk-weighted assets reduction: Evidence for a non-linear relationship from European panel data Corinna Woyand (Westfälische Wilhelms-Universität Münster)

Diskutant: Jan Riepe (Eberhard Karls Universität Tübingen) In this paper, I analyze the relationship between the partial use of internal risk models and risk-weight densities. In Europe, banks gradually roll-out the internal ratings-based approach (IRBA) across credit risk exposures. My findings imply a non-linear, U-shaped relation between IRBA coverage and risk-weight densities: Banks firstly implement those portfolios that are most rewarding in terms of risk-weighted assets savings. With 50% roll-out, IRB banks are able to reduce their risk-weight density by about 15%. Afterwards, the relation is characterized by diminishing marginal benefits only resulting in maximum 5% further reduction. When implemented 80% of all exposures, banks put those portfolios under the IRBA that are even more beneficial under the standard approach leading to slightly increasing risk-weight densities. The results strongly suggest that banks choose the sequence of IRBA extension intentionally different to what policy makers intended by introducing internal models as an advanced risk government tool. Further, I show that in weaker supervisory regimes the roll-out process appears to be less stringent revealing national differences concerning cherry-picking opportunities. Donnerstag, 24.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-111 How ownership concentration affects bank capital buffers: The influence of regulation and market discipline Christoph Maidl, Corinna Woyand (Westfälische Wilhelms-Universität Münster) Diskutant: Thomas Gehrig (Universität Wien) This paper analyzes the effects of concentrated ownership on bank capital buffers. Using a sample of almost 300 European banks during the period 2007 to 2014, we show that ownership concentration leads to higher capital buffers, consistent with theories of interest alignment and the charter value theory. Strict regulation and market discipline have the same effect but mitigate the stabilizing impact of ownership concentration. The effects remain valid for different ownership concentration levels. Our findings indicate that regulation and market discipline may have different effects on bank stability, depending on a bank's ownership structure. Session ORG2: Lernen und Projektmanagement Donnerstag, 24.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-112 Organizational learning capability, firm innovativeness, and firm performance: A meta-analysis Christopher Schlägel1, Lisa-Marie Reichel2, Nicole Franziska Richter3 (1Maastricht University, 2MADSACK Mediengruppe; 3Syddansk Universität Dänemark) In the last twenty years a growing number of empirical studies tested the association between organizational learning capability (OLC) and various economic outcomes. While these studies have provided a better understanding of these relationships, the literature is characterized by the use of several OLC conceptualizations and measures as well as inconclusive empirical findings for the direction and magnitude of the association between OLC and different organizational outcomes. Therefore, it remains unclear to what extent OLC influences these outcomes and whether the results vary across different measures. Based on 53 studies (13,663 firms), we (a) provide a systematic overview of the most commonly used OLC measures, (b) use meta-analytic techniques to highlight the relevance of OLC for firm innovativeness (r = .39) and firm performance (r = .41), and

(c) explore the unique and common effects of individual OLC dimensions for different OLC measures. The findings provide guidance for researchers and practitioners concerning the relevance and dimensionality of the OLC construct and offer directions for future research. Donnerstag, 24.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-112 The influence of error culture and task-inherent learning opportunities on error reporting behavior: A laboratory experiment David Antons, Frederik Graff, Christine Harbring, Oliver Salge (RWTH Aachen) The outcomes of errors are not necessarily negative, as errors can entail important information for individual and organizational learning. To learn from errors an open error related culture is needed which encourages employees to report their errors and discuss them frankly. In this study, a novel experimental design is presented in which we disentangle whether it is culture, the learning opportunity or an interaction of both that drives the participants’ willingness to report errors to a principal. We approach this question with a novel experimental design using a demanding, but not unfair, task, and strong culture framing. A task-inherent opportunity to learn from reported errors is implemented for two of the treatment groups. We compare six treatments in a complete 2x3 experimental plan, in which the task either contains a learning opportunity or not, while subjects are framed either on a Blame, No Blame, or Neutral Culture. Results indicate that it seems to be the opportunity to learn from errors rather than the error friendly culture what makes agents to report their errors. Descriptive results are in line with the hypotheses. Error reporting willingness is highest in the No Blame / Learning group and lowest in the Blame / No Learning group, while there is no difference in the number of correct and wrong answers neither between the groups nor between the rounds. In an OLS regression a main effect of culture (A Blame culture decreases and a No Blame culture increases error reporting willingness significantly compared to a neutral culture.) is found as well as a main effect of learning. Donnerstag, 24.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-112 Project management as a proto-institution? Antecedents and barriers of a profession in the making Timo Braun, Manuel Nicklich (Freie Universität Berlin) The development of project management as a profession has gained momentum over the past decades. Institutional actors such as PMI and IPMA have set comprehensive cross-sectional standards for managing projects. This eventually led to the professionalization of project activities and the emergence of the ‘project manager’ as a particular profession. However, by drawing upon the ideas that the establishment of a profession is not necessarily a result of technical necessities, an institutional perspective seems to be appropriate to capture this establishment as an ongoing and dynamic process of stabilizing patterns in social action. With the help of qualitative interviews with project managers from different industries, we argue that project management as a profession has (still) a rather proto-institutional character and can be interpreted as an “institution in the making“. The data reveals that especially the mutually enabling and constraining issues of lacking legitimacy at field level along with the subordinate significance at firm-level, foster this proto-institutional outcome.

Session SM2: Rationalität und Wissen Donnerstag, 24.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-113 The rationality of the irrational manager: How does CEO overconfidence influence firm performance Barbara Burkhard1, Charlotta Sirén1, Marc van Essen2, Dietmar Grichnik1 (1Universität St. Gallen, 2University of South Carolina) Overconfidence is an important construct in managerial decision-making, however, it is not clear whether its effects are beneficial or harmful for firm performance. We employed meta-analysis to synthesize CEO overconfidence research and provide evidence on its performance effects. We make two main contributions to the managerial decision-making literature. First, we contribute to the current discussion about whether CEO overconfidence is beneficial or harmful for firm performance. Second, we contribute to the literature on managerial decision-making by considering how the effect of CEO overconfidence varies in different organizational contexts. We provide discussion on the theoretical and practical implications of our findings as well as provide future research avenues for CEO overconfidence literature. Donnerstag, 24.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-113 Two sides of sensing: How the type of formal external knowledge source influences the strategic interpretation of environmental changes Herbert Endres, Roland Helm (Universität Regensburg) Many firms still fail to adapt to environmental changes because they are not very capable in sensing opportunities and threats. Reasons for this include managers’ limited understanding of the role of specific external knowledge sources in sensing threats compared to sensing opportunities. By building on strategic choice theory, this study aims to identify differences between formal external knowledge sources in the sensing of threats in comparison to the sensing of opportunities. The authors use objectively validated survey data from top managers of 483 firms to reveal that the type of formal external knowledge source influences the strategic interpretation of environmental changes. The results also reveal that the strength of these associations is moderated differently by a firm’s general intensity of gathering and interpreting environmental knowledge. Donnerstag, 24.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-113 ME or IT? Adoption of artificial intelligence in the delegation of personal strategic decisions Sabrina Schneider1, Michael Leyer2 (1Universität Kassel, 2Universität Rostock) Artificial intelligence has begun to revolutionize the ways we do business – affecting both, the workplace and the marketplace. Algorithm-based technologies are capable of outperforming the processing capabilities of human brains and will in future affect the way in which we make strategic decisions. Whereas both the adoption of technological innovations and strategic decision-making have been subject to prior research, this experimental study is the first to combine both themes. Furthermore, it is the first study emphasizing the delegation of strategic decision-making to a technology. To understand the impact of choice complexity and cognitive perceptions on the decision to delegate a strategic decision to an algorithm, we applied a web-based experimental research design. Experimental treatments of choice complexity in a personal strategic decision scenario were tested among a sample of 310 participants. We find that whereas choice complexity

does not affect the likeliness of decision-delegation, participants with low levels of situational awareness are more likely to delegate a personal strategic decision to an algorithm. These findings indicate that human decision-delegation differs when we are choosing a thing (the artificial intelligence-based algorithm) to make the decision rather than another human being. Findings thereby add to recent research on choice difficulty in decision-making. Furthermore, the findings contribute to the literature on technology adoption, decision support and delegation by emphasizing the relevance of cognitive perceptions. Managerial implications of this study include the necessity to be aware of the opportunities and challenges of the applications of artificial intelligence and the requirement to identify, design and guide human and artificial decision-making and their collaboration. Session STEU2: Kursgewinne, steuerliche Abschreibungen und Transparenz Donnerstag, 24.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-119 Conforming tax planning: International evidence from unconsolidated accounts Sebastian Eichfelder1, Nadine Kalbitz1, Kelly Wentland2 (1Otto-von-Guericke-Universität Magdeburg, 2George Mason University Fairfax) We present an indirect empirical strategy to identify the existence and the magnitude of conforming tax planning. We estimate the elasticity of unconsolidated book income of entities of domestic and MNE firms with regard to statutory corporate income tax rates of the residence country. Using AMADEUS data of European entities over the period 2005–2013, we provide broad multinational evidence on conforming tax planning. We find a semi-elasticity of reported book income with respect to statutory tax rates of -0.9 for domestic firms and -0.5 for MNE firms. Controlling for short-run deferral surrounding tax rate changes, we find a broadly identical elasticity estimate of -0.5 to -0.6. Analyzing channels of conforming tax planning, we find that firms use depreciation, provisions and inventory valuation in order to reduce their book income as well as their tax income. Addressing the association of conforming tax planning and book-tax conformity, our findings suggest a substitutive relationship of conforming and nonconforming tax planning. Thus, if book-tax-conformity is high, firms rely more heavily on conforming tax planning. Donnerstag, 24.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-119 The effect of German bonus depreciation: Volume, heterogeneity, and timing of investment Kerstin Schneider1, Sebastian Eichfelder2 (1Bergische Universität Wuppertal, 2Otto-von-Guericke Universität Magdeburg) To promote economic convergence of Eastern and Western Germany after reunification, substantial tax incentives were granted for investments in Eastern Germany before 1999. We analyze the impact of bonus depreciation programs on business investment in Germany after reunification, exploiting the exogenous variation in tax regulations and using the AFiD-firm panel. Since the tax incentives target investments in Eastern Germany only, a matched sample of business establishments in Western Germany serves as the control group. We provide empirical evidence for a significant impact on aggregate investment. The effects were especially strong for building investment and large businesses. There is only weak evidence for stronger effects on multi-establishment groups. Moreover, we find evidence for investment shifting to years with the most

generous tax incentives (1995 and 1996), but no investment pothole in the post-treatment year 1999. Donnerstag, 24.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-119 Financial transparency to the rescue: Effects of country-by-country reporting in the EU banking sector on tax avoidance Hubertus Wolff, Michael Overesch (Universität zu Köln) This paper analyzes the impact of financial transparency on corporate tax avoidance. We compare effective tax rates of European banks around the introduction of Country-by-Country Reporting duties in the EU banking sector. Our results show that EU-headquartered multinational banks increase their effective tax levels relative to unaffected banks after Country-by-Country Reporting became mandatory. Moreover, we can demonstrate that particularly exposed multinational banks with activities in tax havens react more pronounced to the regulation. Our findings are supported by additional comparisons with insurance and manufacturing firms. Session WP2: Wirtschaftsprüfungsqualität Donnerstag, 24.05.2018, 14:00 - 14:45 Uhr | Raum: G22A-120 Can auditors become over-conservative? Evidence from market reactions to auditor changes Ulf Mohrmann (Universität Konstanz) This paper investigates whether equity investors perceive very high levels of auditor conservatism as excessive. I use the number of first time going concern opinions issued by a given audit office relative to the number of distressed clients as my proxy for auditor conservatism. Auditors have incentives to issue more going concern opinions as appropriate to avoid litigation risk. In contrast, overly conservative auditors harm the investors of only mildly distressed firms because of the threat of a future inappropriate going concern opinion and the resulting self-fulfilling prophecy effect. Using a sample of 1,699 US auditor change announcements from 2004 to 2014, I document a positive link between the replacements of the most conservative auditors and the abnormal returns around the filing date of the 8-k report. Additional analyses show that this link is diminished if there are concerns about opinion shopping. Further, the outgoing auditors’ level of conservatism moderates the perception of past going concern opinions and reportable events. Taken together, this is evidence for the existence of over-conservatism and, thus, managers act in the interest of shareholders if they replace very conservative auditors. Moreover, if some auditors are overly conservative, empirical studies might evaluate such harmful over-conservatism as high audit quality. Donnerstag, 24.05.2018, 14:45 - 15:30 Uhr | Raum: G22A-120 Audit quality and perceived audit quality in European private firms: Is there (really) a difference between the Big 4, other international Networks and Locals? Stephan Burggraef, Christoph Watrin (Westfälische Wilhelms-Universität Münster) This study investigates audit quality and perceived audit quality in a large sample of European private firms depending on the type of auditor. Next to the usual Big 4 auditors, the study identifies members of 53 international networks and associations of auditors and major local auditors in

every sample country. Results indicate that Big 4 auditors provide significantly worse audit quality than any other type of auditor, revealing a large discrepancy to the perception of audit quality. There is, however, no general difference between auditors cooperating internationally and local auditors neither in actual nor in perceived audit quality casting doubt on the benefits of international cooperation. These results hold in both common law and code law countries, but the inferiority of Big 4 auditors vanishes in countries with strong legal enforcement regimes. The international or national market share of networks or associations have no or only rather limited influence on the results. Looking at the intensity of international cooperation, findings do not suggest a large difference either. Although there is some evidence that members of associations provide better audit quality than members of networks, which is also perceived that way, the degree of uniformity in members’ appearance does mainly not make a difference. Session ORINT: OR und Entscheidungen Donnerstag, 24.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-122 Enhancing life satisfaction by improving proactive cognitive skills on decision making Johannes Siebert, Reinhard Kunz (Universität Bayreuth) With Proactive Decision-Making (PDM) Siebert and Kunz (2016) introduced a relevant concept to behavioral OR and decision analysis. PDM is measured on a multidimensional scale. Two categories, proactive personality traits and proactive cognitive skills, comprise six dimensions. Personality traits are theoretically grounded on constructs such as proactive attitude and proactive behavior. Cognitive skills are theoretically grounded in value-focused thinking and decision quality. They can be used to explain decision satisfaction. Other consequences and antecedents are yet to be confirmed. In this paper, we apply structural equation modeling to analyze potential antecedents and consequences. We show in our first study, in which 894 people participated, that PDM contributes to explaining life satisfaction mediated by general self-efficacy and decision satisfaction, i.e. proactive decision-makers are more confident with their own abilities and more satisfied with their decisions and with their lives. Therefore, it is desirable to help individuals to enhance proactivity in their decision-making. We analyze the impact of a decision-making training on the PDM of its participants. In our second study 581 decision-makers and/or decision analysts with different levels of professional experience participated. Data was collected before and after an online course. In line with our hypotheses, the four proactive cognitive skills ‘systematic identification of objectives’, ‘systematic search for information’, ‘systematic identification of alternatives’, and ‘using a decision radar’ improved significantly, whereas the two proactive personality traits ‘showing initiative’ and ‘striving for improvement’ remained stable. In addition, after the training the participants were significantly more satisfied with their decisions. As an implication, we recommend schools, colleges, and universities to include decision-making courses in their curricula and individuals to participate in these courses to improve their proactive cognitive skills and to increase satisfaction with their decisions and lives.

Donnerstag, 24.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-122 Value functions, risk utility functions and their use in concepts for decision making under risk Kathrin Fischer (Technische Universität Hamburg-Harburg) In this paper, the concepts and definitions of value functions and risk utility functions are thoroughly reviewed, in order to enable an in-depth analysis of their use in different methods for modelling decision making under risk. Afterwards, different approaches from selected work in the field are discussed, and the respective results are re-analysed. It can be shown that explicitly taking into account the characteristics of the various types of functions leads to important insights and to new explanations of the respective results, which hence can be put into a different perspective. It is concluded that it is vital to use the correct type of function in the analysis of known and in the development of new concepts for decision making under risk, especially in the area of descriptive decision theory, in order to gain valid results and interpretations. In particular, it is paramount to be aware of the differences between the various types of functions and to be careful in their use. Hence, the "classical" issue of "value versus utility" is shown still to be highly relevant for research in the area of decision making under risk. Donnerstag, 24.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-122 Escalating internationalization decisions: Intendedly rational, but only limitedly so? Björn Röber (Universität Stuttgart) The Uppsala model is commonly considered to be the pivotal approach in internationalization process research and often praised as particularly realistic. Yet at least implicitly and partially, it is also built on the assumption of rationally proceeding decision-makers. This article doubts the behavioral assumptions of the Uppsala model and demonstrates that the behavioral decision-making bias ‘escalation of commitment’ can be a critical factor in internationalization decisions. This indicates a major shortcoming of the model as it shows that internationalization processes can be maintained for non-rational reasons. It becomes clear that the bounded rationality of decision-makers, particularly their limited cognitive capability, presents an issue that internationalization process research, including the Uppsala model, should give greater consideration to. Session CON3: Lernen und Hebel Donnerstag, 24.05.2018, 16:00 - 16:45 Uhr | Raum: G22A-110 The learning effects of targets Jan Bouwens1, Christian Hofmann2, Nina Kühne2 (1University of Cambridge, 2Ludwig-Maximilians-Universität München) Diskutant: Anja Schwering (Ruhr-Universität Bochum) The learning literature puts forward that experience is an important determinant of learning. In this paper, we argue that targets are an important factor to incite agents to start looking out for innovations in order to improve performance in the long run. Our findings are consistent with that idea. That is, we find that subsidiaries of a big firm that are exposed to targets that are either absolutely easy or challenging over a prolonged series of periods show lower learning rates than

do subsidiaries that are set targets that are they are better able to reach. In addition, our results suggest that subsidiaries exposed to targets that are relatively (i.e., compared to their peers) challenging achieve lower learning levels than their peers while subsidiaries exposed to targets that are relatively very challenging display higher learning rates than their peers. Donnerstag, 24.05.2018, 16:45 - 17:30 Uhr | Raum: G22A-110 The levers of control, their antecedents and their consequences: A meta-analytical examination of more than 20 years of research Lucia Bellora-Bienengräber1, Klaus Derfuss2, Jan Endrikat3 (1Universität Hamburg, 2FernUniversität in Hagen, 3Technische Universität Dresden) Diskutant: Friedrich Sommer (Universität Bayreuth) Robert Simons’ (1995) levers of control (LoC) framework is one of the most prominent management control system (MCS) frameworks employed in quantitative research during the last two decades. We synthesize the quantitative evidence from 65 independent data sets and thus test the nomological network around the four LoC. Specifically, we investigate (1) environmental uncertainty, decentralization, and size as antecedents of the levers, (2) the levers’ interrelations, and (3) organizational capabilities and organization performance as consequences of the levers. Controlling for statistical artifacts, our results provide strong support for most of the theoretical predictions from the LoC framework, which persists when we control for variables potentially moderating the basic relationships. Besides providing rich managerial implications, our study invites future conceptual and empirical research to further validate and specify the nomological network around the LoC. Session FI4: Anlegerverhalten Donnerstag, 24.05.2018, 16:00 - 16:30 Uhr | Raum: G22A-111 All that glitters is not gold: Asymmetric investor attention in the stock market Katrin Gödker, Moritz Lukas (Universität Hamburg) Diskutant: Thomas Pauls (Johann Wolfgang Goethe-Universität Frankfurt am Main) This paper tests the causal effect of investor attention on investment patterns by means of a controlled laboratory experiment. Our results show that attention-grabbing stocks exhibit higher purchase volumes in the cross-section. Moreover, we find a strong asymmetry in investor attention as shares of stocks with recent extreme negative returns are more likely to be purchased than shares of stocks with recent less extreme negative returns. Comparable patterns are not observed for stocks with extreme positive returns. We further track subjects' eye movements and show that a visual attention measure captures attention-driven purchase patterns. Attention-driven purchase behavior occurs even in situations in which it reduces investors' wealth. Donnerstag, 24.05.2018, 16:30 - 17:00 Uhr | Raum: G22A-111 The household savings paradox Tobias Meyll1, Thomas Pauls2, Andreas Walter1 (1Justus-Liebig-Universität Gießen; 2Johann Wolfgang Goethe-Universität Frankfurt am Main)

Diskutant: Maria Schneider-Reißig (Universität Rostock) Using representative data from Germany, we reveal that more than 27.3% of the population not only restrain themselves from the stock market, but also refuse to invest in contractual savings and retirement products. In fact, we find them to rely on deposits only - an investment strategy usually related to inconsiderable and recently negative inflation-adjusted returns. As those households forgo the equity risk-premium as well as state subsidies associated with comparable safe products on old-age provision, we name this phenomenon the ‘household savings paradox’. We provide novel evidence that financial literacy and financial advice strongly decrease the likelihood to save paradoxically. Our results highlight the inevitable role of financial literacy and obtaining financial advice for sound financial decision-making in a rapidly changing and growing landscape of financial products. Donnerstag, 24.05.2018, 17:00 - 17:30 Uhr | Raum: G22A-111 Social recognition and investor overconfidence Bastian Breitmayer2, Matthias Pelster1 (1Universität Paderborn, 2Leuphana Universität Lüneburg) Diskutant: Martin Rohleder (Universität Augsburg) We investigate the trading patterns of 21,694 investors who received social recognition for their investment decisions between 2012 and 2015. We find that confirmatory social recognition leads to increased trading activity, which can be explained by overconfidence, biased self-attribution, and misinterpretation of observed feedback. On average, investors execute 12 additional trades per month after receiving confirmatory social recognition for the first time. Our results suggest that social interaction may not increase market efficiency and that social recognition can explain investors' trading patterns. We demonstrate that (i) social recognition influences investor trading patterns and that, (ii) under certain circumstances, the effect of social recognition on trading activity is greater than that of financial outcomes. Session NAMA2: Nachhaltigkeitsberichterstattung und CSR-Management Donnerstag, 24.05.2018, 16:00 - 16:30 Uhr | Raum: G22A-112 Corporate social responsibility, profitability and earnings management – evidence from abnormal CSR Kerstin Lopatta, Felix Canitz, Sebastian Andreas Tideman (Carl von Ossietzky Universität Oldenburg) In our study, we develop a CSR measure that captures discretionary CSR management. Based on CSR rating data, we propose a standard CSR determinants model that predicts a firm specific CSR benchmark. Consistent with microeconomic theory, we find that any deviations from the CSR benchmark (abnormal CSR) deteriorate future profitability. Furthermore, we document that firms with abnormal CSR are more likely to engage in earnings increasing accrual management and real activity manipulation. Firms with abnormal CSR have low levels of cash flows from operations and high production costs, while abnormal CSR increases discretionary expenses. Our findings indicate that abnormal CSR is likely to derive from agency problems and highlight the requirement for further analysis on CSR management in addition to research on the aggregated CSR rating level.

Donnerstag, 24.05.2018, 16:30 - 17:00 Uhr | Raum: G22A-112 Sustainability reporting, sustainability performance, and CEOs’ sustainability reporting styles: The joint effect on cost of equity capital Kerstin Lopatta1, Thomas Kaspereit2, Sebastian Andreas Tideman1

(1 Carl von Ossietzky Universität Oldenburg, 2Universität Luxemburg) Sustainability reporting can be considered a simultaneous strategic signaling choice that might lead to a situation similar to a prisoner´s dilemma: the majority of firms chooses to report on sustainability although the signal has no value to investors and hence causes negative net benefits for the reporting firms. Consequently, we predict and find empirical evidence that increases in the levels of sustainability reporting are positively associated with cost of equity capital increases for specific ranges of simultaneous increases in sustainability performance. This association is even more pronounced for firms employing CEOs with a tendency towards sustainability reporting. Our findings are in line with the argument that CEOs opportunistically engage into sustainability reporting at the expense of the firms’ owners. Donnerstag, 24.05.2018, 17:00 - 17:30 Uhr | Raum: G22A-112 Mandating the disclosure of sustainability information in annual reports – Evidence from the Companies Act 2006 Regulations 2013 Katrin Hummel1, Peter Rötzel2 (1Universität Zürich, 2Hochschule für angewandte Wissenschaften Aschaffenburg) This study investigates the introduction of the Companies Act 2006 Regulations 2013 in the United Kingdom. The regulation mandates the disclosure of specific sustainability information in a firm’s annual report, particularly information on GHG emissions and gender distribution, and the disclosure of general information on environmental, employee and human rights issues. We investigate the consequences of this regulation on firms’ disclosure in their annual reports. Drawing on traditional economic theory and socio-political theories, we argue that firms increase only the disclosure of specific information on the mandated topics in response to the regulatory intervention, but not the disclosure of general information. Our sample consists of the FTSE-100 firms and a matched control group of U.S. firms. We use textual analysis to assess the disclosure of specific and general sustainability information in firms’ annual reports. Our results reveal a significant increase in the disclosure of specific information on the mandated topics relative to the control group. When we capture the content of the mandated topics more broadly, only the disclosure of gender distribution is significantly higher – relative to the control group – after the SR Regulations became effective. Our results remain robust to a number of additional tests, including hand-collected data. Session TIE2: Crowdfunding Donnerstag, 24.05.2018, 16:00 - 16:45 Uhr | Raum: G22A-113 Signaling effects of crowdfunding on venture investors’ decision making Michael Mödl (Max-Planck-Institut für Innovation und Wettbewerb) The seed funding gap is still a major obstacle for the initiation of new ventures and diffusion of innovation. Crowdfinancing – an innovation in the market for start-up finance – could offer a new market-based means of partly closing this gap. However, crowdfinancing cannot be regarded as a

perfect substitute for venture capital funding, e.g., since it is not likely to fully finance a technology-based venture over time and because VCs provide crucial resources besides capital. It therefore appears important to study the interaction between crowdfinancing and more traditional forms of start-up finance. We examine the impact and signaling effects that crowdfinancing has on subsequent venture capital funding rounds. Drawing on a choice experimental design and data on 5,280 decisions of 120 venture investors, our results indicate that “the crowd” generally is a negative signal for professional venture investors, but that they do not ignore positive signals sent by the crowd. We find causal evidence that start-ups with a prior crowd-investing (securities-based crowdfunding) tend to be not selected by venture capitalists, while high sums of (reward-based) crowdfunding, collected fast by start-ups with a B2C business model, can have a positive effect on VC managers’ funding decisions. Our results also suggest that traditional forms of prefunding, i.e., prior business angel investments, by contrast significantly increase the likelihood of subsequent financing rounds. Theoretical and managerial implications are discussed. Donnerstag, 24.05.2018, 16:45 - 17:30 Uhr | Raum: G22A-113 An analytical approach to crowd-investing: The impact of marketing and idea stealing on the entrepreneur's decision making Nicola Bethmann, Matthias Frieden (Leibniz Universität Hannover) In a game theoretical setting, this paper studies the entrepreneur's decision making by using a new financing opportunity referred to as crowd-investing. In this model, the entrepreneur can collect money and advertise his innovative idea. However, crowd-investing carries the risk of being copied by a potential competitor. Faced with this trade-off, the entrepreneur strategically diminishes his marketing activity under certain circumstances to remain the monopolist in the market. In the second part, we compare crowd-investing with two alternative financing opportunities, banks and venture capital. We show that crowd-investing, often mentioned as a financing instrument for drastic innovations, is generally not appropriate for these ideas because the danger of being copied is too high for the entrepreneur. Session STEU3: Steuerplanung, Gewinnallokation und Corporate Governance Donnerstag, 24.05.2018, 16:00 - 16:30 Uhr | Raum: G22A-119 Capitalization of capital gains taxes: Attention, deadlines, and media coverage Sebastian Eichfelder1, Mona Lau2

(1Otto-von-Guericke-Universität Magdeburg, 2Freie Universität Berlin) Using the effective date of the German capital gains tax reform of 2009 as a natural experiment, we argue that tax capitalization effects are driven by factors affecting the dissemination of information, such as the reform deadline and associated media coverage. In triple difference regressions using stock market data, we show that 1) in the two days before the deadline, the returns (trading volumes) of German stocks abnormally and temporarily increased by 11.5% (by 150.3%), 2) media reports before the deadline were associated with higher returns and trading volumes, and 3) market reactions were stronger for small-capitalization and loser stocks. Our evidence suggests that media effects and deadline effects are especially relevant for relatively uninformed investors with small trading volumes per transaction but can lead to large aggregate pricing reactions.

Donnerstag, 24.05.2018, 16:30 - 17:00 Uhr | Raum: G22A-119 Profit allocation in line with real activity? – European evidence in light of the BEPS Action Plan Katharina Schulte Sasse, Falko Weiß, Christoph Watrin (Westfälische Wilhelms-Universität Münster) Numerous empirical studies suggest that companies allocate taxable profits artifi-cially to conduct tax planning regardless economic value creation. Thereby, the global tax base is not equitably distributed among countries. The OECD’s Action Plan against base erosion and profit shifting, which was firstly specified by the so-called Deliverables in 2014, demands to tax profits where economic value is generated. In this study, we investigate if corporate groups have adapted their behavior with regard to the alignment between reported profits and real ac-tivity. Investigating a large unconsolidated sample of EU firms, we find that earnings are in-creasingly in line with economic value creation defined by both employment and property, plant and equipment. Initial misalignment accounting for averagely 11 % up to 16 % of profits re-ported by a corporate group seems to decrease by € 1.050 million up to € 3.050 million per subsidiary and year after the OECD’s project was published. Our study informs politicians and researchers about the potential impact of the BEPS Action Plan on profit allocation. Donnerstag, 24.05.2018, 17:00 - 17:30 Uhr | G22A-119 Strong corporate governance drives tax avoidance Dirk Kiesewetter, Johannes Manthey (Julius-Maximilians-Universität Würzburg) This paper analyses the relationship between corporate governance and tax avoidance. This study aims to highlight the wide-ranging effects of institutional investors, which channel into corporate policy. This analysis uses a regression discontinuity design (RDD) in a two-stage instrumental variable (IV) model and takes advantage of the exogenous variation in the index membership around the index threshold. The sample comprises the firms in the German prime standard indexes. The DAX (MDAX) index consists of the largest 30 (next-largest 50) publicly listed firms by market capitalization in Germany. This paper argues that the differences in corporate governance result from the value-weighted composition of the market capitalization-based indexes. The findings show a significant discontinuity in the level of the corporate governance characteristics at the cutoff. The largest MDAX firms show stronger corporate governance characteristics compared to the smallest DAX firms. The analysis shows that strong corporate governance characteristics drive down the effective tax rate for the DAX companies. This paper contributes to existing research by establishing a causal relationship between corporate governance and taxes. This is the only paper measuring corporate governance directly in the index setting. Different from previous research, the largest MDAX firms do not show increasing tax rates upon inclusion in the DAX. Instead, lower tax rates are observed. Session ERW2: Rechnungslegungsqualität Donnerstag, 24.05.2018, 16:00 - 16:30 Uhr | Raum: G22A-120 Financial reporting quality of co-operative firms Jochen Bigus, Monika Riediger (Freie Universität Berlin) In this paper, we compare the financial reporting quality of co-operative firms and private stock corporations in Germany. Both types of firm typically have a relatively large number of owners, but profit maximisation is not a primary goal of co-operatives. Co-operative firms must be run by their

owners; in contrast, ownership and control may be separated in stock corporations. Owners of co-operative firms are generally held liable for the firm’s liabilities with their private assets; this is not the case for shareholders of corporations. We therefore expect agency problems of equity and debt to be less severe in the case of co-operatives. As a result, we expect – and find – that co-operative firms generally exhibit lower financial reporting quality (FRQ) than corporations, as measured by timely loss recognition, income smoothing and the propensity to avoid reporting small losses. However, high levels of debt may urge stock corporations, more so than co-operatives, to additionally target information needs of creditors and to meet debt covenant requirements. Consequently, in the case of highly leveraged firms, stock corporations and co-operatives differ less as regards FRQ. Donnerstag, 24.05.2018, 16:30 - 17:00 Uhr | Raum: G22A-120 Balanced information composition in conference calls and the cost of capital Sebastian Firk, Jan Christoph Hennig, Michael Wolff (Georg-August-Universität Göttingen) While most recent studies on conference calls have tended to focus on the imminent costs, they have fallen short when dealing with the potential benefits. We refocus on the benefits of conference calls and investigate the relation between a balanced information composition in conference calls and a firm’s cost of capital. We hypothesize that firms could use the balanced scorecard concept as a framework to compose the information in its conference calls to lower their cost of capital. Our results show a negative association between a balanced information composition in conference calls and a firm’s cost of capital, and that this relation is more pronounced when a firm’s capital market environment faces greater uncertainty. Additional tests using alternative market outcomes such as analyst forecast errors, firms’ idiosyncratic stock volatility, and cumulative abnormal returns imply that the reduction in information asymmetry is the main driver behind the observed effect. Further, we provide evidence that for firms undergoing strategic realignments, the effect of a balanced information composition in conference calls on the cost of capital is amplified. Overall, our findings suggest that firms can greatly benefit from using the balanced scorecard concept as a framework to prepare their conference calls. Donnerstag, 24.05.2018, 17:00 - 17:30 Uhr | Raum: G22A-120 Effects of declining bank health on borrowers’ earnings management activity: Evidence from the European sovereign debt crisis Florian Kiy, Theresa Zick (Johann Wolfgang Goethe-Universität Frankfurt am Main) This study investigates whether the deterioration of a bank’s financial health affects its borrowers’ earnings management activity. To examine this issue, we consider the setting of the European sovereign debt crisis as a shock to the health of certain European banks that were severely affected and significantly decreased their lending volume during the crisis. This setting represents an exogenous shock to German non-financial firms because these firms were not directly affected by the crisis. We use a difference-in-differences research design, and firms with lending relationships with non-exposed banks are used as controls. Using various discretionary accrual measures and a timely loss recognition concept to evaluate earnings management, we find mixed evidence. Our investigation of discretionary accruals reveals that during the European sovereign debt crisis, exposed banks’ borrowers do not engage in more or less earnings management than other borrowers. However, we find significant evidence that exposed banks’ borrowers are more likely to

report losses in a timelier manner. Overall, our results provide new insights into the indirect consequences of the sovereign debt crisis for firms’ earnings management. Session UF2: Bankzugang, Corporate Governance und Pensionen Donnerstag, 24.05.2018, 16:00 - 16:30 Uhr | Raum: G22A-122 Access to banking and its value in developed countries: Evidence from the U.S. marijuana industry Markus Merz, Jan Riepe (Eberhard Karls Universität Tübingen) How does access to banking services affect small firms in highly developed countries? We exploit the unique legal situation of the U.S. marijuana industry that benefits from the superior institutional environment in terms of legal protection and the labor market but has no access to bank lending or to bank payment systems. We find significant value effects around two major events that affected marijuana firms' access to banking services. A survey taken by marijuana firms complements the event studies' findings. It provides insights into the precise influence channels that cause these capital market reactions. We find that firms without access to banking not only have difficulties attaining loans but are also hindered by their impeded access to payment systems. Banks are still valuable and cannot be substituted easily by other financial intermediaries. We complement the literature by highlighting the relevance of financial transaction services for young firms in developed markets. Donnerstag, 24.05.2018, 16:30 - 17:00 Uhr | Raum: G22A-122 Exporting corporate governance: Do foreign and local proxy advisors differ? Vanda Heinen, Christopher Koch, Mario Scharfbillig (Johannes Gutenberg-Universität Mainz) ISS and Glass Lewis dominate the market for proxy services worldwide. European regulators are concerned that these US-based proxy advisors might export US corporate governance by not considering sufficiently unique aspects of the local setting. In contrast, local proxy advisors are expected to have a deeper knowledge of the institutional setting of their home country. However, it is an unresolved empirical question whether the type and the impact of voting recommendations of foreign and local proxy advisors really differ. Using the German setting, we examine the patterns and the impact of shareholder voting recommendations of foreign (ISS, Glass Lewis) and local (IVOX) proxy advisors. First, we find that the voting recommendations regularly diverge with a stronger divergence between local and foreign proxy advisors than between foreign proxy advisors. Second, we document that against recommendations of the local foreign proxy advisor have an incremental impact on voting outcomes even when controlling for the voting recommendations of foreign proxy advisors. Third, the impact of the voting recommendations on voting outcomes increases with a higher proportion of institutional investors. Interestingly, splitting up the proportion into foreign and local institutional investors reveals that both react similarly strong to against recommendations of foreign proxy advisors. Overall, our findings show that the informational content of voting recommendations of foreign and local proxy advisors differs, implying that foreign proxy advisors might not fully integrate unique aspects of the local setting in their recommendation.

Donnerstag, 24.05.2018, 17:00 - 17:30 Uhr | Raum: G22A-122 Zur Vorteilhaftigkeit der Direktzusage: Innenfinanzierungspotential und Einfluss auf den Unternehmenswert Toni Krüger (Otto-von-Guericke-Universität Magdeburg) Die Direktzusage ist der nach Deckungsmitteln bedeutendste Durchführungsweg der betrieblichen Altersversorgung und nimmt einen hohen Anteil in der Unternehmensbilanz ein. Deren Abbildung in Form von Pensionsrückstellungen ist dabei eine sehr bedeutsame Möglichkeit der Innenfinanzierung. Jedoch sinkt durch das Niedrigzinsumfeld die Attraktivität der Direktzusage. Der Gesetzgeber hat mit dem § 246 Abs. 2 Satz 2 HGB die Möglichkeit der Ausfinanzierung (Saldierung) bestehender Pensionsrückstellungen mit Deckungsvermögen geschaffen. Die Ausfinanzierung führt zur Bilanzverkürzung und einer Reduktion von Fremdkapital. Hierbei stellt sich die Frage, wie sich die Ausfinanzierung auf die Attraktivität der Direktzusage im aktuellen Niedrigzinsumfeld aus Unternehmenssicht auswirkt. Auf Basis des Fremdkapitalverdrängungsmodells wird gezeigt, dass die Erteilung einer Direktzusage auch im aktuellen Niedrigzinsumfeld für das Unternehmen attraktiv ist und sich hieraus ein positiver Effekt für den Unternehmenswert ableiten lässt. Dieses Modell wird um die Ausfinanzierung bestehender Pensionsverpflichtungen erweitert. Hierbei kann gezeigt werden, dass die Saldierung im Vergleich zur vollumfänglichen Abbildung der Pensionsverpflichtungen in der Unternehmensbilanz vorteilhaft ist. Diese Erkenntnis wird genutzt, um eine Erweiterung des Residualgewinnbewertungsmodells vorzustellen. Anhand eines Beispielfalls konnte auch hier der Vorteil der ausfinanzierten gegenüber der bilanzierten Direktzusage gezeigt werden. Als Schlussfolgerung hat der Gesetzgeber mit der Ausfinanzierung bestehender Pensionsverpflichtungen ein wirksames Instrument geschaffen, um die Attraktivität der Direktzusage zu erhöhen. Session CON4: Prinzipal-Agent-Probleme Freitag, 25.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-110 Does value-based management support managerial decision-making? – An analysis of divestiture decisions Sebastian Firk, Sven Richter, Michael Wolff (Georg-August-Universität Göttingen) While recent studies indicate that value-based management (VBM) helps owners in aligning managerial action (i.e., control function), little evidence is provided for VBMs’ proposed support in managerial decision-making (i.e., decision-making function). Arguing that the depth of VBM implementation determines its benefits, we investigate whether a deeper implementation of VBM helps to realize its decision-making function. We investigate our research questions on a dataset of 1,107 divestitures by European firms as divestitures allow analyzing managerial decision-making in a situation where managers’ self-interest is less pronounced. Our empirical results indicate that a VBM implementation down to the business unit level improves divestiture performance, while we find no such effect if VBM is only implemented at the corporate level. Further empirical tests indicate that the dispersion of capital costs across a firm’s portfolio positively moderates VBM’s impact on divestiture performance. In sum, our results indicate that VBM can provide support in managerial decision-making when firms consider its depth of implementation.

Freitag, 25.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-110 Intra-organizational knowledge creation and sharing in a principal-agent setting Dominic Jamm (Otto-von-Guericke-Universität Magdeburg) In the knowledge-based view of the firm, organizational knowledge and expertise are recognized as primary drivers of continuous innovation and competitive advantage. However, as an intangible resource knowledge resides within individuals who personally value their skills and therefore have an implicit incentive to keep knowledge private. Consequently, it is necessary for organizations to provide adequate rewards to control the diffusion and utilization of knowledge among their employees. The purpose of this paper is to develop and analyze a reward structure that motivates agents to generate additional knowledge and subsequently share it with co-workers. In this context, creation and sharing are considered costly actions that, in turn, decrease the cost of providing an output-oriented effort. The optimal incentive structure is derived to balance the explicit incentives of monetary rewards and the implicit benefits associated with a higher level of private knowledge. The model suggests that organizations need to choose whether they want to emphasize either the creation or dissemination of knowledge. The optimal effort level for sharing knowledge depends not only on an agent's personal incentive, but more importantly on the marginal productivity and the incentive of other agents to efficiently apply the shared knowledge. However, stronger incentives to generate knowledge have a detrimental effect on each agents' willingness to share and vice versa. The findings in this paper should help to further understand organizational learning and the transfer of developed knowledge. Furthermore, it provides insights into the trade-off between the creation and sharing of knowledge, which should aid managers to better design incentive contracts for employees to focus their attention on the desired task. Session WEW1: Steuervermeidung und CSR Freitag, 25.05.2018, 11:00 - 11:45 Uhr | Raum: G22A-111 Aggressive tax avoidance by managers of multinational companies as violation of their moral duty to obey the law: A Kantian rationale Hansrudi Lenz (Julius-Maximilians-Universität Würzburg) Diskutant: Ingo Pies (Martin-Luther-Universität Halle-Wittenberg) The management of multinationals companies often decides in favour of an aggressive tax avoidance strategy pushing the legal limits on behalf of the shareholders and to the disadvantage of the spirit of democratically legitimised tax laws. The public and the media debate if such an aggressive behaviour is immoral. Aggressive tax avoidance is a subset of aggressive legal interpretations in all fields directed against the (objective) will of a legitimised legislation. A thorough ethical analysis based on the deontological approach of Kant demonstrates that tax avoidance per se is not immoral only aggressive tax avoidance as a special case of operating on the edge of legal boundaries. Applying the Kantian “contradiction of willing test” shows that this maxim cannot be willed as general law of nature. If all natural or legal persons would aggressively interpret laws in all subjects and in every imaginable situation, the system of law per se would break down. Therefore, aggressive tax avoidance by managers of multinational companies violates their moral duty to obey not only the letter, but also the spirit of the law. The argument that aggressive tax planning as special case of aggressive legal interpretation is immoral is supported

and is recently stated to be a binding ethical principle for members of the tax consultancy professions in Great Britain. Freitag, 25.05.2018, 11:45 - 12:30 Uhr | Raum: G22A-111 Talking CSR into existence: The communicative constitution of the field of CSR research Matthias Wenzel1, Matthias Georg Will2 (1Europa-Universität Viadrina Frankfurt (Oder); 2Martin-Luther-Universität Halle-Wittenberg) Diskutant: Albert Löhr (Technische Universität Dresden) While the communication view on CSR provides important insights on how various actors construct meanings of CSR in the broader discourse on the societal obligations of businesses, it has not fully devoted attention to the field of CSR research as an important participant of this discourse. Therefore, we draw on the “communication constitutes organizations” (CCO) perspective to explore the communicative practices through which scholars constitute the field of CSR research and, in doing so, performatively produce and re-create meanings of CSR. For this purpose, we conduct a GABEK-based discourse analysis of scholarly communication on CSR in journal articles from 1970 to date. Our findings show how the field of CSR research is constituted and constructs meanings of CSR through the sequential enactment of three communicative practices: embedding, diverging, and converging. Overall, our results extend the communication view on CSR and the CCO perspective by developing a communication-centered understanding of the field of CSR research. Session NAMA3: Entlohnung, Marktwert und Innovationsbarrieren Freitag, 25.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-112 Determinants and consequences of executive compensation-related shareholder activism and say on pay votes: A literature review and research agenda Patrick Velte, Jörn Obermann (Leuphana University Lüneburg) This systematic literature review analyses the determinants and consequences of executive compensation-related shareholder activism and say-on-pay (SOP) votes. The sample covers 70 empirical articles, published between January 1995 and September 2017. The studies are reviewed within an empirical research framework, separating between the reasons for shareholder activism and SOP voting dissent as input factor on the one hand and shareholder pressure as output factor on the other hand. This procedure indicates that five different groups of factors are most important: The level and structure of executive compensation, firm characteristics (e.g. performance), and other corporate governance mechanisms (e.g. CEO duality or board size), shareholder structure and stakeholders (e.g proxy advisor). Among these factors, executive compensation and firm characteristics are the most important. Further examination reveals that the key assumptions of neoclassical principal agent theory for both managers and shareholders are not always consistent with recent empirical evidence. First, behavioural aspects, such as the perception of fairness matter to compensation activism and SOP votes. Second, non-financial (sustainable) interests significantly moderate shareholder activism. . Insofar, we advocate integrating behavioural and non-financial (sustainable) aspects into the existing research. The implications are analysed, and new directions for further research are discussed by proposing 19 different research questions.

Freitag, 25.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-112 The market value of decomposed carbon emissions Christian Ott1, Frank Schiemann2 (1Europa-Universität Viadrina Frankfurt (Oder), 2Universität Hamburg) The paper decomposes carbon performance into an inherent and a managed component. The inherent component captures a company’s average carbon emissions that reflect the firm’s business model and operating environment. The managed component is subject to management’s effort and ability to actively decrease a company’s carbon emissions. While the inherent component of carbon performance is estimated based on a regression of firm characteristics and the firm’s industry, the residuals of this regression reflect the managed component of carbon performance. Using a Heckman-type model to correct for self-selection bias associated with a voluntary carbon disclosure decision, we examine for a sample of large U.S. companies operating in carbon intensive industries whether the capital market values the inherent and managed components differently. Evidence reveals that, on average, the capital market attaches value to both, the inherent and managed component of carbon performance. Investors seem to attach more weight to the inherent component than the managed component, which indicates that the managed component contains considerable measurement error. Our findings suggest that previous empirical tests focusing on total carbon emissions underestimate the firm value effect of carbon emissions due to measurement error. Freitag, 25.05.2018, 12:00 - 12:30 Uhr | Raum: G22A-112 Context counts: a multilevel identification of barriers to innovation Anne-Karen Hueske, Edeltraud Guenther (Technische Universität Dresden) Barrier analysis is a matter of survival for organizations. Based on an analysis in biotechnology, we propose a mixed-method barrier analysis: (1) Accounting for context specificity and comprehensiveness, qualitative expert interviews allow for the specification of barriers on multiple levels: external environment, organization, and individual. (2) Reducing the complexity and aiming for parsimony, the manifestations can be grouped through exploratory factor analyses. By these means we offer a new perspective on barrier groupings accounting for context and avoiding overlaps. For biotechnology, which is used as an illustrating example, 45 barrier statements are identified and grouped to eleven barrier factors supporting a more comprehensive but meanwhile parsimonious barrier analysis. Session SM3: Krise, Fehlschlag und Sperrklinkeneffekt Freitag, 25.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-113 A process perspective on organizational failure: A qualitative meta-analysis Stefanie Habersang, Jill Küberling-Jost, Markus Reihlen, Christoph Seckler (Leuphana Universität Lüneburg) While an important stream of the organizational failure literature has developed process models to explain how firms fail, this stream is currently at a crossroads. Previous process models try to capture how failure unfolds in singular models that describe organizational failure as the result of either inertia or extremism or as a mixture of both. However, it remains unclear how these competing explanations are related, what their boundary conditions are, and whether the two

explanations are exhaustive. In this study, we tackle these issues by empirically examining failure processes using a qualitative meta-analysis research design. The qualitative meta-analysis allows us to analyze and synthesize the wealth of previously published single-case studies of organizational failure to develop process models of organizational failure. The most salient finding of our analysis is that failure processes converge around four distinct process archetypes, which we name imperialist, laggard, villain, and politicized. Making this differentiation helps to resolve some contradictions in the previous failure process literature. Freitag, 25.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-113 Determinants of the ratchet effect: Evidence from retail banking Christian Brück, Thorsten Knauer, Nicole Nikiforow, Anja Schwering (Ruhr-Universität Bochum) Target ratcheting involves deriving target levels for the next period by adjusting current performance data. The practice of target ratcheting can evoke dysfunctional behavior, such as the ratchet effect, the phenomenon of employees strategically withholding effort in anticipation of future upward revisions of their targets. Prior research has mainly considered the existence of the ratchet effect and explored how it affects firm performance. We extend this stream of research and investigate determinants that could enhance or mitigate the ratchet effect. Using a unique dataset from a survey among bank employees, we observe that risk aversion, intra-organizational competition, and job insecurity are positively associated with the ratchet effect. Furthermore, we predict and find that target participation and career ambitions are negatively associated with the ratchet effect. Collectively, our findings suggest that firms should be aware that the ratchet effect can differ systematically. Session STEU4: Verrechnungspreise, Abschreibungen und Rechnungslegung Freitag, 25.05.2018, 11:00 - 11:30 Uhr | Raum: G22A-119 Transfer pricing for intangibles - spillover and profit shifting or the dark art of tax avoidance Rebecca Reineke1, Katrin Weiskirchner-Merten2

(1Leibniz Universität Hannover, 2Wirtschaftsuniversität Wien) MNCs are regularly suspected to use transfer pricing for intangibles to shift profits from high-tax to low-tax jurisdictions. In contrast to prior research we endogenize the location choice for intangibles in an analytical model. Furthermore, we study the corresponding optimal transfer prices. Positive spillovers lead to non-zero optimal internal royalty rates despite the absence of marginal costs of using the intangible. In general, tax avoidance is recognized to be undesirable. Without restrictions on legal tax avoidance possibilities, we find that in line with the initial intuition MNCs locate their intangibles in low-tax jurisdictions to minimize tax payments. When restrictions on tax avoidance are present, MNCs need to trade-off tax minimization and efficient maintenance investments. Then, for a large spillover, the intangible is optimally located in the high-tax jurisdiction. This ensures efficient investments because the spillover is internalized. Therefore, despite tax avoidance incentives, intangibles exhibit a `home bias'. In addition, the model predicts that curtailing profit shifting possibilities harms MNCs’ overall investments.

Freitag, 25.05.2018, 11:30 - 12:00 Uhr | Raum: G22A-119 Mandatory book-tax conformity and its effects on strategic auditing and reporting Felix Niggemann (Karl-Franzens Universität Graz) This paper analytically analyzes the effects of the mandatory level of book-tax conformity as a joint outcome of financial reporting standard setters and tax regulators on reporting and auditing decisions of tax and financial reports. I provide a framework of how the joint policy making of reporting standard setters and tax regulators strategically affects reporting outcomes. I show that tax and financial reporting as well as related auditing decisions are not strategically independent and find that moving towards a one-book system improves the effectiveness of the taxation process, whereas the results regarding financial reporting accuracy are ambiguous. For relatively strong financial reporting incentives and a sufficient increase in book-tax conformity I find a decrease in financial reporting accuracy as some managers find it optimal to overpay taxes for fraudulent earnings. For relatively strong tax reporting incentives I find that a sufficient increase in book-tax conformity reduces the probability of upwards earnings manipulation, whereas moving closer towards a one-book system will not necessarily improve the quality of financial statements as managers tend to underreport financial earnings. The results highlight the importance of cooperation between tax regulators and financial reporting standard setters and are useful to guide the political and academic book-tax conformity debate. Freitag, 25.05.2018, 12:00 - 12:30 Uhr | Raum: G22A-119 Wann erhöhen Steuervorteile die Information der Rechnungslegung? Harald Jansen, Maximilian Fleischer (Friedrich-Schiller-Universität Jena) Steuerliche Maßnahmen der Investitionsförderung können nur dann wirksam das Investitionsvolumen einer Unternehmung erhöhen, wenn die eingesparten Steuerzahlungen den Marktwert der Unternehmung zum Vorteil der Eigentümer erhöhen. Der Beitrag entwickelt ein Modell, das den Anteil der Steuervorteile an einer Gewinnentwicklung zu erklären vermag. In der Modellstruktur verzerren diese Steuerersparnisse die durch Rechnungslegung übermittelte Information. Die Verzerrung tritt genau dann nicht auf, wenn sich der Einfluss der Steuerersparnisse auf die erwartete Entwicklung des Marktwerts der Unternehmung exakt separieren lässt. Dies ist nur möglich, wenn die Investitionspolitik vollständig an die Förderung angepasst ist und aus Sicht der Eigentümer unwirksam wird. Bei noch wirksamer Investitionsförderung verzerren Steuervorteile die Informationsübermittlung. Es zeigt sich, dass Steuervorteile in diesen Situationen die Informationsübermittlung durch Rechnungslegung auch schärfen können. Die Modellstruktur erlaubt eine quantitative Analyse der Wirkung von steuerlichen Neutralitätsverstößen auf die Informationsübermittlung durch Rechnungslegung. Session UF3: Schocks und Spillover Freitag, 25.05.2018, 11:00 - 11:45 Uhr | Raum: G22A-122 Shock transmission through shared directors: Evidence from bank enforcement actions Leonid Pugachev1, Andrea Schertler2 (1University of Oklahoma; 2Leuphana Universität Lüneburg) Using a unique dataset of 1478 U.S. bank enforcement actions (EAs) issued between 1998 and 2014, we document that bank corporate governance shocks spill over into the real sector through shared

directors. Corporates (non-banks) that share a director with enforced banks experience significantly negative abnormal returns around EA issuance. Their stock prices fall more when director resources are likely constrained and when the shock is more severe. Following enforcement, shared directors participate less on corporate boards. Our results are unlikely to be driven by an impaired credit relationship between bank and corporate, by director reputational damage, or by endogenous director selection. These findings suggest that shared directors could also transmit larger banking sector shocks such as monetary policy changes or regulatory reforms into the real sector. Freitag, 25.05.2018, 11:45 - 12:30 Uhr | Raum: G22A-122 An empirical analysis of spillover effects from the Volkswagen emission scandal Florian Barth, Christian Eckert, Nadine Gatzert, Hendrik Scholz (Friedrich-Alexander-Universität Erlangen-Nürnberg) This study empirically examines spillover effects from the Volkswagen emission scandal worldwide. We focus on competitors of Volkswagen as well as on suppliers to the automotive industry. By means of an event study, we measure abnormal returns of both stocks and bonds, which allow us to capture spillover effects beyond the usually measured losses in equity market value only. We find significant negative spillover effects for both competitors and suppliers in terms of market value losses, with stronger spillover effects for European firms. These results hold for stocks as well as for bonds, which emphasizes that only considering stock price reactions might imply a severe underestimation of spillover effects as measured by market value. Session CON5: Daten und Entscheidungen Freitag, 25.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-110 Full versus partial delegation in the presence of incongruent performance measures Barbara Schöndube-Pirchegger1, Jens Robert Schöndube2 (1Otto-von-Guericke-Universität Magdeburg, 2Leibniz Universität Hannover) We consider a moral hazard type agency problem. Two tasks need to be performed within the agency. The risk neutral principal can either delegate both tasks to an agent or perform one of the tasks himself. As the principal’s surplus is not contractible by assumption, the incentive contract offered to the agent needs to be based on an incongruent performance measure. Agency costs arise from a risk and incentive trade-off as well as from a congruity problem. Establishing that the relation of sensitivity to productivity ratios to one another in both tasks is crucial for the delegation choice, we obtain the following results: Full delegation dominates partial delegation in settings where scaling of incentives effectively reduces agency costs and cost of risk is moderate. Partial delegation is preferred if alignment of incentives reduces the congruity problem and becomes increasingly favorable the higher the cost of risk. Freitag, 25.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-110 Spoiled for choice: Does the selection of sustainability datasets matter? Jan Diebecker1, Christian Rose1, Friedrich Sommer2 (1Westfälische Wilhelms-Universität Münster; 2Universität Bayreuth)

In this paper, we analyze the qualitative and quantitative differences and similarities between two prominent sustainability datasets namely the sustainability ratings developed by MSCI ESG KLD STATS (formerly known as Kinder, Lyndenberg and Domini Research & Analytics, Inc.) and Thomson Reuters ESG Research (formerly known as ASSET4). We find substantial qualitative differences between the two sources’ sustainability measures that are also reflected quantitatively through weak correlations between their scores. Our analysis of individual sustainability pillars reveals substantial differences, especially in evaluations of social and governmental topics. Additionally, we examine the impact of the dataset selection on prior empirical results by analyzing the effect of corporate sustainability performance on cost of equity. Following the methodology of El Ghoul et al. (2011), we find that corporate sustainability has a negative effect on the cost of equity when using MSCI ESG KLD STATS’s measurements, but not when using Thomson Reuters ESG Research’s measurements. The differences in the environmental, social and governance pillars between the datasets also impact the relationship between the single dimensions and the cost of equity. The results of this paper lead to the suggestion that researchers should choose sustainability ratings carefully, adjust differences between and within datasets, and conduct robustness checks to substantiate their theoretical justifications. Freitag, 25.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-110 Likeability and leniency: An experimental study on cognitive processing in performance evaluations Kai Alexander Bauch, Peter Kotzian, Barbara E. Weißenberger (Heinrich-Heine-Universität Düsseldorf) In this paper, we investigate determinants of leniency bias in subjective performance evaluations in a multi performance measure context as well as the cognitive processing mechanisms underlying this bias by conducting a laboratory experiment with 220 student participants in six conditions. First, based on psychological theories, we provide experimental evidence that individuating information leads to inflated, i.e., more lenient, evaluations. While evaluations of dislikeable subordinates are less inflated, we do not find evidence that leniency is fostered by ambiguity. Second, by integrating the Mouselab software in our experimental design, we show that even though aberrant performance measures receive more attention, this does not affect leniency bias. Furthermore, by empirically obtaining participants’ weighting schemes, we can also exclude adapted weighting as the mechanism underlying leniency bias. Thus, our contribution is twofold: First, we provide evidence that leniency already emerges through individuating information and only its extent is dependent on the direction of affect induced. Second, we extend accounting literature on leniency bias by showing that this bias is not driven by the cognitive processing mechanisms of attention or weighting, thus narrowing the field for potential debiasing instruments in performance evaluation. Session WEW 2: Vertrauen, Rationalität und Ethik Freitag, 25.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-111 Inducing acute stress in an economist’s lab: Selfish black lies and trust under socio-evaluative threat Karina Held (Otto-von-Guericke-Universität Magdeburg)

We propose and validate a task to induce acute socio-evaluative stress in the laboratory. The task features performance-based pay and simultaneously creates a treatment and a control group. Employing this task, we study the influence of acute socio-evaluative stress on the propensity to tell a selfish black lie and to trust messages that can comprise lies. We find that stress significantly reduces the probability to lie at the extensive margin, while it does not influence the intensive margin of lying. Furthermore, we find evidence that socio-evaluative stress significantly reduces the willingness to trust messages that may contain large lies. Freitag, 25.05.2018, 14:30 - 15:00 Uhr | Raum: G22A-111 Rationality and irrationality: Some guiding thoughts on an interdisciplinary jungle Dieter Bögenhold (Alpen-Adria Universität Klagenfurt) Rationality is the social grammar which provides the sense for social action, it is a driver which has intellectual sources in different academic domains. Social sense is learned, and dependent upon biographies and life-courses which occur always in specific forms of social embeddedness in terms of culture, space and time. The social context of judgment and decision serves as a framework and oscillates with modes of social action so that beginning and end are intertwined. Asymmetric information and social capital, asymmetric social support through diverse social ties and asymmetric distribution of aspiration is one of the social premises of diverse behavior. These topics suggest that diverse branches may benefit from further cooperation. Reasoning about rationality and her sister irrationality indicates that besides economics and social psychology also sociology matters. Freitag, 25.05.2018, 15:00 - 15:30 Uhr | Raum: G22A-111 The ordonomic approach to business ethics Ingo Pies (Martin-Luther-Universität Halle-Wittenberg) This article sketches an ordonomic perspective on business ethics. It holds that business actors (persons and organizations) can employ morality as a “factor of production”, and that business ethics can be based on a specific rational-choice analysis that is fully in line with the established tradition of economic thinking. With regard to practice, the main point is that ordonomics offers a guiding concept for creating win-win solutions that help business firms to do well by doing good. With regard to theory, ordonomics offers a conceptual framework for business ethics that makes ethics and economics coherent and mutually compatible with each other. Session MARK: Marketing Freitag, 25.05.2018, 14:00 - 14:30 Uhr | Raum: G22A-112 The signaling effect of firm reactions to celebrity endorser misconduct: A stock market perspective Stefan Hock1, Sascha Raithel2 (1George Mason University Fairfax, 2Freie Universität Berlin) This study examines the influence of firm reactions to negative celebrity endorser publicity on stock returns of 176 observations between 1988 and 2013. Analyzing firm reactions on a daily basis over four trading weeks, the authors show that firms can successfully counteract the subsequent negative stock returns by responding quickly and appropriately. Specifically, the analyses reveal that (1) active firms, issuing a punishing or neutral/supporting statement, outperform passive ones,

(2) among the active firms, those reacting sooner outperform those reacting later, and (3) firm reactions that are considered appropriate by stakeholders outperform those that are not. Firms frequently deviate from these findings, emphasizing the need for a systematic study of firm reactions to negative spokesperson publicity and their impact on stock returns. This study is a first step towards a strong empirical foundation for a deeper understanding of the consequences of these firm reactions. Freitag, 25.05.2018 14:30 - 15:00 Uhr | Raum: G22A-112 Evaluating the influence of attraction and compromise effects in choice-based conjoint analysis Marcel Lichters, Verena Wackershauser, Marko Sarstedt, Bodo Vogt (Otto-von-Guericke-Universität Magdeburg) An overwhelming number of marketing publications focuses on context effects that describe how choice set composition influences consumers’ preferences in a manner inconsistent with business decision models. The most prominent representatives are the attraction and the compromise effect. Researchers and practitioners are increasingly interested in integrating these effects in choice-based conjoint analysis (CBC), as it represents one of the most widely applied market research method so far. However, to the present, researchers did not systematically study whether these context effects indeed arise in choice-based conjoint studies, threatening results’ validity. The present research fills this void. Each of three studies combines a CBC approach with choice tasks provoking well-studied context effects either between- or within-subjects. The results demonstrate that, although subjects evince significant context effects in forced-choice settings, these effects are mitigated and insignificant in CBCs that provide a no-choice option. Thus, our results serve as a safeguard for practitioners relying on conjoint studies with no-choice options. At the same time, our results point to fruitful fields of inquiry in choice modeling and discrete choice experiments. Freitag, 25.05.2018 15:00 - 15:30 Uhr | Raum: G22A-112 Labeling of electricity products: The effects and the interaction of labels’ color scheme and the individual difference variable “Lay Rationalism” on choice behavior Paul Bengart, Bodo Vogt (Otto-von-Guericke-Universität Magdeburg) In the present paper, we investigate the influence of labels’ color scheme on consumers’ preferences for environmentally friendly electricity. In two experiments, we compare traffic light colors with grayscale colors which we used to classify electricity product’s CO2 emissions — caused by the generation of one kWh — into low, medium, and high. Additionally, by using the lay rationalism scale (Hsee et al., 2015), we elicit whether participants base their decision more on feelings or more on reason. Our results reveal that the choice share of the more expensive electricity with lower CO2 emissions (LE) does not statistically differ between the traffic light and the grayscale condition. However, a significant interaction effect is detectable between the color scheme and the lay rationalism score. Participants who based their decision more on feelings had chosen more frequently LE in the traffic light condition, while those who rely more on reason had chosen more frequently LE in the grayscale condition. Furthermore, we found a strong positive correlation between how much participants based their decision on feelings and the choice share of LE. In light of that paying a premium for environmentally friendly electricity can be considered,

for example, as a contribution to the public good “environmental protection”, the variable lay rationalism could be understood as a predictor of willingness to invest in it. Based on our findings, we suggest that labels should be designed depending on the target group’s tendency to rely on feelings (or reason) in decision making process. Further, because lay rationalism can be manipulated, to promote environmentally friendly electricity consumers can be primed in a manner that let them rely more on feelings rather than on reason when purchasing electricity products. Session TIE3: Unternehmungen und Verpflichtung Freitag, 25.05.2018 14:00 - 14:45 Uhr | Raum: G22A-113 Keep on swimming with sharks—Social defenses and selective revealing of ventures in Europe and Latin America Jan Riepe, Theresa Veer (Eberhard Karls Universität Tübingen) Using unique proprietary data on the full portfolio of an internationally operation corporate venture capitalist (CVC), we empirically explore new ventures’ defense mechanisms after they formed ties with our CVC. Using Analyzing data of more than 500 new ventures from the ITC industry in Europe and Latin America, we find that new ventures frequently form ties with our CVC despite being exposed to a higher misappropriation risk due to high business model overlap and weak intellectual property protection. We provide evidence that new ventures use social defenses by seeking protecting third party investors and by only selectively revealing their proprietary information to the CVC to protect from misappropriation risk. Our study contributes to literature on how ventures can defend themselves while engaging with corporate “sharks” by discussing and empirically presenting evidence for more complex defense mechanisms of combining social defenses with selective revealing. Our findings, furthermore, compare ventures in very different intellectual property regimes and enrich the discussion on its relevance in the venture-CVC context. Additionally, our findings are on defense mechanisms after tie formation with the CVC and hence complement research that predominantly focuses on defense mechanisms before tie formation. Freitag, 25.05.2018 14:45 - 15:30 Uhr | Raum: G22A-113 The role of affect on escalating commitment: The interplay of intuition and rationality in decision-making Tobias Röth, Verena Joachim, Patrick Spieth (Universität Kassel) New product development (NPD) has been proven to be key for firms’ success in dealing with rapidly changing environments. This process represents the first step in realizing a firm’s strategy and demands several decisions. However, decision-makers often struggle to terminate an unsuccessful NPD project, so that escalating commitment occurs. Although the research shows that rational and intuitive decision-making styles (DMSs) as well as affect determine the performance of NPD decisions, little is known about their influence on escalating commitment. By applying the affect infusion model in an experimental study, we investigate affect’s impacts on the use of different DMSs and a decision-maker’s commitment to an NPD project. Our preliminary findings based on 246 respondents show that the use of a certain DMS depends on the decision-maker’s affective state. A rational DMS is only able to reduce escalating in cases of a positive affect. Surprisingly, an intuitive DMS is able to reduce the decision-maker’s commitment in case of a positive affect and to increase their commitment in case of a negative affect. In short, a negative

affect increases the likelihood of escalating commitment. We also show the complementary character of an intuitive and a rational DMS during the NPD process. By doing interdisciplinary research on affect and decision-making, we extend recent insights and contribute to research on decision-making during the NPD process as well as on escalating commitment. Session STEU5: Steuerkomplexität und -ehrlichkeit Freitag, 25.05.2018 14:00 - 14:45 Uhr | Raum: G22A-119 Measuring tax complexity across countries - A survey based approach Thomas Hoppe1, Deborah Schanz2, Susann Sturm2, Caren Sureth-Sloane1,3 (1Universität Paderborn, 2Ludwig-Maximilians-Universität München, 3Wirtschaftsuniversität Wien) This paper introduces the first comprehensive country index that measures the level of tax complexity of corporate income tax systems from the perspective of MNCs. The index is composed of two sub-indices covering the complexity of the tax code and the tax frame-work. To obtain data for the year 2016, we distributed an online survey to local tax experts via 19 international tax services networks. Based on 933 surveys from 100 countries, we find considerable variation in the level of tax complexity across countries. Moreover, we observe that countries often differ in their rankings on the two sub-indices, i.e. either have a low tax code and a high tax framework complexity or vice versa. Hence, when measuring tax complexity, both tax code and tax framework complexity need to be taken into account. Relating the tax complexity index to other country characteristics, we find weak negative associations with several economic, political and social characteristics. For example, countries with a higher level of tax complexity tend to have a lower GDP per capita and a lower level of development. In terms of tax rate measures, the relationships are weak and positive. Overall, our analysis highlights the role of tax complexity as a distinctive feature of a tax system that should be considered in future research. Freitag, 25.05.2018 14:45 - 15:30 Uhr | Raum: G22A-119 Less cheating? The effects of prefilled tax returns on compliance behavior of taxpayers Martin Fochmann, Nadja Müller, Michael Overesch (Universität zu Köln) As a consequence of the digital transformation, taxpayers are more and more confronted with already prefilled tax returns instead of completing blank forms. However, there is almost no evidence on how prefilled tax returns impact compliance behavior. In a controlled experiment with 213 participants, we study this research question. We show that prefilled tax returns have a meaningful influence on compliance behavior and consequently on tax revenues. If tax returns are correctly prefilled, we find that subjects are significantly more tax compliant than with blank tax returns. However, in cases of an incorrect prefilling, our results suggest that prefilling can have reverse and asymmetric effects. If prefilled income is lower than actual income, individuals tend to reduce tax compliance compared to correctly prefilled tax returns. In contrast, if prefilled income is higher than actually income, no further influence on compliance behavior is observed.

Session ERW3: Nachhaltigkeit und integrierte Rechnungslegung Freitag, 25.05.2018 14:00 - 14:30 Uhr | Raum: G22A-120 Integrated reporting and managerial investment decisions Maria Steinmeier1, Michael Stich2 (1Technische Universität München, 2Universität zu Köln) This study analyzes the effect of integrated reporting on managerial decision-making in terms of sustainability investment efficiency and total investment efficiency, respectively. We argue that integrated reporting facilitates the integration, connectivity, and balance of financial and non-financial information in the value creation process. We hypothesize that integrated reporting improves the set of information available for managerial decision-making, resulting in higher investment efficiency. Further, we argue that integrated reporting reduces information asymmetry between managers and investors, which enables investors to more effectively monitor managers, thus again leading to higher investment efficiency. Empirical findings for an international sample from 26 countries suggest a positive association of integrated reporting and sustainability investment efficiency and total investment efficiency, respectively. Freitag, 25.05.2018 14:30 - 15:00 Uhr | Raum: G22A-120 Fighting climate change with disclosure? The real effects of mandatory greenhouse gas emission disclosure Jürgen Ernstberger1, Hannes Rettenbacher1, Sebastian Schwenen1, Aleksandar Zaklan2 (1Technische Universität München, 2Deutsches Institut für Wirtschaftsforschung Berlin)

We examine how mandatory disclosure of greenhouse gas (GHG) emissions influences companies’ emission levels. We identify the effect of full transparency by exploiting a mandate requiring UK-incorporated listed companies to disclose information on their GHG emissions in their annual reports. Comparing the emissions of installations owned by listed companies and installations owned by firms not subject to the mandate, we document that disclosing GHG emissions in annual reports reduces emission levels by up to 16.5%. Emission reductions occur across all industries, but are largest for installations from the energy supply industry. Our results are robust to various specifications and document the incremental effect of disclosing emission data in annual reports, as firms had to report emission data to a central register already before the disclosure mandate. Freitag, 25.05.2018 15:00 - 15:30 Uhr | Raum: G22A-120 GHG disclosure and emission levels: Evidence from private firms Aline Grahn (Freie Universität Berlin) Environmental disclosure studies usually base their theoretical considerations on sociopolitical approaches as legitimacy theory or stakeholder theory. In doing so, they leave out the theory that is typically applied to describe voluntary (financial) reporting, voluntary disclosure theory, and implicitly omit pure capital market driven disclosure incentives. Current empirical studies provide evidence that the underlying mechanisms of voluntary disclosure theory, the share-holder’s demand to reduce information asymmetries between a firm and its shareholders, can also be applied in environmental disclosure contexts because investors are interested in environmental or Greenhouse Gas (GHG) information in particular. Therefore, my study aims at transferring the main ideas of voluntary disclosure theory to a GHG emission disclosure setting and contrast the partially

contradicting predictions of the sociopolitical theories and voluntary disclosure theory. To figure out which of those theories explain GHG disclosure decisions in the absence of capital market incentives, I analyze a sample of German private firms. I find that, in accordance with all three theories, publicly held firms reach significantly higher levels of the manually collected GHG Disclosure Index, supporting an impact of capital market access on GHG disclosure decisions. The analysis of the disclosure incentives of private firms only suggests that if the decision to disclose GHG emission information is divided in two sub steps, first the decision whether to disclose or not, and second the decision on the extent of the disclosed information, these two steps could be assigned to two different underlying theories: The initial disclosure decision seem to be driven by legitimacy issues while the decision on the extent of disclosure is driven by attempts to reduce information asymmetries between owners and managers and, thus, follows the idea of voluntary disclosure theory. Session PW: Personal Freitag, 25.05.2018 14:00 - 14:30 Uhr | Raum: G22A-122 Dual professional and organizational commitment of employees serving in the German military reserve – A latent profile analysis Georg Loscher1, Sascha Alexander Ruhle2, Stephan Kaiser1 (1Universität der Bundeswehr München, 2Heinrich-Heine-Universität Düsseldorf) Research on affective commitment has come to highlight the importance of multiple commitments towards similar targets. To understand the complex interactions, research starts to apply a person-centered approach to commitment. While our knowledge is steadily increasing, questions regarding possible conflicts remain partially unanswered, especially regarding the role off commitment between similar targets but across different domains. Based on a sample of working German Reservists (N=303) who server as soldiers in the civil armed forces (military domain) and work in ordinary organizations with a civil profession (civil domain), we apply a person-centered investigation of affective commitment profiles towards those four targets (civil organization and profession, military organization and profession). Using an online questionnaire, we test our hypotheses regarding the existence of different commitment profiles, as well as the role of conflict and value congruence in profile membership. Further, we investigate distal outcomes of commitment, separated for the military and the civil domain. We identified four different affective commitment profiles (strong civil-dominant (organization and profession), strong civil-dominant towards (organization), strong military-dominant (organization and profession), and fully committed (all)) as well as evidence for both within and cross domain effects in theoretically grounded antecedents and outcomes of commitment. Finally, we discuss the theoretical and practical contributions and implications as well as the limitations and avenues for further research based on our study. Freitag, 25.05.2018 14:30 - 15:00 Uhr | Raum: G22A-122 Presenteeism and low-skilled work – A conceptual analysis Sascha Alexander Ruhle, Stefan Süß (Heinrich-Heine-Universität Düsseldorf) Research on Human Resource Management often focusses on the high-skilled workforce. As a result, knowledge regarding low-skilled work, which is defined as work with no formal

requirements for training and less challenging as well as standardized tasks, is rare. While the field of presenteeism, which analyses going to work despite illness, gains more and more attention in research and practice alike, research combining it low-skilled work is missing. This is particularly problematic, as low-skilled worker are already endangered through their employment and working conditions. Consequently, the risk for presenteeism and its negative consequences for individual and organization might be even higher. This article, therefore, analyzes the specific working and employment conditions in low-skilled work and their possible effects on presenteeism. We evaluate the characteristics of low-skilled work and the antecedents of presenteeism, offering propositions on the possible relationship between low-skilled work and presenteeism, developing a conceptual model of presenteeism in low-skilled work. The article provides suggestions for empirical examination and ends with a brief conclusion as well as limitations. Freitag, 25.05.2018 15:00 - 15:30 Uhr | Raum: G22A-122 What does the path to chief financial officer look like? – An optimal matching analysis approach Jan-Niklas Bartel (Technische Universität München) This study focuses on a key actor at the top of the firm: the chief financial officer (CFO). Despite the importance of this role, we still know very little about CFO careers. The purpose of this paper is thus to identify CFO career patterns and drivers of these career patterns. I employ optimal matching analysis, a form of sequence analysis, to a unique dataset of 97 German CFOs to identify five CFO career patterns: international expert, expert outsider, cross-functional outsider, transitioning insider, and expert insider. These patterns differ significantly in terms of organizational tenure, international experience, and functional experience of the CFOs. Three factors predict which career pattern a CFO follows: the level of education, the entry organization, and the entry industry. This has implications for the ones seeking a career in the finance function and for future research on top management careers.

Abstracts des Programms der Wissenschaftlichen Kommission Öffentliche Betriebswirtschaftslehre (WK ÖBWL) Donnerstag, 24.05.2018 14:30 - 15:00 Uhr | Raum: G22A-105 Return on organizational identity: The double-edged sword of emotions in nonprofit mission statements Hannes W. Lampe (Technische Universität Hamburg-Harburg) While a growing body of work on emotions in management research has emphasized individual's expression of emotions, organizational use of emotions is almost neglected. This study reveals how positive and negative emotions in mission statements depict nonprofits' organizational identity and delinieates organizations from each other. Furthermore, this paper examines the effects of emotions in nonprofits' narratives of organiaztional identity on nonprofits's funding. In, particular this article distinguishes between public and private funding sources on the one hand and the associated effects of positive versus negative emotions, depicting a nonprofits organizational identity. The results show that positive emotions ('doing a good deed') positively affects private sector funding and negativly affects public sector funding. Negative emotions in nonprofit mission statements ('counteracting grievance') has opposing effects, namely positively affecting public sector funding and negatively affecting private sector funding. These findings enable several recommendations for policy makers as well as managers. Donnerstag, 24.05.2018 15:00 - 15:30 Uhr | Raum: G22A-105 Does reflecting on prosocial and societal impact foster public employees' well-being, turnover intention, and willingness to recommend their job? Dominik Vogel (Universität Hamburg) In the past decade, practitioners and scholars intensified the discussion about what people want in their jobs, which has manifested itself in the increased "war for talents" both in public and private organizations. In this context, it has become obvious that people not only look for high salaries or career opportunities, but also for work-life balance and meaningfulness in their daily tasks. Although many public sector jobs provide meaningfulness through the opportunity to help others (prosocial impact) or contribute to society (societal impact), employees tend to get used to this positive aspect of their work or forget about it in daily routines. This article, therefore, tests if a micro-intervention emphasizing employees' prosocial and societal impact can foster meaningfulness and in turn increases their well-being, intention to stay on the job, and willingness to recommend their job. Two preregistered online studies with employees of the education sector and the public sector, in general, reveals mixed results. While the intervention is effective for employees working as educators, it does not show effects on employees from a broad range of public sector jobs. Donnerstag, 24.05.2018 16:00 - 16:30 Uhr | Raum: G22A-105 Pay it forward – The impact of civility climate on provider-patient interaction and patient outcomes Eva-Maria Oppel1, David C. Mohr2 (1Universität Hamburg, 2Center for Healthcare, Organization and Implementation Research (CHOIR), VA Boston Healthcare System, Boston, MA)

Background: Interpersonal relationships are increasingly recognized as an important determinant for care performance and quality in the health care context. An unresolved issue in health care research is whether and to which extent providers’ perceptions of their interpersonal relationship climate effects provider-patient interactions (pay-it forward effect) and in turn patients’ experience of care. Purpose: The aim of this study was to test whether and how a positive interpersonal relationship climate among care providers, termed “civility climate,” may affect patients’ perceptions of their interactions with the providers and ultimately patient experience outcomes (i.e. overall satisfaction, willingness to return, intent to recommend). The mediating role of provider-patient interaction in the relationship between civility climate and patient experience outcomes is investigated. Methodology: The 2011 study sample comprised responses from 6,019 nurses and 38,619 patients at 123 Veterans Health Administration (VHA) acute care inpatient hospitals located in the United States. We developed and empirically tested a theoretical model using multilevel regression modelling. Monte Carlo method was used for assessing multilevel mediation. Results: The results indicate a direct effect of civility climate on provider-patient interactions. With regard to patient outcomes, the analyses reveal a direct effect of civility climate on patient satisfaction, intent to recommend, and willingness to return and an indirect effect mediated by provider-patient interactions. Practice Implications: Our findings point to the importance of positive interpersonal work environments for ensuring and potentially improving patient experience of care, which constitute a key success factor in the increasingly competitive hospital market. This is the first study theorizing about and testing whether and how relationship climate among providers affect their interactions with patients. These insights can be used by administrators, researchers, and clinicians regarding interventions to foster a strong relationship climate in hospitals. Donnerstag, 24.05.2018 16:30 - 17:00 Uhr | Raum: G22A-105 Stakeholder participation in regulatory decision making Victoria Lauenroth1, Katharina Blankart1,2, Tom Stargardt1 (1Universität Hamburg, 2Universität Duisburg-Essen) Recent literature has started to explore the role of stakeholder participation in regulatory decision-making. Our aim is to further explain heterogeneous stakeholders’ impact on regulatory decisions. We applied Mitchell and colleagues’ (1997) theory of stakeholder salience on regulatory agencies and used regulatory decisions made within the process of health technology assessment (HTA) for new pharmaceuticals in Germany as an example. We used a database on all HTAs conducted in Germany between 2011 and 2015. Our final study sample included 206 patient subgroups that correspond to 98 HTAs. We developed a structural equation model that analyzes the impact of heterogeneous stakeholders (medical societies, hospital physicians, industry) on regulatory decisions, and the moderating role of urgency (medical need, budget impact) on this relationship. We controlled for other factors that may influence regulatory decisions and stakeholder participation. We applied partial-least-squares structural equation modelling for model estimation.

An increase in the participation of medical societies increases the added therapeutic benefit assigned by the regulatory agency (0.201; p<0.001). An increase in the participation of hospital physicians (p=0.429) or the industry (p=0.574) has no effect on regulatory decisions. Deviations from the sample’s average medical need or budget impact, i.e. changes in urgency, do not moderate any stakeholder-regulatory agency relationship. While the participation of medical societies is independent from medical need and the peer agency’s assessment, the participation of hospital physicians tends to decrease with a higher peer agency assessment (-0.148; p=0.075) and the participation of the industry significantly decreases with an increase in the patient’s medical need (-0.403; p<0.001). Legitimate stakeholders’ claims are salient, i.e. have an impact on regulatory decisions, if the stakeholders’ participation in the decision-making process is independent from situational factors. Independence gives stakeholders power by enabling them to shield the regulatory agency from legitimacy threats. Urgency seems not to moderate stakeholder salience. Donnerstag, 24.05.2018 17:00 - 17:30 Uhr | Raum: G22A-105 The performance influence of a more sophisticated use of accrual accounting in municipalities Christian Nitzl1, Dennis Hilgers2, Bernhard Hirsch1 (1Universität der Bundeswehr München, 2Institute for Public and Nonprofit Management) Despite its advantages, municipalities frequently struggle when applying accrual accounting in their daily business. We assume the reason for this struggle is that most municipalities implement accrual accounting in a mostly symbolic way for legitimacy purposes decoupled from decision making. Thus, they implement accrual accounting only technically, rendering their use of the new information system to fiscally steer municipalities unsophisticated. We investigated how a more sophisticated use of accrual accounting influences the performance of municipalities. Furthermore, to identify the factors involved in this more sophisticated usage, we examined the influence of municipality context, organizational structure and resource provision on the extent of degree of sophistication use of accrual accounting. We found that the most relevant driver for a higher degree of sophistication is the context of the municipalities, such as the appropriateness of the accounting regime for municipalities. Another important factor is the provision of resources, such as an IT system that delivers easily accessible and accurate accounting information. Notably, the specific organizational structure of municipalities, which is often regarded as highly bureaucratic and the main reason for hindering reforms, is not significant. We analysed 255 responses of financial managers in German cities and counties using structural equation modelling. A marker variable is included to control for the effects of a common measure variance. Freitag, 25.05.2018 11:00 - 11:30 Uhr | Raum: G22A-105 Performance information use in evaluating state-owned enterprises – A process tracing experiment David Lindermüller1, Bernhard Hirsch1, Matthias Sohn2 (1Universität der Bundeswehr München, 2Zeppelin Universität Friedrichshafen) State-owned enterprises (SOEs) provide public services, and government decision makers receive performance reports on SOEs for supervision. We conduct an experiment to analyze how decision makers evaluate SOEs’ performance based on these performance reports. We recruited German graduate students and asked them to assume the role of municipal council members and allocate

budgets to SOEs based on their performance. We manipulated the SOEs’ performance across various performance dimensions (financial, customer, process, and employee) in the reports. Furthermore, we manipulated the financial status of the municipality. Our data show that, in the information acquisition phase, participants’ attention is skewed toward the financial and customer performance of the SOEs. However, participants allocate budgets rather evenly across SOEs that outperform in the financial, customer and process dimensions. By manipulating the financial status of the municipality, we show that participants put more effort into the information evaluation process when resources are scarce. Freitag, 25.05.2018 11:30 - 12:00 Uhr | Raum: G22A-105 Does performance-related pay and public service motivation research treat state-owned enterprises like a neglected cinderella? A systematic literature review and framework for further research on performance effects Ulf Papenfuß, Florian Keppeler (Zeppelin Universität Friedrichshafen) Agencification and institutional reforms in public service provision have made state-owned enterprises (SOEs) increasingly relevant in many countries. On local level the number of employees in SOEs is often higher than in the core administration. However, far more empirical studies exist on core administration - public management literature seems to neglect SOEs. Considering research on Performance-related Pay (PRP) and Public Service Motivation (PSM), this is an important research gap because studies have shown differences between public administration and private firms. SOEs have ambiguous organizational goals and complex ownership structures. Research shows that organizational goals and ownership factors are decisive factors concerning performance effects. Existing studies do not allow conclusions concerning effects of PRP/PSM in SOEs. The paper provides a systematic literature review of empirical studies on PRP/PSM, categorizing the organizational types of agencies, to analyse the patterns of existing literature and show the neglect of SOEs. It provides a conceptual development of the categorization of agencies. The first framework for future research on performance effects of PRP/PSM in SOEs is developed. The focus on both PRP/PSM allows us to provide a holistic overview of these two interdependent key drivers of performance and to derive structural conclusions. PRP and PSM have created special interest with plenty of studies on performance effects; current studies highlight the need of combined research on PRP/PSM. The systematic literature review shows a research imbalance - only approx. 9% (21) of 236 peer-reviewed articles on PRP/PSM in 19 leading journals deal with SOEs. Papers dealing with SOEs almost exclusively focus the functional area of health care/nursing. Studies show heterogenous results for PRP/PSM effects in SOEs. The presented framework highlights promising future research fields and gives special instructions for the measurement of organizational performance in research on SOEs.

Freitag, 25.05.2018 12:00 - 12:30 Uhr | Raum: G22A-105 The effects of legal versus business education on decision making in public administrations with a Weberian tradition Tim Rosengart, Bernhard Hirsch, Christian Nitzl (Universität der Bundeswehr München) We analyse the socialisation effects of a university education on decision making in a public sector context with a Weberian tradition. The results of our vignette study of 331 law and business students and 155 professionals in German public administrations show that business students - in contrast to law students – make decisions significantly more in line with a managerial logic. This phenomenon is not observed for professionals. Individuals’ transformation from student to professional status appears to be affected by particularly strong internal and external pressures to socialize, which widely neutralizes the differences between legal and business professionals.

Autorenverzeichnis

A Abreha, Kaleb SM1 Antons, David ORG2 Artinger, Florian SYM Artinger, Sabrina SYM

B Bartel, Jan-Niklas PW Barth, Florian UF3 Bauch, Kai Alexander CON5 Baule, Rainer UF1 Bellora-Bienengräber, Lucia CON3 Bengart, Paul MARK Berninger, Marc WIRH Bethmann, Nicola TIE2 Beugelsdijk, Sjoerd TIE1 Bigus, Jochen ERW2 Blankart, Katharina ÖBWL Blaufus, Kay STEU1 Bögenhold, Dieter WEW2 Bouwens, Jan CON3 Brandtner, Mario UF1 Braun, Timo ORG2 Bravidor, Marcus WP1 Breitmayer, Bastian FI4 Brück, Christian CON1, SM3 Burggraef, Stephan WP2 Burkhard, Barbara SM2

C Canitz, Felix NAMA2 Czaja, Daniel FI2

D Derfuss, Klaus CON3 Diebecker, Jan CON5 Dierkes, Stefan NAMA1 Dogge, Bianca ERW1

E Eckert, Christian UF3 Eichfelder, Sebastian FI1, STEU2, STEU2, STEU3 Endres, Herbert SM2 Endrikat, Jan NAMA1, CON3

Entrop, Oliver UF1 Ernstberger, Jürgen ERW3

F Feld, Lars P. STEU1 Firk, Sebastian ERW2, CON4 Fischer, Kathrin ORINT Fischer, Sven TIE1 Fleischer, Maximilian STEU4 Fochmann, Martin STEU5 Frieden, Matthias TIE2

G Gaar, Eduard WIRH Gatzert, Nadine UF3 Gehrig, Thomas FI3 Gillenkirch, Robert CON1 Gimpel, Henner WIRH Gödker, Katrin FI4 Graff, Frederik ORG2 Grahn, Aline ERW3 Grichnik, Dietmar SM2 Guenther, Edeltraud NAMA1; NAMA3 Guenther, Thomas NAMA1

H Habersang, Stefanie SM3 Halim, Brian WP1 Hamann, Florian WIRH Harbring, Christine ORG2 Heilmeier, Ruth ERW1 Heinen, Vanda UF2 Held, Karina WEW2 Helm, Roland SM2 Hennig, Jan Christoph ERW2 Hensel, Tim CON2 Hilgers, Dennis ÖBWL Hirsch, Bernhard ÖBWL, ÖBWL, ÖBWL Hock, Stefan MARK Hofmann, Christian CON3 Hoppe, Thomas STEU5 Hueske, Anne-Karen NAMA3 Hummel, Katrin NAMA2

I Iannino, Maria Chiara FI3

J Jamm, Dominic CON4 Jana, Stephanie ERW1 Jansen, Harald STEU4 Jaspersen, Stefan FI2 Joachim, Verena TIE3 Julmi, Christian ORG1

K Kaiser, Stephan PW Kalbitz, Nadine STEU3 Kaspereit, Thomas NAMA2 Katsuhiko, Kokubu NAMA1 Keppeler, Florian ÖBWL Kfairy, Mousa SM1 Kiesel, Florian WIRH Kiesewetter, Dirk STEU3 Kimitaka, Nishitani NAMA1 Kiy, Florian ERW2 Klasing, Mariko TIE1 Kleindienst, Ingo SM1 Kleine, Marco TIE1 Kleinhempel, Johannes TIE1 Knauer, Thorsten CON1, SM3 Koch, Christopher UF2 Kotzian, Peter CON5 Krüger, Toni UF2 Küberling-Jost, Jill SM3 Kühne, Nina CON3 Kuhner, Christoph ERW1 Kunz, Reinhard ORINT

L Lampe, Hannes W. Lau, Mona FI1, STEU3 Lauenroth, Victoria ÖBWL Lenz, Hansrudi WEW1 Leyer, Michael SM2 Lichters, Marcel MARK Limbach, Peter FI2 Lindermüller, David ÖBWL Loock, Moritz SYM Lopatta, Kerstin NAMA2, NAMA2 Lorenz, Daniela STEU1 Lorscheid, Iris ORG1 Lorson, Peter Christoph ERW1 Loscher, Georg PW

Loy, Thomas WP1 Lukas, Moritz FI4

M Maidl, Christoph FI3 Maniora, Janine WIRH Manthey, Johannes STEU3 Mellor, Robert B. SM1 Merz, Markus UF2 Metzger, Olga ORG1 Meyer, Matthias ORG1 Meyll, Tobias FI4 Mödl, Michael TIE2 Mohr, David C. ÖBWL Mohrmann, Ulf WP2 Müller, Nadja STEU5

N Nasev, Julia CON2 Nicklich, Manuel ORG2 Niggemann, Felix STEU4 Nikiforow, Nicole SM3 Nitzl, Christian ÖBWL, ÖBWL Noth, Felix FI1

O Obermann, Jörn NAMA3 Oppel, Eva-Maria ÖBWL Orthaus, Selina ERW1 Ott, Christian NAMA3 Oulasvirta, Lasse ERW1 Overesch, Michael STEU2, STEU5

P Papenfuß, Ulf ÖBWL Pauls, Thomas FI4 Pelger, Christoph ERW1 Pelster, Matthias FI4 Peuthert, Benjamin STEU1 Pies, Ingo WEW2 Pott, Christiane WIRH Proelss, Juliane SM1 Pugachev, Leonid UF3

R Raithel, Sascha MARK Rauch, Madeleine SYM Reichel, Lisa-Marie ORG2 Reihlen, Markus SM3 Reineke, Rebecca STEU4 Rettenbacher, Hannes ERW3 Richter, Nicole Franziska ORG2 Richter, Sven CON4 Riediger, Monika ERW2 Riepe, Jan UF2, TIE3 Röber, Björn ORINT Röder, Florian FI2 Rohleder, Martin FI1 Rose, Christian CON5 Rosengart, Tim ÖBWL Röth, Tobias TIE3 Rötzel, Peter NAMA2 Ruf, Martin STEU1 Ruhle, Sascha Alexander PW, PW

S Salge, Oliver ORG2 Sarstedt, Marko MARK Schanz, Deborah STEU5 Scharfbillig, Mario UF2 Schertler, Andrea UF3 Schiemann, Frank NAMA3 Schiereck, Dirk WIRH Schlägel, Christopher ORG2 Schmidt, Martin ERW1 Schneider, Kerstin STEU2 Schneider, Sabrina SM2 Schoch, Manfred WIRH Scholz, Hendrik UF3 Schöndube, Jens Robert CON2, CON5 Schöndube-Pirchegger, Barbara CON5 Schreiber, Ulrich STEU1 Schulte Sasse, Katharina STEU3 Schwäbe, Alexander STEU1 Schweizer, Denis SM1 Schwenen, Sebastian ERW3 Schwering, Anja CON1, SM3 Seckler, Christoph SM3 Siebert, Johannes ORINT Siepelmeyer, David NAMA1 Sirén, Charlotta SM2 Sohn, Matthias ÖBWL

Sommer, Friedrich CON5 Spengler, Thomas ORG1 Spieth, Patrick TIE3 Stargardt, Tom ÖBWL Steinmeier, Maria ERW3 Stich, Michael ERW3 Sturm, Susann STEU5 Sureth-Sloane, Caren STEU5 Süß, Stefan PW

T Tideman, Sebastian Andreas NAMA2, NAMA2 Todtenhaupt, Maximilian STEU1

V van Essen, Marc SM2 Veer, Theresa TIE3 Velte, Patrick NAMA3 Velthuis, Louis J. CON1 Vogel, Dominik ÖBWL Voget, Johannes STEU1 Vogt, Bodo MARK, MARK

W Wackershauser, Verena MARK Walter, Andreas FI4 Watrin, Christoph WP2, STEU3 Weiskirchner-Merten, Katrin STEU4 Weiss, Dan CON2 Weiß, Falko STEU3 Weißenberger, Barbara E. CON5 Wentland, Kelly STEU3 Wenzel, Matthias WEW1 Wessels, Sebastian UF1 Will, Matthias Georg SM1, WEW1 Wittich, Marcel WIRH Wolff, Hubertus STEU2 Wolff, Michael ERW2, CON4 Woyand, Corinna FI3, FI3 Wu, Qi NAMA1

Z Zaklan, Aleksandar ERW3 Zick, Theresa ERW2 Zizzo, Daniel TIE1

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