Current research projects
Executive Board Compensation as a Challenge for Investors 2020 (Study) (German)
Together with the hkp// group and the DIRK - German Investor Relations Association, the team of the chair has analyzed the voting guidelines on executive board compensation (Proxy Voting Guidelines) of the most significant investors engaged in DAX30 companies. In view of the implementation of the second European Shareholder Rights Directive (ARUG II), these guidelines take on particular weight.
The digitization of finance in the automotive industry. (German)
In an empirical study with more than 100 surveyed companies from the automotive industry, the status of digitization, current changes in this area, as well as the goals and effects of digitization of the finance sector are examined in more detail and initial implications and recommendations for action are developed.
Research project: Clawback clauses as a strategic handicap? (German)
Using nearly 1,000 publicly traded U.S. companies, this study examines the potential undesirable effects of clawback adoption on corporate strategic direction.
How the country context shapes firms' competitive repertoire complexity (2022)
Recent research has shown that firms' ability to employ complex competitive repertoires can create long-term competitive advantages. Since research on its determinants has focused on the firm level, we lack an understanding of how country-level factors impact firms' implementation of complex competitive repertoires. Our cross-country study addresses this gap by integrating a model of country-level competitiveness factors with insights from the literature on competitive dynamics and portable governance.
Employee stock ownership and firm exit decisions: A cross-country analysis of rank-and-file employees (2022)
While multinational firms invest large amounts of money in employee stock ownership plans (ESOPs) to reduce turnover, there is little evidence regarding ESOPs' effectiveness in retaining rank-and-file employees and none on a global scale.Building on psychological ownership (PO) arguments, we predict that a rank-and-file employee's ESOP participation will be negatively associated with a firm exit decision and that this effect will be stronger in contextual settings that are more conducive to turnover
Board experience and value creation in cross-border acquisitions: The role of acquirer and target country institutions, International Business Review (2022)
Our study investigates the effects of board acquisition experience on value creation in cross-border acquisitions and the dependence of this relationship on acquirer and target country institutions. We draw on cross-border acquisition research and institution-based corporate governance research to argue that the effect of board acquisition experience depends on the institutional characteristics of the acquirer and target countries and on cultural differences between these two countries