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Die meisten börsennotierten Gesellschaften haben ein Risikofrüherkennungssystem, das vom Abschlussprüfer ohne den Verweis auf schwerwiegende Mängel testiert wird. Tatsächlich zeigen Studien, dass die in der Praxis implementierten Systeme häufig ungeeignet sind, um an sich erkennbare bestandsgefährdende Entwicklungen zu identifizieren. Dies liegt an methodischen Schwächen, z. B. an einer fehlenden Betrachtung der Liquiditätswirkung von Risiken, einer vernachlässigten Analyse von Extremrisiken und insb. am Fehlen einer Risikoaggregation, die auch Kombinationseffekte berücksichtigt. Bei Insolvenzen, wie hier im Beispiel von Gerry Weber, lässt sich bei Betrachtung des dokumentierten Risikomanagementsystems erkennen, dass die gesetzlichen Anforderungen nicht erfüllt wurden. Um solche „überraschenden Insolvenzen“ zu vermeiden, ist es erforderlich, bessere Verfahren zu implementieren und durch Prüfer testieren zu lassen, was bisher nicht konsequent geschieht. Der Beitrag schlägt ein einfaches aber umfassendes Prüfschema für Risikofrüherkennungssysteme vor, das sowohl intern als auch von externen Prüfern verwendet werden kann.
How do companies decide where to locate their manufacturing? This study uses insights from manufacturing company executives collected by means of in-depth interviews with 50 manufacturers in the United Kingdom to develop an understanding of manufacturing location decision making. The findings indicate that companies derive competitive advantage from organizing manufacturing in different ways. Retaining or reshoring manufacturing to a company’s home country can enhance new product development, control of quality, product customization, delivery performance, and cost leadership. On the other hand, companies can enhance new product development, customization, and delivery performance for new markets, if production facilities are offshored to or in proximity to these locations. In addition, some companies use a hybrid approach of offshoring the production of some components or products for cost arbitrage while retaining or reshoring other components or products for advantages from value chain integration. Based on the findings of this study, a set of key manufacturing location questions are developed that should be considered by firms pondering onshore, offshore, reshore, or hybrid manufacturing location decisions.
In this article, we build on Stigler and Becker’s (1977) “consumption capitaltheory” and propose a novel conceptualization of film quality for the analysisof motion picture franchises. Generally, this theorypredicts that the utilityconsumers derive from a particular goodor service increases with prior con-sumption. We test our theoretical conjectures by drawing on the population ofsequels that were running in the US between 1992 and 2011. The empiricalresults point to the explanatory power of the proposed framework. Filmexecutives may use our findings to improve the profitability of their sequelproductions. From a theoretical point of view, consumption capital theoryallows for a more refined analysis of sequel performance along differentdimensions. Moreover, it may provide a fruitful basis for the analysis of otherserial media content, including books, TV, music, and games.
The ability of film stars to attract viewers is a widely accepted rationale for hiring expensive actors. However, the precise mechanisms behind this ‘drawing power’ remain unclear. By reviewing the existing literature, six possible antecedents of drawing power are identified. Artists with high acting abilities (i) increase a film’s artistic appeal, (ii) function as markers of quality and (iii) facilitate the matching process with the right audiences. Widely popular, commonly perceived as beautiful/handsome but often less talented actors, on the other hand, rather (iv) facilitate the marketing campaigns of films, (v) offer entertaining interactions with famous personalities and (vi) provide manifold opportunities for gossiping. Based on a discussion of the implications for theory and a preliminary analysis of a sample of Hollywood actors, managerial recommendations for those who have and those who depend on star drawing power are developed.
In view of the rapid depletion of natural resources and the associated overloading of the biological ecosystem, the concept of circular business models (CBMs) is increasingly discussed in the literature as well as in business practice. CBMs have the potential to significantly reduce the demand for natural resources. Despite their increasing relevance, the diffusion of CBMs in business practice is largely unexplored. Consequently, this article investigates the extent to which CBMs have already been adopted by large German companies. To answer this question, the annual and sustainability reports of the members of the DAX40 are analyzed for the presence of five specific types of CBMs. Data was gathered for the years 2015 and 2020 in order to describe the development over time. The results show an increasing prevalence of CBMs in the DAX companies. In addition, it is noticeable that CBM types that serve to close material cycles are implemented more frequently than those that decelerate material cycles. In particular Sharing Platforms and Product as a Service stand out due to comparatively low adoption. Potential reasons for these findings are discussed and managerial as well as policy implications suggested.
Guided by cultural labor economics, the paper analyzes the career paths of former actors from popular television soap operas, and addresses in particular, if and under which conditions such serial engagements may function as a stepping stone for a subsequent professional acting career. A novel database of 396 German artists with detailed and long-term biographical information is used for the quantitative empirical analyses. The results indicate that soaps, contrary to popular opinion, function as a stepping stone, especially for younger actors. However, soap engagements should be rather short but long enough to allow artists to play multiple roles in other shows or films besides being in the cast of a soap. While formal acting education does not influence soap actors’ future filmographies, there is evidence that it helps artists to find jobs in arts-related occupations such as voice acting. Finally, publicity and media presence foster a later acting career. Practical implications for artists and their managers are outlined, along with a discussion on the meaning of serials for the creation and commercialization of stars.
By drawing on the two prevailing economic stardom theories, the paper investigates the sources of superstardom in the US movie industry. For the econometric analysis, we use income and popularity data of screen actresses and actors from the annual Celebrity 100 lists as published by Forbes Magazine. The empirical findings indicate that Hollywood, in contrast to other professional settings, supports two different types of stars. While 'talent stars' exploit acting merit, it is media exposure that drives the income of 'publicity stars'. Apparently, in the motion picture industry both underlying resources are equally important and equally valued. Based on these insights we develop concrete recommendations for the career management of artists and the management of film projects.
Stakeholder relations and sustainability practices of US small and medium-sized manufacturers
(2012)
Purpose: The purpose of this paper is to investigate the adoption of sustainability practices by small and medium-sized manufacturing (SMM) firms, the ways these firms work with their stakeholders for social and environmental purposes, and the relationships between the adoption of sustainability practices, stakeholder interaction, and product and process innovation.
Design/methodology/approach: This paper uses data from telephone interviews with 296 companies, a sustainability typology, and descriptive and statistical regression analysis.
Findings: The majority of the firms are adopting sustainability practices at least to some degree,stakeholders such as community advocacy groups, employees, suppliers, customers, and the localmedia are influencing the adoption of sustainability practices, and firms with high adoption rates of environmental practices are more successful in product and process innovation.Practical implications– The results of this research can help firms and stakeholder groups with their joint efforts to develop sustainability strategies. Community advocacy groups, employees,suppliers, customers, and the local media are capable of motivating firms to give something back tothe communities in which they conduct their business.
Originality/value: This paper contributes new understanding of the adoption of sustainabilitypractices by SMM firms, the ways these firms work with their stakeholders for social and environmental purposes, and the relationships between the adoption of sustainability practices,stakeholder interaction, and product and process innovation.
Over the past decade, the proliferation of entrepreneurial ventures and small firms with sustainable business models have pushed the sustainability agenda in the fashion industry. Despite prominent success stories, these companies often encounter significant operative challenges that hinder growth or even cause business failure. This paper adopts a qualitative research design and uses data gathered during 18 expert interviews with entrepreneurs and executive managers of 18 firms from 13 countries to identify and explore the dominant challenges that micro- and small-sized sustainable fashion companies struggle with. The results indicate that communicating with consumers is perceived as surprisingly difficult, especially because sustainable brands need to justify higher prices and explain the added benefits of their products. Second, resource constraints lead to operative friction and overburdening of the decision makers and their small management teams. Third, sustainable sourcing and production processes are economically difficult in an industry that continues to occupy a mass and low-cost logic. Against the background of these insights, a range of managerial recommendations are developed and contextualized in the framework of the Business Model Canvas. This novel approach makes the suggestions which are rooted in the resource-based view actionable and supports sustainable businesses to better manage their operations and achieve growth. For example, collaborative approaches with different stakeholders may mitigate constraints across all three identified problem areas.
The location of manufacturing is operationally and strategically important for multinational companies. The spatial dispersion of manufacturing is determined by firm-specific as well as external factors, both of which are subject to constant change. After decades of offshoring production, the paper uses interview data from UK high value manufacturing companies to explore the recent phenomenon of reshoring and the strategic and operational effects of manufacturing location. The analyses show that concentrating manufacturing in home countries enables firms to increase organizational agility and stimulate innovation. However, under certain conditions, firms also continue benefiting from the known advantages of offshoring. This underlines that there is no universal recommendation for improving competitiveness by a certain spatial configuration of manufacturing. Instead, firms need to consider their specific markets, competitive context, and capabilities when strategizing manufacturing location."
Purpose
This paper aims to investigate the strategic consequences of manufacturing location decisions, with a focus on understanding the link between collocating manufacturing with other value chain activities, via reshoring or retaining and organizational agility.
Design/methodology/approach
The paper uses qualitative data from 115 interviews with executives from UK high value manufacturing companies to explore the recent phenomenon of reshoring and the strategic effects of manufacturing location.
Findings
The location of manufacturing is operationally and strategically important for multinational companies. The spatial dispersion of manufacturing is determined by firm-specific and external factors, both of which are subject to constant change. The analysis shows that concentrating on manufacturing in their home countries enables firms to increase organizational agility and stimulate innovation. Better integration with and more extensive collaboration between related value chain activities, such as research and development, sales and marketing, leads to higher flexibility, speed and responsiveness to customer requirements. However, under certain conditions, firms also continue to benefit from the known advantages of offshoring.
Originality/value
This research sheds light on possible strategic downsides of global value chains, characterized by dispersed activities and intermitted processes. The results provide evidence that retaining manufacturing or bringing back manufacturing operations to a company’s home country can increase organizational flexibility, speed, adaptability, innovativeness and responsiveness to customer requirements. As these capabilities are critical for long-term survival, especially in dynamic environments, firms need to review their global factory configurations and determine whether the short-term advantages of foreign locations continue to justify offshoring practices.
Die Prüfung des Risikofrüherkennungssystems sollte einen klaren Fokus auf Vorgehensweisen und Methoden der Unternehmensetzen, die genutzt werden,um mögliche „bestandsgefährdende Entwicklungen“ (§91 Abs. 2 AktG) rechtzeitigzu erkennen. Sie ergeben sichaus schwerwiegenden Einzelrisiken aber vor allemauch aus Kombinationseffekten von Risiken. Wir empfehlen insbesondere, die dadurch erforderlichenmethodischen Anforderungen im Prüfungsstandard klarer als bisher zu formulieren, die Verwendung dieser Methoden eindeutig vorzuschreiben und den Einsatz offensichtlich ungeeigneter Verfahren konsequent als schwerwiegenden Mangel eines Risikofrüherkennungssystems darzustellen (z.B. Verfahren einer „qualitativen Risikoaggregation“ statt einer Monte-Carlo-Simulation). Eine Prüfung nach IDW PS 340 muss zur Erfüllung der gesetzlichen Anforderungen beispielsweiseuntersuchen, ob die finanziellen Auswirkungen aller gravierenden Risiken quantifiziert wurden, Kombinationseffekte von Einzelrisiken mittels Monte-Carlo-Simulation und unter Bezug zur Unternehmensplanung (und damit dem Risikodeckungspotenzial) aggregiert wurden und die Möglichkeit bestandsgefährdender Entwicklungen umfassend untersucht wurde (z.B. speziell auch eine Bestandsgefährdung durch eine (drohende) Illiquidität, die durch das Verletzen der Regeln überMindestanforderungen an das zukünftige Finanzrating oder von Covenants, die zu Kreditkündigungen führen können, ausgelöst werden). Um dies zu gewährleisten, muss speziell auch geprüft werden, inwieweit das Unternehmen den Begriff der „bestandsgefährdenden Entwicklung“ überhaupt adäquat und hinreichend umfassend definiert hat. Neben diesen Kernpunkten aus gesetzlicher Perspektive bietet die Stellungnahme eine Reihe weiterer Verbesserungsvorschläge und Empfehlungen zur Anpassung der Formulierungen.
Eine Klappe geht noch!
(2017)
Die Analyse des Geschäftsberichts (Risikoberichts) zeigt, dass das Risikomanagementsystem der Wirecard AG gravierende Defizite aufwies. Man muss basierend auf den öffentlich verfügbaren Daten davon ausgehen, dass sich aus den gesetzlichen Bestimmungen nach §§ 91 und 93 AktG ergebende Anforderungen nicht erfüllt waren. Wie bei vielen anderen Unternehmen ist z. B. nicht erkennbar, dass eine Risikoaggregation durch eine geeignete Methode stattgefunden hat. Ohne eine solche Risikoaggregation ist die Frühidentifikation von „bestandsgefährdenden Entwicklungen“ aus Kombinationseffekten von Einzelrisiken nicht möglich. Trotz dieser Defizite ist allerdings nicht erkennbar, dass eine kausale Verbindung mit der späteren Insolvenz besteht. Viele der Schwächen sind auch bei anderen börsennotierten Gesellschaften „üblich“ und daher kein Indiz dafür, dass das Unternehmen einem besonderen Insolvenzrisiko, speziell durch Betrug von Vorstandsmitgliedern, ausgesetzt war. Die nach dem „alten“ IDW Prüfungsstandard 340 durchgeführte Prüfung des Risikomanagements durch EY hat bestehende „schwerwiegende Mängel“ offenbar akzeptiert. Solche Schwächen der Abschlussprüfung findet man jedoch auch bei vielen anderen Unternehmen, was empirische Studien belegen. Im vorliegenden Fall bedeutet dies, dass die gravierenden Defizite der Abschlussprüfung durch EY auch im Bereich der Prüfung des Risikofrüherkennungssystems eindeutig erkennbar waren.
Co-financing arrangements in which investors from outside the motion picture industry become co-owners of the completed films are a common phenomenon in Hollywood. Kay H. Hofmann analyzes the conflicts of interest and the organizational problems that may arise between the experienced major studios and investors with comparably low industry expertise. Guided by principal agent theory, the empirical analysis provides evidence for adverse selection and moral hazard. Based on his findings, the author develops solutions that are not only relevant for investors but also for film producers who rely on the long-term availability of external funds.