{"id":60993,"date":"2025-08-20T06:22:25","date_gmt":"2025-08-20T06:22:25","guid":{"rendered":"https:\/\/jums.academy\/v10i2-3\/"},"modified":"2025-09-02T08:12:17","modified_gmt":"2025-09-02T08:12:17","slug":"v10i3","status":"publish","type":"page","link":"https:\/\/jums.academy\/en\/v10i3\/","title":{"rendered":"v10i3"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:20px;--awb-padding-bottom:20px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#000000;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-unboxed\" id=\"accordion-60993-1\"><div class=\"fusion-panel panel-default panel-528fd6a3187cd0976 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_528fd6a3187cd0976\"><a aria-expanded=\"false\" aria-controls=\"528fd6a3187cd0976\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-1\" data-target=\"#528fd6a3187cd0976\" href=\"#528fd6a3187cd0976\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">All published articles sorted by issues<\/span><\/a><\/h4><\/div><div id=\"528fd6a3187cd0976\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_528fd6a3187cd0976\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<ul style=\"list-style-type: none;\">\n<!--li><a href=\"https:\/\/jums.academy\/en\/v10i4-3\/\">Junior Management Science, Volume 11, Issue 1, March 2026<\/a><\/li-->\n<li><a href=\"https:\/\/jums.academy\/en\/v10i4\/\">Junior Management Science, Volume 10, Issue 4, December 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i3\/\">Junior Management Science, Volume 10, Issue 3, September 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i2\/\">Junior Management Science, Volume 10, Issue 2, June 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i1\/\">Junior Management Science, Volume 10, Issue 1, March 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i4\/\">Junior Management Science, Volume 9, Issue 4, December 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i3\/\">Junior Management Science, Volume 9, Issue 3, September 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i2\/\">Junior Management Science, Volume 9, Issue 2, June 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i1\/\">Junior Management Science, Volume 9, Issue 1, March 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i4\/\">Junior Management Science, Volume 8, Issue 4, December 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i3\/\">Junior Management Science, Volume 8, Issue 3, September 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i2\/\">Junior Management Science, Volume 8, Issue 2, June 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i1\/\">Junior Management Science, Volume 8, Issue 1, March 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i5\/\">Junior Management Science, Volume 7, Issue 5, December 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i4\/\">Junior Management Science, Volume 7, Issue 4, September 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i3\/\">Junior Management Science, Volume 7, Issue 3, July 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i2\/\">Junior Management Science, Volume 7, Issue 2, June 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i1\/\">Junior Management Science, Volume 7, Issue 1, March 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i4\/\">Junior Management Science, Volume 6, Issue 4, December 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i3\/\">Junior Management Science, Volume 6, Issue 3, September 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i2\/\">Junior Management Science, Volume 6, Issue 2, June 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i1-2\/\">Junior Management Science, Volume 6, Issue 1, March 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i4\/\">Junior Management Science, Volume 5, Issue 4, December 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i3\/\">Junior Management Science, Volume 5, Issue 3, September 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i2\/\">Junior Management Science, Volume 5, Issue 2, June 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i1\/\">Junior Management Science, Volume 5, Issue 1, March 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i4\/\">Junior Management Science, Volume 4, Issue 4, December 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i3\/\">Junior Management Science, Volume 4, Issue 3, September 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i2\/\">Junior Management Science, Volume 4, Issue 2, June 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i1\/\">Junior Management Science, Volume 4, Issue 1, March 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i4\/\">Junior Management Science, Volume 3, Issue 4, December 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i3\/\">Junior Management Science, Volume 3, Issue 3, September 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i2\/\">Junior Management Science, Volume 3, Issue 2, June 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i1\/\">Junior Management Science, Volume 3, Issue 1, March 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i3\/\">Junior Management Science, Volume 2, Issue 3, December 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i2\/\">Junior Management Science, Volume 2, Issue 2, September 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i1\/\">Junior Management Science, Volume 2, Issue 1, June 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v1i2\/\">Junior Management Science, Volume 1, Issue 2, December 2016<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v1i1\/\">Junior Management Science, Volume 1, Issue 1, June 2016<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>\n<div class=\"fusion-title title fusion-title-1 sep-underline sep-solid fusion-title-text fusion-title-size-five\" style=\"--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;--awb-sep-color:#000000;\"><h5 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:18;--minFontSize:18;line-height:1.38;\"><\/h5><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 fusion_builder_column_inner_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-1\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-four\" style=\"--awb-margin-bottom:-5px;--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;\"><h4 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:26;line-height:1.43;\"><h4><strong>Junior Management Science, Volume 10, Issue 3, September 2025<\/strong><\/h4>\n<p><\/h4><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_5 1_5 fusion-one-fifth fusion-column-first\" style=\"--awb-bg-size:cover;width:20%;width:calc(20% - ( ( 4% ) * 0.2 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-image-element in-legacy-container\" style=\"--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"794\" height=\"1123\" title=\"Deckblatt_v10i3\" src=\"https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?resize=794%2C1123&#038;ssl=1\" alt class=\"img-responsive wp-image-63216\" srcset=\"https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?resize=200%2C283&amp;ssl=1 200w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?resize=212%2C300&amp;ssl=1 212w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?resize=400%2C566&amp;ssl=1 400w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?resize=600%2C849&amp;ssl=1 600w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?resize=768%2C1086&amp;ssl=1 768w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2025\/09\/Deckblatt_v10i3.png?w=794&amp;ssl=1 794w\" sizes=\"(max-width: 800px) 100vw, 400px\" \/><\/span><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_4_5 4_5 fusion-four-fifth fusion-column-last\" style=\"--awb-bg-size:cover;width:80%;width:calc(80% - ( ( 4% ) * 0.8 ) );\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2\"><ol>\n<li><a href=\"#A1\"><strong>Johannes Witter<\/strong>, Predicting Stock Returns With Machine Learning: Global Versus Sector Models, 561-581<\/a><\/li>\n<li><a href=\"#A2\"><strong>Robin Roskosch<\/strong>, Beware of Bullshit \u2013 A Qualitative Study on Young Adults\u2019 Sustainability Awareness of Online Services, 582-608<\/a><\/li>\n<li><a href=\"#A3\"><strong>Nadhilla Mazaya<\/strong>, Board Gender Diversity: Evidence From Indonesia, 609-630<\/a><\/li>\n<li><a href=\"#A4\"><strong>Alexander Sake<\/strong>, Value Creation Opportunities of Generative AI \u2013 A Case Study, 631-656<\/a><\/li>\n<li><a href=\"#A5\"><strong>Justus Olbrich<\/strong>, The Effect of Changes in Internal Control Systems on Audit Risk, 657-676<\/a><\/li>\n<li><a href=\"#A6\"><strong>Jan Oliver Horstmann<\/strong>, Mandatory ESG Disclosure and Firm Value \u2013 A Quantitative Analysis of the Effect of Directive 2014\/95\/EU on Firm Value, 677-714<\/a><\/li>\n<li><a href=\"#A7\"><strong>Meret Anna Gl\u00e4ser<\/strong>, Government Interventions During the COVID-19 Pandemic, Culture, and Corporate Cost Behaviour, 715-747<\/a><\/li>\n<li><a href=\"#A8\"><strong>Zewei Shi<\/strong>, Modeling the Impact of Emission Credit Systems on Automotive Product Portfolios: A Mathematical Analysis of Policy Effects in Europe, China, and the U.S. Under Different Demand Scenarios, 748-780<\/a><\/li>\n<li><a href=\"#A9\"><strong>Hagen Alexander H\u00f6nerloh<\/strong>, Numerical Studies for the Scheduling of Continuous Annealing Lines, 781-809<\/a><\/li>\n<li><a href=\"#A10\"><strong>Lea Wedel<\/strong>, KPIs for Sustainability: Defining the Strategy for a Sustainable Future in the Insurance Industry, 810-830<\/a><\/li>\n<\/ol>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_6 1_6 fusion-one-sixth fusion-column-first fusion-column-no-min-height\" style=\"--awb-padding-top:10px;--awb-padding-bottom:10px;--awb-bg-size:cover;width:13.3333%; margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-aligncenter\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/JUMS_Volume10_Issue3_2025.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Issue<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_2 1_2 fusion-one-half fusion-column-no-min-height\" style=\"--awb-bg-size:cover;width:48%; margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 2px; height: 2px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_6 1_6 fusion-one-sixth fusion-column-no-min-height\" style=\"--awb-padding-top:10px;--awb-padding-bottom:10px;--awb-bg-size:cover;width:13.3333%; margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-aligncenter\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_self\" href=\"https:\/\/jums.academy\/en\/submit\/\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Submit your thesis now<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_6 1_6 fusion-one-sixth fusion-column-last fusion-column-no-min-height\" style=\"--awb-padding-top:10px;--awb-padding-bottom:10px;--awb-bg-size:cover;width:13.3333%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-aligncenter\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-3 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_self\" href=\"https:\/\/jums.academy\/en\/newsletter\/\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Keep up to date<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-10 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-11 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-3\"><p><a name=\"A1\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Predicting Stock Returns With Machine Learning: Global Versus Sector Models<\/h5>\n<p>Johannes Witter, Technical University of Munich (Master thesis)<br \/>Junior Management Science 10(3), 2025, 561-581<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-2\"><div class=\"fusion-panel panel-default panel-c83bba6e4e3e569d9 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_c83bba6e4e3e569d9\"><a aria-expanded=\"false\" aria-controls=\"c83bba6e4e3e569d9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-2\" data-target=\"#c83bba6e4e3e569d9\" href=\"#c83bba6e4e3e569d9\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"c83bba6e4e3e569d9\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_c83bba6e4e3e569d9\"><div class=\"panel-body toggle-content fusion-clearfix\">Recent studies highlight the superior performance of non-linear machine learning models, such as neural networks, over traditional linear models in predicting cross-sectional stock returns. These models are capable of capturing complex non-linear interactions between predictive signals and future returns. This thesis researches whether sector-specific neural networks can detect sector-related relationships to outperform a global neural network. It evaluates the predictive power of these models at the stock level and in portfolios based on return forecasts, constructing long-short portfolios from the networks\u2019 sorted predictions. A global neural network model trained on the full sample of stocks dominates neural networks trained on individual GICS sectors in predicting the cross-section of US stock returns. Sector-specific neural networks fail to gain an advantage by capturing complex sector-specific interactions. They underperform the global neural network especially in the early out-of-sample period. The smaller sample size for each GICS sector requires a trade-off between model complexity and robust model estimation. Pooling the data for the global model solves this problem and supports the predictive power of neural networks for stock returns.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-4\"><p><em>Keywords: cross-section of stock returns; machine learning; neural networks; return prediction; sector models.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-5\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp561-581\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp561-581<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-4 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Witter.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-5 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Witter_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-6 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp561-581\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-12 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-6\"><p><a name=\"A2\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Beware of Bullshit \u2013 A Qualitative Study on Young Adults\u2019 Sustainability Awareness of Online Services<\/h5>\n<\/p>\n<p>Robin Roskosch, University of Duisburg-Essen (Bachelor thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 582-608<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-3\"><div class=\"fusion-panel panel-default panel-4cc4d2ca71a23f872 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_4cc4d2ca71a23f872\"><a aria-expanded=\"false\" aria-controls=\"4cc4d2ca71a23f872\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-3\" data-target=\"#4cc4d2ca71a23f872\" href=\"#4cc4d2ca71a23f872\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"4cc4d2ca71a23f872\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_4cc4d2ca71a23f872\"><div class=\"panel-body toggle-content fusion-clearfix\">Since the surge of working in the \u2018home office\u2019 during the COVID-19 pandemic, information and communication technology has been seen as a problem solver for the global climate disruption, because it promises savings in emissions through digitalization. However, this is criticized for being a \u2018double-edged sword\u2019, as more use of ICT also means an increase in electricity consumption. This thesis poses the question if consumers using services fostering said digitalization are aware of this implication and can contribute to sustainable development by choosing wisely. Thus, this paper leads exploratory research on sustainability awareness of online services, from the perspective of both sustainably aware and technologically skilled individuals. This will be achieved by collecting qualitative data from interviews with two groups of university students from biology and computer science or information systems. The data will be evaluated using the approach of qualitative content analysis and will be investigated further with the help of the concept of bullshitting, to understand how consumers assess ambiguous and misleading sustainability claims about online services. One implication from the interviews is that both companies and consumers should strive to promote reliable knowledge on this topic, as there is a deficit in sustainability awareness of online services.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-7\"><p><em>Keywords: bullshit; green IT; greenwashing; online services; sustainability.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-8\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp582-608\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp582-608<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-7 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Roskosch.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-8 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Roskosch_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-9 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp582-608\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-13 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-9\"><p><a name=\"A3\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Board Gender Diversity: Evidence From Indonesia<\/h5>\n<\/p>\n<p>Nadhilla Mazaya, Humboldt University of Berlin (Master thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 609-630<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-4\"><div class=\"fusion-panel panel-default panel-eacc52a5e5911789a fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_eacc52a5e5911789a\"><a aria-expanded=\"false\" aria-controls=\"eacc52a5e5911789a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-4\" data-target=\"#eacc52a5e5911789a\" href=\"#eacc52a5e5911789a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"eacc52a5e5911789a\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_eacc52a5e5911789a\"><div class=\"panel-body toggle-content fusion-clearfix\">Board gender diversity continues to gain global attention, alongside a growing percentage of female board members in public companies. While board gender quotas have played a role in this increase, countries without such mandates have also experienced similar growth. This raises an important question: What drives companies to appoint women to corporate boards in the absence of compulsory regulations? Primarily, this paper examines the relationship between foreign institutional investors and female board members in supervisory and management boards within Indonesian public firms. This study analyzes data from 147 companies between 2019 and 2022 using OLS regression with lead and control variables. In contrast to the belief, the findings show that foreign institutional investors have a relatively low to no influence in shaping board gender diversity on each board. This lack of influence suggests that other factors may significantly affect companies&#8216; decisions to hire women on boards, highlighting the necessity to investigate these additional factors.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-10\"><p><em>Keywords: board gender diversity; corporate boards; foreign investors.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-11\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp609-630\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp609-630<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-10 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Mazaya.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-11 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp609-630\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-14 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-12\"><p><a name=\"A4\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Value Creation Opportunities of Generative AI \u2013 A Case Study<\/h5>\n<\/p>\n<p>Alexander Sake, Technical University of Munich (Master thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 631-656<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-5\"><div class=\"fusion-panel panel-default panel-abeebe09cdd7491c4 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_abeebe09cdd7491c4\"><a aria-expanded=\"false\" aria-controls=\"abeebe09cdd7491c4\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-5\" data-target=\"#abeebe09cdd7491c4\" href=\"#abeebe09cdd7491c4\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"abeebe09cdd7491c4\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_abeebe09cdd7491c4\"><div class=\"panel-body toggle-content fusion-clearfix\">The transformative potential of Generative AI promises novel capabilities within business environments. This study examines the value creation potential of Generative AI within a large multinational corporation. A single case study approach at Siemens was employed, combining extensive observations, interviews, and the application of existing AI frameworks. Findings reveal diverse use cases demonstrating value creation potential, particularly through smart assistants and lighthouse projects. This thesis proposes a novel framework for Generative AI adoption, emphasizing the distinctive exploration phase made possible by the technology&#8217;s accessibility to non-technical domain experts, while also outlining essential scaling strategies. This study offers valuable insights into a company&#8217;s approach to Generative AI, provides practical implications, and expands ongoing research on AI-driven value creation.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-13\"><p><em>Keywords: artificial intelligence; exploration; generative AI; scaling; technology adoption; use cases; value creation.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-14\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp631-656\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp631-656<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-12 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Sake.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-13 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Sake_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-14 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp631-656\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-15 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-15\"><p><a name=\"A5\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">The Effect of Changes in Internal Control Systems on Audit Risk<\/h5>\n<\/p>\n<p>Justus Olbrich, Ludwig Maximilian University of Munich (Bachelor thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 657-676<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-6\"><div class=\"fusion-panel panel-default panel-2a74518ffbebf22d2 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_2a74518ffbebf22d2\"><a aria-expanded=\"false\" aria-controls=\"2a74518ffbebf22d2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-6\" data-target=\"#2a74518ffbebf22d2\" href=\"#2a74518ffbebf22d2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"2a74518ffbebf22d2\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_2a74518ffbebf22d2\"><div class=\"panel-body toggle-content fusion-clearfix\">Internal control weaknesses influence audit fees and audit risk, making their remediation a crucial aspect of corporate governance. While prior research focuses on auditors, this study examines the corporate perspective, analyzing how the remediation of internal control weaknesses affects audit fees and audit risk. Using a dataset of 450 observations, the audit fee model shows a significant negative association between audit fees and the remediation of internal control weaknesses, indicating that audit fees decrease as the company remediates its internal control weaknesses. The restatement model shows no significant relationship between abnormal audit fees and the probability of restatements, suggesting that changes in audit fees due to changes in internal control systems have no impact on audit risk. However, the remediation of internal control weaknesses is significantly negatively associated with the probability of restatements, meaning that firms that remediate their internal control weaknesses experience a lower audit risk and higher audit quality. These findings highlight the economic significance of internal control quality and its implications for firms, regulators, and auditors in mitigating audit risk.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-16\"><p><em>Keywords: audit fee model; audit quality; audit risk model; internal control weaknesses; restatement model.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-17\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp657-676\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp657-676<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-15 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Olbrich.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-16 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Olbrich_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-17 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp657-676\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-16 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-18\"><p><a name=\"A6\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Mandatory ESG Disclosure and Firm Value \u2013 A Quantitative Analysis of the Effect of Directive 2014\/95\/EU on Firm Value<\/h5>\n<\/p>\n<p>Jan Oliver Horstmann, WHU \u2013 Otto Beisheim School of Management (Master thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 677-714<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-7\"><div class=\"fusion-panel panel-default panel-075ac2d99d3004d9e fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_075ac2d99d3004d9e\"><a aria-expanded=\"false\" aria-controls=\"075ac2d99d3004d9e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-7\" data-target=\"#075ac2d99d3004d9e\" href=\"#075ac2d99d3004d9e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"075ac2d99d3004d9e\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_075ac2d99d3004d9e\"><div class=\"panel-body toggle-content fusion-clearfix\">This work offers novel insights into how the introduction of the Non-Financial Reporting Directive in the European Union in 2014 affected firm value. Based on the theoretical discourse, it seems ex-ante unclear how this ESG disclosure directive is perceived by capital markets and affects firm value. Hence, this work aims to shed more light on the topic and add to the scant evidence literature offers. Specifically, the implications of the first-time mandate of ESG information disclosure are investigated using an instrumental variable and a difference-in-difference approach on a propensity score-matched sample of 708 firms based in the European Union and the U.S. Difference-in-difference results imply that firm\u2019s ESG performance, measured by Refinitiv\u2019s ESG scores, significantly increases after the adoption of the directive. Subsequent instrumental variables analysis suggests that the increased ESG performance resulting from the directive is associated with relatively weak, negative effects for Tobin\u2019s Q as the measure of firm value. In addition to confirming anticipatory effects for Tobin\u2019s Q as early as 2014, significant evidence reveals that firms (sectors) with higher ESG performance had a more negative market reaction than firms (sectors) with lower ex-ante ESG performance.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-19\"><p><em>Keywords: disclosure regulation; firm value; mandatory ESG reporting; market reaction; non-financial reporting directive (NFRD).<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-20\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp677-714\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp677-714<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-18 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Horstmann.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-19 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Horstmann_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-20 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp677-714\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-17 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-21\"><p><a name=\"A7\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Government Interventions During the COVID-19 Pandemic, Culture, and Corporate Cost Behaviour<\/h5>\n<\/p>\n<p>Meret Anna Gl\u00e4ser, Ludwig Maximilian University of Munich (Master thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 715-747<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-8\"><div class=\"fusion-panel panel-default panel-803be726b20ca9182 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_803be726b20ca9182\"><a aria-expanded=\"false\" aria-controls=\"803be726b20ca9182\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-8\" data-target=\"#803be726b20ca9182\" href=\"#803be726b20ca9182\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"803be726b20ca9182\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_803be726b20ca9182\"><div class=\"panel-body toggle-content fusion-clearfix\">The COVID-19 pandemic triggered unprecedented government interventions, creating a unique setting to examine implications on corporate cost behaviour. This study explores the relationship between the stringency of government interventions during the pandemic and labour cost stickiness, as well as the moderating role of national culture, using 15,446 firm-year observations from 3,383 listed firms across 25 European countries from 2017 to 2022. A difference-in-differences regression analysis reveals that stringent interventions are related to increased labor cost stickiness, suggesting that managers view such measures as a signal of pandemic control which reduces their pessimism about future demand. Additionally, a median-based sample split shows that several dimensions of national culture moderate the relation between governmental stringency and labour cost stickiness, highlighting that culture influences how managers form future expectations based on stringent government interventions. The study connects formal institutions, i.e. governmental interventions, and informal institutions, i.e. national culture, with cost asymmetry as well as expands firm-level cost behaviour research in the context of the COVID-19 crisis.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-22\"><p><em>Keywords: cost stickiness; COVID-19; culture; interventions.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-23\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp715-747\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp715-747<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-21 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Glaeser.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-22 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Glaeser_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-23 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp715-747\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-18 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-24\"><p><a name=\"A8\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Modeling the Impact of Emission Credit Systems on Automotive Product Portfolios: A Mathematical Analysis of Policy Effects in Europe, China, and the U.S. Under Different Demand Scenarios<\/h5>\n<\/p>\n<p>Zewei Shi, Technical University of Munich (Master thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 748-780<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-9\"><div class=\"fusion-panel panel-default panel-5a6a807dd0a34dcfd fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5a6a807dd0a34dcfd\"><a aria-expanded=\"false\" aria-controls=\"5a6a807dd0a34dcfd\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-9\" data-target=\"#5a6a807dd0a34dcfd\" href=\"#5a6a807dd0a34dcfd\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"5a6a807dd0a34dcfd\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5a6a807dd0a34dcfd\"><div class=\"panel-body toggle-content fusion-clearfix\">In the midst of the global climate crisis, governments worldwide have implemented a range of emission policies aimed at encouraging more production of the environmentally friendly vehicle. However, the exact impact of these policies on automakers\u2019 production portfolios and profitability remains uncertain and challenging to anticipate. This paper presents a comprehensive analysis of three major emission regulation policies enacted by the European Union (EU), China, and the United States (U.S.), evaluating their influence on car manufacturers. Leveraging a mathematical model, this paper adopt the perspective of individual manufacturers seeking to maximize revenue, delving into the intricacies of these policies. Furthermore, this article conduct sensitivity and factorial analyses to assess the impact of policy parameters. The findings reveal that all three major emission policies contribute to an increase in the production of low-emission vehicles. However, China\u2019s policy has the least impact on manufacturers\u2019 profits and relies more on market demand to reduce the average carbon fleet emissions compared to the policies in the EU and the U.S. In conclusion, this paper underscores that different policy systems yield varying profit outcomes for manufacturers, necessitating adjustments to production portfolios for sustained profitability and the significance of mathematical models in aiding manufacturers\u2019 understanding of evolving policies and making informed predictions in a dynamic regulatory landscape.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-25\"><p><em>Keywords: automotive production; green transition; international emission policies; regulatory impact; sustainability.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-26\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp748-780\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp748-780<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-24 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Shi.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-25 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/MA_Shi_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-26 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp748-780\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-19 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-27\"><p><a name=\"A9\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Numerical Studies for the Scheduling of Continuous Annealing Lines<\/h5>\n<\/p>\n<p>Hagen Alexander H\u00f6nerloh, Leibniz University Hannover (Bachelor thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 781-809<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-10\"><div class=\"fusion-panel panel-default panel-e8b02b28e17c69db9 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_e8b02b28e17c69db9\"><a aria-expanded=\"false\" aria-controls=\"e8b02b28e17c69db9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-10\" data-target=\"#e8b02b28e17c69db9\" href=\"#e8b02b28e17c69db9\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"e8b02b28e17c69db9\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_e8b02b28e17c69db9\"><div class=\"panel-body toggle-content fusion-clearfix\">The continuous annealing of flat steel improves its properties for applications such as automotive manufacturing. Scheduling these processes on Parallel Heterogeneous Annealing Lines (PHALs) is complex due to diverse coil properties, incompatible process modes, and due date constraints. Introducing stringers to address incompatibilities between steel sheets raises costs, energy use, and CO2 emissions, highlighting the need for optimized scheduling. This thesis implements a mathematical model in Python using the Gurobi solver to optimize PHAL scheduling by minimizing stringer usage while meeting tardiness constraints. The model is extended to include coil-specific release dates and expanded to address trade-offs between stringer use, tardiness, and due date deviations, including earliness. A computational study evaluates the model under various scenarios, examining the effects of coil heterogeneity, urgency, process flexibility, and stringer processing times. Results show that optimized schedules reduce stringer use and delays, particularly under high process flexibility. These findings demonstrate the potential of optimization to improve efficiency and sustainability in steel production while guiding future research in dynamic scheduling approaches.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-28\"><p><em>Keywords: continuous annealing lines; Gurobi solver; scheduling optimization; steel industry; stringer minimization.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-29\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp781-809\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp781-809<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-27 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Hoenerloh.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-28 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Hoenerloh_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-29 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp781-809\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-20 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-30\"><p><a name=\"A10\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">KPIs for Sustainability: Defining the Strategy for a Sustainable Future in the Insurance Industry<\/h5>\n<\/p>\n<p>Lea Wedel, Technical University of Munich (Bachelor thesis)<\/p>\n<p>Junior Management Science 10(3), 2025, 810-830<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-60993-11\"><div class=\"fusion-panel panel-default panel-fee25cef13d16dff6 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_fee25cef13d16dff6\"><a aria-expanded=\"false\" aria-controls=\"fee25cef13d16dff6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-60993-11\" data-target=\"#fee25cef13d16dff6\" href=\"#fee25cef13d16dff6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"fee25cef13d16dff6\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_fee25cef13d16dff6\"><div class=\"panel-body toggle-content fusion-clearfix\">Sustainability transformation has gained traction across industries worldwide. Given their critical risk exposure, this transformation is of extreme precarity to the insurance industry. Yet, literature lacks a comprehensive approach for the development of a sustainability strategy covering the environmental, social and governance (ESG) dimensions. This work bridges the gap by evaluating methods for defining sustainability Key Performance Indicators (KPIs) and their integration into strategy. A roadmap is then developed that guides successful strategy implementation. Based on a systematic literature review of 5.000+ academic papers, this work features a quantitative and qualitative analysis of literature and evaluates four core papers on the definition of sustainability KPIs for the insurance industry. Leadership commitment and ESG integration into core business emerge as the most important factors towards a successful transformation. The resulting sustainability roadmap provides a blueprint for insurers to embed ESG values, enabling businesses of all sizes to participate. This work contributes to academia and industry by supporting the development of comprehensive and successfully integrated sustainability strategies.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-31\"><p><em>Keywords: insurance; KPIs; strategy; sustainability; transformation.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-32\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp810-830\">https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp810-830<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-30 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Wedel.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-31 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/09\/BA_Wedel_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-32 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i3pp810-830\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite Article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4896,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-60993","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/P7lBbr-fRL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/60993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/users\/4896"}],"replies":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/comments?post=60993"}],"version-history":[{"count":8,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/60993\/revisions"}],"predecessor-version":[{"id":63223,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/60993\/revisions\/63223"}],"wp:attachment":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/media?parent=60993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}