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Cryptocurrencies as an Alternative Asset Class

Marius Max Lucas Mayer, Goethe Universität Frankfurt (Masterarbeit)
Junior Management Science 3(4), 2018, 1-29

Bitcoin was the first digital currency to rely on a decentralized peer-to-peer network instead of a trusted third party. This was achieved through Bitcoin’s revolutionary underlying technology based on cryptographic proof: the blockchain. After Bitcoin’s emergence, many other so called cryptocurrencies entered the market and we have seen enormous price increases that promised large returns for early users. The return characteristics of cryptocurrencies have been studied by various scholars and some have even declared cryptocurrencies to be an asset class instead of a digital currency. Due to the fast changes in the cryptocurrency market and the increased importance of other cryptocurrencies than Bitcoin, we believe that research focusing on the financial performance of cryptocurrencies should be renewed on a regular basis. Therefore, with this work we aim to shed light on the return characteristics of cryptocurrencies in relation to traditional asset classes and on the potential of cryptocurrencies to improve portfolio diversification. In addition, we investigate the cryptocurrency market, describe selected cryptocurrencies in more detail and provide an overview of potential technological risks arising with the use of cryptocurrencies. Our results indicate that cryptocurrencies provide large return potentials with high levels of volatility but compared to traditional asset classes provide a higher level ofreturn per level of risk. We also find that selected cryptocurrencies can improve diversification in a cryptocurrency portfolio, as well as in a portfolio of international equity and private equity investments.

Keywords: Alternative Asset Classes, Cryptocurrency, Portfolio Diversification,
Risk-Reward Profile und Cryptocurrency Risks

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Economic- and Non-Economic Goals of Family Firms

Markus Probst, Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 3(4), 2018, 30-47

Motivated by a lack in the current literature, this thesis reviews academic research on the economic and noneconomic goals of family firms. Heretofore, no detailed overview of different goals embedded in the goal setting-, outcome-, and alignment process has been provided. Using a systematic literature search and review process, I identify 117 relevant studies in the fields of management, economics, and affiliated domains between 1963 and 2018. Beyond a more detailed overview of the current state of research, I outline goal setting, outcomes, alignment, and four different family firm goal classes. Lastly, I show avenues for future research in the family firm–goal field.

Keywords: Family firms, economic goals, non-economic goals, socioemotional wealth

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Is the use of management accounting in startups a paradox? – A systematic literature review of how static management accounting practices can support dynamic startups

Nico Boll, Karlsruhe Institute of Technology (Bachelorarbeit)
Junior Management Science 3(4), 2018, 48-64

This paper uses a systematic literature review to study the antecedents and consequences of management accounting (MA) in startup companies. Most literature focuses on large enterprises because it has generally thought that the adoption of MA is counterproductive in small firms. However, some authors state the contrary as to why we examine the empirical literature on this topic to create a wider base of knowledge. Our results indicate that the entrepreneur’s personal, professional and the firm’s characteristics trigger the timing of adoption ofMA and thereupon show beneficial implications to a startup. Besides the positive impact of venture survival, startups that used management accounting practices such as budgeting, financial planning and cost control achieved higher performance in terms of growth.

Keywords: Management accounting, Systematic literature review, Startups, Entrepreneurship

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Corporate Social Responsibility: A Qualitative Analysis on the Strategy Formulation Process

Marie Wehinger, Ludwig-Maximilians-Universität München (Bachelorarbeit)
Junior Management Science 3(4), 2018, 65-80

The urge for firms to contribute positively towards the society and the environment is increasing significantly. Demands of employees, customers, governments, NGOs and many more are putting firms under pressure to respond accordingly. Thus, it is vital for firms nowadays to formulate effective corporate social responsibility (CSR) strategies which provide guidelines for the firm’s commitment towards the challenges of the society and environment. Plenty of research exists on the components of CSR strategy formulation, particularly regarding stakeholders, organizational vision and the CEO’s influence. However, it is important to consider the whole process of the strategy formulation and to link the components together. By means of a qualitative analytical approach, I show that the internal input provided by the CEO and the CSR team plays an important role in deciding on certain CSR initiatives. Furthermore, the strategic fit between the potential CSR issues and the core business is a significant criterion. Through assessing the potential value creation, and thus the expected impact scope, prioritizations of CSR issues take place. The continuous monitoring and evaluation of the stakeholders’ needs form an iterative process which leads to a constantly changing CSR strategy focus of the firm. My aim in this paper is to contribute to the understanding of CSR strategy formulation through a CSR strategy formulation process model. The model provides insights into firms’ CSR strategy formulation from which I derive implications for management and further research.

Keywords: Corporate Social Responsibility, Strategy Formulation, Sustainability

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International Strategic Emphasis, Marketing Capabilities und Shareholder Value: Die finanziellen Implikationen des Trade-offs zwischen internationaler Wertgenerierung und internationaler Wertschöpfung

Nico Severitt, Georg-August-Universität Göttingen (Masterarbeit)
Junior Management Science 3(4), 2018, 81-113

Das Management multinationaler Unternehmen ist heutzutage mit dynamischen Umweltbedingungen konfrontiert. Der unternehmerische Erfolg auf den internationalen Märkten hängt maßgeblich von einer effizienten und effektiven Ressourcenallokation ab. Im Zuge dessen müssen Trade-off-Entscheidungen zwischen den Strategieoptionen der internationalen Wertgenerierung und der internationalen Wertschöpfung getroffen werden. Die Beziehung zwischen der Internationalisierung und der finanziellen Performance eines Unternehmens wird in der Literatur seit 50 Jahren diskutiert. Aus unterschiedlichen methodischen Herangehensweisen resultieren uneindeutige Ergebnisse. Für die Operationalisierung internationaler Aktivitäten werden insbesondere wertgenerierende und wertschöpfende Größen herangezogen. Eine Relation zwischen beiden Maßen, und damit die Berücksichtigung internationaler Trade-off-Entscheidungen, wird jedoch bislang vernachlässigt. Diese Forschungslücke wird in der vorliegenden Studie geschlossen, indem der Einfluss des internationalen Strategie-Trade-offs auf den Shareholder Value untersucht wird. Die Studie prognostiziert hier einen negativen Wirkungszusammenhang. Die Vermutung lautet, dass ein positiver Effekt erst durch ausgeprägte Innovations- und Vermarktungsfähigkeiten ausgelöst werden kann. Der Resource-Based-View, die Theorie der Liabilities of Foreignness und das Konzept der Dynamic Capabilities bilden ein komplementäres Framework zur Erklärung dieser Wirkungsbeziehungen. Die empirische Untersuchung basiert auf einer Paneldatenanalyse für ein Sample von 1.399 Unternehmen im Untersuchungszeitraum von 1982 bis 2016. Für die Modellierung der Wirkungszusammenhänge zwischen den Variablen werden Mehrgleichungsmodelle verwendet. Die zentralen Ergebnisse der Studie zeigen, dass der Einfluss des internationalen Strategie-Trade-offs auf den Shareholder Value insignifikant ist. Investoren ziehen internationale Trade-off-Entscheidungen erst dann in Betracht, wenn das Unternehmen über Marketing Capabilities verfügt. Einer der Forschungsbeiträge dieser Studie ist die Entwicklung einer neuen relevanten Internationalisierungsvariable. Darüber hinaus werden Erkenntnisse aus der Internationalisierungsliteratur mit Erkenntnissen aus der Marketingliteratur verknüpft. Dabei ist die Relevanz bestimmter Marketingaktivitäten für multinationale Unternehmen hervorzuheben. Ferner können Managementimplikationen bezüglich der Kommunikation dieser Marketingaktivitäten im Internationalisierungskontext gegeben werden.

Keywords: Internationalisierung, Marketing, Shareholder Value,
Strategischer Trade-Off, Regressionsanalyse

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The influence of political regulations and market design on energy storage systems

Maximilian Blaschke, Technische Universität München (Masterarbeit)
Junior Management Science 3(4), 2018, 114-145

This study examines the profitability of residential storage systems in combination with photovoltaic systems for varying political scenarios and under different market conditions. By comparing the energy flows of a photovoltaic rooftop facility to an average German household’s consumption pattern, this thesis calculates the additional self-consumption that can be achieved through a battery storage system and values the resulting savings via a net present value approach. The simulations of this study identify boundaries for specific political regulations and market environments that can enable battery storage systems to be operated in a profitably way. Based on the assumptions of this thesis, current market conditions do not allow battery storage installations to generate positive returns on investment. Nevertheless, there could be lucrative opportunities in battery storage systems for future electricity price movements and sinking system costs.

Keywords: Battery storage, Solar photovoltaic power, Distributed electricity,
Energy policy, Market regulation

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