Junior Management Science, Volume 6, Issue 2, June 2021

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Performance of German Family Firms During the Global Financial Crisis

Thilo Wenig, WHU – Otto Beisheim School of Management (Masterarbeit)
Junior Management Science 6(2), 2021, 237-278

Research on family firm performance has led to inconclusive results which is why scholars called for a differentiated consideration of family firms during exogenous shocks, where costs and benefits of the inherent ownership structure are assumed to be magnified. Following these calls, I use the Global Financial Crisis of 2007 – 2009 as a unique natural experiment where firms have been moved out of their equilibrium while ownership structure maintained constant in the near term. I differentiate between true family firms and lone founder firms and hypothesize that the firm performance of both ownership structures during the Global Financial Crisis is higher than for non-family firms. In a study of 178 firms listed in the German Prime Standard, I found that lone founder ownership was significantly associated with higher firm performance during the GFC, while showing no differences in performance during the period of stable economic conditions prior to the crisis. For true family ownership, in contrast, the results suggest a general tendency of superior performance during the steady-state pre-crisis period, but it could not be established that these firms outperformed other firms during the GFC. Analogously, I found that the presence of a family CEO in true family firms is beneficial for firm performance during stable economic conditions, but the advantageousness seems to vanish in times of severe financial distress.

Keywords: Family firm; ownership; governance; performance; crisis.

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Coping with Sales Pressure – Eine literaturbasierte Analyse von Strategien zur Stressbewältigung im Vertrieb

Vanessa Heinzel, Ruhr-Universität Bochum (Bachelorarbeit)

Junior Management Science 6(2), 2021, 279-298

Obwohl das Stresslevel von Arbeitnehmern in den letzten Jahren um 20% angestiegen ist, findet das Thema Stress in der Marketing- und Vertriebsforschung nur wenig Beachtung. Basierend auf dem Transaktionalen Stressmodell von Lazarus identifiziert diese Arbeit Auslöser und Folgen von Stress im Vertrieb und untersucht die Effektivität verschiedener Stressbewältigungsstrategien. Die Ergebnisse zeigen, dass Rollenkonflikt und -mehrdeutigkeit Stress auslösen. Stress hat negative Auswirkungen auf Jobzufriedenheit, Leistung und Commitment eines Vertriebsmitarbeiters. Hinsichtlich der Stressbewältigung eignen sich problemorientierte Bewältigungsstrategien besser als emotionsorientierte Strategien, da diese helfen, Stresssituationen aktiv zu kontrollieren. Die Ergebnisse bieten Managern zwei Stellhebel, um Folgen von Stress zu vermeiden: Auslöser bekämpfen und Eigenschaften fördern, die die Nutzung problemorientierter Bewältigungsstrategien erhöhen, wie z.B. die Selbstwirksamkeitserwartung eines Mitarbeiters. Zukünftige Forschung sollte untersuchen, wie sich weitere Einflussfaktoren auf die Wahl der Bewältigungsstrategie, wie z.B. das Arbeitsumfeld, und diese Wahl auf die mentale und physische Gesundheit auswirken.

Keywords: Stress; Coping; Sales.

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The Power of Personality Traits in Allocation Decision-Making: A Secondary Analysis of a Laboratory Experiment

Lilla Tolnai, Universität Wien (Masterarbeit)
Junior Management Science 6(2), 2021, 299-323

Individual differences have been addressed by many authors in social sciences, however personality has been neglected. The purpose of this thesis is to investigate the role of personality in social decision-making situations. Prior researches on the role of personality either focused on how personality influences social and economic preferences or on the link between personality and influence in social decision-making. The present thesis intends to combine these two aspects with the help of a secondary analysis of a bargaining experiment. To test personality, the Five Factor Model was included and social preferences were measured with the help of social value orientation. The findings show that two personality dimensions (Agreeableness and Conscientiousness) indicate social preferences and four personality dimensions (Agreeableness, Extraversion, Neuroticism, and Conscientiousness) influence the ability to use structural power. Furthermore, it has been found that the link of personality and bargaining behavior is moderated by social preferences. The findings of the present thesis provide various theoretical and empirical implications for personality psychology, human resource management, and organizational behavior.

Keywords: Social decision-making; fairness; personality; Five Factor Model; social value orientation.

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The Attitude-Behavior Gap – Drivers and Barriers of Sustainable Consumption

Bea Alexandra Wintschnig, Ludwig-Maximilians-Universität München (Bachelorarbeit)
Junior Management Science 6(2), 2021, 324-346

Individuals’ consumption behavior plays a key role on the path to a sustainable future. Understanding what influences the decision to act in a sustainable manner is therefore crucial. The aim of this thesis is to provide a structured overview of the current state of academic literature on the drivers and barriers of sustainable consumption and to discuss the related phenomenon of the attitude-behavior gap. The identified influencing factors can be broadly divided into two categories: individual-related determinants and environmental determinants. The former includes socio-demographics, personal characteristics and value orientation, non-cognitive factors (habits and emotions) and cognitive factors like knowledge. The environmental determinants comprise product-, service-, or behavior-related factors (such as stereotypes towards sustainable products), corporate activities (e.g., communication efforts), social influence as well as structural conditions like the available infrastructure. From the diversity of influencing factors and their interplay, it becomes clear that to promote sustainable behavior or to close the attitude-behavior gap, a holistic approach is needed that combines different instruments and is adapted to the specific type of consumer behavior.

Keywords: Sustainable consumption; attitude-behavior gap; sustainable choices; sustainable consumer behavior.

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Job Crafting as Means to Live out One’s Calling: An Examination of NPO Employees

Larissa Maser, Universität Mannheim (Masterarbeit)
Junior Management Science 6(2), 2021, 347-369

Employees increasingly search for jobs in which they can pursue their preferences and interests – more precisely, their callings. Those pursuing their callings are assumed to be more satisfied with their job and to perform better. To provide more insight into this topic, this study examines the relationship between perceiving a calling and job satisfaction by actively pursuing the calling. However, it has not yet been extensively analyzed how employees can convert the perception of a calling at work into actually living it out. This question can possibly be explained by the emerging phenomenon called job crafting. Employees engaging in job crafting techniques might change their work environment in order to be able to live out their calling. Therefore, this study investigated the role of job crafting as moderator in the relationship between perceiving a calling and living a calling as well as in the relationship between living a calling and job satisfaction. The model was tested in a context of nonprofit organizations using a sample of 300 employees and a cross-sectional study design. Data was collected with an online survey for a period of three weeks and analyzed with IBM SPSS PROCESS by means of OLS regression analysis. Living a calling was found to be a full mediator in the relationship between perceiving a calling and job satisfaction. The variables scope of action, employment relationship, and gender are also significantly related to job satisfaction. Against expectations, job crafting does not show any of the two moderating effects but was found to be a partial mediator in the relationship between perceiving a calling and living a calling.

Keywords: Calling; job crafting; job satisfaction; nonprofit organizations.

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Varianzrisikoprämien auf deutsche Staatsanleihen

Burak Sarac, Karlsruher Institut für Technologie (Bachelorarbeit)
Junior Management Science 6(2), 2021, 370-392

Volatilität und damit verwandt die Unsicherheit an den Finanzmärkten hat eine besonders wichtige Rolle. Varianzswaps eignen sich für das Handeln mit dieser und haben tiefgehende Erkenntnisse in vielen Märkten ermöglicht, vor allem die der Varianzrisikoprämie. Forschungen auf den Staatsanleihenmärkten kommen jedoch zu kurz, weshalb sich diese Arbeit zum Ziel genommen hat, die Forschung in diese Richtung zu erweitern. Dies wird erlangt anhand von zwei wesentlichen Gesichtspunkten: Zum einen wird ein Vergleich der Anleihenvarianzrisikoprämie auf europäischer Ebene ermöglicht, da neben dem deutschen Staatsanleihenmarkt auch die französischen und italienischen betrachtet werden. Zum anderen werden zwei unterschiedliche Strukturierungsweisen von Anleihenvarianzswaps betrachtet. Während eines davon eher auf theoretischer Basis von Bedeutung ist, wird eine andere Bildungsweise vorgestellt, welches sich für die praktische Umsetzung eignet. Die Ergebnisse dieser Arbeit zeigen, dass die Varianzrisikoprämie in den deutschen sowie europäischen Staatsanleihenmärkten existent ist. Durch eine Short-Position in diesen Varianzswaps lassen sich attraktive Renditen generieren, wobei sich diese nicht nur zwischen den Ländern, sondern auch zwischen den Strukturierungsweisen stark unterscheiden.

Keywords: Varianzswaps; Volatilität; Varianzrisikoprämium; Staatsanleihen; modellfrei.

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Environmental Context and Team Structure

Anna Stevanovic, Ludwig-Maximilians-Universität München (Bachelorarbeit)
Junior Management Science 6(2), 2021, 393-407

Drawing on contingency and information processing theory, this study examines how environmental complexity and unpredictability influence team structure, namely the vertical hierarchy and the horizontal specification. These relationships are tested empirically using worldwide data from the video game industry covering the period 1995 to 2007. Results show that both, the levels of hierarchy and specialization, increase when teams face a complex environment. Meanwhile, the extent of vertical hierarchy as well as the degree of specialization decrease when teams are exposed to an unpredictable environment. Thereby a trade-off between emphasizing efficiency or choosing a more flexible structure exists.

Keywords: Team structure; external environment; contingency theory; hierarchy; specialization.

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The Role of Large Institutional Ownership on Goodwill Impairment under the SFAS 142 Regime

Sebastian Hahn, Frankfurt School of Finance & Management (Bachelorarbeit)
Junior Management Science 6(2), 2021, 408-423

This paper examines the effect of large institutional owners on accounting for goodwill and its resulting impairment charges. Economies of scale predict stronger incentives for large institutional owners to engage in monitoring. Employing a multivariate linear probability model on a sample of U.S. companies with goodwill on their balance sheets during the period from 2009 to 2019, I find that the likelihood of an impairment is more strongly related to an expected impairment when the share of equity held by the firm’s largest institutional owners is higher. Results prove to be economically meaningful and are generally robust to different specifications. This evidence is consistent with the active monitor hypothesis by large shareholders to protect their significant investments.

Keywords: Goodwill accounting; goodwill impairment; institutional ownership; ownership concentration; monitoring; FASB; SFAS 142.

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