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Here you will find the publications of the Institute for Corporate Accounting, Controlling & Financial Management sorted according to the current year of publication.

All publications are of course available for you to download. Please simply click on the desired article.

Strategische Instrumente wertorientierter Unternehmenssteuerung für KMU in der Zukunft – Implikationen der Covid-19-Pandemie (2021)

Authors:

Peskes, Markus; Steinmetz, Marc

Abstract:

The worldwide Corona pandemic has had a strong impact on the global economy and continues to have a firm grip; almost all sectors are affected. Small and medium-sized enterprises (SMEs), which form the heart of the German economy with a share of over 99% of all companies, are also affected by the consequences. They are struggling with falling demand and supply bottlenecks, and in some cases even entire supply chains have collapsed in the meantime. Small and medium-sized enterprises are particularly struggling with the consequences of the pandemic because, in contrast to large corporations such as Lufthansa AG, SMEs have not received billions in state aid or been rescued. Also, the state's aid often arrived and still arrives at SMEs with a considerable delay. The financial strength of SMEs is mainly fed by the owners' equity. For them, the long-term and sustainable increase in company value therefore plays a particularly important role as an important strategic goal. But how widespread is value-based corporate management as a strategic instrument in German SMEs, and how will its use develop in the future, also against the background of the current pandemic? These questions are analysed in this working paper, as are possible concepts of value-oriented management ratios and calculation methods for the proper determination of company value. In addition to the discounted cash flow method, well-known representatives of value-oriented indicators such as economic value added (EVA) and cash value added (CVA) also play a role. Applied management instruments as well as implementation barriers that occur in practice will also be shown and proposed solutions will be outlined.

Start-up-Controlling - Ein pragmatisches und praxisorientiertes Controlling-System für Start-up-Unternehmen (2021)

Authors:

Becker, Marco; Benefo, Quincy; Gropp, Madeline; Ruhland, Jannis; Springhorn, Celina Marie; Weselmann, Niels; Winter, Juliane

Abstract:

The topic of controlling is neglected in many start-up companies, although consistent alignment of the company with a controlling system can be a decisive competitive advantage. Due to the special characteristics of start-up companies (compared to established companies), classic controlling instruments and controlling strategies cannot be applied 1:1. Instead, a specific controlling system is needed that is oriented to the special features and individual needs of start-up companies. The purpose of this article is to outline a pragmatic and practice-oriented controlling system for start-up companies.

Business Model Canvas - Overview of the main advantages and disadvantages (2021)

Authors:

Becker, Marco; Bröcker, Jan-Oliver

Abstract:

Over the last 10 years, the Business Model Canvas has not only established itself as a method for the iterative development and documentation of business models, it has also become a standard methodology in some areas. In this article, the main advantages and disadvantages associated with the practical application of the Business Model Canvas will be compiled and evaluated in terms of their current validity. It has been shown that some of the advantages and disadvantages documented in the relevant literature were justified at the time of their respective publication but can now no longer be considered valid.

Business Model Canvas - Wesentliche Vor- und Nachteile im Überblick (2021)

Authors:

Becker, Marco; Bröcker, Jan-Oliver

Abstract:

Over the last 10 years, the Business Model Canvas has not only established itself as a method for the iterative development and documentation of business models, it has also become a standard methodology in some areas. In this article, the main advantages and disadvantages associated with the practical application of the Business Model Canvas will be compiled and evaluated in terms of their current validity. It has been shown that some of the advantages and disadvantages documented in the relevant literature were justified at the time of their respective publication but can now no longer be considered valid.

Zombie Companies in the Corona Pandemic or the phenomenon of covertly over-indebted companies in Germany (2021)

Author:

Becker, Marco 

Abstract:

The phenomenon of covertly over-indebted companies – also known colloquially as zombie companies – is not new. They occur more frequently in times of crisis, including during the current Corona pandemic. In addition to covertly over-indebtedness, there is now the added factor of latent insolvency. This article will take a closer look at the emergence of zombie companies in Germany during the Corona pandemic.

Zombie-Unternehmen in der Corona-Pandemie oder Phänomen der verdeckt überschuldeten Unternehmen in Deutschland (2021)

Author:

Becker, Marco 

Abstract:

The phenomenon of covertly over-indebted companies - also known colloquially as "zombie companies" - is not new. They occur more frequently in times of crisis, including during the current Corona pandemic. In addition to covert over-indebtedness, there is now the added factor of latent insolvency. This article will take a closer look at the emergence of "zombie companies" in Germany during the Corona pandemic.

Dritte Welle Covid-19 - Auswirkungen der Pandemie auf Finanzmärkte und ausgewählte Bereiche der Wirtschaft (2021A)

Author:

Daube, Carl Heinz 

Abstract:

The pandemic, caused by Covid-19, has hit the whole world since the beginning of 2020. The current extent of the resulting economic and social upheaval cannot be estimated yet. In this working paper, an attempt to compare Covid-19 figures with the development on the financial markets and the real economy is made. We try to analyse whether significant effects have already occurred and where these could still come with a time lags.

Covid-19 third Wave - Impact on Financial Markets and Economy (2021B)

Author:

Daube, Carl Heinz 

Abstract:

The pandemic, caused by Covid-19, has hit the whole world since the beginning of 2020. The current extent of the resulting economic and social upheaval cannot be estimated yet. In this working paper, an attempt to compare Covid-19 figures with the development on the financial markets and the real economy is made. We try to analyse whether significant effects have already occurred and where these could still come with a time lags.

STAATLICHE FÖRDERUNG IN ZEITEN DES CORONA-VIRUS (2020)
 

Author: 

Becker, Marco 

Abstract:

The aim of this working paper is, to take a first critical look at government funding instruments to mitigate the effects of the corona pandemic for the self-employed, sole proprietorships, small and medium-sized businesses and medium-sized companies. The scenario analysis tool is used, and four fictitious company scenarios are considered. Due to the dynamics of events in the wake of the global corona pandemic, this working paper primarily takes into account the measures for state funding, communicated by the respective federal ministries with the deadline of Monday, March 16, 2020. In this respect this working paper can only reflect the current status and may require periodic additions over time.

EIN WEITERER SCHWARZER MONTAG- EINE ERSTE ANALYSE ZU MÖGLICHEN URSACHEN DES SIGNIFIKANTEN KURSRÜCKGANGS AN DEN INTERNATIONALEN BÖRSEN DURCH DEN CORONAVIRUS (2020A)

Author:

Daube, Carl Heinz 

Abstract:

The aim of this working paper is to provide a first analysis of the massive price decrease in the international financial markets since early March 2020. This is done on the basis of an economic view, but sociological and psychological approaches are also used. The initial thesis is that the economic parameters were already "toxic" at the beginning of 2020.

THE CORONA VIRUS STOCK EXCHANGE CRASH (2020B)

Author: 

Daube, Carl Heinz

Abstract:

The aim of this working paper is to provide a first analysis of the massive price decrease in the international financial markets since early March 2020. This is done on the basis of an economic view, but sociological and psychological approaches are also used. The initial thesis is that the economic parameters were already "toxic" at the beginning of 2020.

DIGITALE WÄHRUNGSSYSTEME - FUNKTIONSWEISE UND EINSATZMÖGLICHKEITEN (2019)

Authors: 

Dobernig, Harald; Daube, Carl Heinz 

Abstract:

Digital currency systems like Bitcoin want to overcome weaknesses of classical currency systems. The goal is to establish a global payment system, which is organized by the users alone independently of central instances. By executing transactions with a digital currency, anonymity and low transaction costs are expected. The Bitcoin concept provides a complex algorithm that limits the amount of money and to prevent inflationary developments, but the assessment of this concept varies. Some authors see it as a chance to revolutionize the money system technologically, others see it as the most exciting open source software project of the present. It is shown that the Bitcoin concept only partially meets the important requirements of a monetary system, such as acceptance, protection against inflation, security and stability. Therefore, digital currency systems are only partially able to remedy the weaknesses of classical currency systems. The main causes are the lack of value preservation and the volatility of the currency. Even a complete anonymity cannot be achieved even in a decentralized IT system. Nevertheless, digital currency systems have the potential for further development.

DIGITALE WÄHRUNGSSYSTEME: KRYPTOWÄHRUNGEN IN DER UNTERNEHMENSFINANZIERUNG (2019)

Authors: 

Daube, Carl Heinz; Dobernig, Harald 

Abstract:

In this working paper we basically try to answer two questions. First, we ask whether a crypto-currency is money or a currency at all in the traditional economic sense? Second, we ask whether a financial manager of a company may generate cost advantages by issuing debt in a crypto-currency? We analyse typical criteria in this respect for deciding about pros and cons of issuing debt in a crypt-currency and we take a closer look at empirical data.

NEU-EMISSIONS-PRÄMIEN BEI ANLEIHEN - EINE EMPIRISCHE UNTERSUCHUNG ZU EXISTENZ UND HÖHE VON PRÄMIEN FÜR NEU-EMISSIONEN BEI UNTERNEHMENSANLEIHEN (2018)

Authors:

Daube, Carl Heinz; Krivenkov, Vladislav

Abstract:

Despite the fact that underpricing in new-issued bonds has been part of the academic discussion since at least 1969, it never got the same attention as underpricing of stock market IPOs. This paper follows the discussion and analyzes the pricing pf 1.566 fixed coupon Euro-dominated corporate bonds issued between 2009 and 2017. One of the main insights is a significant new-issue premium in the analyzed sample. The descriptive analysis of the realized issue premia is followed by a statistical modeling of these based on some bond characteristics.

AGILES BUSINESS MODELL MANAGEMENT MIT DEM CANVAS BUSINESS MODEL (2018)

Authors:

Daube, Carl Heinz; Becker, Marco

Problem definition:

In the context of ever-advancing digitalisation and in the course of the 4th Industrial Revolution (Industry 4.0), the business models of many companies must be subjected to continuous change in order to ensure the competitiveness and future viability of the company in the long term.

WEGE DIREKTER FINANZIERUNG FÜR DEN MITTELSTAND TEIL 1: AUSGEWÄHLTE KLASSISCHE FINANZIERUNGSFORMEN (2018)

Authors: 

Peskes, Markus; Daube, Carl Heinz; Dobernig, Harald; Krivenkov, Vladimir

Summary: 

Analysis of classic and modern direct forms of financing for SMEs in the context of appropriate corporate financing.

MITTELSTANDSFINANZIERUNG: RAHMENBEDINGUNGEN, STATUS QUO UND ENTWICKLUNG (2017)

Authors:

Daube, Carl Heinz; Dobernig, Harald; Becker, Marco; Peskes, Markus

Abstract:

Small and midcap companies are the backbone of the German economy with respect to employment, contribution to GDP, tax payments, share at world market, innovation – to mention just a few. Hence, it is important that economic and political conditions are favorable for small and midsize enterprises. The article takes a closer look at the funding conditions for companies of the non-financial sector using data starting 2002 analyzing the usage of bank loans and turnover. The statistical outcome suggests that there is often a strong correlation between bank loans and turnover. However, it also suggests the traditional funding from banks is becoming less important and direct funding instruments using capital markets becoming more important.