We develop a macroeconomic portfolio stress test that is specifically geared towards small and medium-sized banks. We combine a credit risk stress test which simulates credit impairments via a CreditMetrics type multi-factor portfolio model with an income stress test in the form of dynamic panel...

We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a...

Christoph Rose provides a broader differentiation of the perspective on family-owned companies. In contrast to several studies that merely discuss family-owned companies and non-family companies, his analysis is based on family influence, so the dominating heterogeneity of family-owned companies...

Thomas Wittig aims at gaining additional insights into the crisis and turnaround process of SMEs, investigating both, the turnaround success and the impact of turnaround on the family role in family firms. Based on a specifically developed integrated conceptual turnaround model, the author...

This paper analyses the causal effects of weaker dismissal protection on the incidence of long-term sickness ( six weeks). We exploit a German policy change, which shifted the threshold exempting small establishments from dismissal protection from five to ten workers. Using administrative data,...

Hidden Champions (HCs) are firms unknown to the wider public, but global leaders in the niche markets they serve. This paper looks at distinctive features of these firms, focusing on their dynamic capabilities. Employing a unique data base on German firms, we identify a representative sample of...

This paper re-visits the state of decentralised banking in Germany, Spain and the UK. The cross-country comparison we conducted has identified Germany as having the most decentralised banking system, followed by Spain and the UK, as expected. The development of regional and double-purpose banks,...

Managing an international operation is seen by many as one of the most challenging activities in an enterprise. Uwe Sachse offers substantial answers to the question of how companies behave after they have entered a particular foreign market. The results of the empirical study show that the mode...