With the unchanging high failure rate of M&As, recent research is putting an increasing emphasis on Cultural Due Diligence (CDD) and socio-cultural Post-Merger Integration (PMI) Management. Nevertheless, the state of the art on CDD is still rare, leading to the fact that its actual value for a...

Continuous change characterizes current economic practice. Frequently, organizations are facing social, economic, political, technological, and ecological changes (Naisbitt & Aburdene, 1992; Kobi, 1996). To respond to these challenges adequately is essential for continuation and success of every...

U.K. guidelines on the introduction of new regulations require that politicians and civil servants should “think small first” when deciding whether and how to introduce new regulations that affect business. Similar guidelines are currently being adopted across the EU. This paper presents the...

The principles of business taxation are governed by the Adam Smith’s fourth canon of taxation : ‘every tax ought to be so contrived as both to take out and keep out of the pockets of the people as little as possible, over and above what it brings into the treasury of the state’. However,...

This paper provides new UK evidence on the relationship between managerialincentives and firm risk using a hand-collected database of 3307 executive yearobservations (698 CEO years and 2609 other executive years). We find that therelation between pay performance sensitivity and firm risk...

Goal structures in family firms seems of particular interest to the field as the overall orientation and the objectives of family firms are determined in an area of potential conflict between the two subsystems of firm and family. We asked shareholders of German family firms to rate the...

[...]Das vorliegende Working Paper beschreibt zunächst die Zielsetzung der Richtlinieund ihre Entstehungsgeschichte. Anschließend wird auf die grundlegendenBestandteile der EU-Dienstleistungsrichtlinie eingegangen, den einheitlichenAnsprechpartner und die angestrebte verstärkte Einführung...

In this paper we investigate portfolio coskewness using a quadratic market model as return generating process. It is shown that portfolios of small (large) firms have negative (positive) coskewness with market. An asset pricing model including coskewness is tested through the restrictions it...

Die Gründungs- und Liquidationsstatistik des IfM Bonn basiert auf der amtlichenGewerbeanzeigenstatistik1. Das Statistische Bundesamt weist für das1. Halbjahr 2008 426.068 Gewerbeanmeldungen aus.2 Das sind rund 14.400Anmeldungen weniger als im 1. Halbjahr 2007 (-3,3 %). Die Zahl der...

Speziell im Zuge einer familienexternen Nachfolgeregelung kann es zu Problemenaufgrund asymmetrischer Informationsverteilungen zwischen den Beteiligtenkommen. Diese können sowohl zulasten des Alteigentümers als auchdes Übernahmeinteressierten gehen. Vorvertraglich werden beide...