Junior Management Science (JUMS) ist das erste und einzige wissenschaftliche Open Access Journal für Abschlussarbeiten der BWL. Über 75 Professor:innen von 57 Hochschulen begleiten JUMS in seinem Advisory Editorial Board. Student:innen können ihre Arbeiten kostenlos und in wenigen Klicks unter www.jums.academy/submit einreichen. Sie brauchen ihre Arbeit nicht umzuschreiben – sie können die Arbeit genau so einreichen, wie sie die Arbeit bei ihrer Hochschule abgeben. Nach einer ersten Prüfung durch unsere Department-Editor:innen durchlaufen die Arbeiten einen double-blind Peer Review-Prozess: Zwei fachgebietsspezifische Wissenschaftler:innen („Peers”) bewerten die anonymisierten („blind“) Arbeiten unabhängig voneinander. Die am besten bewerteten Arbeiten veröffentlicht JUMS quartalsweise auf www.jums.academy Open Access (Lizenz CC BY 4.0). Dadurch kann jede:r weltweit kostenfrei auf die Arbeiten zugreifen und diese zitieren.
Determinants of Corporate Bond Mutual Fund Flows
This paper examines the determinants of investor flows into U.S. corporate bond mutual funds, with a focus on monetary policy and fund-specific characteristics during the COVID-19 crisis. These funds, as non-bank financial intermediaries, are vulnerable to sudden investor redemptions due to liquidity mismatches. Using monthly data from 2001 to 2021, the analysis applies panel regressions with fund style and time fixed effects to assess how monetary policy, fund characteristics, and market conditions influence investor behavior. Results show that higher effective federal funds rates are significantly associated with reduced fund flows. Past flows and performance rankings are strong predictors of current flows, while fund cash holdings matter mainly in riskier fund types. During the COVID-19 crisis, flow sensitivity to interest rate changes intensified. Although Federal Reserve policy announcements in spring 2020 coincided with a quick return of inflows, the findings emphasize ongoing structural fragility. By analyzing flow dynamics alongside macroeconomic factors and policy responses, this research contributes to understanding the determinants of corporate bond mutual fund flows and the complex role of central bank actions during periods of systemic stress. Keywords: corporate bond mutual funds; COVID-19 crisis; federal reserve policy; fund flows; liquidity risk
Copyright (c) 2025 Vanessa Jeske https://creativecommons.org/licenses/by/4.0
From Pictures to Perceptions: Exploring the Strategic Use of Visuals in CSR Reports and the Impact of Regulatory Mandates
This thesis explores the strategic use of visuals in CSR reports, comparing companies in the EU and Switzerland. Using automated image classification and clustering, 11,455 images from sustainability reports were analyzed. The study finds that firms in environmentally or socially sensitive industries, especially those with higher CO2 emissions per revenue, tend to use more images—often aligned with their specific challenges. This suggests that visuals are not merely illustrative but serve to shape corporate perception, potentially diverting attention from negative impacts. The introduction of the EU’s Non-Financial Reporting Directive (NFRD) appears to reduce image reliance, indicating a positive regulatory effect on transparency. Overall, the findings highlight that images can be used not just to complement text, but to construct a more favorable corporate narrative. The study underscores the importance of critically assessing visual elements in CSR disclosures, as they may subtly influence stakeholders’ perception beyond what is verbally communicated. Keywords: CSR; image analysis; NFRD; greenwashing; visual communication
Copyright (c) 2025 Thiemo Janßen https://creativecommons.org/licenses/by/4.0
Who Bears the Costs of the UK Soft Drink Tax? An Empirical Study of Medium-Term Effects
Using five years post-tax data on CPI prices, national employment as well as firm-level employment, we provide novel evidence on the medium-term effects of the UK Soft Drinks Industry Levy (SDIL). Applying a difference-in-differences research design, we find that neither consumers nor employees visibly bore the costs of the tax. However, given the falling trend in beverage prices in the UK, consumers faced a 6% less decline in soft drink prices compared to prices of levy-exempt beverages, since the introduction of the tax. Employees in the soft drink manufacturing industry were unaffected by the tax, whilst employees in the beverage manufacturing industry even benefitted from it through significant employment increases. Our study offers policy advice for other countries which are yet to implement soft drink taxes. We advocate the implementation of tiered tax designs, such as in the UK, due to its positive impact on employment and minimal burden for consumers. Keywords: public health policy; soft drink taxation; UK sugar tax
Copyright (c) 2025 Laura Wiredu https://creativecommons.org/licenses/by/4.0
The Influence of Leadership Style on the Acceptance of Generative AI in the Workplace - The Role of Organizational Commitment, Job Insecurity and Interaction Frequency
This thesis investigates the influence transformational and transactional leadership styles have on the acceptance of generative AI in the workplace. To account for other factors, I also examine the mediating effect of organizational commitment and the fear of job loss as well as the moderating effect of interaction frequency with the supervisor. Using a sample of 220 full time working participants, I find that technology acceptance does not significantly differ between transformational and transactional leadership. However, the results show that the fear of job loss significantly mediates the relationship between leadership and technology acceptance. While organizational commitment does not mediate the relationship, it does significantly influence technology acceptance. My research extends research incorporating threat rigidity theory by showing that transformational leadership reduces AI-related fear of job loss. Therefore, it highlights the importance of considering additional factors such as prior experience and openness to innovations in AI acceptance. The findings suggest that managers should adopt transformational leadership to decrease the fear of job loss and enhance organizational commitment to effectively increase AI acceptance in the workplace. Keywords: AI acceptance; fear of job loss; Gen AI; leadership style; technology acceptance
Copyright (c) 2025 Felix Yumu¸sak https://creativecommons.org/licenses/by/4.0
Implicit Measurement of the Moral Self-Image Using the Go/No-Go Association Task (GNAT) - An Empirical Investigation of the Convergent Validity Between Explicit and Implicit Measures
While people are increasingly aware of climate change, many still resist lifestyle changes. Research now focuses on understanding conscious (explicit) and unconscious (implicit) attitudes to encourage sustainable behavior. This thesis used the Go/No-Go Association Task (GNAT) to measure participants’ implicit moral self-image and examine its correlation with an explicit moral self-image questionnaire, indicating convergent validity and effective application of the GNAT as an implicit measure of the moral self-image. After applying exclusion criteria, 68 participants were randomly assigned to two groups with different word lists. Results showed that repeated exposure to fewer words in group A led to little or no correlation, while group B, using more varied words, showed higher correlation and good convergent validity. This demonstrates that the GNAT effectively measures moral self-image when learning effects are avoided. The findings offer insights into implicit attitudes that influence decisions and yield practical implications for different stakeholders. This thesis contributes through its experimental design, adapted exclusion criteria, and sample correction of all perfect responses, validating the GNAT as an implicit measure and offering a foundation for future research. Keywords: convergent validity; explicit measures; go/no-go association task (GNAT); implicit measures; moral self-image
Copyright (c) 2025 Louisa Felicitas Bläßer https://creativecommons.org/licenses/by/4.0
The Impact of Female Board Members on ESG Performance: An Empirical Analysis
This study investigates the impact of female board representation on ESG performance within the German two-tier corporate governance system. Using OLS regression analysis on a sample of 157 DAX, MDAX, and SDAX companies over a two-year period, the findings reveal a positive and significant relationship between the presence of women on both management and supervisory boards and improved ESG performance, regardless of whether measured by percentage or absolute number. Contrary to the critical mass theory, even the presence of a single woman on a board was found to significantly enhance ESG outcomes. No statistically significant effect was observed for female CEOs, although this is likely to be attributed to the low number of female CEOs in the sample. The study highlights both the ongoing underrepresentation of women on boards and the limited scope of current gender quota regulations (FüPoG I & II), suggesting the need for stronger legislative measures to support gender diversity as a driver of corporate sustainability. Keywords: board gender diversity; board structure; critical mass; corporate governance; ESG performance
Copyright (c) 2025 Finn Matthes Gooßen https://creativecommons.org/licenses/by/4.0
ESG Regulation Across the Globe: Does ESG Regulation Pay Off?
A growing number of investors and other stakeholders are demanding greater transparency about companies’ sustainability performance. Countries around the world are responding with mandatory environmental, social and governance (ESG) disclosure regulations. On the one hand, this has led to a fragmented regulatory landscape. On the other hand, there is little empirical evidence on how these mandatory ESG disclosure requirements affect reporting companies. This paper addresses the gap through a three-part approach. First, it examines the evolution and status quo of global ESG regulation. Second, it provides a comprehensive literature review on the impact of such regulation on affected firms. Finally, it applies a difference-in-difference analysis to assess whether the EU’s Non-Financial Disclosure Directive (NFRD), an unprecedented supranational ESG disclosure regime, has led to the adoption of more sustainable business practices. The results show a stronger increase in ESG scores for regulated EU companies compared with a control group of non-regulated US companies. This finding has practical relevance not only for the EU, but also for other legislators considering the introduction or expansion of ESG reporting requirements. Keywords: disclosure; ESG regulation; NFRD; reporting; sustainability
Copyright (c) 2025 Antonia Engel https://creativecommons.org/licenses/by/4.0
A New Dimension of Transparency: ESG Disclosure and Its Effect on Shareholder Behavior
This study examines the impact of Environmental, Social, and Governance Disclosure (ESGD) on a company’s ownership structure in predominantly developed economies. It aims to assess whether ESGD influences the shares held by different investor types, with a focus on institutional investors. Using data from 2016 to 2022, ESGD is measured relatively and absolutely, while ownership is categorized into corporate, government, individual, and institutional types. A multivariate regression assesses the overall impact, and a univariate regression specifically examines the effect on institutional ownership. The analysis reveals a significant link between ESGD and ownership structure, suggesting that ESGD shapes ownership dynamics. In particular, institutional investors respond positively to relative ESGD, valuing how a company’s ESG transparency compares to its peers. The study acknowledges limitations like the short time frame and potential biases in the database. Nevertheless, the findings suggest that companies can attract institutional investors by improving ESG transparency, even if actual ESG outcomes are modest. This research contributes to the understanding of how ESG transparency shapes investor behavior, offering valuable insights for companies, investors, and policymakers. Keywords: corporate governance; ESG disclosure; institutional investors; ownership structure; transparency
Copyright (c) 2025 Tobias Keserü https://creativecommons.org/licenses/by/4.0
Integrating Sustainability in Risk Management and Internal Control Systems: An Empirical Assessment of ESG Reporting of German DAX40 Firms
Integrating sustainability into enterprise risk management (ERM) and internal control system (ICS) and the corresponding reporting is gaining importance for organizations due to increasing pressure from regulators and stakeholders. The objective of this paper is to analyze corporate disclosures on the integration of sustainability into the ERM and the ICS. Based on stakeholder agency theory, this study applies a self-developed disclosure index on the ESG reports of 29 German DAX40 companies for 2022 and 2023. The index evaluates from an organizational, regulatory, and, with a focus on environmental issues, business practice perspective. Overall, companies report with restrained quality. The study found varying results across the index sections and a minor positive trend from 2022 to 2023. A sub analysis to identify potential differences in reporting behavior according to the affiliation to environmentally sensitive sectors revealed mixed findings. This paper holds different methodological limitations. However, it contributes to scarce qualitative research and provides deep insights into corporate sustainability reporting of German DAX40 companies. The results are of practical importance for businesses and regulatory bodies, as they reveal weaknesses in corporate reporting. Keywords: disclosure index; ESG reporting; internal control system; risk management; sustainable corporate governance
Copyright (c) 2025 Niklas Janßen https://creativecommons.org/licenses/by/4.0
Work Less, Live More? The Impact of an Introduction of the Four-Day Working Week on Happiness in the Context of the Icelandic Four-Day Working Week Experiment
In our current age, the quest for a better work-life balance is becoming paramount to increasing numbers of people. The concept of the Four-Day Working Week (FDWW) therefore emerges as a potential solution, promising to revolutionise our traditional understanding of worktime and well-being. By focusing on the world’s largest FDWW trial at the time, Iceland’s FDWW experiment from 2015 to 2019, and using data from the European Social Survey, the FDWW’s impact on happiness is critically examined. Ordinary Least Squares regressions are employed to analyse the association of working hours with happiness amongst Icelandic workers and to conduct an evidence-based policy evaluation. Contrary to widespread expectations and existing media narratives, the findings reveal no significant impact of working hours on employees’ happiness scores. This outcome challenges the conventional wisdom that less work leads directly to more happiness. The findings thereby contribute significantly to debates on the future of work, suggesting that the FDWW should be viewed with caution until more conclusive evidence is available. This absence of definitive proof calls into question the notion of the FDWW as a universally effective solution to the economic and social challenges faced by contemporary society. Keywords: employee well-being; four-day working week; future of work; workplace happiness; work time reduction
Copyright (c) 2025 Marie-Claire Joyeaux https://creativecommons.org/licenses/by/4.0
KPIs for Sustainability: Defining the Strategy for a Sustainable Future in the Insurance Industry
Sustainability transformation has gained traction across industries worldwide. Given their critical risk exposure, this transformation is of extreme precarity to the insurance industry. Yet, literature lacks a comprehensive approach for the development of a sustainability strategy covering the environmental, social and governance (ESG) dimensions. This work bridges the gap by evaluating methods for defining sustainability Key Performance Indicators (KPIs) and their integration into strategy. A roadmap is then developed that guides successful strategy implementation. Based on a systematic literature review of 5.000+ academic papers, this work features a quantitative and qualitative analysis of literature and evaluates four core papers on the definition of sustainability KPIs for the insurance industry. Leadership commitment and ESG integration into core business emerge as the most important factors towards a successful transformation. The resulting sustainability roadmap provides a blueprint for insurers to embed ESG values, enabling businesses of all sizes to participate. This work contributes to academia and industry by supporting the development of comprehensive and successfully integrated sustainability strategies. Keywords: insurance; KPIs; strategy; sustainability; transformation
Copyright (c) 2025 Lea Wedel https://creativecommons.org/licenses/by/4.0
Numerical Studies for the Scheduling of Continuous Annealing Lines
The continuous annealing of flat steel improves its properties for applications such as automotive manufacturing. Scheduling these processes on Parallel Heterogeneous Annealing Lines (PHALs) is complex due to diverse coil properties, incompatible process modes, and due date constraints. Introducing stringers to address incompatibilities between steel sheets raises costs, energy use, and CO2 emissions, highlighting the need for optimized scheduling. This thesis implements a mathematical model in Python using the Gurobi solver to optimize PHAL scheduling by minimizing stringer usage while meeting tardiness constraints. The model is extended to include coil-specific release dates and expanded to address trade-offs between stringer use, tardiness, and due date deviations, including earliness. A computational study evaluates the model under various scenarios, examining the effects of coil heterogeneity, urgency, process flexibility, and stringer processing times. Results show that optimized schedules reduce stringer use and delays, particularly under high process flexibility. These findings demonstrate the potential of optimization to improve efficiency and sustainability in steel production while guiding future research in dynamic scheduling approaches. Keywords: continuous annealing lines; Gurobi solver; scheduling optimization; steel industry; stringer minimization
Copyright (c) 2025 Hagen Alexander Hönerloh https://creativecommons.org/licenses/by/4.0
Modeling the Impact of Emission Credit Systems on Automotive Product Portfolios: A Mathematical Analysis of Policy Effects in Europe, China, and the U.S. Under Different Demand Scenarios
In the midst of the global climate crisis, governments worldwide have implemented a range of emission policies aimed at encouraging more production of the environmentally friendly vehicle. However, the exact impact of these policies on automakers’ production portfolios and profitability remains uncertain and challenging to anticipate. This paper presents a comprehensive analysis of three major emission regulation policies enacted by the European Union (EU), China, and the United States (U.S.), evaluating their influence on car manufacturers. Leveraging a mathematical model, this paper adopt the perspective of individual manufacturers seeking to maximize revenue, delving into the intricacies of these policies. Furthermore, this article conduct sensitivity and factorial analyses to assess the impact of policy parameters. The findings reveal that all three major emission policies contribute to an increase in the production of low-emission vehicles. However, China’s policy has the least impact on manufacturers’ profits and relies more on market demand to reduce the average carbon fleet emissions compared to the policies in the EU and the U.S. In conclusion, this paper underscores that different policy systems yield varying profit outcomes for manufacturers, necessitating adjustments to production portfolios for sustained profitability and the significance of mathematical models in aiding manufacturers’ understanding of evolving policies and making informed predictions in a dynamic regulatory landscape. Keywords: automotive production; green transition; international emission policies; regulatory impact; sustainability
Copyright (c) 2025 Zewei Shi https://creativecommons.org/licenses/by/4.0
Government Interventions During the COVID-19 Pandemic, Culture, and Corporate Cost Behaviour
The COVID-19 pandemic triggered unprecedented government interventions, creating a unique setting to examine implications on corporate cost behaviour. This study explores the relationship between the stringency of government interventions during the pandemic and labour cost stickiness, as well as the moderating role of national culture, using 15,446 firm-year observations from 3,383 listed firms across 25 European countries from 2017 to 2022. A difference-in-differences regression analysis reveals that stringent interventions are related to increased labor cost stickiness, suggesting that managers view such measures as a signal of pandemic control which reduces their pessimism about future demand. Additionally, a median-based sample split shows that several dimensions of national culture moderate the relation between governmental stringency and labour cost stickiness, highlighting that culture influences how managers form future expectations based on stringent government interventions. The study connects formal institutions, i.e. governmental interventions, and informal institutions, i.e. national culture, with cost asymmetry as well as expands firm-level cost behaviour research in the context of the COVID-19 crisis. Keywords: cost stickiness; COVID-19; culture; interventions
Copyright (c) 2025 Meret Anna Gläser https://creativecommons.org/licenses/by/4.0
Mandatory ESG Disclosure and Firm Value – A Quantitative Analysis of the Effect of Directive 2014/95/EU on Firm Value
This work offers novel insights into how the introduction of the Non-Financial Reporting Directive in the European Union in 2014 affected firm value. Based on the theoretical discourse, it seems ex-ante unclear how this ESG disclosure directive is perceived by capital markets and affects firm value. Hence, this work aims to shed more light on the topic and add to the scant evidence literature offers. Specifically, the implications of the first-time mandate of ESG information disclosure are investigated using an instrumental variable and a difference-in-difference approach on a propensity score-matched sample of 708 firms based in the European Union and the U.S. Difference-in-difference results imply that firm’s ESG performance, measured by Refinitiv’s ESG scores, significantly increases after the adoption of the directive. Subsequent instrumental variables analysis suggests that the increased ESG performance resulting from the directive is associated with relatively weak, negative effects for Tobin’s Q as the measure of firm value. In addition to confirming anticipatory effects for Tobin’s Q as early as 2014, significant evidence reveals that firms (sectors) with higher ESG performance had a more negative market reaction than firms (sectors) with lower ex-ante ESG performance. Keywords: disclosure regulation; firm value; mandatory ESG reporting; market reaction; non-financial reporting directive (NFRD)
Copyright (c) 2025 Jan Oliver Horstmann https://creativecommons.org/licenses/by/4.0
The Effect of Changes in Internal Control Systems on Audit Risk
Internal control weaknesses influence audit fees and audit risk, making their remediation a crucial aspect of corporate governance. While prior research focuses on auditors, this study examines the corporate perspective, analyzing how the remediation of internal control weaknesses affects audit fees and audit risk. Using a dataset of 450 observations, the audit fee model shows a significant negative association between audit fees and the remediation of internal control weaknesses, indicating that audit fees decrease as the company remediates its internal control weaknesses. The restatement model shows no significant relationship between abnormal audit fees and the probability of restatements, suggesting that changes in audit fees due to changes in internal control systems have no impact on audit risk. However, the remediation of internal control weaknesses is significantly negatively associated with the probability of restatements, meaning that firms that remediate their internal control weaknesses experience a lower audit risk and higher audit quality. These findings highlight the economic significance of internal control quality and its implications for firms, regulators, and auditors in mitigating audit risk. Keywords: audit fee model; audit quality; audit risk model; internal control weaknesses; restatement model
Copyright (c) 2025 Justus Olbrich https://creativecommons.org/licenses/by/4.0
Value Creation Opportunities of Generative AI – A Case Study
The transformative potential of Generative AI promises novel capabilities within business environments. This study examines the value creation potential of Generative AI within a large multinational corporation. A single case study approach at Siemens was employed, combining extensive observations, interviews, and the application of existing AI frameworks. Findings reveal diverse use cases demonstrating value creation potential, particularly through smart assistants and lighthouse projects. This thesis proposes a novel framework for Generative AI adoption, emphasizing the distinctive exploration phase made possible by the technology’s accessibility to non-technical domain experts, while also outlining essential scaling strategies. This study offers valuable insights into a company’s approach to Generative AI, provides practical implications, and expands ongoing research on AI-driven value creation. Keywords: artificial intelligence; exploration; generative AI; scaling; technology adoption; use cases; value creation
Copyright (c) 2025 Alexander Sake https://creativecommons.org/licenses/by/4.0
Board Gender Diversity: Evidence From Indonesia
Board gender diversity continues to gain global attention, alongside a growing percentage of female board members in public companies. While board gender quotas have played a role in this increase, countries without such mandates have also experienced similar growth. This raises an important question: What drives companies to appoint women to corporate boards in the absence of compulsory regulations? Primarily, this paper examines the relationship between foreign institutional investors and female board members in supervisory and management boards within Indonesian public firms. This study analyzes data from 147 companies between 2019 and 2022 using OLS regression with lead and control variables. In contrast to the belief, the findings show that foreign institutional investors have a relatively low to no influence in shaping board gender diversity on each board. This lack of influence suggests that other factors may significantly affect companies’ decisions to hire women on boards, highlighting the necessity to investigate these additional factors. Keywords: board gender diversity; corporate boards; foreign investors
Copyright (c) 2025 Nadhilla Mazaya https://creativecommons.org/licenses/by/4.0
Beware of Bullshit – A Qualitative Study on Young Adults’ Sustainability Awareness of Online Services
Since the surge of working in the ‘home office’ during the COVID-19 pandemic, information and communication technology has been seen as a problem solver for the global climate disruption, because it promises savings in emissions through digitalization. However, this is criticized for being a ‘double-edged sword’, as more use of ICT also means an increase in electricity consumption. This thesis poses the question if consumers using services fostering said digitalization are aware of this implication and can contribute to sustainable development by choosing wisely. Thus, this paper leads exploratory research on sustainability awareness of online services, from the perspective of both sustainably aware and technologically skilled individuals. This will be achieved by collecting qualitative data from interviews with two groups of university students from biology and computer science or information systems. The data will be evaluated using the approach of qualitative content analysis and will be investigated further with the help of the concept of bullshitting, to understand how consumers assess ambiguous and misleading sustainability claims about online services. One implication from the interviews is that both companies and consumers should strive to promote reliable knowledge on this topic, as there is a deficit in sustainability awareness of online services. Keywords: bullshit; green IT; greenwashing; online services; sustainability
Copyright (c) 2025 Robin Roskosch https://creativecommons.org/licenses/by/4.0
Predicting Stock Returns With Machine Learning: Global Versus Sector Models
Recent studies highlight the superior performance of non-linear machine learning models, such as neural networks, over traditional linear models in predicting cross-sectional stock returns. These models are capable of capturing complex non-linear interactions between predictive signals and future returns. This thesis researches whether sector-specific neural networks can detect sector-related relationships to outperform a global neural network. It evaluates the predictive power of these models at the stock level and in portfolios based on return forecasts, constructing long-short portfolios from the networks’ sorted predictions. A global neural network model trained on the full sample of stocks dominates neural networks trained on individual GICS sectors in predicting the cross-section of US stock returns. Sector-specific neural networks fail to gain an advantage by capturing complex sector-specific interactions. They underperform the global neural network especially in the early out-of-sample period. The smaller sample size for each GICS sector requires a trade-off between model complexity and robust model estimation. Pooling the data for the global model solves this problem and supports the predictive power of neural networks for stock returns. Keywords: cross-section of stock returns; machine learning; neural networks; return prediction; sector models
Copyright (c) 2025 Johannes Witter https://creativecommons.org/licenses/by/4.0
Exploring Discrepancies in Energy Performance Certificates: Analyzing Energy Efficiency Premiums for Buildings Based on Theoretical Energy Requirements Versus Actual Energy Consumption
The building sector is lagging its needed decarbonization pathway. This paper examines EPC policy impacts on building economics in the Rhein-Main Region in Germany. Energy efficiency premiums for rents and sales prices and the effects of the EPC type are investigated using data from 01/2015 - 06/2023 (N = 212 167 rent sample; N = 159 573 sales sample) and hedonic price models. Energy efficiency premiums are present and range up to 7.0%, 4.6% and 6.9% for cold and warm rents and sales prices, respectively, when comparing an A+ to a D rated building. Consumption certificates reflect warm rents better but have a limited sales price impact. Results are rent efficiency premiums of up to 7.1% (A+), no rent discounts for energy inefficiency and a general sales price discount of about 3%. Requirement certificates are viewed as objective, yet less consumption-indicative, especially in the sales market. Rent efficiency premiums of up to 8.8% (A+) and no rent discounts for energy inefficiency are estimated for a building with a requirement certificate. Sales price efficiency premiums of up to 7.4% (A+) and sales price inefficiency discounts of up to -10.2% (H) exist. Overall, current German EPC policy does not address imperfect information, and it is recommended to revise its implementation. Keywords: energy efficiency; energy performance certificate; EPC; hedonic price model; real estate investments; real estate valuation
Copyright (c) 2025 Timo Andreas Deller https://creativecommons.org/licenses/by/4.0
Weggegangen, Platz vergangen - Non-territoriale Arbeitsplatzformen im Rahmen des hybriden Arbeitens aus Sicht der Arbeitnehmenden
Diese Studie untersucht die Wirkung einer non-territorialen & hybriden Arbeitsplatzform auf die Präferenz und marginale Zahlungsbereitschaft von Arbeitnehmenden im Vergleich zu territorialer & nicht-hybrider, territorialer & hybrider und nonterritorialer & nicht-hybrider Arbeit. Mittels Vignetten-Studie werden Jobangebote entsprechend der Präferenz bewertet, die sich hinsichtlich der Arbeitsplatzform und des Gehalts unterscheiden. Der Zusammenhang wird durch einen Chi-Quadrat-Test und eine Rank Ordered Logit-Regression analysiert. Per Umfrage werden mögliche zugrundeliegenden Mechanismen untersucht, indem der Einfluss der Arbeitsplatzform auf die Arbeitsbedingungen Territorialität, Privatsphäre, Zusammenarbeit und Autonomie abgefragt und durch den Kruskal-Wallis und Dunn’s Test ausgewertet wird. Die Ergebnisse zeigen einen signifikanten Einfluss der Arbeitsplatzformen auf die Präferenz und Zahlungsbereitschaft. Arbeitnehmende präferieren territoriales & hybrides Arbeiten und würden dafür auf durchschnittlich 2.175 =C im Vergleich zum territorialen & nicht-hybriden Arbeiten verzichten. Alle vier Arbeitsbedingungen werden von den Arbeitsplatzformen beeinflusst und können als Mechanismen wirken, am besten bewertet werden sie insgesamt bei territorialem & hybridem Arbeiten. Keywords: hybrid working; marginal willingness to pay; non-territorial working; vignette study; working conditions
Copyright (c) 2025 Licia Reckersdrees https://creativecommons.org/licenses/by/4.0
Waiting Time Estimation for Ride-Hailing Fleets Using Graph Neural Networks
Ride-hailing services are part of intermodal transport systems, allowing passengers to use various transport modes for their trip. The optimal choice for a request in the intermodal system depends on the passenger’s waiting time for the ride-hailing service. Estimating this waiting time is crucial for efficient system operation. The prediction of waiting time depends on the spatial dependency of the transport network and traffic flow elements. Graph neural network (GNN) approaches have gained attention for capturing spatial dependencies in various applications, though less attention has been given to ride-hailing waiting time prediction. The aim of this master thesis is to implement a GNN-based method to predict waiting time for ridehailing requests in the network. Simulation-based waiting time data is used for model training and validation. MATSim is chosen for generating waiting time data under different demand and supply scenarios. Graph Convolutional Network (GCN) and Gated Attention Network (GAT) are used as prediction models. Regression and MLP methods are used as baselines to compare model performance. Results show GCN outperforms regression by 15%, while GAT performs 14% better than regression. Keywords: graph convolutional network; ride-hailing service; waiting time estimation
Copyright (c) 2025 Hashmatullah Sadid https://creativecommons.org/licenses/by/4.0
The Role of Hierarchical Differentiation for the Effectiveness of Soccer Teams
The impact of hierarchical differentiation on team effectiveness is heavily discussed in scientific research with strong arguments lined up on both the pro and the contra sides. To contribute to this debate, I investigated the relationship between a specific facet of hierarchical differentiation, pay dispersion, and team effectiveness. I collected data from five seasons of Premier League and conducted a regression analysis to study the effect of pay dispersion on team performance, cooperation and aggressivity. The empirical results show that pay dispersion is positively and directly associated with aggressivity, whilst its relation with team performance and cooperation is moderated through the financial might of teams. The significant interaction effect for team performance means that pay dispersion has a significant negative effect for high financial might teams, and a weak positive effect for low financial might teams. For cooperation the interaction shows a significant positive effect for the low financial might teams and a weak negative effect for the high financial might teams. Thus, I conclude that pay dispersion indeed affects team effectiveness, however the economic power standing behind the teams needs to be considered. Keywords: hierarchical differentiation; pay dispersion; Premier League; sports data; team performance
Copyright (c) 2025 Sebestyén András Huszár https://creativecommons.org/licenses/by/4.0
Analyzing the Retail Gasoline Market in Germany: Impact of Spatial Competition and Market Concentration on Prices
Given the changing landscape of fuel retailing, this study explores the impact of spatial competition and market concentration on diesel prices in Germany. The question of how population density and gas station density, i.e. the equilibrium pattern of locations of firms, are related is examined. In addition, the impact of gas station density, as a spatial measure of competition, and market concentration on diesel prices is investigated. Based on theory, population density should have a positive impact on gas station density. Gas station density should have a negative and market concentration a positive influence on the diesel price in a district. Using 2022 data on German gas stations and diesel prices, a positive effect of population density and on gas station density, a negative effect of gas station density on diesel price, and a positive effect of market concentration on diesel price were each found at the district level. The effects of gas station density and market concentration, however, were relatively small. The results show that fuel prices at gas stations are influenced by spatial competition and market concentration. Keywords: diesel prices; gas station density; market concentration; retail gasoline market; spatial competition
Copyright (c) 2025 Nicolas Fiedler https://creativecommons.org/licenses/by/4.0
Understanding Emergent Leadership Across Cultural Levels: A Theoretical Framework
Emergent leadership literature emphasises identifying and nurturing leaders at all organisational levels to foster team harmony and align efforts toward shared goals. Since past studies focused largely on individual traits predicting leadership emergence, the interplay of different cultural levels, such as national culture, organisational culture and team culture in relation to individuals emerging as emergent leaders remains unexplored. This study extends beyond discussing the antecedents and outcomes of emergent leadership and provides an in-depth understanding of the phenomenon through different cultural levels. It introduces an overarching theoretical framework proposing that a) the unfolding of emergent leadership occurs at four levels, which are organic emergence, non-normative emergence, conditional emergence and non-emergence, based upon the type of interaction between cultural levels and potential emergent leaders, b) for emergent leadership to occur, potential emergent leaders must have or display some of the compatible antecedents, c) the approval of higher-level authority figures at the organisational or national level is a precondition for the occurrence of emergent leadership in stratified teams. Keywords: emergent leadership; individual traits; national culture; organisational culture; team culture
Copyright (c) 2025 Elif Leman https://creativecommons.org/licenses/by/4.0
Sustainability in the Corporate Sector: A News Textual Analysis Approach to Measuring ESG Performance
Sustainability has become a crucial factor in the financial sector, making the assessment of a company’s sustainability performance essential for informed decision-making. Recognizing the media’s power to shape public perception of corporate sustainability issues, this study examines the use of news analysis to evaluate companies’ performance against Environmental, Social, and Governance (ESG) criteria. Leveraging OpenAI’s models, this research parses unstructured data within news articles and introduces a machine learning pipeline to score companies’ ESG performance based on their media representation. The study uncovers several key findings: firstly, it demonstrates that a less costly, fine-tuned model can surpass the zero-shot capabilities of a more expensive model in classifying ESG content. Secondly, it identifies discrepancies in media coverage across industries, leading to unequal assessments of companies. Thirdly, it reveals a media tendency to underreport companies’ environmental efforts. Finally, the study highlights areas where companies face media criticism, suggesting potential improvements in their ESG practices. These insights contribute to the understanding of how machine learning can assist in the critical evaluation of sustainability in the business domain. Keywords: ESG; machine learning; natural language processing; news; NLP; sustainability
Copyright (c) 2025 Mohammad Izzat Raihan Imron https://creativecommons.org/licenses/by/4.0
Unravelling Collective Action Frames Through a Temporal Lens: A Case Study of an Environmental Movement in Germany
Organizing collective action in the face of climate change is one of the grand challenges of our time. Social movements and their approach to framing climate change are pivotal, as they are tasked with the role of challenging and redirecting dominant beliefs and narratives. Recent research suggests that time is at the core of framing and sustainability. However, there is scant research at the intersection of social movements and time. This study responds to this gap by examining how the framing of the environmental movement Letzte Generation in Germany constructs temporality. My findings reveal how the movement frames climate change as a catastrophe, representing itself as a fire alarm to create a shared sense of urgency and advocate for a crisis mode. Temporally, the framing constructs a clear chronology between a dominant past and an undesirable future and aims to redirect the focus to the present. As a result, the movement had to actively orchestrate a balance between disruptive strategies aimed at attention and polarization, and alignment strategies to foster resonance and support. By conceptualizing temporality in framing processes my study illustrates the pivotal role of time in research on social movements and framing. Moreover, it contributes to the discourse on time and sustainability by showing how actors emphasize a present-time perspective. Keywords: climate crisis; polarization; social movements; strategic framing; time and temporality
Copyright (c) 2025 Sebastian Lüpnitz https://creativecommons.org/licenses/by/4.0
Small but Powerful: The Impact of Shelf Talker Flags on Consumer Shopping Behavior
Unseen is unsold, which means that shoppers can only buy what they see in the store. Therefore, retailers use different in-store marketing techniques to increase visual exposure and stimulate purchases. In this paper, I investigate the effect of shelf talker flags on consumer shopping behavior. In doing so, I hypothesize that shelf talker flags increase the subjectively perceived search ease and purchases of marked products. A field experiment shows that shelf talker flags make products more visible and easier to find at the point of purchase, significantly increasing consumers’ subjectively perceived search ease. Furthermore, the results suggest that shelf talker flags can influence consumer buying behavior and increase purchases of marked products. However, this result is only marginally significant. Keywords: in-store marketing; search ease; shelf talker flags; unplanned purchases; visual attention
Copyright (c) 2025 Günther Gamper https://creativecommons.org/licenses/by/4.0
The Impact of Profitability on Scope 1, 2 and 3 GHG Emissions in Europe
This thesis examines the effect of corporate profitability on the levels of greenhouse gas (GHG) emissions, specifically analyzing Scope 1, 2, and 3 emissions for European companies listed on the STOXX Europe 600 index from 2017 to 2023. Given increasing regulatory pressures, inconclusive evidence on whether profitability drives sustainability, and potential bidirectional causality, researching this relationship is highly relevant. Using a systematic literature review (SLR) and fixed-effects regressions, this thesis investigates this relationship. Results show profitability, measured by return on assets (ROA), negatively correlates with Scope 3 emissions, suggesting higher profits may promote sustainability. However, no significant correlation exists for Scope 1 and 2 emissions, except for a positive link with Scope 2 emissions in low-emission sectors. High-emission industries show stronger model explanatory power, indicating a closer profitability-emissions link. Findings are robust against outliers but vary with changing profitability metrics. This research contributes to the profitability-sustainability debate, offering insights for policymakers, scholars, and managers, while emphasizing the need to consider industry and Scope-specific dynamics to combat climate change. Keywords: GHG emissions; profitability; sustainability reporting
Copyright (c) 2025 Yannick Hohenstein https://creativecommons.org/licenses/by/4.0