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This paper examines the short-term effects of tax inversion announcements on inverting firms´ share prices, and thereby analyses the value creation of inversion activities. For the analysis, the paper looks at a sample of 41 inverted U.S. firms during the time period of 1994 to 2015. To quantify the stock returns related to inversion announcements, event study method has been implemented. Using the parametric t-test, the paper finds evidence indicating that the announcements of tax inversions have a significant negative impact on firm value with -4.8%. 16 out of 41 investigated firms show value changing effects associated with inversions. The highest impact on stock prices are captured directly on the announcement day. Furthermore, the performance of pharmaceutical and Irish incorporated deals indicate positive market reactions with 7.30% and 5.9% respectively.
This research paper fills in the gap on the effectiveness of freemium business models by investigating the impact on consumer behavior resulting from the use of a mobile game for a limited period of time. It investigates if the endowment effect can explain the potency of freemium models in application software. This research study is based on experimental design, followed by a survey of hypothetical nature that tests the willingness to pay, enjoyment factor and the Net Promoter Score of two groups of participants: an endowed group and a non-endowed group. Contrary to the initial hypotheses, the results show that the participants endowed with a Feature-Limited-Freemium digital good have a lower Willingness to Pay, a lower enjoyment factor and lower Net Promoter Score compared to the non-endowed group. These findings imply the non-existence of the endowment effect with digital applications. The results underpin the assumption that Time-Limited-Freemium models are more profitable than the Feature-Limited-Freemium models. In addition, the study suggests the development of artificial lock-in mechanisms to enforce loss aversion for freemium software applications in order to increase profitability. The results of the research paper are limited by the fact that the experiments were conducted in artificial conditions and, therefore, the participants might not exhibit the same behavior in life scenarios. Since there are no similar studies, the present research can constitute a benchmark for further considerations.
This study aims at comprehending the sociotechnical construct digital maturity to facilitate the development of a maturity model guiding digital business transformation.
More precisely, applying a mixed-methods approach, this paper examines which organizational capabilities foster digital maturity and how those distinct configurations of qualities, skills and high-level routines interrelate.
Combining findings retrieved from an explorative review of digital transformation literature, digital maturity is conceptualized as a construct of numerous leading and lagging organizational capabilities that can be clustered in four competence fields, namely Leadership Competence, Talent Readiness, Operational Excellence and Customer Centricity. In order to refine this initial conceptual model, expert interviews have been conducted. Referring to better practice in their respective industries, experts interviewed have provided success characteristics for selected organizational capabilities to optimally promote digital maturity achievement. Based on these success characteristics, a four-staged maturity model is developed encompassing modular maturity stage descriptions, including prescriptive recommendations for action.
Thereby, it is pointed out that the model and its dimensions’ criteria adjust with digital context. Accordingly, firms’ journey towards digital maturity achievement is not expected to be linear and finite but based on continuous organizational capability improvements.
Transforming the analogue maturity model into an online assessment tool, quantitative data has been collected to examine relationships among competence fields and underlying organizational capabilities making up digital maturity. Multiple mediation analyses conducted show that that Leadership Competence, including top-down initiation, organization and support, depicts the basis for successful digital transformation, but that the actual implementation of digital measures into internally or externally-directed innovations, is highly dependent on technical enablement and intrinsically-inspired engagement of a firm’s workforce. In fact, it is statically proven
that a negligence of Talent Readiness as competence field would significantly impair Leadership Competence’s impact on lagging competence fields Operational Excellence and Customer Centricity.
Interpreting these quantitative findings, it is pointed out that the sequence and intensity in which organizational capabilities are developed can significantly foster or hamper digital maturity achievement. More precisely, an initial prioritization of leading
competence fields, Leadership Competence and Talent Readiness, is substantiated as best practice in the pursue of digital maturity.
Concluding on qualitative and quantitative findings, the understanding of the digital maturity construct is expanded from solely a cumulative measure of competence fields’ performances to a measure of dynamic capability. As a dynamic capability, digital maturity involves the continuous adjustment and achievement of objectives while building digital transformation-enhancing organizational capabilities. In line
with dynamic capability research, it is reasoned that detailed qualities of the digital maturity construct are idiosyncratic and context-dependent, but that best practice, as described in this paper, can be leveraged when developing organizational capabilities.
Finally, it is recommended to assess organizational capabilities and their dynamics in more depth in future research projects splitting the current scoring model into four assessments, each covering one of the identified competence fields and potential contingency factors in more detail.