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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.
In today's dynamic global business environment product innovation is gaining increasing importance due to the shorter product life cycle and faster technology adoption rate. The products which were once comprised of only mechanical components now evolved into the complicated systems which include processors, sensors, data storage, software & connectivity in multiple ways. Thus these IoT-oriented products have exposed the companies to new opportunities of product development. Considering the potential market opportunities for IoT applications, this research study particularly focused on the ideation of these next generation products.
Moreover, it is widely acknowledged that employees' creative ideas are crucial for product innovation. Therefore, most of the organizations are increasingly using the heterogeneous workgroup for fostering the product innovations. However, the climate for innovation is one of the crucial determinants for workgroup creativity. The purpose of this research is to examine how the gamified toolkit-based modeling process harnesses the potential of play to foster the creativity & climate for innovation in product ideation within a heterogeneous group. Hence, based on the theoretical foundation conceptual model is developed which suggested that the integration of game mechanics such as game points, leaderboard, exchange & story along with toolkit-based modeling process helps in promoting the creativity & climate for innovation which is driven by the objectives such as Participative Safety, Support for Innovation, Task Orientation &Vision. The conceptual model is scrutinized by using a quasi-experimental design in which product ideation workshop used as a treatment. The data is collected by means of direct observation, survey and focus group interviews. The result of triangulation of data analysis revealed that the gamified toolkit-based modeling process could foster creativity & climate for innovation by driving the facilitation objectives within a heterogeneous group.
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.
In a globalized economy, tax competition between countries plays an increasingly important role. Due to the unique features of the U.S. tax system, corporate inversions from the United States are an example of how multinational corporations can avoid taxes.
The present paper analyses whether shareholder value is created in the fourth wave of corporate inversions in the U.S. in order to show if this tax avoidance scheme is rewarded by the market. Shareholder value creation is calculated by using the event study methodology.
Whereas corporate inversions of waves one to three showed mixed or insignificant negative market reactions in the short term (Cloyd et al., 2003; Desai and Hines Jr., 2002), reactions to the fourth waves are different. The results of this paper demonstrate that the market reactions to an inversion announcement of the fourth wave on average show a statistically significant positive cumulative average abnormal return (CAAR) of 6.78% in a five-day window. It can therefore be concluded that shareholder value is created. Important for the creation of shareholder value are the structure of the inversion a company chooses and its industrial sector: A corporate inversion structured as a merger with business activities in the pharmaceutical and healthcare sector exhibit significant amounts of shareholder value creation.
Therefore, legal loopholes have to be amended or the tax system adjusted in order to sustainably prevent the outflow of companies and, hence, tax income.
PURPOSE – With an increasing variety of transport modes, companies have to evaluate different options to establish a mobility concept that most efficiently meets firms’ and employees’ business travel needs. Corporate carsharing is one of these modes of transportation accompanying already existing concepts such as company cars. This thesis seeks to contribute to the current data available on the sharing economy service of corporate carsharing by establishing the opinions of current and future employees of the German workforce on the discussed topic. The findings are aimed to show the factors influencing people’s behavioral intention to use corporate carsharing as well as to provide an assessment of today’s importance of the ownership of company cars.
From the beginning of globalization, international trade plays a vital role in global economy und it is now undergoing a transformation period. The impact of economic circum-stances, the invention of new technologies and the increase of regulatory requirements on the global scale has continue to attract more attention in many major economies participating in the global trade environment. Trade finance is known as one of the oldest components of international finance which helps facilitating the transactions between suppliers, merchants and companies by providing them with sufficient working capital in order to finance their commercial transactions and reduce potential risks. Nowadays, trade process has become more interconnected and major events driven by political or macroeconomic factors like the financial crisis 2008 or the recent Brexit indicate that core of trade finance process is in need of disruption to decrease inefficiencies and improve cost factors as well as stability. Digitization in trade finance has been considered as challenging for a long time since the main process is heavily paper-based. Furthermore, cross-border trade activities usually involve a large number of different participants. During this process, exchanging trade-related information such as country of origin, product details, restrictions/prohibitions on import etc. creates large amount of documentation. The aim of this thesis is to research and explore the current state of trade finance with regard to banking industry and also to find out how blockchain technology can potentially enhance or even redesign the trade finance pro-cesses by reviewing how close is the industry to undergo major adoptions.
This thesis is structured in a way to provide readers the theoretical background to over-all trade finance process and get them familiar with the concept of letter of credit, guar-antee, bank endorsement, accounts receivable insurance etc. In the next part, the core aspects of blockchain technology and its usability will be explained, analysed and dis-cussed. Finally, to examine the feasibility of implementing blockchain in trade finance, different research methods will be conducted in the form of literature review, expert interviews, gathering of data through polls, questionnaires, and surveys.