FB I - Wirtschaftswissenschaften
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The present thesis investigates agency problems which occur within the investormanager
relationships of VC firms. The focus is on early stage companies and VCs.
Furthermore, it presents the status-quo of the structures of some selected VC
organizations in Europe and allows deep insights in the practices of the business of
VCs. The portfolio monitoring and the investor-founder relations are analyzed with
regard to the concepts of the principal-agent relationship, informational asymmetries,
moral hazard and adverse selection.
The underlying empirical approach of this thesis is based on explorative, semistructured,
qualitative expert interviews. The author conducted interviews with both
parties, investors and founders. The emerging hypotheses of these interviews allow
recommendations for action for decision makers of VCs when structuring the
organization of the respective VC to reduce specific agency costs. It is very important
for VCs to be transparent in terms of the investment focus and contact persons that are
involved in the cooperation with the respective company for example. This reduces
communication and coordination efforts ex ante and therefore, needless costs could be
avoided. Another object of study is the consideration whether a specialized or a
generalist structure is beneficial inside the investment teams of VCs. Besides, the
thesis helps entrepreneurs to develop an orientation for the work and communication
with VC-investors. Further research, especially quantitative studies are needed to
prove the findings of this thesis.
The Energiewende as concept and policy strategy for an energy transformation towards a renewable energy regime in Germany, has since its very beginning included many societal goals beyond the mere shift towards renewables. The decentralised dimension based on principles of energy democracy have characterise the roots of the transition, and through the distinct legislative framework in Germany, mainly by the Renewable Energy Source Act(EEG), the market landscape has reached a large degree of actor heterogeneity mainly constituted by small players. However, in recent years this decentralisation has been challenged by a variety of different policies, resulting from European Union and national legislation. This research outlines how these two governance levels have evolved with respect to the renewable energy regime and how certain policies have affected the decentralised dimension of the Energiewende. Through this policy analysis on the shifting framework, many risks for the continued existence of the renewable energy regime in Germany based on decentralised principles have arisen are being outlined. Small actors under the new market-based conditions have been strongly impacted by the shifting regime and first results of the regime change have been analysed and show the challenges. Based on those findings, the analysis has concluded that to a certain degree, mainly in the legal and policy spheres, a shift towards a more centralised renewable energy regime that favours concentrated ownership structures has occurred. The main drivers have been market-based interests pushed forward by the European Union and a decreased effort of Germany to uphold its renewable energy market design which allowed the shift towards decentralisation. However, the paper also concludes that it is yet too early to say if an overall shift towards centralisation has taken place, as the recent developments of the new regime will have to be further monitored in the coming years, and it will have to be seen how smaller market actors will continue to respond to a framework which is no longer in their favour in the long-run.
Under the influence of scientific and technological progress during the last decades the world economy is gradually entering into a new, postindustrial stage of its development. That predetermines a full restructuring of industrial production and acquiring by it a new quality to satisfy humans’ needs. Postindustrial society is the product of technological revolution, which results are reflected in specific innovative products and technologies and embodied in industrial production. Not every country has a high-tech potential, and many labor-intensive nations remain behind. That is why industrial policy is back on the agenda. Reviewing and reorganizing Ukrainian industry is crucial for the further development. During the last decades reforms adopted by the government have almost ruined Ukrainian industry: technologically advanced sectors have disappeared, hundreds of enterprises were closed. In this work it will be crucial to evaluate industrial complex of Ukraine and combine it with exploration of trade structure with the EU, as one of the biggest trading partner. In that way it will be clear where Ukraine has comparative advantages and on which stage of technological development it is. Signing Deep and Comprehensive Free Trade Area agreement was an important mark in trade integration with the EU, so it would be relevant to monitor whether Ukraine would be able to use all the benefits presented by the agreement effectively in order to enhance country’s modernization.