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This dissertation comprises three individual essays which can be grouped under the banner of “Financial Intermediation”. In the first essay it is analyzed whether there are persistent differences in the performance of different CLO managers in the presumably information inefficient market for syndicated loans. The results suggest that greater management skills are reflected in higher risk-adjusted returns. Moreover, CLO managers seem to profit from private information captured through their affiliation to private equity firms invested in the equity of the firms which debt the CLO holds. This is one of the results of the second paper in which also a clear preference for “own debt” is found for the very first time. This finding has broader implications also for the borrowing costs which shrink through the demand pressure affiliated CLOs create thereby creating incentives for higher levels of debt. In the third article the reaction of socially responsible investment (SRI) stock funds to changes in corporate social responsibility as measured by changes in the constitution of the Dow Jones Sustainability Index relative to conventional funds is analyzed. The results raise doubt on the SRI label: The reaction to index changes is no different for SRI funds than for conventional ones. Furthermore, neither the label nor the average ESG rating are valid predictors for the reaction to changes in the index.
This cumulative dissertation explores the role and nature of practical wisdom in management research and comprises four papers:
1. Bachmann, C., Habisch, A. & Dierksmeier, C. (2017). Practical Wisdom: Management’s No Longer Forgotten Virtue. Journal of Business Ethics. First Online: 12 January 2017, doi: 10.1007/s10551-016-3417-y.
2. Habisch, A. & Bachmann, C. (2016). Empowering practical wisdom from religious
traditions: a ricoeurian approach. International Journal of Corporate Social Responsibility 1(10), 1-9.
3. Bachmann, C. (2014). Can practical wisdom be taught in business schools? An inquiry based learning approach for management education. In P. Blessinger & J. M. Carfora (Hrsg.), Inquiry-Based Learning for the Arts, Humanities, and Social Sciences: A Conceptual and Practical Resource for Educators, (pp. 277-302). Emerald Group Publishing Limited.
4. Bachmann, C., Sasse, L. & Habisch, A.(under review). Applying the Practical Wisdom Lenses in Decision-Making: An Integrative Approach to Humanistic Management. Eingereicht bei: Humanistic Management Journal.
The dissertation is basic research which significantly contributes to the development and systematization of the hitherto unchartered landscape of wisdom-oriented management literature. In this sense, it rediscovers new intellectual territory where further research on the role of practical wisdom in leadership and organizational studies might emerge. The first two papers, on the one hand, focus on theoretical reflections on corporate ethics and wisdom theory. The third and fourth papers, on the other hand, are more application-oriented and specifically related to two main disciplines of management research, i.e. management education (3) and decision-making theory (4).
This dissertation consists of three articles that point out new perspectives on customer experience in service recovery, and that enrich the current state of research through considerable efforts to better understand customer responses to service failure and recovery:
1. Hogreve, J., Bilstein, N., & Mandl, L. (2017). Unveiling the recovery time zone of tolerance: when time matters in service recovery. Journal of the Academy of Marketing Science, doi: 10.1007/s11747-017-0544-7, 1-18.
2. Mandl, L. (2017). Customer conflict styles in service recovery: an empirical analysis. In Buettgen, M. (Ed.), Beiträge zur Dienstleistungsforschung 2016 (pp. 97-113). Wiesbaden: Springer.
3. Mandl, L., & Hogreve, J. (2017). The buffering effect of brand community identification in service failure episodes: the role of customer citizenship behaviors. Paper currently under review at the Journal of Business Research.
The first article takes a new perspective on recovery time and compensation, which service research commonly describes and investigates as two independent service recovery strategies. In contrast, this article discovers and specifies a direct link between recovery time and customers’ compensation expectations about service failures.
The second article presents a new perspective on measuring customer responses to inadequate service recovery. Based on conflict theory, this study conceptually develops and empirically tests a model that examines a broad range of different customer responses to service recovery instead of solely measuring customers’ satisfaction with service recovery.
The third article provides a new perspective on the role of close relationships in service recovery. Whereas most research focuses on the impact of strong customer-firm relationships on customer responses to service recovery, this is the first empirical study to investigate the role of strong relationships in a service recovery and brand community context.
Die kumulative Dissertation befasst sich mit der Rolle von Emotionen in Service Recovery Encountern und umfasst dabei folgende drei Beiträge:
Beitrag 1:
Jerger, Christina (2015). “Customer Service Recovery: The Challenge of Misbehavior in Service Encounters” in: Meyer, Anton (Hrsg.), Fokus Dienstleistungsmarketing: Aktuelle Aspekte in der Dienstleistungsforschung. Springer Gabler, Wiesbaden, S. 119-143.
Beitrag 2:
Jerger, Christina & Jochen Wirtz (2017). Service Employee Responses to Angry Customer Complaints: The Roles of Customer Status and Service Climate, in: Journal of Service Research, forthcoming.
Beitrag 3:
Jerger, Christina & Jens Hogreve (2017). Empathetic Service Recovery: The Impact of Employee Empathic Concern on Customer Responses in the Context of Counterfactual Thinking. Working Paper to be submitted, Katholische Universität Eichstätt-Ingolstadt.
Alle Beiträge erfassen Emotionen als mögliche Reaktionen von Kunden wie auch Mitarbeitern in Service Recovery Encountern, um damit bisherige Studien zu erweitern und die Bedeutsamkeit von Emotionen in der Dienstleistungsforschung weiter zu unterstreichen.
Der erste Artikel setzt sich mit den Auswirkungen von Fehlverhalten (sog. Misbehavior) in Service Recovery Encountern auseinander. Basierend auf bisherigen Forschungsarbeiten, wird die Ansteckung von Fehlverhalten zwischen Kunden und Mitarbeitern näher ausgearbeitet und Service-lügen als mögliche Strategie entgegen der Ansteckung für Mitarbeiter empirisch getestet.
Im zweiten Artikel wird der Fokus auf die Servicemitarbeiter in Service Recovery Encountern gelegt und ihre Reaktionen auf wütende Kundenbeschwerden in Feld- sowie Szenarioexperimenten erfasst. Mitarbeiter sollten alle Kunden gleich behandeln – dazu werden Kundenstatus und Serviceklima des Dienstleistungsunternehmens manipuliert und die Auswirkungen gemessen.
Der dritte Artikel untersucht Kundenreaktionen auf verschiedene Service Recovery Strategien wie insbesondere Empathie als emotionale Mitarbeiterstrategie. Über experimentelle Video-Vignetten werden zwei weitere Strategien manipuliert und mit Empathie verglichen. Die Experimente werden zudem in den Kontext des „Counterfactual Thinking“ eingebettet.
This cumulative dissertation consists of five contributions considering different research questions in the field of multi- and omni-channel retailing and retail logistics.
The first contribution provides an overview of the areas of multi- and omni-channel retail logistics which have already been explored up to and including the year 2015. The focus is on empirical research published in academic journals. The findings are used to derive future areas of research which are addressed in the remainder of this dissertation.
The focus of the contributions 2 and 3 is on retailing with non-perishable goods (non-food retailing). On the one hand, the transition from a channel-specific and thus separated multi-channel logistics system towards a channel-integrated omni-channel logistics system is described and analyzed (contribution 2). On the other hand, retailers who have put time and effort into the integration of their sales channels are striving to use their integrated channels as best as possible, too. Because of the higher sales generated by customers on multiple channels, retailers steer their customers through the channels and use specific methods for order processing and logistics to their advantage (contribution 3).
Contributions 4 and 5 are especially concerned with food retailing on multiple distribution channels. On the one hand, a framework for the delivery of grocery on the last mile to the customer is presented (contribution 4) and on the other hand a supply-chain-wide perspective is taken in order to pinpoint logistics networks and network structures for different geographic regions and order volumes in omni-channel grocery retailing (contribution 5).
With this cumulative dissertation unexplored research in the field of multi- and omni-channel retail logistics is addressed. The overall contribution of this work is to analyze and solve challenges faced by retailers in terms of logistical integration and handling of multiple channels. Both the retail context (food and non-food) as well as a specific topic within this context are focused. In addition, value is added for practitioners in retail enterprises by depicting concrete recommendations in each of the individual contributions. By publishing in international academic journals the research results are made accessible to a broad readership and thus help to understand and solve logistical challenges in dealing with multiple channels in a retail company.