@masterthesis{Haehn, type = {Bachelor Thesis}, author = {H{\"a}hn, Fabian}, title = {The Disclosure of Alternative Performance Measures at the German Capital Market}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-2114}, school = {Hochschule Rhein-Waal}, pages = {93}, abstract = {While the regulation of non-standardized, voluntarily disclosed earnings figures - so- called Alternative Performance Measures (APMs) - has been part of the standard setting for over a decade now in the USA, the first extensive legally binding regulations for the EU and Germany have been coming into action in 2016 with the ESMA Guidelines on Alternative Performance Measures. In order to evaluate the impact of the guidelines on the APM reporting behavior of German large stock-listed companies, the annual reports of an adjusted sample of DAX30 and MDAX corporations are examined for the financial years 2014, 2015, and 2016. The empirical results show a slight decrease in the dissemination of APMs when comparing the results for 2015 and 2016. Moreover, the portion of companies reconciling the adjustments made in the calculation of APMs has increased significantly in the post-ESMA Guidelines period while the number of annual reports without any reconciliation has declined simultaneously. Furthermore, the results indicate a significant decrease in the amount of adjustments between normal and modified earnings figures that are published by the same company when comparing the periods prior and subsequent to the issuance of the ESMA Guidelines. A comparison to the developments in the USA following Regulation G shows a much smaller impact of the ESMA Guidelines on the countries' companies. Nonetheless, this may be due to the differences in structure and competencies between the securities authorities in the US and the EU. However, it can be concluded that by reversing the trend of an increasing use of APMs, the ESMA has achieved some of its goals.}, language = {en} } @masterthesis{Schlossarek, type = {Bachelor Thesis}, author = {Schlossarek, Nina Tangyue}, title = {FinTechs in Germany - Current Status and Potential Impact on the Financial System}, school = {Hochschule Rhein-Waal}, abstract = {The development of technologies that created FinTechs have brought new possibilities for customers into life that provide a quick and convenient handling of operations by covering various segments of the financial industry. However, the innovations also implicate drawbacks: Traditional banks may be threatened due to a loss of customers. This thesis evaluates to which extent this case can be measured by executing quantitative research methods as well as qualitative research methods for the purpose of gaining information from a bank's perspective as well as opinions from customers. The result of this empirical study is that there is a certain correlation between the development of FinTechs and a threat caused by FinTechs although the latter is rather weak. Furthermore, this thesis indicates the knowledge of customers regarding FinTechs and their willingness to face said innovations.}, language = {en} } @masterthesis{Langer, type = {Bachelor Thesis}, author = {Langer, Sven}, title = {Influence of Cryptocurrencies on the Economy: A Potential-Analysis of Bitcoin as an Alternative Currency}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-6909}, school = {Hochschule Rhein-Waal}, pages = {89}, abstract = {"Right now, Bitcoin feels like the Internet before the browser" (Casares, 2020). This quote sums up most of the current thoughts on the phenomenon of a ground-breaking invention from 2008 by Satoshi Nakamoto since a major part of the world's population is still missing out on sophisticated knowledge about it. Especially in times of digitalization, it is of enormous value to be informed about current developments in technology. This thesis aims to evaluate the future development of money, especially if Bitcoin has the potential to totally replace conventional currencies. Furthermore, the strengths and shortcomings of Bitcoin will be discussed. It also reaches to determine characteristics for a currency's long-term success and which of those characteristics are fulfilled by Bitcoin. To answer the research question if Bitcoin has the potential to be an alternative currency and to test the developed hypotheses, pertinent literature is reviewed and an empirical study consisting of expert interviews which are examined using a qualitative structured content analysis method, are conducted. Afterwards, the results are critically discussed. The results of this thesis reveal that Bitcoin has the potential to become an alternative currency because it fulfills most of the criteria a currency needs to meet to be successful in the long run. Furthermore, it is evident that Bitcoin still faces vast barriers and needs to overcome enormous obstacles, which shifts the time horizon for becoming a success somewhere in the farther future. Additionally, apart from the development of cryptocurrencies, it is shown that money in general, will flow much more digitally in the short run. Besides that, this thesis offers insights about the promising future of Bitcoin's underlying core technology, the Blockchain, in various fields of application.}, language = {en} } @masterthesis{Mueller, type = {Bachelor Thesis}, author = {M{\"u}ller, Felix}, title = {Alternative Performance Measures in Board Compensation - Theoretical Analysis and Empirical Investigation of German DAX Companies}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-7178}, school = {Hochschule Rhein-Waal}, pages = {69}, abstract = {This work investigates in how far Alternative Performance Measures (APM) are suitable to serve as the benchmark for achievement of financial targets by board members of stock-listed companies. Therefore, the concept of board compensation is outlined, the phenomenon of APM is defined, and the main points of scholarly interest in both subject areas are addressed. Through reviewing existing literature that investigates the use of APM within board compensation systems, the rationale for their use and the associated (dis-)advantages are determined. It is shown that the use of APM in board compensation can lead to greater alignment between board members and shareholders' interests, in-crease sensitivity of pay to performance, and improve the information content of APM published elsewhere. However, using APM can also lead to excessive pay, which may be a result of managerial opportunism. Strong corporate governance mechanisms ap-pear to be relevant for ensuring an appropriate use of APM in compensation systems. The use of APM within board compensation schemes of large German stock-listed com-panies in the fiscal year 2019 is investigated empirically. The relevance of such measures is found to be high, and they determine a large portion of total variable pay. The specific APM used within compensation schemes and those disclosed in annual reports are partially divergent, especially when it comes to growth-related, capital effi-ciency-related, and capital structure-related measures. Nonetheless, APM used in com-pensation systems are identified as a subgroup of APM disclosed in the annual report.}, language = {en} } @masterthesis{Celik, type = {Bachelor Thesis}, author = {Celik, Sizel}, title = {Virtual Influencers in Brand Management: A comparison between human and artificial Influencers}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-20735}, school = {Hochschule Rhein-Waal}, pages = {53}, abstract = {This Bachelor Thesis examines the impact of Virtual Influencers (VIs) on Brand Management by comparing them with Human Influencers (HIs) in various dimensions. The research question is: "What impact can Virtual Influencers have on Brand Management?". The aim is to identify the advantages and disadvantages of VIs from a Brand Management perspective. The research utilizes a literature review and comparison to evaluate key dimensions such as authenticity, credibility, engagement, diversity, flexibility and Marketing effectiveness. The results show that VIs offer significant benefits, including flexibility, adaptability, diversity, high engagement rates, increased brand awareness and cost-effectiveness. VIs can operate without time, location or health restrictions and can be precisely customized to the brand strategy. They also achieve higher engagement rates, especially with sponsored posts, and can effectively increase brand visibility and recognition. However, the study also identifies several challenges associated with VIs. These include authenticity issues, as VIs do not have real-life experiences, making it difficult to develop real emotional connections with followers. In addition, VIs may struggle to gain credibility when promoting physical products and may not be as effective at generating purchase intention as HIs. The reduced parasocial interactions and initial distrust of users are also notable drawbacks. Overall, the research concludes that while VIs offer great potential for Brand Management and bring unique benefits, brands need to carefully consider the challenges associated with them. Integrating VIs into Marketing strategies requires addressing authenticity and emotional connection issues to maximize their effectiveness in influencing consumer behavior and building trust-based relationships.}, language = {en} } @masterthesis{Paradis, type = {Bachelor Thesis}, author = {Paradis, Fabian}, title = {Innovation and Digital Transformation: Reshaping the Future of Food Retail}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-20748}, school = {Hochschule Rhein-Waal}, pages = {61}, abstract = {The aim of this bachelor thesis is to find out how the future of food retail will be influenced by digital technologies and innovations in this market. For that purpose the following research question ‚How do new technologies and innovations impact grocery retailers' will be answered. In order to do that a qualitative literature review has been performed. The majority of the literature is relatively new and deals with topics such as digitalization methods, business models, and innovative technologies. In addition to that, examples of companies that already apply such technologies have been presented in this thesis. The qualitative study shows, that companies operating in the field of grocery retailing are deeply affected by digital changes. The pressure from e-commerce startups as well as the adaption to customer needs forces participants in the market to innovate faster in digital technologies with large monetary investments. The results demonstrate that companies have to plan the implementation of digital technologies strategically in order to stay competitive in the market. On this basis, it is recommended, that companies make use of theoretical approaches to plan and outline future investments.}, language = {en} } @masterthesis{Turan, type = {Bachelor Thesis}, author = {Turan, B{\"u}sra}, title = {Islamic Banking and Finance: Supply and Demand in Germany}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-20284}, school = {Hochschule Rhein-Waal}, pages = {60}, abstract = {This paper examines the current landscape of Islamic banking and finance in Germany through two research approaches. The online survey investigated the awareness and perception of consumers, the views on Islamic banks, the social media presence and advertisements of Islamic banks, the usage of consumers, and the demographics of the group. The survey reached 402 participants consisting of Muslims and Non-Muslims, who expressed a moderate demand for Islamic banks. The Internet analysis, focused on search results on Google, identifying the suppliers of Islamic banking and finance products and services within the first ten links. Currently, KT Bank AG is the only Islamic bank operating in Germany. Zinsfrei Investments GmbH and Inaia GmbH provide financial services in the investment sector. Overall, the current landscape shows a moderate demand and a limited supply.}, language = {en} } @masterthesis{Hadi2025, type = {Bachelor Thesis}, author = {Hadi, Abdul}, title = {Impact of Artificial Intelligence on Capital Market Efficiency and Investment Behavior: A Comparative Analysis of Investors in Developed and Emerging Markets}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-22350}, school = {Hochschule Rhein-Waal}, pages = {73}, year = {2025}, abstract = {This thesis explores the transformative impact of Artificial Intelligence (AI) on capital market efficiency and investor behavior, with a comparative lens on developed and emerging markets. It investigates how AI technologies—such as machine learning, robo-advisors, and algorithmic trading—are reshaping investment strategies, reducing behavioral biases, and influencing market dynamics. The study integrates theoretical frameworks, including the Efficient Market Hypothesis, Behavioral Finance, and the Adaptive Markets Hypothesis, to contextualize AI's role in modern finance. A mixed-methods approach combines literature review, empirical analysis, and survey data from Germany, India, and Pakistan to assess regional disparities in AI adoption, trust, and effectiveness. Findings reveal that while AI enhances decision-making and market efficiency, its benefits are unevenly distributed due to infrastructural, regulatory, and digital literacy gaps. German investors exhibit higher trust and adoption rates, leading to more efficient and diversified investment behavior, whereas emerging markets face barriers such as limited access and awareness. The thesis concludes with policy recommendations to foster inclusive AI integration and outlines future research directions to bridge the digital divide in global financial systems}, language = {en} } @masterthesis{Rau, type = {Bachelor Thesis}, author = {Rau, Katja}, title = {Impact Investments - A Performance Analysis of Impact Funds}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-5326}, school = {Hochschule Rhein-Waal}, pages = {66}, abstract = {Impact investing emerged as an investment option that can bridge the gap between funding from governments and philanthropist to combat social and environmental challenges (Bugg-Levine \& Goldstein, 2009, p.41). However, many skeptical voices arise regarding impact investing, because some issues hinder the growth the impact investing market (Gray et al., 2015, p.3). Regulatory intervention is needed to overcome the persisting challenges (Martin, 2013, p.18). Therefore, a literature review was undertaken in order to give an overview of existing regulatory measures and initiatives that have been implemented in different regions to foster the growth of the impact investing market, especially in the light of the taxonomy that was recently proposed by the EU. The literature review revealed that many regulations and initiatives have been established across the world, however the regulatory environment regarding impact investing is currently fragmented. Therefore, it is important that governments collaborate to uniformize regulations on a global level. Furthermore, this paper aims to find out how impact funds perform financially in comparison to conventional funds. In order to answer that question a performance analysis, using the Sharpe Ratio as a performance indicator, was conducted. The performance analysis indicated that impact funds perform slightly better than conventional funds. The result goes in line with existing studies that have analyzed the performance of impact investments. This paper indicates that impact investments can compete with conventional investments, but that there is still a lot to be done to bring the market to scale.}, language = {en} } @masterthesis{Zerwas, type = {Bachelor Thesis}, author = {Zerwas, Marvin}, title = {Financial Stability of Football Clubs: Theoretical Background and Empirical Analysis of Selected European Clubs}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-6322}, school = {Hochschule Rhein-Waal}, pages = {58}, abstract = {Professional football's economic attractiveness is enormous due to its popularity and broad anchoring in society. Consequently, the conditions for clubs have also changed. Today it is not only important to be successful in sports, but also to do business in a solid and sustainable way. Nevertheless, many clubs are still not able to do so. This is due on the one hand to a lack of experience and deficits in the management and control systems and on the other hand to the mindset to buy sporting success by all means. This frequently leads to clubs operating beyond their means and regularly posting high losses. Sustainable investments and future growth are often disregarded. That is why UEFA decided to introduce the Financial Fair play regulations in the year 2013. The rule is in place to avoid debt and to ensure healthy business operations over the long term. The analysis shows that in 2018 clubs will be more focused on using less debt to finance their activities and will be able to pay more debt than in 2012.}, language = {en} } @masterthesis{TranBui, type = {Bachelor Thesis}, author = {Tran Bui, Minh Anh}, title = {Initial Exchange Offerings and the Presence of Underpricing}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-14682}, school = {Hochschule Rhein-Waal}, pages = {92}, abstract = {Cryptocurrency and blockchain entail various disruptive aspects, especially in finance. One of them is the formation of new financing mechanisms through the offer of tokens. Although they have opened new avenues for investors and allowed a vast number of entrepreneurs to raise a substantial amount of capital, the knowledge about their economic purposes and performance remains fragmented and heterogeneous. While initial coin offering (ICO) has been a more prominent focus in past studies, few to none encompass initial exchange offering (IEO). This paper is leveraged to address this gap and to provide a better understanding of IEO by primarily analysing the shift from crowdfunding, then, it considers the underlying technology and the wide variety of tokens. Subsequently, the main rationales are underlined, dividing into the incentives for both entrepreneurs and investors as well as challenges around the concept. Followed by an empirical examination and theoretical explanations for the findings of underpricing in this novel mechanism, in certain cases, results are connected to earlier ICO and IPO studies. For this research, a sample of 105 IEOs was manually collected and statistical descriptive tools, as well as a robust regression model, were conducted. It is discovered that the presence of underpricing is significant and IEOs are subject to heavy underpricing. Moreover, a set of variables that could influence the magnitude of underpricing was presented, suggesting for instance that greater issue size has significant effects whereas an optimistic market would likely increase underpricing.}, language = {en} } @masterthesis{Fischer, type = {Bachelor Thesis}, author = {Fischer, Luca Cedric}, title = {An Empirical Investigation on the Transparency of Capital Costs in the Annual Report among the DAX40 Companies}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-13679}, school = {Hochschule Rhein-Waal}, pages = {78}, abstract = {This study identifies the transparency levels of the DAX40 companies regarding their disclosure of capital costs. With reference to a theoretical foundation, capital cost theory and its origins are outlined, while the respective financial reporting standards according to IFRS and HGB are discussed. In the matter of preliminary step before examining the annual reports of the mentioned German companies, transparency in financial reporting is critically assessed in an in-depth literature review. The topics of efficiency of transparency, motives for transparency variations and consequences of transparency for companies are included. As a result, five hypotheses were derived that build the basis for the subsequent empirical case study. Thus, H1 expects most of the companies within the DAX to not transparently publish their capital costs within their annual reports. H2 expects that none of the DAX companies are transparent about their calculation scheme and application regarding the beta coefficient. H3 assumes that most companies listed in the DAX are inconsistent with their capital costs used for the Impairment Only Approach compared to the capital costs communicated in the management report. H4 predicts that most DAX companies are not publishing separate WACC's and derivation of capital cost parameters along their business units. Finally, H5 expects the ten new joiners within the DAX to be more transparent and consistent regarding their publication of capital costs and calculation schemes than their 30 peers. Ultimately, H1, H3, and H5 were rejected, while H2 and H4 were confirmed}, language = {en} } @masterthesis{Trost, type = {Bachelor Thesis}, author = {Trost, Jan}, title = {How to evaluate the financial performance of soccer clubs}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-12787}, school = {Hochschule Rhein-Waal}, pages = {119}, abstract = {Professional soccer is the most popular sport in the world with growing social and eco-nomic importance. It has constructed its own sector and is a continuously enlarging economy, making it mandatory for the stakeholders in this industry to be able to evalu-ate the financial performance of soccer clubs. This thesis aims to detect how the finan-cial performance of soccer clubs can be evaluated. For this purpose, multicriteria deci-sion analysis (MCDA) methods and industry-specific factors are used to evaluate the financial performance of ten of the biggest soccer clubs in Europe for the seasons end-ing 2018, 2019, and 2020. To be precise, five different MCDA methods are used as well as a Performance Assessment Model (PAM), which includes sporting performance indicators into the calculation. Furthermore, the correlation between financial and sport-ing performance is being examined. The results show that the use of a multitude of MCDA methods, while also considering sporting performance indicators next to finan-cial ratios, is the best way to evaluate the financial performance of soccer clubs. Addi-tionally, there are other non-financial indicators influencing the financial performance of a soccer club that have to be taken into consideration as well. There is no statistically significant correlation between financial and sporting performance, but they influence each other indirectly due to a club's strategies and objectives.}, language = {en} } @masterthesis{BarbosaSilva, type = {Bachelor Thesis}, author = {Barbosa Silva, Maria Eduarda}, title = {Motivation and Quality Management towards ISO 9001:2015}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-16453}, school = {Hochschule Rhein-Waal}, pages = {48}, abstract = {This bachelor thesis simulates a self-created schematic representation of the elements of a single process in ISO 9001:2015 (officially named as DIN EN ISO 9001:2015), incrementing problem-based aspects regarding employee management and motivation. Methodically, this paper provides a qualitative analysis, demonstrating theoretical and empirical findings in motivational methodologies and quality management. Motivation is a term that reduces itself into a diversifiable definition but is mostly associated to an individual's behavior to achieve goals. Work motivation theories follow different theories to explain the individual's behavior. These theories generate ideas to increase company performance, create goal-achievement, and can be achieved by managers mostly with extrinsic facets. On the other hand, within the DIN EN ISO 9001:2015 quality management system, work quality is divided into four focus areas: process orientation, management with motivational aspects, employee-, and customer satisfaction. Including, DIN EN ISO 9001:2015 is model oriented on a personal management basis. On behalf of the increasing employee-focus in DIN EN ISO 9001:2015, the German Society for Quality (Deutsche Gesellschaft f{\"u}r Qualit{\"a}t) proposes a New-Work model that emphasizes intrinsic motivation in the updated quality management process of DIN EN ISO 9001:2015. As a result of these theoretical findings, this thesis creates its own self-developed problem-based schematic representation of the elements of a single process in DIN EN ISO 9001:2015. Hereby, the current issues of quality management and motivation such as lack of quality awareness or limited motivation impulses in companies using DIN EN ISO 9001:2015 are emphasized and improved in the problem- based model. Quality management and motivation are progressively englobed as one factor in the current and future managerial models, which reinforces the importance of finding a problem-oriented solution.}, language = {en} } @masterthesis{Wienands2025, type = {Bachelor Thesis}, author = {Wienands, Noa Lilly}, title = {The Motivation behind the International Mobility of German University Graduates and Students: A focus on Economic Perceptions and Aspirations for Cultural and Professional Growth}, url = {http://nbn-resolving.de/urn:nbn:de:hbz:1383-opus4-22620}, school = {Hochschule Rhein-Waal}, pages = {89}, year = {2025}, abstract = {This thesis examines the motivations behind the international mobility of German university students and graduates focusing on the role of economic conditions, personal motives, the labor market and perceived career opportunities. It evaluates how the assessment of these aspects influences the willingness to pursue a life and career abroad through a review of existing literature and an online survey conducted by the author. The theoretical background draws on Push-Pull Theory to present migration motives, Neoclassical Economics and the New Economics of Labor Migration to highlight economic reasons and the evaluation of cost and benefits, and Expectancy-Value Theory and Self-Determination Theory to examine the connection of expectations and intrinsic motivations and values related to migration intentions. The data of the survey, conducted among German university students and graduates shows that the economic assessment is not a main motivator for a life abroad but a mix of socioeconomic factors can increase the willingness to go abroad. The study highlights the importance of personal reasons, especially personal growth and cultural experience as it increases the willingness among educated Germans to migrate. Professional growth particularly, if evaluated as better abroad as well as a bad assessment of the German labor market increase the willingness for international mobility. The thesis contributes to a better understanding on the dynamics behind the international mobility intentions among highly skilled individuals in Germany.}, language = {en} }