Erfolgsfaktoren: Evidenz von börsenkotierten Unternehmen aus Deutschland, Österreich und der Schweiz
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Erfolgsfaktoren: Evidenz von börsenkotierten Unternehmen aus Deutschland, Österreich und der Schweiz
Lux, Wilfried | Waibel, Roland | Gehrig, Marco
Der Betriebswirt, Vol. 62 (2021), Iss. 2 : pp. 99–122
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Wilfried Lux ist Professor für Finanzmanagement und Controlling an der OST Ostschweizer Fachhochschule und leitet dort das Kompetenzzentrum Finanzmanagement und Controlling.
Roland Waibel (†) war Professor für systemisches Management an der OST Ostschweizer Fachhochschule und leitete dort das Institut für Unternehmensführung.
Marco Gehrig, WP, ist Professor für Finanzmanagement und Controlling an der OST Ostschweizer Fachhochschule.
References
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Google Scholar -
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Google Scholar -
Gülfen, T./Sule, Y. (2016): The Impact of Operating Expenditures on Firm Performance in Turkey: Evidence from Technology Sector, in: Ekonomika, vol. 62, Oct–Dec 2016, pp. 1–16.
Google Scholar -
Gunasekarage, A./Luong, H./Truong, T. T. (2020): Growth and Market Share Matrix, CEO Power, and Firm Performance, in: Pacific Basin Finance Journal, Elsevier, vol. 59.
Google Scholar -
Heilmann, M. (2018): Korrelation von Erfolgsfaktoren als Problem der Erfolgsfaktorenforschung. Erfolgsfaktorenforschung auf den Zahl gefühlt, 20.
Google Scholar -
Hofstede, G. et al. (2010): Cultures and Organizations: Software of the Mind, McGraw-Hill, New York.
Google Scholar -
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Google Scholar -
Homburg, C./Krohmer, H. (2004): Die Fliegenpatsche als Instrument des wissenschaftlichen Dialogs, in: Wissenschaftliche Arbeitspapiere, Nr. W74, Universität Mannheim, Mannheim.
Google Scholar -
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Google Scholar -
Kang, W./Montoya, M. (2014): The Impact of Product Portfolio Strategy on Financial Performance: The Roles of Product Development and Market Entry Decisions, in: Journal of Product Innovation Management, vol. 31, issue 3.
Google Scholar -
Karakaya, F./Parayitam, S. (2012): Barriers to entry and firm performance: a proposed model and curvilinear relationsships, in: Journal of Strategic Marketing, vol. 21, issue 1, pp. 25–47.
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Kennington, C./Sekhon, H. (2000): Buyer seller relationships in the UK insurance market: Does performance match market share?, in: Journal of Financial Services Marketing, vol. 5, pp. 40–48.
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Lee, C.-C. (2013): Business service market share, international operation strategy and performance, in: Baltic Journal of Management, vol. 8, no. 4, pp. 463–485.
Google Scholar -
Lee, J. (2009): Does Size Matter in Firm Performance? Evidence from US Public Firms, in: International Journal of the Economics of Business 16(2), pp. 189–203.
Google Scholar -
Li, Y./Chiu, Y./Lin, T./Huang, Y.Y. (2019): Market share and performance in Taiwanese banks: min/max SBM DEA, in: TOP – An official Journal of the Spanish Society of Statistics and Operations Research, vol. 27, Feb 2019.
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Muchemwa, R./Padia, N./Callaghan, C. W. (2016): Board Composition, Board Size and Financial Performance of Johannesburg Stock Exchange Companies, in: South African Journal of Economic and Management Sciences (SAJEMS), 19 (4), pp. 497–513.
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Muchtar, D./Nor, F. M./Albra, W./Arifai, M./Ahmar, A. S. (2018): Dynamic Performance of Indonesian public companies: An analysis of financial decision behavior, in: Elgammal, M.M. (ed.): Cogent Economics & Finance, vol. 6, issue 1.
Google Scholar -
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Google Scholar -
O’Regan, N. (2002): Market Share: The conduit to future success?, in: European Business Review 14 (4), pp. 287–293.
Google Scholar -
Pehrsson, A. (2009): Barriers to entry and market strategy: a literature review and a proposed model, in: European Business Review, vol. 21, issue 1, pp. 64–77.
Google Scholar -
Pennington, M. (2004): The Myth of Market Share: Why Market Share is the Fool’s Gold of Business, in: Journal of Fashion Marketing and Management, vol. 8, issue 2, pp. 245–247.
Google Scholar -
Porter, M. (2014): Wettbewerbsvorteile: Spitzenleistungen erreichen und behaupten, Campus, Frankfurt.
Google Scholar -
Post, C./Byron, K. (2015): Women on Boards and Firm Financial Performance: A Meta-Analysis, in: Academy of Management vol. 58, no. 5.
Google Scholar -
Qureshi, M. A./Yousaf, M. (2014): Determinants of profit heterogeneity at firm level: evidence from Pakistan, in: International Journal of Commerce and Management, vol. 24, pp. 25–39.
Google Scholar -
Raynor, M./Ahmed, M. (2013): The three rules – How exceptional companies think, Portfolio, New York.
Google Scholar -
Roberts, P. W./Dowling, G.R. (2002): Corporate reputation and sustained superior financial performance, in: Strategic Management Journal, vol. 23, issue 12, Dec 2002, pp. 1077–1093.
Google Scholar -
Rodriguez-Fernandez, M. (2015): Company financial performance: Does board size matter? Case of the EUROSTOXX50 index, in: Cuadernos de Gestion, vol. 15, no. 2 (2015), pp. 15–38.
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Seifzadeh, P. (2016): Corporate Controls, Geographic dispersion, and their effect on Corporate Financial Performance in Related Diversified Corporations, in: Journal of Strategy and Management, vol. 10, issue 1.
Google Scholar -
Shukla, R. (2020): Market Structure, Entry Barriers, and Firm’s R&D Intensity: Panel Data Evidence from Electronics Goods Sector in India, in: Journal of Industry, Competition and Trade, vol. 20, issue 1, pp. 115–137.
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Singh, A. K./Singhania, S./Sardana, V. (2019): Do Women of Boards affect Firm’s Financial Performance? Evidence from Indian IPO Firms, in: Australasian Accounting, Business and Finance Journal, vol. 13, issue 2 (Women in Business in India), pp. 53–68.
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Smith, R.E./Wright, W. F. (2004): Determinants of Customer Loyalty and Financial Performance, in: Journal of Management Accounting Research 16 (1), pp. 183–205.
Google Scholar -
Stank, T. P./Goldsby, T. J./Vickery, S. K./Savitskie, K. (2003): Logistics Service Performance: Estimating its Influence on Market Share, in: Journal of Business Logistics, vol 24, issue 1, pp. 27–55.
Google Scholar -
Vafaei, A./Ahmed, K./Mather, P. (2015): Board Diversity and Financial Performance in the Top 500 Australian Firms, in: AAR – Australian Accounting Review, vol. 25, issue 4, Dec 2015, pp. 413–427.
Google Scholar -
Waibel, R. et al. (2019): Betriebswirtschaft für Führungspersonen. Die Erfolgslogik unternehmerischen Denkens und Handelns, Versus, Zürich.
Google Scholar -
Zelgalve, E./Berzkalne, I. (2015): The Impact of Debt Ratios on Corporate Financial Performance: the Case of Baltic Listed Companies, in: Applied Economics: Systematic Research, vol. 9.
Google Scholar -
Fang, E./Palmatier, R. W./Grewal, R. (2011): Effects of Customer and Innovation Asset Configuration Strategies on Firm Performance, in: Journal of Marketing Research, vol. 48, issue 3, pp. 587–602.
Google Scholar -
Forsmann, D. et al. (2013): Erfolgsfaktorenforschung.
Google Scholar -
Gläser, J./Laudel, G. (2010): Experteninterviews und qualitative Inhaltsanalyse als Instrumente rekonstruierender Untersuchungen. Springer-Verlag, Berlin.
Google Scholar -
Gök, O./Peker, S. (2017): Understanding the links among innovation performance, market performance and financial performance, in: Review of Managerial Science, vol. 11, issue 3, no. 4, pp. 605–631.
Google Scholar -
Goffin, H. (2020): Erfolgsunternehmen – empirisch belegte Wege an die Spitze, Springer Gabler, Berlin.
Google Scholar -
Gülfen, T./Sule, Y. (2016): The Impact of Operating Expenditures on Firm Performance in Turkey: Evidence from Technology Sector, in: Ekonomika, vol. 62, Oct–Dec 2016, pp. 1–16.
Google Scholar -
Gunasekarage, A./Luong, H./Truong, T. T. (2020): Growth and Market Share Matrix, CEO Power, and Firm Performance, in: Pacific Basin Finance Journal, Elsevier, vol. 59.
Google Scholar -
Heilmann, M. (2018): Korrelation von Erfolgsfaktoren als Problem der Erfolgsfaktorenforschung. Erfolgsfaktorenforschung auf den Zahl gefühlt, 20.
Google Scholar -
Hofstede, G. et al. (2010): Cultures and Organizations: Software of the Mind, McGraw-Hill, New York.
Google Scholar -
Herrmann, A. et al. (2007): Handbuch Marktforschung, Gabler, Berlin.
Google Scholar -
Homburg, C./Krohmer, H. (2004): Die Fliegenpatsche als Instrument des wissenschaftlichen Dialogs, in: Wissenschaftliche Arbeitspapiere, Nr. W74, Universität Mannheim, Mannheim.
Google Scholar -
Joyce, W. et al. (2003): What really works. The 4 + 2 formula for sustained business success, Harper, New York.
Google Scholar -
Kang, W./Montoya, M. (2014): The Impact of Product Portfolio Strategy on Financial Performance: The Roles of Product Development and Market Entry Decisions, in: Journal of Product Innovation Management, vol. 31, issue 3.
Google Scholar -
Karakaya, F./Parayitam, S. (2012): Barriers to entry and firm performance: a proposed model and curvilinear relationsships, in: Journal of Strategic Marketing, vol. 21, issue 1, pp. 25–47.
Google Scholar -
Kennington, C./Sekhon, H. (2000): Buyer seller relationships in the UK insurance market: Does performance match market share?, in: Journal of Financial Services Marketing, vol. 5, pp. 40–48.
Google Scholar -
Kotabe, M./Karunamoorthy, S./Aulakh, P. S. (2002): Multinationality and Firm Performance: The Moderating Role of R&D and Marketing Capabilities, in: Journal of International Business Studies, vol. 33, issue 1, pp. 79–97.
Google Scholar -
Albers, S./Hildebrandt, L. (2006): Methodische Probleme bei der Erfolgsfaktorenforschung – Messfehler, formative versus reflektive Indikatoren und die Wahl des Strukturgleichungs-Modells. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung. 58(1), pp. 2–33.
Google Scholar -
Andras, T. L./Srinivasan, S. S. (2003): Advertising Intensitiy and R&D Intensitiy: Differences across Industries and their Impact on Firm’s Performance. International Journal of Business and Economics, vol. 2, issue 2, pp. 167–177.
Google Scholar -
Bailom, F. et al. (2013): Was Top-Unternehmen anders machen. Wien: Linde.
Google Scholar -
Baumgarth, C./Evanschitzki, H. (2009): Erfolgsfaktorenforschung, in: Empirische Mastertechniken. Springer. Pp. 235–261.
Google Scholar -
Baumgarth, C./Koch, J. (2009): Inhaltsanalyse, in: Empirische Mastertechniken. Springer.Pp. 131–163.
Google Scholar -
Baur, N./Blasius, J. (2014): Handbuch Methoden der empirischen Sozialforschung. Springer.
Google Scholar -
Blundell, R./Griffith, R./van Reenen, J. (1999): Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms, in: Review of Economic Studies, vol. 66, issue 3, pp. 529–554.
Google Scholar -
Boulding, W./Staelin, R. (1990): Environment, Market Share, and Market Power, in: Management Science, vol. 36, issue 10, pp. 1160–1177.
Google Scholar -
Brah, S. A./Wong, J. L./Rao, B. M. (2000): TQM and business performance in the service sector: A Singapore study, in: International Journal of Operations & Production Management, vol. 20, issue 11, pp. 1293–1312.
Google Scholar -
Bruch, H./Kowalevski, S. (2012): Zwischen Hochleistung und Erschöpfung. St. Gallen. Universität St. Gallen.
Google Scholar -
Buzzell, R. D. (2004): The PIMS program of strategy research: A retrospective appraisal, in: Journal of Business Research, vol. 57, issue 5, pp. 478–483.
Google Scholar -
Capon, N. et al. (1990): Determinants of financial performance: a meta-analysis, in: Management Science, vol. 36, issue 10, pp. 1143–1159.
Google Scholar -
Chang, H. L./Tang, F.-F. (2001): An Empirical Study on Strategic Entry Barriers in Singapore, in: Asia Pacific Journal of Management, vol. 18, pp. 503–517.
Google Scholar -
Christensen et al. (2015): What is disruptive innovation?, in: Harvard Business Review, vol. 91, pp. 44–53.
Google Scholar -
Collins, J. (2011): Der Weg zu den Besten. Die sieben Management-Prinzipien für dauerhaften Unternehmenserfolg. Campus. New York.
Google Scholar -
Colombo, M. G./Croce, A./Murtinu, S. (2010): Ownership structure, Horizontal Agency Costs and the Performance of High-TechEntrepreneurial Firms, in: Small Business Economics, vol. 42, issue 2, pp. 265–282.
Google Scholar -
Dalton, D. R./Daily, C. M./Johnson, J. L./Ellstrand, A. E. (1999): Number of Directors and Financial Performance: A Meta-Analysis, in: The Academy of Management Journal, vol. 42, no. 6, dec. 1999, pp. 674–686.
Google Scholar -
De Meuse, K. P./Vanderheiden, P. A./Bergmann, T. J. (1994): Announced layoffs: Their effect on corporate financial performance, in: Human Resource Management, vol. 33, issue 4.
Google Scholar -
Duppati, G./Sune, A./Samanta, N. (2017): Corporate Governance, research and development volatility and firm performance – Evidence from Spain and Ireland, in: McMillan (ed.): Cogent Economics & Finance, vol. 5, issue 1.
Google Scholar -
Edeling, A./Himme, A. (2018): When does Market Share Matter? New Empirical Generalizations from a Meta-Analysis of the Market Share-Performance Relationship, in: Journal of Marketing, vol. 82, May 2018, pp. 1–24.
Google Scholar -
Eurostat (1999): Unternehmensgröße und Rentabilität: Amt für öffentliche Veröffentlichungen, Luxemburg.
Google Scholar -
Shukla, R. (2020): Market Structure, Entry Barriers, and Firm’s R&D Intensity: Panel Data Evidence from Electronics Goods Sector in India, in: Journal of Industry, Competition and Trade, vol. 20, issue 1, pp. 115–137.
Google Scholar -
Simon, H. (1996): Die heimlichen Gewinner. Die Erfolgsstrategien unbekannter Weltmarktführer, Econ, München.
Google Scholar -
Singh, A. K./Singhania, S./Sardana, V. (2019): Do Women of Boards affect Firm’s Financial Performance? Evidence from Indian IPO Firms, in: Australasian Accounting, Business and Finance Journal, vol. 13, issue 2 (Women in Business in India), pp. 53–68.
Google Scholar -
Singla, H. K. (2011): Does Firm Size Affect Profitability? An Empirical Investigation of Indian Textile Industry, in: Paradigm, vol. XV, no. 1&2 (combined issue), pp. 18–25.
Google Scholar -
Smith, R.E./Wright, W. F. (2004): Determinants of Customer Loyalty and Financial Performance, in: Journal of Management Accounting Research 16 (1), pp. 183–205.
Google Scholar -
Stank, T. P./Goldsby, T. J./Vickery, S. K./Savitskie, K. (2003): Logistics Service Performance: Estimating its Influence on Market Share, in: Journal of Business Logistics, vol 24, issue 1, pp. 27–55.
Google Scholar -
Vafaei, A./Ahmed, K./Mather, P. (2015): Board Diversity and Financial Performance in the Top 500 Australian Firms, in: AAR – Australian Accounting Review, vol. 25, issue 4, Dec 2015, pp. 413–427.
Google Scholar -
Waibel, R. et al. (2019): Betriebswirtschaft für Führungspersonen. Die Erfolgslogik unternehmerischen Denkens und Handelns, Versus, Zürich.
Google Scholar -
Zelgalve, E./Berzkalne, I. (2015): The Impact of Debt Ratios on Corporate Financial Performance: the Case of Baltic Listed Companies, in: Applied Economics: Systematic Research, vol. 9.
Google Scholar -
Seifzadeh, P. (2016): Corporate Controls, Geographic dispersion, and their effect on Corporate Financial Performance in Related Diversified Corporations, in: Journal of Strategy and Management, vol. 10, issue 1.
Google Scholar -
Sardo, F./Serrasqueiro, Z./Alves, H. (2018): On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels, in: International Journal of Hospitality Management, vol. 75, Sept. 2018, pp. 67–74.
Google Scholar -
Sardana, D./Gupta, N./Kumar, V./Terziovski, M. (2020): CSR ‚sustainability‘ practices and firm performance in an emerging economy, in: Journal of Cleaner Production 258 (3), Feb. 2020.
Google Scholar -
Rodriguez-Fernandez, M. (2015): Company financial performance: Does board size matter? Case of the EUROSTOXX50 index, in: Cuadernos de Gestion, vol. 15, no. 2 (2015), pp. 15–38.
Google Scholar -
Roberts, P. W./Dowling, G.R. (2002): Corporate reputation and sustained superior financial performance, in: Strategic Management Journal, vol. 23, issue 12, Dec 2002, pp. 1077–1093.
Google Scholar -
Raynor, M./Ahmed, M. (2013): The three rules – How exceptional companies think, Portfolio, New York.
Google Scholar -
Qureshi, M. A./Yousaf, M. (2014): Determinants of profit heterogeneity at firm level: evidence from Pakistan, in: International Journal of Commerce and Management, vol. 24, pp. 25–39.
Google Scholar -
Post, C./Byron, K. (2015): Women on Boards and Firm Financial Performance: A Meta-Analysis, in: Academy of Management vol. 58, no. 5.
Google Scholar -
Porter, M. (2014): Wettbewerbsvorteile: Spitzenleistungen erreichen und behaupten, Campus, Frankfurt.
Google Scholar -
Pennington, M. (2004): The Myth of Market Share: Why Market Share is the Fool’s Gold of Business, in: Journal of Fashion Marketing and Management, vol. 8, issue 2, pp. 245–247.
Google Scholar -
Pehrsson, A. (2009): Barriers to entry and market strategy: a literature review and a proposed model, in: European Business Review, vol. 21, issue 1, pp. 64–77.
Google Scholar -
O’Regan, N. (2002): Market Share: The conduit to future success?, in: European Business Review 14 (4), pp. 287–293.
Google Scholar -
Nakamura, E. (2011): Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanes Firms, in: Eurasian Business Review, vol. 1.
Google Scholar -
Muchtar, D./Nor, F. M./Albra, W./Arifai, M./Ahmar, A. S. (2018): Dynamic Performance of Indonesian public companies: An analysis of financial decision behavior, in: Elgammal, M.M. (ed.): Cogent Economics & Finance, vol. 6, issue 1.
Google Scholar -
Muchemwa, R./Padia, N./Callaghan, C. W. (2016): Board Composition, Board Size and Financial Performance of Johannesburg Stock Exchange Companies, in: South African Journal of Economic and Management Sciences (SAJEMS), 19 (4), pp. 497–513.
Google Scholar -
Mordelle, E. (2020): Das sind die besten Verwaltungsräte. Verwaltungsrats-Ranking 2020, in: Finanz und Wirtschaft, 55, 11. Juli 2020, pp. 8–15.
Google Scholar -
Mathur, I./Singh, M./Gleason, K.C. (2004): Multinational Diversification and Corporate Performance: Evidence from European Firms, in: European Financial Management, vol. 10, issue 3, pp. 439–464.
Google Scholar -
Lux, W. (2010): Performance Management: Effiziente Strategieentwicklung und -umsetzung, Kohlhammer, Stuttgart.
Google Scholar -
Lorentz, H./Töyli, J./Solakivi, T./Hälinen, H.-M. (2012): Effects of geographic dispersion on intra-firm supply chain performance, in: Supply Chain Management, vol. 17, issue 6, pp. 611–626.
Google Scholar -
Li, Y./Chiu, Y./Lin, T./Huang, Y.Y. (2019): Market share and performance in Taiwanese banks: min/max SBM DEA, in: TOP – An official Journal of the Spanish Society of Statistics and Operations Research, vol. 27, Feb 2019.
Google Scholar -
Lee, J. (2009): Does Size Matter in Firm Performance? Evidence from US Public Firms, in: International Journal of the Economics of Business 16(2), pp. 189–203.
Google Scholar -
Lee, C.-C. (2013): Business service market share, international operation strategy and performance, in: Baltic Journal of Management, vol. 8, no. 4, pp. 463–485.
Google Scholar -
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Abstract
Based on extensive literature research, hypotheses have been derived in order to test the impact of success factors (independend varibles) on the success indicator ROA (return on assets). Those hypotheses have been tested quantitatively and have been validated by expert interviews. The result is a model containing ten success factors which have positive or negative correlations with the dependend variable. With this model it is possible to estimate the result of listed companies based on those ten factors.
Table of Contents
Section Title | Page | Action | Price |
---|---|---|---|
Wilfried Lux / Roland Waibel / Marco Gehrig: Erfolgsfaktoren: Evidenz von börsenkotierten Unternehmen aus Deutschland, Österreich und der Schweiz | 1 | ||
Abstract | 1 | ||
Zusammenfassung | 1 | ||
1. Einführung und Zielsetzung | 2 | ||
2. Methodisches Vorgehen | 3 | ||
3. Theoretischer Kontext: Literaturanalyse zum aktuellen Stand der Erfolgsfaktorenforschung | 5 | ||
4. Hypothesenformulierung und Vorgehen bei der quantitativen Analyse | 9 | ||
5. Ergebnisse der quantitativen Analyse | 1 | ||
6. Validierung bestehender und Exploration neuer Erfolgsfaktoren | 1 | ||
7. Limitationen und Ausblick | 1 | ||
Literatur | 2 |