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Article
Publication date: 26 April 2013

Bernd Britzelmaier, Patrick Kraus, Michael Häberle, Benjamin Mayer and Valentin Beck

The purpose of this paper is to discuss the applicability of value based management (VBM) concepts for small to medium‐sized enterprises (SMEs) and to identify obstacles…

Abstract

Purpose

The purpose of this paper is to discuss the applicability of value based management (VBM) concepts for small to medium‐sized enterprises (SMEs) and to identify obstacles for its implementation. Estimating cost of capital is central to all VBM concepts, it is hence intended to critically analyse approaches that allow estimating cost of capital for non‐publicly traded firms.

Design/methodology/approach

The paper is based on literature review and a case study approach. A case study on estimating the cost of capital has been conducted with a single manufacturing firm in Germany.

Findings

VBM may provide useful management concepts for SMEs. Estimating the cost of capital has been found to be a critical element of implementing VBM concepts. Due to the absence of capital market data, cost of equity in SMEs has to be derived by means of alternative procedures. Results of a case study implicate that a combination of different methods may provide reasonable results in practice.

Research limitations/implications

The applied research approach and the heterogeneity of the SME sector do not allow generalizing the results of this research.

Originality/value

The paper addresses a major barrier for implementing VBM in SMEs. It proposes a combination of analogy and qualitative approaches for estimating the cost of equity in SMEs.

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Article
Publication date: 16 September 2013

Bernd Britzelmaier, Andreas Doll, Michael Häberle and Patrick Kraus

The purpose of this paper is to study the remuneration of management in the financial crisis. What are the key elements of management payment at the Euro Stoxx 50…

Abstract

Purpose

The purpose of this paper is to study the remuneration of management in the financial crisis. What are the key elements of management payment at the Euro Stoxx 50 companies, does management remuneration comprise long-term incentives in order to overcome principal-agent conflicts and how did the financial crisis affect management payment in terms of payment elements and size?

Design/methodology/approach

Based on the Euro Stoxx 50 financial reports of the fiscal year 2009 and other documents elements and size of management payment are being analysed.

Findings

Management payment has been affected by financial crisis. Among the Euro Stoxx 50 companies management remuneration is quite heterogeneous.

Practical implications

There is still a lack of use of appropriate metrics. There are doubts whether measures like TSR really can align manager's decisions to a sustainable, long-term orientated strategy.

Originality/value

The paper gives an insight view in management remuneration at the Euro Stoxx 50 companies.

Details

EuroMed Journal of Business, vol. 8 no. 3
Type: Research Article
ISSN: 1450-2194

Keywords

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Book part
Publication date: 19 July 2018

Patrick Kraus, Bernd Britzelmaier, Peter Stokes and Neil Moore

The overall goal of this chapter is to critique the purported business case for corporate social responsibility (CSR) and sustainability, which persists as a major…

Abstract

Purpose

The overall goal of this chapter is to critique the purported business case for corporate social responsibility (CSR) and sustainability, which persists as a major contentious force in convincing companies to become more sustainable. Extant literature on sustainability, CSR and Socially Responsible Investments (SRIs) generally tends to focus on company perspectives decision-making and approaches. This chapter considers an alternative and under-developed perspective and examines CSR from a consumer/public perspective situated in a German context.

Design/methodology/approach

This chapter builds a comprehensive literature review and employs a research philosophical point of view underpinned by a social constructionist stance. It examines indicators and attitudes towards sustainability and sustainable consumption together with socially responsible investments and considers whether the buying patterns of German consumers may serve as a rationalisation for a potential business case for CSR and sustainability.

Findings

While the awareness of consumers of CSR in Germany towards sustainability tends to be generally relatively prima facie high, it is nevertheless noticeable that German consumers are predominately reluctant to pay a price premium for product possessing a superior sustainability performance. From the alternative lens of SRIs, rather than being a replete and widespread phenomenon, they are still largely a niche market. For these reasons, the potential for the existence of a business case for sustainability, CSR and SRIs tends in reality to be low, in spite of some populist or survey reports and perceptions.

Originality/value

The chapter links a consumer perspective with the business case for CSR. Moreover, it focuses on the German context which tends to be underrepresented in international research.

Details

The Critical State of Corporate Social Responsibility in Europe
Type: Book
ISBN: 978-1-78756-149-6

Keywords

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Article
Publication date: 21 September 2012

Patrick Kraus and Bernd Britzelmaier

Sustainability has become a hot topic in business administration theory. However, there is still a lack of knowledge on how companies can manage sustainability properly…

Abstract

Purpose

Sustainability has become a hot topic in business administration theory. However, there is still a lack of knowledge on how companies can manage sustainability properly. Therefore, the purpose of this paper is two fold. First, it provides an updated discussion on the potential business case for sustainability. Second, it analyses the current state of the implementation of sustainability management in Germany.

Design/methodology/approach

Based on literature review, the paper aims to answer two research questions: are there indications for a business case for sustainability, and what is the current state of implementation of sustainability management in Germany?

Findings

A business case for sustainability seems, in principle, plausible, especially with regard to an individual company basis. The discussion of recent empirical studies in Germany may lead to the conclusion that sustainability management is not yet implemented comprehensively. Remarkably, the management control and finance departments are almost completely uninvolved in the implementation of sustainability.

Research limitations/implications

Empirical research is not provided. The paper proposes to conduct qualitative empirical studies for further research to address the research problem.

Originality/value

The paper integrates German and international literature and therefore represents a comprehensive base for further research. It also brings a number of empirical studies about the implementation of sustainability management, conducted in the German language, into the international discussion.

Details

Journal of Global Responsibility, vol. 3 no. 2
Type: Research Article
ISSN: 2041-2568

Keywords

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Abstract

Details

The Critical State of Corporate Social Responsibility in Europe
Type: Book
ISBN: 978-1-78756-149-6

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Book part
Publication date: 19 July 2018

Abstract

Details

The Critical State of Corporate Social Responsibility in Europe
Type: Book
ISBN: 978-1-78756-149-6

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