Institut für Financial Management

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Browsing Institut für Financial Management by Sustainable Development Goals "8"

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    The role of risk management orientation and the planning function of budgeting in enhancing organizational resilience and its effect on competitive advantages during times of crises
    (2024) Eichholz, Julia; Hoffmann, Nicole; Schwering, Anja
    Global economic crises can have a significant impact on businesses across different sectors, often leading to difficulties or even insolvency. In such a situation, organizational resilience is often considered a means to ensure the competitive advantage. Although the concept has gained popularity in recent years, empirical research on the determinants and effects of organizational resilience remains scarce. Therefore, we first examine the potential management accounting determinants of organizational resilience. Second, we investigate the effect of organizational resilience on competitive advantage. A cross-sectional survey conducted in January and February 2021 resulted in 127 observations of medium- and large-sized German companies. We find that a risk management orientation and the importance of the planning function of budgeting are positively associated with both the adaptive capability factor and the planning factor of organizational resilience. Furthermore, we find that adaptive capability increases a company’s competitive advantage in both business-as-usual situations and in times of crisis. Our findings inform practitioners about how key management accounting concepts, such as risk management and corporate planning, can increase organizational resilience and, consequently, the positive outcomes of organizational resilience.
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    Systemic risk in the banking sector – the German model
    (2024) Burghof, Hans-Peter; Gischer, Horst
    As part of the completion of the European Banking Union, the decision on the organization of institutional and deposit protection is still pending. The mere linking of these two objectives, which are by no means necessarily identical in terms of content, has recently led to heated controversy. This article analyzes the fundamental components of systemic risk in (national) banking markets and provides a cursory insight into the structural characteristics of selected financial systems in the EMU. With a focus on the situation in Germany, criteria are derived that should guide the Europe-wide organization of both institutional and deposit protection. It is empirically substantiated that a diversified (national) banking market, particularly in terms of business models, is fundamentally superior to a homogeneous supply structure in the financial sector. This applies explicitly when banking groups with a similar orientation (“Verbünde”) have separate institutional protection schemes.
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    The volatility of housing prices: Do different types of financial intermediaries affect housing market cycles differently?
    (2024) Braun, Julia; Burghof, Hans-Peter; Langer, Julius; Sommervoll, Dag Einar
    Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies’ health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely between the different countries in terms of both, the available product types and the institutions offering them. This research examines the implications of different financial intermediaries on housing market cycles with special emphasis on two institutional types, conventional banks and building and loan associations. Introducing a heterogeneous agent-based model, the interactions of buyers, sellers, and the two types of credit institutions are assessed. Heterogeneous economic principles and expectations of agents create endogenous market conditions which are strongly influenced by the lending practices of financial intermediaries. Focusing primarily on collateral values to decide about lending, conventional banks may contribute to volatile housing markets which are prone to recessions. Building and loan associations, on the other hand, rely to a greater extent on endogenously created borrower information. Thus, they are able to cushion the volatility of house prices caused by procyclical mortgage lending of conventional banks and increase the stability of the housing market. Simulations show that the most stable market conditions are attained if both types of financial intermediaries serve the mortgage lending market jointly. Furthermore, transaction and homeownership rates are the highest in this market setting. These findings advocate in favor of diversified financial markets.