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In 2013, Germany, a world leading industrialized nation published its Industry 4.0 strategic plan. The term Industry 4.0 has been referred to the Fourth Industrial Revolution. In this paper, in the era of Industry 4.0, we studied the importance of three types of legitimacy related to the different stages of new ventures. A framework was designed using the concept of guanxi to better understand its relationship to the corporate life cycle. In this study, two different kinds of guanxi, business and political, affect the legitimacy of a company. [ABSTRACT FROM AUTHOR]

This paper explores how entrepreneurs from different national cultures deal with cultural diversity of their entrepreneurial teams. The explorative research looks at six case studies in different stages of the venture process. The paper delivers insights from early to later phases of start-ups. From the case-study research and theoretic considerations the paper develops different propositions. Core findings are: first, in cross-cultural teams monochronic/low-context/high-space entrepreneurs strongly structure tasks. Second, polychronic/high-context/low-space founders tend to supply external contacts to the diverse team. Third, polychronic/high-context/low-space founders have a propensity to stimulate communication procedures. Fourth, enhanced communication in cross-cultural teams seems to be related to creativity. At last, monochronic/low-context/high-space founders tend to deny positive effects from cultural diversity. [ABSTRACT FROM AUTHOR]

Successful fixed exchange rate regimes impose policy disciplines that are likely to lead to conformity in the business cycles of the participating countries. This conjecture is borne out in the present paper by the evidence that the business cycle affiliation of ERM member countries has shifted from the United States to Germany since the formation of the ERM. This effect is bolstered by growing links in trade and finance between the European countries. The United Kingdom is conspicuous among these in that its business cycle affiliation did not change in the period of study. [ABSTRACT FROM AUTHOR]

The article discusses the experimental markets based on institutional changes of agricultural entitlement policies in Germany. It is said that a study is conducted in which experimental and eBay markets were designed to determine the value of entitlements. Results show that institutional effect outweighs the excess-supply or excess-demand condition. The article also offers information on bilateral negotiations in the trade of agricultural payment entitlements. It is mentioned that an experimental research was done on bargaining in decentralized markets.

Until October 2004, corporate insiders in Germany were required to report trades in the shares of their firm ‘without delay’. Yet in practice, substantial reporting delays were common. We show that the delays are related systematically to the characteristics of the firm. Delays are longer in firms with dispersed ownership and in firms using German accounting standards. This suggests that managers of these firms are less responsive to the informational requirements of the capital market. We further find that abnormal returns after the reporting date of an insider trade are independent of the reporting delay. This implies that prices are distorted in the period between the insider trading and the reporting date. This is a strong point in favour of regulations that require and enforce the immediate disclosure of insider trades. [ABSTRACT FROM AUTHOR]

We compare behaviour of students and professional traders from an influential German bank in an option pricing experiment. The arbitrage free price is independent of the probability distribution of the underlying asset. Students show a probability-dependent option valuation, but learn to exploit more arbitrage with experience. The professional traders exhibit a less probability sensitive valuation, but their performance is lower than the students'. We explain this with a more intuitive and less analytic approach used by the professional traders, despite their superior knowledge of financial markets, due to the lack of known probability distributions in real markets. Copyright © 2006 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

This article provides a particular perspective on change in the spatial structure and organization of the German advertising industry. This in turn involves integrating the change into the wider debates on territory and innovation which have strongly influenced regional science over the last 20 years, focusing on two opposing views of the relation between actors and their environment: the GREMI approach of innovative milieus and Storper and Walker’s “window of locational opportunity” argument. After a brief outline of the theoretical framework, the innovation process within German advertising is traced, starting from the success story of one pioneer agency and examining its impact on the national landscape of advertising agencies and on the pattern of competition between them. It is concluded that in conceptualizing the spatial dimension of innovation in business services, it is vital to take the labor market of professionals into account.

The traditional business focus of credit co-operatives is locally oriented and business success is explained by the efficient way to induce monitoring of borrowers. Church-based credit co-operatives in Germany are not that locally oriented but were extraordinary successful over the last decades. First, this analysis describes the special characteristics of church-based institutions compared to other credit co-operatives. This part is based on a historical backward glance, an analysis of annual reports and a survey on their business policy. Second, we discuss the special characteristics of church-based credit co-operatives to explain the business success in a broader context and to understand the perspectives of credit co-operative banking beyond the local orientation. [ABSTRACT FROM AUTHOR]