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The private equity industry has experienced a decade marked by substantial growth. However, as the investment landscape for capital providers has become more complex, the leadership team of private equity firms plays a more crucial role in navigating significant challenges. Focused on two themes, this dissertation explores the background of top management teams (TMTs) in private equity firms, its correlation with fund performance, and the backgrounds of deal lead partners and their risk assessment of leveraged buyout (LBO) investments. The first essay investigates TMT diversity, emphasizing its multi-dimensional connection with fund performance. The study differentiates between socio-demographic and occupational diversity, uncovering various effects on fund outcomes. The second essay constructs a diversity index based on a comprehensive methodology to maximize the correlation between TMT diversity and private equity fund performance. The third essay explores the risk profiles of private equity partners in LBO investment decisions, establishing a link between socio-demographic backgrounds and distinct risk assessment archetypes. This dissertation contributes to the literature in the intersection of private equity and TMT, providing insights for scholars and practitioners alike.
Exploring takeover dynamics, this dissertation uncovers CEO influence in deal negotiations, revealing a quad-ratic relationship between target CEO age and offer success. It examines Fairness Opinions' role in corporate control, emphasizing their impact on management recommendations and takeover success, particularly with independent assessors. The study outlines how signaling in corporate transactions can be both beneficial and potentially manipulative, depending on the alignment of incentives and the availability of information.
Interactions involving multiple parties and necessitating their agreement are pervasive in both market and non-market settings. As the number of participants increases, these situations become progressively complex to describe and analyze. Despite the prolific nature of such scenarios, a comprehensive conceptual framework addressing such settings is often lacking. The focus of this dissertation lies in a distinct type of multilateral interaction, where a commitment of a group, or a coalition, of participants is required for achieving a positive surplus. The analysis encompasses three scenarios, namely, government formation in parliamentary democracies, bilateral trading on a market with multiple buyers and sellers, and resource allocation in the US presidential campaign. This dissertation proposes an approach that provides axiomatic foundations for a theory of coalition formation in these settings, and, for two of these scenarios, simultaneously provides an empirically accurate forecast methodology.
Bedingt durch Digitalisierung und Globalisierung, Inter- als auch Intra-Wettbewerb sind verstärkt Managemententscheidungen im Messewesen hin zur Internationalisierung zu beobachten. Wirtschaftlich sehr bedeutend, ist China auch für die Internationalisierungsstrategien von Messeveranstaltern essentiell. Dabei erfolgt beim Transfer der Heimatmesse vom Standort Deutschland nach Asien entweder eine Anpassung oder eine Differenzierung der Messemarke. Die Forschungsarbeit fußt auf dem Verständnis der holistischen Markengestaltung des Leistungsbündels „Messeveranstaltung“ mittels Marken-Design. Ausgehend von der Markenarchitektur der messespezifischen Dachmarkenstrategie und deren kommunikationspolitischen Markenführungselementen werden Implikationen auf die physisch-kommunikative Gestaltung internationalisierter Transfermarken getroffen. Die Untersuchung konzentriert sich auf die wahrnehmungsbezogene Evaluation visueller Stimuli bzw. Schemata und deren identitätsorientierten Wirkung in der Outside-In Perspektive des asiatischen Marktes. Kulturspezifische Merkmale des Auslandsmarktes sind dabei erstmalig in der Gestaltung von Messemarken berücksichtigt. Per dato nicht betrachtet, weist die Arbeit mittels Marken-Fit-Analyse Imagetransfereffekte empirisch nach. Somit ist eine Ableitung von Handlungsempfehlungen für das Markenmanagement von Messeveranstaltern möglich und der Transfer von Theorie zur Praxis wird hergestellt.