The systematic literature review (SLR) investigates the dynamics of financial communication between small and medium-sized enterprises (SMEs). and banks, with a specific focus on creditor relations (CR). Given the crucial role of debt financing in German SMEs, which primarily rely on banks, this study systematically examines the current research landscape. By analyzing 109 journal papers, the study identifies five key research streams: distance lending, relationship lending and relationship length, the impact of banking relationships and branch density on credit rationing, firm-specific determinants of credit rationing, and the communication between banks and firms regarding hard and soft information. The findings highlight that quantitative analysis is the predominant method, with datasets primarily from the U.S., Italy, and Spain. However, the study reveals a significant gap in the use of newer datasets, as much of the data examined originates from periods before 2003, indicating a need for updated research to address contemporary challenges in creditor relations. The implications underscore the necessity for SMEs to maintain robust and transparent communication channels with banks to foster trust and secure favorable lending terms in an evolving economic landscape. The review concludes with recommendations for future research, particularly in light of recent global events such as COVID-19, emphasizing the importance of utilizing modern data sets to enhance the understanding of financial communication between SMEs and banks.

Unternehmen stehen zunehmend vor der Herausforderung, ihre Steuerungssysteme an neue Marktanforderungen anzupassen. Mit dem vorliegenden Beitrag soll die Entwicklung der Steuerungssysteme der DAX-Unternehmen zwischen 2020 und 2023 untersucht werden. Die Analyse zeigt, dass finanzielle Kennzahlen weiterhin eine zentrale Rolle spielen. Gleichzeitig hat die Bedeutung nichtfinanzieller Kennzahlen zugenommen. Diese Verschiebung ist Ausdruck eines stärkeren regulatorischen und gesellschaftlichen Drucks hin zu nachhaltigen Geschäftsmodellen. Häufige Anpassungen der Steuerungssysteme bergen indes das Risiko von Inkonsistenzen, weshalb eine transparente Kommunikation dieser Änderungen essenziell ist. Die Ergebnisse der Analyse unterstreichen die Relevanz eines ganzheitlichen Steuerungsansatzes, bei dem finanzielle und nichtfinanzielle Kennzahlen integriert, regelmäßig evaluiert und an strategische Ziele angepasst werden.

Sehr geehrte Frau Stoetzel, in den vergangenen Jahren nimmt die Bedeutung der sog. C-Level-Kommunikation und damit auch die Bedeutung des C-Level Personal Branding immer mehr zu. Die Plattform LinkedIn spielt dabei eine Hauptrolle. Was steckt dahinter und was bewirkt diese Entwicklung? JS: Die Digitalisierung hat die Erwartungen an Führungskräfte grundlegend verändert. Wo früher quartalsweise Geschäftsberichte und jährliche Hauptversammlungen ausreichten, erwarten Stakeholder heute einen kontinuierlichen Dialog auf Augenhöhe. Eine neue Generation von Investoren recherchiert digital, bevor sie in persönlichen Kontakt tritt. Diese Entwicklung wurde durch die ESG-Thematik noch verstärkt – Nachhaltigkeit und Governance erfordern transparente, regelmäßige Kommunikation.

Purpose/Rationale European elite football often fails to translate its economic success story and revenue growth into financially viable businesses. This paper aims to extend the current research on financial performance in European football, adding a significant but missing pan-European comparison to the research field. It analyzes the bankruptcy likelihood of clubs in four leading European football leagues from 2017–2022. Approach We use Altman’s Z-Score to assess the financial risks of 88 clubs in England (28), Spain (23), Germany (17), and Italy (20) that played in the national top division for at least one season during the period under review. Panel regression is used to assess the impact of five performance variables on Z-Scores. Data were sourced from dissecting clubs’ annual accounts and extracted from other football financial databases. Findings The results show significant financial distress across European football clubs. The analysis emphasizes that the COVID pandemic has exacerbated clubs’ financial challenges, but not caused them. However, the absence of spectators due to COVID restrictions did aggravate the situation, as stadium utilization positively correlated to Z-Scores. Fixed-effects panel regressions show that a balanced wages-to-revenue ratio is a critical performance metric for improving Z-Scores. Practical Implications European football needs collective governance efforts to enforce stricter financial discipline post-COVID and remedy its financial situation. Research Contribution The findings have significant implications for policymakers, club managers, and investors, highlighting the financial risks across Europe’s the four leading football leagues. Originality This first pan-European analysis compares clubs across different geographies, thus extending existing country-view work/approaches.

In 2011, French football experienced a defining moment when Qatar Sports Investments acquired a majority stake in Paris St. Germain (PSG). The initial €30 million investment was one of many investments made by wealth funds from the Gulf States in European football, but only a few have had such a transformative effect. The investment in the club was the starting point that led to the rise of PSG becoming the leading football club in France. This paper is the first to examine the investment in light of true value creation from PSG’s and QSI’s perspectives. The review of its sporting, economic, social, and media capital reveals that PSG’s sporting success and initiation of a global brand came with a high cost but generated indirect returns for QSI. Ultimately, QSI’s long-term commitment might capitalize with Arctos’ co-investment in December 2023.