@phdthesis{Demmer2019,
  author    = {Demmer, Claudia},
  title     = {Merger-specific Efficiency Gains},
  doi       = {10.25972/OPUS-18392},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-183928},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2019},
  abstract  = {The present thesis analyzes whether and - if so - under which conditions mergers result in merger-specific efficiency gains. The analysis concentrates on manufacturing firms in Europe that participate in horizontal mergers as either buyer or target in the years 2005 to 2014. The result of the present study is that mergers are idiosyncratic processes. Thus, the possibilities to define general conditions that predict merger-specific efficiency gains are limited. However, the results of the present study indicate that efficiency gains are possible as a direct consequence of a merger. Efficiency changes can be measured by a Total Factor Productivity (TFP) approach. Significant merger-specific efficiency gains are more likely for targets than for buyers. Moreover, mergers of firms that mainly operate in the same segment are likely to generate efficiency losses. Efficiency gains most likely result from reductions in material and labor costs, especially on a short- and mid-term perspective. The analysis of conditions that predict efficiency gains indicates that firm that announce the merger themselves are capable to generate efficiency gains in a short- and mid-term perspective. Furthermore, buyers that are mid-sized firms are more likely to generate efficiency gains than small or large buyers. Results also indicate that capital intense firms are likely to generate efficiency gains after a merger. The present study is structured as follows. Chapter 1 motivates the analysis of merger-specific efficiency gains. The definition of conditions that reasonably likely predict when and to which extent mergers will result in merger-specific efficiency gains, would improve the merger approval or denial process. Chapter 2 gives a literature review of some relevant empirical studies that analyzed merger-specific efficiency gains. None of the empirical studies have analyzed horizontal mergers of European firms in the manufacturing sector in the years 2005 to 2014. Thus, the present study contributes to the existing literature by analyzing efficiency gains from those mergers. Chapter 3 focuses on the identification of mergers. The merger term is defined according to the EC Merger Regulation and the Horizontal Merger Guidelines. The definition and the requirements of mergers according to legislation provides the framework of merger identification. Chapter 4 concentrates on the efficiency measurement methodology. Most empirical studies apply a Total Factor Productivity (TFP) approach to estimate efficiency. The TFP approach uses linear regression in combination with a control function approach. The estimation of coefficients is done by a General Method of Moments approach. The resulting efficiency estimates are used in the analysis of merger-specific efficiency gains in chapter 5. This analysis is done separately for buyers and targets by applying a Difference-In-Difference (DID) approach. Chapter 6 concentrates on an alternative approach to estimate efficiency, that is a Stochastic Frontier Analysis (SFA) approach. Comparable to the TFP approach, the SFA approach is a stochastic efficiency estimation methodology. In contrast to TFP, SFA estimates the production function as a frontier function instead of an average function. The frontier function allows to estimate efficiency in percent. Chapter 7 analyses the impact of different merger- and firm-specific characteristics on efficiency changes of buyers and targets. The analysis is based on a multiple regression, which is applied for short-, mid- and long-term efficiency changes of buyers and targets. Chapter 8 concludes.},
  subject      = {Verarbeitende Industrie},
  language  = {en}
}
@phdthesis{Greer2015,
  author    = {Greer, Katja},
  title     = {Essays in Industrial Organization: Vertical Agreements in a Dynamic View},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-136939},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2015},
  abstract  = {This dissertation deals with the contract choice of upstream suppliers as well as the consequences on competition and efficiency in a dynamic setting with inter-temporal externalities. The introduction explains the motivation of the analysis and the comparison of different contract types, as for example standard contracts like simple two-part tariffs and additional specifications as contracts referencing the quantity of the contract-offering firm or the relative purchase level. The features of specific market structures should be considered in the analysis of specific vertical agreements and their policy implications. In particular, the role of dynamic changes regarding demand and cost parameters may have an influence on the results observed. In the first model, a dominant upstream supplier and a non-strategic rival sell their products to a single downstream firm. The rival supplier faces learning effects which decrease the rival's costs with respect to its previous sales. Therefore, learning effects represent a dynamic competitive threat to the dominant supplier. In this setup, the dominant supplier can react on inter-temporal externalities by specifying its contract to the downstream firm. The model shows that by offering market-share discounts, instead of simple two-part tariffs or quantity discounts, the dominant supplier maximizes long-run profits, and restricts the efficiency gains of its rival. If demand is linear, the market-share discount lowers consumer surplus and welfare. The second model analyzes the strategic use of bilateral contracts in a sequential bargaining game. A dominant upstream supplier and its rival sequentially negotiate with a single downstream firm. The contract choice of the dominant supplier as well as the rival supplier's reaction are investigated. In a single-period sequential contracting game, menus of simple two-part tariffs achieve the industry profit maximizing outcome. In a dynamic setting where the suppliers sequentially negotiate in each period, the dominant supplier uses additional contractual terms that condition on the rival's quantity. Due to the first-mover advantage of the first supplier, the rival supplier is restricted in its contract choice. The consequences of the dominant supplier's contract choice depend on bargaining power. In particular, market-share contracts can be efficiency enhancing and welfare-improving whenever the second supplier has a relatively high bargaining position vis-`a-vis the downstream firm. For a relatively low bargaining position of the rival supplier, the result is similar to the one determined in the first model. We show that results depend on the considered negotiating structure. The third model studies the contract choice of two upstream competitors that simultaneously deal with a common buyer. In a complete information setting where both suppliers get to know whether further negotiations fail or succeed, a singleperiod model solves for the industry-profit maximizing outcome as long as contractual terms define at least a wholesale price and a fixed fee. In contrast, this collusive outcome cannot be achieved in a two-period model with inter-temporal externalities. We characterize the possible market scenarios, their outcomes and consequences on competition and efficiency. Our results demonstrate that in case a rival supplier is restricted in its contract choice, the contract specification of a dominant supplier can partially exclude the competitor. Whenever equally efficient suppliers can both strategically choose contract specifications, the rivals defend their market shares by adapting appropriate contractual conditions. The final chapter provides an overview of the main findings and presents some concluding remarks.},
  subject      = {Unternehmenskooperation},
  language  = {en}
}
@phdthesis{Rademaker2020,
  author    = {Rademaker, Manuel Elias},
  title     = {Composite-based Structural Equation Modeling},
  doi       = {10.25972/OPUS-21593},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-215935},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2020},
  abstract  = {Structural equation modeling (SEM) has been used and developed for decades across various domains and research fields such as, among others, psychology, sociology, and business research. Although no unique definition exists, SEM is best understood as the entirety of a set of related theories, mathematical models, methods, algorithms, and terminologies related to analyzing the relationships between theoretical entities -- so-called concepts --, their statistical representations -- referred to as constructs --, and observables -- usually called indicators, items or manifest variables. This thesis is concerned with aspects of a particular strain of research within SEM -- namely, composite-based SEM. Composite-based SEM is defined as SEM involving linear compounds, i.e., linear combinations of observables when estimating parameters of interest. The content of the thesis is based on a working paper (Chapter 2), a published refereed journal article (Chapter 3), a working paper that is, at the time of submission of this thesis, under review for publication (Chapter 4), and a steadily growing documentation that I am writing for the R package cSEM (Chapter 5). The cSEM package -- written by myself and my former colleague at the University of Wuerzburg, Florian Schuberth -- provides functions to estimate, analyze, assess, and test nonlinear, hierarchical and multigroup structural equation models using composite-based approaches and procedures. In Chapter 1, I briefly discuss some of the key SEM terminology. Chapter 2 is based on a working paper to be submitted to the Journal of Business Research titled "Assessing overall model fit of composite models in structural equation modeling". The article is concerned with the topic of overall model fit assessment of the composite model. Three main contributions to the literature are made. First, we discuss the concept of model fit in SEM in general and composite-based SEM in particular. Second, we review common fit indices and explain if and how they can be applied to assess composite models. Third, we show that, if used for overall model fit assessment, the root mean square outer residual covariance (RMS_theta) is identical to another well-known index called the standardized root mean square residual (SRMR). Chapter 3 is based on a journal article published in Internet Research called "Measurement error correlation within blocks of indicators in consistent partial least squares: Issues and remedies". The article enhances consistent partial least squares (PLSc) to yield consistent parameter estimates for population models whose indicator blocks contain a subset of correlated measurement errors. This is achieved by modifying the correction for attenuation as originally applied by PLSc to include a priori assumptions on the structure of the measurement error correlations within blocks of indicators. To assess the efficacy of the modification, a Monte Carlo simulation is conducted. The paper is joint work with Florian Schuberth and Theo Dijkstra. Chapter 4 is based on a journal article under review for publication in Industrial Management \& Data Systems called "Estimating and testing second-order constructs using PLS-PM: the case of composites of composites". The purpose of this article is threefold: (i) evaluate and compare common approaches to estimate models containing second-order constructs modeled as composites of composites, (ii) provide and statistically assess a two-step testing procedure to test the overall model fit of such models, and (iii) formulate recommendation for practitioners based on our findings. Moreover, a Monte Carlo simulation to compare the approaches in terms of Fisher consistency, estimated bias, and RMSE is conducted. The paper is joint work with Florian Schuberth and J{\"o}rg Henseler.},
  subject      = {trukturgleichungsmodell},
  language  = {en}
}