HHL Leipzig Graduate School of Management

A microeconomic perspective on the cash-flow endogeneity in terminal value models

Abstract This paper studies how treating free cash flow (FCF) as endogenous—shaped by a firm’s investment choices—changes terminal value calculations. In practice, analysts address the uncertainty and ambiguity of the perpetual growth rate g and the cost of capital r with sensiti...

‘Ambidexterity in Action’: Combining Exploitation and Exploration Through Innovation Portfolio Management for Interlinked Ambidexterity

ABSTRACT Many companies face the challenge of successfully managing the tensions from simultaneously exploiting their current business for incremental innovations while exploring new opportunities for more radical innovations. Increasingly, scholars suggest ‘interlinked ambidexte...

Who else cares? A conceptualization of non-investor and non-workforce perspectives on downsizing

Abstract Economic downturns, technological change, and increasing cost pressure are shaping a business environment marked by uncertainty, which manifests in various ways, including extensive downsizing measures in the form of headcount reductions. Given the far-reaching social an...

From Capital to Green Innovation: Corporate Venture Capital as a Vehicle for Sustainable Organizational Learning

ABSTRACT As increasing stakeholder pressure pushes firms to embed sustainability into their strategies, this study explores how corporate venture capital (CVC), a key corporate entrepreneurship instrument, supports corporate parents to learn from sustainable startups. Based on or...

HRM in SME’s digital transformations – a systematic literature review

Purpose Humans can simultaneously serve as levers and pose obstacles in digital transformations (DTs) of small-medium-enterprises (SMEs). However, there is not yet a uniform understanding regarding the corresponding treatment of individuals in these contexts. The purpose of this...

Connect the unconnected: digital human resource management and corporate entrepreneurship

Purpose Individuals play a decisive role in Corporate Entrepreneurship (CE). However, organizational decision-makers face challenges in integrating them effectively. Digital human resource management (dHRM) enables organizations to analyze and control individual determinants beyo...

Cybersecurity Strategies in European SMEs: Navigating Digital Risks and Enhancing Cyber Resilience

Abstract Cybercrime rates have increased rapidly during the last decades, resulting in cybercrimes becoming common crimes and leading to the importance of companies’ attention to cybercrime experience. Therefore, this study examines cybercrime experience and provides insights int...