Chair of Controlling / Performance Management

Prof. Dr. Klaus Möller

ANNUAL REPORT 2020 2 EDITORIAL

Dear friends, supporters During the year we had quite some success in our business analytics and alumni of our chair research area: We were able to implement automated forecasts and other analytical solutions with major practice partners (like Bayer 2020 was a special year: we had a furious and Hilti) and participated at research conferences. Most notably, start followed by a lot of volatility! Most we were selected to participate in the Swiss National Research importantly we successfully managed the Program 77 about Governance of Artifical Intelligence. During the transition to intense online communica- next years, we will work intensely together with colleagues from tion due to the COVID-19 pandemic – and ETH Zurich and University of Zurich. Furthermore, we will have stayed healthy! three new PhDs from Germany, the Netherlands and the US joining us in 2021. Fortunately, we had already changed our teaching strategy and shif- ted to extensive online preparation, which paid off greatly. With the It´s a great honor and obligation that our Hilti Lab will make up help of the new team structure, integrating Assistant Prof. Dr. Maël at least 10 years of joint research, application and inspiration in Schnegg and Adjunct Prof. Dr. Matthias Mitterlechner, we reinven- the field of integrated performance management. The board of Hilti ted and redesigned all compulsory courses on bachelor and master decided to continue the sponsorship until at minimum 2023. level addressing more than 1.000 students each year. Though the publication list this year is shorter, there are two high- My dean job kept me quite busy during the whole year, not only lights on it: An A+ publication in the top journal AOS and a special with all the rearrangements in teaching due to online migration. I issue in JoMAC about digitalization in management accounting that was also able to add some impact to our school, initiating a new I edited together with colleagues from the University of Amsterdam area structure for our nearly 100 professors and raising funds for and the WHU. Not to forget that I serve for two journals (Cont- nearly 20 new positions. My engagement was rewarded with great rolling, Die Unternehmung) as editor in chief and am responsible for ranking results: 1st place for our School of Management in German the selection, quality control and publication of about 120 articles speaking Europe (Wirtschaftswoche), 1st place for the Master in each year. I am optimistic that we will increase our own publication Strategy and International Management for the 10th time in a row output, given the great datasets from the forecasting projects and (Financial Times worldwide master ranking), 7th place of the Euro- a survey on the association between meaningful work and manage- pean Business Schools (Financial Times). ment controls from nearly 300 controllers, that we generated in 2020. Furthermore, we were able to continue with our own executive education in online formats and ramped up the new website www. We are optimistically looking forward to the new normal and joint performance-management.academy. In our last Certificate of activities! Advanced Studies (CAS) program we had a cohort of very qualified graduates and more than 130 satisfied participants in our individual Please check LinkedIn for the latest information seminars and competence networks. Unfortunately, we needed to https://www.linkedin.com/school/chair-of-controlling/ postpone our ACA Symposium, but that gave us the opportunity to transfer the event to Zurich in summer 2021 – take a look at www. Kind regards aca-symposium.ch for an exciting event!

Agenda

Projects ...... 3 - 4 Events ...... 5 - 8 Research ...... 9 - 11 Teaching ...... 12 - 16 Miscellaneous ...... 17 - 20 Team ...... 21 - 26 Facts & Figures ...... 27 RESEARCH PROJECTS 3

Business Analytics in Credit and Collection Agile Performance Management Management

Artificial intelligence, machine learning, and big data are recent The corporate context is increasingly characterized by trends that promise to transform the organizational landscape. unforeseeable and volatile changes, such as fluctuating customer In particular, combining machine learning and predictive or needs, rapid technologies, or new regulatory conditions. To prescriptive analytics enables automating and optimizing complex ensure up-to-date products, services, and processes, companies processes (known as cognitive automation). However, significant increasingly rely on agile method usage, derived from the field of progress in adapting these technologies in practice is hampe- software development. These methods are designed to ensure a red by high complexity, which results from the need to analyze rapid sensing and fast adaptation of changes to satisfy customer targeted processes and to understand their underlying business needs. The aim of the research project is to develop a steering logic. In context of a practical research project focusing on the model for agile project management to ensure the target- credit and collection management of an industrial company, this oriented and context-specific application of agile practices. research investigates how companies should proceed in order Therefore, a multiple case study design is applied to develop a to successfully identify and implement value-adding analytics use steering model, demonstrate effects of agile practice usage, and cases. specify contextual factors.

Management Controls and Meaningful Work Management Control and Learning

Work should make sense – that is the expectation of upcoming Management control systems are not just used to ensure that the generations. Working with impact and purpose leads to higher actions of organization’s members align with its goals but also to motivation, commitment, and performance growth. However, collect information in the decision-making process. This becomes it is still unclear how companies can create a meaningful work increasingly important in uncertain environments. A controller is environment and meet the expectations of their employees. asked to make the situation more transparent by improving the The research project investigates the relationship between the understanding of the cause-effect relationships and linkages ensu- management control system and the perception of meaningful ring the organization grasped the wholeness of the situation. To work. Research has already confirmed the positive effect of reduce the information gap resulting from uncertainty, the design enabling controls. In the current research project, the intensity and use of control systems should foster learning to enable cont- of the use of controls to achieve these positive behavioral effects rollers to do their job as information-providers. Therefore the is examined and encourages the investigation of non-linear project investigates which control configurations foster learning relationships in management accounting research. under environmental uncertainty. 4 RESEARCH PROJECTS

Behavioral Control and Transparency Pay for Performance

For effective coordination of decentralized units, information In research, the "crowding-out effect" has been widely resonating: transparency and responsibilities must be actively configured. This The (extrinsic) incentive mechanism of money displaces intrinsic research project investigates the extent to which the creation motivation. This might lead to a performance reduction through of transparency can be deceptive and how managers can effec- the variable compensation. Companies are increasingly ending tively manage transparency. The conscious interaction of corpo- individual-, incentive- and plan-performance-oriented compen- rate structure (e.g. center concept and responsibility accounting) sation. In a previous dissertation, we were able to demonstrate and control systems (e.g. zero-based budgeting, contribution the existence and effect of the crowding-out effect in sales. The margin accounting) through the configuration of transparency current research project is, therefore, concerned with designing is an approach that can support a coordinated self-control for a compensation system that does not suppress intrinsic moti- more effective strategy implementation. However, unlimited vation but ideally increases it. In the project, a new system has transparency is costly and from a behavioral viewpoint often also been introduced in a global company and scientifically accompa- dysfunctional, as it changes the notion from positive information nied. An animated summary of the research project is online: "A to negative surveillance. Thus a balanced, limited transparency New Era of Compensation" (see www.youtube.com/watch?- seems to be the best way, which needs to be designed carefully. v=4oA7okCZmrs).

Principles based Reporting Design Performance Management in Health Care

Key performance indicators play a central role in financial Service providers in health care systems are under great pressure management. We use the House of Performance (with growth, to change. This is triggered by factors such as the growing level of profitability and capital efficiency as central control dimensions) expectations of patients, digitalisation, the lack of qualified speci- for teaching and application. The framework enables a structured, alists, the differentiation of medical, nursing and technical exper- holistic and time-differentiated analysis and comparison of finan- tise, the trend from inpatient to outpatient care and a growing cial performance. The corresponding HPC – House of Perfor- gap between medical-therapeutic and financial possibilities. The mance Cockpit application in Microsoft Power BI allows users to research project addresses the question of how service providers analyze real data from numerous companies (see www.spmm. can subsequently adapt their services, structures and processes ch). In the research project we re-designed the HPC based on and further develop their established management practices in scientific report design principles. Using a survey method based order to successfully face these changes. A particular focus is on on the System Usability Scale we are able to significantly increase the cost management design and the connection between service usability and optimize user experience. performance and cost efficiency. NETWORKS 5

The CENS – Controlling Excellence Network St.Gallen – is The PMN – Performance Management Network is a platform a cooperative network, comprising the chair and a group of for companies interested in innovative developments and practi- multi-national firms within the German speaking area. The cal solutions for performance management. The SPMM serves as network aims to bring together science and practice by under- an impulse and structuring framework, and thus we continuously taking innovative research and implementation projects as well generate new insights for our partners. For these 20+ compa- as through the continuous training of the network partners. nies we offer targeted and topic specific interactions within diffe- Close and reliable long-term cooperation enhances discus- rent formats. These encompass management training seminars, sions on the latest research results and their implementa- competence networks, and executive roundtables. There are also tion via innovative pilot projects. Corporate partners regu- frequent interchanges related to Bachelor's and Master's theses larly send guest lecturers to provide a realistic picture of the as well as individual discussions and coaching sessions. Through practical implementation of controlling in their companies and, the systematic transfer between science and corporate practice hence, to stimulate students’ interest in this. On the other as well as the active networking between the partner firms, rele- hand, students from the University of St.Gallen, present final vant developments are made promptly accessible and thus value theses and undergo internships stimulated by this cooperation. is added for all participants.

In 2013, the University of St.Gallen and the Hilti Group founded Through the SPMM – St.Gallen Performance Management Model the Hilti Lab for Integrated Performance Management. The Lab (www.spmm.ch) we have developed an integrated model to is operatively managed by Dr. Franz Wirnsperger and engages align financial management with current leadership challenges and several doctoral students. It is an integral part of the Chair of to support executives in this change. It is the result of long-stan- Controlling / Performance Management of Prof. Möller, who is ding research and extensive practice experience. Meanwhile, we responsible for the scientific leadership. The Lab focuses on the have tested and further optimized the model within the scope research of connections between financial management practices of various cycles of an innovation-action-research with compa- and behavior as well as the motivation of employees – and thus nies of various sizes and industries. Besides, we have conducted on the design of performance management systems. In the mean- studies about management practices with more than 200 compa- time, the cooperation between the Chair and Hilti has been nies in Germany, Austria and Switzerland. We thus could prove agreed for the third funding period from 2020-23, which means that companies using the practices of the SPMM more intensively that the partnership will last at least ten years. are significantly more successful.

1

2a achieve For a current overview please visit www.spmm.ch organizational goals by measuring influencing performance behavior 2b The SPMM constitutes a reference framework and an Input Process important source of inspiration for our research and work Output Outcome Impact as part of our cooperation with corporate partners, and is continuously being refined and developed. 2c 3

SPMM – St.Gallen Performance Management Model 6 WWW.PERFORMANCE-MANAGEMENT.ACADEMY

Performance Management Academy Financial Leadership for Executives

In 2020, we were able to further expand our range of execu- Performance management only works if the needs of finance tive education programs within our Performance Management and (general) managers can be clearly identified and named. This Academy (see www.performance-management.academy). requires a fundamental understanding of the relevant concepts in The focus is on the "Performance Management intensiv" program, the areas of controlling, accounting and finance from everyone which leads in nine two-day modules to a "Certificate of Ad- involved. With this program, we offer an advanced training semi- vanced Studies (CAS)" that is recognized by the Swiss Rectors' nar for non-finance people. It is specially designed for executives Conference and credits 10 ECTS. Also the attendance of indivi- being financially responsible for an organizational unit who speci- dual seminars is possible. With more than 100 participants the fically want to refresh respectively acquire know-how in financial program is very popular. Participants either come from the cor- leadership. In a three-day seminar, we provide the key concepts porate partners of our PMN – Performance Management Net- including an intensive preparation and follow-up period in the work or book individual seminars. The modules are dedicated to areas of financial performance measurement, business planning, a key topic from the area of performance management, such as value-based management, integrated performance management, driver-based planning, individual performance management, com- business analytics and management accounting. petences etc. The target group are junior managers with profes- sional experience as well as experienced experts/specialists from Financial Governance for Board Members the financial sector. Board members are ultimately responsible for the strategy and In the seminars, current concepts from theory are combined success of a company. They need to judge, understand and further with our extensive experience in business practice as well as develop the business model, investments, risks, governance and presentations by guest speakers. A special feature of the seminars leadership issues. Thus, they are often lacking a sound financial is the "Bring your case" format, in which participants bring a literacy, which contradicts with the holistic responsibility. In the problem of application from their daily work and present it to last years, we gathered from more than 300 board members the group. Afterwards, the case is discussed in small groups and assessments of their organizations using the structure of the specific solutions are developed, from which the participants SPMM – St.Gallen Performance Management Model. With this can benefit considerably. In addition, case studies of the chair experience we provide in this two-day seminar an overview on are regularly used to familiarize the participants with innovative financial, organizational and governance related competencies, approaches and strategies. Due to the intentionally cross- every board member should be familiar with. industry composition of companies, exciting discussions and valuable suggestions arise for everyone. A central component of Executive Roundtable the continuing education courses is a joint evening event, where participants can get a taste of St.Gallen's air and get to know each An Executive Roundtable was held again in 2020 – this time as other informally through excursions, city walks or cheese fondue. an online event. These are networking events specifically aimed at experienced executives in the financial sector (CFO, Head of Within the Performance Management Academy we offer several Controlling). The focus was on current challenges in performance courses not only for experienced finance persons but also for management with a focus on the evergreens planning optimiza- non-finance managers. You can find all information on our new tion and target setting. website: www.performance-management.academy. WWW.PERFORMANCE-MANAGEMENT.ACADEMY 7

Performance Management intensiv 2020 2021 2022

PM PM Integrated Performance Management 27./28.10. 02./03.09. 01./02.09. The SPMM – St.Gallen Performance Management Model PM ST AS Strategic Performance Management 10./11.09. 16./17.09. 15./16.09. From business model to strategy map PM FI AS Financial Performance Management 17./18.09. 23./24.09. 22./23.09. Understand and apply financial key figures PM IN Individual Performance Management 22./23.10. 28./29.10. 27./28.10. Combine management and remuneration appropriately PM PB Planning and Budgeting 12./13.11. 11./12.11. 10./11.11 Driver models, forecasts and analytics PM BA AS Business Analytics 19./20.11 02./03.12. 01./02.12. Optimize decisions based on data and analytics PM KP Handle complexity appropriately 12./13.03 28./29.01. 10./11.02. Calculation and Process Cost Management PM PI Management of Projects and Investments 23./24.04 11./12.02. 03./04.03. Connect efficiency and strategy PM ST SS Strategic Performance Management 18./19.02. 24./25.03. From business model to strategy map PM KO Competences in Performance Management 14./15.05 25./26.03. 17./18.03. From bean counter to business partner PM FI SS Financial Performance Management 29./30.04 07./08.04. Understand and apply financial key figures PM BA SS Business Analytics 06./07.05. 05./06.05. Optimize decisions based on data and analytics

Financial Leadership for Executives 06./07./08.09.2021 04./05./06.05.2022

Financial Governance for Board Members 18./19.11.2021 19./20.05.2022 Executive Roundtable Current challenges and innovative 01.06.2021 tbd / 2022 solutions 24.11.2021 23.11.2022

ACA Symposium Rethinking Financial Leadership 02.06.2021 tbd / 2022 (www.aca-symposium.ch)

Competence Networks 17.11.2021 16.11.2022 Corporate Planning Effectively integrate driver based, rolling, automated innovations

Business Analytics 03.11.2021 09.11.2022 Combine management and digitalization effectively

Shared Service Center 27.10.2021 26.10.2022 Centralize finance processes effectively

For further information, please contact [email protected] 8 WWW.PERFORMANCE-MANAGEMENT.ACADEMY

Within the framework of our Competence Networks (CN), since many years, we have been bringing together science and practice for a qualified exchange on specific topics. The meetings (this year all online) are preceded by an intensive process, which aims at a profound preparation of the scientific and practical state of the art. For this purpose, the respective team is composed of experienced specialists with many years of experience in the relevant field and doctoral candidates. In addition to research in publications and databases, inter- views are conducted with the participating companies to identify and document best practices. During the meetings, impulse presenta- tions and experiences of successful implementations are presented by the about 10 participating companies, selected guests and the chair, followed by a discussion with all participants.

Corporate Planning Business Analytics

Successfully designing corporate planning is one of the central Digitization leads to a rapid increase in available data, which offers management challenges, especially in times of disruptive change. enormous potential for corporate management. Promising areas Particularly the uncertainty in planning, which is associated with of application for business analytics range from (partially) auto- the COVID-19 pandemic, poses great challenges for planning mated forecasting and the identification of business drivers to the executives. In this context, driver models are becoming more and automation of complex processes. Thereby, numerous questions more established. But what makes more sense: Excel applications arise: Which application areas make sense for the use of business or your own systems? Should the driver models be used for goal analytics in performance management? Which methods are suita- setting, forecasts or planning? Can they be combined with rolling ble for the respective analytics goal? Which implementation steps forecasts and reporting? Maybe even automated? How do meeting are required and which organizational setup should be created? structures have to interact during planning and plan tracking?

Shared Service Center (SSC)

Shared Service Centers (SSC) are an operational model for service delivery of mostly transactional processes within organiz- ations. SSCs as a means of bundling competencies and processes with the aim of increasing efficiency are an established concept, particularly in large companies, and are now increasingly sprea- ding to medium-sized enterprises. In the meantime, new tech- nologies (Robotic Process Automation), expansion of the areas of application and the effective integration of services into the company are in the focus. The identification of success factors as well as successful practices for organization and control is parti- cularly challenging. INTERNATIONAL RESEARCH 9

Research Stay in Amsterdam and Frankfurt - Research Stay in Bologna - Janine Burghardt Oliver Hegers

In spring 2020, I visited the University of ​In autumn 2020, I had the chance to Amsterdam to work with my co-super- spend a research stay at the University of visor, Prof. Frank Verbeeten, on our joint Bologna in context of a scholarship for publications and my dissertation. After a visiting position. There, I used my time my first month in Amsterdam, I left the to drive forward my dissertation and Netherlands to present one of my rese- especially my doctoral research proposal arch projects at the conference ACMAR which is an important first step regarding at the WHU in Vallendar. The following weekend in Germany will my dissertation at the University of St.Gallen. most likely remain a memorable weekend for me since Angela Merkel addressed the nation to warn about the severity of the In Bologna, I also became part of the Ph.D. cohort of the Manage- COVID-19 pandemic, and the University of Amsterdam asked its ment Department of the university and I took the chance to faculty members to work from home. Even though I only returned present my research project to the academic community there, to Amsterdam to pick up my belongings, I continued my visit via which led to a valuable discussion and lots of new research many Zoom meetings, including virtual coffee rounds. ideas. I also participated in diverse seminars and method courses during the autumn semester. I am glad that I took the chance to The next semester, autumn 2020, I seized the opportunity to go abroad during my Ph.D. even for a short period of time and spend some time at Frankfurt School of Finance and Manage- although many COVID-19 restrictions. I had the great oppor- ment. At Frankfurt School, I worked together with Prof. Matthias tunity to expand my academic network, especially to discuss my Mahlendorf on research projects and visited Ph.D. courses. So far, research ideas with Prof. Riccardo Silvi and Prof. Monica Bartolini the campus has remained open under strict hygiene rules. who both focus on performance management and management control system research. Besides, I used free days to enjoy the city and to get a taste of the Italian culture.

Professor Frank Verbeeten Professor Matthias Mahlendorf

Professor Ricardo Silvi 10 PUBLICATIONS

Bender, T., Kreditrisikomanagement, in: Controlling, Vol. 32 (2020), No. 4, pp. 81-82. Derchi, G. B., Oyon, D., Schnegg, M., Impact de la divulgation d’informations sur la responsabilité des entreprises – Des bénéfices extrinsèques et intrinsèques se font sentir, in: Expert Fous (2020), No. 8-9, pp. 41-43. Engelhardt, P., Growth Performance Management – The design and use of performance management systems in entrepreneurial growth companies, Dissertation, St.Gallen 2020. Federmann, F., Häckel, B., Isbruch, F., Kratsch, W., Möller, K., Voit, C., Wunderlich, P., Treiberbasierte Simulation im Controlling bei Infineon, in: Controlling, Vol. 32 (2020), No. 2, pp. 28-35. Laschka, M., Finanzielle Steuerung von Produktlinien – Entwicklung und Anwendung eines Konzeptes zur szenariobasierten Zielfestlegung von finanziellem Ergebnis und kundenwerten Produkteigenschaften, Dissertation, St.Gallen 2020. Möller, K., Geld als Wertschätzung für gemeinsamen Erfolg, Interview mit Stephan Hostettler, in: Controlling, Vol. 32 (2020), No. 5, pp. 65-68. Möller, K., Jenseits der Komfortzone: Objectives & Key Results (OKR), Interview im Beitrag von Sarah Sommer in: Human Resources Manager (2020), No 2, pp. 68-71. Möller, K., Hauptquartiere der Exzellenz – die forschungsstärksten deutschsprachigen Hochschulen in Betriebswirtschaftslehre, Interview im Beitrag von Bert Losse und Tina Zeinlinger, in: Wirtschaftswoche (2020), No. 50, pp. 46-48. Möller, K., Schäffer, U., Verbeeten, F., Digitalization in management accounting and control, special issue of the Journal of Management Control, Vol. 31 (2020), No. 1-2. Möller, K., Schmid, F., Das IPOOI-Modell zur Leistungsmessung und -steuerung, in: Controlling, Vol. 32 (2020), No. 3, pp. 42-44. Möller, K., Editorial zum Themenschwerpunkt Supply Chain Controlling, in: Controlling, Vol. 32 (2020), No. 2, pp. 1. Möller, K., Weiser, M., Finanzielle Analyse und Steuerung mit dem HPC House of Performance Cockpit – Dynamische Kombination von Business Intelligence und Jahresabschlussdaten, in: Controlling, Vol. 32 (2020), Spezialausgabe, pp. 22-30. Möller, S., Gautschi, N., Gianoli, D., Möller, K., Giesinger, K., Costs and Profits After Primary and Revision Total Knee Arthroplasty: A Financial Analysis, 80. Jahreskongress der swiss orthopaedics, Basel (virtuelle Durchführung), 27.08.2020. Möller, S., Gautschi, N., Gianoli, D., Möller, K., Giesinger, K., Costs and quality of life after revision total knee arthroplasty: A financial analysis, 21st EFORT Congress in Wien, Österreich (virtuelle Durchführung als Virtual EFORT Congress (VEC)), 28.-30.10.2020. Müller-Stewens, B., Widener, S., Möller, K., Steinmann, J.-C., The role of diagnostic and interactive control uses in innovation, Accounting, Organizations and Society, Vol. 80 (2020), No. 1, https://doi.org/10.1016/j.aos.2019.101078. Schlatter, D., Stoll, C., Möller, K., Predictive Analytics erfolgreich implementieren Fallstudienbasierte Ableitung von Erfolgsfaktoren für die Nutzung von Predictive Analytics, in: Controlling, Vol. 32 (2020), No. 1, pp. 57-63. Schnegg, M., Oyon, D., Dubois, T., Derchi, G. B., Déploiement d’un système de suivi de l’environnement – Impacts sur la culture organisationnelle des entreprises, in: Expert Focus (2020), No. 6–7, pp. 379–383. Weiser, M., Feuerriegel, S., Herrmann, T., Causal Machine Learning – Berücksichtigung von heterogenen Behandlungseffekten in der Entscheidungsunterstützung, in: Controlling, Vol. 32 (2020), No. 3, pp. 86-87. Weiser, M., Schnegg, M., Lanter, P., AI Initiatives in Swiss Enterprises Governance Mechanisms to Increase Transparency and Fairness, AI Policy Conference 2020, Lausanne, 16.-17.11.2020. PROFESSIONAL BODIES 11

IGC Deanship 2019 - 2021

The IGC is an international community of The School of Management (SoM) is the largest school of the institutions and companies that promote University of St.Gallen with about 60% of the now more than Controlling in its practical application and 9.000 students. With nearly 50 full professors and another 50 further development. It is known for its associate, assistant and adjunct professors it is also regarding comprehensive management approach, scientific personal the largest faculty in the German speaking which originated and became known in world – and also with leading research results. Prof. Möller this country as "Controlling". The IGC has headed this great body of knowledge through troubling waters, the form of an Association based in Swit- which was a challenge and a privilege at the same time. The dean zerland and was founded in 1995. Prof. is also part of the university leadership team and serves for two Möller is a member of the IGC board. years, reflecting that in this time the "normal" obligations ofa professor in research and teaching are obstructed considerably, IGC sets standards for future-oriented controlling and for a thus allowing the person to regain again momentum at the insti- successful work of controllers. Among other things, this includes tute afterwards. the establishment of the professional profile and role model of the controller, the assurance of a high-quality standards in training In 2019, the university suffered from some governance issues of controllers as well as the professional exchange of opinions and had to undergo a special financial audit, which demanded a and ideas. The IGC brings together members from 15 nations to lot of extra effort. But also nice things happened: Prof. Möller shape the future of Controlling and the corresponding training. was probably the very one dean opening up two new schools as spin-offs from the SoM: the School of Medicine in 2019, and In 2019, IGC started with a new initiative of "Study Reports" in the School of Computer Science in 2020. Both required a lot order to give controllers help for coping with actual develop- of personal selection and decision processes for new professors, ments, especially in the context of digitalization. After a tendering which is time consuming but also rewarding, as one can select and process and the selection of the best input IGC published the onboard exciting new colleagues. Most importantly Prof. Möller first study report about "Robotic Process Automation in Cont- initiated a new faculty structure in order to better drive strategy rolling – Results of an Empirical Study" in 2020. The report does implementation in the future. The new structure consists of an not only give an overview about methods and technology, but interplay of functional areas (see graph below), comprising the 12 also gives a market overview on providers, solutions and cost-be- teaching programs of the school, the institutes and a new perso- nefit calculations. nal structure with an academic and professional track, as well as differentiation into full, associate, assistant, and adjunct professors. The report can be found at https://www.igc-controlling.org/ downloads/other-contents.html 12 TEACHING

Management Accounting Management and Financial Control

The "Management Accounting" is a compulsory subject of the The goal of this compulsory subject is to present an overview of Master in Accounting and Finance, that is taught by Prof. Möller, the concepts and contents of financial leadership to students of Prof. Mitterlechner and Prof. Schnegg in a German and English the Master in Business Management. As we address here non-fi- version for about 300 students each year. It provides an over- nance students, we need to explain concepts more intensely and view of the content, solution approaches and theoretical basics deliver the course in a very interactive way, using among others of controlling in terms of a leadership-ori- case studies and group work. In the financial control area, the ented management accounting. It consists course focuses more on analyzing the capital and financing struc- of lectures, exercises and self-study and is tures. intensely based on the textbook "Cont- rolling" by Professor Möller.

Controlling with SAP Accounting, Controlling, Auditing

SAP has established itself as a quasi-standard for Enterprise In this compulsory subject for all 1.200 Bachelor students we Resource Planning systems in large enterprises. The course intro- teach the first half, which covers the Controlling part. Based on duces SAP, an example of a centralized ERP tool for the support the worldwide leading textbook (Horngrens Cost Accounting) of controlling tasks in companies. Besides the overview of the we first deliver content in videos, readers and online quizzes, system’s design and functionalities, the application-oriented work before we meet the student well prepared in the exercises and on cost accounting implementation is core in the course. We lectures. Based on this flipped classroom concept we can have work directly on the system based on a direct connection to SAP interactive classes even with these large class sizes in the English servers, following a hands-on case study. as well as in the German version.

Lecturers

Dr. Tobias Flinspach Dr. Felix Isbruch Dr. Reinhard Lahusen Dr. Matthias Meyer TEACHING 13

Analytical Performance Management Business Performance Management

This elective master course gives an overview of the theo- This elective master course is fully devoted to the (Harvard) ries, approaches and applications of performance management case study teaching approach. Student teams deal intensively with practices. We base the course on the identification of business selected questions in the field of performance management and models and the application of the HPC – House of Performance develop and deliver their solutions. The combination of content Cockpit to train the students with extensive financial KPI and handover in lectures and the application of the concepts in cases modern BI use. Students develop a case study based on a concrete enhance the analytical as well as the presentation skills of the company case, including a teaching note, which is then applied participants. and discussed with the entire course. Additionally, students get

Customer Relationships trained in selected analytical programs, e.g. Microsoft Power Key Partners Key Activities Value Proposition Customer - R&D für die Segments Entwicklung von - Enge Beziehung mit Schlüsselkunden - 134 Partner in fünf innovativen und - Kundenlösungen vom - Beratung und Begleitung vom Produkt BI. Insights from practitioners expand the topics, introducing Regionen neuen Produkten Produkt zum System zum System - Unternehmen - Enge Zusammenarbeit mit - Produktion und - Integration der aus der Industrie Vertrieb in den Bereichen Universitäten - Services für die verschiedenen - Austausch mit Huawei und Einführung von neuen Problemfelder von ATV, IPC, successful realizations of analytical solutions in business practice. Panasonic über Produkte und Systeme - Innovationen durch PMM, CCS InterDigital bei Kunden Forschung und Communications Entwicklung - Infineon Partner Network Key Resources von fast 200 Hardware Channels und Software Unternehmen zur - Know-How - Patente Unterstützung von Speed - Direkte Kommunikation mit Kunden to market - Starke Markenpräsenz - Konferenzen, Kundenpräsentationen und Werbung

Cost Structure Revenue Streams - Hohe Anteil an R&D Kosten - Revenue durch den Verkauf von Halbleitern und Services an Kunden - Hohe Kosten für die Ressourcen der Produktion von Halbleiter - Revenue, der durch die Lizenzierung von Patenten und Know-How generiert wird. - Allgemeine Produktions- und Vertriebskosten

Integrated Management Accounting Concept Project Management and Controlling

This elective course within The two-week intensive seminar "Project Management and Cont- the Master in Accounting rolling" specifically targets students of the International Students' and Finance simultaneously Committee (ISC), who organize the St.Gallen Symposium. The prepares for the exam for course is designed as a practice-oriented introduction to project the Certified Management Accountant (CMA) of the American management and project controlling by combining theory, practi- Institute of Management Accountants (IMA). The IMA is with over cal examples and exercises 150.000 members worldwide one of the largest associations of controllers. The core feature is the integrated view of the several Automotive Total Market Volume Semiconductor Revenue Drivers Market Share Demographic Development Automotive Revenue topics of financial management. A CMA is not only one further GDP Industry Confidence Revenue Structural changes in the market Other Segments line in the CV but is also increasingly required by international CO2 Total Market Volume Gross Profit Future of Diesel / Diesel Ban Market Share Charging Infrastructure Other Revenue companies as a proof of expertise. Following the example of Fuel Price Innovative Products Cost of goods sold Taylor made products the University of St.Gallen, other schools like Rotterdam, HEC Pricing Strategy Operating New customer orders Income Paris, Bocconi or Bozen have developed such a course and offer Existing customer orders Research and development expenses Cost Drivers Improvements in production process NOPAT Selling, general and administrative expenses Labor cost Operating it successfully. Expenses M&A (Synergies) Cost of raw materials Other operating expenses Shared Service Center (SSC) Income Tax Fabless Strategy Other operating income 14 THESIS

Concept Development of an Interactive business units of different content. These two key points are of Investor Relations Tool with Simulation great importance for the pharmaceutical company and gave occa- Capabilities sion to examine them more closely. The Design Science Research method was used as the scientific methodology, which was most suitable for this purpose and gave me the required flexibility in Thanks to the lecture working on the topic without restricting myself conceptually. "Analytical Performance Management" I decided to write my master thesis at the Chair of Controlling / „I highly recommend every Performance Management student to decide for the under supervision of Prof. development of a Master’s thesis Dr. Möller. After an uncom- at the Chair of Controlling and plicated application process, Performance Management.” I met with my supervisor Andreas Kröbl Prof. Möller and Michael Weiser to discuss a variety of selected topics. My personal goals The cooperation with the investor relation team of Bayer as well and interests were discussed and, based on my experience in as with the chair was demanding and inspiring at the same time. investment banking and portfolio controlling, a cooperation with The whole process was thanks to the chair very well structured. the leading pharmaceutical company, Bayer, was suggested. I would also like to emphasize that my supervisor Michael Weiser was always open to questions and suggestions and supported me My master thesis focuses on the development of a concept as in the best possible way. I highly recommend anyone who is inte- well as the creation of a prototype for the interactive simula- rested in independent work and taking responsibility to write tion of key performance indicators (KPIs) for external reporting, their Master's thesis at the chair of Prof. Möller. Both, the work particularly for Investor Relations. The scientific basis of my work and the hands-on project experience were a valuable learning for was the so-called "Disclosure Theory", which deals with the ques- me, which helped me to enter the job market. tion of whether and if so, what data a company should publish, even if there is no legal obligation to publish such data. A central question here is whether the voluntary publication of informa- tion leads to a reduction of the weighted average cost of capital, through higher transparency and thus lower risk. A further argu- mentation point of supporters of "voluntary disclosure" also rela- tes to the higher transparency and the associated minimisation of the conglomerate discount, which is very common in groups with

SUPERVISED THESES BY THE CHAIR

We congratulate the following students on the successful completion of their work: Peterhans, Irina Angehrn, Laurent Kocholl, Tobias Pfersmann, Octavian Bader, Julian Kröbl, Andreas Regueiro, Nadia Barbic, Marko Lanter, Patrick Regueiro, Tania De Ruiter, Marten Leber, Michele Riedweg, Raymond Ding, Philipp Ledermann, Joel Scharenac, Nico Döbeli, Lukas Leu, Samuel Schmied, Noelle Drechsle, Annique Lindegger, Lukas Steffenoni-Grandi, Alissia Gämperli, Andrea Meier, Diego Wang, Bowen Gashi, Laura Meyer, Christoph Roman Wiese, Anna Gautschi, Nora Müller, Nina Zbinden, Tim Giger, Dario Murer, Reto Gully, Renato Osmani, Valdrin Wanner, Felix (BA) Zgraggen, Christof (BA) EXECUTIVE EDUCATION 15

The transfer of knowledge into practice is an essential element of The content of the courses include the basics of controlling and the work at the chair. Prof. Möller is therefore involved in various cost accounting as well as special presentations on performance executive education programs that convey practical knowledge management, balanced scorecard or on recent developments to executives. Compared to "normal" teaching (bachelor and in planning and budgeting. The courses are offered in German master), executive education is characterized by a much stronger and English and are spread over several days. The presentations interaction with the participants, a compression of the content frequently include guest speakers from corporate practice. and a greater focus on practical implementation. All these acti- vities have in common that the participants have several years A special highlight is one week of financial management courses in of professional and, in many cases, management experience, the context of the Executive MBA at the University of St.Gallen. as well. The core activities comprise the following programs at Over five days, the participants get an overview of the modern the Executive School of Management, Technology and Law of the concepts of financial management and immediately apply these University of St.Gallen (ES-HSG): in individual tasks and group case studies. The event combines impulses from docents, discussions between and with the partici- pants as well as guest lectures of selected speakers. The results of • Executive MBA in General Management (introductory mo- successful practical cooperations are also regularly presented by dule as well as in-depth week financial management) the respective partners (CFO, Head of Controlling).This is a good way to bridge the gap between the conceptual content (such as • St.Gallen Finance and Controlling Certificate as well as the SPMM) and its implementation in practice. Concrete instru- Strategy Certificate ments such as strategy map implementations are also used. It is not only about the content, but also about the experience with • HSG Senior Management Program the introduction and the conviction of the employees.

• HSG Highlights

• HR Value Creation 16 PROJECTS

Web-App "House of Performance"

An essential part of the SPMM – St.Gallen Performance Manage- ment Model is financial steering, for which we have developed the "House of Performance" KPI framework. It is structured in three vertical "perspectives" and three horizontal "dimensions". The first vertical perspective represents the value creation part of financial performance (measured by EVA, Economic Profit and/ or RoCE). The second vertical perspective can then be split into three dimensions – growth, profitability, and capital efficiency – as the levers of financial performance with a variety of possible metrics in each category. The House of Performance plays a central role in teaching and executive education, such as the Performance Management Academy (www.performance-management. academy). To enable a practice-oriented application of the concept by participants, a web-app based on Microsoft Power BI was developed at our chair over several years: the "HPC – House of Performance Cockpit". This allows us to interactively analyze real data from annual financial statements of numerous compa- nies. The HPC enables comparisons over time, between different SPMM Website (www.spmm.ch) companies (and thus business models), and different key figures. For research purposes, we have a dataset with more than 30.000 At www. spmm.ch, we have gathered all up-to-date information companies and can use it to efficiently implement peer-bench- about the St.Gallen Performance Management Model (SPMM). marking and similar studies. We continuously expand and improve The SPMM is documented as a holistic model for financial the features of the HPC. Moreover, Klaus Möller and Michael management and strategy implementation. Thus, the website Weiser recently published an article introducing the theoretical becomes a knowledge hub for practice and science and serves foundations of the House of Performance and its implementation as an exchange platform for current findings on performance in Power BI. management from theory and practice. A trial access to the HPC is available at www.spmm.ch MISCELLANEOUS 17

HPC & Microsoft We continuously develop our House of Performance Cockpit (HPC) to expose our students with the critical state-of-the-art Business Intelligence capabilities required for their future careers. We are happy that Microsoft Switzerland supports us with their technology and practice expertise to push the HPC to the next levels. Thus, we were even more excited that a team from Microsoft Switzerland shared their insights about Business Intelligence and the Finance Transformation in our spring 2020 elective course in Analytic Performance Management.

Costs and Quality of TKA "Costs And Quality Of Life After Primary And Revision Total Knee Arthroplasty: A Fi- nancial Analysis" – Soeren Olaf Moeller, Nora Gautschi, Klaus Möller and Karlmeinrad Giesinger looked in their published study at financial figures in a very different context: Total knee arthroplasty (TKA) is the standard treatment for end-stage knee osteo- arthritis. In times of limited health care resources revision TKA (rTKA) has come under administrative surveillance. The study examines the average Quality Adjusted Life Years (QALYs) gained and average cost of TKA and rTKA.

Conference Participation Last year, our doctoral students participated at many scientific conferences. In Janu- ary, Michael Weiser participated at the AAA 2020 Management Accounting Section Midyear Meeting in Houston. In March, Oliver Hegers and Tobias Bender participated at the 17th ACMAR – Annual Conference for Management Accounting Research at WHU in Vallendar and in December Stefan Illich-Edlinger and Janine Burghardt participated at the EIASM 12th conference on New Directions in Management Accounting which was held online for the first time.

Teaching Activities at HEC Lausanne In early 2020, Prof. Maël Schnegg was invited to teach the course "Applied Manage- ment Control Systems" in the Master of Accounting, Controlling and Finance at HEC Lausanne – The Faculty of Business and Economics of the University of Lausanne. In a course project, the participants had the opportunity to implement and use manage- ment control systems and discover how successful managers use these systems to drive their organizations

Publications In 2020, diverse articles have been published. To name among others "The Role of Diagnostic and Interactive Control Uses in Innovation" by Benedikt Müller-Stewens, Sally Widener, Klaus Möller and Jan-Christoph Steinmann, that was published in the reputable journal Accounting, Organization and Society. Klaus Möller, Utz Schäffer and Frank Verbeeten have also been guest editors of one issue (Volume 31, Issue 1-2, April 2020) of the Journal of Management Control regarding Digitalization of Management Accounting and Control.

For the latest updates please follow us on Linkedin https://www.linkedin.com/school/chair-of-controlling/ 18 MISCELLANEOUS

Innosuisse Projects We are very pleased to be part of two current Innosuisse projects. One project on "Intelligence-based manufacturing networks" together with the Institute of Technolo- gy Management (ITEM-HSG) and the diverse practice partners. The other project on "Agile Performance Management" with the Institute for Work and Working Environ- ments (FAA-HSG) and several practice partners. The overarching goal of the project is to develop an agile performance management approach which fits corporate external requirements and internal capabilities.

Online Teaching Due to the COVID-19 outbreak in March 2020, the University of St.Gallen switched all courses to an online format within one week. At the university level this was a huge endeavor, affecting about 1.100 courses in the spring semester. Prof. Möller pre- pared his bachelor course with more than 700 students already with videos, online tasks etc. and with the power of our conference systems the courses had interactive presentations, breakout sessions, polls, video submissions, and discussions.

IMA Conference In June, Prof. Klaus Möller and Dr. Franz Wirnsperger have been part of the first virtu- al Management Accounting Conference of the Swiss Chapter of IMA – Institute of Management Accountants with speakers from practice and academia and almost 200 international participants. They were part of an insightful panel discussion to debate with Dr. Martin Zwyssig and Prof. Paul Juras about "Managing Costs Without Budgets", especially the practical insights of planning and budgeting in a 4.0 business world.

Hilti Lab Contract Extension In September, we were delighted to reconfirm our collaboration with Hilti for three more years – associated with a partnership that will then last for 10 years! Its goal is to foster the knowledge transfer between the scientific and practical community and we already look back on many important research findings concerning compensation, budgeting, business partnering and many more. The Hilti Lab is headed by Prof. Klaus Möller and Dr. Franz Wirnsperger. The funding repeatedly secured various PhD posi- tions over the last years.

CAS Graduates 2020 Congratulations to this year’s successful graduates of our Certificate of Advanced Studies (CAS) executive education program "Performance Management intensiv"! We celebrated the formal handover of the certificates in a small ceremony and a nice dinner. The program consists of 9 two-day seminars and focusses on experienced managers and specialists from the finance function in order to build up or refresh financial know-how. As we mix individual participants, members from our corporate partners and participants taking the whole program, we have always an exciting and changing group who benefit from the different industry and individual backgrounds. MISCELLANEOUS 19

HPC Assistant Want to find out about the financials of Bayer AG? Just ask the HPC Assistant … With the HPC Assistant we developed a brand-new feature for our HPC – House of Perfor- mance Cockpit (see www.spmm.ch). This feature provides new ways to interact with the HPC and analyze financial performance faster, more intuitive and focused through natural language queries. The HPC Assistant enables innovative approaches in our tea- ching activities and triggers questions regarding changes in data-driven decision pro- cesses and the role of the controller. And adds further topics to our research agenda!

GSERM Summer School 2020 Every year in June, the GSERM Summer School takes place at the University of St.Gallen. This Global School in Empirical and Research Methods unites high level researchers and Ph.D. students, postdocs and also practitioners from different countries and research fields to learn how to best use empirical methods to improve theown research and it surely helps to connect and network with other young researchers by many afterwork activities. In 2020, the summer school took place in a virtual format but thanks to the organizers and the ambitious lecturers.

Academic GIFT - Compensation Most companies today motivate their workforce by means of bonuses. The underlying assumption? Only extrinsic motivation works. But is the prospect of earning more money really the only or even the best driver of performance? The results of our research project with the Hilti Lab show that this actually isn't the case. A big thanks to the University of St.Gallen for the creation of the Academic GIFt explaining how to update your compensation system! See https://www.unisg.ch/de/wissen/animier- te-forschung/academic-gifts.

Two new PhDs On September 14th Dr. Philipp Engelhardt received his doctoral degree in a formal ceremony on the campus in St.Gallen. Philipp joined the team of the chair coming back from practice and having the experience of leading the Groupon platform as their European CFO. On September 23rd Maximilian Laschka successfully passed the oral defense of his dissertation. He dealt with product innovation in the mobility industry and a further development of target costing at a car manufacturer.

Teaching in Fall Semester 2020 Teaching in the Fall semester involved not only new formats but also brought together great people. Due to restricted numbers of students in the classroom we mostly used a hybrid format, combining presence and online. Fortunately, it worked out very well thanks to the great IT resources provided from the University of St.Gallen. With the breakout session functionalities, we were able to continue with small working groups online and onsite and integrate with screensharing the online community, too. We also welcomed Prof. Riccardo Silvi from the University of Bologna for one of our courses, that we exclusively teach for the ISC-students, organizing the St.Gallen Symposium. 20 MISCELLANEOUS

SNF Projects In 2020, we completed our Swiss National Science Foundation (SNF) funded project "The digital manager". We investigated how digitalization transforms management, in particular the aspect of financial governance. The project facilitated five scientific pu- blications, three conference presentations, knowledge transfers with practice and a full research agenda, which is further pursue during our follow-up SNF NFP77 project "Governance of Artificial intelligence", together with Prof. Stefan Feuerriegel (ETH), Prof. Kerstin Noëlle Vokinger, and Prof. Gerhard Schwabe (both University of Zurich).

Controlling with SAP Part of our business analytics focus is also a course about controlling with SAP that we teach in the Bachelor program to make students familiar with a leading software platform. The course is designed as an interactive, hands on event with two students sharing one PC that is directly connected with the SAP server. Special thanks to Andreas Meyer and Philipp Eichenberger from Horváth & Partner AG, Zurich who added up practical experiences from their consulting background and multiple SAP implementation projects!

Die Unternehmung - Annual Meeting of the Editorial Board As for a lot of other functions also for the editorial board of "Die Unternehmung – Swiss Journal of Business Research and Practice" virtual meetings are the new norm. As editor in chief Prof. Möller hosted the annual meeting not only to evaluate the cur- rent year with the whole editorial board, but also to look ahead and plan next issues. Among them, there will be a special edition of the journal for its 75th anniversary in 2021 and other special issues. The most traditional Swiss Business Journal, founded in 1947 publishes research articles in German and English.

Hilti Lab Project in Milan Next stop: Milan! – Our Ph.D. student Tobias Bender visited Hilti Italia for a workshop week. In his research Tobias focuses on investigating the potential of business analytics combined with data-driven technology – and he is very enthusiastic to explore new opportunities in the field of credit management together with Hilti. By geographically extending the project scope, the project team aims on reflecting previous results and exploring the scalability and value potential of a first AI/ML prototype for Hilti Group.

Controlling Journal - ZfC Once a year, the journal "CONTROLLING", of which Prof. Möller is Co-editor and currently serves as editor in chief, publishes a more practical oriented edition, being available also on public bookshops, train stations etc. Under the title "From data sour- ce to business model – Data-driven management accounting", exciting insights in the field of data-driven controlling are presented. The kiosk edition is more extensive than a normal edition and highlights most recent and relevant issues in controlling. TEAM 21

Prof. Dr. Klaus Möller Prof. Dr. Matthias Mitterlechner is Adjunct Professor at the University of St.Gallen. Prof. Dr. Klaus Möller is Prior to finishing his habilitation, he worked Professor of Controlling / in business development roles in the Performance Management healthcare and financial services industry. In and Managing Director of collaboration with the Chair of Controlling the Institute for Accounting, / Performance Management, Matthias offers Controlling and Auditing at courses at the Bachelor and Masters level. In his research, he the University of St.Gallen. focuses on performance management practices in knowledge- His main focus in research, intensive expert organizations and inter-organizational networks, teaching, and practical imple- with a special empirical focus on the health care industry. mentation is performance management and business Prof. Dr. Maël Schnegg is Assistant Professor analytics. He is co-editor of the journals "Controlling","Die Unter- for Digital Performance Management at nehmung" and "Board", board member of the IGC – Internatio- the chair since February 2019. He studied nal Group of Controlling and was awarded the title "Honorary Management (B.Sc.) and Information Systems Professor in Management Accounting" by the American Institute (M.Sc.) and subsequently completed his of Management Accountants. doctorate in Controlling at the University of Lausanne. He is a lecturer at the Universities of Before his time at the University of St.Gallen, he was Professor Lausanne and Fribourg and at the International of Controlling at the University of Göttingen (2007-2011) and at Academy for Sports Science and Technology (AISTS) in Lausanne. the Technical University of Munich (2006-2007). From 1998 to In his research, on the one hand, he is dealing with the effects 2005, he was a research assistant to Prof. Dr. Dr. h.c. mult. Péter of digitization on controlling and, on the other hand, with the Horváth at the Chair of Controlling at the University of Stuttgart. monitoring of changes in the environment in order to use this Before that, he studied Business Administration and Mechanical information to adapt and renew the strategy. Engineering at the Technical University of Darmstadt. Dr. Franz Wirnsperger is the director of the He has published twelve books and over two 300 contributions Hilti Lab for Integrated Performance Manage- in, among others, Accounting, Organizations and Society, Manage- ment at the chair of Controlling / Performance ment Accounting Research, Journal of Accounting and Organi- Management. Before that, he was the CFO of zational Change, Journal of Intellectual Capital. He is a regular the Hilti Group in Liechtenstein for ten years. speaker at international conferences and at executive education In 1990, Franz Wirnsperger completed his programs. He actively propels the transfer of his research into Social and Economic Sciences studies at the corporate practice on various committees and advisory boards, Karl Franzens University in Graz, obtaining for instance, as partner of the management consultancy PMC - the Mag.rer.soc.oec degree. He then joined Hilti Austria as a The Performance Management Company GmbH, a spin-off from financial controller in Vienna. This was followed by positions as the University of St.Gallen. region controller and Chief Financial Officer (CFO) Hilti Asia, Hong Kong, Singapore (19942001)­ and CFO Hilti North America (2001-2003). From 2003, he was Head of Finance and Controlling (acting CFO) of the Hilti Group in Schaan, Liechtenstein.

Carolina Näf

Carolina Näf is the communication and organizational center at the chair. She studied to be a foreign language secretary and is a trained foreign language correspondent in English and German. Born in Brazil, she gained first work experience while studying. Before moving to St. Gallen, she spent many years in Germany, where she improved her linguistic and professional skills. As the contact person for all relevant topics, her door is always open. 22 TEAM

Tobias Bender Oliver Hegers

Tobias Bender has been a Ph.D. student at Prof. Möller's chair Oliver Hegers has been a Ph.D. student in Prof. Möller's team since September 2019. Before that, he gained practical experience since September 2017. Previously, he studied Economics (B.Sc.) in various functions at a leading credit insurer, most recently as at the University of Paderborn as well as Finance and Manage- Senior Special Risk Manager. He holds a Master in Management ment (M.Sc.) at the University of St Andrews. During his studies, (M.Sc.) from HHL Leipzig Graduate School of Management and he spent stays abroad in Canada, the USA, and Indonesia and did completed his bachelor studies (B.A., Finance and Investment) internships in audit, consulting, and the automotive industry. His at the European University of Applied Sciences (EUFH) in Brühl research focuses on financial forecasts, information processing and at the San Diego State University (SDSU) in California. His (i.e., cognitive biases), and accounting quality. research deals with the analytical optimization of the credit and collection process.

Janine Burghardt Stefan Illich-Edlinger

Janine Burghardt has been a Ph.D. student in Prof. Möller's team Stefan Illich-Edlinger, M.Sc., has been a Ph.D. student in Prof. since October 2018. She previously studied International Busi- Möller's team since September 2017. Prior to that, he was part ness Administration (B.Sc.) at the European University Viadrina in of the advisory team of KPMG Austria as an Assistant Manager Frankfurt (Oder) and Management and Marketing (M.Sc.) at the focusing on consulting and support in consolidated accounting Free University Berlin and spent semesters abroad at Copenha- (IFRS), in international reporting (Pre-/Post-Deal), group tax gen Business School (Denmark) and Jiaotong University in Shang- controlling and strategic finance planning. Besides projects with hai (China). After her studies, she worked as a consultant in an corporate partners, he conducts research on digital and beha- auditing company and in the controlling department of a leading vior-oriented transformation of the finance function. At the end NGO. Her dissertation deals with the integration of behavioral of 2020 he joined the Institute for Managerial Accounting and indicators for performance improvement. Corporate Governance at the Department of Strategy & Innova- tion of the Vienna University of Economics and Business (WU) as Nora Gautschi an Assistant Professor.

Nora Gautschi has been a Ph.D. student in Prof. Möller's team since May 2020, prior to which she completed a Master in Accoun- ting and Finance (MAccFin) at the University of St.Gallen. Before her Master's degree she worked for more than seven years in startups, most of the time as a co-founder. She was active in the field of digital women's health, wearables, and high-tech sports- wear. In the context of her dissertation, she focuses on research questions at the interface between performance management and health care. TEAM 23

Daniel Marks Jonas Solbach

Daniel Marks has been a Ph.D. student in Prof. Möller's team since Jonas Solbach has been a Ph.D. student in Prof. Möller's team and January 2020. He completed his Bachelor (B.Sc.) in Economics at project lead at the Hilti Lab for Integrated Performance Manage- the LMU Munich and his Master (M.Sc.) in Technology Manage- ment since November 2017. He accomplished his Bachelor studies ment (TUM-BWL) at the Technical University of Munich with at the WHU – Otto Beisheim School of Management with intern­ an exchange semester at KEDGE Business School in Bordeaux. ships in China and Mexico as well as an exchange semester in Spain. Prior to his studies he did an apprenticeship in the Hotel Industry. Afterwards, he worked in an auditing firm before he returned to During his Bachelor and Master studies he gained work experi- the WHU for the Master of Science. He gained further experi- ence in the areas of Accounting and Controlling in various indus- ence in strategy consulting and an MBA semester in the USA. tries as well as in a big-four consulting company. In the context of his dissertation, he deals with business analytics in planning and forecasting.

Flavia Schmid Michael Weiser

Flavia Schmid has been a Ph.D. student in Prof. Möller's team Michael Weiser has been a Ph.D. student in Prof. Möller's team since September 2019. She completed her studies in Busi- since January 2019. He holds a B.Sc. in Business Administration ness Administration (B.A.) and Accounting and Finance (M.A.) from the University of Liechtenstein and a M.A. in Accounting and at the University of St.Gallen and an MBA semester at the Finance from the University of St. Gallen. Michael is a laureate of IPADE Business School in Mexico City. During her studies she the Liechtenstein Banking Award and has worked in the financial worked in tax consulting in banking and as a student assistant services industry as Head of Projects for three years. In his rese- at the University of St.Gallen. In her dissertation she investiga- arch he investigates AI governance and how to combine machine tes control configurations that foster learning under uncertainty. learning based forecasts with human judgment. He also leads the development of the HPC. Jasmin Schmid

Jasmin Schmid, M.Sc., has been a Ph.D. student in Prof. Möller's team since October 2019. She completed her Bachelor (B.Sc.) in Business Administration with specialization in Internatio- nal Management & Entrepreneurship and her Master (M.Sc.) in Information Systems and Business Process Management at the University of Liechtenstein. During her Master studies she gained work experience in the areas of Change Management and Master Product Scheduling at Autoneum and in Project Management and IT Controlling at Hilti. In the context of her dissertation, she deals with the implications of agile practices and their context-specific usage in project management. 24 TEAM ACTIVITIES

Professor Dr. Daniel Oyon Professor Dr. Michael Burkert Professor Dr. Klaus Möller

Doctoral Colloquium and Chair Excursion

Starting an academical career is also about building a network of peers by attending conferences and colloquium. Last year, we initiated a doctoral seminar with management accounting colleagues at the universities of Fribourg and Lausanne. In 2019 we visited our peers on the shore of the Geneva lake. Unfortunately, a well-known contingency forced us to revise our plans. New challenges come with new solutions. The three presentations had to be done online. If the exchanges are sometimes complexified, they also made sure that every- body could attend, from wherever in the world! The second part of the day was a bit more relaxing as we took a breath of fresh air, by climbing up to the top of Ebenalp at the Alpstein massif near St. Gallen. TEAM ACTIVITIES 25

Ski Weekend

As scientific literature is teaching us, a good team spirit can significantly increase the quality of work done by its members. For the sole purpose of advancing science, we went for a ski weekend to Tirol! For some members of the team, it was the right opportunity to learn one of our oldest traditions: full speed, down the slopes. We also discovered the competition spirit of some of our colleagues during a sledging race. It was also a great opportunity to discuss our research interest outside the office. 26 ALUMNI

Dr. Christian Georgi ted strategic financial planning as well as pre- and post-merger inte­gration topics across the relevant functions. In addition, he Dr. Christian Georgi started worked on several portfolio management and internal restruc- his career at Corporate Cont- turing projects and the related communication to the capital rolling of Bayer AG in Leverku- markets. Between 2012 and 2015 he was a Ph.D. student at the sen with a focus on the strate- University of St.Gallen with Prof. Möller and led several practical gic financials of the Group. In his and academic research projects, especially in health care indus- current assignment, he works try. His research primarily focused on multidimensional efficiency as a senior project manager in analysis in hospitals in the DACH region. Previously, he accomplis- the global functional leadership hed his studies in Business Administration at Friedrich-Alexander and analytics team and drives University Erlangen-Nuremberg and at Warsaw School of Econo- the digitalization of the CFO functions in the area of reporting mics. and financial planning. His major focus is on the development and implementation of customized IT-based applications for financial and non-financial KPIs to ensure a targeted group steering and resource allocation. Before, he was the project lead within Bayer Crop Science division and in charge of the conceptualization and implementation of the combined business case for the acquisition of Monsanto. His responsibilities covered the division's integra-

Hall of Fame

33) Dr. Maximilian Laschka (2020) 22) Dr. Benedikt Müller-Stewens (2016) 11) Dr. Carsten Schönefeld (2014) 32) Dr. Philipp Engelhardt (2020) 21) Dr. Johannes Seefried (2016) 10) Dr. Michael Kubach (2013) 31) Dr. Cornel Dalla-Rosa (2018) 20) Dr. Ann-Kathrin Fritze (2016) 9) Dr. Marten Schläfke (2012) 30) Dr. Constantin Schnupp (2018) 19) Dr. Nina Kruse (2015) 8) Dr. Nadine Losch (2012) 29) Dr. Thomas Gackstatter (2018) 18) Dr. Jan-Christoph Steinmann (2015) 7) Dr. Judith Hülle (2012) 28) Dr. Patric Schmaus (2018) 17) Dr. Christian Georgi (2015) 6) Dr. Tobias Klatt (2011) 27) Dr. Sharifa Hanoum (2018) 16) Dr. Philipp Zinsmayer (2015) 5) Dr. Melanie Windolph (2011) 26) Dr. Philipp Wenig (2017) 15) Dr. Stefan Egle (2015) 4) Dr. Sebastian Janssen (2011) 25) Dr. Andreas Zechmann (2017) 14) Dr. Stefan Batzlen (2014) 3) Dr. Ramin Gamerschlag (2011) 24) Dr. Nicolas Renner (2017) 13) Dr. Ludwig Sedlmeier (2014) 2) Dr. Tobias Flinspach (2011) 23) Dr. Michael Koch (2016) 12) Dr. Finn Günther (2014) 1) Dr. Felix Isbruch (2010) IMPRINT 27

AT A GLANCE - 2020 IN NUMBERS

Publications 15

Completed dissertations 2

Dissertation projects 15

Publicly funded projects 4

International conferences / research stays 5

Corrected exams 936

Theses supervised 37

Executive Education participants 102

Competence Network participants 28

Executive Rountable participants 10

Imprint

Publisher University of St.Gallen Institute of Accounting, Control and Auditing Chair of Controlling/Performance Management

Tigerbergstrasse 9 CH-9000 St. Gallen Switzerland

www.aca.unisg.ch +41 (0)71 224 74 06 [email protected]

Editors Prof. Dr. Klaus Möller Layout & Design Carolina Näf Picture credits HSG, Chair of Controlling/Performance Management Copyright The content and design of this report are protected by copyright. The duplication, distribution, publication, alteration, making available to third or edition of all content and design elements, in particular of the text, text parts, pictures, graphics, programs and layout elements require specific, previous and written approval of the Chair of Controlling/ Performance Management.

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