Literature Review Women on boards and in TMTS and firm performance 95 by the media I use the Lexis Nexis database to search for newspaper articles in German and Eng lish language published between 2002 and 2007 I use the same search terms as Malmendier et al 2007 which are confident or confidence optimistic or optimism while checking for the negated forms of confident and optimis tic as well as reliable cautious conservati ve practical frugal or steady The equiva lent terms in German language are überzeugt selbstbewusst Selbstbewusstsein and opti mistisch Optimismus and the negated forms nicht selbstbewusst nicht überzeugt nicht optimistisch Words with the opposite meaning can be translated as verlässlich vorsichtig konservativ pragmatisch bescheiden or beständig In order to capture capital market perception of Rueter as a person but also of his strategic decisions and his behavior I analyze analyst reports comple mented by informal background discussions with research analysts I also examine CONERGY s vari ous publicly available company documents such as annual reports ad hoc announcements corporate news and presentations for investors and analysts in order to trace the firm s development under the leadership of Rueter and to search for further indi cators of optimistic bias and overconfidence I elu cidate what additional external factors accelerated the firm s decline Furthermore I analyze statem ents made by Rueter in company documents and in interviews to record his self image 4 5 Results 4 5 1 Portray of CEO Rueter in press coverage Ten articles in total could be identified that use se arch terms that indicate the presence of optimism or confidence in direct relation with the person Hans Martin Rueter within the relevant period of time Optimism or optimistic is used six times confident or confidence seven times There was not one single article that associated a search word of the opposite group with Hans Martin Rue ter Hence following Malmendier et al 2007 we can classify Hans Martin Rueter as optimistic and confident There are further indicators that Rueter was not only optimistic and confident but also possessed charisma Analysts attest a winning and char ming character to Rueter They perceived him as being markedly approachable credible and trust worthy15 Rueter generally appeared optimistic and possessed great persuasiveness in particular when presenting the big picture market and stra tegy successes achieved and growth prospects It is said that he was always able to electrify peop le Schwarzer 2010 April 7 His demeanor was described as fresh and dynamic radiating energy and confidence BG 2005 Dec 31 4 5 2 Rapid growth and quick successes in early years Hans Martin Rueter and Dieter Ammer had foun ded CONERGY in December 1998 shortly before the German government gave the renewable energies sector the decisive thrust forward The founders initially focused the company on solar technology particularly photovoltaics an obvious decision considering Rueter s education and career history Rueter graduated with a Master s Degree in mechanical engineering had been working on solar cells for satellites already during his studies at the University of Munich Since the 1950s so lar cells had been used in space exploration for the power supply of satellites and space probes as their lifetime by far exceeded that of chemi 15 Personal conversations with analysts CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 95
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