Literature Review Women on boards and in TMTS and firm performance98 substantially by acquisitions rather than expan ding solely organically thus enabling rapid growth and diversification according to the corporate visi on Already in the first year of CONERGY s existen ce Rueter conducted two takeovers and acquired a manufacturer of solar installation equipment as well as a wholesaler for solar technology Alter native Energie Technik GmbH AET both based in Germany With its voltwerk AG joint venture CONERGY also tapped into the market for project development of professional closed solar invest ment funds In addition the young company ex panded to Austria After only twelve months of business activity annual sales in 1999 exceeded EUR 1 0 million In 2000 CONERGY converted from a limited liability company into a stock corporation This marked a first step towards future access to the capital markets Founder Hans Martin Rueter became CEO and decided on two further acquisi tions The technology portfolio was expanded ho rizontally by acquiring a German manufacturer of rainwater usage systems The process of interna tionalization was driven forward by purchasing a Spanish solar wholesaler in Madrid later continu ed under the brand name AET The chosen ambitious way to grow the company can be considered as an indicator for Rueter s op timism and confidence in his capability to success fully position CONERGY as a leading player in the dynamically growing renewable energy industry It cannot be ruled out that based on his educati on and his practical professional experience with SunTechnics Rueter overrated the probability to experience positive events and overestimated his individual skills and managerial competencies In this case an optimistic bias as reported by Wein stein 1980 could be assumed Being CONERGY s founder and CEO Rueter was certainly highly com mitted to the company s development and in con trol of the process two factors which according to Weinstein further strengthen the optimistic as sessment of the own prospects Moreover heigh tened acquisitiveness may be indicative of mana gerial overconfidence Harford 1999 Malmendier Tate 2008 Roll 1986 The company extended its business into the sec tor for wind power in 2001 Again this was achie ved by an acquisition the wind power project development company Windcom was integrated into voltwerk AG At the same time the start of in house development of electronic components for photovoltaics aimed at vertical expansion within the solar sector Voltwerk s pioneer project in the investment driven megawatt class in Markstetten Bavaria was connected to the public grid With a maximum output of 1 6 megawatt peak MWp it was also Germany s largest solar park to date After the takeover of Swiss solar project developer Fabrisolar in 2002 CONERGY covered all three Ger man speaking countries Two more solar power plants were connected to the grid in the same year one of them the worldwide largest to date having a capacity of 4 MWp The CONERGY Group achieved annual sales of more than EUR 70 million with less than 200 employees worldwide and re ported an operating profit for the first time Growth remained moderate in 2003 in accordan ce with the sector s still subdued development However the industry s prospects were excellent Expansion was primarily pushed forward in the field of solar technology the business field rain water usage systems was sold off A production facility for solar energy collectors was opened in Southern Germany The solar product portfolio was further extended by web based and mobile mea suring documentation and monitoring systems for photovoltaic systems The solar product line was now distributed under the CONERGY brand CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 98
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