Literature Review Women on boards and in TMTS and firm performance 99 using sanitary and specialist wholesalers as chan nels Furthermore CONERGY established a central technical and customer support center as well as a central logistic centre for the full solar product line CONERGY again tapped a new market by the acquisition of a systems integrator for solar power plants in France At the end of 2003 the Group had twelve national and nine international subsi diaries and employed a staff of 194 Sales reached EUR 122 4 million EBIT was positive CEO Rueter was afforded respect for his accomplishments He was elected President of the Association of Under takings in the Solar Industry Unternehmensverei nigung Solarwirtschaft e V and also received the Leadership Award for outstanding management personalities CONERGY AG 2003 November 7 of the Economic Forum Germany These external recognitions of his successes and achievements adding up to his own assessment of successes in recent years may have possibly promoted the de velopment of overconfidence Gervais Odean 2001 Malmendier Tate 2009 17 even though Rueter made it sound modest This award is the second best in my pro fessional career However we receive the best award every day from our clients Their trust is confirmation and motivation for the passion that my employees and I go to work with CONERGY AG 2003 November 7 Customer orientation being the core of CONERGY s strategy determined the business model s struc ture which was focused on solar even though the company had cautiously started to expand to adja cent technologies Four distinct brand worlds were created according to its own accounts in order to satisfy the specific demands of four different target groups CONERGY AG 2005 p 53 Rueter saw a decisive competitive advantage in this ori entation of all distribution channels to the spe cific needs of different targets groups CONERGY AG 2005 p 4 From the customers and business partners perspective however it is likely that the segmentation diluted the profile of the company as it increasingly appeared as a confusing conglo merate The brand CONERGY in the business seg ment Development Manufacturing Sales Cen tral Services DMS CS represented an original equipment manufacturer CONERGY products were distributed indirectly via sanitary heating and electrical wholesalers These distribution channels meant the target groups The brand AET belonged to the Group s business segment Wholesale AET was positioned as a leading manufacturer inde pendent pan European wholesaler with the target group installers resellers and sales organizations CONERGY being a distribution partner for wholesa lers but a competitor under the AET brand at the same time possibly meant a trade off and an ob struction for the Group It is highly probable that wholesalers were reluctant to foster their compe titor s business success through high volume sales in the DMS CS segment SunTechnics the third brand in the Engineering segment focused on private and commercial end customers Enginee ring and installation represented the main ser vices of the solar systems integrator Finally volt werk in the business segment Projects had been designed to attract investment from private and institutional investors for closed funds for renewa ble energies CONERGY AG 2005 p 16f Voltwerk was renamed Epuron GmbH as at January 1 2007 a brand name better suited for international use The company Epuron for project and development and structured financing developed financed re alized and operates photovoltaic and wind parks CONERGY AG 2007 p 44 17 See also Malmendier Tate s 2009 evaluation Superstar CEOs on the negative impact of CEOs achieving superstar status on the performance of their firms CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 99
Hinweis: Dies ist eine maschinenlesbare No-Flash Ansicht.
Klicken Sie hier um zur Online-Version zu gelangen.