Publications

(in chronological order)


2018


French, M.;  Shim, J.P.; Parsons, J.; Risius, M.;Bordnick, P. S.; Holtman, D. (2018)

Virtual Reality and Blockchain Technology in the Era of 5G: Disrupting Business and Society

In: Panel at the 24th Americas Conference on Information Systems, New Orleans, USA

With the introduction of blockchain technology and advancements in the mobile infrastructure with 5G networks, virtual reality is resurfacing from previously discussed theoretical developments to actual implementations that are set to disrupt business and society alike. The past few years have shown an increase virtual reality equipment manufacturing and technical capabilities. With high speed networks capable of providing ubiquitous access virtual and augmented reality platforms being developed on distributed blockchain network, new societal transformations are ready to take place. This panel will address the technological foundation driving new trends and discuss their impacts on business and society.

Find it here: link will be provided here as soon as possible



Chanson, M.; Risius, M.; Wortmann, F. (2018)

Initial Coin Offerings (ICOs): An Introduction to the Novel Funding Mechanism Based on Blockchain Technology

In: 24th Americas Conference on Information Systems, New Orleans, USA


Initial Coin Offerings (ICOs) are a novel form of funding mechanism that is based on blockchain technology. While ICOs are already the dominating financing paradigm in the blockchain industry, they might also disrupt well-established industries that rely on incumbent funding systems. ICOs are a recent phenomenon. Hence, research on the topic is scarce and the phenomenon not yet well-understood. In order to address this research gap, we try to build a basic understanding of ICOs in this paper. More specifically, we identify constituent ICO building blocks by drawing on financialization theory. In addition, we analyze 96 ICOs with respect to these constituent building blocks. Our analysis provides first evidence that ICOs differ considerably regarding the identified building blocks. Based on these insights, we specify future research plans that encourage the development of a well-founded taxonomy and highlight limitations of our initial study.

Find it here: link will be provided here as soon as possible


Heavey, C; Kyprianou, C..; Zeki, S. ; Risius, M.
Strategic Leadership in the Digital Age: A Multi-Disciplinary Review, Framework, and Research Agenda 
In: 38th Strategic Management Society Conference (SMS 2018), Paris, France; nominated for the Best Conference Paper Award

Social media has emerged as one of the more important communication and influence tools available to strategic leaders. Despite a growing volume of research, strategic management scholars have been slow to conceptualize and theorize about the characteristics, causes and consequences of strategic leaders’ social media engagements. And yet both empirical evidence and everyday experience suggest social media engagements of strategic leaders – CEOs, top executives, and board members – can have significant consequences for firm outcomes. Synthesizing insights from a systematic research review with the upper-echelons view of the firm, we develop an encompassing conceptualization and framework of strategic leaders’ social media engagements and advance a set of novel propositions to stimulate research inquiry. We trace the implications of the proposed framework and identify key priorities for future research.

Find it here: link will be provided here as soon as possible


Glaser, F.; Risius, M.

Effects of Transparency. Analyzing Social Biases on Trader Performance in Social Trading

In: Journal of Information Technology, 2018, 33 (1), pp. 19-30


Social Trading platforms combine the trading functionalities of classical online broker services with the communication and interaction features of social networks. Next to following other users' profiles, a main characteristic of social trading platforms is the possibility to follow other users by automatically copying their trades. By being a technologically based financial intermediary that enables individual profit maximization, social trading platforms constitute a contemporary example of financialization. Our empirical analysis of the behavior of traders on a social trading platform provides new insights on financialization related questions regarding the influence of transparency and interaction in delegated investment environments. The disposition effect is a well-studied behavioral bias of investors and traders. Human investors tend to realize returns of their winning positions too early and let unfavorable positions accumulate losses for too long. We find that on social trading platforms the traders’ sensitivity to the disposition effect is influenced by the amount of attention they receive from their followers who invested capital into the traders' strategy. These novel insights propose a link between principal-agent theory and the disposition effect induced by transparency mechanisms. We extend the literature on trader-investor interaction channels in social trading networks. The results obtained in a social network environment are of high relevance for regulators who have a strong focus on customer protection and financial services regulation. They also provide guidelines for platform designers, traders, investors and social trading platform operators.


Find it here: http://link.springer.com/article/10.1057/s41265-016-0028-0


2017


Risius, M.; Spohrer, K.

A Blockchain Research Framework - What We (Don't) Know, Where We Go From Here, and How We Will Get There

In: Business & Information Systems Engineering (BISE), 2018, 59 (6), pp. 385-409

While blockchain technology is commonly considered to be potentially disruptive in various regards, there is a lack of understanding where and how blockchain technology is effectively applicable and where it has mentionable practical effects. This issue has given rise to critical voices that judge the technology as over-hyped. Against this backdrop, we adapt an established research framework to structure the insights of the current body of research on blockchain technology, outline the present research scope as well as disregarded topics, and sketch out multidisciplinary research approaches. The framework differentiates three groups of activities (design and features, measurement and value, management and organization) at four levels of analysis (users and society, intermediaries, platforms, firms and industry). The review shows that research has predominantly focused on technological questions of design and features, while neglecting application, value creation, and governance. In order to foster substantial blockchain research that addresses meaningful questions, we identify several avenues for future studies. Given the breadth of open questions, we show where research can benefit from multidisciplinary collaborations and present data sources as starting points for empirical investigations.

Find it here: https://link.springer.com/article/10.1007/s12599-017-0506-0


Hyvärinen, H.; Risius, M.; Friis, G.

A Blockchain-Based Approach Towards Overcoming Financial Fraud in Public Sector Services

In: Business & Information Systems Engineering (BISE), 2018, 59 (6), pp. 441-456

In financial markets it is common for companies and individuals to invest into foreign companies. To avoid the double taxation of investors on dividend payment – both in the country where the profit is generated as well as the country of residence – most governments have entered into bilateral double taxation treaties, whereby investors can claim a tax refund in the country where the profit is generated. Due to easily forgeable documents and insufficient international exchange of information between tax authorities, investors illegitimately apply for these tax returns causing an estimated damage of 1.8 billion USD, for example, in Denmark alone. This paper assesses the potential of a blockchain database to provide a feasible solution for overcoming this problem against the backdrop of recent advances in the public sector and the unique set of blockchain capacities. Towards this end, we develop and evaluate a blockchain-based prototype system aimed at eliminating this type of tax fraud and increasing transparency regarding the flow of dividends. While the prototype is based on the specific context of the Danish tax authority, we discuss how it can be generalized for tracking international and interorganizational transactions.

Find it here: http://link.springer.com/article/10.1007/s12599-017-0502-4



Janze, C.; Risius, M.

Automatic Detection of Fake News on Social Media Platforms

In: Proceedings of the 21st Pacific Asia Conference on Information Systems (PACIS 2017); Langkawi, Malaysia

Winner of the Best Conference Paper Award


This study investigates how fake news shared on social media platforms can be automatically identified. Drawing on the Elaboration Likelihood Model and previous studies on information quality, we develop and test an explorative research model on Facebook news posts during the U.S. presidential election 2016. The study examines how cognitive, visual, affective and behavioral cues of the news posts as well as of the addressed user community can be used by machine learning classifiers to identify fake news fully automatically. The best performing configurations achieve a stratified 10-fold cross validated predictive accuracy of more than 80%, and a recall rate (share of correctly identified fake news) of nearly 90% on a balanced data sample solely based on data directly available on Facebook. Platform operators and users can draw on the results to identify fake news on social media platforms - either automatically or heuristically.

Find it here: Link will soon be made available


Glaser, F.; Risius, M.

The Side Effect of Scrutinising Traders in Social Trading Platforms

In: LSE Business Review, 2017


The rationality of human investors has long been questioned. Behavioural biases have been broadly investigated and are known to impair human decision-making in capital markets. Our empirical study draws on these findings regarding behavioural biases and analyses the behaviour of traders on a social trading platform to expand insights on behavioural biases and human decision-making. In particular, we have analysed the influence of real-time monitoring and real-time interaction between traders and investors on traders’ behaviour.


Find it here: http://blogs.lse.ac.uk/businessreview/2017/03/09/the-side-effect-of-scrutinising-traders-in-social-trading-platforms/


2016


Risius, M.

Social Media Management - Advancing Social Media Analytics and Engagement

In: Dissertation Thesis; Frankfurt am Main


This cumulative dissertation thesis comprises six empirical papers that advance knowledge on social media management. The different papers are allocated to one of the different social media activities depending on the degree to which they focus on engagement or analytics. The different activities were derived from the social media research frameworks by  Aral et al. (2013) and McFarland and Ployhart (2015). In particular, Paper 1 and Paper 2 address the first research question by analyzing how different communication based engagement behaviors of individual employees translate into knowledge exchange quality (Paper 1) and social capital (Paper 2) in enterprise microblogging. Both papers argue that the way in which users commonly communicate affect their social network which ultimately leads to different outcomes. Regarding the second overall research question, Papers 3-5 explore which different social media management strategies and tactics companies currently pursue. Specifically, these articles evaluate how these different organizational behaviors affect the public perception with a particular focus on the corporate application of social media management tools. With respect to the third major research question, Paper 6 develops and validates a sentiment analysis tool to advance social media analytics. Thereby, it provides new means of measuring user-generated content and demonstrates the value of the respectively improved intelligence.



Risius, M.; Benthaus, J.; Akolk, F.

Increasing Sales Performance through Social Media Activities

In: EFL Quarterly 4/2016; Frankfurt am Main, Germany


Social media platforms present unique possibilities for companies to interact with their customers and take up a key role in building relationships. However, little is known concerning the financial return on investment from social media engagement and specific strategies to leverage it. The analysis of over 1.5 million tweets revolving around ten car manufacturers suggests that companies can increase their sales volume through greater relationship investment and by adopting a social media strategy that promotes the users’ relationship satisfaction.









Find it here: http://www.efinancelab.de/fileadmin/documents/newsletter/quarterly/efl-quarterly-16_04.pdf



Risius, M.; Benthaus, J.; Akolk, F.

Is it Worth it? Dismantling the Process of Social Media Related Sales Performance

In: Proceedings of the 24th European Conference on Information Systems (ECIS 2016); Istanbul, Turkey


Social media platforms present unique possibilities for companies to interact with their customers and take up a key role in building relationships. A substantial body of research has demonstrated the impact of social media regarding, for example, brand awareness and corporate reputation. However, little is known concerning the financial Return on Investment from social media engagement and specific strategies to leverage it. To this end, the study draws on relationship marketing theory to develop and operationalise a research model, which understands objective firm performance in terms of sales as a result of relationship antecedents (i.e., corporate investment and dyadic similarity) mediated through the customer-perceived relationship strength. To test the assumed research model, we collect and analyse a dataset of over 1.5 million Twitter messages revolving around ten car manufacturers and measure the impact on new car registration volumes. The results of this study suggest that companies can increase their sales volume through greater relationship investment (i.e., by providing interest group-specific information) and by adopting a social media strategy that promotes the users’ relationship satisfaction (i.e., raises the share of voice within user messages).

Find it here: http://www.ecis2016.com/papers/1403.pdf



Risius, M.; Akolk, F.; Beck, R.

Mit Social-Media-Stimmungen Börsenkursbewegungen vorhersagen
Wirtschaftsinformatik & Management, 3/2016



Nachrichten aus sozialen Medien werden von Forschern und Praktikern zunehmend als zusätzliche Informationsquelle zur Vorhersage von Börsenkursveränderungen verwendet. Basierend auf Erkenntnissen der psychologischen Emotionslehre und einem etablierten Tool zur Messung von Stimmungen (englisch Sentiment) in Textnachrichten, haben wir ein Sentiment-Tool entwickelt, mittels dessen man die Stärke von sieben verschiedenen Emotionen in Textdokumenten erfaassen kann.








Find it here: http://link.springer.com/article/10.1007/s35764-016-0045-3

The dictionary is currently being revised and will soon be available for download again



Risius, M.Beck, R.

Improving the Corporate Public Perception through Social Media

In: EFL Quarterly 1/2016; Frankfurt am Main


Companies use social media in general and microblogging in particular for different purposes, such as reputation management. We empirically identify different social media activities in terms of social media management strategies, account types, and communicative approaches. By analyzing a data set of over five million twitter messages, we find positive effects of social media management tools, broadcasting accounts, and conversational communication on the corporate public perception.







Find it here: http://www.efinancelab.de/fileadmin/documents/newsletter/printed/efl-quarterly-01-2016.pdf



Benthaus, J.; Risius, M.; Beck, R.

Social Media Management Strategies for Organizational Impression Management and their Effect on Public Perception

In: The Journal of Strategic Information Systems25 (2), 2016


With the growing importance of social media, companies increasingly rely on social media management tools to analyze social media activities and to professionalize their social media engagement. In this study, we evaluate how social media management tools, as part of an overarching social media strategy, help companies to positively influence the public perception among social media users. A mixed methods approach is applied, where we quantitatively analyze 15 million user-generated Twitter messages containing information about 45 large global companies highly active on Twitter, as well as almost 160 thousand corresponding messages sent from these companies via their corporate Twitter accounts. Additionally, we conducted interviews with six social media experts to gain complementary insights. By these means, we are able to identify significant differences between different social media management strategies and measure the corresponding effects on the public perception.


2015


Risius, M.; Pape, T.

Developing and Evaluating a Readability Measure for Microblogging Communication

In: 14th SIG e-Business Workshop at the 36th International Conference on Information Systems (ICIS); Fort Worth, TX, USA


Especially due to the recent expansion of social media platforms, researchers and practitioners exert ever growing efforts to advance big data analytics techniques to derive actionable insights from social networks. Although a substantial body of research has shown that readability is of vital importance for the success of text-based communication, currently it is rarely considered in social media research or especially microblogging. In this research project, we intend to develop a readability measure for microblogging messages that is applicable to large scale data analysis and also provides concrete formulation recommendations for single messages. We will combine text mining and machine learning techniques to analyze a sample of approximately 6.8 million Twitter messages from and about 33 large S&P 100 companies to develop a respective readability measure.

Find it here: http://web2015.isy.vcu.edu/pdf/RIP/WeB2015_CameraReady_15.pdf



Risius, M.; Akolk, F.; Beck, R. (2015)

Analyzing the Relationship between Differentiated Online Sentiment and Company-Specific Stock Prices

In: EFL Quarterly 3/2015; Frankfurt am Main

Practitioners and researchers alike increasingly use social media messages as an additional source of information when dealing with stocks. Based on emotion theory and an established sentiment lexicon, we develop and apply an open source dictionary for the analysis of seven different emotions in 5.5 million Twitter messages on 33 S&P 100 companies. We find varying explanatory power of different emotions (esp. happiness and depression) for company-specific stock price movements over a period of three months.







Find it here: http://www.efinancelab.de/fileadmin/documents/newsletter/printed/print15-3.pdf



Risius, M.; Beck, R. (2015)

Effectiveness of Corporate Social Media Activities in Increasing Relational Outcomes

In: Information & Management, 52 (7), pp. 824-839



This study applies social media analytics to investigate the impact of different corporate social media activities on user word of mouth and attitudinal loyalty. We conduct a multilevel analysis of approximately five million tweets regarding the main Twitter accounts of 28 large global companies. Thereby, we empirically identify different social media activities in terms of social media management strategies (using social media management tools or the web-frontend client), account types (broadcasting or receiving information), and communicative approaches (conversational or disseminative). We find positive effects of social media management tools, broadcasting accounts, and conversational communication on the public perception.







Find it here: http://www.sciencedirect.com/science/article/pii/S0378720615000622/pdfft?md5=3127968e1d2348bc42857a6715688d4a&pid=1-s2.0-S0378720615000622-main.pdf



Risius, M.; Akolk, F. (2015)

Differentiated Sentiment Analysis of Corporate Social Media Accounts

In: Proceedings of the 21st American Conference on Information Systems (AMCIS 2015); Fajardo, Puerto Rico


Social media managers as well as analysts use social media messages as an additional channel to manage and measure opinions towards brands. Currently, however, sentiment tools have been predominantly focused on the binary positive-negative valence of emotions and thereby neglected the multi-dimensional structure of human emotions. Moreover, while practitioners try to address the issue of undifferentiated customer requests towards a brand by operating more interest group-specific accounts, research still lacks understanding regarding the impact of different account types. We approach this research gap by developing a classification of social media accounts and, subsequently, deploy a sentiment analysis that differentiates between seven emotions within
532,363 thousand tweets towards 641 accounts from 33 S&P 100 companies. Our results confirm the assumed necessity of considering different account types when studying corporate social media presence and assessing differentiated emotions in social media analytics.






Find it here: http://elibrary.aisnet.org/Default.aspx?url=http://aisel.aisnet.org/cgi/viewcontent.cgi?article=1276&context=amcis2015



Risius, M.; Akolk, F.; Beck, R. (2015)

Differential Emotions and the Stock Market. The Case of Company-Specific Trading.

In: Proceedings of the 23rd European Conference on Information Systems (ECIS 2015); Muenster, Germany


Practitioners and researchers alike increasingly use social media messages as an additional source of information to analyse stock price movements. In this regard, previous preliminary findings demonstrate the incremental value of considering the multi-dimensional structure of human emotions in sentiment analysis instead of the predominant assessment of the binary positive-negative valence of emotions. Therefore, based on emotion theory and an established sentiment lexicon, we develop and apply an open source dictionary for the analysis of seven different emotions (affection, happiness, satisfaction, fear, anger, depression, and contempt).To investigate the connection between the differential emotions and stock movements we analyse approximately 5.5 million Twitter messages on 33 S&P 100 companies and their respective NYSE stock prices from Yahoo!Finance over a period of three months. Subsequently, we conduct a lagged fixed-effects panel regression on the daily closing value differences. The results generally support the assumption of the necessity of considering a more differentiated sentiment. Moreover, comparing positive and negative valence, we find that only the average negative emotionality strength has a significant connection with company-specific stock price movements. The emotion specific analysis reveals that an increase in depression and happiness strength is associated with a significant decrease in company-specific stock prices. 


Find it here: http://bit.ly/1JPTwZz




2014


Dernbecher, S.; Risius, M.; Beck, R. (2014)

Improving Job Performance in Mobile Work Environments through Mindful Organizing

In: EFL Quarterly 4/2014; Frankfurt am Main


Organizational mindfulness (OM) supports the management and employees working in the increasingly dynamic work environments driven by cloud computing or mobile devices. Specifically, in mindful organizations, such as financial institutions, reliable outcomes arise from om in the face of complex information systems. However, extant is research has disregarded the multilevel structure of mindfulness, especially the importance of mindful organizing (MO) on lower hierarchical levels. Based on data from 256 users of an organization wide cloud-based desktop-as-a-service system, we found a significantly positive influence of the combination of om and mo as well as differential effects for both on job performance.







 Find it here:
http://www.efinancelab.de/fileadmin/documents/newsletter/printed/print14-4.pdf



Risius, M. (2014)

Building Social Capital via Microblogging in the Financial Services Industry

In: EFL Quarterly 2/2014; Frankfurt am Main


The way in which people communicate affects their relationships, social network structures and ultimately the social capital acquired through their connections. Social capital is a key factor for the performance of individuals and organizations. Therefore, companies in the financial services industry increasingly implement social media platforms to facilitate communication among employees and to leverage the social capital benefits. Analyzing the individual network structures of different communication types, we find that a more self-disclosing communication type (“Meformer”) benefits from a higher efficacy in building social capital compared to a primarily factual-oriented communication type (“Informer”).




Find it here: http://www.efinancelab.de/fileadmin/documents/newsletter/printed/print14-2.pdf



Risius, M. (2014)

Is it Really About Facts? The Positive Side of Meforming for Turning Self-Disclosure into Social Capital in Enterprise Social Media

In: Proceedings of the 22nd European Conference on Information Systems (ECIS 2014); Tel Aviv, Israel


Through the way in which people communicate they can affect their relationships, social network structures and ultimately the social capital acquired through their connections. We understand social capital from an ego-centric point of view as the resources obtained through the relationships among people within social networks. Social capital is a key factor for the performance of individuals and organizations. Therefore, companies increasingly implement social media platforms to facilitate communication among employees and to leverage the social capital benefits. To enhance our understanding of successfully building social capital through communication in enterprise social media, we apply human coding and quantitative analysis to the content and tone of 6,306 enterprise microblogging messages created by 136 employees of an international financial service provider. In accordance with existing information systems (IS) literature, we develop a model-based operationalization of communication styles and empirically abstract the two general communication types of In- and Meformers. Analysing the individual network structures of these communication types, we identify differences in the effectiveness building of social capital. Contrary to preliminary findings in public social media, our results suggest that a more self-disclosing communication type benefits from a higher efficacy in building social capital compared to a primarily factual-oriented communication type.



Find it here: http://aisel.aisnet.org/cgi/viewcontent.cgi?article=1067&context=ecis2014



Dernbecher, S.; Risius, M.; Beck, R. (2014)

Bridging The Gap - Organizational Mindfulness and Mindful Organizing in Mobile Work Environments

In: Proceedings of the 22nd European Conference on Information Systems (ECIS 2014); Tel Aviv, Israel


Organizational Mindfulness (OM) can support management and employees working in increasingly dynamic, mobile work environments driven by cloud computing or mobile devices. Specifically, in mindful organizations, reliable outcomes arise from cognitive processes of revealing and redirecting events and their potential negative consequences in the face of complex Information System (IS). However, despite OM’s relevance across hierarchical levels, extant IS research has not yet clearly distinguished its results depending on the different levels on which mindfulness emerges. Thus, this paper analyses OM from a multi hierarchy level perspective and thereby augments the concept by Mindful Organizing (MO). In contrast to OM as managerial process, MO evolves as a bottom-up process from the employee level of an organization. Thus, based on data from 256 users of an organization wide cloud-based Desktop as a Service system, we found significant positive influence of a differentiated effect of both, OM and MO, as well as a highly significant positive effect of the combination of both on job performance. Therefore, we suggest (1) a nuanced view on mindfulness in future IS research incorporating the influence of hierarchical levels regarding this organizational phenomenon and (2) mindfulness as concept to cognitively handle the challenges of mobile work.


Find it here: http://ecis2014.eu/E-poster/files/0885-file1.pdf



Risius, M.; Beck, R. (2014)

You Reap What You Sow! Differences in Knowledge Exchange Effectiveness Between Communication Types

In: EFL Quarterly 1/2014; Frankfurt am Main


For knowledge-intensive organizations in the finance industry, an effective knowledge exchange among employees is crucial for the competitive performance. Therefore, companies increasingly rely on social media platforms to facilitate communication and collaboration. To enhance our understanding of successful communication in enterprise social media, we apply human coding and quantitative analysis to the content and tone of 15,505 enterprise microblogging messages created by 1,166 employees of an international financial service provider. Our results suggest that a more factual-oriented communication type benefits from a higher knowledge exchange effectiveness compared to a primarily self-disclosing communication type.







Find it here: http://www.efinancelab.de/fileadmin/documents/newsletter/printed/print14-1.pdf



Risius, M.; Beck, R. (2014)

You Reap What You Sow? How Knowledge Exchange Effectiveness is Affected by Different Types of Communication in Enterprise Social Media

In: Proceedings of the 47th Hawaii International Conference on System Sciences (HICSS 2014); nominated for the Best Paper Award; Big Island, Hawaii, USA


The way in which people communicate affects their relationship building, social network structures and ultimately the knowledge they receive through their connections. For organizations, an effective knowledge exchange among employees is crucial for the competitive performance. Therefore, companies rely increasingly on social media platforms to facilitate communication and collaboration. To enhance our understanding of successful communication in enterprise social media, we apply human coding and quantitative analysis to the content and tone of 15,505 enterprise microblogging messages created by 1,166 employees of an international financial service provider. Specifically, we develop a model-based operationalization of communication styles and empirically derive two general communication types. Analyzing the quality and number of answers to questions from these communication types, we identify differences in the effectiveness of knowledge exchange. Our results suggest that a more factual-oriented communication type benefits from a higher knowledge exchange effectiveness compared to a primarily self-disclosing communication type.