BSL Academic Research Updates

Latest Update 17.01.2023

Congratulations to BSL’s DBA student Sang Joon Kim, and co-author Professor Dr. Erdal Atukeren for their publication in Finance Research Letters available at Science Direct !

“Does the market’s reaction to greenhouse gas emissions differ between B2B and B2C?
Evidence from South Korea”

Professor Dr. Erdal Atukerenl


This paper analyzes the relationship between greenhouse gas (GHG) emissions and the financial performance of business-to-business (B2B) or business-to-consumer (B2C) organizations. We find that Tobin’s q is positively associated with higher GHG emissions for B2B firms, implying that GHG emissions reduction is regarded as a necessary cost. Meanwhile, a negative relationship is found for B2C firms, which may be due to consumers responding to climate change issues. These findings contribute to our understanding of the heterogeneous relationship in the existing literature. The evidence also implies on the policy level that more stringent regulatory pressure may be required for B2B firms to reduce their GHG emissions.


Congratulations to BSL’s DBA student Jeewong Hong (홍지웅), and co-author Professor Dr. Jan Erik Meidell for the publication of their case study with the National Research Foundation of Korea!

“A Case Study on Company Valuation using Adjusted EBITDA Multiple from a Mergers and Acquisitions Perspective”

Professor Dr. Jan Erik Meidell


From a mergers and acquisitions (M&A) perspective, this study applies the existing EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) multiple and a new adjusted EBITDA multiple to real cases and compares the indicators. The new adjusted EBITDA multiple is a novel valuation method created by supplementing the shortcomings and limitations of the existing EBITDA multiple, which can help decision-making from an M&A perspective. The adjusted EBITDA multiple indicates the time needed to recover total acquisition-related costs when acquiring a company. We analyze the financial information of Hyundai Motor Company and NAVER Corporation from 2017–2021 and find that the further expenditure, in addition to the initial acquisition cost, is necessary to manage the company sustainably. M&A and stock investment decision-making has differing goals and therefore requires different company valuation methods. In the case of stock investment, the objective of the investment is to gain capital from the increase in the stock price of the target company. However, it is important to make decisions regarding M&A in consideration of the acquiring company’s going concern point of view. This study aims to introduce a valuation methodology that can provide practical help to M&A decision-making rather than stock investment.


Curious about how to bridge generational divides at work? 

Our Doctoral candidate Denise Roberson has co-authored and published an HBR article on December 23rd 2022 about that topic: 

3 Strategies to Bridge Generational Divides at Work

BSL Doctoral candidate Denise Roberson


Congratulations to Prof. Sascha Nick for his latest co-authored publication titled:

“Towards True Climate Neutrality for Global Aviation: A Negative Emissions Fund for Airlines”

by Sascha Nick and Philippe Thalmann

Professor Sascha Nick


What would it take for aviation to become climate-neutral by 2050? We develop and model a trajectory for aviation to reduce its CO2 emissions by 90% by 2050, down to a level where all residual emissions can be removed from the atmosphere without crowding out other sectors that also need negative emissions. To make emitters pay for the carbon removal, we propose and model a negative emissions fund for airlines (NEFA). We show that it can pay for the removal of all CO2 emitted by aviation from 2030 onwards, for a contribution to the fund of USD 200–250 per ton CO2 emitted. In our baseline simulation, USD 3.3 trillion is invested by the fund over 40 years in high-quality carbon removal projects designed for biodiversity and societal co-benefits. While we do propose a number of governance principles and concrete solutions, our main goal is to start a societal dialogue to ensure aviation becomes both responsible and broadly beneficial.


Congratulations to Professor Dr. Mario Saba for his latest co-authored publication titled:

“The Recursive Theory of Knowledge Augmentation: Integrating human intuition and knowledge in Artificial Intelligence to augment organizational knowledge”

Professor Dr. Mario Saba

Over a period of five years, a European research team in Information Systems including Dr. Mario Saba, Professor and Doctoral Supervisor at BSL, studied the behavior of a prehistoric man who lived in southern France between 600,000 and 90,000 years ago.


To augment organizational knowledge with Artificial Intelligence.

In this research, published on October 26th  in the international journal Information Systems Frontiers (Impact Score: 6.81), they developed a recursive theory of knowledge augmentation in organizations called the KAM model.

It is based on a synthesis of extant literature and a four-year revised canonical action research project. The research project aimed to design and implement a human-centric AI to solve the lack of integration of tacit and explicit knowledge in a French scientific research center.

They offered the possibility to integrate experts’ intuition and domain knowledge in AI in an explainable way. Indeed, their findings show that organizational knowledge can be augmented through a recursive process enabled by the design and implementation of human-in-the-loop IAI.

The article that has been published in the journal Information Systems Frontiers and can be found on Springer since October 16th 2022:


Congratulations to Professor Dr Ganesh Nathan who has just published a new article about the meaningfulness at work:

“Meaningfulness at Work: Wellbeing, Employeeship and Dignity in the Workplace”, published in The IUP Journal of Soft Skills, Vol. 16, No. 2, June 2022, pp. 16-42

Prof Nathan has published several research papers in various topics: ethical innovation and governance, CSR, multi-culturalism, cross-cultural management, global governance etc. Most of the papers can be downloaded freely from and the total reads and downloads have exceeded 30’000 on this platform. Total citations have exceeded 100.

A paper ‘A non-essentialist model of culture: Implications of identity, agency and structure within multinational/multicultural organizations’ from Prof Nathan (2015) published by the International Journal of Cross Cultural Management has been widely read.

We recommend reading the above paper “A non-essentialist model of culture” that counts more than 20’000 reads on


Professor Doctor Erdal Atukeren becomes an Editorial Board Member of journal Springer Nature

Professor Dr. Erdal Atukeren has become an Editorial Board Member of the journal “Springer Nature: Business and Economics (SNBE)” upon invitation. Professor Dr. Atukeren will be an associate editor for several papers per quarter.

Dr. Erdal Atukeren, teaches at:

  • Swiss Business School (SBS)
  • University of Applied Sciences Institute
  • Business School Lausanne (BSL)

Professor Dr. Atukeren has also become a Guest Editor for a Special Issue of the MDPI journal “World”. The theme of the Special Issue is: “The World under COVID-19: Innovation, Risk and the Challenge of Global Economic Development”.

Special Issue “The World under COVID-19: Innovation, Risk and the Challenge of Global Economic Development”

A special issue of World (ISSN 2673-4060).

Special Issue Editor

Professor Dr. Erdal Atukeren

Guest Editor

1. SBS Swiss Business School – University of Applied Sciences Institute, CH-8302 Kloten (Zürich), Switzerland
2. BSL Business School Lausanne, CH-1022 Chavannes (VD), Switzerland
Interests: macroeconomics; applied econometrics; energy economics; economic development; sustainability; art markets
Special Issues, Collections and Topics in MDPI journals

Share This Special Issue

Special Issue Information

Dear Colleagues,

We are organizing a Special Issue entitled “The World under COVID-19: Innovation, Risk and Challenge of Global Economic Development” of the journal World, which is a multidisciplinary and open-access journal devoted to past, present, and future links between economic, political, social, and/or environmental issues. More information about the journal can be found at

The COVID-19 pandemic has caused changes in the social, technological, economic, environmental, political, legal, and ethical environment (STEEPLE) of societies and businesses to varying degrees. The pressing global challenges of digital transformation, climate change, and meeting the Sustainable Development Goals (SDGs) took on a new dimension under COVID-19. As an unanticipated shock, the COVID-19 pandemic put economies and societies under much stress and brought about further discussion and research, not only in risk management but also in innovation management areas, such as open innovation. A key concept to emerge from the COVID-19 experience is the degree of “resilience” in the systems.

This Special Issue aims to publish findings and observations regarding the relationship between the COVID-19 pandemic and global development with a focus on risk management, innovation management, and resilient systems in areas covering, but not limited to, the following: economic development; SDGs; sustainability; finance; economics; strategic management; supply chain and logistics, marketing and advertising; organizational behaviour; human resource management; labor economics and industrial relations; project management; tourism and hospitality; health services, public health; education; resource and environmental economics, and cultural economics.

We encourage the submission of notes, reviews, original research articles, empirical studies, conceptual papers, short communications, systematic reviews, and case studies targeting any of the above areas, and especially the papers related to the experience of COVID-19 for developing countries .

Prof. Dr. Erdal Atukeren
Guest Editor


Welcome Message from the Scientific Director and Program Administrator from BSL-aSSIST Dual Doctoral Program

Dear BSL-aSSIST Dual Doctoral Program Students:

안녕하세요! I welcome you to the BSL-aSSIST Dual Doctoral Degree Program in Business Administration. As the Scientific Director and the Program Administrator of the BSL-aSSIST Dual Doctoral Degree Program on the BSL side, I will be your main contact person at BSL Business School Lausanne.

The BSL-aSSIST Dual Degree Doctoral Program in Business Administration is unique. In addition to obtaining a Ph.D. degree from aSSIST, Seoul Business School, you obtain a Doctor of Business Administration (DBA) degree from BSL upon successful completion of the degree requirements. The DBA program at BSL is designed to combine your many years of high-level professional experience with academic rigor and research to provide novel solutions to business problems at the industry level.

The BSL-aSSIST Dual Doctoral Degree Program offers many opportunities for students to meet and interact with BSL faculty and with other students in the program. BSL organizes Doctoral Acceleration Weeks (DAW) twice a year – in May and in November. During the DAWs, you can present your work-in-progress, listen to other students’ presentations and learn from the feedback they get, and follow lectures by BSL faculty on various aspects of the doctoral research and thesis writing process. Participation in DAWs is voluntary and not mandatory, but it is highly recommended to make the most out of your doctoral studies and research. You can attend the DAWs in person at BSL or online. Some of your fellow students from previous intakes took this opportunity to visit Switzerland and have face-to-face meetings with their BSL Supervisors and Faculty in addition to establishing personal or business contacts with other students in BSL’s DBA program.

I thank you again for choosing the BSL-aSSIST Dual Doctoral Degree Program in Business Administration to advance your professional career with rigorous academic research that will bring novel industry-level insights and transformation prospects. I wish you all the best and much success during your studies and in your doctoral research.

Kind Regards.


Dr. Erdal Atukeren

Professor & Scientific Director and Program Administrator, BSL-aSSIST Dual Doctoral Degree Program


DBA Graduate: Dr. Corlea Human


The purpose of the Thesis Dissertation  was to determine how social entrepreneurial organizations (SEOs) can commit to sustainability while contributing to the eradication of extreme poverty.

To answer this main question, The focus of the research was to answer three sub questions questions:

  • of which the first is to resolve how SEOs can use social business model innovation to address poverty and the impact on the environment.
  • The second is to determine the role that alternative financial instruments can play in the sustainable generation of revenue.
  • The third is to establish what kind of institutional governance structures would enable SEOs to operate sustainably.

This question is close Dr. Human’s heart and is related to her personal experiences of societal injustices and capitalistic agendas in South Africa.

Beyond the south African context, Dr. Human’s Thesis will provide transferrable answers and solutions to all entrepreneurial organizations working on the eradication of extreme poverty.


BSL’s Professor Patrick Rose publishes article with Frontiers Media SA

Professor Patrick Rose published the article “The Tug-of-War Over Truth: A Foucauldian Case Study on the Interplay of Competing Discourses in Education” as a part of the Research Topic “Leadership, Organizational Stressors, and Employee Work Attitudes in Educational Organizations” with Frontiers Media SA, a publisher of peer-reviewed, open access, scientific journals currently active in science, technology, and medicine.


The present study applies a Foucauldian critical analytic to investigate competing discourses in education that are shown to be present in one public high school in the southern part of the United States. It is revealed how these discourses intersect and collide with each other to reinforce certain values, principles and practices, but eventually loosely coalesce along with other social interactions into general rules and social norms within the high school. It is found that technology itself represents a separate competing discourse with its own set of unique truths, goals, language and tools that both overlap and challenge other dominant discourses. Foucault’s concepts about power and governmentality provide the deductive design for data interpretation. Teacher and school administrator retellings are examined for signs of structures of thought and discursive truths that characterize ways of thinking that represent opposing points of views about the role of technology in education and its effect on defining the “right” way to teach. A framework is proposed for understanding and comparing the discourses based on their differing views of technology.

Read more


DBA Graduate: Dr. Grace Lin Xu

Dr Grace Lin Xu has been working on the creation of  An Integrated Framework of Personal & Organizational Perspectives for Employee Well-Being in the Chinese Workplace.

Little is known about the well-being of employees in China and how to address the issue within the unique context of Chinese organizations. Yet, there is evidence that the well-being of Chinese workers is poor compared to their counterparts in other countries and this represents a critical business issue for China.

Many studies have shown that low employee well-being negatively impacts companies in terms of employee burnout, absenteeism, depression, anxiety, ill health, and lost productivity.

 Unlike in many other countries where the importance of employee wellbeing is widely recognized as needed for maintaining a productive environment, only a few leading Chinese companies have taken significant steps to address the challenges of this concern.

 The aim of the research is to develop a holistic framework composed of proven well-being strategies that are appropriate to the China context.

To develop this framework Dr. Grace Lin Xu had to answer several key research questions:

  • What are the key categories for employee well-being in China?
  • What can employees do for their well-being in the workplace in China?
  • What organizational policies can companies implement for their employee well-being in the Chinese workplace?
  • Is it essential for both personal efforts and organizational policies to combine for employee well-being in the Chinese workplace?
  • What might be an implementable approach of the framework for employee well-being in the Chinese workplace?

Dr. Lin Xu’s Thesis will provide transferrable answers and solutions to Chinese companies effectively guiding the company decision-making for implementing employer-sponsored wellbeing programs.


DBA Graduate: Dr. Sehoon Kim

Dr Sehoon Kim has been working on the central topic of business model transformation in the automotive industry with the following title:  Business Model Innovation for Digital Dealership in the Korean Automotive Industry: Key Resources, Key Activities, and Channel Perspectives.

Dr. Sehoon Kim’s research focuses on the three main building blocks of the automotive retail business model, Key Resources (KR), Key Activities (KA), and Channels (CH). Dr Sehoon Kim has answered to questions in each of those building blocks. 

Here are the questions that have been driving Dr. Sehoon Kim’s research:

  • KR What is the performance-creating mechanism of fieldwork teams of automotive retailers?
  • KR What are the human resource development implications for the future dealership?
  • KA How does digital technology drive the business activities of traditional auto retailers?
  • KA What are the possible scenarios for key activities of the future dealership?
  • CH What factors should be considered for future channels of auto retailers?
  • CH What are the implications of order fulfillment modes for digital auto retailing?

The Thesis Dissertation suggests a model for strategic management that aligns the external environment and internal resources leading to a business model innovation that would transform the existing auto retail model into a digital dealership of the future.

Dr Sehoon Kim’s research presents a distinctive approach to generate sustained competitive advantage within a traditional industry under the digital era. It also presents practical implications for digitalizing the existing business under a rapidly changing environment and contributing to the existing knowledge.

Dr. Sehoon Kim’s research is focusing on business model transformation of the existing auto retail model to transform it into a digital one and will thus be transferable by provide theoretical and managerial real-world business transformation suggestions for automotive retail in South Korea.