Prof. RD Rusli - TH Köln Theses Topics & Guidelines August 2025

Prof. Dr. Ridwan D. Rusli, SM, MSCEP, Dipl.-Chem.

International and Sustainable Finance and Strategy, Technische Hochschule Köln; EM Research Fellow and Lecturer in Economics, University of Luxembourg; Mentoring Professor/Vertrauensdozent, Studienstiftung des deutschen Volkes; ridwan.rusli@th-koeln.de

Management topics relevant for my research include platform and ecosystem strategy, sustainability and circular business model innovation, energy- and environmental policy, public-private co-financings and sustainable finance. I apply concepts of platform-, circular economy- and innovation economics to study new business models and the role of technology (including digitalization/AI, electrification and decarbonization) in enhancing innovation and sustainability across industries. Concurrently, I examine how corporate and public finance and capital markets can help finance green transformations and investments by firms and governments.

In addition to corporate strategy and innovation, the role of government and industry regulation is considered. Thus, as a microeconomist I also conduct research and supervise theses in energy- and environmental economics and policy, incl. the roles of regulation and public finance. In the context of public-private co-financings of infrastructure and green investments I also examine the roles, strategies and financial performance and the political economy of state-, city-owned and communal companies and private-public partnerships. Last but not least, public sector subsidy and fiscal policy required to promote and co-fund decarbonization and green investments is considered..

Below is a summary of past theses that I have supervised at TH Köln, grouped along topical categories. Due to the interdisciplinary nature of many research questions, thesis topics may cut across multiple categories. Every completed thesis raises new follow-up research questions and offers potentially interesting opportunities for future student projects. As a consequence, there is plenty of room for students to choose topics and research questions that overlap with previous works listed below. 

 

Thesis topics

1. Mobility platforms

-      Innovative electro-mobility business models

-      Merger of DriveNow and Car2Go

-      VW‘s sustainable mobility strategy

-      Car sharing vs. ride-hailing business models

-      New mobility services around the world (multiple theses)

-      Ride-hailing business models and performance: Go-Jek, Uber vs Lyft (multiple theses)

-      Boats rental platforms

-      Logistics company platforms

-      Sustainability aspects of new mobility services and electric vehicles[1]

-      Alternative electrification strategies in the automotive industry²

-      Electric vehicle business models, mergers and acquisitions and strategic alliances

-      The roles of the public sector and regulation in promoting mobility-as-a-service business models  (multiple)

-      Profitability and sustainability of mobility-as-a-service business models¹

-      Electric vehicle innovation and strategy of multinational automobile manufacturers (multiple)

 

2. Retail and e-commerce, services

-      Platform strategy for retail and consumer-products firms (online/offline) (multiple)

-      Platform strategies und digitalization for insurance companies[2]^,3

-      Asian e-commerce sector and entry strategies

-      Internationalization strategies of e-commerce companies

-      Virtual reality and strategies for Video-On-Demand-Services/Streaming

-      Online product sampling platforms

-      Platform strategy benchmarking for specialty retailers[3]

-      Media and news industry platforms

-      Multi-sided platforms in food deliveries

-      Customer relationship management (CRM) software and platform strategies

-      Payment systems and network effects in e-commerce

3. Blockchains and Fintech

-      Blockchain applications in finance and banking (multiple)

-      Blockchain applications in the chemical logistics industry[4]

-      Blockchain applications in the energy industry³

-      Crowdfunding platforms for sustainability[5]

-      Regulation of crypto-currencies and initial coin offerings (ICO) (multiple)

-      Digital and mobile payment systems (multiple theses)

-      Central bank digital currencies

-      Taxation of crypto currencies

4. Innovation and technology management

-      German vs. Chinese automobile industries: Electric car innovation

-      Electric battery vehicles vs. hydrogen-fuel cells, e-fuels (multiple)

-      Tesla’s success drivers and valuation vs. German automobile companies

-      Bosch’s innovation platforms

-      Innovation and sustainability in the food industry

-      Blockchain applications in the chemical logistics industry

-      Blockchain applications in the energy industry[6]

-      Artificial intelligence in the healthcare industry

-      Change management, open innovation and Delta Model across industries

-      Impact of digitalization on international trade

-      Company and industry transformations during the pandemic

-      How do technology and innovation affect the future of the pharmaceutical industry²

5. Platform strategy in multi industries

-      Specialty chemicals companies’ benchmarking

-      Non-profit organizations (multiple theses)

-      Airline codesharing and coopetition

-      Budget and regional vs. national and global airlines

-      Platform strategy benchmarking for specialty chemicals companies[7]

-      Coopetition strategy and its implementation, the case of Apple-Samsung

6. Sustainability und circular economy[8]

-      Circular economy and Product-as-a-Service[9]

-    Consumer behaviour and attitude surveys (relevant for both product manufacturing companies and services providers) (multiple studies)

-      Packaging-free supermarkets (incl. consumer-, logistic- and production-related questions)

-      Packaging-as-a-Service business models (multiple studies)

-      Platform strategy analysis of Collective Action Platforms for Sustainability (CAPS)

-      Sustainability aspects of new mobility services and electric vehicles¹

-      Business model innovation in the waste management industry

-    Sustainability and circular economy business models in the fashion and clothing industry (multiple theses)

-      Technology drivers for circular economy business models in the telecom industry

-      Incentives to innovate towards circular economy business models (multiple theses incl. automobiles, packaging, food industries, consumer products, agriculture)

-      Circular economy and the agricultural sector in developing countries

-      Green computing as a competitive advantage²

-      Circular economy business models in the mobility sector: manufacturers versus service providers

-      Circular economy benchmarking of international chemical companies⁶

-      Recycling platforms and sharing business models in the chemical industry

-  Sustainable supply chain practices across manufacturing and resources sectors in developing economies

-     Challenges to decarbonization and sustainability transition in developing vs. industrialized economies (multiple)

-      Profitability and sustainability of mobility-as-a-service business models¹ (multiple)

-      Circular economy business models in the tourism industry

-      Energy efficiency and behavioral economics (multiple)

-      Sustainable business models and strategies in semiconductor manufacturing (multiple)

-      Sustainability in construction and infrastructure incl. real estate development, big events (multiple)

7. Sustainability policy and regulation

-      EU regulation for circular economy business models (multiple theses incl. durable goods industry)

-      EU regulation and trade, border carbon adjustment

-      Conflicts of interest in international environmental policy

-      Carbon border adjustments in the EU

8. Sustainable finance and green investments

-      Global Reporting Initiative (GRI) and the EU Corporate Sustainability Reporting Directive (CSRD)

-  Stakeholder perception and market valuation impact of circular economy business models, sustainability strategies and reporting (multiple theses)

-      The role of firms’ transfer pricing policies in incentivizing sustainable and green investments

-      Investor types, biases and their roles in inducing green transformations and investments

-      Determinants of stock market returns and funding costs in climate-polluting sectors (multiple)

-      Sustainability strategies and -objectives of M&A transactions across industries

-      Financing sustainability, emission-reduction and transition projects (multiple)

-      Economic, political and social barriers to decarbonization and sustainability transitions (multiple)

-      Sustainable and green finance instruments and investor perception (multiple)

-      Sustainable finance and green banking in Southeast Asia (multiple)

9. Renewable- and green energy

-      Blockchain applications in the energy industry

-      Energy transition and energy security in Germany, Poland, China

-      Renewable energy and fuel alternatives for the industry and transport sectors (multiple)  

-      Economics, politics and public financings of blue and green hydrogen for industries (multiple)

-      Supply chain analysis of electric vehicles and batteries (multiple)

10. Misc. others

-      Strategic and business model resilience during and post pandemic

-      Unethical behavior, risk management and governance

 

Literature

A. Selected literature: Platforms and ecosystems

-      Gawer, Annabelle, Michael A. Cusumano and David B. Yoffie. 2019. The Business of Platforms: Strategy in the Age of Digital Competition, Innovation, and Power

-      Cusumano, Michael A.. 2010/2012. Staying Power: Six Enduring Principles for Managing Strategy & Innovation in an Uncertain World, Oxford and Nihon Keizai

-      Hax, Arnoldo C.. 2010. The Delta Strategy, Springer

-      Van Alstyne, Marschall, Geoffrey Parker and Sangeet P. Choudary. 2016. Pipelines, Platforms, and the New Rules of Strategy, Harvard Business Review, April 2016

B. Selected literature: Innovation and technology strategy

-      Belleflamme, Paul, „Patents and Incentives to Innovate: Some Theoretical and Empirical Economic Evidence”, Ethical Perspectives: Journal of the European Ethics Network Nr. 13(2), 2006, pp. 267-288

-      Beleflamme, Paul and Martin Peitz, „Industrial Organization: Markets and Strategies”, Cambridge, 2nd ed., 2015, Ch. 18 & 20

-      Belleflamme, Paul and Cecilia Vergari, „Incentives to Innovate in Oligopolies”, The Manchester School, Nr. 79(1), 2010, pp. 6-28

-      Boudreau, Kevin R., and Karim R. Lakhani, „How to Manage Outside Innovation”, Sloan Management Review, 2009

-      Christensen, Clayton, „The Innovator’s Dilemma: When new technologies cause great firms to fail”, Harvard Business School, (1997 and later editions)

-      Clayton M. Christensen, Michael E. Raynor & Scott D. Anthony, „Six Keys to Building New Markets by Unleashing Disruptive Innovation”, Harvard Management Update, 2013

-      Shapiro, Carl and Hal Varian, „The Art of Standards Wars", California Management Review Nr. 41(2), 1999, pp. 8-32

C. Selected literature: Sustainability and circular economy

-      Sinn, Hans Werner: The Green Paradox: A Supply-side Approach to Global Warming, The MIT Press, 2012

-      Accenture (2014). Circular Advantage: Innovative Business Models and Technologies to Create Value in a World Without Limits to Growth

-      Ellen MacArthur Foundation (2013). Towards the circular economy (Vol. 1). Cowes. Retrieved from https://www.ellenmacarthurfoundation.org/publications/towardsthe-circular-economy-vol-1-an-economic-and-business-rationale-for-anaccelerated-transition

-      Ellen MacArthur Foundation (2015a). Towards a Circular Economy: Business rationale for an accelerated transition

-      Ellen MacArthur Foundation (2015b). Delivering the circular economy - a toolkit for policymakers. Delivering the Circular Economy: A Toolkit for Policymakers

-      Ellen MacArthur Foundation (2017). Selling light as a service

-      EPEA GmbH (2019). Cradle-to-Cradle

-      de Angelis, R. (2018). Business models in the circular economy: Concepts, examples and theory. Business Models in the Circular Economy: Concepts, Examples and Theory (1st ed.). Cham: Palgrave Pivot

-      Gerholdt, J. (2015). The 5 business models that put the circular economy to work

-      Pricewaterhouse Coopers (2020). Taking on Tomorrow: The Rise of Circularity in Energy, Utilities and Resources

D. Selected literature: Sustainable and green innovation

-      Ambec, Stefan, Mark A. Cohen, Stewart Elgie and Paul Lanoie (2010-2011). The Porter Hypothesis at 20: Can environmental regulation enhance innovation and competitiveness?

-      Porter, Michael and Claas van der Linde (1995). Toward a New Conception of the Environment-Competitiveness Relationship, Journal of Economic Perspective, 9(4), 97.118

-      Sinn, Hans-Werner (2012). Green Paradox Ch. 4

-      Hémous, David (2021). Green innovation policies: Economics and climate change, UBS Centre for Economics and Society

-      Aghion, Dechezlepretre, Hemous, Martin and van Reenen (2016), Carbon taxes, path dependency, and directed technical change: Evidence from auto industry, J Political Economy 214(1), pp. 1-51

-      Newell and Stavins (1999). The induced innovation hypothesis and energy-saving technological change, Quarterly J Econ. 114(3), pp. 941-975

-      Popp (2002). Induced innovation and energy prices, American Economic Review 92(1), pp. 160-180

E. Selected literature: Sustainable and green finance

-      Hockett, Robert C.: Financing the Green New Deal: A Plan for Action and Renewal, Palgrave Macmillan, 2020

-      Mehta, Anouj, Sonia C. Sandhu, Belinda Kinkead and Renard Teipelke: Catalyzing Green Finance: A Concept for Leveraging Blended Finance for Green Development, Asian Development Bank, 2017   

-      De Morais Sarmento, Elsa, and R. Paul Herman: Global Handbook of Impact Investing: Solving Global Problems via Smarter Capital Markets Towards a More Sustainable Society, Wiley, 2021

-      Merk, O., S. Saussier, E. Slack, and J-H Kim (2012). Financing green urban infrastructure. OECD Regional Development Working Papers 2012/10

-      Alliance for Corporate Transparency (2019). 2019 Research Report: An Analysis of the Sustainability Reports of 1000 Companies Pursuant to the EU Non-Financial Reporting Directive.

-      Daubanes, Julien X., Shema F. Mitali and Jean C. Rochet (2021). Why do firms issue green bonds? Conference Paper November 2021

-      European Investment Bank (2022). What drives firms’ investment in climate action? Evidence from the 2021-2022 EIB Investment Survey

-      Pedersen, Lasse H., Shaun Fitzgibbons and Lukasz Pomorski (2021). Responsible investing: The ESG-efficient frontier, Journal of Financial Economics, 142(2), 572-597

 

 

Guidelines for Thesis Outline and Process[10]

List of tables, figures, personal statement etc.

Abstract

1.       Introduction

·  “Executive summary” incl. background, research question and objectives, summary methodology, summary results, limitations and questions for future research, structure of thesis

2.       Methodology

·     Overall approach for the thesis incl. literature review, theory, empirics (if relevant; requires details of survey samples/interviewees with appropriate literature references)

3.       Theoretical foundation and relevant literature

4.       Industry and company overview (incl. case studies)

5.    Hypotheses and empirical observations (from theoretical literature or author’s observations, to be analyzed and verified through interviews and/or surveys)

6.       Case study companies and/or industries (if any)

7.       Analysis and results

8.       Conclusion, limitations and questions for future research

9.       Literature references

10.   Appendices

Students must commit to a timetable pre-agreed with the supervisor, which is in adherence to TH Köln and International Business Bachelor and Master thesis regulations. Occasional clarification questions and discussions are possible, and I welcome informal, monthly updates or discussions. However, the supervisors are prohibited from reading the full manuscript or selected written chapters prior to the formal submission of the thesis. About 3 weeks prior to submission the student should send the supervisor a detailed table of contents of the thesis.

 

On future publication for the purpose of teaching and research

A thesis at TH Köln becomes the property of the student i.e. author of the thesis and TH Köln. Since TH Köln is a research and teaching organization, students who wish to work under my supervision should not object to having their thesis used for future teaching material and publications, of course with the appropriate recognition and citation. Students who wish to work with companies or outside institutions of any kind must first verify that such company or institution would also not object to the thesis results being used or possibly published for future academic purposes.

Prof. Dr. Ridwan D. Rusli, March 2024

To our students

Alle Menschen guter Art empfinden bei zunehmender Bildung, dass sie auf der Welt eine doppelte Rolle zu spielen haben, eine wirkliche und eine ideelle, und in diesem Gefühl ist der Grund alles Edlen aufzusuchen.

[All good people, as they become more educated, feel that they have a double role to play in the world, a practical one and an idealistic one, and in this feeling lies the reason for seeking all that is noble.][11]

Johann Wolfgang von Goethe (Weimar, 1802)

It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat. 

https://www.theodorerooseveltcenter.org/Learn-About-TR/TR-Encyclopedia/Culture-and-Society/Man-in-the-Arena.aspx

Theodore Roosevelt (Paris Sorbonne, 1910)

 

The most important thing in life is not the triumph but the struggle. The essential thing is not to have conquered but to have fought well.

Baron Pierre de Coubertin (Athens, 1896)

 

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[1] See also 6. Sustainability and circular economy

[2] Multiple theses and course projects

[3] IBMA course project

[4] See also 4. Innovation and technology management

[5] See also 6. Sustainability and circular economy

[6] See also 9. Renewable and green energy

[7] IBMA course projects

[8] Companies in the manufacturing and industrials sector must always focus on improving material and energy efficiency and improving sustainability of the manufacturing, logistics and marketing activities and business models

[9] Important for example for manufacturing and materials processing companies, whose business models have historically been geared towards selling ever higher volumes to maximize revenues

[10] Carefully study the relevant TH Köln examination and theses rules (Prüfungsordnung)

[11] Errors or inaccuracies in the English translation are mine.