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Browsing by Author "Taussi, Thomas"

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The Applicability of Real Options in Strategic Capital Budgeting: An IT Industry Acquisition Case Study
(2023) Kuronen, Lukas; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
This thesis studies the applicability of real options in strategic capital budgeting decision-making. The study utilizes insights gained from a practitioner to whom the writer has presented the real options theory as well as developed a real options model for modeling acquisition synergies. The study is thus conducted as a case study on a Finnish IT company in which an interview was conducted to collect and analyze managerial insights. The real options theory has persisted as an appealing capital budgeting method that can effectively account for managerial flexibility in volatile environments. The use of this theory has nevertheless been very limited mainly due to its complexity. This thesis aims to further enhance the understanding of the barriers as well as proponents for the applicability of the real options theory in strategic capital budgeting. The synergy option model developed by the writer aimed to enhance and visualize the understanding of the functioning of real options in the case company management. The interview questions examined the real options faced in the strategic context of the case company and aimed to gain insight into the relevancy of different real options for the case company. The research findings support to a degree the classic notion of the complexity of real options being a barrier to their usage. However, in the context of the case company, the complexity of real options was not necessarily a barrier to the adaptability of real options as a more straightforward and subjective approach (MAD approach of Copeland and Antikarov (2001), uses present value calculations as a basis for the analysis) to the implementation of real options sufficed the particular needs of the case company. In addition to the practical applicability of real options, this thesis also gained insight into the strategic aspects of the applicability of real options. This thesis argues that optimism, culture, and strategy influence the appeal of certain real options. In the context of the case company, these factors seem to be favoring the usage of strategy-advancing, incremental options and hindering the usage of flexibility-creating options.
Art as an Investment: Fine Art as Collateral
(2024) Vesimäki, Simo; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Thesis investigates fine art as a potential investment and its role within the art market, focusing on market dynamics, investment potential, and art's use as collateral. It also analyzes the factors that financial institutions and banks take into account when assessing art-secured loans, including loan terms, loan-to-value ratios, and interest rates. The thesis is structured into sections that detail the art market, analyze the investment qualities of fine art, and explore the mechanisms of art-secured lending. This study assesses the economic and non-economic benefits of art and concludes by highlighting its dual function as a cultural and financial asset.
Asiakaslaskennan käyttöönotto ja sen mahdollisuudet-Case:Ruohonjuuri
(2018) Lötjönen, Helmi; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Balanced Scorecard strategisena johtamisjärjestelmänä kasvuyrityksessä – Case: PHZ Full Stack Oy
(2018) Silvennoinen, Elisa; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Tämän tutkielman tavoitteena on tarkastella Balanced Scorecardin käyttöä organisaation elinkaaren kasvuvaiheessa. Tarkoituksena on lisätä ymmärrystä etenkin siitä, mitkä tekijät vaikuttavat Balanced Scorecardin käyttöönottopäätökseen jo yrityksen kasvuvaiheessa sekä siitä, millaisia tarpeita Balanced Scorecard palvelee kasvuyrityksessä. Aiempi tutkimus viittaa siihen, että muodollisempien järjestelmien tarve organisaatiossa kasvaa jo yrityksen ollessa kasvuvaiheessa. Tämän johdosta kasvuyritykset keskittyvätkin monesti lisäämään järjestelmiensä muodollisuutta ja saattavat alkaa hyödyntämään esimerkiksi Balanced Scorecardin kaltaista kattavaa johdon ohjausjärjestelmää strategisessa ohjauksessaan. Usein kasvuyritykset kuitenkin korostavat Balanced Scorecardiin valitsemissaan mittareissa erilaisia tavoitteita kuin esimerkiksi kypsyysvaiheessa olevat yritykset, joiden on havaittu keskittyvän enemmän kannattavuuteen liittyviin tavoitteisiin. Kasvuyritykset puolestaan saattavat korostaa mittaristossaan kannattavuuden sijaan esimerkiksi nopeaa kasvua. Tutkielmassa pyritään kvalitatiivisen case-tutkimuksen avulla tuottamaan lisää empiiristä tietoa valittuun aihepiiriin liittyen. Tutkielman kohdeyritykseksi valittu kasvuyritys on suomalainen ohjelmistoyritys PHZ Full Stack Oy, jonka voidaan katsoa hyödyntävän Balanced Scorecardia yritystoiminnassaan kattavana strategisena johtamisjärjestelmänä. Case-analyysin pohjalta voidaan todeta yhtiön hyödyntävän Balanced Scorecardia etenkin strategian selkeyttämisessä sekä kommunikoinnissa. Käyttöönottopäätökseen ovat vaikuttaneet merkittävästi kohdeyrityksen perustajan ja emoyhtiön toimitusjohtajan kokemus ja uskomukset, jotka ovat myös aiemmassa tutkimuksessa liitetty johdon ohjausjärjestelmien käyttöönottohalukkuuteen kasvuyrityksissä.
Balancing interests: Executive compensation practices in OMXH25 firms
(2023) Nieminen, Mauro; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Beyond budgeting -konsepti perinteisen budjetoinnin haasteiden ratkaisijana – Case-tutkimus
(2020) Asikainen, Eemeli; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Tutkielman tavoitteena on tutkia kohdeyrityksen budjetointiprosessin haasteita ja verrata niitä kirjallisuudessa esitettyyn perinteiseen budjetointiin kohdistuvaan kritiikkiin. Lisäksi tavoitteena on selvittää, kyettäisiinkö beyond budgeting -konseptilla ratkaisemaan kohdeyrityksen budjetointiprosessissa ilmenevät haasteet. Tutkielmassa tarkastellaan, voisiko beyond budgeting -konsepti korvata budjetoinnin kohdeyrityksen ohjausjärjestelmänä. Tutkielma on toteutettu laadullisena tapaustutkimuksena eräässä kohdeyrityksessä. Budjetointi on kerännyt huomattavasti kritiikkiä akateemisessa kirjallisuudessa (Neely et al. 2003, Hope & Fraser 2003). Budjetoinnin korvaajaksi on esitetty esimerkiksi beyond budgeting -konseptia (Hope & Fraser 2003), joka perustuu budjetoinnista luopumiseen. Konseptin tavoitteena on luoda ketterä ja mukautuva organisaatio vapauttamalla toiminta budjetin aiheuttamista kahleista ja hajauttamalla päätöksentekovalta organisaatiossa. Kirjallisuudesta löytyy esimerkkejä yrityksistä, jotka toteuttavat beyond budgeting -konseptia onnistuneesti (Bourmistrov & Kaarbøe 2013, Libby & Lindsay 2007), mutta konsepti ei ole saavuttanut niin laajaa suosiota (Libby & Lindsay 2010 & Ekholm & Wallin 2000) kuin kirjallisuus antaa ymmärtää. Tutkimuksen kohdeyrityksessä on käynnistymässä budjetointiprosessin kehityshanke. Kohdeyrityksen budjetointiprosessissa havainnoituja haasteita esiintyy myös kirjallisuudessa perinteisen budjetointiin kohdistuvassa kritiikissä. Beyond budgeting -konsepti kykenee ratkaisemaan kohdeyrityksen budjetointiprosessin haasteita, mutta konseptin kokonaisvaltainen toteuttaminen yrityksessä koetaan lähes mahdottomaksi. Beyond budgeting -konseptin toteuttamisen suurimmiksi haasteiksi koettiin kohdeyrityksessä henkilöstön kyvykkyys, raskas organisaatiorakenne, byrokraattinen organisaatiokulttuuri ja käytännön toteutuksen haastavuus.
Beyond Formal Risk Management: Sensemaking in Riskwork
(Aalto University, 2023) Taussi, Thomas; Huikku, Jari, Prof., Aalto University, Finland; Sinha, Vikash Kumar, ASST. Prof., Aalto University, Finland; Laskentatoimen laitos; Department of Accounting; Kauppakorkeakoulu; School of Business; Vaivio, Juhani, Prof., Aalto University, Department of Accounting, Finland
This dissertation seeks to improve our understanding of riskwork in organizations by extending the focus from implementational risk management towards more "improvisational" practices. Theoretically, the study employs the sensemaking and sensegiving perspectives which focus on the micro-level processes of constructing shared understanding and joint action. This work consists of an introduction and three essays. They analyze the fine-grained mechanisms and the heterogeneous factors influencing the understanding of risks and riskwork in practice. All three essays are empirical studies, with the first two being single case studies in a financial conglomerate, and the third essay being a field study. More specifically, the research agenda seeks to contribute to recent emerging streams of literature in accounting and riskwork. The first essay is positioned within the stream of "the communicative turn in riskwork studies". It investigates how the organizational enterprise risk management implementation becomes complemented by "improvisational" riskwork carried out among other organizational functions, beyond the risk function. The second essay is positioned within "the emotional turn in accounting" and riskwork. It seeks to shed light on the complex interrelations between riskwork and (client) emotionality in the context of wealth management. It illuminates how wealth managers sought to make and give sense of the client's emotionality along the client relationship – to manage risks for the client as well as the wealth management company. The third essay aligns with "the narrative turn in accounting", by analyzing the role of narratives when diverse actors construct the opportunities and risks associated with a novel accounting technology of distributed ledgers, such as blockchain. The study shows how narratives can give credibility to particular opportunity-risk approaches while marginalizing alternative perspectives.
Big Data strategisessa päätöksenteossa: Organisaation esteet Big Datan käytössä ja keinot niiden ylitsepääsemiseksi
(2018) Havukainen, Tomi; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Budgeting in the times of economic uncertainty in startups
(2023) Alhonen, Niko; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Originating in the 1920s, budgeting was created to help managers facilitate cashflow and cost control (Cardos et al., 2014). During the past decades, budgeting has faced both criticism and appraisal for its importance in management control systems. Scholars such as Wallander (1999), Jensen (2001), Hope and Fraser (2003) and Blumentritt (2006) have stated their concerns about the limitations and shortcomings of traditional budgeting. The range of criticism is from slighter changes to its complete abolition. On the other hand, Horngren, Datar and Rajan (2012) have highlighted the importance of budgeting: offering the core for management system, providing a scheduling and resource allocation framework for the organization. The purpose of this thesis is to investigate which budgeting methods startup companies are using and how globally recognized events starting from the worldwide pandemic to an economic slowdown and rising interest rates have affected budgeting in startups. The findings of this thesis showcase the different approaches in budgeting and how it’s seen in two Finnish startup companies, and what affects the economic uncertainty has caused in budgeting. Especially, raising interest rates has created a situation where venture capital funding is less available and harder to acquire. This has caused more carefulness in two target companies, but however, no changes in budgeting methods used. This can be argued to show an example of a link between budgeting and different areas of the business.
Customer Accounting in a Telecommunication Enterprise – A Case Study of A Large Finnish Subscription-Based Telecommunication Business
(2023) Koskinen, Sanni; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
In today's highly competitive business environment, companies increasingly use advanced customer accounting (CA) methods as essential tools for strategic management. Both management accounting and marketing scholars share this growing interest in CA techniques. Customer Profitability (CP) is considered a vital component of strategic management accounting, signifying a shift towards a marketing-oriented approach in management accounting. However, a separation exists between management accounting and marketing, limiting their collaboration and interaction (Kohsuke, 2020). Academic research exploring how firms use customer accounting information in practice is quite limited (Kohsuke, 2020). This study's primary objective is to investigate which customer accounting techniques a specific case company employs, identify potential challenges, and examine the involvement of the marketing and accounting departments in this process. The qualitative research methodology used here relies on data gathered from interviews with key personnel from a significant Finnish telecommunications company, including the Group Controller, Senior Development Manager, and Customer Value Lead. The research questions guiding this study are as follows: 1. What different customer accounting techniques the company uses? 2. What have been the challenges according to customer accounting? And 3. How are the marketing and financial departments involved with customer accounting? While the empirical evidence presented in this article is primarily descriptive in nature, the insights drawn from the case study have practical implications for managers. They can inform future academic research in the field of customer accounting. Based on the empirical data, the case company does employ specific customer accounting techniques, such as Customer Profitability analysis at the segment or individual customer level. However, a significant challenge lies in simplifying the complex customer accounting information while ensuring its accuracy to support strategic decision-making. The interviews revealed limited communication between the financial and marketing departments, potentially leading to duplicated calculations and a lack of shared understanding regarding key customer accounting measurements, such as customer lifetime value (CLV).
Empiirinen tutkimus pakollisesta vastuullisuusraportoinnista ICT-yhtiöissä
(2020) Punakivi, Jenna; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Tutkielman tavoitteena on tarkastella lain velvoittamaa vastuullisuusraportointia ICT-yhtiöissä. Tutkielmassa havainnoidaan miten ja millaisista teemoista yhtiöt raportoivat, millaisia mittareita raportit sisältävät sekä miten ICT-alan ominaispiirteet vaikuttavat raportointiin. Lisäksi tutkielma pyrkii selvittämään yhtiöiden vastuullisuusraportointiprosesseja ja johtamiskäytäntöjä sekä kartoittamaan, mitkä tekijät mahdollisesti vaikuttavat yhtiöiden omaksumiin raportointikäytäntöihin. Tutkielma on empiirinen tutkimus, jossa analysoidaan löydöksiä 11 Helsingin pörssiin listatun ICT-yhtiön vuoden 2019 vastuullisuusraportista ja kahden vastuullisuusraportointiin osallistuvan henkilön haastattelusta. Analyysissä löydöksiä tarkastellaan aiempaan kirjallisuuteen peilaten. Tutkielman kirjallisuuskatsaus pohjautuu tutkimusartikkeleihin vastuullisuusraportoinnin käytännöistä, raportoinnin motivaatiotekijöistä legitimiteettiteorian, sidosryhmäteorian ja maineenhallinnan valossa sekä vastuullisuuden linkittymisestä strategiaan ja ohjausjärjestelmiin. Tutkielman motivaatio pohjautuu kahteen ajankohtaiseen teemaan. Tutkielmassa tarkastellaan kirjanpitolain 3a luvun velvoittamaa muun kuin taloudellisen tiedon raportointia, joka velvoittaa yli 500 henkilöä työllistävät merkittävät yhtiöt raportoimaan vuodesta 2017 alkaen ympäristöasioista, sosiaalisista ja henkilöstöasioista, ihmisoikeuksien kunnioittamisesta sekä korruption ja lahjonnan torjunnasta. Toiseksi tutkimusta motivoi ICT-alan ajankohtaisuus liittyen vastuullisuusteemaan, etenkin ympäristöasioiden näkökulmasta. ICT:n rooli digitalisaation mahdollistajana on melko kiistaton, sillä sen tarjoamat teknologiat ovat lähes erottamaton osa nyky-yhteiskuntaa ja sen tuottamia ratkaisuja hyödynnetään enenevässä määrin muiden toimialojen kehittämisessä. Toisaalta digitalisaation myötä datan ja laitteiden määrä kasvaa, johtaen ICT-alan oman energiankulutuksen kasvuun ja ympäristövaikutusten lisääntymiseen. Löydökset niin vuosikertomusten vastuullisuusosiosta tai erillisistä vastuullisuusraporteista osoittivat muun muassa, että raporttien laajuudessa oli yhtiöiden välillä melko huomattavia eroja, joihin oli osittain vaikutusta esimerkiksi yhtiön koolla. Raporttien sisältö mukaili pääsääntöisesti kirjanpitolain edellyttämiä tietoja. Raporttien sisällön tasossa ja yksityiskohtaisuudessa oli vaihtelevuutta yhtiöiden kesken, osalla oli runsaasti dataa ja lukuihin pohjautuvia mittareita, osalla ei yhtään. Yhtiöt pyrkivät tuomaan raporteissa esille vastuullisuuden merkitystä yhtiön liiketoiminnassa, ja se korostui myös teemoihin liitettyjen riskien kohdalla. Osa yhtiöistä esimerkiksi käänsi ilmaston lämpenemisen liiketoiminnalliseksi mahdollisuudeksi. Valtaosa mainitsi vastuullisuuden teemoihin liittyvien riskien olevan maineriskejä, joilla voisi edelleen olla vaikutuksia esimerkiksi asiakasluottamukseen. Yhtiöt toivat sidosryhmien merkitystä esille vastuullisuudessaan, ja osa niistä oli kartoittanut sidosryhmien odotuksia vastuullisuuteensa liittyen.
Enterprise risk management and its effect on firm performance
(2023) Pihlaja, Matti; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Enterprise Risk Management (ERM) is proposed as a framework for organizations to evaluate their risks in a holistic manner. It is advocated to improve risk evaluation based on how much risk firms are willing to take. Research into the effect that ERM has on firm performance has produced mixed results. The purpose of this thesis is to introduce ERM and conduct a literature review of the ERM performance research that has been done so far. Google Scholar and AJG journal ranking were used to search and filter research material. The findings of this thesis are that most of the research found ERM to have a positive association with firm value with some exceptions. The research differed on how ERM was measured which restricted the comparability of the results. Often ERM was represented as either being practiced or not. Representing ERM with index scores gave a more diverse picture of ERM and were employed especially in more recent research. Most of the research investigated either the financial industry, especially insurance companies, or a set of companies among a broad range of industries. Regarding geographical context, firms were usually from the US or Europe. Future research could further investigate different ways to capture the quality of ERM programs practiced by firms. In addition, research into a wider range of industries and countries, combined with case studies, could provide a more in-depth understanding of what features and practices of ERM are most beneficial.
Evaluating Green Bonds' Sustainable impact
(2023) Nugraha, Veikko; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Environmental uncertainty and its implications are widely considered to be one of the megatrends affecting societies worldwide. As a result, financial markets have had to adopt to these circumstances. Sustainable finance is considered a major tool for corporations and nations to combat climate change (T. Busch et al. 2015; Camilleri, 2021). One of the current main innovations in the domain of sustainable finance is the rising popularity of Green Bonds. Green Bonds are debt instruments, that are used to finance or refinance green projects. Over the last decade, the issuance of green bonds has grown over tenfold (ICMA 2023). Even though the pricing of green bonds and motivations behind their issuance are extensively studied (e.g. Flammer, 2021; Maltais & Nykvist, 2020), little is known on how green bonds actually impact sustainability. This study takes a management accounting view on the sustainable impact green bonds deliver on their issuing companies. The purpose of this approach is to explore pathways and mechanisms of impact green bonds might initiate. The data of this study was collected through four expert interviews, and the results were expressed by using management control systems as a framework. The main contribution of this method was a set of operational level mechanisms of how green bonds might initiate sustainable impact. This study finds that sustainable impact of green bonds is delivered mainly through cultural control systems. The operational level impact evaluations are also used to suggest that to enhance the sustainable impact, future research of green bonds could focus on impact reporting and cybernetic control systems.
Evaluating Strategic IT Investments
(2023) Torasvirta, Sini; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
The purpose of this thesis is to investigate how a strategic IT investment can be evaluated, and how the special characteristics of a strategic IT investment can be taken into account in evaluation and decision-making. Companies spend a lot of resources on strategic IT investments, since they are often necessary for the company’s survival and well-being (Hallikainen, et al., 2002). Companies can also gain significant competitive advantage by making strategic investments (Adler, 2000). Because of the large scope of these investments, it is crucial for firms to make informed investment decisions. However, this is often difficult due to the intangible nature, long time frame, uncertainty, and risks associated with strategic IT investments. Findings of this thesis show that it is often impossible to accurately forecast all benefits and costs of a strategic IT investment beforehand and plans often need to be adjusted during the project. In addition to this, findings show that even if the evaluation is primarily based on financial measures, other aspects that are more difficult to quantify can also be taken into account with different methods that combine traditional evaluation methods and softer methods, that are based on managerial goals.
Exploring Customer Profitability Analysis and how its merits can be challenged and replicated.
(2024) Lankinen, Antti; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
This thesis investigates non-adoption of Customer Profitability Analysis (CPA) in a software company. Despite CPA’s recognized benefits in enhancing efficiency and decision-making, many firms hesitate to adopt this analytical tool. This study aims to investigate said hesitation by employing a qualitative research method, in the form of an interview with the case company’s Chief Financial Officer (CFO). Previous research on customer accounting methods and product profitability are integrated to provide a theoretical point of comparison to the practices of the case company. By doing so this study is able to present the merits and challenges for CPA as well as possibilities for equifinality. Findings from the study reveal that non-adoption of CPA at the case company is influenced by factors such as the perceived irrelevance of CPA, the complexity of implementing such systems, and the sufficiency of existing financial measures. The study also examines alternative accounting practices utilized and planned by the case company. This thesis contributes to accounting literature by highlighting factors that can inhibit CPA adoption and by providing insights into the complex role of customer accounting and profitability analysis both in research and in practice.
Exploring the Diffusion and Manifestation of Risk Appetite in an Organization through Management Control Systems: a case study
(2023) Kettunen, Olli; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Exploring the Use of AI and Automation in Management Accounting AI
(2023) Saukkonen, Paavo; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
External factors and management accounting change: An analysis from the perspective of a food industry participant
(2022) Helander, Ilari; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
How does top management use management control systems to manage their ESG strategy?
(2023) Villa, Minni; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
How Does Working Capital Management Affect Corporate’s Profitability?
(2023) Möller, Sebastian; Taussi, Thomas; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
Working capital management is a key mechanism in a firm’s financial management. It has not been widely investigated during recent years while fintech is revolutionizing the field of short-term financing. This thesis focuses on investigating working capital management by using the cash conversion cycle as a measure. It is linked quantitatively to profitability by Pearson correlation and OLS regression. This thesis discovers a relatively high correlation between the cash conversion cycle and profitability. Cross-sectional regression -model gives a high coefficient to days payable outstanding variable compared to other cash conversion cycle ingredients. Cash conversion cycle results varies a lot between type of industries.

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