Browsing by Department "Tuotantotalouden osasto"

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  • Acquisition and divestment program performance of serial acquirers
    (2006) Salo, Olli
     Helsinki University of Technology | Master's thesis
    This study continues the stream of acquisition program research carried out at Helsinki University of Technology. The aim is to discover acquisition program level determinants of the performance of serial acquirers. This study focused on acquisition rhythm, pace, prior experience, diversification, divestment, acquirer to target similarity and acquirer industry as explanatory factors for the performance of multiple acquirers. The study used a data set of 611 active U.S-based acquirers which had acquired four or more companies during the 1990s and represented seven high-technology sectors. Data for the study was gathered using the Securities Data Corporation's Mergers and Acquisitions database, Center for Research in Securities Pricing CRSP database, and the Compustat database. The analyses were carried out using regression models using both panel and longitudinal data. In the panel regression analyses, each company-year pair was treated as a separate observation, whereas the longitudinal models covered the entire period. The panel regression models had stock market performance and company survival as the main dependent variables of interest. Seven hypotheses were tested. A fast acquisition pace and an irregular rhythm were found to contribute negatively to performance. The moderating effect of rhythm on divestments and acquirer to target similarity was not found to be significant. The relationship between performance, rhythm and diversification received mixed support. Different industries were shown to be different in terms of acquisition program performance. Also the pace of large acquisitions contributed negatively to performance, but a similar effect could not be found for rhythm. A division of the sample into two groups ("Ad hoc" and "Strategic"), based on above or below average standard deviation in the acquisition rate, revealed significant differences between the two groups. Strategic acquirers were found to outperform the ad hoc group by four to one in market performance, and to be less likely to go bankrupt.
  • Acquisition Drivers in the Forest Industry - Industry Scenarios 2012
    (2004) Ahola, Anna
     Helsinki University of Technology | Master's thesis
    This main goal of this study is to make global future scenarios of forest industry and select forest industry companies for the year 2012. A significant part of the work comes from understanding the industry development drivers and the case companies' operating logic. Issues of main interest are the development of large paper companies and their acquisition drivers. This thesis also gives an introduction to the general theoretical acquisition drivers. This study is a qualitative synthesis of available data, thus many methods were used. The future forecasts of Pöyry and RISI were explored, analysts, investment bankers and industry experts were interviewed, academic research was studied and 8 case studies were compiled. The case companies are Abitibi-Consolidated, Asia Pulp & Paper, International Paper, Kappa Packaging, Mondi International, Sappi, SCA and UPM-Kymmene. Primary time scale in the company case studies is 1990-2003. Conclusion of the study is that forest industry consolidation will continue. The largest paper companies will grow 6-12 million paper and board tonnes until 2012. Most of this growth comes through mergers and acquisitions. Consolidation will happen locally, globally, within current paper grades and by diversifying into other grades. Most of the organic capacity growth will materialize in new regions, like China.
  • Acquisitions of unlisted European software companies
    (1997) Vuonokari, Ville
     Helsinki University of Technology | Master's thesis
  • Adoption of strategic goals : exploring the success of strategy implementation through organizational activities
    (2007-07-16) Aaltonen, Petri
     Doctoral dissertation (monograph)
    This study is about the success of strategy implementation. Implementation, the conceptual counterpart of strategy formulation, has been regarded as an extremely challenging area in management practice. Still, strategy implementation has received remarkably less attention in the strategic management literature. The existing implementation frameworks are mostly normative and rather limited. On the other hand, the strategy as practice research agenda has emerged to study strategy on the micro level, as a social phenomenon. Practice researchers have introduced an activity-based view on strategy which is concerned with the day-to-day activities of organizational life which relate to strategic outcomes. Still, there is a clear need to know more about these strategic activities: what are they like, and how are they related to strategic outcomes. This study explores the success of strategy implementation in terms of organizational activities, by focusing on two questions: how are strategic goals realized through organizational activities and how are strategic activities related to the success of strategic goal's adoption? The research questions are addressed empirically in a multiple case study setting, in which qualitative data from 101 interviews plus rich supplementary archival data are generated and analyzed with a grounded theory approach. The analysis produces a general strategic activity categorization consisting of 25 activities under five main activity categories of determining, communicating, controlling, organizing, and interacting with the environment. The activities divide into existing and desired ones, which further divide into enhancing and novel ones. The analysis reveals that successful adoption of a strategic goal is related to the existence of so-called necessary strategic activities, a moderate set of desired activities that enhance the existing ones, and an extensive repertoire of novel desired activities. In addition, the scope of the strategic goal's origin and its coherence with other elements of strategy is proposed to contribute to the adoption of the strategic goal. The study contributes to the strategy as practice discussion by taking the activity-based view seriously and showing in detail what the strategic activities are like and how they are linked to the success of strategy implementation. The research reveals that strategy implementation is a much more complicated, creative, communicative, and external-oriented phenomenon than the extant literature presents. Furthermore, this study adds to the very limited empirical research on how strategies are adopted and enacted on all organizational levels. The practical implications of the study concern critical evaluation of existing and desired activity patterns, as well as understanding the significance of the strategic goal's origin and the coherence of the strategic whole.
  • Aikuiskoulutusmarkkinat ja koulutuspalveluiden kehittäminen
    (2000) Lehtimäki, Toni
     Helsinki University of Technology | Master's thesis
    Diplomityössä tarkastellaan täydennyskoulutukseen keskittyviä aikuiskoulutusmarkkinoita Suomessa. Tutkimusongelmana on selvittää, millainen on aikuiskoulutusmarkkinoiden rakenne ja miten koulutusmarkkinoilla toimivan yrityksen kannattaisi markkinoilla asemoitua. Lisäksi selvitetään menestyksekkäitä koulutusaloja ja uusien koulutusmenetelmien markkinatilannetta. Tutkimuksen toimeksiantajana on Teknillisen korkeakoulun Koulutuskeskus Dipoli, ja diplomityön tavoitteena on tuottaa ajatuksia Dipolin liiketoiminnan kehittämiseksi. Tutkimus on luonteeltaan kvalitatiivinen, ja tutkimusmenetelminä on käytetty koulutusalan asiantuntijoiden haastatteluja ja kirjallisuustutkimusta. Työssä luodaan katsaus Suomen aikuiskoulutusmarkkinoihin erityisesti yliopistollisen täydennyskoulutuksen näkökulmasta. Lisäksi analysoidaan alalla toimivia koulutusorganisaatioita ja niiden merkitystä Dipolin kilpailijoina sekä yritysten hinnoittelua. Aikuiskoulutusalan kilpailuympäristön tarkastelussa käytetään Porterin viiden kilpailuvoiman mallia, jonka mukaisesti käsitellään alan kilpailuun vaikuttavia tekijöitä. Aikuiskoulutusalan rakenteen selvittämisessä sovelletaan strategisten ryhmien teoriaa, ja tarkasteltavat yritykset jaetaan strategisiin ryhmiin. Tutkimus osoitti, että alan yritykset muodostavat seitsemän strategista ryhmää. Koulutuskeskus Dipoli asemoituu yliopistollisten täydennyskouluttajien ryhmään. Korkeakoulusidos vaikuttaa yliopistojen ja korkeakoulujen täydennyskoulutuskeskuksiin strateginen ryhmä-teorian mukaisena liikkuvuuden esteenä, joka estää muita koulutusyrityksiä siirtymästä kyseiseen ryhmään. Koulutusaloista tietotekniikka- ja tietoliikennealan täydennyskoulutus on kasvussa. Kasvua rajoittaa kuitenkin pätevien kouluttajien puute. Yrityksille räätälöity koulutus on myös voimakkaasti lisääntymässä. Koulutusteknologian kehittyminen muuttaa koulutustoimintaa ja tuo aikuiskoulutusmarkkinoille uusia opiskelumahdollisuuksia. Esimerkiksi tietoverkkojen kautta annettava opetus on yleistymässä, ja tulevasta kehityksestä hyötyminen vaatii koulutusyritykseltä riittävää panostusta tuotekehitykseen ja erityishuomiota sisältötuotantoon, tuotteistamiseen ja jakeluun. Koulutusteknologiamarkkinoilla toimiminen vaatii koulutusyritykseltä myös kansainvälisillä markkinoilla toimimisen hallintaa.
  • Yrityksen kilpailukykyyn vaikuttavat ikääntyminen, eläköityminen ja henkilöstön kouluttaminen
    (2006) Kärkkäinen, Aleksi
     Helsinki University of Technology | Master's thesis
    Ageing of workforce is essential problem in almost all industrialized counties. As the result of ageing and retirement organizations may lose their crucial knowledge and competence. Losing the knowledge and competences could weaken the firms' competitiveness, especially in the fields where knowledge is considered as a most important resource. Human resources development, retaining knowledge and noticing the threats of ageing are the key challenges of today's companies. The research problem is how ageing, retirement and personnel training influences to the competitiveness of firms. The objective of this study is to produce information about the effects of personnel ageing and retirement in the ICT-industry companies. Additional purpose is to clarify how ageing and retirement should be taken into account in firms strategy and business processes in order to improve the competitiveness of companies. Literature study focuses on the competitiveness firms by taking the resource-based view. It also accommodates work welfare, working ability, ageing, training, knowledge management and lost knowledge. Literature study contains also strategies for ageing and knowledge retention. Quantitative information was generated by Internet-based questionnaire study and qualitative data was gathered by personal interviews. According to the results, ageing and retirement are not recognized as a problem in companies in the ICT-field and firms do not use any specific strategies for ageing. Just a minor proportion of workforce is retiring in the near future, and some firms first retirements will come after two decades. However, there are companies which will have problems with ageing and retirements. Systematic, proactive way to act seems to be difficult for firms. Firms are not necessarily able recognise or identify problems related to ageing. In the conclusions firms are encouraged to use more systematic and proactive ways to manage human resources. Recommended research topic is to clarify are the results similar in other industries with this study.
  • Aircraft Financing - A Case Study on a Chinese Airline
    (2005) Xin, Mao
     Helsinki University of Technology | Master's thesis
    This study focuses on the issues of airline's aircraft financing, through a case in a Chinese airline. It analyzes the risks and problems in the existing aircraft financing processes, and demonstrates strategies for improving the current aircraft financing. This study mainly answers the research problem on how to improve current aircraft financing to obtain better economic effects for companies. According to the main research problem, it analyzes three secondary problems about main characteristics of different aircraft financing methods used by Chinese's airlines, identifies the main problems and risks in aircraft financing and provides success criteria for improving the aircraft financing for the case company. Based on previous studies, the paper first analyzes the main resources of aircraft financing, and shows that the aircraft leasing and purchase on loans are the most important methods in Chinese airlines. It further analyzes that aircraft financing from foreign sources or in funds in foreign exchanges is one of the most distinctive characteristics of Chinese airlines, and thus many problems and risks are generated by such characteristics. Those problems and risks include foreign exchange risks, interest rate risks, and so forth. Then the study develops several improved strategies from financial points of view. Finally, this study applies the strategies of improving aircraft financing in a new scheme of the case company, and the new scheme improves the aircraft financing situation with several economic achievements which can be evaluated by success criteria set according to strategies.
  • Alliance Management in Pharmaceutical Industry
    (2005) Toikkanen, Heli
     Helsinki University of Technology | Master's thesis
    This study has been motivated by the growing importance of partnering in pharmaceutical industry. Pharmaceutical companies look for possibilities to share risks and fill in competence gaps in long and heavy research and development processes of new drugs and for marketing power in global markets through strategic alliances and partnering. Managing partner relationships is challenging, though. Companies having deeper co-operation than selling and buying from each others face questions like how to co-operate with competitor, how to work on joint projects of two separate companies with their unique company cultures and own standard operating procedures. How to make the co-operation fluent? The purpose of this study is to consider how the alliance management process in pharmaceutical industry should take place. Literature discussing networks, strategic alliances, learning in alliances and management practices in alliances is explored. The research method of the study is a single case study. The case of the study is a North European pharmaceutical company and its alliance management practices. The empirical part of the research was accomplished by structured interviews and observation making in alliance related contexts in the case company. Also a survey concerning one partner relationship of the case company was applied and realized. As a result of the study the essential elements of an alliance management process are proposed. It is suggested that a partner relationship should be built to include certain structures beginning from clear strategic intent of the alliance in question, proceeding to contracting procedures, a jointly agreed team and decision making structure on the partner interface, an appropriate problem solving mechanism and applicable tools for the relationship. As conclusions from the study it can be stated that the proposed elements can be applied as a suitable application depending on the company size and the partnership in question. The structures and tools can be lighter or more complicated depending on the characteristics of the alliance.
  • Kunnallisteknisen tuotannon hankintaprosessin analysoiminen ja kehittäminen
    (1996) Karhu, Katja
     Helsinki University of Technology | Master's thesis
  • Analysis and Development of Supply Chain for Small-Sized System Products
    (2002) Appel, Mikael
     Helsinki University of Technology | Master's thesis
  • Tilaus-toimitusprosessin analysointi ja kehittäminen erikoispaperitehtaalla
    (1996) Rautiainen, Kristian
     Helsinki University of Technology | Master's thesis
  • Analysis of Key Parameters and Mechanisms and Development of a Conceptual Model of the Behavior of the Woodfree Paper Market
    (1996) Weckström, Niklas Mikael
     Helsinki University of Technology | Master's thesis
  • Logistiikkapalvelutoimialan analyysi alalle tulijan näkökulmasta
    (2007) Suviolahti, Hannu Juhani
     Helsinki University of Technology | Master's thesis
    The logistics service industry has experienced a phenomenal growth since the year 2000. Companies have noticed that outsourcing logistics is a way to improve logistics performance, make capital use more effective and make possible the concentration on core competence. The growth of the industry has opened possibilities for new entrants. The aim of this research is to examine an entrance of a construction company to logistics service industry. The foremost problem to be investigated may be summed up as: Is it worthwhile for a company operating in another industry to enter logistics service industry, and if so, how? The subject matter is approached in the context of three questions of inquiry:. 1. What is the logistics service industry like from a viewpoint of a new entrant? 2. How can cooperation be utilized in entering logistics service industry? 3. How companies outsource their logistics? In the beginning of the thesis an extensive literature review is looked through. Basing on literature, an empirical part of the thesis is then carried out, which includes analyses of interviews with specialists responsible for the planning of strategy and with specialists responsible for the strategy in logistics service companies. In addition, analyses of outsourcing at a practical level were carried out by interviewing people responsible for logistics in wholesale companies. In both literature review and empirical part results and conclusions of the thesis are presented. The most important results of the thesis are as follows:. 1. The critical success factors from the viewpoint of a new entrant are information technology, competent staff and their recruiting, solicitation of customers, network of cooperation and process know-how. 2. The most substantial entry barriers can be divided into three groups: the better efficiency of companies already in industry, product differentiation, and capital requirements and costs. 3. The companies moving in on the industry must secure know-how in three different areas by either themselves or with the help of a partner: transportation, warehousing and information technology. 4. The partners in logistics service industry should be about the same size, culturewise and in other respect similar, rather small and willing to grow, ready to invest abundantly in cooperation and concentrated on specialized niches. 5. The customers should be offered overall logistics service.
  • Analysis of Mobile Operator's Investments in Mobile Information Society
    (2000) Airila, Kaisa
     Helsinki University of Technology | Master's thesis
  • Kuljetusyritysten kilpailukyvyn ongelmatekijöiden analyysi Venäjän ja Suomen välisissä maantiekuljetuksissa
    (2007) Jukanen, Janne
     Helsinki University of Technology | Master's thesis
    The subject of this thesis is the problem factors diminishing the competitiveness of road transports between Finland and Russia. The main objective of the thesis is to find best practices for competitive and profitable road transport operations. The thesis has gathered new data using a questionnaire sent to Finnish firms involved in road transport to Russia. Despite the rapid growth of road haulage between Finland and Russia, the number of Finnish firms operating in the area and the amount of goods they transport have decreased markedly. The main problems facing the transport firms are continuous problems in crossing the Finnish-Russian border as well as at times arbitrary fines and official fees collected by the authorities. For Finnish firms, the most important issues are the differences between the regulatory and legislative frameworks facing Finnish and Russian firms; for the most part, the differences favor Russian firms. Based on the study, the main competitive advantages of Russian firms arise from cost efficiency and, compared to Finland, the favorable regulatory and legislative framework in Russia. Further, the competitiveness of the few successful Finnish firms in the area appears to be based on specialization, moving the firm's operations to Russia, and using Russian drivers. The best practices recognized in this study include increasing the scale of operations, specialization, using Russian drivers or equipment, and moving the firm's domicile to Russia.
  • Analysis of real option models in the valuation of strategic investments
    (1997) Kivisaari, Tero
     Helsinki University of Technology | Master's thesis
  • An analysis of roles in the provision of new mobile end-user services
    (2001) Kivilaakso, Heikki
     Helsinki University of Technology | Master's thesis
  • Analysis of the Continental European Electricity Market under Liberalization
    (2005) Ahvenniemi, Rasmus
     Helsinki University of Technology | Master's thesis
    The European Union aims at attaining efficiency improvements in the electricity sector through deregulation accompanied by market integration. The increased interdependence of national electricity markets brought by integration increases the market participants' need to understand the functioning of the electricity market of a larger region than a single country. The objective of this Thesis is to analyze how the supply, demand, and price of electricity are determined by electricity market fundamentals in the liberalizing Continental European electricity market. The research is of an exploratory nature, and it aims at improving the understanding of how this market functions. Economic theory constitutes the theoretical framework of the Thesis. The main part of the research relies on the interpretation of statistical data concerning the market. The research also includes a literature review, where economic viewpoints regarding the development of the electricity market are considered, and these viewpoints are then compared to the direction that the decision makers of the European Union have taken. Ten Continental European countries are considered in the analysis. The Thesis analyzes the patterns in consumption, generation, and the price of electricity in each of the countries considered, as well as transmission between the countries. The countries are compared to each other, e.g., in terms of the electricity prices and the cycles and structures exhibited by the statistics on consumption, generation, and net exports. Interpretations of the observations are presented, and generalizing conclusions are drawn based on the analysis. The analysis leads to the conclusion that Germany, France, Austria and Switzerland form a near-single-price region already, which implies that integration between these countries is already well under way in terms of prices. However, outside this region, transmission bottlenecks prevent price convergence. The integration of European electricity markets is still far from being completed, but it could be furthered by building additional transmission capacity and introducing well-functioning, market-based methods for congestion management. Improvements should also be made in market transparency, in order for the market to function effectively.