[gradu] Kauppakorkeakoulu / BIZ

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    Strategic insights into Amazon advertising – Data-driven approach to Amazon eCommerce
    (2024) Dahlberg, Tommi; Liu, Yong; Tieto- ja palvelujohtamisen laitos; Kauppakorkeakoulu; School of Business
    This master’s thesis studies the impact of advertising strategies and efforts on product ranking and profitability in Amazon's eCommerce platform, focusing on a Finnish company's health-related products in the Amazon Germany marketplace. Through a detailed analysis of two products, Omega 3 and Vitamin C, the thesis further studies the relationship between advertising spending and key performance metrics such as profit percentage and organic search ranking. Utilizing data received from the Case company which is originally from Amazon Brand Analytics, Helium 10, and Amazon Sponsored Products, the research reveals some effects of advertising strategies on product performance. The thesis also highlights the variability in results across different products and search terms. The findings can contribute to a deeper understanding of Amazon's marketplace dynamics and offer insights into the role of advertising in Amazon's e-commerce success. Limitations and suggestions for future research are also discussed in the thesis, which emphasizes the need for a broader dataset and a longer time-period for the data.
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    A path to enriched organizational learning via post-completion auditing in R&D investments: A constructive study
    (2024) Heikkilä, Lauri; Huikku, Jari; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
    Research & development (R&D) investments are often complex and risky projects having a significant effect on company’s financial success. Post-completion audit (PCA) is defined as quantitative and qualitative comparison of actual, ex post cash flows and figures with the forecasted ex ante figures and estimations of the capital budgeting project. Even though PCA has been widely recognized correlating positively with companies’ success, it has gained less attention in academic research in comparison with other phases of capital budgeting process. This thesis aims to create a construct for PCA-system to enhance organizational learning (OL) in publicly listed Finnish high-technology manufacturing company that has high emphasis on R&D investments. Empirical material for the thesis were acquired from seven semi-structured interviews as well as by utilizing company’s internal material to supplement the interview data. The construct was created by utilizing the constructive research method by Kasanen et al. (1993). The main contribution of this thesis is the construct that was created for the case-company to steer and adjust its PCA process into a more OL-conducive direction, and to improve current situation considering R&D project estimates in company. Secondary contribution of this thesis arises from its R&D context which has been previously neglected as an investment type in PCA literature. However, due to characteristics of case company, the findings of this thesis may have only a limited applicability for other companies.
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    Brand alliances as corporate social responsibility messengers: enhancing music festivals’ branding through responsible partnerships
    (2024) Launikari, Petra; Kajalo, Sami; Markkinoinnin laitos; Kauppakorkeakoulu; School of Business
    Corporate social responsibility (CSR) has become a foundational expectation for organizations spanning various industries, driving them to seek innovative and impactful initiatives to fulfil their CSR objectives. In the realm of music festivals, increasingly conscious audiences demand socially responsible actions to ensure a seamless and responsible festival experience. This continuously evolving need for CSR significantly influences the operations and stakeholders of music festivals, such as brand alliances. As brand alliances are a significant part of the festival experience, music festivals should strategically implement brand alliances in alignment with their brand values and CSR practices. The primary objective of this research was to investigate how responsible brand alliances contribute to enhancing the branding of music festivals. The theoretical framework comprises two main themes: CSR branding and brand alliances. These themes were explored individually through secondary research questions aimed at comprehending the execution of CSR by music festivals and understanding the dynamics of brand alliances and partner selection within this context. The study sought to examine the interplay between CSR and brand alliances and their collective impact on enhancing the (CSR) branding of music festivals. The study was conducted within the context of Finnish music festivals, employing qualitative research methods and adopting a case study approach. Empirical data for the research was collected through thematic interviews with six individuals responsible for managing festival brand alliances. The analysis was followed a theory-guided content analysis approach, structured according to the conceptual model derived from the theoretical framework. The findings underscore that music festivals utilize brand alliances not only to enhance the festival experience but also to address a range of societal issues. The study highlights the pivotal role of responsible brand alliances as influential tools for communicating and executing CSR initiatives. Through strategic partner selection aligned with shared values, music festivals can leverage brand alliances to bolster their CSR efforts. The study concludes that responsible music festivals can enhance their (CSR) branding by creating alliances that resonate with festival values, emphasize responsibility, and enhance the overall festival experience for their audience.
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    Measuring sustainable performance: Selection and use of the environmental performance measures
    (2024) Louhento, Jerome; Malmi, Teemu; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
    This thesis is researching how environmental performance measures are selected and used in companies. The research questions of this study are: What kind of process is involved in deciding and updating environmental performance measurements, what factors and ra- tionales affect decisions regarding environmental performance measurements and finally, how sustainable performance measurements are used in the decision-making process. Environmental issues in academic literature became a relevant topic a few decades ago but within the last decade the topic has gained rapidly increasing attention from compa- nies, consumers, and from academic literature. However, environmental performance measuring is a fairly new topic in the management accounting related literature. This thesis is a qualitative field-research, and the case company is a Finnish multina- tional company. The research approach of this thesis is explanatory, meaning that the re- searched phenomena will be described as it is and afterwards explained how and why re- searched phenomenon has occurred. The case company is a forerunner in sustainable re- lated matters having highly ranked certificates and standards which makes it interesting to research from the point out view of the research questions. The empirical data has been mainly gathered from interviewing the key personnel related to environmental processes. This research shows that companies utilize different practices and employees with vari- ous ranks in their environmental performance selection process. The most common ra- tionale for selecting the environmental performance measures was the direct savings from operational costs. Also, rationales that add indirect value such as building legitimacy and a better image were noticed in the study. The factors affecting the environmental perfor- mance measures decisions were found to be size, maturity, and industry of the company. Environmental performance measures are used in the decision-making process in many ways. The environmental decision-making process is dependent on the environmental in- formation gathered. The design of the environmental performance measurement system affects how the information is utilized in decision-making. Environmental performance measures also require frequent updates to enable the relevant data gathering for the com- pany. Environmental incentives were used to guide employees towards more sustainable actions. Companies also consider environmental information in capital expenditures by as- sessing the environmental impact, for example selecting a more environmentally friendly option.
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    Ugly truth or beautiful lies? NGOs' experiences of stakeholder engagement in Finnish forestry
    (2024) Abildsten, Silja; Piekkari, Rebecca; Johtamisen laitos; Kauppakorkeakoulu; School of Business
    In today's highly relational world, stakeholder relations play a crucial role in bridging business, society, and stakeholders. As corporate social responsibility gains prominence, companies must seek strong forms of engagement and symmetrical relations with stakeholders. This necessity is heightened in the Finnish forestry industry, as the sector faces increased scrutiny due to public discourse on the collapse of carbon sinks, emphasizing the urgent need for responsibility within the industry. In this context, effective stakeholder engagement becomes increasingly crucial. Nevertheless, stakeholder relations in the Finnish forestry industry prove complex, with a notable research gap on stakeholder engagement, particularly concerning the perspective of NGOs. The purpose of this research is to investigate stakeholder engagement in the practical application of forestry by examining the alignment of aims, activities, and impacts of NGOs’ stakeholder engagement. The study explores challenges in effective stakeholder engagement in forestry overall and specifically addresses the issue of carbon sinks. As the theoretical framework of the study, I use stakeholder engagement literature in the domains of business and society, environmental management, and environmental policy. Employing a qualitative, case study approach rooted in a constructivist paradigm, my data collection involves semi-structured interviews and secondary research. Thematic analysis provides a comprehensive understanding of the findings. The findings of my research reveal that advocates participate in stakeholder engagement primarily driven by a moral obligation to advocate for nature, employing both cooperative and adversarial approaches. The NGOs’ engagement activities include meetings, negotiations, involvement in political working groups, media advocacy, and direct activism. Two contrasting perspectives on engagement emerge, with some organizations acting as watchdogs and others promoting collaboration and compromise. Challenges arise from conflicting strategies, greenwashing, data unreliability, and occasional misconduct. Significant challenges surface in engagement related to carbon sinks, such as a lack of a common knowledge base, understanding of the biodiversity-climate nexus, strategic alignment, and a suitable engagement forum. Nevertheless, most NGOs maintain good stakeholder relations supported by trust, honesty, mutual understanding, congruent strategies, reliable data, and public pressure. My study identifies a lack of a systematic approach among NGOs in setting goals and measuring impact, the latter partially stemming from the delayed visibility of tangible outcomes in environmental work. Despite setting environmental aims, NGOs find stakeholder engagement worthwhile when it fosters and sustains good relations, highlighting its relational nature.
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    The effect of increasing income limits on students’ academic achievement
    (2024) Laitila, Janne; Domnisoru, Ciprian; Taloustieteen laitos; Kauppakorkeakoulu; School of Business
    In my thesis, I study the effect of the 2008 reform, which increased the income limits for students receiving student benefits, on their academic achievement. To do this, I analyze individual-level registry data on university students in Finland over the years from 2003 to 2013. In the preliminary analysis, I determine the individuals whose earnings were affected by the reform, and in the main analysis, I investigate whether the same individuals faced changes in their academic achievements. The results show that students previously constrained by the income limit increased their earnings, which also resulted in decreased completed credits during the study year. Meanwhile, the results for GPA are inconclusive. While the results are interesting and motivate further research and political discussion, this thesis cannot provide causal estimates for the coefficients.
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    Johtamisjärjestelmän muutos ketterän toimintatavan myötä ja muutoksen koetut vaikutukset - Case Verohallinto
    (2024) Rekola, Marjaana; Malmi, Teemu; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
    Tässä tutkielmassa selvitettiin ketterän toimintamallin käyttöönoton seurauksena havaittuja muutoksia johtamisjärjestelmässä ja niiden koettuja vaikutuksia Verohallinnon Asiakkuusyksikössä. Muutoksia ja koettuja vaikutuksia tarkasteltiin hyödyntäen Malmi & Brown (2008) johtamisjärjestelmien typologiaa viitekehyksenä. Tutkielma toteutettiin laadullisena tapaustutkimuksena Asiakkuusyksikön toimeksiannosta. Tutkielman empiirinen aineisto koostui neljästätoista teemahaastattelusta, joissa haastateltavina olivat Asiakkuusyksikön työntekijät ja johto sekä Verohallinnon pääjohtaja. Kirjallisuuskatsauksessa käsiteltiin ketteryydestä ja johtamisjärjestelmistä kirjoitettua tutkimuskirjallisuutta. Tutkielman tuloksena voidaan todeta, että ketterän toimintamallin käyttöönotto on toteutettu pääosin kirjallisuudessa suositelluilla tavoin. Se on muuttanut useita Asiakkuusyksikön johtamisjärjestelmistä, painottuen erityisesti hallinnollisiin, suunnittelun ja kyberneettisiin johtamisjärjestelmiin. Myös arvoissa johtamisjärjestelmänä oli havaittavissa muutoksia. Moni muutoksista konkretisoituu ketterälle toimintamallille tyypillisiin piirteisiin. Yksikön organisaatiorakenne perustuu heimoihin, jotka koostuvat tiimeistä. Perinteinen prosessiohjaus on suurelta osin väistynyt ja tiimeillä on runsaasti operatiivista päätösvaltaa itseohjautuvuuden kautta. Moni tiimi työskentelee sprinteissä ja niitä osallistetaan tavoitteiden asetannassa. Samalla tiimejä kannustetaan löytämään sopivat toimintatavat kokeiluihin kannustamalla ja hankkeiden suunnittelua tehdään pienemmissä osissa. Koetut vaikutukset olivat pääosin positiivisia. Moni haastateltu piti ketterän toimintamallin mukaista itseohjautuvaa ja osallistavaa työskentelyä motivoivana, tuoden työhön positiivista rakennetta ja merkityksellisyyden tunnetta. Samoin läpinäkyvyyden yksikön sisällä ja vaikutusmahdollisuuksien tavoitteiden asetannassa koettiin lisääntyneen. Myös kritiikkiä esiintyi. Tämä ilmeni mm. ketterän toimintamallin hyötyjen kyseenalaistamisena ja koulutuksen puutteena uudessa ympäristössä toimimiseen. Lisäksi sekaannuksia viestinnässä, toiminnan koordinoinnissa sekä organisaation osien siiloutumista oli havaittavissa.
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    How will payment methods affect acquirer’s short-term performance for publicly listed companies in internet industry?
    (2024) Chen, Yi; Rantapuska, Elias; Rahoituksen laitos; Kauppakorkeakoulu; School of Business
    In this thesis, I studied payment method preferences of internet firms, internet related firms and other firms and how choice of payment method would affect acquirer’s stock post M&A performances for publicly listed firms in China. The study leverages 6005 transactions of 1854 distinct public listed firms over the period of 2011 to 2019 from China Stock Market & Accounting Research (CSMAR) database. A Chi-square test and an event study were carried out to study the payment choice preferences and post-M&A stock performances for acquirers. The result shows that, contradict to many previous empirical studies, the deals closed via cash does not provide higher cumulative abnormal returns for a 11-day period (5 days prior to the event and 5 days after the event) for all firm groups. Furthermore, the result shows that firm type has significant impact on the choices of payment. The study is limited as the size of target is not considered, the data is regional and further robustness test is needed.
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    Verovelvollisen oma-aloitteiset siirtohintaoikaisut arvonlisäverotuksessa
    (2024) Kojo, Krister; Hokkanen, Marja; Mäki, Noora; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
    Tutkielman tavoitteena oli selvittää, miten verovelvollisen oma-aloitteisia siirto-hintaoikaisuja käsitellään arvonlisäverotuksessa. Tutkimusmetodina käytettiin lainoppia, eli oikeusdogmatiikkaa. VML 31 § edellyttää etuyhteydessä olevien yhtiöiden välisissä liiketoimissa markkinaehtoperiaatteen noudattamista. Markkinaehtoperiaatteen noudattamiseen liittyy liiketoimien markkinaehtoisen tason määrittäminen, joka tehdään siirtohinnoittelumenetelmillä. Menetelmien avulla transaktion testattavalle osapuolelle määritetään markkinaehtoinen voittotaso, jota tarkastellaan markkinaehtoisuuden toteutumisessa. Mikäli testattava osapuoli joko alittaa tai ylittää markkinaehtoisen tason, on tehtävä oikaisu, jolla testattavan osapuolen voittotaso oikaistaan markkinaehtoperiaatteen mukaiseksi. Näitä oikaisuja kutsutaan verovelvollisen oma-aloitteisiksi siirtohintaoikaisuiksi ”compensating adjustment”. Arvonlisävero on kulutusvero, jota suoritetaan vaihdannan kaikissa vaiheissa liike-toiminnan muodossa tapahtuvasta tavaran tai palvelun vastikkeellisesta myynnistä. Oikeuskäytännön mukaan myynnin vastikkeellisuuden edellytyksenä on suorituksen ja vastikkeen suora yhteys, joka muodostuu, kun kahdesta seuraavasta edellytyksestä molemmat täyttyvät: 1. hyödykkeen suorittajan tai luovuttajan ja vastaanottajan välillä on oikeussuhde, johon liittyvät suoritukset ovat vastavuoroisia, ja 2. hyödykkeen suorittajan tai luovuttajan saama korvaus on todellinen vastasuoritus vastaanottajalle suoritetusta tai luovutetusta hyödykkeestä. Suorituksen ja vastikkeen välisen suoran yhteyden voi katkaista muun muassa vastikkeen saantiin liittyvä epävarmuus tai sattumanvaraisuus. Siirtohintaoikaisut ovat uniikkeja transaktioita, joihin vaikuttavat osapuolten väliset toiminnot, riskit ja omaisuudet, sekä olosuhteet ja konsernin sisäiset sopimukset. Tämän vuoksi yhtä tulkintaa oikaisujen käsittelystä arvonlisäverotuksellisessa on haastavaa tehdä. Siirtohintaoikaisuja tulee käsitellä arvonlisäverotuksessa tapauskohtaisesti selvittämällä suorituksen tai luovutuksen ja vastikkeen välisen suoran yhteyden olemassaolo. Tutkielmassa huomattiin siirtohintaoikaisun ympärillä vallitsevien tosiasiallisten seikkojen ja käytettyjen perusteluiden vaikuttavan tulkintaan. Esimerkiksi se seikka, onko siirtohintaoikaisu tehty tavaran tai palvelun hintaan vai onko siirtohintaoikaisun tarkoituksena markkinaehtoperiaatteen noudattaminen, voi vaikuttaa arvonlisäverotukselliseen käsittelyyn.
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    Integrating immigrant children into the Nordics: The role of early education and care
    (2024) Hokkanen, Sara; Sarvimäki, Matti; Taloustieteen laitos; Kauppakorkeakoulu; School of Business
    ​This thesis studies the effects of early childhood education and childcare on child outcomes of immigrants in the Nordics through a literature review. The Nordic countries share many characteristics such as large, publicly funded welfare systems, low income inequality, and relatively high share of immigrants having arrived for non-economic reasons. As the Nordic native-immigrant skill gaps are among the largest in the world, it is necessary to evaluate policies aimed to facilitate the integration of immigrants into the Nordic economies. ​The pattern of the results in empirical literature is relatively consistent. Early attendance in both childcare and pre-primary education seems to improve the cognitive outcomes of immigrants and children with disadvantaged socio-economic profiles in general. The long-term effects on earnings and employment of disadvantaged children as adults are positive. For children from high socio-economic backgrounds, the effects of early entry age are mixed, but rarely substantially positive. Overall, the results support the equalizing role of pre-primary programs. Heterogeneity across gender does exist throughout literature, but the results are mixed. While comprehensive analysis on the mechanisms underlying the impact of early education and childcare is scarce, the role of language acquisition seems to hold importance. The benefits of early education on the school performance of immigrant children are likely to be driven to some extent by the reduced cost of language acquisition. This is due to early exposure to the language of the host country in daycare and pre-school institutions, especially when the language spoken at home is highly distant from the local language.
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    Digital strategies as a response to increasing customer sustainability needs - A case study of B2B e-commerce
    (2024) Peithmann, Thilo; Pälli, Pekka; Johtamisen laitos; Kauppakorkeakoulu; School of Business
    Businesses in the business-to-business (B2B) e-commerce landscape must react to the increasingly urgent global challenge of climate change. Simultaneously, customer preferences are shifting, and more and more customers ask for sustainable products and services and prefer to purchase from companies with high sustainability standards. A further trend that is evolving in parallel and has the potential to contribute to greater customer centricity and sustainability is digitalization. It is surprising that these three developments are still widely considered independently of each other, both in theory and practice. A deep understanding of customer sustainability needs and targeted digitally supported actions to respond might benefit the environment and at the same time align with market demand and support the digital sustainable transformation of a business. With my research, I attempt to explore the intersection between the three concepts of sustainability, customer centricity, and digitalization. I take customer sustainability needs as a starting point to investigate potential digital response strategies in the context of a Germany-based B2B e-commerce retailer. This approach provides a practical lens for digital sustainability research. I adopt a mixed-method approach, using both quantitative and qualitative methods. My research data are derived from academic literature, a customer survey, stakeholder interviews, internal case company documents, and publicly available information. Based on the data, I identify the most important customer sustainability needs in the context of the case company. I further indicate which digital strategies and specific approaches the company might adopt to serve its customer sustainability needs in the best possible way. Finally, based on my insights, I suggest a digital sustainability strategy for the company and give indications about the implementation. My findings can be used by the company to guide the development and implementation of a digital sustainability strategy.
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    Testing weak form efficiency of the Helsinki Stock Exchange
    (2024) Niinimäki, Kasper; Kitti, Mitri; Välimäki, Juuso; Taloustieteen laitos; Kauppakorkeakoulu; School of Business
    This thesis analyses the weak form efficiency of Helsinki Stock Exchange, by assessing if the market follows a random walk. A market is considered weak form efficient, if all historical information is priced into the current value of the securities, with no possibilities to determine future price changes from historical changes. This would also imply independence of the price process, where successive changes would not contain serial correlation, and be random. The thesis aims on finding evidence for or against the efficiency of Helsinki Stock Exchange by analyzing the random walk properties of the market on an index-level. Multiple statistical methods were utilized. These include the runs test, multiple variance ratio tests and unit root tests. Both the runs and the variance ratios directly assess the random walk hypothesis, while the unit root test only tests a necessary condition of the hypothesis, namely non-stationarity. Helsinki Stock Exchange was concluded to be weak form efficient during 2009-2023. Market was shown to move towards random walk behavior in the period of 1988-2023, indicating increase in efficiency. Even though random walk hypothesis is not a strict measure of weak form efficiency, it is being used due to its implications on the independence of returns. While consistent with international evidence on market efficiency, these findings contribute valuable insights to the context of Finland and the Nordics, where research on this topic is relatively scarce. It is important to note that this study has certain limitations: only historical data is analyzed, with focus only on linear dependencies. Practical limitations such as transaction costs are left out of the analysis. Thin liquidity may bias the results. Further research may explore non-linear dependencies that may violate the efficiency of the market.
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    Analysis of requirements elicitation processes for software development in cross-cultural and remote contexts
    (2024) Byman, Nico; Penttinen, Esko; Tieto- ja palvelujohtamisen laitos; Kauppakorkeakoulu; School of Business
    Requirements Elicitation (RE) is a critical practice of software development where the foundations of the development are laid. When it is done well, it can make a strong and clear structure for the development, but lacking RE can make software development work highly difficult and even cause it to fail. Numerous different RE techniques exist, each of which possesses its characteristics, most potential use scenarios, and downsides. This makes understanding different techniques important. Cross-cultural and remote work has increased significantly in recent years in software development work. Thus, researching the effect of these factors in RE is topical and important. This study consists of an extensive literature review as well as a case study as an empirical research method. The case study was conducted by gathering data through semi-structured interviews with the case company’s employees who work with RE in different roles. The interviews focused on the RE practices in the case company and the effect of cross-cultural and remote factors on it. The findings of this study show that the RE process can be done through numerous techniques that can be chosen according to their characteristics and the situation. Cross-cultural and remote factors play a significant role in RE creating benefits like enhanced efficiency and lower costs, but also create challenges in areas like language, communication, and trust. The study also found that to increase the possibilities to create a successful RE process these factors should be taken into account and challenges should be mitigated through actions like thorough documentation and communication as well as increasing trust between stakeholders and different locations and cultures. Through the case study and literature, it was found that many similarities exist in RE practices between these two areas, but some notable differences and insights could benefit both areas. Careful inspection and selection of RE methods were found to have significant potential benefits in both areas, but choosing the techniques differs between the literature and the case company’s practices. Cross-cultural and remote factors were found to have a large impact on RE processes also in the case company.
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    ECB’s monetary policy spillovers to financial markets: Evidence from small open ecnomies
    (2024) Vanhanen, Joose; Honkapohja, Seppo; Taloustieteen laitos; Kauppakorkeakoulu; School of Business
    This thesis investigates the impact of European Central Bank’s (ECB) monetary policy surprise spillovers on the financial markets of Sweden and Denmark, non-euro-area small open economies with close economic and political ties to the euro area. Using high-frequency intra-day interest rate data from 2006 to 2022, with a focus on the effective lower bound (ELB) period, the study reveals significant spillovers. Path surprises correlate with positive effects on government bond yields, particularly in Denmark. In addition, a path surprise is associated with the euro depreciating against SEK, suggesting a potential portfolio rebalance channel. No evidence is found for target surprises affecting money market rates, indicating domestic central banks' higher control on shorter yields. During the ELB period, surprise spillovers negatively impact Swedish and Danish equity markets, especially the industrial sector. This thesis contributes to the discourse on the “trilemma” of international economics, proposing a partial “dilemma” for small open economies: incumbent central banks extort a higher control on the shorter end of the yield curve while large central banks affect the longer end. Furthermore, this thesis initiates a discourse on quantifying the potency of monetary policy surprises and introduces a novel indicator that, in its present form, proves beneficial for practitioners in the field of financial economics.
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    The perceived utility and adoption of mobile payments at point-of-sale – Finnish merchant perspective
    (2024) Kinnunen, Anna; Tuunainen, Virpi; Tieto- ja palvelujohtamisen laitos; Kauppakorkeakoulu; School of Business
    The payments industry is undergoing a transformation due to technological advancements in paying, profoundly impacting both merchants and consumers. Mobile payments enable merchants to process transactions conducted through mobile payment applications using various technologies such as near-field communication, QR codes, or Bluetooth. Adoption of these solutions often requires merchants to make a deliberate decision to start accepting mobile payments. This quantitative study focuses on the merchants’ perceived utility and adoption of mobile payments at the point-of-sale, focusing on four prevalent mobile payment methods in Finland: Mobile wallets, MobilePay, Klarna, WeChat Pay and Alipay. The primary objective is to understand attributes that act as barriers and drivers for merchant adoption. Furthermore, the study explores how merchants perceive the offered payment methods and their differences. This offers insights into the functionality and appeal of different payment technologies. Specifically, the study focuses on five factors that have been previously found central in the merchant adoption decision-making process: Increased Sales, Decreased Costs, Ease of Use, Network Effects, and Trust & Security. The differences in perception were compared between adopters and non-adopters, as well as those with intention and no intention to adopt, for each specific payment method. The findings indicate that merchants perceive mobile payments as a valuable tool with the potential to increase sales, reduce costs, and foster network effects. Given that the mobile payment method is easy to use, applicable for the merchant, and has a critical mass of users, mobile payments are seen to improve company image, speed up transactions, and improve payment security. Incompatibility, low perceived value, complexity, and lack of critical mass were some of the main barriers to adoption, while increases in sales, processing speed, and payment security were some of the biggest drivers for adoption. Differences in perceptions regarding the studied mobile payment methods were observed. Mobile wallets and MobilePay were seen more favourably than Klarna, which was seen as less easy to use and less effective in reducing company costs. Additionally, mobile wallets and MobilePay exhibited higher adoption rates and adoption intention within the studied population than Klarna, WeChat Pay, and Alipay.
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    Hitas-asuntojen hinnanalennus jälkimarkkinoilla
    (2024) Reippainen, Ville; Saarimaa, Tuukka; Taloustieteen laitos; Kauppakorkeakoulu; School of Business
    Tämän työn tarkoitus on selvittää, kuinka paljon halvemmalla Hitas-asunnon saa jälkimarkkinoilta verrattuna samanlaiseen sääntelemättömään omistusasuntoon. Samalla tutkitaan, onko tämä hinnanalennus suurempi lähellä Helsingin keskustaa sijaitsevilla kalliilla asuinalueilla. Työ koostuu kirjallisuuskatsauksesta ja empiirisestä osiosta. Kirjallisuuskatsauksessa avataan Hitas-järjestelmän toimintaa, Hitas-asuntojen hinnoittelua ja järjestelmän hyötyjä sekä haittoja. Empiirisessä osiossa vastataan varsinaiseen tutkimuskysymykseen arvioimalla markkinahinnat Hitas-asuntokaupoille ja vertaamalla näitä markkinahintaestimaatteja toteutuneisiin myyntihintoihin. Tuloksista käy ilmi, että Hitas-asunto maksaa jälleenmyyntimarkkinoilla keskimäärin 331 euroa vähemmän per neliö. Hinnanalennuksen suuruuteen vaikuttaa merkittävästi asunnon sijainti. Lähellä Helsingin keskustaa hinnanalennus on lähes 1000 euroa neliöltä, kun taas Pohjois- ja Itä-Helsingissä alennus on vain 100 - 200 euroa neliöltä.
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    IPO lockup expiration, market sentiment, and private equity reputation
    (2024) Määttänen, Santeri; Puttonen, Vesa; Rahoituksen laitos; Kauppakorkeakoulu; School of Business
    Initial public offerings often feature a lockup provision – an agreement that restricts company insiders' share sales for a fixed period, typically 180 calendar days after the offering. This pro-vision plays a crucial role in the marketability of the offering, aligning interests between external investors and company insiders. Using a sample of 2428 issuers listed in the United States between 2003 and 2022, this thesis examines the impact of lockup provision expiration, revealing significant negative abnormal returns and increased volume for issuers around the lockup expiration. Furthermore, we analyze the influence of private equity backing on returns around the lockup expiration. Consistent with earlier studies (Field and Hanka 2001; Gibbs and Hao 2018), we observe that venture capital-backed issuers experience more pronounced negative abnormal returns and increased volume around the lockup expiration compared to the overall sample. However, we do not identify a similar trend for other private equity backing groups (growth capital and buyout). Instead, we discover a significant positive abnormal return for buyout-backed issuers. Contributing to the existing literature, we find that issuers backed by reputable private equity funds experience larger losses around the lockup expiration. We suggest that this is not due to share sales by the reputable lead fund but rather results from the actions of non-lead funds and company executives. Additionally, our thesis is the first to study how prevailing market sentiment impacts returns around the lockup expiration. Our findings indicate that elevated market sentiment around the lockup expiration, as measured by high VIX values and peaks in the number of monthly IPOs, negatively impacts returns.
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    IPO lockup expiration, market sentiment and private equity reputation
    (2024) Rafols, Justus; Puttonen, Vesa; Rahoituksen laitos; Kauppakorkeakoulu; School of Business
    Initial public offerings often feature a lockup provision – an agreement that restricts company insiders' share sales for a fixed period, typically 180 calendar days after the offering. This provision plays a crucial role in the marketability of the offering, aligning interests between external investors and company insiders. Using a sample of 2428 issuers listed in the United States between 2003 and 2022, this thesis examines the impact of lockup provision expiration, revealing significant negative abnormal returns and increased volume for issuers around the lockup expiration. Furthermore, we analyze the influence of private equity backing on returns around the lockup expiration. Consistent with earlier studies (Field and Hanka 2001; Gibbs and Hao 2018), we observe that venture capital-backed issuers experience more pronounced negative abnormal returns and increased volume around the lockup expiration compared to the overall sample. However, we do not identify a similar trend for other private equity backing groups (growth capital and buyout). Instead, we discover a significant positive abnormal return for buyout-backed issuers. Contributing to the existing literature, we find that issuers backed by reputable private equity funds experience larger losses around the lockup expiration. We suggest that this is not due to share sales by the reputable lead fund but rather results from the actions of non-lead funds and company executives. Additionally, our thesis is the first to study how prevailing market sentiment impacts returns around the lockup expiration. Our findings indicate that elevated market sentiment around the lockup expiration, as measured by high VIX values and peaks in the number of monthly IPOs, negatively impacts returns.
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    Post-merger innovation performance in technological m&as: is acquiring innovation a viable motivation for M&As?
    (2024) Kauppila, Vilma; Helanummi-Cole, Heli; Johtamisen laitos; Kauppakorkeakoulu; School of Business
    In this paper, I examine the viability of acquiring innovation as a motive for mergers and acquisitions (m&a) in the context of technological m&as. In the paper, the phenomenon is studied, by examining the relationship between merger and acquisition activity, and the development of the quantity of applied patents. Given the high failure rates of m&as, as demonstrated by prior research and industry reports, this study aims to find an alternative for the traditional motives. Specifically, this paper aims to offer insight on innovation as a motive of m&as, with patenting activity as the proxy of innovation output. The methodology includes constructing a unique data set concerning the leading acquirors of industries most active in m&as as well as patenting. Two industries are examined to mitigate the potential bias associated with singular industry focus, which may result in research characterized by industry-specific nuances and thereby providing conflicting findings. Following the data collection, the analysis is conducted by a simple linear regression analysis studying whether these two have a distinctive relationship. In the selected data set, majority of the data points reflected an increase in patenting activity, comparing the year of the acquisition and three years post-merger. However, the connection between patents and m&a activity cannot be confirmed to be positive, measuring m&as with both, the quantity and financial size of annual acquisitions.
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    Internal audit – a tool for the audit committee and the company’s management: a case study
    (2024) Juntunen, Touko; Vaivio, Juhani; Laskentatoimen laitos; Kauppakorkeakoulu; School of Business
    This thesis examines the role of internal audit in the corporate governance of Finnish listed companies. The recent accounting crisis like Wirecard scandal and the tightened up corporate governance recommendations have pointed out the importance of the role of internal auditors. In today's business world, organizations see internal auditors as essential parts of a company's governance, providing special support to the audit committee. This study seeks to answer a fundamental research question: How do the audit committee and financial management perceive the role of internal audit and their collaboration with internal auditors? The theoretical framework draws on the concepts of agency theory, comfort theory, and internal audit standards and guidelines. To explore these dynamics and answer the research question,semi-structured interviews were conducted with key stakeholders, including audit committee members, internal auditors, and financial managers. The interviews were done in Finnish listed company. The case company follows the governance code for Finnish listed companies and is genuinely interested in developing the governance practices. The case company had one internal auditor, which cooperated actively with the management team and audit committee. The main findings suggest that the internal auditor plays an important role in providing information, assurance, and advice to the audit committee and the financial management. The cooperation between the internal auditor and the other stakeholders is generally positive and constructive, but there are some challenges and tensions related to the independence, objectivity, and scope of internal audit activities. The audit committee in the case company strategically utilized the internal auditor to mitigate information asymmetry between themselves and the management team. This thesis contributes to the accounting literature by providing empirical insights into the nuanced role and interactions of internal audit within the context of Finnish governance. The identified challenges and positive aspects of collaboration offer valuable implications for companies and internal auditors. Also, the study creates an overview of the internal auditors role and points out some ideas for the directions of future accounting research.