[kand] Kauppakorkeakoulu / BIZ (Open Access)

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  • From Product Placement to Branded Entertainment: A Case of the Entertainment Industry
    (2022) Pietikäinen, Pyry
     School of Business | Bachelor's thesis
    Today brand integration can be found in media everywhere and the way it is implemented can be very complex with marketers having very specific aims for placements . However, this has not always been the case. This thesis looks at how product placement has developed as a marketing instrument in the entertainment industry from being a simplistic tool to grow brand salience to being an intricate part of greater brand equity building mechanisms. Furthermore, consumer responses in relation to product placement are observed in contemporary and modern context.
  • How to effectively create and maintain networks with brands as a newly established social media creator talent agency
    (2024) Lundgren, Luca
     School of Business | Bachelor's thesis
    As the creator economy continues to thrive in the marketing landscape, limited research exists on the optimal operational strategies for social media creator talent managers. This study addresses this gap through a comprehensive literature review, synthesizing key relationship marketing theories to offer recommendations tailored to this emerging field. The research focuses on communication strategies that talent managers can use to establish and sustain networks with brand marketers. In the evolving creator economy, fostering these relationships is fundamental to effective talent management, requiring an adaptation of traditional approaches to relationship marketing in this new context. This study aims to answer two primary research questions: What are the most effective strategies for initiating contact with brands as a newly established creator talent agency? And how can a new agency build and maintain robust brand relationships to secure long-term partnerships? A central recommendation is for talent managers to position creators as tailored solutions to brands’ challenges, co-creating value through close collaboration with brand marketers. In the initial stages, talent managers should build trust by positioning themselves as reliable and aligning their messaging and communication channels with the preferences of brand decision-makers. As relationships mature, communication strategies should evolve, emphasizing increased frequency and transparency to strengthen ties further. Talent managers should focus on identifying and building relationships with key decision-makers, establishing multiple points of contact within essential organizations. Sustaining these partnerships requires consistent actions that build trust, backed by measurable indicators such as CRM tools and profit-to-cost ratios, alongside professional judgment to assess relationship strength. Finally, relationship management efforts should be continuously optimized based on customer lifetime value (CLV), recognizing that well-executed communication and relationship-building strategies create a competitive advantage that can serve as a strong business moat. In conclusion, talent managers should approach brand marketers with customized solutions that address their specific needs. As the relationship deepens, managers should foster personal connections with influential stakeholders, consistently delivering value to support long-term, mutually beneficial partnerships.
  • The Relationship Between Obesity and Healthcare Spending in OECD Countries
    (2024) Lahdensivu, Otto
     School of Business | Bachelor's thesis
    The increasing prevalence of obesity in OECD countries has raised significant concerns regarding its impact on healthcare spending. This thesis investigates the relationship between obesity rates and healthcare expenditures across 34 OECD countries over the period from 2005 to 2019. By employing a fixed effects model, this study controls for unobserved heterogeneity across countries and time, allowing for robust estimates of the association between obesity and healthcare costs. The analysis reveals that obesity is positively associated with higher healthcare spending in certain financing schemes, particularly in out-of-pocket payments and government-funded healthcare schemes, when using multivariate and time fixed effects model. However, the relationship between obesity and healthcare spending diminishes across financing schemes when country specific factors are controlled for. Overall, the findings suggest that the obesity’s association with healthcare spending is heavily dependent on a country’s healthcare structure and economic conditions. This thesis contributes to the broader understanding of how public health issues, such as obesity, can affect economic stability and provides insights for potential policy interventions that could mitigate these costs.
  • Financial Fair Play's Impact on the Economic and Financial Sustainability of European Football Clubs
    (2024) Kumar, Karthik
     School of Business | Bachelor's thesis
    The aim of this literature review is to study the impact of the Financial Fair Play (FFP) Regulations imposed by UEFA on the Economic and Financial Sustainability of European Football Clubs. These are measured through several factors, including a Multiple Criterion Decision Analysis using several financial ratios, and competitive balance using ELO and financial indicators. The empirical work reviewed offers nuanced results. Both simulations and empirical evidence show an increase in financial sustainability but indicate that competitive balance is disrupted as a result of FFP. I conclude that FFP has shown beneficial signs to European Football Clubs. However, due to the indirect negative impacts on competitive balance and other negative incentives that arise, several alternative regulation styles or details must be implemented.
  • The Impact of the Growth of E-commerce on Consumption Inequality – A Systematic Review
    (2024) Abass, Amr
     School of Business | Bachelor's thesis
    The growth of e-commerce has been influential in reshaping consumption patterns and access to goods and services globally. This thesis systematically reviews the existing literature to assess how the growth of e-commerce impacts consumption inequality, which refers to inequalities in the ability of different socioeconomic groups to consume goods and services. PRISMA guidelines were used for reporting of results. Findings reveal a complex impact where e-commerce both reduces and intensifies consumption inequality depending on contextual factors. While e-commerce has the potential to reduce consumption inequality by improving access to markets, the digital divide deepens pre-existing inequalities in less developed regions. This thesis highlights key socioeconomic, geographic, technological, economic, political, and cultural factors that influence how e-commerce affects consumption inequality. Policymakers are recommended to address digital inclusion and ensure equitable access to the benefits of e-commerce to prevent the widening of consumption inequality. This review contributes to a deeper understanding of the role of digital infrastructure and socioeconomic factors in shaping e-commerce's broader economic implications.
  • Intergenerational Homeownership — The gap in homeownership over generation and its drivers
    (2024) Cao, Duong
     School of Business | Bachelor's thesis
    The housing landscape in the U.S. has shifted dramatically in recent years, introducing substantial number of obstacles for younger generations aspiring to home ownership. Research has shown that, contrary to better educational attainment and financial situation, households whose are born recently are not doing as good as their elder counterparts when of the same age, with regard to purchasing residential property. This literature review aims to identify the main drivers of the gap in the housing position among these generations, thereby proposing solutions to alleviate the problem from an economics perspective. Using the United States as case study, I find that the differences can be explained mostly via the incompatibility of earning risks and housing price trends across generations. Additionally, shifts in demographic characteristics also play a role in determining generational variations in housing decision.
  • Customer-centricity in Second-hand Fashion Business
    (2024) Kyytsönen, Emilia
     School of Business | Bachelor's thesis
    This study explores the increasing importance of customer-centric business models in the rapidly growing second-hand fashion industry. As consumer preferences shift towards sustainable and personalized fashion choices, second-hand fashion companies face heightened competition, necessitating the adoption of strategies that prioritize customer needs and preferences. Through an analysis of existing business models, the study identifies key areas where customer-centric approaches can be more effectively integrated, including customer segmentation, personalized value propositions, and enhanced customer relationship management. The findings suggest that companies which successfully implement these strategies in everyday actions are likely to achieve a sustainable competitive advantage, fostering cus- tomer loyalty and brand resilience. The study concludes the ways to transition to- wards customer-centricity that are essential for the long-term success of second- hand fashion companies, highlighting the need for ongoing innovation and strate- gic adaptation in the dynamic market. Future research is encouraged to further in- vestigate the specific impacts of customer-centric models on business performance within the industry.
  • Generative AI in the Workplace: Effects on Employee Efficiency and Performance
    (2024) Keltanen, Remu
     School of Business | Bachelor's thesis
    The objective of this thesis is to explore how the use of generative artificial intelligence (AI) in the workplace affects employee performance. Through a comprehensive review of existing literature and research on the topic, the findings suggest that generative AI has the potential to enhance employee productivity across various tasks by automating routine processes, freeing up time for more complex activities, improving output quality, reducing skill gaps among employees, and fostering creativity and innovation. However, the use of generative AI in the workplace also presents challenges, including the need to understand its capabilities, recognize false information, address potential negative impacts on high-skilled workers, and navigate privacy, security, and the efficient utilization of this technology.
  • Tekoälyn normitetusta implementoinnista Suomessa toimivissa yrityksissä
    (2024) Norra, Ninni
     School of Business | Bachelor's thesis
    Tutkielma käsittelee Suomessa toimivien yritysten tavoitteita ja edellytyksiä tekoälyn normitetussa implementoinnissa. Keskiössä ovat yritysten hyödyntämät strategiat sekä haasteet, jotka jarruttavat tekoälyyn pohjautuvien työkalujen laajaa ja yhdenmukaista operatiivista hyödyntämistä. Tutkielman teoreettinen kehys huomioi keskeisinä elementteinä yrityksen aineelliset ja aineettomat resurssit, organisaatiokulttuurin, tekoälylle ominaiset epävarmuustekijät sekä ulkoiset muuttujat. Kehys on ottanut vaikutteita RBV-mallista, Kotterin kahdeksankohtaisesta muutosjohtamisen mallista, XAI-mallista ja PESTEL-analyysistä. Tutkimusta varten on haastateltu neljää Suomessa toimivan organisaation edustajaa. Yksi organisaatio on tekoälyä hyödyntävä monialayritys, loput IT-konsultoinnin ja ohjelmistokehityksen toimijoita. Aineisto kerättiin puolistrukturoidusti teemahaastatteluina, ja analyysikeinot vastaavat laadullisen tutkimuksen periaatteita. Tutkielman mukaan asenteet ja käytännöt tekoälyn implementoinnissa vaihtelevat suuresti organisaation rakenteesta riippuen, eikä tekoälysovelluksien tehokas käyttöönotto onnistu ilman olemassa olevien toimintatapojen syvällistä tuntemusta. Hierarkkisissa organisaatioissa normittaminen on jo tavallista, siinä missä ei-hierarkkiset organisaatiot ylläpitävät vapaamuotoisen kokeilun ja avoimen tiedonjaon periaatteita.Tekoälyn nopea kehitystahti vaikuttaa implementointiin siten, että organisaatioilta vaaditaan aktiivista seurantaa sekä kykyä päivittää toimintaansa joustavasti. Erityisesti geneerisen generatiivisen tekoälyn sovelluksiin kytkeytyvä mustan laatikon ongelma aiheuttaa huolta tietoturvakysymyksissä, mihin organisaatiot vastaavat esimerkiksi investoimalla lisensseihin ja anonymisoimalla sensitiivisiä tietoja. Generoitujen aineistojen vertailukelpoisuutta pyritään parantamaan integroimalla tekoäly osaksi standardisoituja prosesseja. Lainsäädännöllä on keskeinen rooli siinä, miten yritykset suunnittelevat ja täyteenpanevat tekoälystrategioita, ja Euroopan unionin merkityksen katsotaan vahvistuvat entisestään. Vaikka tekoälyn potentiaali tunnistetaan, liittyy varhaisen kehitysvaiheen teknologiaan paljon epävarmuustekijöitä. Tekoälyinvestointien kannattavuuden mittaaminen on vaikeaa, ja toisinaan kustannukset ovat hyvin korkeat. Niinpä tekoälyn implementointi ja normittamisen taso riippuvat useista dynaamisista osatekijöistä.
  • Facilitating induced green innovation in Finland: An evaluation of the effectiveness of carbon pricing and subsidies.
    (2024) Lammi, Kerttu
     School of Business | Bachelor's thesis
    This thesis addresses climate change by discussing how policy interventions can foster green innovation in Finland. Moreover, this literature review will discuss the effectiveness of carbon pricing and subsidies to incentivize innovation. The findings suggest that the key in environmental policy is the dual externality structure of the market, with a negative externality from carbon emissions and a positive externality from innovation. Furthermore, the optimal policy portfolio to incentivize green innovation includes both carbon pricing and R&D subsidies, because the two externalities need to be addressed separately. More specifically, with R&D subsidies are dominant in the short-term and carbon pricing in the long-term. First, I will delve into the policies and their effectiveness on a global scale, after which the focus will be narrowed down to Finland.
  • The importance of public funding on new firms, innovation, and R&D
    (2024) Pekkinen, Emil
     School of Business | Bachelor's thesis
    Abstract This thesis examines the role of public funding on private investment in research and development (R&D) and tries to answer if public funding can increase private investment in R&D to foster innovation and progress. This thesis includes a literature review of the existing evidence as well as an empirical analysis that is based on OECD data from 1981 to 2021. The main findings include that public funding can increase private investment but the relationship between them is non-linear. Moreover, the effectiveness seems to change depending on the region and time period. The findings highlight that policymakers must apply proper policy tools depending on their own needs to maximize the benefits of public funding on private R&D investment and innovation
  • Economic empowerment and gender equality: The impacts of cash transfers on intimate partner violence against women in low- and middle-income countries
    (2024) Do, Ngan
     School of Business | Bachelor's thesis
    This thesis reviews existing literature on the impacts of cash transfers (CTs) on male-to-female intimate partner violence (IPV) in low- and middle-income countries (LMICs). It begins with an overview of theories linking IPV and poverty, followed by an exploration of the mechanisms through which CTs can alleviate economic stress and subsequently reduce violence. The core section of this thesis is then a review of quantitative evidence on the effectiveness of CTs in lowering women-targeted IPV across developing countries. While outcomes are mixed, results showed that where positive effects were observed, IPV prevalence was significantly reduced (by 10% to 40%), suggesting CTs’ potential in combating gender-based intimate violence. However, policymakers should carefully consider the nuances when designing cash transfer programs, and future research is required to better understand the multi-dimensional relationship between cash grants and male-to-female intimate partner violence.
  • Buy Now Pay Later (BNPL) and its asso ciated risks: A growth analysis based on the setting of two-sided platforms.
    (2024) Le, Minh
     School of Business | Bachelor's thesis
    BNPL has grown six-fold in terms of volume of transaction within just 4 years from 2019 to 2023, which is remarkable for a form of credit (Cornelli, G., Gambacorta, L. and Pancotto, L. 2023). When compared with other forms of credit such as credit cards and personal loans, BNPL demonstrates several distinct characteristics that in turn make its nature notably different. These remarkable differences in nature can somewhat explain why BNPL witnessed such an impressive growth. Despite being different compared to other forms of credit, the operation of BNPL surprisingly bears resemblances with the operation of two-sided platforms. Therefore, the growth of BNPL can somewhat be explained by analyzing the growth and model of these platforms. In short, through reviewing literature and analyzing relevant frameworks, I found out that allowing customers to use BNPL for free helps boost the use of BNPL, which in turn leads to the tremendous growth of this credit method. Besides answering what are the reasons behind such a tremendous growth of BNPL, this literature review also identifies that BNPL is not free to users as it is often advertised. In fact, BNPL users are vulnerable to many risks such as overspending and overborrowing. This problem is even prominent as due to its special nature compared to other forms of credits, BNPL could be exempt from credit regulations in many cases. Therefore, this literature review also supports the idea that stricter regulations on BNPL need to be implemented to better protect customers and improve social welfare.
  • Emission Distribution of Finnish Drivers by Gender and Income in 2022
    (2024) Järvinen, Jyri
     School of Business | Bachelor's thesis
    This thesis studies the emission distribution from vehicle usage by Finnish driv-ers in 2022. By using the Finnish registry data, I calculate the total emissions from natural persons driving and the share of emission reduction potential by changing to less emitting version of the same model. I study these emissions based on the driver’s income and gender and compare them on their shares of emissions to better understand the vehicle emission distribution in Finland. Unexpectedly, female drivers cause a larger share of total emissions than ex-pected by their share of total drivers. Otherwise, the results reflect the expectation set by the literature on the subject that higher income groups drive less emitting vehicles but drive more overall, and females tend to drive less emitting vehicles than males. An interesting group are median and high-median incomes as they have large emissions and large emission reduction potential giving them more choices in reducing their total emissions and therefore reducing the total vehicle emissions in Finland.
  • The impact of building height limits on welfare — a structural open-city model analysis for Helsinki
    (2024) Haapanen, Mikko
     School of Business | Bachelor's thesis
    This thesis applies an existing structural, theoretical vertical-horizontal open-city model to examine the effect of building height limits on welfare in the Helsinki metropolitan area. I analyzed various counterfactual scenarios with the model, showing that the population, wage index, and welfare could increase in the Helsinki metropolitan area as height limits increase. The results of using the model suggest that relaxing the height limit from 7 to 8 floors could potentially lead to a 3–6 % increase in welfare compared to the current GDP of the area. Additionally, completely removing height limits in Helsinki could potentially result in a gain of up to 60 % over time. Sensitivity analysis brings confidence to the robustness of these results. However, the model’s simplified assumptions and lack of Helsinki-specific parameters suggest that these findings should be interpreted cautiously, especially in the case of full deregulation. Based on the literature review and my results with a structural open-city model, the thesis concludes that relaxing height limits could benefit Helsinki and the wider society.
  • The Use Of AI in B2B Sales And Prospecting
    (2024) Koivisto, Tuukka
     School of Business | Bachelor's thesis
    Using new tools such as automated email systems and different data scraping services has been the new norm in sales for a while now (Hunter, 2019). As companies try and keep up their competitive edge, most try and implement these tools into their regular workflow as soon as they become viable ways to help their sales to grow. AI has been a huge shift in the way salespeople can cut down on the more mundane parts of the sales process, such as cold emails or, as I am focusing on in this thesis, prospecting. The technology that we have now is making it easier and easier to find the correct target groups and helping the salesperson focus more on the actual sales. The rapid adoption of AI tools has been one of the biggest trends in a long time (Masih, 2023). With the use of AI as a part of the sales process, comes the problem of valid information. As before, most companies did prospecting at least partly by hand, making the information “more valid”. In this sense, we must compare whether the data provided by these different AI tools is actually more beneficial or is it worth the effort to still rely on the more traditional ways. The results of this paper point that most of the implications of adopting to use AI tools as a part of the sales process are positive in nature. It helps the company and salespeople to save time and money by cutting out some of the regular tasks and improve the efficiency. This thesis will go through relevant literature on how companies are using AI as a part of their sales prospecting process and how they are benefiting from it. As there are multiple different tools for that task, I am going to use only the most prevalent tools used on the market as examples.
  • Utilization of Generative AI in Fashion Design Pro- cesses – Through the Lens of Ready-to-wear and Haute Couture
    (2024) Särkkä, Julia
     School of Business | Bachelor's thesis
    The fashion industry is going through change due to developments in generative AI technology. A significant part of this change is caused by the integration of GAI into the fashion design process. This thesis investi- gates how generative AI (GAI) can enhance and improve the design process, focusing specifically on the utility of the areas of ready-to-wear and haute couture design. Practical applications, such as Midjourney and StyleGAN, will be examined. The examination will highlight the potential of these applications – the potential to accelerate the process, enhance creativity as well as increase inclusivity within the design process. In addition to investigating these applications, this thesis examines the implications of implementing GAI into the process. These implications include productivity and the democratisation of the fashion design pro- cess. However, the thesis also identifies challenges and limitations of current GAI tools, with limitations being the technology's lack of understanding when it comes to complex, nuanced, or detailed visions of the designers as well as GAI’s potential to perpetuate biases. This thesis is conducted as a literature review, offering comprehensive insight into GAI’s potential in the fashion design process while acknowledging the limitations and areas for future research.
  • Suomen terveydenhuollon kokonaisuus: Julkisen ja yksityisen sektorin vuorovaikutus, EU-kustannusvertailu ja työvoimakustannusten vaikutus
    (2024) Punnala, Sonja
     School of Business | Bachelor's thesis
    Suomen terveydenhuollon resurssien tilanne on herättänyt laajaa julkista keskustelua viime vuosina. Sekä julkisen että yksityisen sektorin rooli tämän järjestelmän toimivuudessa ovat tärkeitä. Suomessa terveydenhuoltojärjestelmä on perinteisesti perustunut julkisen ja yksityisen sektorin selkeään työnjakoon, mutta Sote-uudistuksen myötä näiden sektorien vastuunjako saattaa muuttua. Tutkimuksen tavoitteena on selvittää Suomen terveydenhuoltoon vaikuttavia keskeisiä tekijöitä, erityisesti julkisen ja yksityisen sektorin välisen vuorovaikutuksen näkökulmasta. Tutkimuksessa tarkastellaan, miten nämä sektorit ovat toimineet yhteistyössä ja täydentäneet toisiaan, sekä mitä mahdollisia haittapuolia sektoreiden välisessä vuorovaikutuksessa voi olla. Lisäksi tutkimus pyrkii arvioimaan Suomen terveydenhuollon kustannuksia ja tuloksia kansainvälisessä kontekstissa, vertaillen niitä muihin EU-maihin. Kolmantena tutkimuskysymyksenä on, mitkä ovat niitä tekijöitä, jotka vaikuttavat työvoimakysymyksiin terveydenhuollossa. Käsiteltävänä aiheena on myös se, mitkä seikat ajavat hyvinvointialueita käyttämään kallista vuokratyövoimaa. Tutkimuksessa käytetään kirjallisuuskatsausta ja vertailevaa analyysia, jossa hyödynnetään tietokantahakuja sekä kotimaisista että kansainvälisistä lähteistä. Aineistona ovat erityisesti Suomen terveydenhuoltojärjestelmää ja sen kustannuksia käsittelevät tutkimukset, sekä EU-maiden vertailua koskevat analyysit. Pääallisena aineistona on käytetty Tilastokeskuksen ja Sosiaali- ja terveysministeriön dataa. Tutkimustulokseksi saatiin, että julkinen ja yksityinen sektori toimivat parhaimmillaan täydentäen toisiaan erityisesti erikoissairaanhoidon osalta. Julkisella sektorilla saadaan välttämätön ja tarpeellinen hoito, ja yksityisellä sektorilla potilas voi teetättää hoitoja jotka hän haluaa ja joita ei välttämättä koeta lääketieteellisesti yhtä tarpeelliseksi kuin julkisen sektorin teetättämät hoidot. Sektorien väliseen työnjakoon voi tulla ristiriitaa, jos yksityisen sektorin tekemien hoitojen komplikaatioita joudutaan hoitamaan julkisella sektorilla hoitovelvoitteen vuoksi. Yksityinen sektori voi tarjota ratkaisua julkisen terveydenhuollon epätasaiseen maantieteelliseen jakautumiseen. Suomen terveydenhuoltojärjestelmä pärjää EU-maiden välisessä vertailussa hyvin. Erityisesti niissä tilanteissa, joissa potilaan henki tai terveys on olennaisesti vaarassa, terveydenhuolto toimii hyvin, mutta ennaltaehkäisevissä toimissa olisi parantamisen varaa. Terveydenhuollon työvoimakysymykset ovat ja tulevat olemaan jatkossa ajankohtaisia. Väestön ikääntyminen ja työvoiman riittämättömyys vaikuttavat siihen, että tekijöitä tarvitaan jatkossa enemmän. Koulutuspaikkojen lisääminen ei välttämättä auta asiaa, vaan Suomi tarvitsee ulkomaista työvoimaa, ja sitä houkutellakseen Suomen tulisi parantaa mielikuvaansa ulkomaalaisten työntekijöiden keskuudessa. Vuokratyövoima on kallista ja sen käyttöä haluttaisiin merkittävästi vähentää. Vuokratyövoima voi olla kuitenkin hyvinvointialueille halvempi ratkaisu kuin tiettyjen palveluiden järjestämisen laiminlyönnistä koituvat seuraukset. Tulisikin pohtia, minkälaisia lainsäädännöllisiä tai rakenteellisia muutoksia tarvittaisiin, jotta työvoiman palkkaaminen suoraan olisi kokonaisvaltaisesti kannattavampaa kuin vuokratyövoiman käyttö.
  • Sharia-compliant Blockchain Technology and Islamic Finance
    (2024) Huurinainen, Nina
     School of Business | Bachelor's thesis
    With the growth of blockchain technology, there has been an increasing interest in the possibilities it brings to the field of Islamic finance. Islamic finance differs from its ‘conventional’ counterpart in some core elements such as with the prohibition of interest payments. To better offer Islamic financial services, scholars and researchers are now considering the possibility of making Sharia-compliant blockchain applications. The objective of this thesis is to bring light to the divisive situation. A literature review is conducted to provide both supporting and opposing arguments. The literature review is divided into two subcategories of interest: cryptocurrencies and smart contracts, as they are at the center of the discussion regarding Sharia-compliant adoption of blockchain technology.
  • Assessing the bankruptcy risk of Finnish construction companies using financial statement data
    (2024) Luukkonen, Niilo
     School of Business | Bachelor's thesis
    In a time of ever-changing economic conditions, complex financial arrangements, and fierce competition in the marketplace, the prospect of corporate bankruptcy is a shadow that both businesses and stakeholders must contend with. Corporate bankruptcy has far-reaching effects on suppliers, creditors, the government, and the general economy in addition to its effects on shareholders and employees. A number of economic and social problems, including job losses, supply chain disruptions, and a decline in investor confidence, can be brought on by financial crisis and bankruptcy. In this paper I analyse Finnish construction industry companies using two most well know bankruptcy forecasting models Beaver’s and Altman’s. Using these models and samples for bankrupt and non-bankrupt companies, I calculate and analyse financial ratios using 2017 to 2022 as the period. The study finds that both Beaver’s and Altman’s models show financial distress not only in the bankrupt companies’ years prior to failure but also effects of covid, inflation and Ukraine-Russia conflict on the whole industry.