Minun, sinun vai meidän? Corporate governance osuustoiminnallisissa pankeissa

Omistajalähtöisen kulttuurin voimistumisen myötä yritysten corporate governance -järjestelmät ovat nousseet keskeiseen asemaan yritysten toiminnassa. Osuustoiminnallisissa yrityksissä demokraattinen hallintotapa ja jäsenten tarpeista nouseva yrityksen tarkoitus luo corporate governance -järjestelmiin haasteita. Tutkielmassa tarkastellaan näitä haasteita osuustoiminnallisissa pankeissa. Keskeinen tutkimustulos oli, että osuustoiminnallisten pankkien corporate governance -järjestelmät eivät täysin huomioi osuuspankkien tarkoitusta.

Diversification and its reflections on profitability - strategic change in pulp and paper industry in the years 1996 and 2006

The purpose of the thesis was to analyze diversification in pulp and paper industry (PPI), which is an industry facing enormous strategic challenges as many of the basic parameters of its operational environment are rapidly changing. The objective was to explore, how PPI companies have reacted to these changes by adjusting their strategies in terms of diversification and how the adjustments have affected their profitability. The study was statistical in nature. The results indicate that PPI companies in deed had reduced the degree of unrelated and related diversification , but the positive performance implications of the changes were debatable. In light of the data used in the study lower level of diversification did not lead to better profitability, in fact, the companies with the highest level of diversification had the best profitability. By contrast, reducing the level of unrelated diversification improved the profitability development; whereas reducing the level of related diversification deteriorated the profitability of the company. The results were not statistically significant and they cannot be generalized outside the data of the study.

IN DUBIO PRO NATURA? A Philosophical Analysis of the Precautionary Principle in Environmental and Health Risk Governance

In this book, I apply a philosophical approach to study the precautionary principle in environmental (and health) risk decision-making. The principle says that unacceptable environmental and health risks should be anticipated, and they ought to be forestalled before the damage comes to fruition even if scientific understanding of the risks is inadequate. The study consists of introductory chapters, summary and seven original publications which aim at explicating the principle, critically analysing the debate on the principle, and constructing a basis for the well-founded use of the principle. Papers I-V present the main thesis of this research. In the two last papers, the discussion is widened to new directions. The starting question is how well the currently embraced precautionary principle stands up to critical philosophical scrutiny. The approach employed is analytical: mainly conceptual, argumentative and ethical. The study draws upon Anglo-American style philosophy on the one hand, and upon sources of law as well as concrete cases and decision-making practices at the European Union level and in its member countries on the other. The framework is environmental (and health) risk governance, including the related law and policy. The main thesis of this study is that the debate on the precautionary principle needs to be shifted from the question of whether the principle (or its weak or strong interpretation) is well-grounded in general to questions about the theoretical plausibility and ethical and socio-political justifiability of specific understandings of the principle. The real picture of the precautionary principle is more complex than that found (i.e. presumed) in much of the current academic, political and public debate surrounding it. While certain presumptions and interpretations of the principle are found to be sound, others are theoretically flawed or include serious practical problems. The analysis discloses conceptual and ethical presumptions and elementary understandings of the precautionary principle, critically assesses current practices invoked in the name of the precautionary principle and public participation, and seeks to build bridges between precaution, engagement and philosophical ethics. Hence, it is intended to provide a sound basis upon which subsequent academic scrutiny can build.

Corporate governance ja omistajaohjaus - valtioenemmistöiset yhtiöt ja valtion osakkuusyhtiöt

Tutkimuksessa muodostetaan osakeyhtiön corporate governance - viitekehys lähtien sen taustateorioista ja -malleista sekä käsitteistä. Tutkimuksessa tarkastellaan osakeyhtiön yhtiöoikeudellisia toimielimiä sekä niiden tehtäviä ja keskinäisiä suhteita. Tutkimusmetodina käytetään oikeustaloustieteellistä lainoppia. Erityisenä tutkimuskohteena ovat valtioenemmistöiset yhtiöt ja valtion osakkuusyhtiöt. Julkisen sektorin uudelleenorganisoinnin ja tehokkuusvaatimuksien vuoksi valtion omistamien yhtiöiden merkitys tullenee jatkossa kasvamaan. Osakkeenomistajien residuaalisen vaateen perusteella yhtiökokouksella on osakeyhtiön ylin päätösvalta. Yhtiökokous voi kuitenkin lähtökohtaisesti päättää vain sille lain tai yhtiöjärjestyksen mukaan kuuluvista tehtävistä. Hallituksella on yleistoimivalta, jonka perusteella hallitus vastaa kaikista niistä hallinnon tehtävistä, joita ei ole osoitettu muille toimielimille. Toimitusjohtaja vastaa juoksevan hallinnon hoitamisesta sekä kirjanpidon lainmukaisuudesta ja varainhoidon järjestämisestä luotettavalla tavalla. Hallintoneuvoston tehtävät rajoittuvat nykyisin lähinnä yhtiön muun johdon valvontaan. Useimmissa osakeyhtiöissä on oltava myös tilintarkastaja, jonka on tarkastettava yhtiön kirjanpito, tilinpäätös, toimintakertomus ja hallinto. Valtioenemmistöisten yhtiöiden ja valtion osakkuusyhtiöiden yhtiöoikeudellisten toimielinten asema ei lainsäädännön tai corporate governance - suositusten perusteella poikkea muista yhtiöistä. Vaikka yhtiön toimielinten vastuuketju on aiempaa selkeämpi, niin yhtiökäytännössä toimielinten tehtävien tosiasialliset rajat vaihtelevat suuresti riippuen erityisesti yhtiön toiminnan laajuudesta, omistusrakenteesta ja toimialasta.

Strategic groups and performance: an empirical analysis of strategic groups in the wind energy industry in Europe

The strategic group theory provides an intermediate level of analysis between a single company and the whole industry for identifying issues about the company's competitive position and strategic choices. Strategic groups are companies within an industry with similar strategic characteristics or competing on similar bases. Strategic choices are aligned with the firms’ resources. The purpose of this study was to identify the strategic groups in the wind energy industry in Europe, and study, whether a certain group membership results in financial performance differences. Altogether 80 European wind energy companies were included in the study, which were clustered into four strategic groups according to their age and growth rate. Each group corresponds to a different strategy. The results show that the wind energy companies can be clustered according to the chosen strategic characteristics. Strategic decisions were investigated with characteristic variables. Performance variables were used in the analysis measuring profitability, liquidity and solvency of the groups. These strategic choices of the companies did not have a significant influence on the firms’ performance. The more mature and slower growing group proved to be the most successful. However, the differences between groups were generally not statistically significant. The only statistically significant difference found was in the solvency ratio between Mature Slow and Young Rapid groups. Measured with these variables, more mature and slower growing companies performed better. Therefore, a certain strategic group membership results in performance differences.

An analytic approach to distribution logistics strategic management

Logistics management is increasingly being recognised by many companies to be of critical concern. The logistics function includes directly or indirectly many of the new areas for achieving or maintaining competitive advantage that companies have been forced to develop due to increasing competitive pressures. The key to achieving a competitive advantage is to manage the logistics function strategically which involves determining the most cost effective method of providing the necessary customer service levels from the many combinations of operating procedures in the areas of transportation, warehousing, order processing and information systems, production, and inventory management. In this thesis, a comprehensive distribution logistics strategic management process is formed by integrating the periodic strategic planning process with a continuous strategic issues management process. Strategic planning is used for defining the basic objectives for a company and assuring co operation and synergy between the different functions of a company while strategic issues management is used on a continuous basis in order to deal with environmental and internal turbulence. The strategic planning subprocess consists of the following main phases: (1) situational analyses, (2) defining the vision and strategic goals for the logistics function, (3) determining objectives and strategies, (4) drawing up tactical action plans, and (5) evaluating the implementation of the plans and making the needed adjustments. The aim of the strategic issues management subprocess is to continuously scan the environment and the organisation for early identification of the issues having a significant impact on the logistics function using the following steps: (1) the identification of trends, (2) assessing the impact and urgency of the identified trends, (3) assigning priorities to the issues, and (4) planning responses to the, issues. The Analytic Hierarchy Process (AHP) is a systematic procedure for structuring any problem. AHP is based on the following three principles: decomposition, comparative judgements, and synthesis of priorities. AHP starts by decomposing a complex, multicriteria problem into a hierarchy where each level consists of a few manageable elements which are then decomposed into another set of elements. The second step is to use a measurement methodology to establish priorities among the elements within each level of the hierarchy. The third step in using AHP is to synthesise the priorities of the elements to establish the overall priorities for the decision alternatives. In this thesis, decision support systems are developed for different areas of distribution logistics strategic management by applying the Analytic Hierarchy Process. The areas covered are: (1) logistics strategic issues management, (2) planning of logistic structure, (3) warehouse site selection, (4) inventory forecasting, (5) defining logistic action and development plans, (6) choosing a distribution logistics strategy, (7) analysing and selecting transport service providers, (8) defining the logistic vision and strategic goals, (9) benchmarking logistic performance, and (10) logistic service management. The thesis demonstrates the potential of AHP as a systematic and analytic approach to distribution logistics strategic management.

Strategic choices and performance – an empirical analysis of largest European and North American energy companies

Energy industry has gone through major changes globally in past two decades. Liberalization of energy markets has led companies to integrate both vertically and horizontally. Growing concern on sustainable development and aims to decrease greenhouse gases in future will increase the portion of renewable energy in total energy production. Purpose of this study was to analyze using statistical methods, what impacts different strategic choices has on biggest European and North American energy companies’ performance. Results show that vertical integration, horizontal integration and use of renewable energy in production had the most impact on profitability. Increase in level of vertical integration decreased companies’ profitability, while increase in horizontal integration improved companies’ profitability. Companies that used renewable energy in production were less profitable than companies not using renewable energy.

Strategic Development of Electricity Distribution Networks – Concept and Methods

Strategic development of distribution networks plays a key role in the asset management in electricity distribution companies. Owing to the capital-intensive nature of the field and longspan operations of companies, the significance of a strategy is emphasised. A well-devised strategy combines awareness of challenges posed by the operating environment and the future targets of the distribution company. Economic regulation, ageing infrastructure, scarcity of resources and tightening supply requirements with challenges created by the climate change put a pressure on the strategy work. On the other hand, technology development related to network automation and underground cabling assists in answering these challenges. This dissertation aims at developing process knowledge and establishing a methodological framework by which key issues related to network development can be addressed. Moreover, the work develops tools by which the effects of changes in the operating environment on the distribution business can be analysed in the strategy work. To this end, the work discusses certain characteristics of the distribution business and describes the strategy process at a principle level. Further, the work defines the subtasks in the strategy process and presents the key elements in the strategy work and long-term network planning. The work delineates the factors having either a direct or indirect effect on strategic planning and development needs in the networks; in particular, outage costs constitute an important part of the economic regulation of the distribution business, reliability being thus a key driver in network planning. The dissertation describes the methodology and tools applied to cost and reliability analyses in the strategy work. The work focuses on determination of the techno-economic feasibility of different network development technologies; these feasibility surveys are linked to the economic regulation model of the distribution business, in particular from the viewpoint of reliability of electricity supply and allowed return. The work introduces the asset management system developed for research purposes and to support the strategy work, the calculation elements of the system and initial data used in the network analysis. The key elements of this asset management system are utilised in the dissertation. Finally, the study addresses the stages of strategic decision-making and compilation of investment strategies. Further, the work illustrates implementation of strategic planning in an actual distribution company environment.

Corporate Governance: Osakeyhtiön johdon velvollisuudet ja vastuu

Tutkimuksen tarkoituksena on selvittää, millainen Corporate Governance -järjestelmä ja sääntely-ympäristö Suomessa on voimassa. Tutkimuksessa tarkastellaan lisäksi osakeyhtiön johdon fidusiaarisia velvollisuuksia ja johdon velvollisuuksien tehosteena olevaa vastuujärjestelmää. Corporate Governance -järjestelmää analysoidaan perinteisestä oikeustieteellisestä näkökulmasta poiketen oikeustaloustieteen metodein. Tutkimuksen teoriapohja perustuu koti- ja ulkomaiseen oikeustaloustieteelliseen kirjallisuuteen, muutoin tutkimuksessa tukeudutaan suurimmilta osin kotimaiseen oikeuskirjallisuuteen ja virallislähteisiin. Suomalainen Corporate Governance -järjestelmä minimioi tehokkaasti transaktiokustannuksia ja tarjoaa osakkeenomistajille tehokkaan, informaation epäsymmetriaa rajoittavan valvontamekanismin. Jos johto toimii velvollisuuksiensa vastaisesti, osakkeenomistajat erottavat johdon, joka ei nauti sen luottamusta tai johto joutuu vastaamaan toimistaan vahingonkorvausvastuun tai rikosoikeudellisen vastuun kautta.

Strategic practices : : hidden histories of gender in Finland 1880-2005 : projektikuvaus

Ajankohtaista

Buying behavior of public organizations and its influence on export partner governance

Public organizations form a significant part of any economy, yet their buying behavior has received very little attention. Operating with complex public sector is further complicated when sales and marketing activities are done by foreign export partners. This thesis explores the buying behavior of public organizations and how partnership governance is influenced by it. The theoretical part focuses on two subjects. Firstly the strictly regulated purchase process, rigid decision making and other special characteristics of public organizations are examined. Secondly the thesis examines partnership governance forms and how coordination is arranged in the relationships. The empirical part investigates the subjects of public organization buying behavior and partnership governance using a case study of a Finnish SME and their two export partners. The findings suggest high degree of uniformity between public organizations enables the use of unilateral governance forms. By creating mutual dependence through training the possibility of adopting a purely bilateral governance form exists as well.