UNIDROIT-periaatteiden hardship sopimusriskien hallinnan välineenä

Tutkielman tarkoituksena on tutkia, miten hardship-ehdon käyttö ennakoivan sopimussuunnittelun välineenä kansainvälisiä kauppasopimuksia solmittaessa parantaa sopimuksellista riskienhallintaa. Tähän sisältyy myös ehdot sopimuksen uudelleenneuvottelusta, joihin sopimusosapuolten tulee ryhtyä, jos hardshipin osoittama taloudellinen liikavaikeus on todella sopimuksessa tapahtuneen muutoksen syynä. Lisäksi tarkoituksena on selvittää, miten sopimuskäsityksen muutos ennakoivaan suuntaan on luonut sopimusosapuolille mahdollisuuksia suunnitella sopimuksiaan paremmin. Tutkimuksessa käytetään lainopillista lähestymistapaa. Tarkoituksena on löytää vastaus käsillä olevaan kysymykseen voimassa olevan lainsäädännön avulla sekä saatavilla olevaan kirjallisuuteen perehtyen. Hardship-ehdon voidaan nähdä parantavan sopimuksellista riskienhallintaa tehokkaasti. Ehto on toimiva varsinkin liike-elämän pitkäkestoisissa sopimuksissa, joissa sopimuksen sitovuus on korostuneessa asemassa. Hardship-ehto dynaamisena välineenä takaa sopimuksen sitovuuden tarjoamalla muuttuneiden olosuhteiden korjaamiseen uudelleenneuvotteluja ja näin ollen mahdollisuuden tasapainottaa sopimuksessa vallitseva epätasapaino.

Strategic Orientation of Knowledge Management: Influence on Company's Performance

Nowadays, the huge part of the most important research is done in the area of interaction of two or more fields of research. They open doors for new ideas and help to find that was not possible to find before, explain simple things, which was missed because of narrow vision. This research investigates the interconnection of strategy study and knowledge management. Well-known researches (e.g. Michael Zack, 2003) point out that organization should align its' knowledge management to strategy to gain success. But this is not well developed area yet. This research contributes to the growing knowledge of knowledge management - strategy alignment. The research tests the relation between strategic orientation of knowledge management and performance of the company. It also investigates the nature of strategy typology influence on strategic orientation of knowledge management. These two points have critical importance for development of this area. Moreover, it has management implication for those practitioners, who cares about sustainable success of their company based on knowledge.

Strategian jalkauttamista tukeva optimaalinen toimintaympäristö kilpailuedun lähteenä

Tutkimus käsittelee strategian jalkauttamista. Tutkimuksen tavoitteena on kuvata millainen on strategian jalkauttamista tukeva optimaalinen toimintaympäristö kilpailuedun lähteenä. Tavoitteeseen päästään neljän alaongelman avulla: mistä elementeistä toimintaympäristö koostuu, millaisia yhteyksiä elementeillä on toisiinsa, mitkä elementeistä liittyvät johtamiseen ja millainen rooli keskijohdolla on strategian jalkauttamisessa. Tapaustutkimus on luonteeltaan kvalitatiivinen ja tutkimusote normatiivinen. Tutkimuksen teoreettinen viitekehys kattaa kuusi kokonaisuutta: strategian ja strategisen johtamisen, ulkoisen ja sisäisen toimintaympäristön, kilpailuedun, kulttuurin sekä johtamisen ja operatiivisen toiminnan. Johtaminen ja operatiivinen toiminta koostuu seitsemästä elementistä: asiakkaat, yhteys, yhteisöllisyys, kontrolli, kommunikointi, ydinkyvykkyydet ja koalitio, jotka parhaimmillaan muodostavat toisiaan tukevan syklin. Keskijohdon rooli korostuu johtamisen ja operatiivisen toiminnan kokonaisuudessa.

IDEAS for Strategic Technology Management: Design of an electronically mediated scenario method

The age-old adage goes that nothing in this world lasts but change, and this generation has indeed seen changes that are unprecedented. Business managers do not have the luxury of going with the flow: they have to plan ahead, to think strategies that will meet the changing conditions, however stormy the weather seems to be. This demand raises the question of whether there is something a manager or planner can do to circumvent the eye of the storm in the future? Intuitively, one can either run on the risk of something happening without preparing, or one can try to prepare oneself. Preparing by planning for each eventuality and contingency would be impractical and prohibitively expensive, so one needs to develop foreknowledge, or foresight past the horizon of the present and the immediate future. The research mission in this study is to support strategic technology management by designing an effective and efficient scenario method to induce foresight to practicing managers. The design science framework guides this study in developing and evaluating the IDEAS method. The IDEAS method is an electronically mediated scenario method that is specifically designed to be an effective and accessible. The design is based on the state-of-the-art in scenario planning, and the product is a technology-based artifact to solve the foresight problem. This study demonstrates the utility, quality and efficacy of the artifact through a multi-method empirical evaluation study, first by experimental testing and secondly through two case studies. The construction of the artifact is rigorously documented as justification knowledge as well as the principles of form and function on the general level, and later through the description and evaluation of instantiations. This design contributes both to practice and foundation of the design. The IDEAS method contributes to the state-of-the-art in scenario planning by offering a light-weight and intuitive scenario method for resource constrained applications. Additionally, the study contributes to the foundations and methods of design by forging a clear design science framework which is followed rigorously. To summarize, the IDEAS method is offered for strategic technology management, with a confident belief that it will enable gaining foresight and aid the users to choose trajectories past the gales of creative destruction and off to a brighter future.

Lentopetrolin hinnanmuutoksilta suojautuminen johdannaisilla Case Jetflite Oy

Tutkielman tavoitteena on selvittää, miten lentoyhtiöt, kuten case-yritys Jetflite Oy, voivat hyödyntää johdannaisinstrumentteja suojautuessaan polttoainekustannusten nousulta. Tutkielmassa kootaan tietoa eri lentoyhtiöiden riskienhallintastrategioista ja niiden implementoinnissa käytetyistä johdannaissopimustyypeistä. Tutkielmassa pyritään tuottamaan tietoa case-yrityksen johdolle riskienhallintastrategian luomista varten kartoittamalla toteutuneita polttoainekustannuksia Jetfliten ostolaskuista. Lentoyhtiöt voivat määritellä suojausstrategian, jonka mukaisesti määrättynä ajanjaksona haluttu osuus tulevista polttoainehankinnoista suojataan johdannaissopimuksin muun muassa futuureita, optioita ja swappeja käyttäen. Johdannaisia käytetään sekä lähitulevaisuuden polttoainehankintojen suojauksissa että pitkän aikavälin riskienhallintastrategioita toteutettaessa. Koska polttoainekustannukset ovat lentoyhtiöiden toiminnan kannattavuuden kannalta keskeinen kuluerä, on em. kustannusten nousulta suojautuminen lentoyhtiöille myös strateginen menestystekijä.

Earnings management in the process of preparing corporate financial reports

Earnings management (EM) literature examines managers’ use of judgment in financial reporting and in structuring transactions to alter financial reports for a specific reason. Mainstream EM literature strongly concentrates on statistical research methodologies and it is driven by positive accounting theory. Although EM occurs in the process of preparing corporate financial reports, that process has so far largely remained a “black box” in prior literature. The purpose of this study is to analyze what EM is, how and why it unfolds and how it is intertwined in the process of preparing corporate financial reports. In order to meet the needs of the study, a qualitative case study method will be used. The contribution of this study is threefold. First, it indicates that the concept of EM is not as unam-biguous as the prior literature has assumed. I find that EM is socially constructed and more open to interpretation than absolutely dichotomous conception given by previous studies. Second, this study contributes to our knowledge of the role and the importance of actors involved in conducting EM, indicating that EM is much more actor-dependent than the prior literature has assumed. Third, this study broadens our knowledge base with regard to the processes and potential for EM in academic research.

Strategic Change Management Readiness Evaluation in Organizations

The objective of this study and paper was to find out how the strategic change management readiness in organizations can be evaluated. Based on theory and prior CMP model, the framework of strategic change management and issues related to it was constructed. Additionally a synthesis of the most important phases and interventions in strategic change process and project was created. These phases were starting point, planning, implementation and evaluation and securing phases. Qualitative approach was utilized in the empirical part of the study due to the need for in-depth information about the topics surveyed through semi-structured interview. There were 18 responders from the top management of large Finnish companies. In this study interventions, strengths and weaknesses during the various phases of strategic change projects were revealed. Additionally the interviewees’ opinion on the importance of each of the interventions in strategic change project success was asked. According to this study, the most important phases recognized through researching theoretical literature, prior CMP model and empirical information in starting point phase were analysis of current and desired state and need for change accompanied with guiding coalition formulation. In planning phase the most important interventions were project organization formulation, action plan creation, analysis of prior and current strategic change projects and organizational structure analysis. In the change project implementation phase the interventions of importance were launch, quick wins, sense of urgency creation, change resistance management and change communications. In the final evaluation and securing phase project evaluation was the most important intervention. Based on the results a tool for creating change management readiness profile was created.

Hazard Risk Management in Large Nordic Companies' Operations in Russia

The objective of this research was to describe how Nordic companies manage hazard risks in their operations in Russia and how the local business environment is considered to affect the hazard risks. Research methods used in this research were literature review and expert interviews. Twelve Nordic industrial companies operating in different fields of industry were interviewed. Large Nordic companies typically guide risk management centralized from the parent company on behalf of the whole company group and the risk management standards and policies are integrated in all subsidiaries. Parent companies typically control hazard risk management in Russia by regular risk management reporting, auditing the Russian sites and by training local managers and employees to risk management work. Many companies have experienced several losses in the first years of operating in Russia before the risk management policies have been implemented in Russian subsidiaries. The companies have learned to take local characteristics better into account by experience and most companies are quite satisfied with their current risk management standards in Russia. The interviews indicate that companies experience especially the poor quality of infrastructure, some features in Russian organizational culture and high level of criminality to increase hazard risks in Russia. However, understanding these features and risks in the business environment makes the management of these risks possible. Risks related to infrastructure can be managed in advance by decreasing dependencies of infrastructure and considering the infrastructure quality already when planning the business operations. Also good local network is often considered critical in order to overcome the complications related to infrastructure. Russian personnel has typically different attitude towards risk management than Nordic personnel and neglecting safety and maintenance and concealing losses is more typical in Russia. By training and guiding the local personnel risk management and safety work and desired ways of actions these risks can be decreased. Criminality risks are often managed to certain extent by investing in security, increasing supervising and paying attention to reliability of the employees and other interest groups of the company.

People and the intertidal : human induced changes, biodiversity loss, livelihood implications and management in the Western Indian Ocean

Vad händer i tidvattenzonen? Var går gränsen mellan land och hav, vad händer i tidvattenzonen och vem ansvarar för detta? I västra Indiska oceanen (VIO) kan avståndet mellan den lägsta nivån för lågvattnet och den högsta nivån för högvattnet vara flera kilometer och nivåskillnaderna upp till 6 meter och detta skapar ett stort och föränderligt område. Syftet med min avhandling är att öka förståelsen för tidvattenzonen i tropiska och subtropiska västra Indiska oceanen. Sammanfattningsvis visar mina studier att det finns ett mycket stort värde i den komplexa tidvattenzonen, men också att det här området hotas från både land och hav, genom t.ex. överexploatering, erosion och föroreningar. Uttnyttjandet av tidvattenzonen är stort och min avhandling har visat att aktiviteter såsom fiske i form av plocking av musslor och andra ryggradslösa djur och hamnaktiviteter påverkar den biologiska mångfalden negativt, vilket leder till försämrad levnadsstandard för resursutnyttjande människor i regionen. För att förbättra situationen krävs det mer forskning, miljöövervakning och bättre förvaltning av tidvattenzonen. Experter i regionen har rangordnat förslag på förvaltningsstrategier som skulle kunna testas för att förbättra miljön och skapa ett mer hållbart nyttjande. Avhandlingen visar även att det är möjligt att använda fjärranalysteknik såsom satellitbildsanalys för att kvantifiera mängden sjögräsvegetation (i form av biomassa), vilket kan ha stor betydelse för att förbättra storskalig miljöövervakning av kustnära naturtyper (habitat). I avhandlingsarbetet har jag använt mig av ett multidisciplinärt tillvägagångssätt och använt metoder såsom ekologisk och biologisk provtagning, intervjuer, observationer, diskussionsgrupper, frågeformulär och fjärranalys. Resultaten presenterade i denna avhandling ger en ökad kunskap om tidvattenzonen i utvecklingsländerna inom VIO-regionen som kan användas för att initiera och fortsätta att utveckla hållbara förvaltningsstrategier av biologiska resurser.

Developing the measurement and management of knowledge: applying the constructive research approach in a knowledge intensive service environment

Intellectual assets have attained continuous attention in the academic field, as they are vital sources of competitive advantage and organizational performance in the contemporary knowledge intensive business environment. Intellectual capital measurement is quite thoroughly addressed in the accounting literature. However, the purpose of the measurement is to support the management of intellectual assets, but the reciprocal relationship between measurement and management has not been comprehensively considered in the literature. The theoretical motivation for this study rose from this paradox, as in order to maximise the effectiveness of knowledge management the two initiatives need to be closely integrated. The research approach of this interventionist case study is constructive. The objective is to develop the case organization’s knowledge management and intellectual capital measurement in a way that they would be closely integrated and the measurement would support the management of intellectual assets. The case analysis provides valuable practical considerations about the integration and related issues as the case company is a knowledge intensive organization in which the know-how of the employees is the central competitive asset and therefore, the management and measurement of knowledge are essential for its future success. The results suggest that the case organization is confronting challenges in managing knowledge. In order to appropriately manage knowledge processes and control the related risks, support from intellectual capital measurement is required. However, challenges in measuring intellectual capital, especially knowledge, could be recognized in the organization. By reflecting the knowledge management situation and the constructed strategy map, a new intellectual measurement system was developed for the case organization. The construction of the system as well as its indicators can be perceived to contribute to the literature, emphasizing of the importance of properly considering the organization’s knowledge situation in developing an intellectual capital measurement system.

Immigration Strategy for Northern Ostrobothnia 2015

A strategy process was completed in the ESF project “Promotion of Work-related Immigration”, which was implemented at Centre for Economic Development, Transport and the Environment for North Ostrobothnia, and an immigration strategy was drawn up for Northern Ostrobothnia on the basis of the process. Information was collected about the situation in Northern Ostrobothnia from the point of view of immigration and the future availability of labour. The intention was to use the information as background material for the strategy. Employers’ need for support in recruiting foreign labour was investigated with a broad inquiry, to which 1000 respondents replied. The strategy process was carried out together with an outside consultant (Net Effect Oy) by arranging three workshops and a seminar where the workshop results were summarised. A large number of companies, authorities, municipalities, associations, project actors and immigrants engaged in immigration issues participated in the workshops. The draft strategy is based on their experiences about immigration and on statistical data, background inquiries and surveys. To ensure the accuracy of the draft strategy, comments were requested from several parties and received from 64 organisations. The core of the immigration strategy consists of an initial analysis, values, a vision and priorities. The strategy is composed of three priorities. The key aim of the priority Internationalisation and Supporting Diversity is to support diversity in schools, workplaces and people’s everyday lives e.g. through attitude development and by promoting internationalisation in companies and education institutions. The aim of the priority Supporting Entrepreneurship and Recruiting Foreign Labour is to promote entrepreneurship among immigrants and the recruitment of foreign labour and to develop the forecasting of educational needs. The priority Developing Integration Services, Regional Cooperation and Networks, in turn, seeks to develop the service structure and policies of immigrant integration and to increase cooperation and exchange of information between regional actors engaged in integration issues. The aim is to use the strategy as a guideline document for immigration issues in Northern Ostrobothnia. The strategy is used to coordinate the existing organisations and operations dealing with immigration issues. In addition, it contains a future-oriented focus and underlines the management of new immigration projects and operations. The main party responsible for the implementation of the strategy is the Immigration Committee. In addition, responsible parties have been assigned to each measure. The implementation of the immigration strategy will be monitored annually on the basis of indicators.

Dynamic Ownership in Family Business System – A Portfolio Business Approach

Family businesses are among the longest-lived most prevalent institutions in the world and they are an important source of economic development and growth. Ownership is a key to the business life of the firm and also one main key in family business definition. There is only a little portfolio entrepreneurship or portfolio business research within family business context. The absence of empirical evidence on the long-term relationship between family ownership and portfolio development presents an important gap in the family business literature. This study deals with the family business ownership changes and the development of portfolios in the family business and it is positioned in to the conversation of family business, growth, ownership, management and strategy. This study contributes and expands the existing body of theory on family business and ownership. From the theoretical point of view this study combines insights from the fields of portfolio entrepreneurship, ownership, and family business and integrate them. This crossfertilization produces interesting empirical and theoretical findings that can constitute a basis for solid contributions to the understanding of ownership dynamics and portfolio entrepreneurship in family firms. The research strategy chosen for this study represents longitudinal, qualitative, hermeneutic, and deductive approaches.The empirical part of study is using a case study approach with embedded design, that is, multiple levels of analysis within a single study. The study consists of two cases and it begins with a pilot case which will form a preunderstanding on the phenomenon. Pilot case develops the methodology approach to build in the main case and the main case will deepen the understanding of the phenomenon. This study develops and tests a research method of family business portfolio development focusing on investigating how ownership changes are influencing to the family business structures over time. This study reveals the linkages between dimensions of ownership and how they give rise to portfolio business development within the context of the family business. The empirical results of the study suggest that family business ownership is dynamic and owners are using ownership as a tool for creating business portfolios.

The Role of Universities in the Triple Helix model of innovation management within the biotechnology industry, Case example: Turku Science Park Network

Biotechnology has been recognized as the key strategic technology for industrial growth. The industry is heavily dependent on basic research. Finland continues to rank in the top 10 of Europe's most innovative countries in terms of tax-policy, education system, infrastructure and the number of patents issued. Regardless of the excellent statistical results, the output of this innovativeness is below acceptable. Research on the issues hindering the output creation has already been done and the identifiable weaknesses in the Finland's National Innovation system are the non-existent growth of entrepreneurship and the missing internationalization. Finland is proven to have all the enablers of the innovation policy tools, but is lacking the incentives and rewards to push the enablers, such as knowledge and human capital, forward. Science Parks are the biggest operator in research institutes in the Finnish Science and Technology system. They exist with the purpose of speeding up the commercialization process of biotechnology innovations which usually include technological uncertainty, technical inexperience, business inexperience and high technology cost. Innovation management only internally is a rather historic approach, current trend drives towards open innovation model with strong triple helix linkages. The evident problems in the innovation management within the biotechnology industry are examined through a case study approach including analysis of the semi-structured interviews which included biotechnology and business expertise from Turku School of Economics. The results from the interviews supported the theoretical implications as well as conclusions derived from the pilot survey, which focused on the companies inside Turku Science Park network. One major issue that the Finland's National innovation system is struggling with is the fact that it is technology driven, not business pulled. Another problem is the university evaluation scale which focuses more on number of graduates and short-term factors, when it should put more emphasis on the cooperation success in the long-term, such as the triple helix connections with interaction and knowledge distribution. The results of this thesis indicated that there is indeed requirement for some structural changes in the Finland's National innovation system and innovation policy in order to generate successful biotechnology companies and innovation output. There is lack of joint output and scales of success, lack of people with experience, lack of language skills, lack of business knowledge and lack of growth companies.

A simulation model of the optimal maintenance strategy: conceptual agent-based approach

In this Master’s thesis agent-based modeling has been used to analyze maintenance strategy related phenomena. The main research question that has been answered was: what does the agent-based model made for this study tell us about how different maintenance strategy decisions affect profitability of equipment owners and maintenance service providers? Thus, the main outcome of this study is an analysis of how profitability can be increased in industrial maintenance context. To answer that question, first, a literature review of maintenance strategy, agent-based modeling and maintenance modeling and optimization was conducted. This review provided the basis for making the agent-based model. Making the model followed a standard simulation modeling procedure. With the simulation results from the agent-based model the research question was answered. Specifically, the results of the modeling and this study are: (1) optimizing the point in which a machine is maintained increases profitability for the owner of the machine and also the maintainer with certain conditions; (2) time-based pricing of maintenance services leads to a zero-sum game between the parties; (3) value-based pricing of maintenance services leads to a win-win game between the parties, if the owners of the machines share a substantial amount of their value to the maintainers; and (4) error in machine condition measurement is a critical parameter to optimizing maintenance strategy, and there is real systemic value in having more accurate machine condition measurement systems.

Customer value assessment in business markets

Understanding how firms create, communicate, and deliver value to customers is a key factor when firms seek to differentiate in increasingly competitive and commoditized business markets. As product and price have become less important differentiators in many industries, suppliers are increasingly seeking ways to differentiate themselves based on delivered customer value. Therefore, to gain a holistic understanding on what their offerings are worth to the customer, suppliers need to conduct customer value assessment, which quantifies the impact of a supplier´s offering to customers’ costs and returns. However, from a managerial perspective, customer value assessment is the single most critical challenge for firms in business markets. Consequently, developing holistic frameworks for customer value assessment is seen as one of the most important research priorities for marketing research. The purpose of this study is to explore the process of customer value assessment in business markets. Business markets represent a context where an increasing number of industrial firms are transitioning from basic product offerings towards service-based and solution-oriented hybrid offerings, which emphasize value co-creation and realization in the long term, thus making it difficult to quantify their monetary value. This study employs exploratory and qualitative research design by applying inductive and discovery-oriented grounded theory and multiple case research methods. The empirical data comprise interviews with 61 managers from 12 industrial firms, including seven best practice firms in customer value assessment. The findings of this study show that customer value assessment is essentially a crossfunctional process, which involves several organizational functions. The process begins well before and continues long after the actual delivery, often until the end of a supplier´s offering’s life-cycle. Furthermore, the findings shed light on alternative strategies that firms in business markets can adopt to implement the customer value assessment process. Overall, the findings contribute to customer value research, the sales and organizational management literature, the service marketing and solutions business literature, and suggest several managerial implications on how firms in business markets can adopt a holistic approach to assess value created for customers.