Nordic banks’ entry into the Russian market: motives, processes and challenges

The importance of services in the global economy has grown steadily in the past decades and the growth of services sector’s direct investments has been increasing. Nowadays, all companies are influenced by the much changing global environment and the financial services companies are no exception. The internationalization of financial services companies is an expanding and accelerating phenomenon which has various motivations. The overall aim of this thesis is to shed light on the market entry processes of the Nordic financial services companies when they have entered the Russian market. In this study, the factors affecting Nordic banks’ market entry to Russia are presented in order to better understand what have been the main motives for market entry, what kind of processes the banks have used and what kind of challenges they have faced along the way. A case study approach was used in conducting the empirical research and it aims at investigating a specific case: Nordic banks’ entry into the Russian market. The empirical research was carried out by conducting qualitative interviews for employees involved in entry processes of the case banks. These interviews aimed at examining the Nordic banks’ motives for entering the Russian financial market. This includes reflections on the reasons why the studied banks have decided to enter Russia and what have been the motives behind these decisions. Also, the market entry processes the banks have used when they have entered the Russian market were investigated. The findings allowed comparing the related theories and different market entry modes the case banks have used. Furthermore, the market-related challenges faced by the case banks were mapped and described. In addition, the main factors related to the entry processes of the studied banks were identified and key elements of successful market entry were mapped. The findings suggest that the main motivator for banks have been to follow their customers and hence, increase the revenues and add the value to the shareholders; consequently, being a win-win-win situation to all the related parties. It was also discovered that the banks market entry processes have had resemblances but the banks have taken different paths to get where they are nowadays. As the Russian market environment differs from the one in Nordic countries, also challenges were faced by the case banks. However, the internal challenges were considered more troublesome than the external ones. As the foreign market entry process is complex as well as time and resources consuming, it is vital to understand the specifics of the target market, organizational capabilities and individuals enabling a successful entry process.

Identification of research trends in the field of separation processes. Application of epidemiological model, citation analysis, text mining, and technical analysis of the financial markets

Choice of industrial development options and the relevant allocation of the research funds become more and more difficult because of the increasing R&D costs and pressure for shorter development period. Forecast of the research progress is based on the analysis of the publications activity in the field of interest as well as on the dynamics of its change. Moreover, allocation of funds is hindered by exponential growth in the number of publications and patents. Thematic clusters become more and more difficult to identify, and their evolution hard to follow. The existing approaches of research field structuring and identification of its development are very limited. They do not identify the thematic clusters with adequate precision while the identified trends are often ambiguous. Therefore, there is a clear need to develop methods and tools, which are able to identify developing fields of research. The main objective of this Thesis is to develop tools and methods helping in the identification of the promising research topics in the field of separation processes. Two structuring methods as well as three approaches for identification of the development trends have been proposed. The proposed methods have been applied to the analysis of the research on distillation and filtration. The results show that the developed methods are universal and could be used to study of the various fields of research. The identified thematic clusters and the forecasted trends of their development have been confirmed in almost all tested cases. It proves the universality of the proposed methods. The results allow for identification of the fast-growing scientific fields as well as the topics characterized by stagnant or diminishing research activity.

The pH-dependent phase distribution of wood pitch components in papermaking processes

Wood contains only a very small amount of lipophilic extractives, commonly known as wood pitch. The pitch is known to cause severe problems in papermaking processes. The amount of pitch in process waters can be decreased by seasoning of the raw material prior to pulping, pulp washing, removal of pitch by flotation, adsorption of pitch onto various mineral surfaces, and retention of pitch to the fibre material by cationic polymers. The aim of this study was to determine the influence of pH on some of the methods used for pitch control. Experiments were performed using laboratory-made wood pitch emulsions with varying pH, salt concentration, hemicellulose concentration and pitch composition. These emulsions were used to study the phase distribution of resin and fatty acids, the colloidal stability of pitch with and without steric stabilisation by galactoglucomannans, and the interactions between wood pitch and mineral particles. Purification of unbleached and peroxidebleached mill process water was performed by froth flotation in combination with a foaming agent. The distribution of resin and fatty acids (RFAs) between colloidal pitch droplets and the water phase was very dependent on pH. At pH 3, almost all of the RFAs were attached to the pitch droplets, while increasing the pH led to increasing concentration of dissolved RFAs in the water phase. The presence of salt shifted the release of RFAs towards higher pH, while lower ratio of neutral pitch in the emulsion resulted in release of RFAs at lower pH. It was also seen that the dissolution and adsorption of RFAs at sudden pHchanges takes place very quickly. Colloidal pitch was more stable against electrolyte-induced aggregation at higher pH, due to its higher anionic charge. The concentration of cationic polymers needed to aggregate colloidal pitch also increased with increasing pH. The surface characteristics of solid particles, such as amount of charged groups, were very important for understanding their interactions with colloidal wood pitch. Water-soluble galactoglucomannans stabilised the colloidal pitch sterically against aggregation, but could not completely prevent interactions between wood pitch and hydrophilic particles. Froth flotation of unbleached and peroxidebleached process water showed that the pitch could be removed more effectively and selectively at low pH, compared to at neutral pH. The pitch was removed more effectively, using lower concentrations of foaming agent, from peroxide-bleached water than from unbleached water. The results show that pH has a major impact on various pulping and papermaking processes. It determines the anionic charge of the colloidal pitch and the solubility of certain pitch components. Because of this, the pH influences the effectiveness of pitch retention and removal of pitch. The results indicate that pitch problems could be diminished by acknowledging the importance of pH in various papermaking processes.

Roles of leadership in complex environments : Enhancing Knowledge Flows in Organisational Constellations through Practice-Based Innovation Processes

Global challenges, complexity and continuous uncertainty demand development of leadership approaches, employees and multi-organisation constellations. Current leadership theories do not sufficiently address the needs of complex business environments. First of all, before successful leadership models can be applied in practice, leadership needs to shift from the industrial age to the knowledge era. Many leadership models still view leadership solely through the perspective of linear process thinking. In addition, there is not enough knowledge or experience in applying these newer models in practice. Leadership theories continue to be based on the assumption that leaders possess or have access to all the relevant knowledge and capabilities to decide future directions without external advice. In many companies, however, the workforce consists of skilled professionals whose work and related interfaces are so challenging that the leaders cannot grasp all the linked viewpoints and cross-impacts alone. One of the main objectives of this study is to understand how to support participants in organisations and their stakeholders to, through practice-based innovation processes, confront various environments. Another aim is to find effective ways of recognising and reacting to diverse contexts, so companies and other stakeholders are better able to link to knowledge flows and shared value creation processes in advancing joint value to their customers. The main research question of this dissertation is, then, to seek understanding of how to enhance leadership in complex environments. The dissertation can, on the whole, be characterised as a qualitative multiple-case study. The research questions and objectives were investigated through six studies published in international scientific journals. The main methods applied were interviews, action research and a survey. The empirical focus was on Finnish companies, and the research questions were examined in various organisations at the top levels (leaders and managers) and bottom levels (employees) in the context of collaboration between organisations and cooperation between case companies and their client organisations. However, the emphasis of the analysis is the internal and external aspects of organisations, which are conducted in practice-based innovation processes. The results of this study suggest that the Cynefin framework, complexity leadership theory and transformational leadership represent theoretical models applicable to developing leadership through practice-based innovation. In and of themselves, they all support confronting contemporary challenges, but an implementable method for organisations may be constructed by assimilating them into practice-based innovation processes. Recognition of diverse environments, their various contexts and roles in the activities and collaboration of organisations and their interest groups is ever-more important to achieving better interaction in which a strategic or formal status may be bypassed. In innovation processes, it is not necessarily the leader who is in possession of the essential knowledge; thus, it is the role of leadership to offer methods and arenas where different actors may generate advances. Enabling and supporting continuous interaction and integrated knowledge flows is of crucial importance, to achieve emergence of innovations in the activities of organisations and various forms of collaboration. The main contribution of this dissertation relates to applying these new conceptual models in practice. Empirical evidence on the relevance of different leadership roles in practice-based innovation processes in Finnish companies is another valuable contribution. Finally, the dissertation sheds light on the significance of combining complexity science with leadership and innovation theories in research.

It’s a workflow engine. It’s working with linked data. It’s repository! – Supporting electronic thesis related processes in University of Helsinki library

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

E-thesis repository – processes and data

Poster at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Influence of reactant absorption and dissolution in heterogeneous precipitation processes

In this research work, the aim was to investigate the volumetric mass transfer coefficient [kLa] of oxygen in stirred tank in the presence of solid particle experimentally. The kLa correlations as a function of propeller rotation speed and flow rate of gas feed were studied. The O2 and CO2 absorption in water and in solid-liquid suspensions and heterogeneous precipitation of MgCO3 were thoroughly examined. The absorption experiments of oxygen were conducted in various systems like pure water and in aqueous suspensions of quartz and calcium carbonate particles. Secondly, the precipitation kinetics of magnesium carbonate was also investigated. The experiments were performed to study the reactive crystallization with magnesium hydroxide slurry and carbon dioxide gas by varying the feed rates of carbon dioxide and rotation speeds of mixer. The results of absorption and precipitation are evaluated by titration, total carbon (TC analysis), and ionic chromatrography (IC). For calcium carbonate, the particle concentration was varied from 17.4 g to 2382 g with two size fractions: 5 µm and 45-63 µm sieves. The kLa and P/V values of 17.4 g CaCO3 with particle size of 5µm and 45-63 µm were 0.016 s-1 and 2400 W/m3. At 69.9 g concentration of CaCO3, the achieved kLa is 0.014 s-1 with particle size of 5 µm and 0.017 s-1 with particle size of 45 to 63 µm. Further increase in concentration of calcium carbonate, i.e. 870g and 2382g , does not affect volumetric mass transfer coeffienct of oxygen. It could be concluded from absorption results that maximum value of kLa is 0.016 s-1. Also particle size and concentration does affect the transfer rate to some extend. For precipitation experiments, the constant concentration of Mg(OH)2 was 100 g and the rotation speed varied from 560 to 750 rpm, whereas the used feed rates of CO2 were 1 and 9 L/min. At 560 rpm and feed rate of CO2 is 1 L/min, the maximum value of Mg ion and TC were 0.25 mol/litre and 0.12 mol/litre with the residence time of 40 min. When flow rate of CO2 increased to 9 L/min with same 560 rpm, the achieved value of Mg and TC were 0.3 mol/litre and 0.12 mol/L with shorter residence time of 30 min. It is concluded that feed rate of CO2 is dominant in precipitation experiments and it has a key role in dissociation and reaction of magnesium hydroxide in precipitation of magnesium carbonate.

Exit times for some processes with normally distributed noise

Denna avhandling handlar om metoder för att hitta begränsningar för det asymptotiska beteendet hos en förväntad uthoppstid från ett område omkring en xpunkt för processer som har normalfördelad störning. I huvudsak behandlas olika typer av autoregressiva processer. Fyra olika metoder används. En metod som använder principen för stora avvikelser samt en metod som jämför uthoppstiden med en återkomsttid ger övre begränsningar för den förväntade uthoppstiden. En martingalmetod och en metod för normalfördelade stokastiska variabler ger undre begränsningar. Metoderna har alla både förtjänster och nackdelar. Genom att kombinera de olika metoderna får man de bästa resultaten. Vi får fram gränsvärdet för det asymptotiska beteendet hos en uthoppstid för den multivariata autoregressiva processen, samt motsvarande gränsvärde för den univariata autoregressiva processen av ordning n.

Sähköisen taloushallinnon kehityksen vaikutukset tilintarkastukseen ammattilehtikirjoittelussa vuosina 2003-2013

Tutkielman tavoitteena on tutkia, miten sähköisen taloushallinnon kehitys on vaikuttanut tilintarkastukseen ja miten se näkyy ammattilehtien kirjoittelussa vuosina 2003-2013. Alatavoitteina tutkitaan, mitä sähköisen taloushallinnon kehityksen tuomia hyötyjä ja haasteita on havaittu tarkastellussa suomalaisessa sekä kansainvälisessä ammattilehtikirjoittelussa tilintarkastuksen näkökulmasta. Kyseessä on laadullinen tutkimus ja tutkimusmetodologiana käytetään sisällönanalyysia. Tietokoneavusteisten tilintarkastuksen tekniikoiden kehityksen seurauksena tekniikoita voidaan kehittää kohti jatkuvaa tilintarkastusta. Kannettavien tietokoneiden ja pilvipalveluiden seurauksena tilintarkastuksesta on tullut enemmän ajasta ja paikasta riippumatonta. XBRL:n avulla tietojen vertailtavuus, luotettavuus ja tarkkuus ovat parantuneet. Haasteina voidaan nähdä tilintarkastajien IT-taitojen kehittämisen tarve sekä asiakkaan ja tilintarkastusyhteisön tietojärjestelmien yhteensopivuus. Hyvätkin ohjelmistot voivat altistaa väärinkäytöksille, jolloin tarvitaan uusia innovatiivisia tekniikoita väärinkäytösten havaitsemiseen. Tutkielman empiirisen osion luotettavuus perustuu ammattilehtien artikkeleiden kirjoittajien näkökulmiin. Tilintarkastusalan kehittyminen tulevaisuudessa on kiinni kehittyvän tekniikan lisäksi asenteista.

The neural processes generating visual phenomenal consciousness: ERP and neuronavigated brain stimulation studies

One of the greatest conundrums to the contemporary science is the relation between consciousness and brain activity, and one of the specifi c questions is how neural activity can generate vivid subjective experiences. Studies focusing on visual consciousness have become essential in solving the empirical questions of consciousness. Th e main aim of this thesis is to clarify the relation between visual consciousness and the neural and electrophysiological processes of the brain. By applying electroencephalography and functional magnetic resonance image-guided transcranial magnetic stimulation (TMS), we investigated the links between conscious perception and attention, the temporal evolution of visual consciousness during stimulus processing, the causal roles of primary visual cortex (V1), visual area 2 (V2) and lateral occipital cortex (LO) in the generation of visual consciousness and also the methodological issues concerning the accuracy of targeting TMS to V1. Th e results showed that the fi rst eff ects of visual consciousness on electrophysiological responses (about 140 ms aft er the stimulus-onset) appeared earlier than the eff ects of selective attention, and also in the unattended condition, suggesting that visual consciousness and selective attention are two independent phenomena which have distinct underlying neural mechanisms. In addition, while it is well known that V1 is necessary for visual awareness, the results of the present thesis suggest that also the abutting visual area V2 is a prerequisite for conscious perception. In our studies, the activation in V2 was necessary for the conscious perception of change in contrast for a shorter period of time than in the case of more detailed conscious perception. We also found that TMS in LO suppressed the conscious perception of object shape when TMS was delivered in two distinct time windows, the latter corresponding with the timing of the ERPs related to the conscious perception of coherent object shape. Th e result supports the view that LO is crucial in conscious perception of object coherency and is likely to be directly involved in the generation of visual consciousness. Furthermore, we found that visual sensations, or phosphenes, elicited by the TMS of V1 were brighter than identically induced phosphenes arising from V2. Th ese fi ndings demonstrate that V1 contributes more to the generation of the sensation of brightness than does V2. Th e results also suggest that top-down activation from V2 to V1 is probably associated with phosphene generation. The results of the methodological study imply that when a commonly used landmark (2 cm above the inion) is used in targeting TMS to V1, the TMS-induced electric fi eld is likely to be highest in dorsal V2. When V1 was targeted according to the individual retinotopic data, the electric fi eld was highest in V1 only in half of the participants. Th is result suggests that if the objective is to study the role of V1 with TMS methodology, at least functional maps of V1 and V2 should be applied with computational model of the TMS-induced electric fi eld in V1 and V2. Finally, the results of this thesis imply that diff erent features of attention contribute diff erently to visual consciousness, and thus, the theoretical model which is built up of the relationship between visual consciousness and attention should acknowledge these diff erences. Future studies should also explore the possibility that visual consciousness consists of several processing stages, each of which have their distinct underlying neural mechanisms.

Planning and implementation of entrepreneurial marketing processes in SMEs

Entrepreneurial marketing is newly established term and there is need for more specific studies in order to understand the concept fully. SMEs have entrepreneurial marketing elements more visible in their marketing and therefore provide more fruitful insights for this research. SMEs marketing has gained more recognition during the past years and in some cases innovative characteristics can be identified despite constraints such as lack of certain resources. The purpose of this research is to study entrepreneurial marketing characteristics and SME processes in order to wider understanding and gain more insights of entrepreneurial marketing. In addition, planning and implementation of entrepreneurial marketing processes is examined in order to gain full coverage of SMEs marketing activities. The research was conducted as a qualitative research and data gathering was based on semi-structured interview survey, which involved nine company interviews. Multiple case research was used to analyze data so that focus and clarity could be maintained in organized manner. Case companies were chosen from different business fields so that more variation and insights could be identified. The empirical results suggest that two examined processes networking and word-of-mouth communication are very important processes for case companies which supports the previous researches. However, the entrepreneurial marketing characteristics had variation some were more visible and recognizable than others. Examining more closely the processes companies did not fully understand that networking or word-of-mouth marketing could be used as efficiently as other conventional marketing methods.

Advanced analysis and design methods for preparative chromatographic separation processes

Preparative liquid chromatography is one of the most selective separation techniques in the fine chemical, pharmaceutical, and food industries. Several process concepts have been developed and applied for improving the performance of classical batch chromatography. The most powerful approaches include various single-column recycling schemes, counter-current and cross-current multi-column setups, and hybrid processes where chromatography is coupled with other unit operations such as crystallization, chemical reactor, and/or solvent removal unit. To fully utilize the potential of stand-alone and integrated chromatographic processes, efficient methods for selecting the best process alternative as well as optimal operating conditions are needed. In this thesis, a unified method is developed for analysis and design of the following singlecolumn fixed bed processes and corresponding cross-current schemes: (1) batch chromatography, (2) batch chromatography with an integrated solvent removal unit, (3) mixed-recycle steady state recycling chromatography (SSR), and (4) mixed-recycle steady state recycling chromatography with solvent removal from fresh feed, recycle fraction, or column feed (SSR–SR). The method is based on the equilibrium theory of chromatography with an assumption of negligible mass transfer resistance and axial dispersion. The design criteria are given in general, dimensionless form that is formally analogous to that applied widely in the so called triangle theory of counter-current multi-column chromatography. Analytical design equations are derived for binary systems that follow competitive Langmuir adsorption isotherm model. For this purpose, the existing analytic solution of the ideal model of chromatography for binary Langmuir mixtures is completed by deriving missing explicit equations for the height and location of the pure first component shock in the case of a small feed pulse. It is thus shown that the entire chromatographic cycle at the column outlet can be expressed in closed-form. The developed design method allows predicting the feasible range of operating parameters that lead to desired product purities. It can be applied for the calculation of first estimates of optimal operating conditions, the analysis of process robustness, and the early-stage evaluation of different process alternatives. The design method is utilized to analyse the possibility to enhance the performance of conventional SSR chromatography by integrating it with a solvent removal unit. It is shown that the amount of fresh feed processed during a chromatographic cycle and thus the productivity of SSR process can be improved by removing solvent. The maximum solvent removal capacity depends on the location of the solvent removal unit and the physical solvent removal constraints, such as solubility, viscosity, and/or osmotic pressure limits. Usually, the most flexible option is to remove solvent from the column feed. Applicability of the equilibrium design for real, non-ideal separation problems is evaluated by means of numerical simulations. Due to assumption of infinite column efficiency, the developed design method is most applicable for high performance systems where thermodynamic effects are predominant, while significant deviations are observed under highly non-ideal conditions. The findings based on the equilibrium theory are applied to develop a shortcut approach for the design of chromatographic separation processes under strongly non-ideal conditions with significant dispersive effects. The method is based on a simple procedure applied to a single conventional chromatogram. Applicability of the approach for the design of batch and counter-current simulated moving bed processes is evaluated with case studies. It is shown that the shortcut approach works the better the higher the column efficiency and the lower the purity constraints are.