Modelling non-industrial private forest landowners' strategic decision making by using logistic regression and neural networks: case of predicting the choice of forest taxation basis

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The Design of Forest Taxation: A Synthesis with New Directions

Summary

Consignment Stock Concept for Corporation’s Inbound Logistics

Kaupintavaraston käyttäminen yrityksen hankintalogistiikassa vapauttaa varastoihin sitoutuneita pääomia, parantaa palveluastetta ja syventää asiakkaan ja toimittajan välistä yhteistyötä. Tulevaisuudessa menetelmää tullaan käyttämään laajenevassa määrin keinona logistisen kilpailukyvyn ja kustannustehokkuuden parantamisessa.Tämän työn tavoitteena oli selvittää yrityksen hankintalogistiikkaan soveltuvan kaupintavarastontoiminnan vaatimukset ja kehittää konsernin eri toimialoille yhtenäinen konsepti. Selvitys aloitettiin tutkimalla kirjallisuutta ja yrityksen asiakkaalla käytössä olevaa kaupintavarastoratkaisua, jonka jälkeen käytännön ongelmia kartoitettiin pilottiprojektin avulla.Tuloksena saatiin konsepti, jossa on käsitelty kaupintavaraston käyttöönottoa varten tarvittavat erityispiirteet kansainvälisessä kaupankäynnissä. Toimittajien ja toimitusketjujen erilaisista rakenteista johtuen yksityiskohdat on mietittävä jokaisen toimittajan kanssa erikseen.

Profit repatriation of a Polish subsidiary from tax planning point of view of an international corporation

The main purpose of this study was to examine and compare the possibilities of profit repatriation from the point of view of tax planning of an international corporation, in such a case that a Finnish parent company has a subsidiary in Poland. The main research problem was divided into two sub research problems: 1) to examine concepts and principles of international taxation and tax planning from the point of view of international corporations and 2) to discuss the main features of Polish Companies-, Accounting- and Tax Act from the point of view a Finnish parent company. The research method of this study is mainly decision making, comparative analysis. In this study have been discussed the possibilities of international profit repatriation for supporting the decision making of the management of a Finnish parent company. In addition different repatriation possibilities have been compared. In this study has been noticed that a Finnish parent company can repatriate profit of its Polish subsidiary either directly as dividends or by using indirect methods such as interests, royalties, management fees and transfer pricing of goods. The total tax burden of dividends is heavier than the tax burden of indirect methods. It was also concluded that during the last years the Polish legislation has been renewed in order to prevent hidden dividend distribution. This has been done by implementing new rules of transfer pricing and thin capitalization.

Characteristics of credit risk assessment methods of major Nordic banks in allocating capital when extending credits to large corporations

Credit risk assessment is an integral part of banking. Credit risk means that the return will not materialise in case the customer fails to fulfil its obligations. Thus a key component of banking is setting acceptance criteria for granting loans. Theoretical part of the study focuses on key components of credit assessment methods of Banks in the literature when extending credits to large corporations. Main component is Basel II Accord, which sets regulatory requirement for credit risk assessment methods of banks. Empirical part comprises, as primary source, analysis of major Nordic banks’ annual reports and risk management reports. As secondary source complimentary interviews were carried out with senior credit risk assessment personnel. The findings indicate that all major Nordic banks are using combination of quantitative and qualitative information in credit risk assessment model when extending credits to large corporations. The relative input of qualitative information depends on the selected approach to the credit rating, i.e. point-in-time or through-the-cycle.

A long way to the rainbow country : understanding the foreign market expansion process of Finnish corporations into the Republic of South Africa between 1999 and 2005

De afrikanska ekonomierna växer med nära fyra procent per år och detta är en god indikation på kontinentens växande betydelse. Under kalla kriget hade afrikanska regeringar haft ett begränsat utrymme för opportunistisk köpslående, och därmed även en marginal att positionera sig strategiskt. Alltför ofta uppmuntrade och beskyddade stormakterna diktatorer och små lokala eliter som främst ville berika sig själv. I och med att globaliseringen tog fart och USA allt mera kom att dominera globalt, började en ny era i fråga om förändringar. Trots dessa förändringar på den globala arenan, har Afrika som kontinent hamnat i bakgrunden och jämfört med andra utvecklingsländer har Afrika attraherat ett fåtal utländska investeringar. Fortfarande, speciellt i Norden, finns det lite kunskap om hur utländska företag expanderar sin affärsverksamhet på den afrikanska kontinenten. Det råder brist på empiriska undersökningar om vilken inverkan afrikanska institutionella förändringar och lokala affärsmiljöer har på internationaliseringen och på de utländska företagens affärsutvecklingsstrategier på den afrikanska kontinenten. Med denna avhandling vill jag lyfta fram ett exempel på ett land (Sydafrika), som har lyckat dra nytta av de förändringar som 1990-talet förde med sig. I denna avhandling har jag intervjuat olika personer i ledande positioner inom olika finländska företag i Finland och i Sydafrika. Avhandlingen skapar en referensram för att öka förståelse och fördjupa analys av hur en kombination av olika interna och externa resurser ökar företagens konkurrenskraft och på det sättet bidrar till en framgångsrik affärsutveckling i Afrika. De politiska och sociala aktörerna samt aktörerna inom affärslivet besitter resurser som ambitiösa företag kan dra nytta av i sin strävan att erövra de nya framgångsrika marknaderna i Afrika. Gradvis ökar finländska företag sina insatser på den afrikanska kontinenten i strävan att skapa mervärde för sina kunder. Den värdeskapande processen gör att parterna måste närma sig varandra utgående från sina egna strategiska målsättningar. Hittills har finländska företag varit intresserad att sälja till Afrika men inte intresserad att köpa därifrån. Förutom de praktiska råden till olika företag, föreslår avhandlingen hur den finska staten och den sydafrikanska staten kunde agera tillsammans för att främja ömsesidigt handelsutbyte.

Absorptive capacity of Multinational Corporation’s parent company

The objective of this paper is to contribute to the literature concerning absorptive capacity by revealing the factors affecting the absorptive capacity of MNC parent company toward subsidiary and most particularly the effects of intra-organizational antecedents. The theoretical framework is build around previous findings on knowledge sharing and absorptive capacity. The empirical part of the study is a qualitative research which includes in-depth interviews and analysis of secondary data based on a single case company. The results showed that organizational structure, internal communication, informal networks, formal networks, internationalization, human resources management, shared language, meetings, trust, participation in decision-making, level of awareness, IT system, level of adaptation to market specifications and job rotation influence parent company’s absorptive capacity. Moreover, related problems to these antecedents have been identified. Additionally, recommendations to solve these problems are formulated. In the end, directions for future research on this topic are given.

Apple, Nokia and RIM – Rivalry and Co-operation between Three Mobile Phone Corporations

The purpose of this paper is to gather enough evidence to speculate the future of Nokia, Rim and Apple. The thesis goes over the history, current events and business model of each company. This paper includes differences between the companies and co-operation and rivalry, such as patent infringement cases. The study is limited to smartphones and their future. The result of this study is that Apple will continue its steady increase in market share, while Nokia will first decrease and after the launch of the Windows Phone it will rise again. RIM‟s result has not been as good as in past years and it has lost market share. The decrease of share price may lead to acquisition by a company interested in RIM technology.

The role of network competence and international business competence in multinational corporations: Subsidiary perspective

On-going process of globalization makes companies all over the world to go beyond the national markets and internationalize. Organizational form of multinational corporation (MNC) has capabilities for establishing the affiliate companies in several countries. Thus, the relocation of resources occurs and particularly, the cross-border transfer of knowledge which possesses the competitive advantage. However, differences in countries` business environments and cultures may constrain this capability. The research aim of this thesis is to investigate the role of subsidiary’s network competence (ability to build and manage the relationships with other local business units) and international business competence in relation to the benefits that MNC receives from a subsidiary. Additionally, subsidiary’s business adaptation, partnerships and knowledge transfer mechanism with parent company and external partners are investigated. This research, conducted in the Finnish-Russian context, consists of theoretical and empirical parts. The qualitative approach in the form of multiple case studies is employed. The empirical data incorporated primary and secondary data in the form of interviews collected in 2013 and 2015 years. Interviews were collected from four Finnish case companies in Saint-Petersburg and Kaluga region and five Russian partner companies. Results are drawn from two cases from Saint-Petersburg. The abductive research approach for the results analysis is adopted. The results indicate that both competencies lead to the subsidiary’s local embeddedness in the form of mutual business activities with local business partners and product adaptation for the local market needs. In addition to the monetary benefits in form of payments or turnover share, local embeddedness brings the knowledge of the local environment which is utilized by an MNC in the long-term planning. Another found tacit benefit is the access to the national market. This is strategically useful benefit not only for parent MNC but also for the subsidiary’s partners, i.e. international suppliers.

Post-transaction brand and model line-up integration in the automotive industry: Case studies of European companies as target of acquisitions by Chinese and Indian multinational corporations

Corporations practice company acquisitions in order to create shareholder’s value. During the last few decades, the companies in emerging markets have become active in the acquisition business. During the last decade, large and significant acquisitions have occurred especially in automotive industry. While domestic markets have become too competitive and companies are lacking required capabilities, they seek possibilities to expand into Western markets by attaining valuable assets through acquisitions of developed country corporations. This study discusses the issues and characteristics of these acquisitions through case studies. The purpose of this study was to identify the acquisition motives and strategies for post-transaction brand and product integration as well as analyze the effect of the motives to the integration strategy. The cases chosen for the research were Chinese Geely acquiring Swedish Volvo in 2010 and Indian Tata Motors buying British Jaguar Land Rover in 2008. The main topics were chosen according to their significance for companies in automotive industry as well as those are most visible parts for consumers. The study is based on qualitative case study methods, analyzing secondary data from academic papers and news articles as well as companies’ own announcements e.g. stock exchange and press releases. The study finds that the companies in the cases mainly possessed asset-seeking and market-seeking motives. In addition, the findings refer to rather minimal post-acquisition brand and product integration strategies. Mainly the parent companies left the target company autonomous to make their own business strategies and decisions. The most noticeable integrations were in the product development and production processes. Through restructuring the product architectures, the companies were able to share components and technology between product families and brands, which results in cutting down costs and in increase of profitability and efficiency. In the Geely- Volvo case, the strategy focused more on component sharing and product development know-how, whereas in Tata Motors-Jaguar Land Rover case, the main actions were to cut down costs through component sharing and combine production and distribution networks especially in Asian markets. However, it was evident that in both cases the integration and technology sharing were executed cautiously to prevent on harming the valuable image of the luxury brand. This study has concluded that the asset-seeking motives have significant influence on the posttransaction brand and model line-up integration strategies. By taking a cautious approach in acquiring assets, such as luxury brand, the companies in the cases have implemented a successful post-acquisition strategy and managed to create value for the shareholders at least in short-term. Yritykset harjoittavat yritysostoja luodakseen osakkeenomistajille lisäarvoa. Viimeisten muutamien vuosikymmenien aikana yritykset kehittyvissä maissa ovat myös aktivoituneet yritysostoissa. Viimeisen vuosikymmenen aikana erityisesti autoteollisuudessa on esiintynyt suuria ja merkittäviä yritysostoja. Koska kilpailu kotimaan markkinoilla on kiristynyt ja yritykset ovat vailla vaadittavia valmiuksia, ne etsivät mahdollisuuksiaan laajentaa länsimaisiin markkinoihin hankkimalla arvokkaita etuja kehittyneiden maiden yrityksistä yritysostojen avulla. Tämä tutkimus pohtii näiden yritysostojen olennaisia kysymyksiä ja ominaisuuksia casetutkimuksien kautta. Tutkimuksen tarkoitus oli tunnistaa sekä yritysostojen motiiveja ja brändi- ja mallisto-integraation strategioita että analysoida kyseisten motiivien vaikutusta integraatiostrategiaan. Tapaus-tutkimuksiksi valittiin kiinalaisen Geelyn yritysosto ruotsalaisesta Volvosta vuonna 2010 ja intialaisen Tata Motorsin yritysosto englantilaisesta Jaguar Land Roverista vuonna 2008. Tutkimus on kvalitatiivinen case-tutkimus ja siinä analysoidaan toissijaista tietoa sekä akateemisten ja uutisartikkeleiden että yritysten omien ilmoitusten, kuten pörssi- ja lehdistötiedotteiden, kautta. Tutkimuksen tulokset osoittavat, että tutkittujen yritysten toiminnat perustuivat motiiveihin, joita ajoivat etujen and uusien markkinoiden tarve. Sen lisäksi tutkimustulokset osoittivat, että yritysoston jälkeinen brändi- ja mallisto-integraatio pidettiin minimaalisena. Pääasiallisesti kohdeyrityksille jätettiin autonomia tehdä omat liikkeenjohdolliset päätökset yritysstrategioihin liittyen. Huomattavimmat integraatiot koskivat tuotekehityksellisiä ja tuotannollisia prosesseja. Kehittämällä uudelleen tuotearkkitehtuureja, yritykset pystyivät jakamaan komponentteja ja teknologiaa tuoteperheiden ja brändien välillä. Tämä mahdollisti kustannusleikkauksia sekä kannattavuuden ja tehokkuuden parantamista. Geely-Volvo –tapauksessa integraatiostrategia keskittyi komponenttien jakamiseen yhteisten tuotearkkitehtuurien avulla ja tuotekehityksen ammattitaitoon, kun taas Tata Motors-JLR –tapauksessa päätoiminnat olivat kustannuksien leikkaus sekä tuotannon ja jakeluverkoston yhdistäminen erityisesti Aasian maissa. Yhteistä yrityskaupoissa oli, että brändi- ja mallisto-integraatio sekä teknologian jakaminen suoritettiin varoen ehkäistäkseen arvokkaiden luksus-brändien tuotekuvan vahingoittamista. Tutkimuksen lopputulokset osoittavat, että yrityskaupan motiiveilla on huomattava vaikutus brändija mallisto-integraation strategiaan. Toteuttamalla varovaista lähestymistapaa luksus-brändin hankinnassa ja integraatiossa, yritykset ovat onnistuneet luomaan lisäarvoa osakkeenomistajille vähintään lyhyellä aikavälillä.