Osingonjakopäätökset pienissä osakeyhtiöissä. Empiirinen tutkimus osakeyhtiölain varojenjakosäännösten toteutumisesta

Tässä väitöstutkimuksessa tarkastellaan Suomen osakeyhtiölain pakottavien varojenjakosäännösten vaikutusta osingonjakopaatoksiin. Lain vaikutuksen seuraamisen lisäksi pyritään muodostamaan kokonaiskuva tekijöistä, jotka vaikuttavat pienissä yhtiöissä tehtäviin osingonjakopäätöksiin. Väitöskirja koostuu kahdesta eri osasta. Ensimmäisessä osassa osoitetaan, kuinka toisen osan artikkelit muodostavat kokonaisuuden ja esitellään tutkimustulokset. Väitöskirjan toinen osa koostuu neljästä toisiaan täydentävästä artikkelista. Tutkimus etenee julkaisujen myötä ensin maksukykytestin määrittelystä maksukykytestiin liittyviin oikeudellisiin ongelmiin sekä tilinpaatoksen merkitykseen osingonjakopäätöksissä, siirtyen sitten omistaja johtajan tarpeisiin ja tavoitteisiin, päättyen lopuksi velkojan näkökulmaan. Tutkimuksen tavoitteeksi asetettiin kokonaiskuvan muodostaminen niistä tekijöistä, jotka vaikuttavat osingonjakopäätöksen tekemiseen pienissä osakeyhtiöissä. Tavoitteena oli myös selvittää kuinka osakeyhtiölain 13 luvun varojenjakosäännökset otetaan huomioon osingonjakopäätöstä tehtäessä. Tutkimusaineistona käytettiin sekä kyselytutkimusaineistoa että tilinpäätöstietoja. Aineistoa analysoitiin kvantitatiivisin menetelmin. Tutkimusaineistosta löydettiin kolme erilaista varallisuuden siirtämisen strategiaa. Ne nimettiin seuraavasti: tulojen maksimointi, verosuunnittelu, palkan jousto. Tutkimuksesta nousee esiin kolme keskeistä tulosta. Ensinnäkin, liiketaloustieteellinen maksukyvyn merkitys poikkeaa oikeustieteessä käsitetystä maksukyvystä. Toiseksi, osakeyhtiölain 13 luvun varojenjakosäännökset tulee ottaa huomioon sekä osingonjakopäätöstä tehtäessä että varojen tosiasiallisesti siirtyessä pois yhtiön vaikutuspiiristä. Kolmanneksi, pääomatuloverotuksen kiristyessä omistaja johtaja saattaa siirtää varallisuutta yhtiöstä yksityistalouteen osingon sijasta palkkana. Tämän seurauksena maksukykytestin merkitys vähenee erityisesti pienissä yhtiöissä. Tulosten perusteella tasetesti näyttää olevan pienissä yhtiöissä maksukykytestiä merkityksellisempi.

Future of Internet News Portals after the Case of Delfi

The thesis analyzes liability of Internet news portals for third-party defamatory comments. After the case of Delfi AS v. Estonia, decided by the Grand Chamber of the European Court of Human Rights on 16 June 2015, a portal can be held liable for user-generated unlawful comments. The thesis aims at exploring consequences of the case of Delfi for Internet news portals’ business model. The model is described as a mixture of two modes of information production: traditional industrial information economy and new networked information economy. Additionally, the model has a generative comment environment. I name this model “the Delfian model”. The thesis analyzes three possible strategies which portals will likely apply in the nearest future. I will discuss these strategies from two perspectives: first, how each strategy can affect the Delfian model and, second, how changes in the model can, in their turn, affect freedom of expression. The thesis is based on the analysis of case law, legal, and law and economics literature. I follow the law and technology approach in the vein of ideas developed by Lawrence Lessig, Yochai Benkler and Jonathan Zittrain. The Delfian model is researched as an example of a local battle between industrial and networked information economy modes. The thesis concludes that this local battle is lost because the Delfian model has to be replaced with a new walled-garden model. Such a change can seriously endanger freedom of expression.

Test Anxiety, Coping, Gender and Academic Performance in English Exams: A Study of Finnish Upper Secondary School Students

In this MA thesis, test anxiety related to English exams among Finnish upper secondary school students was studied. In addition, the ways students try to cope with test anxiety were investigated. The purpose of the study was to investigate gender differences in test anxiety, the effects of test anxiety on academic performance and relationships between test anxiety, academic performance and coping strategies. Test anxiety and coping strategies were analysed as scores of questionnaire responses. Coping strategies comprised of three categories – task-orientation and preparation, seeking social support and avoidance. Academic performance was analysed as teacher ratings of general performance in English exams. In total 67 subjects were studied. The subjects were Finnish general upper secondary school students. The data were collected by using online questionnaires. This data were mainly quantitative, but also qualitative elements were included. The quantitative data were analysed by using statistical methods. The results showed that females experienced statistically significantly more test anxiety than males. In addition, a statistically significant correlation was found between test anxiety levels and academic performance ratings of the subjects: the higher the test anxiety score, the lower the academic performance rating. A meaningful correlation was found between test anxiety and seeking social support as a coping strategy: a higher test anxiety score was related to using social support as a coping strategy. However, no relationships were found between academic performance and the three coping strategies when quantitative and qualitative data were analysed. Therefore, different coping strategies per se did not seem to be related to academic performance, but instead it was assumed that the effectiveness of coping strategies is dependent on individual differences. In order to obtain more generalisable results and to gain more understanding of test anxiety and coping with it, a larger number of subjects form different areas of Finland and of different ages could be examined in future studies. Moreover, cross-national and cross-cultural studies could provide valuable information. As a practical recommendation for educational purposes, the results of this study indicated that a more individualised approach is needed.

The Effectiveness of Currency Hedging Strategies. Case: Imatra Boards Business Unit of Stora Enso Corp.

Tutkimus tarkastelee vaihtoehtoisia termiinisuojaustrategioita metsäteollisuuden alan tulosyksikössä. Jälkitestauksen tarkoituksena on arvioida vaihtoehtoisten strategioiden tuloksellisuutta suojata case-yrityksen kassavirtoja seuraavan kolmen arviointikriteerin avulla: yksittäisten vieraan valuutan määräisten kassavirtojen vaihtelu; koko vieraan valuutan määräisen kassavirran vaihtelu; suojausvoitot ja -tappiot. Tutkimuksen teoreettinen viitekehys tarkastelee yrityksen päätöksentekoa, valuuttariskien suojausprosessia sekä esittelee yrityksen vaihtoehtoisia suojausstrategioita. Tutkimuksen empiirinen aineisto pohjautuu case- yrityksen historiallisiin myyntilukuihin ja on kerätty yrityksen tietojärjestelmästä. Muu tutkimuksessa käytetty dataon kerätty eri tietokannoista. Tutkimuksen tulokset osoittavat, että suojaaminen vähentää kassavirtojen vaihtelua. Suojaamisen taloudelliset tulokset ovat kuitenkin erittäin riippuvaisia valitusta suojausstrategiasta, joka voi johtaa merkittäviin suojausvoittoihin, mutta yhtä hyvin myos merkittäviin tappioihin. Johdon näkemykset ja riskitoleranssi määrittelevät mitä strategiaa yrityksessä tullaan viime kädessä noudattamaan.

Magazine publishers and their online strategies

It seems as if magazine publishers have only haphazardly listed multiple goals for their websites, and have not carefully reflectedon how to achieve them. We present a framework for defining a magazine's onlinestrategy based on previous studies and on secondary data from the industry. We identify three steps in the strategy process. The first is to determine whether the magazine would actually benefit from online presence: although most magazines will never make money from their websites, a web presence may still be justified. The second step is to choose an optimal online strategy that matches the magazine's competitive strategy. Finally, we argue that magazine publishers should carefully consider to what extent they should allow their readers to be involvedin the web pages. This interactivity could be seen as a key factor in exploiting the unique nature of the Internet. It is our understanding that virtual communities could, at best, be a way of creating more value for a magazine's readers, advertisers and editors, alike. We formulate a typology of five different onlinebusiness concepts for magazines based on these three strategic steps.

Impact of Investment Strategies on Performance in Pulp and Paper Industry

The main objective of this study was to examine, what kind of investment strategies the leading European and North American pulp and paper industry companies (PPI) used in 1991-2003, and how the selected strategies affected their performance. The investment strategies were categorised in three classes including mergers and acquisitions, investments in new capacity and investments in existing capacity. The results showed that mergers and acquisitions represented the largest share of total investments in 1991-2003 followed by investments in existing capacity. PPI companies changed investment strategies over time by increasing the share of mergers and acquisitions, which decreased investments in new capacity especially among North American companies. According to the results, good asset quality and investments in new and existing capacity provided better profitability than often expensive acquisitions. Also the capacity decreases had a positive impact on profitability. Average asset quality and profitability were higher among European companies. The study concluded that in the long term the available value creating investment opportunities should limit capital expenditure levels, not the relation of capital expenditure to depreciation.

St. Petersburg Court Chant and the Tradition of Eastern Slavic Church Singing

The present study examines the repertory of liturgical chant known as St. Petersburg Court Chant which emerged within the Imperial Court of St. Petersburg, Russia, and appeared in print in a number of revisions during the course of the 19th century, eventually to spread throughout the Russian Empire and even abroad. The study seeks answers to questions on the essence and composition of Court Chant, its history and liturgical background, and most importantly, its musical relationship to other repertories of Eastern Slavic chant. The research questions emerge from previous literary accounts of Court Chant (summarized in the Introduction), which have tended to be inaccurate and generally not based on critical research. The study is divided into eight main chapters. Chapter 1 provides a survey of the history of Eastern Slavic chant and the Imperial Court Chapel of St. Petersburg until 1917, with special emphasis on the history of singing traditional chant in polyphony, the status of the Court Chapel as a government authority, and its endeavours in publishing church music. Chapter 2 deals with the liturgical background of Eastern chant, the chant genres, and main repertories of Eastern Slavic chant. Chapter 3 concentrates on chant sources: it introduces the musical notations utilised, after which a typology of chant books is presented. The discussion continues with a survey of the sources of Court Chant and their content, the specimens selected for closer analysis, the comparative materials from other repertories, and ends with a commentary on some chant sources that have been excluded. The comparative sources include a specimen from around the beginning of the 12th century, a few manuscripts from the 17th century, and printed and manuscript chant books from the early 18th to early 20th century, covering the geographical area that delimits to the western Ukraine, Astrakhan, Nizhny Novgorod, and the Solovetsky Monastery. Chapter 4 presents the approach and methods used in the subsequent analytical comparisons. After a survey of the pitch organization of Eastern Slavic chant, the customary harmonization strategy of traditional chant polyphony is examined, according to which a method for meaningful analysis of the harmony is proposed. The method is based on the observation that the harmonic framework of chant polyphony derives from the standard pitch collection of monodic chant known as the Church Gamut, specific pitches of which form eight harmonic regions that behave like the usual tonalities of major and harmonic minor. Because of the considerable quantity of comparative chant forms, computer-assisted statistical methods are applied to the analysis of chant melodies. The primary chant forms and their respective comparative forms have been pre-processed into reduced chant prototypes and divided into redactions. The analyses are carried out by measuring the formal dissimilarities of the primary chant forms of the Court Chant repertory against each comparative form, and also by measuring the reciprocal dissimilarities of all chant versions in a redaction, the results of which are subjected to agglomerative hierarchical clustering in order to find out how the chant forms relate to each other. The dissimilarities are determined by applying a metric dissimilarity function that is based on the Levenshtein Distance. Chapter 5 provides the melodic and harmonic analyses of generic chants (chants used for multiple texts of different lengths), i.e., chants for stichera samoglasny and troparia, Chapter 6 of pseudo-generic chants (chants that are used for multiple texts but with certain restrictions), i.e., chants for heirmoi, prokeimena, and three other hymns, and Chapter 7 of non-generic chants, covering nine chants that in the Court repertory are not shared by multiple texts. The results are summarized and evaluated in Chapter 8. Accordingly, it can be established that, contrary to previous conceptions, melodically, Court Chant is in effect a full part of the wider Eastern Slavic chant tradition. Even if it is somewhat detached from the chant versions of the Synodal square-note chant books and the local tradition of Moscow, it is particularly close to chant forms of East Ukraine and some vernacular repertories from Russia. Respectively, the harmonization strategies of Court Chant do not show significant individuality in comparison with those of the available polyphonic comparative sources, the main difference being the part-writing, which generally conforms to western common practice standard, whereas the deviations from this tend to be more significant in other analysed repertories of polyphonic chant. Thus, insofar as the subsequent prevalence of Court Chant is not based on its forceful dissemination by authorities (as suggested in previous literature but for which little tangible evidence could be found in Chapter 1), in the present author’s interpretation, Court Chant attained its dominance principally because musically it was considered sufficiently traditional, and as a chant body supported by the government, was conveniently available in print in serviceable harmonizations.

Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)

Startup IPR strategies: Why should startup companies protect their intellectual property?

This thesis studies intellectual property right (also: IPR) strategies from the perspective of high growth startup companies. Due to technology development and intellectualization of business, large part of companies’ assets are nowadays intangible. At the same time, the importance of protection instruments designed to protect these intangible assets, intellectual property rights, is increasing. Utilization of these instruments, however, requires understanding of the functioning of the IPR system, as well as financial resources. Startup companies aiming for growth need to be able compete with more established companies also in relation to intangible assets, but they might not have the required knowledge ot resources to fully utilize IPRs in their business. This research aims to understand what are the benefits a startup company can have from protecting their IPRs, and how can the company achieve those benefits. Based on a review of previous literature, altogether 11 benefits of IPR registration were recognized. To answer to the research questions, six half-structured interviews were conducted with experts form different fields, all with experience in working with startup companies and IPR issues. The interviews were analyzed using different methods of qualitative data analysis, mainly derived from grounded theory and case study methods. As a result, out of the 11 benefits recognized from earlier literature, 8 were recognized to be relevant for startup companies. The most central benefits were recognized to be linked with the financial lifecycle of the startup company, including increasing credibility of the startup and stimulating an investment. In addition it was noticed, that startup companies are mainly able to utilize these benefits at later stages of their lifecycle. However, to be able to utilize the benefits at later stages, the startup company needs to be aware of the functioning of the IPR system and might need to apply for appropriate protection already early on. As a result of this study, a three-step model was formed to describe different levels of IPR utilization. The first level of the model represents the minimum level of understanding that every startup company should have regarding IPRs. The second level views IPR strategy from a risk management perspective, including securing the minimum protection of the company’s own IPRs, contract management and establishing processes for handling IPR issues. The last stage reflects strategic use of IPRs. At this third stage intellectual property rights have a central role in the startup company’s business, and they are used in the company’s value creation.

The impact of long-term brand development strategies on brand value of companies operating in high-technology markets

The objective of the current research is to investigate brand value generation. The study is conducted in the context of high-technology companies. The research aims at finding the impact of long-term brand development strategies, including advertising investments, R&D investments, R&D intensity, new products developed and design. The empirical part of the study incorporated collection of primary and secondary data on 36 companies operating in high-technology sector and being rated as top companies with the most valuable brands by Interbrand consultancy. The data contained information for six consequent years from 2008 to 2013. Obtained data was analyzed using the methods of fixed effect and random effect model (panel data analysis). The analysis showed positive effect of advertising and R&D investments on brand value of high-technology companies in the long run. The impact of remaining three strategies was not approved and further investigation is required.

Prodrug strategies of antiviral nucleotides: Studies on enzymatically and thermally removable phosphate protecting groups

Antiviral nucleosides are compounds that are used against viruses, such as human immunodeficiency virus (HIV) and hepatitis C virus (HCV). To act as therapeutic agent, the antiviral nucleoside needs to be phosphorylated to nucleotide in the body in three consecutive phosphorylation steps by cellular or viral enzymes. The first phosphorylation to the nucleoside monophosphate is often inefficient and leads to poor antiviral activity. The antiviral efficacy can be improved by applying a prodrug strategy and delivering the antiviral nucleoside directly as its monophosphate. In prodrug strategies of antiviral nucleotides, the negative charges on the phosphate moiety are temporarily masked with protecting groups. Once inside the cell, the protecting groups are removed by enzymatic or chemical processes. Many prodrug strategies apply biodegradable protecting groups, the removal of which is triggered by esterase enzymes. Several studies have, however, demonstrated that the removal rate of the second and subsequent esterase labile protecting groups significantly slows down after the first protecting group is removed due to the negative charge on the phosphodiester intermediate, which disturbs the catalytic site of the enzyme. In this thesis, esterase labile protecting group strategies where the issue of retardation could be avoided were studied. Prodrug candidates of antiviral nucleotides were synthesized and kinetic studies on the chemical and enzymatic stability were carried out. In the synthesized compounds, the second protecting group is cleaved from the monophosphate some other mechanism than esterase triggered activation or the structure of prodrug requires only one protecting group. In addition, esterase labile protecting group which is additionally thermally removable was studied. This protecting group was cleaved from oligomeric phosphodiesters both enzymatically and thermally and seems most attractive of the studied phosphate protecting groups. However, the rate of the thermal removal still is too slow to allow efficient protection of longer oligonucleotides and needs optimization. Key words: antiviral, nucleotide, prodrug, protecting group, biodegradable

Effects of algal turbidity on foraging and antipredator behaviour of the three-spined stickleback (Gasterosteus aculeatus)

The aim of this thesis was to examine how aquatic organisms, such as fish, behave in an altered environmental condition. Many species of fish use vision as their primary tool to gain information about their surrounding environment. The visual conditions of aquatic habitats are often altered as a result of anthropogenic disturbance, such as eutrophication that initiates algal turbidity. In general, turbidity reduces the visibility and can be hypothesized to have an influence on the behaviour of fish. I used the three-spined stickleback (Gasterosteus aculeatus) as a model species and conducted four studies in the laboratory to test how algal turbidity affects its behaviour. In this thesis, two major behavioural aspects are discussed. The first is antipredator behaviour. In study I, the combined effects of turbidity and shoot density on habitat choice (shelter vs open) behaviour was tested on a group of sticklebacks (20 fish) in the presence and absence of piscivorous perch (Perca fluviatilis). In study II, I examined the behavioural responses of feeding sticklebacks when they were exposed to the sudden appearance of an avian predator (the silhouette of a common tern, Sterna hirundo). The study was done in turbid and clear water using three different groups sizes (1, 3 and 6 fish). The second aspect is foraging behaviour. Study III & IV focused on the effects of algal turbidity on the foraging performance of sticklebacks. In study III, I conducted two separate experiments to examine the effects of turbidity on prey consumption and prey choice of sticklebacks. In this experiment turbidity levels and the proportion of large and small prey (Daphnia spp.) were manipulated. In study IV, I studied whether a group of six sticklebacks can distribute themselves according to food input at two feeding stations in a way that provided each fish with the same amount of food in clear and turbid water. I also observed whether the fish can follow changes in resource distribution between the foraging patches. My results indicate an overall influence of algal turbidity on the antipredator and foraging behaviour of sticklebacks. In the presence of a potential predator, the use of the sheltered habitat was more pronounced at higher turbidity. Besides this, sticklebacks reduced their activity levels with predator presence at higher turbidity and shoot density levels, suggesting a possible antipredator adaptation to avoid a predator. When exposed to a sudden appearance of an avian predator, sticklebacks showed a weaker antipredator response in turbid water, which suggests that turbidity degrades the risk assessment capabilities of sticklebacks. I found an effect of group size but not turbidity in the proportion of sticklebacks that fled to the shelter area, which indicates that sticklebacks are able to communicate among group members at the experimental turbidity levels. I found an overall negative effect of turbidity on food intake. Both turbidity and changes in the proportion of prey sizes played a significant role in a stickleback’s prey selection. At lower turbidity levels (clear <1 and 5 NTU) sticklebacks showed preferences for large prey, whereas in more turbid conditions and when the proportion of large to small prey increased sticklebacks became increasingly random in their prey selection. Finally, my results showed that groups of sticklebacks disperse themselves between feeding stations according to the reward ratios following the predictions of the ideal free distribution theory. However, they took a significantly longer time to reach the equilibrium distribution in turbid water than in clear water. In addition, they showed a slower response to changes in resource distribution in a turbid environment. These findings suggest that turbidity interferes with the information transfer among group foragers. It is important to understand that aquatic animals are often exposed to a degraded environment. The findings of this thesis suggest that algal turbidity negatively affects their behavioural performance. The results also shed light on the underlying behavioural strategies of sticklebacks in turbid conditions that might help them adapt to an altered environmental situation and increase their survival. In conclusion, I hold that although algal turbidity has detrimental effects on the antipredator and foraging behaviour of sticklebacks, their behavioural adjustment might help them adapt to a changing environment.

The Formation Of Internationalization Strategies Within The Construction Industry:Vision and Strategy

Internationalization represents a complex topic that has been researched for quite some time. However, since it continues to be extremely current a topic, its significance has not diminished, but maybe even increased in importance. Companies today face extreme pressure to enter new markets in the hope of growing, becoming more profitable, increasing market share, attracting new customers and meeting the requirements of its share- and stakeholders. In the increasingly global business environment of today, companies are facing both challenges and possible advantages of internationalization. Few companies are not operating internationally and it is becoming the question of ‘Why not?’ rather than ‘Why?’ to internationalize business operations. Internationalization and the importance of strategy are discussed in this research from the viewpoint of three case companies that were interviewed about internationalization strategies. This research project is a qualitative study that answers the research question of How is a business strategy constructed for entering a new market? The sub-questions are • How are goals set and what indicators are used to monitor the achievement of these goals? • What are the key characteristics of a strategy implementation process? The research method chosen for this study is a multiple-case study. Three case companies were chosen for the interviews in order to gain in-depth data of internationalization strategies within the construction industry.

Uncertainty Management in Acquisitions: What Scenario Analysis Could Offer

This study answers to How scenario analysis could help acquiring companies to reduce uncertainty in the acquisition process? It is due to the mismatch between academic world’s caveat emptor and business world’s eagerness to pursue acquisitions that motivated this study. Acquisitions are as popular as ever, thus, managing the uncertainty surrounding these transactions is relevant. This study creates a generic theoretical model with a strategy-level scope. Thus, the study does not discuss nor does it seek answers to operational issues related in both fields. This study is explorative and constructivist in nature. It discusses briefly the concepts and relatedness of risk and uncertainty and establishes a hierarchy between these two: Risks being a “sub-section” of uncertainty, although not with clear boundaries. Acquisition theory follows the process view that understands acquisitions as a process with various levels – some strategic, some operational. Scenario analysis is presented as tool for management to enrich their strategic discussion and understand their future options. The empirical data collection is done through interviewing. The results are reflected on literature on strategic management, scenario literature, and on a consultancy’s report picturing firm’s strategies in accordance with their acquisition processes. The study has an abductive approach as it tries to combine multiple views and generates discussion between literature review, interviews, the report, and second round of literature. The model suggests three propositions: First, at the strategic decision making level, when the decision whether or not to pursue an acquisition growth strategy has been made, it provides firms new data and enriches the strategic discussion. Second, when the acquisition strategy has been created, it can be applied as a tool to measure possible acquisition targets against the backdrop of the first set of scenarios. Third, due to the scenario analysis’ requirement to include people with various backgrounds and from multiple levels of the corporate hierarchy, it could help managers to avoid biases stemming from hubris.

Starch analysis as a method to discover subsistence strategies in prehistoric Finland and Estonia

Ancient starch analysis is a microbotanical method in which starch granules are extracted from archaeological residues and the botanical source is identified. The method is an important addition to established palaeoethnobotanical research, as it can reveal ancient microremains of starchy staples such as cereal grains and seeds. In addition, starch analysis can detect starch originating from underground storage organs, which are rarely discovered using other methods. Because starch is tolerant of acidic soils, unlike most organic matter, starch analysis can be successful in northern boreal regions. Starch analysis has potential in the study of cultivation, plant domestication, wild plant usage and tool function, as well as in locating activity areas at sites and discovering human impact on the environment. The aim of this study was to experiment with the starch analysis method in Finnish and Estonian archaeology by building a starch reference collection from cultivated and native plant species, by developing sampling, measuring and analysis protocols, by extracting starch residues from archaeological artefacts and soils, and by identifying their origin. The purpose of this experiment was to evaluate the suitability of the method for the study of subsistence strategies in prehistoric Finland and Estonia. A total of 64 archaeological samples were analysed from four Late Neolithic sites in Finland and Estonia, with radiocarbon dates ranging between 2904 calBC and 1770 calBC. The samples yielded starch granules, which were compared with the starch reference collection and descriptions in the literature. Cereal-type starch was identified from the Finnish Kiukainen culture site and from the Estonian Corded Ware site. The samples from the Finnish Corded Ware site yielded underground storage organ starch, which may be the first evidence of the use of rhizomes as food in Finland. No cereal-type starch was observed. Although the sample sets were limited, the experiment confirmed that starch granules have been preserved well in the archaeological material of Finland and Estonia, and that differences between subsistence patterns, as well as evidence of cultivation and wild plant gathering, can be discovered using starch analysis. By collecting large sample sets and addressing the three most important issues – preventing contamination, collecting adequate references and understanding taphonomic processes – starch analysis can substantially contribute to research on ancient subsistence in Finland and Estonia.