Konkurssin ennustaminen ja makrotaloudelliset muuttujat: rakennusalan pk-yritykset

Tämän tutkimuksen tavoitteena on selvittää kannattaako makrotaloudellisia muuttujia käyttää tunnuslukujen lisäksi yrityksen konkurssin ennustamisessa. Perinteiset konkurssinennustamismallit hyödyntävät pelkästään tilinpäätöksestä saatavia tunnuslukuja eivätkä huomioi yrityksen toimintaympäristöä ja sen muutoksia. Aiemmissa tutkimuksissa makrotaloudellisilla muuttujilla on pystytty parantamaan perinteisiä ennustamismalleja. Tutkimus toteutetaan luomalla kolme erilaista konkurssinennustamismallia logistista regressioanalyysiä hyödyntäen ja vertailemalla niiden paremmuutta. Tutkimustulokset osoittavat, että rakennusalan pk-yritysten konkursseja pystytään ennustamaan kolmen tunnusluvun mallilla. Taloudellisen ajanjakson, jolta yrityksen tiedot ovat peräisin, huomioiminen ei tuo malliin lisäarvoa eikä paranna ennustamiskykyä merkittävästi.

Konkurssin ennustaminen ja makrotaloudelliset muuttujat: rakennusalan pk-yritykset

Tämän tutkimuksen tavoitteena on selvittää kannattaako makrotaloudellisia muuttujia käyttää tunnuslukujen lisäksi yrityksen konkurssin ennustamisessa. Perinteiset konkurssinennustamismallit hyödyntävät pelkästään tilinpäätöksestä saatavia tunnuslukuja eivätkä huomioi yrityksen toimintaympäristöä ja sen muutoksia. Aiemmissa tutkimuksissa makrotaloudellisilla muuttujilla on pystytty parantamaan perinteisiä ennustamismalleja. Tutkimus toteutetaan luomalla kolme erilaista konkurssinennustamismallia logistista regressioanalyysiä hyödyntäen ja vertailemalla niiden paremmuutta. Tutkimustulokset osoittavat, että rakennusalan pk-yritysten konkursseja pystytään ennustamaan kolmen tunnusluvun mallilla. Taloudellisen ajanjakson, jolta yrityksen tiedot ovat peräisin, huomioiminen ei tuo malliin lisäarvoa eikä paranna ennustamiskykyä merkittävästi.

Peter Pan never goes out of style : nuorisotutkijat ymmällään

Kirjallisuusarvostelu

Searching for keys to successful post-merger integration : a longitudinal case-study following a public sector merger

Unsuccessful mergers are unfortunately the rule rather than the exception. Therefore it is necessary to gain an enhanced understanding of mergers and post-merger integrations (PMI) as well as learning more about how mergers and PMIs of information systems (IS) and people can be facilitated. Studies on PMI of IS are scarce and public sector mergers are even less studied. There is nothing however to indicate that public sector mergers are any more successful than those in the private sector. This thesis covers five studies carried out between 2008 and 2011 in two organizations in higher education that merged in January 2010. The most recent study was carried out two years after the new university was established. The longitudinal case-study focused on the administrators and their opinions of the IS, the work situation and the merger in general. These issues were investigated before, during and after the merger. Both surveys and interviews were used to collect data, to which were added documents that both describe and guide the merger process; in this way we aimed at a triangulation of findings. Administrators were chosen as the focus of the study since public organizations are highly dependent on this staff category, forming the backbone of the organization and whose performance is a key success factor for the organization. Reliable and effective IS are also critical for maintaining a functional and effective organization, and this makes administrators highly dependent on their organizations’ IS for the ability to carry out their duties as intended. The case-study has confirmed the administrators’ dependency on IS that work well. A merger is likely to lead to changes in the IS and the routines associated with the administrators’ work. Hence it was especially interesting to study how the administrators viewed the merger and its consequences for IS and the work situation. The overall research objective is to find key issues for successful mergers and PMIs. The first explorative study in 2008 showed that the administrators were confident of their skills and knowledge of IS and had no fear of having to learn new IS due to the merger. Most administrators had an academic background and were not anxious about whether IS training would be given or not. Before the merger the administrators were positive and enthusiastic towards the merger and also to the changes that they expected. The studies carried out before the merger showed that these administrators were very satisfied with the information provided about the merger. This information was disseminated through various channels and even negative information and postponed decisions were quickly distributed. The study conflicts with the theories that have found that resistance to change is inevitable in a merger. Shortly after the merger the (third) study showed disappointment with the fact that fewer changes than expected had been implemented even if the changes that actually were carried out sometimes led to a more problematic work situation. This was seen to be more prominent for routine changes than IS changes. Still the administrators showed a clear willingness to change and to share their knowledge with new colleagues. This knowledge sharing (also tacit) worked well in the merger and the PMI. The majority reported that the most common way to learn to use new ISs and to apply new routines was by asking help from colleagues. They also needed to take responsibility for their own training and development. Five months after the merger (the fourth study) the administrators had become worried about the changes in communication strategy that had been implemented in the new university. This was perceived as being more anonymous. Furthermore, it was harder to get to know what was happening and to contact the new decision makers. The administrators found that decisions, and the authority to make decisions, had been moved to a higher administrative level than they were accustomed to. A directive management style is recommended in mergers in order to achieve a quick transition without distracting from the core business. A merger process may be tiresome and require considerable effort from the participants. In addition, not everyone can make their voice heard during a merger and consensus is not possible in every question. It is important to find out what is best for the new organization instead of simply claiming that the tried and tested methods of doing things should be implemented. A major problem turned out to be the lack of management continuity during the merger process. Especially problematic was the situation in the IS-department with many substitute managers during the whole merger process (even after the merger was carried out). This meant that no one was in charge of IS-issues and the PMI of IS. Moreover, the top managers were appointed very late in the process; in some cases after the merger was carried out. This led to missed opportunities for building trust and management credibility was heavily affected. The administrators felt neglected and that their competences and knowledge no longer counted. This, together with a reduced and altered information flow, led to rumours and distrust. Before the merger the administrators were convinced that their achievements contributed value to their organizations and that they worked effectively. After the merger they were less sure of their value contribution and effectiveness even if these factors were not totally discounted. The fifth study in November 2011 found that the administrators were still satisfied with their IS as they had been throughout the whole study. Furthermore, they believed that the IS department had done a good job despite challenging circumstances. Both the former organizations lacked IS strategies, which badly affected the IS strategizing during the merger and the PMI. IS strategies deal with issues like system ownership; namely who should pay and who is responsible for maintenance and system development, for organizing system training for new IS, and for effectively run IS even during changing circumstances (e.g. more users). A proactive approach is recommended for IS strategizing to work. This is particularly true during a merger and PMI for handling issues about what ISs should be adopted and implemented in the new organization, issues of integration and reengineering of IS-related processes. In the new university an ITstrategy had still not been decided 26 months after the new university was established. The study shows the importance of the decisive management of IS in a merger requiring that IS issues are addressed in the merger process and that IS decisions are made early. Moreover, the new management needs to be appointed early in order to work actively with the IS-strategizing. It is also necessary to build trust and to plan and make decisions about integration of IS and people.

Työtyytyväisyyden vaikutus henkilöstön sitoutumiseen ja kehittymishalukkuuteen

Tämän tutkimuksen tavoitteena oli selvittää millainen yhteys työtyytyväisyydellä on henkilöstön sitoutumiseen ja kehittymishalukkuuteen. Empiirinen osuus toteutettiin kvantitatiivista tutkimusmenetelmää käyttäen. Tutkimuksen kohdeorganisaationa oli valtionhallinnon eräs organisaatio, jonka työtyytyväisyyskyselyn aineistoa käytettiin tutkimusaineistona. Tutkimuksen tulokset osoittavat, että työtyytyväisyydellä on positiivinen yhteys sitoutumiseen sekä kehittymishalukkuuteen. Työtyytyväisyyden osa-alueista osaamisen johtaminen nousi kaikkein merkitsevimmäksi sitoutumisen ja kehittymishalukkuuden selittäjänä. Myös tyytyväisyyden palkitsemiseen havaittiin olevan tilastollisesti merkitsevä sitoutumisen ja kehittymishalukkuuden selittäjänä. Tutkimuksen mukaan tyytyväisyys työolosuhteisiin oli vain sitoutumisen selittäjänä merkitsevä.

Osingonjako ja omien osakkeiden hankinta varojenjakokeinoina – veroseuraamusten tarkastelu

Tämän tutkielman tarkoituksena on perehtyä osingon ja omien osakkeiden hankinnan eroihin varojenjakokeinoina ja erityisesti tarkastella niihin liittyviä veroseuraamuksia. Veroseuraamuksia arvioidaan niin listaamattomista, kuin listatuista yhtiöistä saaduista varoista ja niitä selvennetään laskuesimerkein. Näiden lisäksi tutkielmassa käsitellään peitellyn osingon säännöksen soveltamista erityisesti omien osakkeiden hankintaan liittyen. Peiteltyyn osinkoon liittyvät ennakkopäätökset, joita tutkielmassa esitellään runsaasti, ovat avain asemassa säännöksen soveltamisen ymmärtämisessä. Koska tutkielman perustana on voimassa olevan oikeuden sisältö ja tarkoituksena on tulkita lainsäädäntöä, on kyseessä lainopillinen tutkimus. Tutkielmassa todetaan osingon ja omien osakkeiden hankinnan olevan toistensa kaltaisia varojenjakokeinoja, kun asiaa katsotaan osakeyhtiölain näkökulmasta. Kun asiaa tarkastellaan verotuksen näkökulmasta, lainsäädäntö kannustaa yleensä jakamaan osinkoa etenkin listaamattomista yhtiöistä. Pörssiyhtiöissä myös omien osakkeiden hankinta voi olla tarkoituksen mukainen keino saada varoja yhtiöstä.

Huoltoasentajien kannustava palkkiojärjestelmä: case Konecranes Service Oy

Tämän tutkimuksen tavoitteena oli laatia Konecranes Service Oy:n huoltohenkilökunnalle kannustava palkkiojärjestelmä nykyisen kannustinjärjestelmän rinnalle. Diplomityö toteutettiin huhti- syyskuussa 2012 Konecranes Service Oy:ssä projektina, jonka työryhmän jäsenenä tutkija toimi. Tutkimusaineistoa kerättiin haastattelemalla yrityksen henkilökuntaa mahdollisimman laajasti sekä etsimällä käytössä olevia kannustinjärjestelmiä muista vastaavista yrityksistä. Työn teoreettisessa osiossa tarkasteltiin tulospalkkauksen kokonaisuutta sekä työhön liittyviä sisäisiä ja ulkoisia motivaatiotekijöitä. Teoriaosuudessa käsiteltiin lisäksi palkitsemisen kokonaisuutta sekä määriteltiin palkitsemiskohteen (huoltoasentajan) toimenkuvaa, jolloin mahdolliset, huoltoasentajan vaikutuspiirin alaiset mittarit, saatiin rajattua. Empiirinen osuus keskittyi mittareiden hakemiseen sekä sopivan mittariston kehittämiseen toimivaksi kokonaisuudeksi. Tutkimuksen tuloksena syntyi Konecranes Service Oy:n huoltohenkilökunnalle räätälöity mittaristo, jossa on pyritty ottamaan huomioon yrityksen eri toimipisteiden huoltoasentajien mahdollisuudet mahdollisimman kattavasti. Mittaristo on sovellettavissa eri toimintaympäristöihin, mikä vastaa yrityksen asettamiin tarpeisiin.

Extremfall, stjärnelever och verktygsskramlare : en diskursanalytisk studie av lärares tal om studerande som behöver särskilt stöd

The groups within Finnish vocational upper secondary education and training (VET) are often heterogeneous with respect to the student's need for support in their studies. According to the national core curricula, Special Education Needs (SEN) students should in the first place, get their education in the same group as everyone else. This dissertation aims to clarify and create an understanding about how the ideals and intention of equality in education is constructed in communication among teachers in VET in the Swedish-speaking parts of Finland. Through this understanding it should be possible to highlight a potential which could ultimately contribute to a positive development of a more inclusive education within VET. The epistemological platform of the study is to be found within the post structuralist philosophy of language that is considered as subsumed in a social constructionist thinking. The data has been collected through focus group discussions in groups of 3–6 participants (teachers) in seven schools in Finnish-Swedish VET. The analyses are based on a discursive psychological analysis combined with an analysis based on Michel Foucault's concepts with an emphasis on the subject, government and power. Four discourser where identified in the analysis of teachers' constructions of the educational assignment in relation to SEN students. The most dominant was discussing the educational assignment as a pragmatic project i.e. as a matter of transmission of knowledge. The discourse included both interpretative repertoires where the heterogeneous group was constructed as self-evident and possible to manage as well as a constructed as an impossible project. The educational assignment was also constructed as a holistic project, as part of a democratic project, and as a labor market project. Each discourse contains both including as well as excluding features in relation to SEN students. The development of an inclusive practice can and should therefore include elements from all of them. Three discourses were identified in the analysis concerning teachers' versions of SEN students: students with difficulties and problems; students who do not use or do not have ability and students who are irresponsible and lack the will to study. Within the various discourses and interpretative repertoires were both constructs when teachers described a concern and kindness in relation to the individual SEN student and constructions where teachers mainly expressed fears that other students in the group would be negatively affected by students in need of special support. Results from the third research question conclude the results from the two others, the analysis is done out of a government perspective. In the material use of different government techniques are identified: disciplinary power through direct reprimands; pastoral power by a desire of insight in order to promote the opportunities for consultation and the use of bio-power that primarily focuses on what is best for the population and whose tool racism results in a legitimation of the exclusion of SEN students. The conclusion is that teachers in VET need to pay attention to inclusive and exclusive elements identified in various discourses.

Tilaus-toimitusprosessin kehittäminen materiaaliteollisuus yrityksessä.

Toimintaympäristön muutokset ja monipuolistuneet asiakasvaatimukset asettavat organisaatioille vaatimuksia oman toimintansa tarkasteluun. Asiakastyytyväisyys on saavutettava kiristyvässä kilpailussa tuottamalla asiakkaalle arvoa. Organisaation tuottama lisäarvo muodostuu tehtävien ja toimintojen sarjassa – prosesseissa. Menestyäkseen organisaation on hallittava ja kehitettävä prosessejaan. Tilaus-toimitusprosessi kuuluu organisaation ydinprosesseihin, jossa aikaansaadaan asiakkaan tarpeet tyydyttävä tuote tai palvelu. Prosessijohtaminen auttaa ymmärtämään kuinka organisaation suorituskyky syntyy. Prosessijohtamisen avulla prosessien kehitystoimet voidaan kohdistaa oikein. Prosessien kehittämisessä on olennaista ymmärtää toiminnan nykytila ennen kuin kehitystoimiin voidaan ryhtyä. Nykytilamallinnuksen jälkeen toimintaa tulee analysoida, jotta löydetään suorituskykyä edistävät tai estävät tekijät. Analyysin perusteella tehdään mahdolliset kehitystoimet eli muutokset prosessiin. Suoritettujen toimenpiteiden vaikutuksia toimintaan tulee myös seurata. Tämän tutkimuksen tavoitteena oli case-organisaation tilaus-toimitusprosessin mallintaminen, analysointi ja kehityskohteiden tunnistaminen sekä kehitysehdotusten luonti. Lisäksi tutkimus pyrki selvittämään mitä case-organisaation tilaus-toimitusprosessissa tulisi kehittää. Analyysiä varten liiketoimintaprosessi mallinnettiin. Prosessin suorituskykyyn vaikuttavia tekijöitä pyrittiin löytämään haastatteluiden ja havainnoinnin perusteella. Tutkimuksen tulokset osoittivat, että kohdeyrityksen tulee kiinnittää huomiota palvelutarjonta ja asiakaskohderyhmä valintoihin, jotta yrityksen resurssit sitoutuisivat vain arvoa tuottavien asiakkaiden palvelemiseen. Resurssien jakautumien aiheuttaa myös palvelunlaadun vaihtelua, mikä vaikeuttaa asiakastyytyväisyyden saavuttamista. Tuloksia analysoimalla tunnistettiin myös muita pienempiä kehityskohteita. Kehityskohteille annettiin lopuksi toimenpidesuositukset.

Stock Price Reactions on M&A, Dividends and Game Releases. Evidence from Gaming Industry.

A rapidly growing gaming industry, which specializes on PC, console, online and other games, attracts attention of investors and analysts, who try to understand what drives changes of the gaming industry companies’ stock prices. This master thesis shows the evidence that, besides long-established types of events (M&A and dividend payments), the companies’ stock price changes depend on industry-specific events. I analyzed specific for gaming industry events - game releases with respect to its subdivisions: new games-sequels, games ratings and subdivision according to a developer of a game (self-developed by publisher or outsourced). The master thesis analyzes stock prices of 55 companies from gaming industry from all over the world. The research period covers 5 year, spreading from April 2008 to April 2013. Executed with an event study method, results of the research show that all the analyzed events types have significant influence on the stock prices of the gaming industry companies. The current master thesis suggests that acquisitions in the industry affect positively bidders’ and targets’ stock prices. Mergers events cause positive stock price reactions as well. But dividends payments and game releases events influence negatively on the stock prices. Game releases’ effect is up to -2.2% of cumulative average abnormal return (CAAR) drop during the first ten days after the game releases. Having researched different kinds of events and identified the direction of their impact, the current paper can be of high value for investors, seeking profits in the gaming industry, and other interested parties.

Effects of obtained benefits on willingness to pay and word-of-mouth behavior in newspaper industry

The purpose of this master’s thesis was to investigate the effects which benefits obtained from reading a newspaper and using its website have on behavioral outcomes such as word-of-mouth behavior and willingness to pay. Several other antecedents of willingness to pay have been used as the control variables. However, their interrelations haven’t been hypothesized. The empirical part focused on a case company – Finnish regional newspaper. Empirical research has been conducted using a quantitative method and data was collected via online survey placed on newspaper’s website during 2010. 1001 responses have been collected. The results showed that benefits obtained both from traditional printed newspaper and from online one have positive effects on the word-of-mouth about this newspaper and its website. However, it has been revealed that benefits obtained from reading the newspaper don’t have effect on the willingness to pay for this newspaper. Additionally, only interpersonal and convenience benefits obtained from using the newspaper’s website influence on the willingness to pay for it. Finally, willingness to pay for the bundle of printed newspaper and its website access is affected positively only by the information/learning benefits obtained from reading the newspaper and by the interpersonal benefits obtained from using the newspaper’s website.

Railways, Airports and Sea Container Operators as Publicly Listed Companies – Financial Performance and Shareholder Value Creation Perspective

Logistics infrastructure and transportation services have been the liability of countries and governments for decades, or these have been under strict regulation policies. One of the first branches opened for competition in EU as well as in other continents, has been air transports (operators, like passenger and freight) and road transports. These have resulted on lower costs, better connectivity and in most of the cases higher service quality. However, quite large amount of other logistics related activities are still directly (or indirectly) under governmental influence, e.g. railway infrastructure, road infrastructure, railway operations, airports, and sea ports. Due to the globalization, governmental influence is not that necessary in this sector, since transportation needs have increased with much more significant phase as compared to economic growth. Also freight transportation needs do not correlate with passenger side, due to the reason that only small number of areas in the world have specialized in the production of particular goods. Therefore, in number of cases public-private partnership, or even privately owned companies operating in these sub-branches have been identified as beneficial for countries, customers and further economic growth. The objective of this research work is to shed more light on these kinds of experiments, especially in the relatively unknown sub-branches of logistics like railways, airports and sea container transports. In this research work we have selected companies having public listed status in some stock exchange, and have needed amount of financial scale to be considered as serious company rather than start-up phase venture. Our research results show that railways and airports usually need high fixed investments, but have showed in the last five years generally good financial performance, both in terms of profitability and cash flow. In contrary to common belief of prosperity in globally growing container transports, sea vessel operators of containers have not shown that impressive financial performance. Generally margins in this business are thin, and profitability has been sacrificed in front of high growth – this also concerns cash flow performance, which has been lower too. However, as we examine these three logistics sub-branches through shareholder value development angle during time period of 2002-2007, we were surprised to find out that all of these three have outperformed general stock market indexes in this period. More surprising is the result that financially a bit less performing sea container transportation sector shows highest shareholder value gain in the examination period. Thus, it should be remembered that provided analysis shows only limited picture, since e.g. dividends were not taken into consideration in this research work. Therefore, e.g. US railway operators have disadvantage to other in the analysis, since they have been able to provide dividends for shareholders in long period of time. Based on this research work we argue that investment on transportation/logistics sector seems to be safe alternative, which yields with relatively low risk high gain. Although global economy would face smaller growth period, this sector seems to provide opportunities in more demanding situation as well.

Nurses’ Acceptance of an Internet-Based Support System in The Care of Adolescents with Depression

The overall goal of the study was to describe nurses’ acceptance of an Internet-based support system in the care of adolescents with depression. The data were collected in four phases during the period 2006 – 2010 from nurses working in adolescent psychiatric outpatient clinics and from professionals working with adolescents in basic public services. In the first phase, the nurses’ anticipated perceptions of the usefulness of the Internet-based support system before its implementation was explored. In the second phase, the nurses’ perceived ease of computer and Internet use and attitudes toward it were explored. In the third phase, the features of the support system and its implementation process were described. In the fourth phase, the nurses’ experiences of behavioural intention and actual system use of the Internet-based support were described in psychiatric out-patient care after one year use. The Technology Acceptance Model (TAM) was used to structure the various research phases. Several benefits were identified from the nurses’ perspective in using the Internet-based support system in the care of adolescents with depression. The nurses’ technology skills were good and their attitudes towards computer use were positive. The support system was developed in various phases to meet the adolescents’ needs. Before the implementation of the information technology (IT)-based support system, it is important to pay attention to the nurses’ IT-training, technology support, resources, and safety as well as ethical issues related to the support system. After one year of using the system, the nurses perceived the Internet-based support system to be useful in the care of adolescents with depression. The adolescents’ independent work with the support system at home and the program’s systematic character were experienced as conducive from the point of view of the treatment. However, the Internet-based support system was integrated only partly into the nurseadolescent interaction even though the nurses’ perceptions of it were positive. The use of the IT-based system as part of the adolescents’ depression care was seen positively and its benefits were recognized. This serves as a good basis for future IT-based techniques. Successful implementations of IT-based support systems need a systematic implementation plan and commitment from the part of the organization and its managers. Supporting and evaluating the implementation of an IT-based system should pay attention to changing the nurses’ work styles. Health care organizations should be offered more flexible opportunities to utilize IT-based systems in direct patient care in the future.

The Pay-Off Method as a Tool for Evaluating the Risk and Profitability of Public Real Estate Investments

Real option valuation, in particular the fuzzy pay-off method, has proven to be useful in defining risk and visualizing imprecision of investments in various industry applications. This study examines whether the evaluation of risk and profitability for public real estate investments can be improved by using real option methodology. Firstly, the context of real option valuation in the real estate industry is examined. Further, an empirical case study is performed on 30 real estate investments of a Finnish government enterprise in order to determine whether the presently used investment analysis system can be complemented by the pay-off method. Despite challenges in the application of the pay-off method to the case company’s large investment base, real option valuation is found to create additional value and facilitate more robust risk analysis in public real estate applications.