Choosing hybrid organizations for local services delivery : An empirical analysis of partial privatization

The empirical literature about factors explaining local government delivery choices has traditionally focused the attention on the public or private production dilemma. However, hybrid organizational forms such as mixed public-private firms are increasingly used in several European countries. This paper makes use of survey data from Spanish municipalities to examine motivations of local governments for engaging in hybrid organizational forms. Data refer to two very relevant local services: water distribution and solid waste collection. The empirical analysis indicates that the use of mixed firms emerge as a type of pragmatically based ‘third way’ between pure public and pure private production. Indeed, local governments make use of mixed firms when cost considerations (scale economies, transaction costs and soon), financial constraints and private interests exert contradictory pressures. On the contrary, political and ideological factors do not play any significant role on the local government decision of engaging or not in joint ventures with private partners.

Local privatization, intermunicipal cooperation, transaction costs and political interests: Evidence from Spain

Several empirical studies have analyzed the factors that influence local privatization. Variables related to fiscal stress, cost reduction, political processes and ideological attitudes are the most common explanatory variables used in these studies. In this paper, we add to this literature by examining the influence of transaction costs and political factors on local governments’ choices through new variables. In addition to this, we consider the role of additional aspects, such as intermunicipal cooperation as a potential alternative to privatization in order to exploit scale economies or scope economies. We consider two relevant services: solid waste collection and water distribution. Results from our estimates show that privatization (that is, contracting out to a private firm) is less common for water distribution than for solid waste collection. Higher transaction costs in water distribution are consistent with this finding. Furthermore, we find that municipalities with a conservative ruling party privatize more often regardless of the ideological orientation of the constituency. This shows that those political interests able to influence local elections are more important in determining the form of delivery than is the basic ideological stance of the constituency. Finally, we find that intermunicipal cooperation is an alternative to local privatization.

Venäläiset instituutiot corporate governancen kentässä

Tutkielma rakentaa puitteet venäläisen toimintaympäristön ymmärtämiselle. Institutionaalisen ympäristön on oltava vahva tukeakseen yritysten corporate governancen mukaista toimintaa. Venäjän tapauksessa instituutiot ovat vielä osin kehittymättömiä ja vahvasti peräisin Neuvostoliiton ajoilta. Niiltä ajoilta on jäänyt myös suuri kulttuurinen perintö, joka vaikuttaa venäläisten toimintaan vielä tänäkin päivänä. Yrityksillä on monia mahdollisuuksia toimia venäläisillä markkinoilla lainmukaisesti, vaikka se onkin välillä hankalaa. Yritykset ovatkin kehittäneet keinoja, joilla regulatiiviset puitteet voidaan kiertää ja oikaista. Tässä niitä avustavat usein myös valtion kontrollit. Valtion on kehitettävä lainsäädäntöä, jotta yritysten olisi helpompi toimia sen mukaan. Lisäksi korruptiota on vähennettävä, jotta yrityksillä ei olisi mahdollisuutta toimia laittomasti ja viranomaisilla olisi mahdollisuus suorittaa työtehtäviään.

Carboidratos como fonte de compostos para a indústria de química fina

Coal, oil, natural gas, and shale gas are biomass that is formed millions of years ago. These are non-renewable and depleting, even considering the recent discovery of new sources of oil in the presalt and new technologies for the exploitation of shale deposits. Currently, these raw materials are used as a source of energy production and are also important for the production of fine chemicals. Since these materials are finite and their (oil) price is increasing, it is clear that there will be a progressive increase in the chemical industry to use renewable raw materials as a source of energy, an inevitable necessity for humanity. The major challenge for the society in the twenty first century is to unite governments, universities, research centers, and corporations to jointly act in all areas of science with one goal of finding a solution to global problems, such as conversion of biomass into compounds for the fine chemical industry.Non-renewable raw materials are used in the preparation of fuels, chemical intermediates, and derivatives for the fine chemical industry. However, their stock in nature has a finite duration, and their price is high and will likely increase with their depletion. In this scenario, the alternative is to use renewable biomass as a replacement for petrochemicals in the production of fine chemicals. As the production of biomass-based carbohydrates is the most abundant in nature, it is judicious to develop technologies for the generation of chain products (fuels, chemical intermediates, and derivatives for the fine chemicals industry) using this raw material. This paper presents some aspects and opportunities in the area of carbohydrate chemistry toward the generation of compounds for the fine chemical industry.

Koneinvestoinnin suunnittelu valmistavaan teollisuuteen

Tämän diplomityön tavoitteena oli tutustua ohutlevyjen nykyaikaisiin koneellisiin leikkausmenetelmiin ja tutkia niiden soveltuvuutta yrityksen tarpeisiin. Kohdeyrityksessä investoinnin tarve jakautui tuottavuusinvestoinnin, korvausinvestoinnin ja strategisen investoinnin kesken. Tavoitteena oli luoda investointipolku, jonka avulla poissuljettiin menetelmät, jotka eivät soveltuneet yrityksen tuotantoon. Työn kirjallisuusosuudessa tarkastellaan teoriatietoja, jotka liittyvät yleisesti nykyaikaisiin ohutlevyjen leikkausmenetelmiin sekä investointiprojektin suunnitteluun ja toteutuksen teoriaan. Lisäksi käsitellään investointeihin liittyviä kannattavuus- ja kustannuslaskennan perusperiaatteita. Työn empiirisessä osassa selvitettiin yrityksen ohutlevyosien valmistuksen periaatteita nykytila-analyysin avulla. Tämän perusteella määritettiin nykyaikaisista markkinoilla olevista menetelmistä yritykselle soveltuvin. Tutkimuksen perusteella laserleikkaus oli menetelmistä soveltuvin. Perusinvestoinniltaan laser oli vaihtoehtoisista menetelmistä kallein, mutta se soveltui käytettävyyden, tehokkuuden, joustavuuden ja muiden ominaisuuksiensa perusteella parhaiten tuotannon tarpeisiin. Työn merkittävimmät tulokset osoittivat, että investoinnin kannattavuus riippui koneelle saatavasta käyttösuhteesta. Uusien koneiden tehokkuus lyhentäisi tuotannon läpimenoaikoja, mutta ilman riittävää kapasiteetin käyttöastetta kappaleiden omakustannusarvo nousisi. Lopputulokset ja suositukset on esitetty työn lopussa.

Suurten suomalaisten teollisuusyritysten strategioiden muutokset 1980-2009

Suomalaisten teollisuusyritysten toimintaympäristö on viimeisen kolmen vuosikymmenen aikana muuttunut merkittävästi. Globalisaatio ja sen mukanaan tuomat muut toimintaympäristön muutokset ovat muuttaneet suurten teollisuusyritysten kilpailuympäristöä ja strategioita. Tämän tutkielman tarkoituksena on kuvata suurten suomalaisten teollisuusyritysten strategioiden muutosta vuosina 1980–2009. Tutkielma on kirjallisuuskatsaus ja sen lähteet koostuvat akateemisista artikkeleista, strategiakirjallisuudesta sekä suomalaisen elinkeinoelämän teettämästä tutkimuksesta. Tutkielma kolme pääosiota ovat katsaus strategiakirjallisuuteen, kuvaus suomalaisten teollisuusyrityksen toimintaympäristön ja johtamisen muutoksista sekä kuvaus suomalaisten suurten teollisuusyritysten strategioiden muutoksesta. Tutkielman lopputuloksena voidaan todeta, että suomalaisten suurten teollisuusyritysten strategiat ovat kansainvälistyneet ja fokusoituneet merkittävästi tarkastelujaksolla. Lisäksi yritysten strateginen ajattelu ja strateginen johtaminen ovat globaalien liiketoimintayritysten mukaista.

Liikkuvien työkoneiden valmistettavuuden kehittäminen teollisessa liiketoimintaverkostossa

Diplomityön tavoitteena oli kehittää Pilomac – konsernin päähankkijayrityksien tuotteiden valmistettavuutta yhteistyössä yrityksien suunnitteluosastojen ja teräsrakenteita valmistavien toimittajayrityksien kanssa. Päähankkija-yritysten, Junttan Oy:n ja Logset Oy:n, osavalmistusten ulkoistamisen myötä toimittajasuhteet ovat vähitellen muuttumassa verkostomaiseen toimintatapaan. Täten on tärkeää muuttaa ja kehittää tuotteiden valmistettavuuden mahdollistavat toimintamallit vastaamaan uutta toimintatapaa. Keskeinen perusmenetelmä valmistettavuuden huomioimisessa on suunnittelun ja valmistuksen välisen tuotekehitysyhteistyön syventäminen rinnakkaissuunnitteluksi, (CE). Verkostokumppaneiden välinen yhteistyö perustuu avoimuuteen, luottamukseen ja molempia osapuolia hyödyttävään jatkuvaan kehitystyöhön. Verkostomainen toimintatapa mahdollistaa luontevasti tuotteen suunnittelu- ja kehitysvastuiden jaottelun yritysten ydinosaamisen mukaan. Onnistuneen työnjaon myötä resurssit lisääntyvät ja valmistusteknologiat, suunnittelu ja laatu kehittyvät ja monipuolistuvat. Työn aihetta tutkittiin soveltavassa osassa benchmarkingin, nykytilakuvauksien sekä toimittajaverkoston analysoinnin avulla. Toimittajaverkoston analysointi tehtiin laajan verkostokumppanikyselyn avulla, josta selvisi Junttan Oy:n toimittajaverkoston resurssit ja kyvykkyys. Kyselyssä selvitettiin myös nykyisten toimittajien näkemyksiä valmistettavuuden kehittämisestä, kumppaneille asetettavista yhteistyövaatimuksista sekä näiden toimintamallien vaikutuksista tuotteiden kilpailukyvyn parantumiseen. Työn tuloksena selvisivät osa-alueet, joita Junttan Oy:n kannattaa hyödyntää tulevaisuudessa enemmän sekä toimintamallit, jotka mahdollistavat tuotteiden valmistettavuuden jatkuvan kehittämisen.

Efficient installed base information management and utilization in global after sales service business

This Master´s thesis explores how the a global industrial corporation’s after sales service department should arrange its installed base management practices in order to maintain and utilize the installed base information effectively. Case company has product-related records, such as product’s lifecycle information, service history information and information about product’s performance. Information is collected and organized often case by case, therefore the systematic and effective use of installed base information is difficult also the overview of installed base is missing. The goal of the thesis study was to find out how the case company can improve the installed base maintenance and management practices and improve the installed base information availability and reliability. Installed base information management practices were first examined through the literature. The empirical research was conducted by the interviews and questionnaire survey, targeted to the case company’s service department. The research purpose was to find out the challenges related to case company´s service department’s information management practices. The study also identified the installed base information needs and improvement potential in the availability of information. Based on the empirical research findings, recommendations for improve installed base management practices and information availability were created. Grounding of the recommendations, the case company is suggested the following proposals for action: Service report development, improving the change management process, ensuring the quality of the product documentation in early stages of product life cycle and decision to improve installed base management practices.

Metsäsääntely Suomessa ja Venäjällä. Näkökulmia kestävään metsätalouteen

Sustainability is the aim of forest management and forest regulation in many countries. Accordingly, forest management has been steered towards more environmentally friendly methods and new regulatory instruments have been introduced. At the same time, wood trade and forest industry have become a global business. Even if the importance of national forest legislation has not decreased, it has been widely acknowledged that national regulation of forest management is no longer sufficient. The movement of goods does not acknowledge boundaries, even though most negative environmental and social consequences stay in the country of origin of wood and other raw materials. As a partial solution to this dilemma, different kinds of regulations have been developed. Various forest certification schemes and wood trade regulation in the EU (995/2010) are examples of efforts to prevent illegal logging and unsustainable forestry. The Finland-based forest industry is to a varying extent dependent on wood trade from Russia. Especially in the 1990‟s, ethical questions concerning import of wood from Russian old growth forests near the Finnish border were widely discussed. Consequently, forest industry enterprises have developed systems to trace the origin of wood and to buy certified wood from Russia. The aim of the research has been to evaluate Finnish and Russian forest regulations in order to investigate what kind of forest management these regulations enhance, and to what extent ecologically sustainable forest management has been integrated into different forms of regulation. I have examined Finnish and Russian forest regulation in four separate articles based on the topics of the Russian Forest Code, forest certification and other voluntary forest protection measures in Russia, Finnish forest certification and Finnish forest legislation. One objective has been to analyse the roles voluntary forest certification plays in promoting sustainable forest management in different countries. In my research, I have mainly concentrated on ecological sustainability and protection of biodiversity, although other aspects of sustainable forest management have been touched upon in different articles. In the following I shall conclude the findings of my research. When the current Russian Forest Code (2006) was being adopted, the main emphasis was not on ecological issues, but on reorganizing forest governance. The role of ecological requirements was even slightly diminished during the legislative reform. There are, nevertheless, still stipulations aiming at ecological sustainability, such as the division of forests into different forest management categories and various protection zones. In 2000, FSC forest certification arrived in Russia, at present covering already 28 million hectares of forests. The PEFC scheme is now in use as well, but to a much lesser extent. If properly implemented, Russian forest certification schemes clearly improve the level of ecological and social sustainability of forestry in Russia. Certification criteria, however, are partly in conflict with the Russian forest legislation and certified enterprises have been forced to pay fines or to negotiate with forest authorities. This clearly indicates that even if Russian forest legislation has otherwise been liberalized to a certain extent, some significant paternalism still exists. Voluntary, hands-on biodiversity protection measures are not valued, and they are not part of the official protection policies as in many other countries. However, there have been some regional solutions to this dilemma. In the Republic of Karelia forest authorities have approved a set of forest biodiversity protection rules created by a local NGO and a forest industry enterprise. By following these local rules, an enterprise can avoid fines for protection measures. The current Finnish Forest Act was adopted in 1996. It brought forest legislation into a new era as some ecological aspects were integrated into forest legislation. The various soft-law forest management recommendations further increased the level of biodiversity protection. My evaluation of the overall legitimacy of the Finnish forest legislation and forest management paradigm revealed, however, several problematic issues. As part of this study I analysed the history of the current forest management paradigm. This analysis revealed the path dependency which still hinders the protection of biodiversity and clearly decreases the general legitimacy of forest management. Due to several historical reasons only even-structured forest management based on clear cuts has for decades been officially approved in Finland. Due to increasing demands of forest owners the legislation is finally being revised. Yet, the official approval of uneven-structured forest management would not be enough to fully improve ecological, social and cultural legitimacy. The latest ecological theories and knowledge of endangered species should be taken into account in the on-going reform of forest legislation as well as the modernisation. Forest legislation is one of the very few spheres of Finnish environmental legislation where openness and participation are still considered a threat. The first Finnish forest certification scheme, PEFC, was established in 2000. It now covers more than 20 million hectares, about 95% of the forests in Finland. PEFC Finland does not require a higher level of biodiversity protection than the recommendations by Tapio (the Development Centre for Forestry), but certification has unified forest management practices and requires more protection measures than mere forest legislation. The study suggests that in Finland PEFC has not functioned as an instrument which would substantially improve the level of forest management. Rather it has supported the status quo of the forest sector. While the ecological and social responsibility of Finland-based forest corporations was one impetus for this research, I want to conclude that there are problems related to forest legislation and non-state regulation in both Finland and Russia. If an enterprise buying wood from Russia buys only certified wood, and carefully avoids wood coming from high conservation value forests that are either ecologically or socially valuable, it can be claimed to be as sustainably produced as in Finland. However, there must be continuous scrutiny of the circumstances. In Russia, the level of the compliance of certification criteria varies considerably, and there are vast unprotected invaluable forest areas. The utilisation of these areas should not be based on short-sighted decisions or lack of consensus among stakeholders.

CORPORATE SOCIAL RESPONSIBILITY from theory into financial statement: UPM-Kymmene Oyj

For number of reasons social responsibility in corporations has become a more essential part of business operations than before. Corporate social responsibility (CSR) is dealt with different means and aspects but the overall effects it has on organisations performance, communication and underline actions is indisputable. The thesis describes corporate social responsibility and the main objective was to observe how corporate social responsibility has developed in our case company with answering to main research question how CSR reporting has evolved in UPM-Kymmene Oyj? In addition following questions were also addressed: Is there a monetary value of CSR? What does proficient CSR report consist of? What does corporate social responsibility consist of? Qualitative research method, content analysis to be precise, was chosen and excessive literature study performed to find the theoretical back ground to perform the empirical part of the study. Data for the empirical part was collected from UPM-Kymmene Oyj financial data and annual reports. The study shows that UPM-Kymmene Oyj engagement to CSR and reporting of CSR matter have improved due time but still few managerial implications could be found. UPM-Kymmene Oyj economic key figures are only building shareholder value and stakeholders are identified in very general level. Also CSR data is scattered all over the annual report which causes problems to readers. The scientific importance of this thesis arises from the profound way CSR has been addressed in a holistic manner. Thus it is giving a good basis to understand the underlying reasons of CSR from society towards the organisation and vice versa.

Tuulivoimateollisuuden tarkastelu patenttianalyysiä hyödyntäen

Työssä luodaan katsaus tuulivoiman käyttöön historiassa sekä tuulivoiman hyödyntämiseen sähköntuotantoon nykyaikaisessa yhteiskunnassa. Lisäksi esitellään modernin kolmilapaisen tuuliturbiinin tekniikkaa. Työssä tarkastellaan kolmen suuren tuulivoimaloita valmistavien yrityksien patentointiaktiivisutta aikavälillä 2000–2010 ja patenttien lukumäärässä, maantieteellisessä vaihtelussa, tyypissä ja luokissa esiintyviä trendejä. Näiden pohjalta luodaan kokonaiskuva tuulivoiman teollisuuden kehityksestä 2000-luvun alussa ja odotetuista tulevaisuuden näkymistä. Vuosituhannen vaihteen jälkeen patentointiaktiivisuus on kasvanut tuulivoimateknologiayrityksillä. Etenkin vuonna 2007 havaitaan piikki patenttien lukumäärässä. Patentointitoiminta on keskittynyt Eurooppaan, Pohjois-Amerikkaan sekä Kiinaan. Tuulivoimateknologian voidaan olettaa kehittyvän sekä koossa että kustannustehokkuudessa.

Steward-ajattelu suomalaisissa mikroyrityksissä: osakeyhtiön ja avoimen yhtiön vertailu

Steward-ajattelu suomalaisissa mikroyrityksissä: osakeyhtiön ja avoimen yhtiön vertailu

The Finnish Paper Workers' Union at a crossroads: Labor union representativeness in a changing environment, 1980-2008

This thesis consists of four articles and an introductory section. The main research questions in all the articles refer to the changes in the representativeness of the Finnish Paper Workers' Union. Representativeness stands for the entire entity of external, internal, legal and reputational factors that enable the labor union to represent its members and achieve its goals. This concept is based on an extensive reading of quantitative and qualitative industrial relations literature, which includes works based on Marxist labor-capital relations (such as Hyman's industrial relations studies), and more recent union density studies as well as gender- and ethnic diversity-based 'union revitalization' studies. Müller-Jentsch's German studies of industrial relations have been of particular importance as well as Streeck's industrial unionism and technology studies. The concept of representativeness is an attempt to combine the insights of these diverse strands of literature and bring the scientific discussion of labor unions back to the core of a union's function: representing its members. As such, it can be seen as a theoretical innovation. The concept helps to acknowledge both the heterogeneity of the membership and the totality of a labor union organization. The concept of representativeness aims to move beyond notions of 'power'. External representativeness can be expressed through the position of the labor union in the industrial relations system and the economy. Internal representativeness focuses on the aspects of labor unions that relate to the function of the union as an association with members, such as internal democracy. Legal representativeness lies in the formal legal position of the union – its rights and instruments. This includes collective bargaining legislation, co-decision rules and industrial conflict legislation. Reputational representativeness is related to how the union is seen by other actors and the general public, and can be approximated using data on strike activity. All these aspects of representativeness are path-dependent, and show the results of previous struggles over issues. The concept of representativeness goes beyond notions of labor union power and symbolizes an attempt to bring back the focus of industrial relations studies to the union's basic function of representing its members. The first article shows in detail the industrial conflict of the Finnish paper industry in 2005. The intended focus was the issue of gender in the negotiations over a new collective agreement, but the focal point of the industrial conflict was the issue of outsourcing and how this should be organized. Also, the issue of continuous shifts as an issue of working time was very important. The drawn-out conflict can be seen as a struggle over principles, and under pressure the labor union had to concede ground on the aforementioned issues. The article concludes that in this specific conflict, the union represented its' female members to a lesser extent, because the other issues took such priority. Furthermore, because of the substantive concessions. the union lost some of its internal representativeness, and the stubbornness of the union may have even harmed the reputation of the union. This article also includes an early version of the representativeness framework, through which this conflict is analyzed. The second article discusses wage developments, union density and collective bargaining within the context of representativeness. It is shown that the union has been able to secure substantial benefits for its members, regardless of declining employment. Collective agreements have often been based on centralized incomes policies, but the paper sector has not always joined these. Attention is furthermore paid to the changing competition of the General Assembly, with a surprisingly strong position of the Left Alliance still. In an attempt to replicate analysis of union density measures, an analysis of sectoral union density shows that similar factors as in aggregate data influence this measure, though – due to methodological issues – the results may not be robust. On this issue, it can be said that the method of analysis for aggregate union density is not suitable for sectoral union density analysis. The increasingly conflict-ridden industrial relations predicted have not actually materialized. The article concludes by asking whether the aim of ever-increasing wages is a sustainable one in the light of the pressures of globalization, though wage costs are a relatively small part of total costs. The third article discusses the history and use of outsourcing in the Finnish paper industry. It is shown using Hyman's framework of constituencies that over time, the perspective of the union changed from 'members of the Paper Workers' Union' to a more specific view of who is a core member of the union. Within the context of the industrial unionism that the union claims to practice, this is an important change. The article shows that the union more and more caters for a core group, while auxiliary personnel is less important to the union's identity and constituencies, which means that the union's internal representativeness has decreased. Maintenance workers are an exception; the union and employers have developed a rotating system that increases the efficient allocation of these employees. The core reason of the exceptional status of maintenance personnel is their high level of non-transferable skills. In the end it is debatable whether the compromise on outsourcing solves the challenges facing the industry. The fourth article shows diverging discourses within the union with regard to union-employer partnership for competitiveness improvements and instruments of local union representatives. In the collective agreement of 2008, the provision regulating wage effects of significant changes in the organization or content of work was thoroughly changed, though this mainly reflected decisions by the Labor Court on the pre-2008 version of the provision. This change laid bare the deep rift between the Social Democratic and Left Alliance (ex-Communist) factions of the union. The article argues that through the changed legal meaning of the provision, the union was able to transform concession bargaining into a basis for partnership. The internal discontent about this issue is nonetheless substantial and a threat to the unity of the union, both locally and at the union level. On the basis of the results of the articles, other factors influencing representativeness, such as technology and EU law and an overview of the main changes in the Finnish paper industry, it is concluded that, especially in recent years, the Finnish Paper Workers' Union has lost some of its representativeness. In particular, the loss of the efficiency of strikes is noted, the compromise on outsourcing which may have alienated a substantial part of the union's membership, and the change in the collective agreement of 2008 have caused this decline. In the latter case, the internal disunion on that issue shows the constraints of the union's internal democracy. Furthermore, the failure of the union to join the TEAM industrial union (by democratic means), the internal conflicts and a narrow focus on its own sector may also hurt the union in the future, as the paper industry in Finland is going through a structural change. None of these changes in representativeness would have been so drastic without the considerable pressure of globalization - in particular changing markets, changing technology and a loss of domestic investments to foreign investments, which in the end have benefited the corporations more than the Finnish employees of these corporations. Taken together, the union risks becoming socially irrelevant in time, though it will remain formally very strong on the basis of its institutional setting and financial situation.

Application of social media and ICT-tools in new and small business ventures.

The current research emphasizes on various questions raised and deliberated upon by different entrepreneurs. It provides a valuable contribution to comprehend the importance of social media and ICT-applications. Furthermore, it demonstrates how to support and implement the management consulting and business coaching start-ups with the help of social media and ICT-tools. The thesis presents a literary review from different information systems science, SME and e-business journals, web articles, as well as, survey analysis reports on social media applications. The methodology incorporated into a qualitative research method in which social anthropological approaches were used to oversee the case study activities in order to collect data. The collaborative social research approach was used to shelter the action research method. The research discovered that new business start-ups, as well as small businesses do not use social media and ICT-tools, unlike most of the large corporations use. At present, the current open-source ICT-technologies and social media applications are equally available for new and small businesses as they are available for larger companies. Successful implementation of social media and ICT-applications can easily enhance start-up performance and overcome business hassles. The thesis sheds some light on effective and innovative implementation of social media and ICT-applications for new business risk takers and small business birds. Key words

Suomalaisten pörssiyhtiöiden osinkopolitiikkaa määrittävät tekijät

The finnish corporate dividend policy is reviewed in this article. The case has been studied in terms of theory and empirical evidence. The data consists of 42 corporations and the timescale is 2007-2011. The relation between key financials and dividend policy is studied In the empirical part .