Beta and debt premium for a Finnish distribution company

Suomessa sähkönjakelu on säännelty monopoli. Energiamarkkinavirasto tuottaa ohjeistuksen sekä mallin yritysten ansaintamahdollisuuksille. Karkeasti sanottuna tulomalli on sijoitetun pääoman ja pääoman painotetun kustannuksen tulo. Pääoman painotettu kustannus koostuu useista parametreista kuten beta ja vieraan pääoman riskipreemio. Näiden parametrien taso ja määrittämisajankohta perustuvat subjektiivisiin näkemyksiin, kun objektiivista parametrien määrittämismenetelmää tulisi käyttää. Nykyiset beta ja vieraan pääoman riskipreemio perustuvat energiamarkkinaviraston ja asiantuntijoiden lausuntoihin. Aihealuetta on tutkittu erittäin vähän, mikä johtunee pääasiassa siitä, ettei ole olemassa listautuneita puhtaita jakeluverkkoyhtiöitä. Betan nykytaso on 0.529 ja vieraan pääoman riskipreemio on 1.0 %. Tässä pro gradu –työssä määritetään markkinaperusteisesti betan ja vieraan pääoman riskipreemion nykytaso. Tässä työssä esiteltävä määrittämismalli perustuu puhtaasti markkinadataan eikä sen soveltamisessa käytetä subjektiivisia mielipiteitä. Markkinaehtoisia tietoja käyttäen betan pitäisi olla tasolla 0.525 ja vieraan pääoman riskipreemion tasolla 1.34 %. Nämä luvut, mikäli ne otettaisiin käyttöön, vaikuttaisivat suoraan ja positiivisesti jakeluverkkoyhtiöiden sallittuun tuottoon Suomessa.

Interaction with industrial customers from a project selling company's perspective

This thesis studied the issue of interaction in industrial buyer-seller relationships. The aim of the thesis was to study the interaction from the seller’s perspective, especially from a project selling company’s perspective. The purpose of the thesis was to offer suggestions for the case company on how to improve interaction. The theoretical part of the study introduced the interaction framework of buyer-seller interaction, and the concept of interaction mechanisms. The focus was on studying the seller’s ways and means to utilize the interaction mechanisms. A case study research was conducted in the empirical part of the study, in which interaction in the case company was observed at a general level and through three different projects. The case company of the study was a project selling company. The case study data was gathered through individual interviews. Content Analysis was used as a research method for analyzing the case study data. Based on the case study findings, the results were drawn. The results indicated what should be done, in order to develop interaction in the case company. Finally, suggestions were provided for the case company on how to improve interaction, and a suggested interaction model was established for the case company. Although the thesis studied the topic from the viewpoint of only one specific company, it also offers outlook for other seller companies to improve their interaction.

Cross-cultural knowledge transfer within a multinational company

The ability to share knowledge efficiently is vital in day-to-day operations of multinational companies. Therefore, the tools for the effective knowledge sharing along with the transfer knowledge models are of a primary interest for the companies. Knowledge transfer often involves participants of different cultural background. The purpose of this research is to investigate how the cross-cultural knowledge transfer in a multinational corporation takes place and how the successful knowledge transfer is ensured. The four sub-questions will help to answer the research question. Firstly, the author will try to identify what difficulties might occur while transferring knowledge in a multicultural environment. Secondly, the cultural differences’ impact on cross-cultural communication will be explored. Thirdly, the tools and models for effective tacit knowledge transfer will be covered by the author. Lastly, the methods of assessing if a knowledge transfer was successful or not will be discussed. The focus of this thesis is on knowledge transfer within a multinational setting. A multinational corporation is used as a practical example for this study; namely the Training Centre of the multinational corporation. The study was carried out by using a qualitative research approach. The four employees of the Training Centre were interviewed in order to obtain the answers to the research questions. The complete idea of the data gathering process can be obtained by reading through the first part of the methodology section Furthermore, the matters of transferability, confirmability, trustworthiness and objectivity were discussed in the methodological section. The study indicates that in order to carry out the successful and efficient knowledge transfer several requests have to be met. Mutual motivation, e.g. the motivation of both knowledge sender and knowledge receiver is one of the most important determinants of knowledge transfer. Sufficient and bearable workload for the knowledge senders is important to ensure the quality and involvement of the knowledge sender into knowledge transfer process. Course contents, infrastructure and other matters will be discussed further on in relation of successful knowledge transfer. Influences of cultural differences on knowledge sharing were studied in this thesis. At the end of the empirical study- a model used to transfer knowledge in Training Centre will be presented. The model created proves to be functional and appropriate for transferring knowledge to representatives of different cultures.

Toiminimi Auto Company o.y

22 x 27 cm

Fordson Ford Motor Company of Finland o/y:n takuu

22 x 42 cm

Ford Motor Company of Finland oy Garantie

22 x 41 cm

Kansallis-osake-pankin selostus Ford Motor Company of Finland Oy:stä

21 x 28 cm

P.M. Ford Motor Company of Finland o.y:tä

21 x 27 cm

Ford Motor Company of Finland Oy vuosikertomus

14 x 23 cm

A Steel Company Entering the Market Area of St. Petersburg

Tutkimuksen tavoitteena on selvittää tarkoituksenmukaisin etabloitumismenetelmä teräsyhtiön kansainvälistymisessä Pietarin markkinoille. Vaikka kansainvälistymistä onkin tutkittu paljon, kyseisen kontekstin erityispiirteisiin on aiemmissa tutkimuksissa kiinnitetty vain vähän huomiota. Kansainvälistymisteorioista työhön valittiin John Dunningin eklektinen paradigma sekä Uppsala-malli. Etabloitumismenetelmän valintaa puolestaan tarkastellaan eri vaihtoehtojen kautta, jotka kattavat viennin, suorat ulkomaan investoinnit, sopimusjärjestelyt sekä yhteisyrityksen. Valintaa selitetään taustalla vaikuttavien tekijöiden sekä kansainvälistymisprosessin kautta. Kohteena olevan markkina-alueen potentiaalin, ongelmien sekä yrityksen kilpailuetujen arvioinnin jälkeen ehdotetaan optimaalista ratkaisua. Omat haasteensa operaatiomuodon valintaan luovat potentiaalinen mutta haastava kohdemarkkina-alue sekä yrityksen sisäiset tekijät. Kontekstiin parhaiten sopivaksi etabloitumismenetelmäksi esitetään aloittamista välittömällä viennillä asiakkaiden etsimiseksi ja suhteiden luomiseksi. Kun asiakkuuksia alueella on riittävästi, myyntikonttorin perustaminen Pietarin lähelle nähdään tarkoituksenmukaisena paikallisen läsnäolon lisäämiseksi. Empiirinen data kattaa kahdeksan asiantuntijahaastattelua, jotka yhdessä muun lähdeaineiston kanssa rakentavat perustan empiirisille tuloksille. Tutkimuksen tulokset tarjoavat yritykselle perustellun ratkaisuehdotuksen siitä, kuinka Pietarin markkinoille tulisi etabloitua.

Customer Segmentation in Industrial Markets - CASE: Labelstock Company

The aim of this thesis is to study segmentation in industrial markets and develop a segmenting method proposal and criteria case study for a labelstock manufacturing company. An industrial company is facing many different customers with varying needs. Market segmentation is a process for dividing a market into smaller groups in which customers have the same or similar needs. Segmentation gives tools to the marketer to better match the product or service more closely to the needs of the target market. In this thesis a segmentation tool proposal and segmenting criteria is case studied for labelstock company’s Europe, Middle East and Africa business area customers and market. In the developed matrix tool different customers are planned to be evaluated based on customer characteristic variables. The criteria for the evaluating matrix are based on the customer’s buying organizations characteristics and buying behaviour. There are altogether 13 variables in the evaluating matrix. As an example of variables there are loyalty, size of the customer, estimated growth of the customer purchases and customer’s decision-making and buying behaviour. These characteristic variables will help to identify market segments to target and the customers belonging to those segments.

Developing Service-based Solutions for Water Treatment in Finnish Mining Industry

The aim of this master’s thesis is to analyze the mining industry customers' current and future needs for the water treatment services and discover new business development opportunities in the context of mine water treatment. In addition, the study focuses on specifying service offerings needed and evaluate suitable revenue generation models for them. The main research question of the study is: What kind of service needs related to water treatment can be identified in the Finnish mining industry? The literature examined in the study focused on industrial service classification and new service development process as well as the revenue generation of services. A qualitative research approach employing a case study method was chosen for the study. The present study uses customer and expert interviews as primary data source, complemented by archival data. The primary data was gathered by organizing total of 13 interviews, and the interviews were analyzed by using qualitative content analysis. The abductive-logic was chosen as the way of conducting scientific reasoning in this study. As a result, new service proposals were developed for Finnish mine industry suppliers. The main areas of development were on asset efficiency services and process support services. The service needs were strongly associated with suppliers’ know-how of water treatment process optimization, cost-effectiveness as well as on alternative technologies. The study provides an insight for managers that wish to pursue a water treatment services as a part of their business offering.

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

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

Service Productization and Product Servitization in The Contract Manufacturing Company

The role of contract manufacturing and subcontracting has been seen in black and white in product and service point of view. It used to be seen either as a product or a service. In the thesis product-service system, offering combining products and services, was discussed. Theory was created from two perspectives; Service productization via Business Model generation and product servitization via New Service Development process. Target for the case study was to point out new ways of service thinking and ways for changing business environment in contract manufacturing, especially in customer satisfaction and profitability point of view. The case study is following the New Service Development process phases. First ideas were collected from literature and via sales management interviews. Service offering and tool for service requirement evaluation was created. Last financial results of example service scenarios were calculated. It is recommended to take service offering into internal use and further develop it into modular service model. It is also recommended to take created customer service requirement evaluation tool into use for capturing customer service needs but also for communicating those internally.