Viimeisimmän finanssikriisin vaikutukset Helsingin Pörssin kulutuspalveluita tuottaviin yrityksiin

Tämän kandidaatintutkielman tarkoituksena on analysoida miten vuonna 2008 alkanut finanssikriisi ja sen aiheuttama taloudellinen epävarmuus ovat vaikuttaneet Nasdaq OMX Helsingin pörssiin listattujen kulutuspalveluita tuottavien yritysten suorituskykyyn. Näiden yritysten suorituskykyä analysoitiin tarkemmin tarkastelemalla kannattavuuden, maksuvalmiuden ja vakavaraisuuden tunnuslukuja aikavälillä 2008-2014. Tutkimuksen tavoitteena oli selvittää, minkälaisia muutoksia suorituskyvyn suhteen tutkitulla aikavälillä oli tapahtunut kulutuspalveluita tuottavien yritysten keskuudessa. Muutoksia analysoitiin sekä kokonaisuutena että yrityskohtaisesti. Lisäksi tutkittiin, miten kulutuspalveluryhmän sisäiset toimialat olivat selviytyneet finanssikriisistä. Käsiteltävää yritysryhmää analysoitiin tunnuslukuanalyysiä hyödyntäen. Saatujen tulosten mukaan finanssikriisillä ei ollut suurta vaikutusta käsiteltävien yritysten maksuvalmiuteen tai vakavaraisuuteen. Kannattavuuden tunnusluvut sen sijaan heikkenivät merkittävästi koko ryhmän osalta finanssikriisin vaikutuksesta. Yrityskohtaiset erot olivat tutkimuksessa melko suuria. Etenkin mediayhtiöiden tunnusluvut heikkenivät merkittävästi tutkitulla aikavälillä. Mediayhtiöiden huonoon suoriutumiseen liittyy finanssikriisin lisäksi muitakin tekijöitä. Median digitalisoituminen on aiheuttanut useille yrityksille ongelmia liiketoiminnan kannattavuuden ylläpitämisessä. Monet tutkituista yrityksistä ovat kuitenkin pystyneet kääntämään liiketoimintansa kannattavampaan suuntaan vuoden 2013 jälkeen. Johtopäätöksenä voidaankin vetää, että viimeisin finanssikriisi oli vaikutuksiltaan merkittävä ja pitkäkestoinen.

Juridisen kaksinkertaisen verotuksen problematiikka kansainvälisessä yritystoiminnassa

Tässä tutkielmassa tarkastellaan kansainvälisessä yritystoiminnassa esiintyviä juridisen kaksinkertaisen verotuksen ongelmatilanteita suomalaisten yritysten näkökulmasta. Tutkielmassa pohditaan lisäksi yritysten omaa roolia osana kaksinkertaisen verotuksen tilanteita. Juridista kaksinkertaista verotusta muodostuu, kun sama yhtiö maksaa samasta tulosta veroa kahteen valtioon. Teoriaosio etenee verotusoikeuden määrittämisestä kaksinkertaisen verotuksen muodostumiseen. Kaksinkertainen verotus pyritään poistamaan poistomenetelmällä, joka on Suomessa tavallisesti hyvitysmenetelmä. Ongelmatilanne muodostuu, kun kaksinkertaista verotusta ei saada tehokkaasti poistettua tulon lähdevaltion ja yhtiön asuinvaltion välillä. Tämä tutkielma on laadullinen tutkimus ja tutkimusmenetelmänä on käytetty teemahaastattelua. Tutkimustulokset osoittavat, että kvalifikaatiokonflikteissa juridisen kaksinkertaisen verotuksen ongelmatilanne esiintyy pääsääntöisesti rojalti-liiketulo -luokitteluristiriidan seurauksena. Kiinteän toimipaikan kvalifikaatio on harvinaisempi ongelmatilanne. Hyvitysmenetelmän suurimmat ongelmat esiintyvät puolestaan pääliikkeen tappiollisen liiketoiminnan johdosta. Toinen hyvitysmenetelmän ongelmakohta esiintyy, kun lähdeveron alainen tulo huomioidaan bruttotulosta, mutta ulkomaisen tulon hyvitys suoritetaan nettotulosta. Haastatteluiden perusteella on selvää, että yritysten oma rooli kaksinkertaisen verotuksen ehkäisyssä on merkittävä. Yrityksen omia vaikutusmahdollisuuksia ovat muun muassa riittävä ennakointikyky, dokumentointi, selkeät sopimukset ja asiantuntijuus.

Corporate green image communication through public disclosures and social media

Today, companies need to mind the environment in all their actions. Policies, regulations and growing pressure from environmentally conscious public are driving corporations to invest increasingly in their green images. Communication plays a key role in forming and maintaining that image. This thesis explores how six selected companies communicate about their environmental efforts and activities, and its linkage to their green images, in annual and sustainability reports and in Facebook. The companies come from the U.S. and Europe and operate in three different industries: ICT, oil and gas, and aerospace & defense. Qualitative and quantitative content analyses are conducted to examine 36 reports and 121 Facebook messages, collected from the period of 2010-2014, and from 2005 for comparison. The results show that although the quality and quantity of environmental disclosure is increasing, there is still room for improvement. Overall, disclosure in the ICT sector is on the highest level. The European companies disclose more and on average have stronger green images than the American ones. Emissions and ways to reduce them is by far the most covered topic in both continents and in all three industry sectors. The messages in Facebook are closer to advertising, and overall the platform is utilized surprisingly little.

Yhteiskuntavastuullinen toimittajavalinta

Yritysten yhteiskuntavastuu on viime vuosina noussut merkittäväksi osaksi yritysten jokapäiväistä toimintaa. Yhteiskuntavastuun aseman kehittymiseen yritysten strategiseksi valinnaksi on edesauttanut internetin sidosryhmille tarjoama lähes rajaton informaatio, joka on pakottanut yritykset muuttamaan toimintatapojaan kestävämpään suuntaan. Nykyinen asetelma on myös pakottanut yritykset miettimään uudestaan mitä he yhteiskuntavastuullaan haluavat sidosryhmilleen viestiä, ja miten he sen tekevät. Vastauksena tähän yritykset ovat kehittäneet voimakkaasti yhteiskuntavastuuraportointikäytäntöjään viime vuosien aikana, mikä näkyy muun muassa erialaisten raportointiohjeistusten hyödyntämisen yleistymisenä yhteiskuntavastuuraportoinnin apuvälineenä. Tämän tutkielman tarkoituksena on selvittää mitä yhteiskuntavastuu on, ja millaisia keinoja yrityksillä on integroida yhteiskuntavastuullinen toiminta osaksi hankintatoimeen kuuluvaa toimittajavalintaa. Työn empiriaosuus on toteutettu laadullisena tutkimuksena vertailemalla kahden suomalaisen eri toimialoilla toimivan yrityksen yhteiskuntavastuuraportteja, ja sen tavoitteena on löytää teemoja ja työkaluja, joiden avulla yritykset implementoivat yhteiskuntavastuuta toimittajavalinnassaan. Tutkimuksen yksi merkittävimmistä löydöistä oli yritysten tarve nostaa sekä yhteiskuntavastuu että toimittajavalinta strategisiksi toiminnoiksi, mitä tukee molempien empiriaosuudessa käytettyjen yritysten yhteiskuntavastuuraporteista löytynyt maininta toimitusketjujen sekä toimittajavalinnan suuresta merkityksestä yritysten yhteiskuntavastuun toteuttamisen välineenä.

Collection de titres et généalogies, formée par Charles-François BLONDEAU DE CHARNAGE (†1776). MELANGES. Français 26469 (161)

Montres d'armes et pièces militaires (1686-1690) ; — confirmation de l'hérédité aux notaires et procureurs (1690) ; — création de maréchaussées en Franche-Comté (1692) ; — création d'un président et de six notaires-secrétaires en la Chambre des comptes de Dole (1693) ; — suppression des offices de conseillers lieutenants-généraux de police, excepté à Paris, et création de nouveaux offices de conseillers lieutenants-généraux (1699) ; — création de contrôleurs des deniers patrimoniaux et d'octrois et de substituts des procureurs du roi (1694) ; — arrêt du Conseil d'État prescrivant la confection d'un état du personnel des corporations d'arts et métiers (1673) ; — procureurs du roi et greffiers des villes (1691) ; — officiers municipaux (1693) ; — notaires, procureurs, huissiers et sergents (1701) ; — détenteurs d'héritages (1711) ; — offices municipaux (1737-1738) ; — billets de monnaie (1707) ; — laines de Languedoc, de Provence et du Dauphiné (1742) ; — loterie royale (1755) ; — loterie de l'École militaire (1757) ; — récit de la victoire remportée par la flotte française à Gibraltar (1756) ; — ode sur la paix ; — mausolée de Languet de Gergy, curé de St-Sulpice ; — factum pour Jean Sarrazin contre Nicolas Le Fèvre ; — arrêt sur la péremption (1703) ; — attaque du fort St-Philippe (1756) ; — les cabriolets justifiés ; — plan d'association ; — compliment à F.-M. de Verthamon ; — conjuration à Malte (1749) ; — requête du curé de Fontenoy au roi ; — les Tronchinades ; — lettre d'un Français à un Anglais ; — pamphlet en vers contre le pape ; — Nantes (1705) ; — Constitution Unigenitus (1720-1733) ; — condamnation d'une thèse de Jean-Martin de Prades (1752) ; — arrêt en faveur du curé de St-Nicolas-des-Champs (1754) ; — arrêt contre la Lettre de M. l'évêque de Boulogne à M. le Procureur général (1754) ; — arrêt contre Laugieur de Beaurecueil, curé de Ste-Marguerite, à Paris (1755) ; — chapitre Ste-Croix d'Orléans (1755) ; — suppression de deux chambres des Enquêtes (1757) ; — officiers et affaires du Parlement (1753) ; — arrêt concernant la délivrance des prisonniers d'Orléans à l'avènement des évêques de cette ville (1753) ; — mandements de l'archevêque de Paris, des vicaires-généraux de Bourges et de l'évêque de Troyes (1756-1758) ; — règlement pour la chambre des Vacations, tenue aux Grands-Augustins (1753) ; — St-Sauveur de Lille.

Measuring Shared Value: How to Unlock Value by Linking Social and Business Results

Competitividad y valor compartido

V&B celebrate building milestone

The firm celebrates the construction of new headquarters.

The origins of federal public enterprises in Canada: an appraisal of two approaches

The Green Party of Canada, as a vital aspect of the Canadian green movement, and its connection to international green organizations can be examined primarily through the examp l es of both the Canadian Greens and the Green party of Ontario , by using original party documents and literature, information gained through Green party meetings and discussions with members, and commentary by Green theorists where app licable. As well, the influence on the Canadian green movement by the German Green Party is out lined , again mainly through party literature, documents and critiques of the party's experiences. This study reveals several existing and potential problems fo r t he Green Party in Canada, and the political fut ure of the Canadian green movement in general. Some, such as the real i ties of the Canadian political system are external to the movement, and may be overcome with adjustments in goals and methods, and a realization of the changing attitude towards environmental issues in a political context . On the other hand, internal party disfunctions in both organization and direction, caused mainly by the indefinite parameters of green ideology, threaten to expl oi t t he al ready problematic aspects evident in t he Green Party . Aside from its somewhat slow beginnings, the Green Party in Canada has developed into a strong grassroots social movement, not however from its political visibility but from the steady growth in the popul ari ty of ecological pol i t ics in Canada . Due to the seeming enormity of the obstacles facing the Greens in their effort 4 to achieve electoral success, it is doubtful that Parliamentary representation will be achieved without a major re-orientation of party organization and methods. UI timately the strength of the Green Party in Canada will be based upon its ability to survive as a significant movement, and its willingness to continue to challenge political thought and practice.

You get what you pay for : independent music and Canadian public policy

The aim of this MA thesis is to demonstrate how corporate concentration within the global music industry specifically affects the Canadian music industry's ability to compete for its own national audience as well as audiences worldwide. Federal public policies, regulatory regimes and subsidies are considered within the context of the structure of the global marketplace which is, in effect, an oligopoly controlled by four major corporations. Through an extensive literature review of political economy theory, Canadian public policies and music studies, as well as personal interviews conducted with Canadian musicians, entrepreneurs and public servants, I will situate my research within the body of political economy theory; present a detailed report of the structure of the global music industry; address the key players within the industry; describe the relationship between the major corporations and the independent companies operating in the industry; discuss how new technologies affect said relationships; consider the effectiveness of Canadian public policies in safeguarding the national music industry; and recommend steps that can be taken to remedy the shortcomings of Federal policies and regulatory regimes.

Investigating the potential of thecamoebians (testate amoebae) as bio-indicators of impact of oil sands mining operations on freshwater environments in Northeastern Alberta, Canada

Thecamoebian (testate amoeba) species diversity and assemblages in reclamation wetlands and lakes in northeastern Alberta respond to chemical and physical parameters associated with oil sands extraction. Ecosystems more impacted by OSPM (oil sands process-affected material) contain sparse, low-diversity populations dominated by centropyxid taxa and Arcella vulgaris. More abundant and diverse thecamoebian populations rich in difflugiid species characterize environments with lower OSPM concentrations. These shelled protists respond quickly to environmental change, allowing year-to-year variations in OSPM impact to be recorded. Their fossil record thus provides corporations with interests in the Athabasca Oil Sands with a potential means of measuring the progression of highlyimpacted aquatic environments to more natural wetlands. Development of this metric required investigation of controls on their fossil assemblage (e.g. seasonal variability, fossilization potential) and their biogeographic distribution, not only in the constructed lakes and wetlands on the oil sands leases, but also in natural environments across Alberta.

Royal Canadian Henley Regatta fonds, 1948-1983 (non-inclusive)

In 1903, the Canadian Association of Amateur Oarsmen had their request granted to make the Old Welland Canal at Port Dalhousie the permanent site of the Royal Canadian Henley Regatta. That same year organized rowing was established in St. Catharines when the St. Catharines Rowing and Canoe Club was formed. The Henley course was completed in July of 1903 after rowing was well underway. Although the Henley course served as an athletic and social event, rowing itself was slow to grow in the St. Catharines area. In 1915 the Regatta was cancelled for the duration of WWI and reinstated in 1919 when an increased public interest in the sport began to grow. Two years later, the Henley Aquatic Association was formed in order to control, maintain and improve the rowing facilities. This association was responsible for building a new clubhouse at Ann Street in 1921 and in 1931 completing the grandstands. Also in the 1930s the association had the Federal Government approve their appeal to have the Henley waters dredged for the first time. The St. Catharines Rowing Club re-located its headquarters to the Lakeport Road site. The 1940s brought more support from local groups and with that more events. In 1945, the St. Catharines Junior Chamber of Commerce began helping to organize and promote rowing locally. One of the new events at the Henley course was the "Schoolboy Championships". The growth of both rowing and the Henley continued growing through the 1950s. The Henley Aquatic Association acquired Reid's Island, now Henley Island, mainly through the efforts of Ted Nelson. In the 1960s, rowing really took off in St. Catharines. Women began to become recognized in the sport when Brock University created a women's rowing team. The second dredging was completed in 1964, leading to the creation of a world class rowing course. The facilities were upgraded to international standards and the Henley rowing course became Canada's first Class A FISA (Fédération Internationale des Sociétés d’Aviron or International Federation of Rowing Associations) rowing course. The first North American Rowing Championship was held at the Henley course in 1967 and again in 1970 for the third championship. The Canadian Henley Rowing Corporation formed in 1972, along with the St. Catharines, Parks and Recreation Department created the first rowing school for youth. Since 1960, St. Catharines has been at a competitive level with other International rowing courses. The city continues to produce Olympic level athletes today.

Liquidity, institutional ownership and regulation fair disclosure

There is a body of academic literature addressing two issues of importance for leveling the playing field for all classes of investors: 1) the impact of institutional investors on liquidity; and 2) the impact of Regulation Fair Disclosure on institutional investors and liquidity. Our study addresses both issues with the purpose of attaining a better understanding and explanation of this relationship. We classify institutional ownership according to Bushee's (1998, 2001) methodology; transient institutions, dedicated institutions and quasi-indexers. Our results indicate that while transient institutions and quasi-indexers have a positive impact on liquidity, dedicated institutional ownership is negatively associated with liquidity. This result is consistent with prior theoretical studies. We also find that the effectiveness ofthe Regulation Fair Disclosure in improving liquidity is limited to firms with higher transient institutional ownership, whereas quasi-indexed institutions have not been significantly affected by the regulations. In fact, the liquidity of firms is lower for firms with higher dedicated institutional holdings, which is evidence of the "chilling effect".

Niagara Falls Bridge Commission Scrapbooks, 1941-1948, 1953-1963, 1965-1974

The Niagara Falls Bridge Commission was created by a joint resolution of the 1938 U.S. Congressional Third Session. The Extra Provincial Corporations Act of Ontario, Canada licenses the Niagara Falls Bridge Commission. Canada and the United States are equally represented on the Commission by an 8 member Board of Commissioners. Canadian commissioners are appointed by the Premier of Ontario. The three Niagara bridges are the Whirlpool Bridge, the Lewiston-Queenston Bridge and the Rainbow Bridge. Source:http://niagarafallsbridges.com/index.php3

Niagara Falls Bridge Commission Scrapbook and Clippings, 1948, 1950, 1954-1960

he Niagara Falls Bridge Commission was created by a joint resolution of the 1938 U.S. Congressional Third Session. The Extra Provincial Corporations Act of Ontario, Canada licenses the Niagara Falls Bridge Commission. Canada and the United States are equally represented on the Commission by an 8 member Board of Commissioners. Canadian commissioners are appointed by the Premier of Ontario. The three Niagara bridges are the Whirlpool Bridge, the Lewiston-Queenston Bridge and the Rainbow Bridge.

Educating for Community Resilience: How the Work of Thomas Homer-Dixon and JohnDewey's Pattern of Inquiry Can Help Us Prepare for the Ecological and Social Challenges of the 21st Century

Scientists have overwhelmingly concluded that global warming occurs as a consequence of human activities and that climate change, combined with the depletion of resources, could have catastrophic consequences for the human civilization later this century. However, in political circles and in the public sphere these conclusions are not taken seriously, or they are laid aside for future generations to deal with; at the same time, significant efforts are being deployed to discredit the scientific evidence. In this thesis I have studied the positions of climate scientists as well as those of climate change deniers, and I also examined how their points of view are likely to impact the interests and habits of corporations and citizens. The work of Thomas Homer-Dixon was used as an important source for analyzing the complex interaction between our natural, economic, and social systems, and John Dewey's pattern of inquiry provided the theoretical foundation for an analysis of the current crisis and its possible solutions. No concerted action to deal with climate change has yet been taken by the leaders of the Western world; I corroborated data from four reliable sources (Hansen, 2009; IPCC, 2007; Lynas, 2007; Steffen, 2011) regarding several development scenarios and their likely consequences on greenhouse gas emissions, and I concluded that a future temperature increase of more than 2°C appears now as unavoidable. In the light of this conclusion I argue that education for increasing the resilience of smaller communities is a realistic alternative that can offer some hope in dealing with the challenges ahead.