Kestävä kehitys ja yritysvastuu – yritysvastuun raportointi suomalaisissa pörssiyrityksissä

Yritysvastuun ja kestävän kehityksen merkitys yritystoiminnassa kasvaa jatkuvasti tuoden mukanaan myös uusia vaatimuksia yrityksen toiminnalle ja raportoinnille. Tämän tutkimuksen tavoitteena on antaa kokonaiskuva yritysvastuun raportoinnista suurissa suomalaisessa pörssiyhtiössä. Tutkimuksessa selvitetään myös GRI:n merkitystä raportoinnissa ja sen taloudellisten indikaattoreiden hyödyntämistä. Tutkimuksessa analysoidaan tarkemmin yritysvastuun taloudellista ulottuvuutta, mittareita ja tavoitteita ja tarkastellaan, onko niissä havaittavissa toimialakohtaisia eroja. Tutkimus on kvalitatiivinen, mutta siinä on hyödynnetty myös määrällistä analyysiä. Tutkimuksen empiirinen aineisto koostuu 26 suuren suomalaisen pörssiyhtiön vuoden 2010 yritysvastuuraporteista ja vuosikertomuksista. Suurin osa kohdeyrityksistä raportoi yritysvastuusta, mutta raportoinnin laajuudessa on eroja. Yritykset julkaisevat toteumatietoja laajemmin kuin tavoitteita. Tavoitepoikkeamien analysointi on vielä vähäistä. Rahoitustoimiala raportoi yritysvastuusta muita toimialoja vähemmän. Kaksi kolmasosaa tutkimuksen kohdeyrityksistä ilmoitti soveltavansa GRI:n mukaista raportointioh-jeistoa. Yritysten väliset erot raportointiohjeiston soveltamisen välillä ovat suuret. Merkittäviä toimialakohtaisia eroja yritysvastuun tai taloudellisen vastuun raportoinnissa ei ole.

Russia, China, India Foresight for Small and Medium size Enterprises in Uusimaa : Changes forecast in the Russian, Chinese and Indian operating environments from the viewpoint of small and middle-sized enterprises in Uusimaa

The report describes those factors of the future that are related to the growth and needs of Russia, China, and India and that may provide significant internationalisation potential for Uusimaa companies. The report examines the emerging trends and market-entry challenges for each country separately. Additionally, it evaluates the training needs of Uusimaa companies in terms of the current offerings available for education on topics related to Russia, China, and India. The report was created via the Delphi method: experts were interviewed, and both Trendwiki material and the latest literature were used to create a summary of experts’ views, statements, and reasons behind recent developments. This summary of views was sent back to the experts with the objective of reaching consensus synthesising the differing views or, at least, of providing argumentation for the various alternative lines of development. In addition to a number of outside experts and business leaders, all heads of Finpro’s Finland Trade Centers participated in the initial interviews. The summary was commented upon by all Finpro consultants and analysts for Russia, China, and India, with each focusing on his or her own area of expertise. The literature used consisted of reports, listed for each country, and an extensive selection of the most recent newspaper articles. The report was created in January-April 2010. On 22 April 2010 its results were reviewed at the final report presentation in cooperation with the Uusimaa ELY Centre.

Yritysten väliset erot liikearvon arvonalentumistestauksen raportoinnissa

Tämän pro gradu -tutkielman tavoitteena oli tutkia, minkälaisia eroja suomalaisten listayhtiöiden välillä on liikearvon arvonalentumistestausta koskevassa raportoinnissa. Huomiota kiinnitettiin erityisesti arvonalentumistestissä käytettyjen menetelmien ja oletusten eroihin, sekä siihen, heijastuvatko taloudelliset tekijät arvonalentumistestauksen tilinpäätösraportointiin. Teoriaperusta muodostettiin aihepiirin kansainvälisten laskentasäännösten ja aiempien tieteellisten julkaisujen avulla. Tutkimusmenetelmä oli laadullinen ja empiirisenä aineistona käytettiin 20:n teknologia- ja kulutuspalveluiden toimialoilla toimivan yrityksen tilinpäätöksiä. Tutkimustulosten mukaan yritykset eivät raportoi liikearvoon liittyviä asioita yhdenmukaisesti, vaan vaihtelua liittyy niin käytettyihin taustaoletuksiin kuin ylipäätään raportoinnin avoimuuteen. Arvonalentumistestauksen raportointiin liittyvän herkkyysanalyysin katsottiin kuitenkin heijastavan yritysten aiempien tilikausien tai raportointikauden taloudellista menestystä.

Why publish?

This paper forwards an opinion about authors' and journals' motivations for scientific writing. Personal and institutional motivations are listed and discussed and, in regard to biodiversity sciences, I propose that a nationalistic motivation is also pertinent in a biodiversity-rich country such as Brazil. Curiosity and competitiveness should be combined for better results. Finally I discuss ground-breaking science within a post-modern perspective, and how the mere act of scientific writing might trigger both scientific and social revolutions.

Reduction of nitrogen oxide emissions in lime kiln

Different nitrogen oxide removal technologies for rotary lime kiln are studied in this thesis, the main focus being in commercial technologies. Post-combustion methods are investigated in more detail as potential possible NOx removal with combustion methods in rotary lime kiln is more limited or primary methods are already in use. However, secondary methods as NOx scrubber, SNCR or SCR technologies are not listed as the Best Available Technologies defined by European Union. BAT technologies for NOx removal in lime kiln are (1) Optimised combustion and combustion control, (2) Good mixing of fuel and air, (3) Low-NOx burner and (4) Fuel selection/low-N fuel. SNCR method is the most suitable technique for NOx removal in lime kiln when NOx removal from 50 % to 70 % is required in case primary methods are already in use or cannot be applied. In higher removal cases ammonia slip is an issue in SNCR. By using SCR better NOx reduction can be achieved but issues with catalyst materials are expected to arise because of the dust and sulphur dioxide which leads to catalyst poison formation in lower flue gas temperatures. NOx scrubbing has potential when simultaneous NOx and SO2 removal is required. The challenge is that NO cannot be scrubbed directly, but once it is oxidized to NO2 or further scrubbing can be performed as the solubility of NO2 is higher. Commercial installations have not been made regarding SNCR, SCR or NOx scrubbing regarding rotary lime kiln. For SNCR and SCR the closest references come from cement industry.

Pinoamislaitteen suunnittelu vetokoneen jälkeiselle linjalle

Työn tavoitteena oli suunnitella vetokoneen linjalle pinoamislaite. Laitteen tehtävänä on pinota yksittäin vetokoneelta tulevista tuotteista asiakasvaatimusten mukaisia pinoja. Laitteen suunnittelu toteutettiin käyttämällä systemaattisen koneensuunnittelun metodia. Diplomityö rajattiin koskemaan laitteen mekaanisten ratkaisujen suunnittelua. Suunnittelussa huomioitiin linjan asettamat vaatimukset, jotka koskevat sekä tuotantomäärää että tilojen käyttöä. Laitteen suunnittelussa ja mallinnuksessa käytettiin Solidworksin 3D-mallinnusohjelmaa. Mallinnettuja ratkaisuvaihtoehtoja verrattiin keskenään. Parhaiten vaatimusluettelossa esitetyt vaatimukset täyttänyt ratkaisumalli valittiin kehitettäväksi. Suunnitellusta laitteesta valmistettiin työpiirustukset sekä kokoonpanokuvat.

Characteristic Approach to Predicting Analysts’ Forecast Errors in the Finnish Market

Extensive literature shows that analysts’ forecasts and recommendations are often biased. Thus, it is important for the financial market to be able to recognize this bias to be able to correctly valuate public companies. This thesis uses characteristic approach, which was introduced by So (2013, pp. 615-640), to forecast analysts’ forecast errors and tests if predictable forecast error is fully incorporated into share prices. Data is collected of listed Finnish companies. Thesis’ timeframe spans over ten years from 2004 to 2013 consisting of 788 firm-years. Although there is earlier evidence that the characteristic approach is able to predict analysts’ forecast errors, no support for this is found in the Finnish market. This thesis contributes to the current knowledge by showing that the characteristic approach does not work universally as such but requires development to work especially in the smaller markets.

A strategy for obtaining social benefits from the gene revolution

The strategy described in the present paper offers details about the possibility for Brazil to play a more substantial role in the gene revolution. If successfully applied, the powerful science-based technology currently available in Brazil can contribute to extend the benefits of the gene revolution to the poorest countries, very much like the Green Revolution did in the past, thereby reducing the hunger syndrome which claimed the lives of millions of people in some Asian countries, particularly Pakistan and India, decades ago. In his visit to Brazil in February 2004, Norman Borlaug had the opportunity to witness the success of Brazilian agriculture. At a Conference held at ESALQ - Superior School of Agriculture Luiz de Queiroz in Piracicaba, SP, Brazil, he stated that the 21st century revolution will come from Brazil in the area of agriculture. He also said that reducing hunger is essential for the world to achieve socioeconomic stability. A central question remains unanswered: who will fund this revolution? The FAO 2003-2004 Annual Report listed the barriers preventing the gene revolution from reaching the poorest countries: inadequate regulatory procedures - Intellectual Property Rights and Biosafety, poorly functioning seed delivering systems and weak domestic plant breeding capacity; all are discussed in this paper.

Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Modification of Photocatalyst with Enhanced Photocatalytic Activity for Water

Increasing demand and shortage of energy resources and clean water due to the rapid development of industry, population growth and long term droughts have become an issue worldwide. As a result, global warming, long term droughts and pollution-related diseases are becoming more and more serious. The traditional technologies, such as precipitation, neutralization, sedimentation, filtration and waste immobilization, cannot prevent the pollution but restrict the waste chemicals only after the pollution emission. Meanwhile, most of these treatments cannot thoroughly degrade the contaminants and may generate toxic secondary pollutants into ecosystem. Heterogeneous photocatalysis as the innovative wastewater technology attracts many attention, because it is able to generate highly reactive transitory species for total degradation of organic compounds, water pathogens and disinfection by-products. Semiconductor as photocatalysts have demonstrated their efficiency in degrading a wide range of organics into readily biodegradable compounds, and eventually mineralized them to innocuous carbon dioxide and water. But, the efficiency of photocatalysis is limited, and hence, it is crucial issue to modify photocatalyst to enhance photocatalytic activity. In this thesis, first of all, two literature views are conducted. A survey of materials for photocatalysis has been carried out in order to summarize the properties and the applications of photocatalysts that have been developed in this field. Meanwhile, the strategy for the improvement of photocatalytic activity have been explicit discussed. Furthermore, all the raw material and chemicals used in this work have been listed as well as a specific experimental process and characterization method has been described. The synthesize methods of different photocatalysts have been depicted step by step. Among these cases, different modification strategies have been used to enhance the efficiency of photocatalyst on degradation of organic compounds (Methylene Blue or Phenol). For each case, photocatalytic experiments have been done to exhibit their photocatalytic activity.The photocatalytic experiments have been designed and its process have been explained and illustrated in detailed. Moreover, the experimental results have been shown and discussion. All the findings have been demonstrated in detail and discussed case by case. Eventually, the mechanisms on the improvement of photocatalytic activities have been clarified by characterization of samples and analysis of results. As a conclusion, the photocatalytic activities of selected semiconductors have been successfully enhanced via choosing appropriate strategy for the modification of photocatalysts.

Mycoflora and aflatoxigenic species in derivatives of milled rice

Thirty samples of rough rice stored for 6, 12 and 24 months in government authorized warehouses of the state of Rio Grande do Sul, Brazil, were simultaneously collected. After milling of the product, 90 samples (30 of polished rice, 30 of rice bran and 30 of rice hull) were evaluated for their mycoflora, aflatoxigenic species and aflatoxin contamination. The following fungi, listed in decreasing order of frequency, were isolated on Potato-Dextrose Agar: Aspergillus spp., Nigrospora spp., Penicillium spp.; Fusarium spp.; Mucor spp.; Cladosporium spp.; Trichosporon spp. and non-sporulated fungi. The degree of fungal contamination (colony forming units per gram of product) was lowest in polished rice, increasing progressively in samples of rice bran and rice hull. Among the Aspergillus species, A. flavus and A. candidus were isolated most frequently. Of the A. flavus isolates, 52.6% strains were found to be toxigenic and produced only Group B aflatoxins. Analysis of the 90 samples did not reveal the presence of aflatoxins in the rice derivatives.

Determinants of capital expenditures: Evidence from oil and mining sectors in Russia

This master’s thesis investigates the significant macroeconomic and firm level determinants of CAPEX in Russian oil and mining sectors. It also studies the Russian oil and mining sectors, its development, characteristics and current situation. The panel data methodology was implemented to identify the determinants of CAPEX in Russian oil and mining sectors and to test derived hypotheses. The core sample consists of annual financial data of 45 publicly listed Russian oil and mining sector companies. The timeframe of the thesis research is a six year period from 2007 to 2013. The findings of the master’s thesis have shown that Gross Sales, Return On Assets, Free Cash Flow and Long Term Debt are firm level performance variables along with Russian GDP, Export, Urals and the Reserve Fund are macroeconomic variables that determine the magnitude of new capital expenditures reported by publicly listed Russian oil and mining sector companies. These results are not controversial to the previous research paper, indeed they confirm them. Furthermore, the findings from the emerging countries, such as Malaysia, India and Portugal, are analogous to Russia. The empirical research is edifying and novel. Findings from this master’s thesis are highly valuable for the scientific community, especially, for researchers who investigate the determinant of CAPEX in developing countries. Moreover, the results can be utilized as a cogent argument, when companies and investors are doing strategic decisions, considering the Russian oil and mining sectors.

Graduale (MS C.ö.III.17)

A Lutheran gradual from Kalanti. As covers used a fragment of the Liturgical calendar of the Diocese of Turku, Saec. XIV 2/2, Diocese of Turku.

Accounting treatment for intangible assets acquired in a business combination under IFRS

The role of intangible assets and the amount of business combinations have increased significantly during the last decades which has caused the need to reform and harmonise the accounting treatment for acquired intangible assets. The aim of this study is to find out how the new accounting standard for business combinations, IFRS 3, has affected the accounting treatment for identifiable intangible assets and goodwill in the examined media companies between 2005 and 2014. The most significant reforms introduced by IFRS 3 have been goodwill impairment test and the fair value accounting for acquired intangibles. This study is conducted by using a descriptive analysis and the empirical data consists of financial statement information of listed Finnish and international media companies. The main objectives of IFRS 3 have been to reduce the amount of acquisition cost allocated to goodwill and allow companies to recognise new intangible assets separately from goodwill. The results of this study show that the amount of the acquisition cost allocated to goodwill has decreased during the examined period and due to the fair value accounting, business acquisitions have made new intangible assets visible that otherwise would have not met the recognition criteria under IAS 38. The application of IFRS has revealed a big amount of invisible assets in the balance sheets but at the same time this has reduced the comparability between companies.

Sensory descriptors of cocoa beans from cultivated trees of Soconusco, Chiapas, Mexico

The odor and taste profile of cocoa bean samples obtained from trees cultivated in southern Mexico were evaluated by trained panelists. Seven representative samples (groups) of a total of 45 were analyzed. Four attributes of taste (sweetness, bitterness, acidity and astringency), and nine of odor (chocolate, nutty, hazelnut, sweet, acidity, roasted, spicy, musty and off-odor) were evaluated. A sample (G7) with higher scores in sweet taste and sweet and nutty odors was detected, as well as a high association between these descriptors and the sample, analyzed through principal component analysis (PCA). Similarly, samples that showed high scores for non-desired odors in cocoas such as off-odor and musty were identified and related by PCA to roasted odor and astringent taste (G2 and G4). Based on this scores, the samples were listed in descending order by their sensory quality as G7> G5> G6> G3> G1> G4> G2.