Elinkaariajattelun hyödyntäminen yrityksen yhteiskuntavastuun toteuttamisessa

Kiinnostus yhteiskuntavastuuta kohtaan on kasvanut yrityksissä. Myös elinkaariajattelu on ajankohtainen asia ja sen käyttö yrityksissä lisääntyy jatkuvasti. Tämän tutkielman tavoitteena on selvittää, miten elinkaariajattelua voidaan hyödyntää yrityksen yhteiskuntavastuun toteuttamisessa. Tutkielmassa perehdytään yhteiskuntavastuun ja elinkaariajattelun käsitteisiin ja etsitään niille yhdistäviä tekijöitä. Tutkielma on teoreettinen ja pohjautuu aiheeseen liittyviin aikaisempiin tutkimuksiin. Teorian ohella tutkimus sisältää yritysesimerkkejä muutamista tunnetuista yrityksistä. Tutkimusessa havaittiin, että elinkaariajattelun omaksunut yritys voi hyötyä siitä monella tavalla, erityisesti taloudellisen vastuun ja ympäristövastuun toteuttamisessa, jotka ovat tärkeä osa yrityksen yhteiskuntavastuuta. Lisäksi havaittiin, että elinkaariajatteluun liittyy vielä paljon ongelmia ja sitä on tarvetta kehittää huomattavasti.

Cyanobacteria from the Baltic Sea and Finnish lakes as an energy source and modulators of bioenergetic pathways

Cyanobacteria are a diverse group of oxygenic photosynthetic bacteria that inhabit in a wide range of environments. They are versatile and multifaceted organisms with great possibilities for different biotechnological applications. For example, cyanobacteria produce molecular hydrogen (H2), which is one of the most important alternatives for clean and sustainable energy. Apart from being beneficial, cyanobacteria also possess harmful characteristics and may become a source of threat to human health and other living organisms, as they are able to form surface blooms that are producing a variety of toxic or bioactive compounds. The University of Helsinki Culture Collection (UHCC) maintains around 1,000 cyanobacterial strains representing a large number of genera and species isolated from the Baltic Sea and Finnish lakes. The culture collection covers different life forms such as unicellular and filamentous, N2-fixing and non-N2-fixing strains, and planktonic and benthic cyanobacteria. In this thesis, the UHCC has been screened to identify potential strains for sustainable biohydrogen production and also for strains that produce compounds modifying the bioenergetic pathways of other cyanobacteria or terrestrial plants. Among the 400 cyanobacterial strains screened so far, ten were identified as high H2-producing strains. The enzyme systems involved in H2 metabolism of cyanobacteria were analyzed using the Southern hybridization approach. This revealed the presence of the enzyme nitrogenase in all strains tested, while none of them are likely to have contained alternative nitrogenases. All the strains tested, except for two Calothrix strains, XSPORK 36C and XSPORK 11A, were suggested to contain both uptake and bidirectional hydrogenases. Moreover, 55 methanol extracts of various cyanobacterial strains were screened to identify potent bioactive compounds affecting the photosynthetic apparatus of the model cyanobacterium, Synechocystis PCC 6803. The extract from Nostoc XPORK 14A was the only one that modified the photosynthetic machinery and dark respiration. The compound responsible for this effect was identified, purified, and named M22. M22 demonstrated a dual-action mechanism: production of reactive oxygen species (ROS) under illumination and an unknown mechanism that also prevailed in the dark. During summer, the Baltic Sea is occupied by toxic blooms of Nodularia spumigena (hereafter referred to as N. spumigena), which produces a hepatotoxin called nodularin. Long-term exposure of the terrestrial plant spinach to nodularin was studied. Such treatment resulted in inhibition of growth and chlorosis of the leaves. Moreover, the activity and amount of mitochondrial electron transfer complexes increased in the leaves exposed to nodularin-containing extract, indicating upregulation of respiratory reactions, whereas no marked changes were detected in the structure or function of the photosynthetic machinery. Nodularin-exposed plants suffered from oxidative stress, evidenced by oxidative modifications of various proteins. Plants initiated strategies to combat the stress by increasing the levels of alpha-tocopherol, mitochondrial alternative oxidase (AOX), and mitochondrial ascorbate peroxidase (mAPX).

Ulkomaiset yritykset Suomessa

Ulkomaisten yritysten rooli Suomen taloudessa on kasvanut merkittävästi viime vuosikymmenien aikana. Tänä päivänä ne ovat merkittävä työllistäjä ja yksi tärkeimmistä talouskasvua ajavista voimista. Tämän kandidaatintyön tarkoituksena on tarkastella ulkomaisten yritysten toimintaa Suomessa. Työ keskittyy erityisesti niiden syiden ympärille, joiden takia ulkomaiset yritykset haluavat toimia Suomessa. Toisaalta tarkastellaan myös sitä, mille toimialoille ulkomaiset yritykset sijoittuvat, mistä maista ne ovat kotoisin ja mitkä ominaispiirteet Suomessa niitä houkuttelevat. Tarkastelu toteutettiin yritysten ja maiden kilpailukyvyn näkökulmasta. Työssä käytetyn aineiston pohjalta tehtiin johtopäätös, että Suomeen sijoittuville ulkomaisille yrityksille markkinatekijät ovat tärkein kriteeri. Ulkomaiset yritykset arvostavat Suomessa myös toimivaa infrastruktuuria ja yhteiskuntaa, teknologista osaamista sekä suomalaista rehellisyyttä, luotettavuutta ja koulutustasoa. Merkittävä osa ulkomaisista yrityksistä tulee Suomeen naapurimaista. Valtaosa kaikista ulkomaisista yrityksistä on sijoittunut jollekin toimialalle, jossa Suomella on kansainvälistä kilpailuetua.

Mutual Fund Performance and the Market Timing Ability - Finnish Evidence

The purpose of this thesis is to examine the performance of Finnish equity funds and their market timing ability. Fund performance is evaluated by using annual returns and various risk-adjusted measures, including Sharpe ratio, DDSR, SKASR, Treynor ratio and Jensen’s alpha, whereas portfolio manager’s timing ability is examined with Treynor-Mazuy model and Henriksson-Merton model. The data is collected from the Finnish fund market during the sample period from January 1997 to February 2010. Results show that Finnish equity funds have been able to outperform the market return on a risk-adjusted basis, but these results are influenced heavily by the exceptionally good performance during the IT-bubble. Market timing models show that fund managers have been, to some degree, able to time the market but not a single fund have been able to possess security selection ability and market timing ability simultaneously.

Lisäarvoa tuottavan palvelutarjooman kehittäminen asiakaslähtöisen palveluorganisaation kansainvälisille yritysasiakkaille

Tässä tutkielmassa selvitettiin, miten voidaan kehittää asiakaslähtöisen palveluorganisaation kansainvälisten yritysasiakkaiden kannalta lisäarvoa tuottava, toisin sanoin ideaalinen, palvelutarjooma. Tutkimuksessa keskityttiin erityisesti palvelupaketin hyötyjen ja kustannusten tunnistamiseen, jotta kansainvälisille yritysasiakkaille koituva hyöty voidaan maksimoida eli tarjota heille mahdollisimman paljon lisäarvoa. Toimeksiantajana tässä pro gradussa oli suomalainen työeläkeyhtiö, jonka asiakaslähtöisyys palveluorganisaationa muodosti tutkimuksen ainutlaatuisen kontekstin, koska työeläkeyhtiöiden toimintaa leimaa hyvin pitkälle lakisääteisyys. Tutkimus toteutettiin markkinatutkimuksena, jonka tutkimusote oli kvantitatiivinen eli määrällinen tutkimus. Kyselyn perusteella onnistuttiin tunnistamaan niitä palvelupaketin ominaisuuksia, jotka tuottavat asiakkaille hyötyä ja kustannuksia. Lisäetuna saatiin selville myös niitä tekijöitä, joilla ei ole kansainvälisten yritysasiakkaiden ideaalisen palvelutarjooman kannalta mitään vaikutusta. Myös nämä tekijät voidaan ja kannattaa ottaa huomioon työeläkeyhtiön palvelujen kehittämisessä. Tutkimuksen avulla voitiin toteuttaa palvelujen tuotteistamismallia tiettyyn pisteeseen asti käytännössä eikä tyydytty pelkästään teoreettiseen tarkasteluun.

Steward-ajattelu suomalaisissa mikroyrityksissä: osakeyhtiön ja avoimen yhtiön vertailu

Steward-ajattelu suomalaisissa mikroyrityksissä: osakeyhtiön ja avoimen yhtiön vertailu

Health Related Quality of Life after Childhood Cancer - A Finnish Nationwide survey

The purpose of this Finnish epidemiological nationwide cross-sectional study was to evaluate the Health Related Quality of Life (HRQL) of young people that have survived childhood cancer at least four years after cancer diagnosis. The study aims were (1) to increase knowledge and understanding about the relationship between childhood cancer and its treatment and HRQL of childhood cancer survivors and (2) to identify survivors who need and could benefit from ongoing long-term follow-up, as well as (3) to identify what kind of aftercare the childhood cancer survivors will possibly need. HRQL and fatigue of currently still young survivors of extracranial childhood malignancies were evaluated with self-reports and parent proxy reports. HRQL was measured with age-appropriate generic instruments: PedsQL™, SF-36, 15D, 16D and 17D. Fatigue for children and adolescents aged below 18 years was measured with the PedsQL™ Multidimensional Fatigue Scale Finnish version. PedsQL™ parent-proxy and the PedsQL™ Multidimensional Fatigue Scale Parentproxy instruments were used to assess the perception of the parents on HRQL and fatigue of their children and adolescents. Postal-survey questionnaires were mailed to 852 childhood cancer survivors aged 11-27 years and their randomly selected gender-, age and living-place matched controls, as well as under 18-year-old children´s parents. A total of 474 survivors, 595 controls, 209 survivor’s parent and 253 control’s parent replied. The mean age of survivors at the time of the study was 18.4 years. The mean length of survival was 12.3 years, and the mean age at diagnosis 5.5 years. The most of the Finnish childhood cancer survivors evaluated that their HRQL as good. Survivors rated their HRQL equal or higher than their controls. The only dimension where the survivors scored poorer than the controls was the 15D mobility dimension. Survivors of childhood cancer did not suffer from significant fatigue. There were subgroups of childhood cancer survivors who had poorer level of HRQL, and suffered from fatigue more than the reference group. The demographic factors that associated with poorer HRQL were female gender, greater weight, living alone, need of remedial education, an additional non-cancer diagnosis, survivors with siblings, and self-reported unhappiness. Disease-related factors that associated with poorer HRQL were higher age at the time of diagnosis, the diagnosis of Wilms tumor, neuroblastoma, or osteosarcoma, and treatment with stem cell transplantation. The factors associated with more fatigue in survivors were male gender, older age at evaluation, the need of remedial education at school, lower overall average grade in the latest school marks report, length of survival more than 10 years, lower HRQL-scores, and a sarcoma diagnosis. However, all the used demographic and disease related factors explained only about one third of the variation in the HRQL scores. In open questions, the survivors were most worried about their physical health, but were also worried about their mental health, cancer inheritance, late-effects, and fertility and relapse issues. It seems that there are subgroups of survivors who need and could benefit from ongoing long-term follow-up. In the future, the survivors of childhood cancer need more information about their physical and mental health, as well as on their cancer inheritance, possible late-effects including fertility issues, and on the risk of relapse.

Management of commercial property derived risks in the market context of the Russian Federation

The objective of the thesis is to examine the current state of risk management and to determine an appropriate risk management policy for commercial property derived risks in the Russian branch of a Finnish retail trade company. The employed research methodologies are comparative in-depth interviews and empirical value at risk analysis, including portfolio risk decomposition to determine the inter-currency characteristics. For a multinational retail trade company, the commercial property derived risks open up as a diverse combination of financial and non-financial risks with four distinctive interest groups. The research results indicate that geographical diversification across currency regimes provides diversification benefits. The Russian ruble is the most significant single risk component when considering the net investments outside the euro-zone. Decreasing the Russian ruble and Swedish krona exposures are the most effective methods to reduce translation derived risk. Exchange rate volatility varies over time according to idiosyncratic currency regime characteristics, and cost-effective risk management requires comprehensive analysis of the business environment. Profound and proactive risk management methods are found to be pivotal for companies with cross-border operations in order to succeed among international competitors.

Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)