Capital Structure of Finnish SMEs and Financial Constraints

This thesis studies capital structure of Finnish small and medium sized enterprises. The specific object of the study is to test whether financial constraints have an effect on capital structure. In addition influences of several other factors were studied. Capital structure determinants are formulated based on three capital structure theories. The tradeoff theory and the agency theory concentrate on the search of optimal capital structure. The pecking order theory concerns favouring on financing source over another. The data of this study consists of financial statement data and results of corporate questionnaire. Regression analysis was used to find out the effects of several determinants. Regression models were formed based on the presented theories. Short and long term debt ratios were considered separately. The metrics of financially constrained firms was included in all models. It was found that financial constrains have a negative and significant effect to short term debt ratios. The effect was negative also to long term debt ratio but not statistically significant. Other considerable factors that influenced debt ratios were fixed assets, age, profitability, single owner and sufficiency of internal financing.

Development of corporate social responsibility in Finnish forest industry

The main objective of this thesis was to map the development of corporate social responsibility (CSR) in Finnish forest industry. The aim was to describe the development and find factors that explain the development. Another objective was to understand the influence of different stakeholders on the development as well as examine the development of CSR reporting. This qualitative case study used thematic interviews as the research method. The research data were collected by conducting 11 interviews among the case company representatives and stakeholders. Based on the research results, no single factor in the background of the phenomenon could be showed. Instead, CSR has developed in stages through its different dimensions. The main drivers of CSR turned out to be environmental organizations, customers and local communities. It can be concluded that the forest industry has taken CSR seriously for a long time, which has benefited the forest companies in many ways.

Tuotannonohjauksen kehittäminen piensarjatuotannossa

Tämä diplomityö käsittelee teollisen yrityksen tuotannonohjauksen kehittämistä piensarjatuotannossa. Työn kohteena on ABB Oy:n Tuulivoimageneraattorit-tulosyksikkö, joka valmistaa vakiotuotteita asiakasohjautuvasti. Työssä esitellään aluksi tuotannon ja tuotannonohjauksen teoriaa. Lävitse käydään perusasioiden kuten määritelmien, tavoitteiden ja tehtävien lisäksi tuotannonohjausprosessia sekä tuotannonohjauksen tietotekniikkaa. Teorian jälkeisessä empiriaosuudessa esitellään työssä kehitettyjä keinoja tuotannonohjauksen parantamiseksi. Tutkimus on toteutettu teoreettisen ja empiirisen tutkimustyön avulla. Teoreettiseen tutkimustyöhön sisältyi suomalaisiin ja ulkomaalaisiin kirjallisuuslähteisiin perehtyminen. Empiirinen tutkimustyö suoritettiin itsenäisen ongelman ratkaisutyön avulla. Tämä sisälsi kehittämiskohteiden analysoinnin, tarkempien kehittämistarpeiden määrityksen sekä kokeilujen kautta tapahtuneen kehittämistyön. Tutkimuksen päätavoitteena oli selvittää, miten tuotannonohjauksen kehittämisellä voidaan parantaa kohteena olevan tulosyksikön tuottavuutta ja kannattavuutta. Päätavoitteen pohjalta muodostettiin kuusi osatavoitetta: toimitusvarmuuden parantaminen, kapasiteetin kuormitusasteen nostaminen, kapasiteetin suunnittelun kehittäminen, läpäisyaikojen lyhentäminen, uuden ERP-järjestelmän vaatimusmäärittely sekä tuotannonohjausprosessin määrittäminen. Työssä rakennettiin neljään ensiksi mainittuun osatavoitteeseen tietotekniset sovellukset, jotka mahdollistavat osatavoitteiden suunnittelun ja ohjaamisen. Sovelluksia varten kullekin tuotteelle määriteltiin esimerkiksi työnvaiheketjut läpäisyaikoineen, kuormitusryhmät, kuormitusryhmien kapasiteetit, tuotteiden kuormittavuudet sekä kriittiset työvälineet. Työ osoitti, että tietotekniikka auttaa suuresti tuotannonohjauksessa. Lisääntynyt läpinäkyvyys, parantunut tiedonkulku, simulointimahdollisuudet sekä graafinen esitystapa helpottavat erilaisten suunnitelmien teossa ja parantavat siten päätöksenteon laatua. Tietotekniikan hyväksikäytön pohjana toimii tuotannon perus- ja tapahtumatietojen kurinalainen päivitys. Tämän vuoksi tietojärjestelmistä kannattaa rakentaa mahdollisimman yksinkertaisia.

Asiakkaan luottamuksen kokemus terveydenhuollon palveluntarjoajaa kohtaan : case tutkimus terveydenhuollon yksityiseltä sektorilta

Tutkimuksen tavoite on selvittää mitkä tekijät vaikuttavat asiakkaan luottamuksen kokemukseen palveluntarjoajaa kohtaan ei kasvokkain tarjottavissa terveyspalveluissa. Tutkimusongelman käsittelyssä kiinnitetään erityisesti huomiota luottamuksen rakentumisen dynamiikkaan ja aikaulottuvuuteen sekä yksityisen palveluntarjoajan maineeseen yhtenä luottamuksen kokemusta selittavänä tekijänä. Kirjailisuuskatsauksessa on määritelty paääkäsitteet maine ja luottamus sekä niiden alakasitteita. Lähteinä on käytetty luottamusta käsittelevää kirjallisuutta useilta eri tieteenaloilta. Case tutkimus on suoritettu laadullisin menetelmin kirjallisuuskatsauksessa esitetyn viitekehyksen ja aikaisemman tutkimuksen pohjalta. Primaariaineisto on kerätty fokusryhmäkeskusteluilia. Aineistoa on pyritty anatysoimaan mahdollisimman yksityiskohtaisesti tutkimuskysymyksen kontekstissa. Analyysin pohjalta tehtyjä tulkintoja on verrattu aikaisempaan tutkimukseen. Case tutkimus osoitti, etta positiivisten odotusten ja suomalaista terveydenhuollon järjestelmää kohtaan tunnetun luottamuksen ansiosta suhtautuminen terveydenhuollon palveluntarjoajaa kohtaan on lähtokohtaisesti luottavainen. Luottamuksen rakentumisen ensivaiheessa nopea luottamus perustuu aikaisemmista kokemuksista siirrettyyn luottamukseen ja stereotypioihin. Seuraavassa vaiheessa luottamus henkilöityy hoitajaan. Luottamus syvenee positiivisten kokemusten ja odotusten täyttymyksen myötä koskemaan myös palveluntarjoajaa. Luottamuksen rakentumisen tärkeimmiksi tekijöiksi nousivat yrityksen maine sosiaalisessa mediassa, suosittelijat, yrityksen asema terveydenhuollon järjestelmässä sekä hoitajien kyvykkyys, kompetenssi, empatiakyky ja potilaan ymmärtäminen.

Tulospalkkaus käytännössä - ansaittu etu vai toiminnan ohjaaja

Tutkimuksen tarkoituksena oli selvittää tulospalkkiojärjestelmän vaikutuksia käytännössä. Päätutkimusongelmat olivat: toimiiko tulospalkkiojärjestelmä toivotulla tavalla ja jos ei toimi, niin miten sitä tulisi kehittää? Vastausten saamiseksi kerättiin empiiristä aineistoa suomalaisesta hotelli- ja ravintola-alan yrityksestä. Aineisto kerättiin www-kyselynä Internetin kautta. Kyselyssä selvitettiin mielipiteitä myös avoimin kommentein. Teorian mukaan hyvin toimiva tulospalkkiojärjestelmä voi tukea merkittävästi yrityksen strategisten tavoitteiden saavuttamista. Toisaalta huonosti suunniteltu ja strategian kanssa ristiriidassa oleva järjestelmä voi toimia tavoitteiden vastaisesti. Tulospalkkiojärjestelmän rakenne, kehittämistapa, yhteensopivuus strategian kanssa sekä ennen kaikkea työntekijöiden tietämys järjestelmästä vaikuttavat tulospalkkiojärjestelmän merkitykseen työntekijöille. Tulospalkkiojärjestelmä vaikuttaa yksilön toimintaan merkityksensä kautta. Tutkimuksen teoreettisena viitekehyksenä käytettiin TKK:n tulospalkkiojärjestelmän toimivuusmallia. Mallin avulla arvioitiin tulospalkkiojärjestelmän vaikutuksia tavoitteisiin, toimintaan, yhteistyöhän ja ilmapiiriin sekä työasenteisiin. Lisäksi arvioitiin järjestelmän toimivuutta järjestelmän tarkoituksen, rakenteen sekä esimiestyön kannalta. Tutkimustulokset osoittavat arvioidun järjestelmän toimivan pääosin hyvin ja sillä on merkitystä työntekijöille. Järjestelmä tunnetaan hyvin ja sillä on myös rahallista merkitystä. Toteutuneiden tulospalkkioiden määrä ei kuitenkaan näytä olevan riittävän suuri motivoidakseen sellaisenaan. Teorian ja tutkimustulosten perusteella esitettiin ehdotuksia tulospalkkiojärjestelmän kehittämiseksi. Tulospalkkiojärjestelmää tulisi kehittää yksinkertaisemmaksi, jotta sillä olisi enemmän toivottuja vaikutuksia.

Built environment and elderly population health: a comprehensive literature review

Global population aging over recent years has been linked to poorer health outcomes and higher healthcare expenditure. Policies focusing on healthy aging are currently being developed but a complete understanding of health determinants is needed to guide these efforts. The built environment and other external factors have been added to the International Classification of Functioning as important determinants of health and disability. Although the relationship between the built environment and health has been widely examined in working age adults, research focusing on elderly people is relatively recent. In this review, we provide a comprehensive synthesis of the evidence on the built environment and health in the elderly.

Natural Science in the Bothnian Sea During 1975-2008: A Review

The Baltic Sea is one of the most studied areas in the world. However, parts of its northernmost reach, the Bothnian Sea, seem to be under represented in the natural scientific literature compared to other parts of the Baltic. The Bothnian Sea represents a unique inland sea environment for the scientific community to study due to its shallowness and low salinity. The natural sciences research carried out on the Bothnian Sea has been reviewed between 1975 and 2008. This time period was chosen to continue on from an earlier review paper ending in 1974. Along with the number of papers published the goal was also to review the content of the papers, indentifying dominating themes to evaluate gaps in the current knowledge on the Bothnian Sea and provide recommendations for topics of future research focus. In a classification into specific research topics biodiversity was the leading research focus followed by chemical and physical oceanography, pollution and toxins, and fish biology and fisheries. The current good condition of the Bothnian Sea is highly valued with its historically less eutrophic and clearer waters when compared to the Baltic. However, today the Bothnian Sea is facing eutrophication resulting from nutrient-rich water transported by the many rivers draining into it from Sweden and Finland making it an area in need of protection and preservation. More human activity will also concentrate on the Bothnian Sea in the future. Therefore the use of the sea and its coastal areas must be planned carefully to minimize the harmful effects of this increasing human activity. To achieve this more information is needed for the basis of Integrated Coastal Zone Management (ICZM) and maritime spatial planning (MSP). For example, for the Bothnian Sea the information on the underwater nature which is essential for ICZM is so far missing to a large extent. Specific biological, chemical and physical oceanographic information is needed to combine with economic analyses and environmental policies regarding this region. More research of a multidisciplinary nature is required on the unique Bothnian Sea environment and this we feel is best achieved through a joint Finnish-Swedish research strategy.

Conservation Genetics of Exploited Finnish Salmonid Fishes

Genetic diversity is one of the levels of biodiversity that the World Conservation Union (IUCN) has recognized as being important to preserve. This is because genetic diversity is fundamental to the future evolution and to the adaptive flexibility of a species to respond to the inherently dynamic nature of the natural world. Therefore, the key to maintaining biodiversity and healthy ecosystems is to identify, monitor and maintain locally-adapted populations, along with their unique gene pools, upon which future adaptation depends. Thus, conservation genetics deals with the genetic factors that affect extinction risk and the genetic management regimes required to minimize the risk. The conservation of exploited species, such as salmonid fishes, is particularly challenging due to the conflicts between different interest groups. In this thesis, I conduct a series of conservation genetic studies on primarily Finnish populations of two salmonid fish species (European grayling, Thymallus thymallus, and lake-run brown trout, Salmo trutta) which are popular recreational game fishes in Finland. The general aim of these studies was to apply and develop population genetic approaches to assist conservation and sustainable harvest of these populations. The approaches applied included: i) the characterization of population genetic structure at national and local scales; ii) the identification of management units and the prioritization of populations for conservation based on evolutionary forces shaping indigenous gene pools; iii) the detection of population declines and the testing of the assumptions underlying these tests; and iv) the evaluation of the contribution of natural populations to a mixed stock fishery. Based on microsatellite analyses, clear genetic structuring of exploited Finnish grayling and brown trout populations was detected at both national and local scales. Finnish grayling were clustered into three genetically distinct groups, corresponding to northern, Baltic and south-eastern geographic areas of Finland. The genetic differentiation among and within population groups of grayling ranged from moderate to high levels. Such strong genetic structuring combined with low genetic diversity strongly indicates that genetic drift plays a major role in the evolution of grayling populations. Further analyses of European grayling covering the majority of the species’ distribution range indicated a strong global footprint of population decline. Using a coalescent approach the beginning of population reduction was dated back to 1 000-10 000 years ago (ca. 200-2 000 generations). Forward simulations demonstrated that the bottleneck footprints measured using the M ratio can persist within small populations much longer than previously anticipated in the face of low levels of gene flow. In contrast to the M ratio, two alternative methods for genetic bottleneck detection identified recent bottlenecks in six grayling populations that warrant future monitoring. Consistent with the predominant role of random genetic drift, the effective population size (N_e) estimates of all grayling populations were very low with the majority of N_e estimates below 50. Taken together, highly structured local populations, limited gene flow and the small N_e of grayling populations indicates that grayling populations are vulnerable to overexploitation and, hence, monitoring and careful management using the precautionary principles is required not only in Finland but throughout Europe. Population genetic analyses of lake-run brown trout populations in the Inari basin (northernmost Finland) revealed hierarchical population structure where individual populations were clustered into three population groups largely corresponding to different geographic regions of the basin. Similar to my earlier work with European grayling, the genetic differentiation among and within population groups of lake-run brown trout was relatively high. Such strong differentiation indicated that the power to determine the relative contribution of populations in mixed fisheries should be relatively high. Consistent with these expectations, high accuracy and precision in mixed stock analysis (MSA) simulations were observed. Application of MSA to indigenous fish caught in the Inari basin identified altogether twelve populations that contributed significantly to mixed stock fisheries with the Ivalojoki river system being the major contributor (70%) to the total catch. When the contribution of wild trout populations to the fisheries was evaluated regionally, geographically nearby populations were the main contributors to the local catches. MSA also revealed a clear separation between the lower and upper reaches of Ivalojoki river system – in contrast to lower reaches of the Ivalojoki river that contributed considerably to the catch, populations from the upper reaches of the Ivalojoki river system (>140 km from the river mouth) did not contribute significantly to the fishery. This could be related to the available habitat size but also associated with a resident type life history and increased cost of migration. The studies in my thesis highlight the importance of dense sampling and wide population coverage at the scale being studied and also demonstrate the importance of critical evaluation of the underlying assumptions of the population genetic models and methods used. These results have important implications for conservation and sustainable fisheries management of Finnish populations of European grayling and brown trout in the Inari basin.

Mental Health of Expatriates in Finnish Enterprises in Brazil

Expatriation has become increasingly common due to the global trade expansion. Many large companies base their production facilities in far-flung countries, where experts are sent from their own countries to launch the operations. Working in a foreign environment demands from so-called expatriates considerable adaptability. This study aimed to investigate if following expatriation mental health difficulties were experienced by the employees themselves or their family members. This study investigated by a questionnaire and interviews how expatriate employees in Finnish companies operating in different regions of Brazil and their families adjusted. Investigated employees were required to be at least 6 months in expatriation. Data were collected in Brazil during their stay at least 3 months after the arrival. The survey covered 121 expatriate employees, that operated in 17 different companies, from which 71 employees from 10 different companies responded to the questionnaire. All the employees from the two largest enterprises and their spouses were invited to focus groups; in total 43 persons (22 employees and 21 employees’ spouses) participated in a group or individual interviews. No significant mental health difficulties were found among the expatriate employees. Only a tenth of the expatriate employees reported strain. The experience of strain symptoms was found to be related to long working days, intense working rhythm and lack of friends. Work satisfaction seemed to be an important mediator in the coping process. While abroad, the expatriate employees were highly recognized for their work. Due to the immature organization of work they could often use their creative capacities to improve the work flow. The opportunity to see the effects of their own contribution with their own eyes to the development of the enterprise made them feel good. The association between the expatriate employees’ adjustment and that of their spouses’ was evident. The spouses’ situation was markedly different than that of the expatriate employees’ themselves. Expatriation changed the family members’ previous division of tasks considerably. The expatriate spouses had to change their roles more than the expatriate employees themselves; since most of them were highly educated women, who were leaded through an identity crisis due to at least temporary renunciation of own work and career.

Sairaanhoitajaopiskelijoiden ohjattujen käytännön harjoittelujen aikana ilmenneet eettiset ongelmat

Ethical problems occurring during the practical training period of Finnish nursing students The present study focused on nursing students adopting the professional code of conduct during their supervised practical training. The study was carried out in two phases. During the first phase, the objective was to survey ethical problems occurring in practical training as well as how these problems are detected and resolved by nursing students and their supervisors at different stages of their studies. In the second phase, the capability of the nursing students about to graduate to detect and resolve ethical problems was described and analyzed. The students’ capacity for self-instruction, independent search for information as well as factors related to teaching of ethics were determined within this phase. Further, an extensive literature review was carried out to complement the study. Thus, the main objective of the thesis was to make suggestions for the development of the teaching of ethics and supervision in nursing studies and in practice. In the first part of the empirical phase (2002–2005), the views of the nursing students (n =18) were clarified with themed open essay questions. Furthermore, the views of the supervising nurses (n = 115) were established by utilizing a series of themed questions and group interviews. During the second phase (2006–2007), the data for the analyses were collected from nursing students in their graduating stage (n = 319) by a national Internet-based questionnaire. The results of the first phase were examined with contentanalysis and those of the second phase both statistically and by using content analysis. Ethical problems occurring during supervised practical training were typically connected to a patient or a client, a member of the nursing staff or to a student, while solutions were connected to preparation and the action to solve the problem in question. Ethical dilemmas were classified as legal, ethical comportment and uncertainty problems as well as personal and institutional ones. The solutions for these problems were further grouped as based on facts, instructor/staff/member/specialist or patient/client/relative. The results showed that although the nursing students about to graduate had detected many ethical problems both independently as well as together with the nursing staff during every practical training period, they were able to resolve only few of them. Ethical problems were most frequently encountered during training in psychiatric nursing. On the grounds of their own impressions, the nursing students stated that their ability to detect and solve ethical problems improved during their training period. The primary factors related to this enhancement of their skills were teaching and the students’ readiness for selfinstruction. Gender, orientation of the studies and age were observed to be the most important among the underlying factors influencing the capability to detect and solve ethical problems as well as to engage in self-instruction. Based on the results obtained, suggestions for development as well as topics for further studies are presented through teaching of professional ethics and supervision during practical training.

Customer reference marketing in a business to business context

This study focuses on the phenomenon of customer reference marketing in a business tobusiness (B to B) context. Although customer references are generally considered an important marketing and sales tool, the academic literature has paid surprisingly little attention to the phenomenon. The study suggests that customer references could be viewed as important marketing assets for industrial suppliers, and the ability to build, manage and leverage customer reference portfolios systematically constitutes a relevant marketing capability. The role of customer references is examined in the context of the industrial suppliers' shift towards a solution and project orientation and in the light of the on going changes in the project business. Suppliers in several industry sectors are undergoing a change from traditional equipment manufacturing towards project and solution oriented business. It is argued in this thesis that the high complexity, the project oriented nature and the intangible service elements that characterise many contemporary B to B offerings further increase the role of customer references. The study proposes three mechanisms of customer reference marketing: status transfer, validation through testimonials and the demonstration of experience and prior performance. The study was conducted in the context of Finnish B to B process technology and information technology companies. The empirical data comprises 38 interviews with managers of four case companies, 165 customer reference descriptions gathered from six case companies' Web sites, as well as company internal material. The findings from the case studies show that customer references have various external and internal functions that contribute to the growth and performance of B to B firms. Externally, customer references bring status transfer effects from reputable customers, concretise and demonstrate complex solutions, and provide indirect evidence of experience, previous performance, technological functionality and delivered customer value. They can also be leveraged internally to facilitate organisational learning and training, advance offering development, and motivate personnel. Major reference projects create new business opportunities and can be used as a vehicle for strategic change. The findings of the study shed light on the on going changing orientations in the project business environment, increase understanding of the variety of ways in which customer references can be deployed as marketing assets, and provide a framework of the relevant tasks and activities related to building, managing and leveraging a firm's customer reference portfolio. The findings contribute to the industrial marketing research, to the literature on marketing assets and capabilities and to the literature on projects and solutions. The proposed functions and mechanisms of customer reference marketing bring a more thorough and structured understanding about the essence and characteristics of the phenomenon and give a wide ranging view of the role of customer references as marketing assets for B to B firms. The study suggests several managerial implications for industrial suppliers in order to systematise customer reference marketing efforts.

The effects of social networks on work-team effectiveness

This is a study of team social networks, their antecedents and outcomes. In focusing attention on the structural configuration of the team this research contributes to a new wave of thinking concerning group social capital. The research site was a random sample of Finnish work organisations. The data consisted of 499 employees in 76 teams representing 48 different organisations. A systematic literature review and quantitative methods were used in conducting the research: the former primarily to establish the current theoretical position on the relationships among the variables and the latter to test these relationships. Social network analysis was the primary method used in identifying the social-network relations among the work-team members. The first and key contribution of this study is that it relates the structuralnetwork properties of work teams to behavioural outcomes, attitudinal outcomes and, ultimately, team performance. Moreover, it shows that addressing attitudinal outcomes is also important in terms of team performance; attitudinal outcomes (team identity) mediated the relationship between the team’s performance and its social network. The second contribution is that it examines the possible antecedents of the social structure. It is thus one response to Salancik’s (1995) call for a network theory in that it explains why certain network characteristics exist. Itdemonstrates that irrespective of whether or not a team is heterogeneous in terms of age or gender, educational diversity may protect it from centralisation. However, heterogeneity in terms of gender turned out to have a negative impact on density. Thirdly, given the observation that the benefits of (team) networks are typically theorised and modelled without reference to the nature of the relationships comprising the structure, the study directly tested whether team knowledge mediated the effects of instrumental and expressive network relationships on team performance. Furthermore, with its focus on expressive networks that link the workplace to a more informal world, which have been rather neglected in previous research, it enhances knowledge of teams andnetworks. The results indicate that knowledge sharing fully mediates the influence of complementarities between dense and fragmented instrumental network relationships, thus providing empirical validation of the implicit understanding that networks transfer knowledge. Fourthly, the study findings suggest that an optimal configuration of the work-team social-network structure combines both bridging and bonding social relationships.