Stock Market reaction to the CSR announcements of American fast food companies

The purpose of this study is to examine whether Corporate Social Responsibility (CSR) announcements of the three biggest American fast food companies (McDonald’s, YUM! Brands and Wendy’s) have any effect on their stock returns as well as on the returns of the industry index (Dow Jones Restaurants and Bars). The time period under consideration starts on 1st of May 2001 and ends on 17th of October 2013. The stock market reaction is tested with an event study utilizing CAPM. The research employs the daily stock returns of the companies, the index and the benchmarks (NASDAQ and NYSE). The test of combined announcements did not reveal any significant effect on the index and McDonald’s. However the stock returns of Wendy’s and YUM! Brands reacted negatively. Moreover, the company level analyses showed that to their own CSR releases McDonald’s stock returns respond positively, YUM! Brands reacts negatively and Wendy’s does not have any reaction. Plus, it was found that the competitors of the announcing company tend to react negatively to all the events. Furthermore, the division of the events into sustainability categories showed statistically significant negative reaction from the Index, McDonald’s and YUM! Brands towards social announcements. At the same time only the index was positively affected by to the economic and environmental CSR news releases.

The effect of environmentally differentiated port fees to shipping companies’ environmental investments

The pressure has grown to develop cost-effective emission reduction strategies in the Baltic Sea. The forthcoming stringent regulations of the International Maritime Organization for reducing harmful emissions of shipping in the Baltic Sea are causing increasing expenses for the operators. A market-based attitude towards pricing of economic incentives could be seen as a new approach for a successful application for the additional emission reduction of nitrogen oxides (NOx). In this study the aim is to understand the phenomenon of environmentally differentiated port fees and its effects on shipping companies’ emission reduction investments. The goal is to examine empirically the real-life effects of the possible environmental differentiated port fee system and the effect of environmentally differentiated port fees on NOx reduction investments in the Baltic Sea. The research approach of this study is nomothetical. In this study research questions are answered by analyzing the broad database of the Baltic Sea fleet. Also the framework of theory is confirmed and plays an important role in analyzing the research problem. Existing investment costs of NOx emission reduction technology to ship owners are estimated and compared to investment costs with granted discounts added to the cash flows. The statistical analysis in this study is descriptive. The major statistic examination of this study is the calculation of the net present values of investments with different port fee scenarios. This is done to investigate if the NOx technology investments could be economically reasonable. Based on calculations it is clear that the effect of environmentally differentiated port fees is not adequate to compensate the total investment costs for NOx reduction. If the investment decision is made only with profitability considerations, sources will prefer to emission abatement as long as incomes from the given subsidy exceeds their abatement costs. Despite of the results, evidence was found that shipping companies are nevertheless willing to invest on voluntary emission abatement technology. In that case, investment decision could be made with criteria of, for example, sustainable strategy or brand image. Combined fairway and port fee system or governmental regulations and recommendation could also function as additional incentives to compensate the investment costs. Also, the results imply that the use of NPV is not necessarily the best method to evaluate environmental investments. If the calculations would be done with more environmental methods the results would probably be different.

Uuden tiedon hankinta ja hyödyntäminen organisaation innovaatioprosesseissa

Tämän tutkimuksen tavoitteena oli tutkia, miten uuden ja erityisesti tulevaisuuteen suuntautuvan tiedon hankintaa ja hyödyntämistä organisaatioiden innovaatioprosesseissa voidaan tarkastella ja jäsentää sekä kehittää avoimen innovaatioteorioiden pohjalta. Tulevaisuustiedon järjestelmällinen hyödyntäminen on yhä tärkeämmässä asemassa 2010-luvun organisaatioiden innovatiivisuuden ja kilpailukyvyn kannalta. Tämä on abstraktin luonteensa vuoksi erittäin haasteellista mutta teoriassa mahdollista, jos uuden tiedon liittämisestä organisaation käyttöön on tehty tärkeä ja selkeä osa koko organisaation strategiaa. Uuden tiedon tehokkaaseen käsittelemiseen ja siirtämiseen organisaatiossa tarvitaan suunnitelmallista ennakointitoimintaa, sosiaalisia sovittelumekanismeja ja rakentavaa yhteistyötä myös ulkopuolisten toimijoiden kanssa. Valitun teoriakehyksen pohjalta laadittiin yksinkertaistettu kyselytutkimus, johon oli liitetty absorptiiviseen kapasiteettiin, visionääriseen kyvykkyyteen, ennakointitoimintaan ja uuden tiedon käsittelyyn liittyviä käsitteitä. Kyselyn tarkoituksena oli myös tarjota organisaatiolle mahdollisuus tarkastella nykyistä tilaansa uuden tiedon monivaiheisen hyödyntämisen kannalta. Kyselytutkimus lähetettiin suomalaisille teollisuusyrityksille ja saatuja vastauksia käytettiin empiirisenä aineistona. Empiiristä aineistoa tarkasteltiin kvantitatiivisin menetelmän ja tuloksista saatiin hyödyllistä tietoa yritysten toiminnasta käytännöntasolta.

The impact of long-term brand development strategies on brand value of companies operating in high-technology markets

The objective of the current research is to investigate brand value generation. The study is conducted in the context of high-technology companies. The research aims at finding the impact of long-term brand development strategies, including advertising investments, R&D investments, R&D intensity, new products developed and design. The empirical part of the study incorporated collection of primary and secondary data on 36 companies operating in high-technology sector and being rated as top companies with the most valuable brands by Interbrand consultancy. The data contained information for six consequent years from 2008 to 2013. Obtained data was analyzed using the methods of fixed effect and random effect model (panel data analysis). The analysis showed positive effect of advertising and R&D investments on brand value of high-technology companies in the long run. The impact of remaining three strategies was not approved and further investigation is required.

Collaborative Customer Relationship Management in Business-to-Business Firm's Strategy

The objective of this thesis is to study the presence of collaborative customer relationship management in a firm’s strategy. In addition the thesis explains specific implementations of collaborative CRM, and CRM in general, by each case company. The sample consists of five Finnish business-to-business companies through applying multiple-case study method. The data is collected through face-to-face interviews with employees knowledgeable of the case company’s CRM processes. The qualitative data is analyzed through coding and shows that two out of five case companies have adopted and are using collaborative CRM in their strategy and operations. These case companies see collaborative CRM as an important driver for the company, through customer focus and market orientation. The rest of the case companies are either in the process of moving towards collaborative CRM or have given little consideration to it. The results show that collaborative CRM is in use, and that each company modifies it to meet their exact aspirations. The major challenge in the process is to fully grasp the importance of a shared vision that can translate into collaborative efforts in CRM and business strategy.

Työkyvyn johtaminen : Case Pirkanmaan Osuuskauppa

Tämän tutkimuksen tarkoituksena oli tutkia miten Pirkanmaan Osuuskaupan esimiehet ymmärtävät työhyvinvoinnin merkityksen esimiestyössään ja mitä asioita heidän tulisi vielä kehittää työhyvinvointi osaamisessaan. Työkyvyn johtamista verrattiin Elinkeinoelämän keskusliiton luomaan työkyvynjohtamisen malliin. Tutkimuksen pohjalta laadittiin ehdotuksia, jotta esimiesten osaamista, ymmärtämystä ja kykyä hyödyntää työhyvinvoinnin välineitä voitaisiin kehittää ja ylläpitää oikeilla toimenpiteillä. Yrityksissä työhyvinvointiin on alettu kiinnittää entistä enemmän huomiota kiireisen työtahdin, työn vaatimusten sekä työurien mahdollisten pidentymisen vuoksi, jolloin työnantajan lisäksi vaaditaan myös työntekijöiltä panostusta työhyvinvointiin. Tutkimus toteutettiin käyttämällä laadullista menetelmää. Aineiston keruu tehtiin puolistrukturoidun teemahaastattelun avulla. Haastatteluihin valikoitui 4 esimiestä. Haastattelujen avulla kartoitettiin esimiesten tietoja ja näkemyksiä työhyvinvoinnista ja heidän työhyvinvointiosaamisen tasosta. Tutkimuksen avulla selvisi, että esimiesten keskuudessa työhyvinvoinnin ylläpitämiseen ja kehittämiseen panostetaan vähemmän kuin mitä olisi mahdollista. Suurimmiksi esteiksi työhyvinvoinnin toteuttamiselle muodostuivat aika, resurssit ja asenteet. Pirkanmaan Osuuskaupan johtamistyön ja toimintatapojen välillä on eroja verrattuna Elinkeinoelämän keskusliiton työkykyjohtamisen malliin. Esimiestyö on mahdollisuuksia täynnä oleva kilpailuetu, mutta samalla myös huomattava haaste.

Idioms and L2 Learners. The Effect of L1, Transparency and Frequency on Idiom Comprehension by Finnish and Italian Learners of English

Tämän sivuaineen tutkielman tarkoituksena on selvittää, miten suomalaiset ja italialaiset englannin kielen opiskelijat tunnistavat englanninkielisten idiomien merkityksiä. Erityisesti opiskelijoiden oman äidinkielen vaikutusta idiomien ymmärtämiseen tutkitaan, kuin myös idiomien eri ominaisuuksien vaikutusta. Lisäksi tutkitaan, miten opiskelijat itse ajattelevat osaavansa käyttää idiomeja, ja pitävätkö he idiomien oppimista tärkeänä. Tutkielmaan osallistui 35 suomalaista englannin kielen yliopisto-opiskelijaa ja 34 italialaista englannin kielen yliopisto-opiskelijaa. Tutkimusaineisto kerättiin monivalintakyselyn avulla. Idiomit valittiin Collins Cobuild Dictionary of Idioms (2001) -sanakirjasta. Kysely sisälsi 36 idiomia, jotka valittiin kolmesta eri frekvenssiluokasta. Jokaisesta frekvenssiluokasta valittiin neljä idiomia, joille oli vastine sekä suomen että italian kielessä, neljä idiomia, joille oli vastine vain suomen kielessä ja neljä idiomia, joille oli vastine vain italian kielessä. Kullekin idiomille oli annettu neljä merkitysvaihtoehtoa, ja näistä yksi tai kaksi oli sanakirjojen mukaisia oikeita vastauksia. Tutkimuksen tulokset näyttävät osoittavan, että sekä suomalaisilla että italialaisilla oli vaikeuksia idiomien merkitysten tunnistamisessa. Kuitenkin myös suomalaisten ja italiaisten välillä oli tilastollisesti merkittävä ero. Suomalaiset osasivat idiomit huomattavasti paremmin kuin italialaiset. Koehenkilöt ymmärsivät merkittävästi helpommin idiomit joille oli vastine heidän omassa äidinkielessään kuin idiomit joille ei ollut vastinetta. Lisäksi vastaajat näyttivät hyötyvän myös idiomien kuvainnollisen ja kirjaimellisen merkityksen läheisyydestä eli läpinäkyvyydestä. Idiomien frekvenssi sen sijaan ei näyttänyt vaikuttavan niiden ymmärtämiseen. Suomalaisten ja italialaisten englannin opiskelijoiden mukaan idiomien opiskelu on hyödyllistä ja tarpeellista. Tulokset osoittavat, että idiomien ymmärtäminen on haastavaa jopa edistyneille oppijoille. Omalla äidinkielellä näyttää olevan suuri vaikutus idiomien ymmärtämiseen, ja nimenomaan samankaltaisuudesta on hyötyä. Äidinkielen merkitykseen vieraiden kielten oppimisessa ja sanaston oppimisessa täytyisi kiinnittää enemmän huomiota, ja idiomeja sekä muuta kuvainnollista kieltä täytyisi opettaa myös edistyneemmille oppijoille.

International Advanced Water Technologies Centre, IAWTC/LADEC and LUT 2013 : Questionnaire Responses from Russian Drinking Water and Wastewater Treatment Plants

In this report, information is published concerning Russian water and wastewater treatment plants. The information is based on a questionnaire sent to 70 water and wastewater treatment plants in 2012-2013. The questionnaire was prepared by the International Advanced Water Technologies Centre (IAWTC) and Lahti Development Company (LADEC). The questions dealt with an assessment of the present state, the need for changes, renovation, investments, and how to improve the efficiency of the operation by training and investments. A significant need to renew the old pipelines, constructions, and processes was clearly evident. The aggregated answers can be utilized in Russia as internal benchmarking in order to arrange training and plant visits, which were requested in many of the answers. Sharing this open report with the respondents can aid networking and awareness of HELCOM requirements which relate to waste water treatment plants discharging their waste water directly or indirectly into the Baltic Sea. The aim of this report is to provide information for Finnish small and medium size companies (SMEs) as regards possible water related exportation to different parts of Russia.

Let Go and Remember. How Finnish Communities Experienced and Memorialized School Shootings

This study examines the aftermath of mass violence in local communities. Two rampage school shootings that occurred in Finland are analyzed and compared to examine the ways in which communities experience, make sense of, and recover from sudden acts of mass violence. The studied cases took place at Jokela High School, in southern Finland, and at a polytechnic university in Kauhajoki, in western Finland, in 2007 and 2008 respectively. Including the perpetrators, 20 people lost their lives in these shootings. These incidents are part of the global school shooting phenomenon with increasing numbers of incidents occurring in the last two decades, mostly in North America and Europe. The dynamic of solidarity and conflict is one of the main themes of this study. It builds upon previous research on mass violence and disasters which suggests that solidarity increases after a crisis, and that this increase is often followed by conflict in the affected communities. This dissertation also draws from theoretical discussions on remembering, narrating, and commemorating traumatic incidents, as well as the idea of a cultural trauma process in which the origins and consequences of traumas are negotiated alongside collective identities. Memorialization practices and narratives about what happened are vital parts of the social memory of crises and disasters, and their inclusive and exclusive characteristics are discussed in this study. The data include two types of qualitative interviews; focused interviews with 11 crisis workers, and focused, narrative interviews with 21 residents of Jokela and 22 residents of Kauhajoki. A quantitative mail survey of the Jokela population (N=330) provided data used in one of the research articles. The results indicate that both communities experienced a process of simultaneous solidarity and conflict after the shootings. In Jokela, the community was constructed as a victim, and public expressions of solidarity and memorialization were promoted as part of the recovery process. In Kauhajoki, the community was portrayed as an incidental site of mass violence, and public expressions of solidarity by distant witnesses were labeled as unnecessary and often criticized. However, after the shooting, the community was somewhat united in its desire to avoid victimization and a prolonged liminal period. This can be understood as a more modest and invisible process of “silent solidarity”. The processes of enforced solidarity were partly made possible by exclusion. In some accounts, the family of the perpetrator in Jokela was excluded from the community. In Kauhajoki, the whole incident was externalized. In both communities, this exclusion included associating the shooting events, certain places, and certain individuals with the concept of evil, which helped to understand and explain the inconceivable incidents. Differences concerning appropriate emotional orientations, memorialization practices and the pace of the recovery created conflict in both communities. In Jokela, attitudes towards the perpetrator and his family were also a source of friction. Traditional gender roles regarding the expression of emotions remained fairly stable after the school shootings, but in an exceptional situation, conflicting interpretations arose concerning how men and women should express emotion. The results from the Jokela community also suggest that while increased solidarity was seen as important part of the recovery process, some negative effects such as collective guilt, group divisions, and stigmatization also emerged. Based on the results, two simultaneous strategies that took place after mass violence were identified; one was a process of fast-paced normalization, and the other was that of memorialization. Both strategies are ways to restore the feeling of security shattered by violent incidents. The Jokela community emphasized remembering while the Kauhajoki community turned more to the normalization strategy. Both strategies have positive and negative consequences. It is important to note that the tendency to memorialize is not the only way of expressing solidarity, as fast normalization includes its own kind of solidarity and helps prevent the negative consequences of intense solidarity.

Launch communications best practices: Online newspaper paywall context

The goal of the thesis is to identify the best practices of marketing communications in the context of online newspaper paywall launch. Theoretical point of views emphasize the value for the customer as an antecedent for a workable value proposition and marketing communications. Value-based communications contribute to the customer loyalty. The empirical evidence for this benchmark study was collected in seven company interviews. These firms represented several kinds of Finnish newspaper companies which had recently gone through the paywall launch and launch communications process. The results imply that there are multiple factors influencing on launch communications choices. However, recommendations can be drawn based on the common practices. The main managerial results were that the companies should utilize the online newspaper content and usage value as the core of the launch message, target both new and current readers and use multiple online and offline communications channels to reach the target audience. The launch communications message should be started with the emotional appeal, complemented with the more informative message later.

The early activities of front end of innovation in oem companies using a new fei platform as a framework for renewal

The main goal of this study is to create a seamless chain of actions and more detailed structure to the front end of innovation to be able to increase the front end performance and finally to influence the renewal of companies. The main goal is achieved through by the new concept of an integrated model of early activities of FEI leading to a discovery of new elements of opportunities and the identification of new business and growth areas. The procedure offers one possible solution to a dynamic strategy formation process in innovation development cycle. In this study the front end of innovation is positioned between a strategy reviews and a concept creation with needed procedures, tools, and frameworks. The starting point of the study is that the origins of innovation are not well enough understood. The study focuses attention on the early activities of FEI. These first activities are conceptualized in order to find out successful innovation initiatives and strategic renewal agendas. A seamless chain of activities resulting in faster and more precise identification of opportunities and growth areas available on markets and inside companies is needed. Three case studies were conducted in order to study company views on available theory doctrine and to identify the first practical experiences and procedures in the beginning of the front end of innovation. Successful innovation requires focus on renewal in both internal and external directions and they should be carefully balanced for best results. Instead of inside-out mode of actions the studied companies have a strong outside-in thinking mode and they mainly co-develop their innovation initiatives in close proximity with customers i.e. successful companies are an integral part of customers business and success. Companies have tailor-made innovation processes combined their way of working linked to their business goals, and priorities of actual needs of transformation. The result of this study is a new modular FEI platform which can be configured by companies against their actual business needs and drivers. This platform includes new elements of FEI documenting an architecture presenting how the system components work together. The system is a conceptual approach from theories of emergent strategy formation, opportunity identification and creation, interpretation-analysis-experimentation triad and the present FEI theories. The platform includes new features compared to actual models of FEI. It allows managers to better understand the importance of FEI in the whole innovation development stage and FEI as a phase and procedure to discover and implement emergent strategy. An adaptable company rethinks and redirects strategy proactively from time to time. Different parts of the business model are changed to remove identified obstacles for growth and renewal which gives them avenues to find right reforms for renewal.

Teollinen symbioosi - kansallisen ohjelman toteuttaminen Suomessa Britanniaan verrattuna

This master thesis examines the possibility of implementing a national industrial symbiosis programme in Finland. Industrial symbiosis is a close cooperation between companies in which the actors make use of each other's wastes and by-products as raw materials for pro-cesses. Symbiosis programme aims to promote industrial symbiosis by identifying possible synergies. In the United Kingdom (UK), a national level programme NISP (National Industri-al Symbiosis Programme) has been successfully implemented. This thesis studies whether it would be possible to implement a similar program in Finland. The implementation of the pro-gram in Finland is evaluated by analyzing and comparing Finnish and British business envi-ronments using PESTEL and diamond models. The goal is to identify factors that promote or hinder the implementation of the programme in Finland. Based on this study, it can be said that implementing the programme in Finland is possible. The programme can be carried out in almost the same principles as in the UK, but some char-acteristics of the Finnish business environment, such as the high level of technological know-how, should especially be taken as an advantage. On the other hand, there are features, such as low level domestic demand, which may prevent the implementation of the program unless they are given special attention.