The role of management accounting systems and venture capital investors for start-up firms

The role of star-up firms in economy and the importance of venture capital investors for the growth of start-up firms have been highlighted in recent years. The growth challenges of start-up firms consist of fast changing environment, the availability of venture capital funding and the development of firm management in the growth phase. A growing number of studies have focused on management accounting systems and venture capital in start-up and growth firm context. In this thesis the role of management accounting systems and venture capital investors is considered in the growth phase of firm development. The theoretical objective of this thesis is to construct a theoretical framework in order to describe the importance of management accounting systems and venture capital investors in start-up firms. The practice orientated objective of this thesis is to study the application of management accounting systems and management accounting based information in start-up firms in high-technology industry as well as the impact of venture capital for management accounting system design. In addition, the growth challenges of start-up firms are studied in order to understand the context in which management accounting systems are used. The research approach of theoretical part is conceptual as the theoretical framework is constructed by combining literature on firm growth, management accounting and venture finance in order to analyse the phenomenon. The action-orientated research approach is appropriate for analysing and describing of the studied phenomenon through empirical evidence. The empirical evidence was collected through interviews with three experts in start-up firm accelerator centers, four representatives of start-up firms and one venture capital investor. The results indicate that the growth challenges of stat-up firms are not related to the development of management accounting systems. Managers of start-up firms expressed a positive attitude towards management accounting systems that improve efficiency of operations. In start-up firms flexible and adjustable management accounting practices, such as budgets, cash flow calculations and future-orientated analysis tools, are applied that support planning and coordination of operations. The results indicate that venture capital investors affect the provision and the quality of management accounting information during the investment process. In addition, venture capital investors enhance the use of management accounting information for internal coordination in start-up firms. By applying the theoretical framework in the analysis, it can be stated that by acting as support function management accounting systems facilitate start-up firms development.

Air defence in Northern Europe

Finnish Defence Studies is published under the auspices of the National Defence College, and the contributions reflect the fields of research and teaching of the College. Finnish Defence Studies will occasionally feature documentation on Finnish Security Policy. Views expressed are those of the authors and do not necessarily imply endorsement by the National Defence College.

Future operational-tactical level warfare : challenges and opportunities for the defence of Finland

Finnish Defence Studies is published under the auspices of the National Defence College, and the contributions reflect the fields of research and teaching of the College. Finnish Defence Studies will occasionally feature documentation on Finnish Security Policy. Views expressed are those of the authors and do not necessarily imply endorsement by the National Defence College.

A high efficiency microturbine concept

There is a growing trend towards decentralized electricity and heat production throughout the world. Reciprocating engines and gas turbines have an essential role in the global decentralized energy markets and any improvement in their electrical efficiency has a significant impact from the environmental and economic viewpoints. This paper introduces an inter-cooled and recuperated two-shaft microturbine at 500 kW electric output range. The microturbine is optimized for a realistic combination of the turbine inlet temperature, the recuperation rate and the pressure ratio. The new microturbine design aims to achieve significantly increased performance within the range of microturbines and even competing with the efficiencies achieved in large industrial gas turbines. The simulated electrical efficiency is 45%. Improving the efficiency of combined heat and power (CHP) systems will significantly decrease the emissions and operating costs of decentralized heat and electricity production. Cost-effective, compact and environmentally friendly micro-and small-scale CHP turbine systems with high electrical efficiency will have an opportunity to successfully compete against reciprocating engines, which today are used in heat and power generation all over the world and manufactured in large production series. This paper presents a small-scale gas turbine process, capable of competing with reciprocating engine in terms of electrical efficiency.

Lääkkeiden koneellinen annosjakelu Suomen yliopistosairaaloissa

Terveydenhuoltojärjestelmämme kehitys ei ole ollut kestävää, minkä vuoksi viime vuosina on noussut yhä enemmän keskustelua erilaisista säästötoimenpiteistä ja toiminnan tehostamisesta. Tämän tutkielman tarkoituksena on tutkia lääkkeiden koneellista annosjakelua Suomen yliopistosairaaloissa ja selvittää vallitsevat käytännöt lääkkeiden koneellisessa annosjakelussa. Tutkimusote on kvalitatiivinen ja luonteeltaan kartoittava. Tutkielman tutkimusaineiston muodostaa neljä teemahaastattelua, joissa kussakin haastatellaan yliopistosairaaloiden sairaala-apteekkien johtajaa tai proviisoria. Haastattelut rakentuvat neljän eri teeman varaan, käyttöönottoon ja muutoksiin lääkehuollossa, taloudellisiin seikkoihin, laadullisiin muutoksiin ja annosjakelun levinneisyyteen. Tulosten perusteella lääkkeiden koneellinen annosjakelu soveltuu parhaiten potilaille, joiden tilan on vakaa, mutta jotka tarvitsevat päivittäin useita eri lääkkeitä. Tukea saatiin myös väitteelle, jonka mukaan lääkkeiden koneellinen annosjakelu parantaa lääketurvallisuutta manuaaliseen jakeluun verrattuna. Lääkkeiden koneellisen annosjakelun koettiin myös parantaneen työn tehokkuutta ja samalla henkilöstöä on pystytty vähentämään tai kohdistamaan muihin tehtäviin. Kuitenkin tietojärjestelmien integroinnin puute on aiheuttanut sen, että annosjakelu akuuttiosastoille on hitaampaa kuin manuaalinen lääkkeiden jakaminen. Lääkkeiden koneellisen annosjakelun tuomia taloudellisia etuja ei tällä hetkellä kuitenkaan voida realisoida terveydenhoitojärjestelmämme rakenteen vuoksi. Varsinaisia kustannussäästöjä ei ole saatu, vaan annosjakelupalvelun ylläpitäminen on osoittautunut kalliiksi yliopistosairaaloille. Vähenevien asiakasmäärien vuoksi Tampereen yliopistollinen sairaala päätti lopettaa annosjakelupalvelunsa ja muutkin yliopistosairaalat joutuvat miettimään kannattaako lääkkeiden annospalvelutoimintaa enää jatkaa