On Value Creation at an Industrial Intersection – Bioenergy in the Forest and Energy Sectors

The traditional forest industry is a good example of the changing nature of the competitive environment in many industries. Faced with drastic challenges forestindustry companies are forced to search for new value-creating strategies in order to create competitive advantage. The emerging bioenergy business is now offering promising avenues for value creation for both the forest and energy sectors because of their complementary resources and knowledge with respect to bioenergy production from forest-based biomass. The key objective of this dissertation is to examine the sources of sustainable competitive advantage and the value-creation opportunities that are emerging at the intersection between the forest and energy industries. The research topic is considered from different perspectives in order to provide a comprehensive view of the phenomenon. The study discusses the business opportunities that are related to producing bioenergy from forest-based biomass, and sheds light on the greatest challenges and threats influencing the success of collaboration between the forest and energy sectors. In addition, it identifies existing and potential bioenergy actors, and considers the resources and capabilities needed in order to prosper in the bioenergy field. The value-creation perspective is founded on strategic management accounting, the theoretical frameworks are adopted from the field of strategic management, and the future aspect is taken into account through the application of futures studies research methodology. This thesis consists of two parts. The first part provides a synthesis of the overall dissertation, and the second part comprises four complementary research papers. There search setting is explorative in nature, and both qualitative and quantitative research methods are used. As a result, the thesis lays the foundation for non-technological studies on bioenergy. It gives an example of how to study new value-creation opportunities at an industrial intersection, and discusses the main determinants affecting the value-creation process. In order to accomplish these objectives the phenomenon of value creation at the intersection between the forest and energy industries is theorized and connected with the dynamic resource-based view of the firm.

Estudi de seguretat i salut del projecte de pavimentació de diferents sectors de la Floresta. Sant Cugat del Vallès

El E.S.S. té com a objectiu establir les bases tècniques per fixar els paràmetres de la prevenció de riscos professionals durant la realització dels treballs d’execució de les obres del Projecte objecte d’estudi, així com complir amb les obligacions que es desprenen de la Llei 31 / 1995 i del RD 1627 / 1997, amb la finalitat de facilitar el control i el seguiment dels compromisos adquirits al respecte per part dels Contractistes.

Estudi per a la millora de l’espai públic a diferents sectors urbanístics de La Floresta

El document fa una proposta de pavimentació a La Floresta, als sectors urbanístics de Casino, Turó del Sol, Carrer del Caqui, la Floresta Alta, Colònia Parés, Colònia Mirador-oest, Colònia Mirador-est, els Porters sud, Muntanyesa sud i Sector del Golf.L’àmbit d’actuació la xarxa local que comprèn la distribució veïnal amb el trànsit pacificat amb prioritat per a vianants, enxarxada inevitablement amb la xarxa local de camins que transcorre per l’entorn no urbanitzat i que enllaça diversos espais urbans com cases aïllades, corredors verds fonamentalment en l’àmbit del Parc Natural de Collserola, i parcs i jardins del àmbit urbà de La Floresta. Els carrers interiors en aquests sectors es plantegen amb les característiques de circulació restringida. Es pren com a criteri, fer els vials principals de doble direcció, mentre que per als vials secundaris s’estudia la possibilitat d’un únic carril de circulació i mantenir les dues direccions deixant espais de reserva (sobreamples) per a l’encreuament de dos vehicles, tot afegidament al fet d’aconseguir el major espai d’aparcament. Aquesta definició de sectors portara delimitar en el seu interior les denominades “zones 30” que permeten compatibilitzar altres usos (bicicletes,..). La formalització d’aquests espais fa que es presenti una oportunitat de millora de la qualitat urbana que a La Floresta en escasses ocasions s’ha donat.

Stress testing practices in risk management - Empirical evidence from the Finnish banking and insurance sectors

The main purpose of this study was to analyze how stress tests are used in risk management in the Finnish banking and insurance sectors. In order to enhance understanding of the topic, stress testing was explored in the context of corporate governance and regulato-ry implications of Basel II and Solvency II on stress testing were examined. In addition, the effects of the global financial crisis on stress testing were mapped and the differences in stress testing practices between the banking and insurance sector were discussed. The research method was qualitative case study and it was conducted by interviewing risk managers from ten institutions and a representative from FIN-FSA. Findings pointed out that stress testing practices vary significantly between different institutions. Interesting observations were made in terms of stress testing practices in the banking and insurance sectors. The increasing importance and use of stress tests were recognized as a result of the financial crisis. Stress testing was even considered more like art than science given the amount of challenges it involves. In general, improvements in stress tests were suggested, with an emphasis on stress concentration between different types of risks.

The Dark Side of International Business? Stakeholder Approach to Human Trafficking in Finnish Construction and Service Sectors

Human trafficking is not a new phenomenon. It has existed in various forms for ages around the world. Some researchers have even compared it to slavery, calling it the modern form of slavery in the 21st century. This study is particularly interested in the role of work-related human trafficking in Finnish business. In order for something to be called work-related human trafficking, the concepts of forced labour and human trafficking have to overlap. From the economic point of view, human trafficking is governed by the laws of supply and demand. In many countries the global pressure on cutting costs has created two trends: the increased supply of migrant workers and the deregulation of labour markets. These competitive pressures can have an adverse impact on the conditions of employment and, in the worst cases, can lead to forced labour and trafficking. In fact, trafficking has become one of the most profitable illicit industries worldwide, generating tremendous profits due to its low costs and huge profits. Therefore, it is important to investigate the phenomenon from the business point of view. This study is a qualitative research conducted by using theme interviews as a research approach. Altogether 13 interviews have been conducted and some secondary data has been used in order to find out what the role of human trafficking is in Finnish business. The special sectors investigated are the Finnish construction and service sectors. The theory framework used in this study follows the stakeholder approach. The relevant stakeholder groups for this study are: ‘institutions and authorities’, ‘law enforcement’, ‘management’ and ‘employees – potential victims’ of trafficking. With the help of these stakeholder groups, a holistic picture of the phenomenon is formed. It can be concluded that the role of human trafficking is complicated but it does exist in Finnish business. It appears in low-cost business sectors where the demand for cheap labour is high. Thus, often the victims are foreigners who do not know the culture or the Finnish conditions of employment. Especially smaller Finnish companies are at risk of getting involved in human trafficking or related exploitation cases since monitoring is much more scarce in these firms than in larger companies. The risk of human trafficking and exploitation is also higher at the bottom of the complicated subcontracting chains or when using foreign recruitment agencies. Thus, the study believes that active and intensive collaboration between the company’s different stakeholder groups is needed in order to prevent work-related human trafficking from flourishing in Finland.

Deregulation’s Impact on the Railway Freight Transport Sector’s Future in the Baltic Sea Region

The European transport market has confronted several changes during the last decade. Due to European Union legislative mandates, the railway freight market was deregulated in 2007. The market followed the trend started by other transport modes as well as other previously regulated industries such as banking, telecommunications and energy. Globally, the first country to deregulate the railway freight market was the United States, with the introduction of the Staggers Rail Act in 1980. Some European countries decided to follow suit already before regulation was mandated; among the forerunners were the United Kingdom, Sweden and Germany. The previous research has concentrated only on these countries, which has provided an interesting research gap for this thesis. The Baltic Sea Region consists of countries with different kinds of liberalization paths, including Sweden and Germany, which have been on the frontline, whereas Lithuania and Finland have only one active railway undertaking, the incumbent. The transport market of the European Union is facing further challenges in the near future, due to the Sulphur Directive, oil dependency and the changing structure of European rail networks. In order to improve the accessibility of this peripheral area, further action is required. This research focuses on topics such as the progression of deregulation, barriers to entry, country-specific features, cooperation and internationalization. Based on the research results, it can be stated that the Baltic Sea Region’s railway freight market is expected to change in the future. Further private railway undertakings are anticipated, and these would change the market structure. The realization of European Union’s plans to increase the improved rail network to cover the Baltic States is strongly hoped for, and railway freight market counterparts inside and among countries are starting to enhance their level of cooperation. The Baltic Sea Region countries have several special national characteristics which influence the market and should be taken into account when companies evaluate possible market entry actions. According to thesis interviews, the Swedish market has a strong level of cooperation in the form of an old-boy network, and is supported by a positive attitude of the incumbent towards the private railway undertakings. This has facilitated the entry process of newcomers, and currently the market has numerous operating railway undertakings. A contrary example was found from Poland, where the incumbent sent old rolling stock to the scrap yard rather than sell it to private railway undertakings. The importance of personal relations is highlighted in Russia, followed by the railway market’s strong political bond with politics. Nonetheless, some barriers to entry are shared by the Baltic Sea Region, the main ones being acquisition of rolling stock, bureaucracy and needed investments. The railway freight market is internationalizing, which is perceived via several alliances as well as the increased number of mergers and acquisitions. After deregulation, markets seem to increase the number of railway undertakings at a rather fast pace, but with the passage of time, the larger operators tend to acquire smaller ones. Therefore, it is expected that in a decade’s time, the number of railway undertakings will start to decrease in the deregulation pioneer countries, while the ones coming from behind might still experience an increase. The Russian market is expected to be totally liberalized, and further alliances between the Russian Railways and European railway undertakings are expected to occur. The Baltic Sea Region’s railway freight market is anticipated to improve, and, based on the interviewees’ comments, attract more cargoes from road to rail.

Public and private sector cooperative opportunities in the Finnish healthcare internationalization : views from the public sector’s perspective

Traditionally mostly publicly provided Finnish healthcare services are confronted today by the evident challenge of rising healthcare costs as the expenditure on health and social case has exceeded Finland’s national GDP growth significantly since the new millennium. While the opening of the traditional barriers through the EU’s new patient directive resulting in increasing international competition and the free flow of patients within the EU present opportunities for the Finnish healthcare services industry there are also several challenges for the existing healthcare system as proposed by the Ministry of Employment and the Economy in 2011. Due to the structure and nature of the current Finnish healthcare service system the greatest potential for internationalization is seen from a joint cooperation of the public and private sectors in an internationalization network for Finnish healthcare services. As its formation has recently also taken as a strategic initiative to be completed by the Ministry of Employment and the Economy and no earlier research exists on how this is seen in practice by the network actors, the purpose of this study is to examine the proposed solution of forming an internationalization network between the public and private sector actors in Finland in practice from the viewpoint of public sector actors. The research relied heavily on the reports by the Finnish Ministries in understanding the current situation of the Finnish healthcare services internationalization and its potential. Suitable theories were also used to build a more comprehensive view of the matter. The study applied a qualitative research approach on the explorative research problem. The data collection was achieved through expert interviews in two of the largest Finnish public healthcare service providers; the Turku and Helsinki Central University Hospitals. Expert interviews were considered as the most suitable method for data collection in order to create an in-depth understanding of the topic within the limitations of this thesis. In turn, two different public healthcare service providers were chosen to give a broader view of the field instead of focusing on a specific unit and also to allow a possible comparison between the two different organizations. The latter however was shown not to be suitable for the purposes of this study as the opinions of the respondents varied largely also within their own organizations. The conclusion is that while the actors agree on the evident internationalization of Finnish healthcare services, there are several large-scale structural challenges effectively preventing such activities while at the same time the opportunities within Finland vary, as there are several niches but no real large-scale advantages in the highly competitive industry. Interest towards cooperation between the sectors are seen especially in exploiting the advantages offered by the private sector in commercialization and marketization, yet however no clear views exist on how these activities should be governed or structured in the short-term as a larger reform of the entire Finnish healthcare service sector is needed in the long-term.

Astroglial cells derived from lateral and medial midbrain sectors differ in their synthesis and secretion of sulfated glycosaminoglycans

Astroglial cells derived from lateral and medial midbrain sectors differ in their abilities to support neuritic growth of midbrain neurons in cocultures. These different properties of the two types of cells may be related to the composition of their extracellular matrix. We have studied the synthesis and secretion of sulfated glycosaminoglycans (GAGs) by the two cell types under control conditions and ß-D-xyloside-stimulated conditions, that stimulate the ability to synthesize and release GAGs. We have confirmed that both cell types synthesize and secrete heparan sulfate and chondroitin sulfate. Only slight differences were observed between the proportions of the two GAGs produced by the two types of cells after a 24-h labeling period. However, a marked difference was observed between the GAGs produced by the astroglial cells derived from lateral and medial midbrain sectors. The medial cells, which contain derivatives of the tectal and tegmental midline radial glia, synthesized and secreted ~2.3 times more chondroitin sulfate than lateral cells. The synthesis of heparan sulfate was only slightly modified by the addition of ß-D-xyloside. Overall, these results indicate that astroglial cells derived from the two midbrain sectors have marked differences in their capacity to synthesize chondroitin sulfate. Under in vivo conditions or a long period of in vitro culture, they may produce extracellular matrix at concentrations which may differentially affect neuritic growth.

Evaluating and improving demand forecast practices for B2B and B2C sectors

Demand forecasting is one of the fundamental managerial tasks. Most companies do not know their future demands, so they have to make plans based on demand forecasts. The literature offers many methods and approaches for producing forecasts. Former literature points out that even though many forecasting methods and approaches are available, selecting a suitable approach and implementing and managing it is a complex cross-functional matter. However, it’s relatively rare that researches are focused on the differences in forecasting between consumer and industrial companies. The aim of this thesis is to investigate the potential of improving demand forecasting practices for B2B and B2C sectors in the global supply chains. Business to business (B2B) sector produces products for other manufacturing companies. On the other hand, consumer (B2C) sector provides goods for individual buyers. Usually industrial sector have a lower number of customers and closer relationships with them. The research questions of this thesis are: 1) What are the main differences and similarities in demand planning between B2B and B2C sectors? 2) How the forecast performance for industrial and consumer companies can be improved? The main methodological approach in this study is design science, where the main objective is to develop tentative solutions to real-life problems. The research data has been collected from a case company. Evaluation and improving in organizing demand forecasting can be found in three interlinked areas: 1) demand planning operational environment, 2) demand forecasting techniques, 3) demand information sharing scenarios. In this research current B2B and B2C demand practices are presented with further comparison between those two sectors. It was found that B2B and B2C sectors have significant differences in demand practices. This research partly filled the theoretical gap in understanding the difference in forecasting in consumer and industrial sectors. In all these areas, examples of managerial problems are described, and approaches for mitigating these problems are outlined.

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.

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.

Evaluating the wage differential between public and private sectors in Brazil

This paper uses a rotating panel of households to analyze wage differentials between public and private sectors in Brazil. Focusing on the transition of individuals between jobs available in the public and private sectors and controlling for individual time invariant characteristics, we find evidence of small wage differentials in favor of the public sector.

Benefits of a low-cost one-phase current distortion detection device in appliance supply in low-voltage residential networks

In this bachelor’s thesis are examined the benefits of current distortion detection device application in customer premises low voltage networks. The purpose of this study was to find out if there are benefits for measuring current distortion in low-voltage residential networks. Concluding into who can benefit from measuring the power quality. The research focuses on benefits based on the standardization in Europe and United States of America. In this research, were also given examples of appliances in which current distortion detection device could be used. Along with possible illustration of user interface for the device. The research was conducted as an analysis of the benefits of current distortion detection device in residential low voltage networks. The research was based on literature review. The study was divided to three sections. The first explain the reasons for benefitting from usage of the device and the second portrays the low-cost device, which could detect one-phase current distortion, in theory. The last section discuss of the benefits of usage of current distortion detection device while focusing on the beneficiaries. Based on the result of this research, there are benefits from usage to the current distortion detection device. The main benefitting party of the current distortion detection device was found to be manufactures, as they are held responsible of limiting the current distortion on behalf of consumers. Manufactures could adjust equipment to respond better to the distortion by having access to on-going current distortion in network. The other benefitting party are system operators, who would better locate distortion issues in low-voltage residential network to start prevention of long-term problems caused by current distortion early on.

A qualitative study of inclusion at a residential summer camp

The purpose of this qualitative case study was to understand the inclusion process at a Project Rainbow affiliated camp. Project Rainbow is a non-profit organization which promotes inclusion into children's camps in Ontario. This study was completed in order to provide stakeholders of the camping industry insight on how inclusive techniques can be implemented in residential camps. The researcher observed one camp's inclusion techniques for six days. The researcher observed three campers with disabilities and the camp staff and campers that interacted with them on a daily basis. While the researcher was at the camp, she interviewed nine staff members. The staff members consisted of the camp director, the inclusion coordinator, four camp counsellors, and three inclusion counsellors. An additional interview was conducted after arriving home from camp with the manager from Project Rainbow. The qualitative analysis program NVivo was used to help organize the analyzed data. The researcher found that in attempting to build a culture of inclusion, two important concepts are necessary. First, mutual leadership involved the camp director and Project Rainbow working together as a team to facilitate the inclusion process. Second, power of supportive relationships focused on inclusion being the responsibility of everyone, teamwork, and creating a welcoming environment. Hints at some potentially serious problems related to staff training, teamwork, and attitudes of non-disabled campers pointed to future research and policies which focus on the Ontario and Canadian Camping Associations' role in inclusion, in addition to camp in this study and Project Rainbow.