The Political Communication of Independent Regulatory Agencies

Since independent regulatory agencies (IRAs) became key actors in European regulatory governance in the 1990s, a significant share of policy-making has been carried out by organizations that are neither democratically elected nor directly accountable to elected politicians. In this context, public communication plays an important role. On the one hand, regulatory agencies might try to use communication to raise their accountability and thereby to mitigate their democratic deficit. On the other hand, communication may be used with the intent to steer the behavior of the regulated industry when more coercive regulatory means are unfeasible or undesirable. However, empirical research focusing directly on how regulators communicate is virtually non-existent. To fill this gap, this paper examines the public communication of IRAs in four countries (the United Kingdom, Germany, Ireland, and Switzerland) and three sectors (financial services, telecommunications, and broadcasting). The empirical analysis, based on qualitative interviews and a quantitative content analysis, indicates that the organization of the communication function follows a national pattern approach while a policy sector approach is helpful for understanding the use of communication as a soft tool of regulation.

Sijoitusrahastojen markkinointiviestintä ja myynninjohtaminen: Case Sp-Rahastoyhtiö Oy & Säästöpankkiliitto

Harvemmat sijoitusrahastoja käsitelleet tutkimukset ovat ottaneet huomioon sijoitusrahastojen välittäjien näkökulman. Tämä tutkimus on siinä mielessä ainutlaatuinen. Tutkimuksen tarkoituksena on selvittää erään rahastoyhtiön hallinnoimien sijoitusrahastojen markkinointiviestintää ja myynninjohtamista näitä välittävissä pankeissa. Tämän perusteella tavoitteena on ratkaista tämän tutkimuksen päätavoite, eli löytää ne syyt, jotka selittävät tutkimukseen valittujen pankkien sijoitusrahasto-osuuksien myynnissä havaittuja eroja. Pankeissa toteutetulla sijoitusrahastojen markkinointiviestintä- ja myynninjohtamismenetelmillä havaittiin olevan selkeät vaikutukset siihen, miksi sijoitusrahasto-osuuksien myyntimäärissä on ollut pankkikohtaisia eroja. Sijoitusrahasto-osuuksien myynnissä menestyneiden pankkien havaittiin olevan monin eri tavoin tehokkaampia ja parempia sijoitusrahastojen markkinointiviestinnässä ja niiden myynninjohtamisessa kuin heikommin sijoitusrahasto-osuuksien myynnissä menestyneet pankit.

Pk-yritysten rahoituspalveluiden kehittäminen Varkauden talousalueella

Tässä tutkimuksessa selvitettiin Varkauden talousalueen pk-yritysten rahoituspalveluiden kehitystarpeita. Kuvailevaa tutkimusta käyttämällä selvitettiin mitä ongelmakohtia yritykset näkevät rahaliikenteessään, miten rahoitusrakennetta suunnitellaan ja minkälaisia tuotteita yrityksillä on käytössään. Mittareina tutkimuksessa käytettiin mm. kasvutavoitetta, pääomarakennetta ja tuottovaatimusten muodostamista. Tavoitteena oli tutkia mitkä tekijät vaikuttavat sijoituspäätöksentekoon ja mitä tekijöitä arvostetaan pankista saadussa palvelussa. Tutkimukseen valittiin Varkauden talousalueen suurimmat ja parhaan luottoluokituksen omaavat yritykset. Aineisto kerättiin luomalla sähköinen kyselylomake, joka lähetettiin 48 yritykseen tammikuussa 2009. Tutkimustulosten mukaan yritykset näkivät suurimmat kehitystarpeet sähköisessä taloushallinnossa, eri investointirahoitusvaihtoehdoissa ja julkisten sekä yksityisten rahoittajien yhteistyössä. Parempaa rahoitusneuvontaa kaivattiin investointirahoitukseen ja yrityskauppoihin liittyen. Suurimmalla osalla yrityksistä oli selkeät kasvutavoitteet sekä suunniteltu pääomarakenne. Suurimpia puutteita havaittiin mm. korkosuojaus- ja kassanhallinnan ratkaisuissa. Varainhoidon tuotteista mielenkiintoisimpana nähtiin pääomaturvatut ja kiinteää tuottoa maksavat vaihtoehdot. Sijoituspäätöksiin vaikuttavat paljon pankin luotettavuus sekä toimihenkilön asiantuntemus. Vastaavasti sijoituspäätös voi jäädä tekemättä, mikäli tuote on liian monimutkainen tai prosessi vaatii paljon aikaa ja paneutumista. Pankin palveluissa arvostetaan niin ikään luotettavuutta, helppoa asiointia sekä henkilökohtaista palvelua. Vastaajien koulutustaustalla ei näytä valittujen mittareiden perusteella olevan vaikutusta rahoitusosaamiseen. Alueella rahoitusongelmia kohdanneista yrityksistä lähes kaikki olivat kasvuhakuisia.

Mobile banking in developing countries

This Master’s thesis examines the feasibility of eBusiness in developing countries by looking at the current mobile banking solutions. The research involved reviewing literature that was relevant to the research questions. It was discovered that the Wizzit and M-PESA are the current solutions to mobile banking. Furthermore, it was found out that the Wizzit and M-PESA were either transformational or additive. Additive mobile banking is the use of mobile phones as a channel to provide services to existing customers within financial institutions. Transformational mobile banking extends financial services to the unbanked. The results of the thesis are M-PESA works with only Safaricom while on the other hand Wizzit has compatibility with any mobile operator. The other result is that both M-PESA and Wizzit are transformational mobile banking technologies at the sametime Wizzit is an Additive mobile banking technology. Wizzit can provide financial services to both the unbanked and existing bank customers. It can be said the merits of Wizzit outweigh those of M-PESA which makes Wizzit better.

Quantitative Sustainability Disclosure –An international comparison and its impact on investor valuation

This research focuses on the link between quantitative sustainability disclosure and information asymmetry. It builds upon previous research which links information asymmetry with voluntary disclosure. Stakeholders from the financial services sector claim that sustainability disclosure needs to be more numerical and comparable between companies. This research covers 111 firms from Denmark, Finland, the Netherlands and Sweden from non-service industries and studies how quantitative their sustainability disclosure is, and whether or not there is a negative relation with information asymmetry. The results support the hypotheses, where two out of three information asymmetry proxies have a significant negative relation with quantitative disclosure. Size is supported as a moderating factor. Quantitativity also proves to have a significant link with third party sustainability ratings. The direct link between quantitativity and cost of capital is not however supported.

Nordic banks’ entry into the Russian market: motives, processes and challenges

The importance of services in the global economy has grown steadily in the past decades and the growth of services sector’s direct investments has been increasing. Nowadays, all companies are influenced by the much changing global environment and the financial services companies are no exception. The internationalization of financial services companies is an expanding and accelerating phenomenon which has various motivations. The overall aim of this thesis is to shed light on the market entry processes of the Nordic financial services companies when they have entered the Russian market. In this study, the factors affecting Nordic banks’ market entry to Russia are presented in order to better understand what have been the main motives for market entry, what kind of processes the banks have used and what kind of challenges they have faced along the way. A case study approach was used in conducting the empirical research and it aims at investigating a specific case: Nordic banks’ entry into the Russian market. The empirical research was carried out by conducting qualitative interviews for employees involved in entry processes of the case banks. These interviews aimed at examining the Nordic banks’ motives for entering the Russian financial market. This includes reflections on the reasons why the studied banks have decided to enter Russia and what have been the motives behind these decisions. Also, the market entry processes the banks have used when they have entered the Russian market were investigated. The findings allowed comparing the related theories and different market entry modes the case banks have used. Furthermore, the market-related challenges faced by the case banks were mapped and described. In addition, the main factors related to the entry processes of the studied banks were identified and key elements of successful market entry were mapped. The findings suggest that the main motivator for banks have been to follow their customers and hence, increase the revenues and add the value to the shareholders; consequently, being a win-win-win situation to all the related parties. It was also discovered that the banks market entry processes have had resemblances but the banks have taken different paths to get where they are nowadays. As the Russian market environment differs from the one in Nordic countries, also challenges were faced by the case banks. However, the internal challenges were considered more troublesome than the external ones. As the foreign market entry process is complex as well as time and resources consuming, it is vital to understand the specifics of the target market, organizational capabilities and individuals enabling a successful entry process.

A Template for Cloud Technology Deployment in an Energy Trading Environment

Nykyaikaiset pilvipalvelut tarjoavat suurille yrityksille mahdollisuuden tehostaa laskennallista tietojenkäsittelyä. Pilvipalveluiden käyttöönotto tuo mukanaan kuitenkin esimerkiksi useita tietoturvakysymyksiä, joiden vuoksi käyttöönoton tulee olla tarkasti suunniteltua. Tämä tutkimus esittelee kirjallisuuskatsaukseen perustuvan, asteittaisen suunnitelman pilvipalveluiden käyttöönotolle energialiiketoimintaympäristössä. Kohdeyrityksen sisäiset haastattelut ja katsaus nykyisiin energiateollisuuden pilviratkaisuihin muodostavat kokonaiskuvan käyttöönoton haasteista ja mahdollisuuksista. Tutkimuksen päätavoitteena on esittää ratkaisut tyypillisiin pilvipalvelun käyttöönotossa esiintyviin ongelmiin käyttöönottomallin avulla. Tutkimuksessa rakennettu käyttöönottomalli testattiin esimerkkitapauksen avulla ja malli todettiin toimivaksi. Ulkoisten palveluiden herättämien tietoturvakysymysten takia käyttöönoton ensimmäiset osiot, kuten lopputuotteen määrittely ja huolellinen suunnittelu, ovat koko käyttöönottoprosessin ydin. Lisäksi pilvipalveluiden käyttöönotto vaatii nykyiseltä käyttöympäristöltä uusia teknisiä ja hallinnollisia taitoja. Tutkimuksen tulokset osoittavat pilvipalveluiden monipuolisen hyödyn erityisesti laskentatehon tarpeen vaihdellessa. Käyttöönottomallin rinnalle luotu kustannusvertailu tukee kirjallisuuskatsauksessa esille tuotuja hyötyjä ja tarjoaa kohdeyritykselle perusteen tutkimuksen eteenpäin viemiselle.

Exclusão financeira no Brasil: uma análise regional exploratória

Financial exclusion in Brazil: a regional investigation. Despite the fact that after the second half of the nineties the studies of financial exclusion have gained strength among the studies about poverty and regional and social inequalities, a few studies about this problem had appear in the Brazilian economic literature. The present work aims to contribute to this discussion by doing a regional investigation about the phenomenon of financial exclusion inside Brazil. The main hypothesis of the study is that this phenomenon is not disassociated of the space in which it happens. Thought of the use of proxies two dimensions of financial exclusion had been studied: the access to financial services and the suitability of it.

Understanding round-tripping phenomenon in Russian context – case Cyprus

Russian FDI has a few peculiarities. One of them is round-tripping. Round-tripping is defined as transfer of funds abroad, usually to offshore financial centers (OFCs), and then bringing all or some of the investment back as foreign investment. Russian context was chosen for this study because the share of round-tripping investments from country’s total FDI is extensive. However, it needs to be addressed that this is not just a Russian phenomenon. Round-tripping is used by many developed and developing countries, and most of the countries have their own designated destinations for this kind of capital, much like Cyprus is the main destination for Russian capital. It is important to study this phenomenon further, since it falsifies FDI statistics and can lead to poor decisions on state level. Theoretical part of the study tries to determine weather traditional FDI and internationalization theories fit to explain the Russian round-tripping phenomenon. Traditional FDI and internationalization theories are first introduced in general terms, and then further examined in Russian context. In traditional endogenic FDI theories, when the capital is formed in one country it goes abroad to find better profits. At a first glance, this seemed not to be the case in round-tripping. However, during the study it became rather clear that with few adjustments and changes in perspective, traditional theories could be used to explain round-tripping phenomenon. For example, OLI paradigm can be further developed into OLIH paradigm with ‘H’ representing the important home country institutions. Transaction based view and resource seeking theories were also seen well equipped to explain round-tripping with a change in perspective. The latter part of the study focused on holistic understanding of Russian –Cyprian investment relationship. Study aims to shed light into the determinants and consequences of this phenomenon for both countries involved. The two share historical, cultural and political ties, but most importantly common financial interests. Russian companies seek security and financial knowledge to maneuver their assets and Cyprian economy largely is dependent on their disproportionally large financial sector. Consequences for Cyprian economy were seen in current economic crisis, when the need for their financial services diminished. Russian government on the other hand is losing vast amounts of tax money due to this phenomenon. A rather extreme view was also introduced in this study. Round-tripping phenomenon and OFCs are an important reason why corruption exists, since if one does not have a way to make ill-gained money legitimate why try to ill-gain the money at the first place. The most important finding of the study is that round-tripping companies are in a better competitive position than genuine and purely domestic investor due to their institutional knowledge.

When job dissatisfaction leads to customer-oriented citizenship behaviors

This thesis places boundary conditions on the withdrawal model in the frontline setting of service organizations by considering continuance commitment and supervisory support as moderators of the relationship between job dissatisfaction and customer-oriented citizenship behaviors (COCBs). Departing from traditional research in the areas of the service-profit chain and employee withdrawal, the author advances our understanding of conditions that may lead frontline service employees who are dissatisfied to deposit COCBs into the organizational system. Specifically, based on principles derived from social exchange theory, high continuance commitment and high supervisory support are expected to lead to COCBs, because under this condition the benefits of performing such behaviors are increased (i.e., promotion-based, reciprocity-based), while the costs are decreased (i.e., opportunity costs). Utilizing a sample of 127 frontline employees from both the financial services and travel agency industries, the hypothesized relationships are empirically supported using moderated hierarchical regression analysis. To conclude discussion, implications of the results for both academics and p

Service provider switching: a study on the switching process in retail banking

In a business environment that is characterized by intense competition, building customer loyalty has become a key area of focus for most financial institutions. The explosion of the services sector, changing customer demographics and deregulation and emergence of new technology in the financial services industry have had a critical impact on consumers’ financial services buying behaviour. The changes have forced banks to modify their service offerings to customers so as to ensure high levels of customer satisfaction and also high levels of customer retention. Banks have historically had difficulty distinguishing their products from one another because of their relative homogeneity; with increasing competition,the problem has only intensified with no coherent distinguishing theme. Rising wealth, product proliferation, regulatory changes and newer technologies are together making bank switching easier for customers. In order to remain competitive, it is important for banks to retain their customer base. The financial services sector is the foundation for any economy and plays the role of mobilization of resources and their allocation. The retail banking sector in India has emerged as one of the major drivers of the overall banking industry and has witnessed enormous growth. Switching behaviour has a negative impact on the banks’ market share and profitability as the costs of acquiring customers are much higher than the costs of retaining. When customers switch, the business loses the potential for additional profits from the customer the initial costs invested in the customer by the business get . The Objective of the thesis was to examine the relationship among triggers that customers experience, their perceptions of service quality, consumers’ commitment and behavioral intentions in the contemporary India retail banking context through the eyes of the customer. To understand customers’ perception of these aspects, data were collected from retail banking customers alone for the purpose of analysis, though the banks’ views were considered during the qualitative work carried out prior to the main study. No respondent who is an employee of a banking organization was considered for the final study to avoid the possibility of any bias that could affect the results adversely. The data for the study were collected from customers who have switched banks and from those who were non switchers. The study attempted to develop and validate a multidimensional construct of service quality for retail banking from the consumer’s perspective. A major conclusion from the empirical research was the confirmation of the multidimensional construct for perceived service quality in the banking context. Switching can be viewed as an optimization problem for customers; customers review the potential gains of switching to another service provider against the costs of leaving the service provider. As banks do not provide tangible products, their service quality is usually assessed through service provider’s relationship with customers. Thus, banks should pay attention towards their employees’ skills and knowledge; assessing customers’ needs and offering fast and efficient services.

Impact on Policy Responses to Food Price Crisis and Rural Food Security in Sri Lanka

In Sri Lanka policy responses have direct impacts on rural dwellers. Over 80% of Sri Lanka’s population live in rural areas and 90% of them represent low income dwellers. Their production system may be hampered by fragmented landholding, poor economics of scale, low investment levels resulting from poor financial services as well as inappropriate or limited technology. They are vulnerable to price hikes of basic foods and food security issues due to fragmented landholding and poor financial services. Policy measures to reduce the transmission of higher international prices in domestic markets exist to protect the food security of the vulnerable population. This paper will discuss the food policy and strategies implemented by the government and outside to the above facts this paper also describes the effectiveness of the policies forwarded by the government. The objective of this study is to analyse the impact of policy responses to the food price crisis and rural food security in Sri Lanka. Outside of the above facts this study also treats the impact of policies and decisions on the nutritional condition of rural dwellers. Furthermore this study is to analyse the fluctuation of buying power with the price hikes and the relation of above facts with issues like malnutrition. This paper discusses why policy makers should pay greater attention to rural dwellers and describes the multiple pathways through which food price increases have on rural people. It also provides evidence of the impact of this crisis in particular, through hidden hunger, and discusses how current policy responses should adjust and improve to protect the rural dwellers in the short and long term.

Retos y alternativas de inversión para las compañías aseguradoras en Colombia

En este documento se explica el rol de las compañías aseguradoras colombianas dentro del sistema pensional y se busca, a través de la comprensión de la evolución del entorno macroeconómico y del marco regulatorio, identificar los retos que enfrentan. Los retos explicados en el documento son tres: el reto de la rentabilidad, el reto que plantean los cambios relativamente frecuentes de la regulación, y el reto del “calce”. El documento se enfoca principalmente en el reto de la rentabilidad y desarrolla un ejercicio de frontera eficiente que utiliza retornos esperados calculados a partir de la metodología de Damodaran (2012). Los resultados del ejercicio soportan la idea de que en efecto los retornos esperados serán menores para cualquier nivel de riesgo y sugiere que ante tal panorama, la relajación de las restricciones impuestas por el Régimen de inversiones podría alivianar los preocupaciones de las compañías aseguradoras en esta materia. Para los otros dos retos también se sugieren alternativas: el Algorithmic Trading para el caso del reto que impone los cambios en la regulación, y las Asociaciones Público-Privadas para abordar el reto del “calce”.

La gestión de relaciones con clientes (CRM): sector de seguridad privada

Esta tesis pretende describir la situación actual del sector de seguridad privada, al implementar y adoptar estrategias de CRM. Con una revisión confiable y el estudio de casos relacionados con el tema, lo cual permitirá constatar la realidad en cuanto la aplicación del modelo, en el sector de seguridad privada, según lo planteado por diversos autores. Los resultados obtenidos permitirán, de este modo, al sector y a sus gerentes, desarrollar estrategias que ayuden a la satisfacción de sus clientes y a la prestación de un mejor servicio. En el campo académico, este estudio servirá como guía teórico-práctica para estudiantes y profesores, de modo que permitirá afianzar conocimientos en cuanto al CRM, al marketing relacional y su uso en el sector de seguridad privada. Según este modelo la información acerca de los clientes, es una información estratégica vital para las organizaciones que ayuda a la toma de decisiones, pronosticar cambios en cuanto a demanda, además de establecer control sobre procesos en los que se involucre el cliente; de modo que la adopción e implementación de CRM, ayude a la empresa, en este caso a las del sector de seguridad privada, a estar atentos a la manera como se interactúa con el cliente y por ende mejorar el servicio, lo que tendrá repercusión en la percepción que tenga de la organización el cliente. De este modo, se ve como en la actualidad las estrategias de CRM definen el rumbo de una empresa, ayudando atraer nuevos clientes y además de esto, ayuda de igual modo a mantener felices a los clientes actuales; lo cual repercute en la demanda o el requerimiento del servicio, y así en una mejor rentabilidad para las empresas del sector. Razones por las que el sector de vigilancia se verá beneficiado por medio de las estrategias del CRM, lo que lo llevara a ofrecer mejores servicios a sus clientes.

Negociaciones internacionales de servicios financieros: la experiencia internacional y el camino recorrido por Colombia

El presente artículo señala los principales aspectos que involucran la negociación de servicios financieros en el contexto de los tratados internacionales de libre comercio. Para esto, ilustra los principios que sobre el particular ha mencionado la Organización Mundial del Comercio. Posteriormente, hace una revisión de algunos tratados internacionales que han negociado los servicios financieros. Finalmente, elabora una breve revisión de la posición negociadora de Colombia en el marco del TLC con los Estados Unidos.-----This article points out the main aspects involved in the negotiation of financial services in the context of international free trade agreements. The principles established by the World Trade Organization are illustrated first. Then, some international agreements involving the negotiation of financial services are discussed, and finally, the position adopted by Colombia concerning the FTA with the United States is briefly reviewed.