Doctoral theses

Recent Submissions

  • Pokidko, Daniil (Hanken School of Economics, 2020-05-06)
    “Collateral learning in the way of formation of enduring attitudes, of likes and dislikes, may be and often is much more important than the spelling lesson or lesson in geography or history that is learned.” John Dewey (1938/1997, p. 48) Understanding (or misunderstanding) one’s own likes and dislikes and their origins plays a powerful role within human life. The power of likes and dislikes pushes a person toward or against something. This power makes a person pursue some issues while abandoning the others. It is the same power that makes people persist in something despite the challenges and limitations they encounter, or on the contrary, avoid doing something despite obvious benefits. I dare to suggest that in the context of the entrepreneurship experience, the power of likes and dislikes may determine the effort invested in pursuing perceived opportunities and the dedication to this pursuit, regardless of the scarcity of resources. I believe that the attempt to understand the hidden reasons behind these feelings may play a decisive role in experiencing the pursuit, and this needs to be emphasized within entrepreneurship research and education. I try to validate this statement through my personal example of experiencing entrepreneurship, and learning about it in the summary part of this PhD thesis. The four papers that constitute the core of this thesis provide the reader with a deeper insight into this issue from educational, methodological and theoretical points of view.
  • Meriläinen, Eija (Hanken School of Economics, 2020-04-28)
    While a hazard, such as an earthquake, may result from natural processes, the unequal ways in which it impacts people’s lives are not an outcome dictated by forces of nature. Indeed, the disaster unfolding from a hazard has much to do with how human societies are governed. In a disaster, marginalised people are more likely than others to lose their homes, livelihoods, lives, and people they care about. Meanwhile, powerful actors are likely able to protect themselves from many negative consequences of hazards and disasters, while sometimes even being able to capture potential benefits. These inequalities become exposed in the case of urban disasters, where people living in neighbouring residential areas may experience very different outcomes from a disaster. Addressing these inequalities calls for scrutiny on disaster governance, and the ways in which diverse actors address and experience disaster impacts. This thesis explores how disasters in the unequal city are governed, particularly within the frame of resilience discourse. Furthermore, the work strives to imagine more just urban disaster governance focused on the rights of people. The analysis is focused on elaborating and explicating the conceptualisations of resilience and rights within academic and expert literatures. The focus is on the critical analysis of bodies of knowledge on disaster governance. The thesis draws from and contributes to the interdisciplinary fields of disaster studies and human geography. The key contributions of the thesis lie in its four essays, which adopt diverse perspectives to disaster governance research and policy. A key emerging theme is the framing of subjectivities of disaster-affected people within disaster studies. Three subjectivity categories are identified: the beneficiary-stakeholder that is steered by actors ‘from above’; the active citizen that has agency only in relation to a pre-existing and persisting governance institutions; and the territorial community that is a political and organised group of people that can assert claims. In addition to these subjectivity categories, a broader narrative emerges in the thesis: one where a diffused network of private and non-state actors increasingly has the resources and power to shape how the exception of disasters is framed and governed. Against this backdrop, conceptualisations (e.g. resilient community), discourses (e.g. urban resilience) and streams of literature that may be benign in and of themselves may shape disaster politics in problematic ways. They might decentre and obscure underlying patterns of marginalisation and facilitation that result in unequal disaster risk – at worst delegitimising the politics that target structural causes of disasters.
  • Sarvikivi, Marja-Leena (Hanken Svenska handelshögskolan, 2020-03-27)
    Tryckt reklam har studerats såväl inom marknadsföring som lingvistik. Studierna har gällt bl.a. annonsinnehåll, kommunikationsstrategier, annonsernas effekt eller effektivitet, stilistiska element, metaforer och retorik, humor och kulturella frågor. Också interaktionen mellan det textuella och det visuella har studerats. Avsikten med denna studie är att överbygga den klyfta jag upplevt existera mellan lingvistiska studier av annonser och studier av reklam som en del av marknadsföring och därmed uttryck för marknadsföringstänkande. I studien granskas elementen i annonserna som uttryck för ett mera omfattande fenomen, utvecklingen av marknadsföringstänkandet. I ljuset av varuhuset Stockmanns tidningsannonser från ett sekel, 1902 (1900) – 2002, då tryckt reklam varit dominerande, har jag utforskat och belyst utvecklingen av marknadsföringstänkande och reklam i Finland. Materialet består av annonser med början från den tid marknadsföringsdisciplinen av de flesta forskare anses ha existerat. Studien har tre teoretiska referensramar: skolbildning inom marknadsföring, definition av marknadsföring samt reklamens basformat, vilka härletts från en innehållsmässig periodisering av marknadsföring och reklam. Metoderna i studien är innehållsanalys och periodisering. Analysen gäller annonserade produkter, vädjan för dem, det visuella samt relationen mellan det textuella och det visuella. Studien avser annonsinnehållet, vad annonserna är, inte vad annonserna gör, dvs. deras effekt eller effektivitet. I studien kan avläsas marknadsföringstänkandets utveckling från dominerande produkt- och nyttofokus mot kundfokus. Under 1900-talets första decennier annonseras framför allt nyttoprodukter och annonserna består av produktuppräkning. Vädjan är textuell, rationell och informerande. Småningom går vädjan över från textuell till textuell och visuell. Det visuella blir dominerande och texten verkar som stöd till det visuella under de sista studerade decennierna. Med avseende på annonserade produkter och karaktären av vädjan är 1950-talet och 1970-talet brytningspunkter. I början på 1950-talet blir annonser för fritidsartiklar frekventa, kosmetikannonser vanligare och vädjan upptar personifiering av varor. I annonserna från 1970-talet avspeglas den spirande ungdomskulturen, kosmetik annonseras frekvent, och det visuella får en dominerande roll i vädjan. Under de sista studerade decennierna upptar vädjan särskilt inom kosmetik, livsmedel och hälsoprodukter individuellt välbefinnande och njutning, självförverkligande eller självtransformation. Tjänsterna utvecklas från tjänster med produkten i fokus mot tjänster med fokus på kundens individuella önskemål och tjänster av upplevelsekaraktär. Studien fyller ett angeläget empiriskt behov. Den innehållsmässiga periodiseringen av elementen i annonserna reflekterar marknadsföringstänkandet under ett sekel i Finland. Studien bidrar till insikten om produkternas förändrade roll för konsumenterna och dess beaktande i marknadsföringstänkandet. I studien sammanbinds praxis och teori, språkliga och visuella uttryck i reklamen som uttryck för marknadsföringstänkandet. Utöver till kunskap om marknadsföringstänkandets och reklamens utveckling i Finland bidrar studien till kunskap om varuhuset Stockmanns utveckling samt om utvecklingen av Stockmanns tidningsannonsering under hela den tid tryckta medier dominerat i reklamen.
  • Dube, Apramey (Hanken School of Economics, 2020-03-20)
    Smartphone apps have become the new universal language through which customers interact with service providers. We are in an app economy in which most everyday service experiences are mediated through apps. The devices that started this revolution, smartphones, have become deeply embedded in the lives of customers with little restrictions on time and place regarding their use. If a reader today pauses to check his or her mobile phone, it is likely to be a smartphone filled with various apps, some of which are used many times daily, whereas others are never used. Never before has technology facilitated such a close and widely varied availability of service to customers, regardless of time and place. However, extant research remains highly influenced by traditional restraints of time and place in service provision. Specifically, a gap exists in investigating service experiences with an empirical service context that offers wide flexibility of time and space. To address this research gap, this thesis presents an evolved conceptualisation of service experience derived from customer use of smartphone apps. Apps are conceptualised as service platforms without any time and space constraints and their ubiquitous presence in customers’ everyday lives helps to illustrate the role of the everyday life in influencing service experiences. The research design employed for this thesis comprised of three studies. In the pilot study, respondents were asked to write auto-narratives of their service experience with a particular smartphone app (BBC World News app). In the main study, 23 semi-structured narrative interviews were conducted in which respondents narrated their service experience with multiple apps in their everyday lives. In addition, a third source of empirical data included collection and analysis of app store descriptions of smartphone apps that respondents experienced. The findings of this research contribute in expanding the prevailing understanding of service experience. They show that customers’ service experiences include both direct use experiences (that require direct app use), as well as indirect use experiences (that do not require direct app use). Furthermore, customers have service experiences that were intended or unintended by service providers and several unintended experiences are hidden from them. These four types of service experiences form combinations that differ from each other in exhibiting different app download, use and deletion behaviour. The indirect and unintended components of service experiences highlight an underutilised and scarcely investigated part of holistic service experiences. Although originating from app use, these findings are also applicable to newer service platforms that provide flexibility of time and place and ubiquitous ease-of-use. Therefore, the thesis recommends that service providers must keep in mind the potential indirect and unintended service experiences that customers may have with their service platforms.
  • Jongsma, Daniël (Hanken School of Economics, 2020-01-14)
    As a result of extensive, if incomplete, harmonization efforts in the area of copyright law most of the rights granted to authors and related rights holders now originate in EU law. This makes the Court of Justice of the European Union (CJEU) an important authority with regard to the construction of copyright law in the EU. It appears the CJEU has accepted this role with great enthusiasm, achieving ever greater harmonization through an expansionist interpretation of the acquis communautaire. Increasingly, the CJEU pays attention to the impact of copyright on fundamental rights, such as the right to freedom of expression, considering that copyright must maintain a “fair balance” of rights and interests. Accordingly, fundamental rights are used as interpretative arguments when defining the scope of protection offered by copyright. This begs the question about the functionality of fundamental rights arguments in the process of judicial norm-making by the CJEU. This question is at the centre of this dissertation. To answer this question, this dissertation provides a systematic and critical analysis of both the CJEU’s interpretation of copyright norms generally and its use of fundamental rights arguments specifically. It does so against a legal theoretical background of proportionality analysis and balancing. It is argued that the CJEU frequently implicitly strives to find a “balance” between the interest of right holders in an “appropriate reward” and other rights and interests, but that this approach is often clouded by confusing rhetoric that obscures the true reasons for the CJEU’s decision-making. Even where it more explicitly emphasizes the need for copyright law to preserve a “fair balance of rights and interest”, the meaning and content of this concept is left unclear. Most importantly, the CJEU does not explain the precise content of the rights and interests to be balanced. The result is that its decision-making is opaque, not always coherent and often unpredictable. This dissertation makes several recommendations for a more coherent approach to the use of fundamental rights arguments in EU copyright adjudication. Importantly, the CJEU should more explicitly and more consistently focus on copyright’s purpose to provide right holders with an appropriate reward, taking account of both the empirical and normative uncertainty about the degree to which that reward can really be justified. To give full effect to fundamental rights, it is argued that limitations and exceptions to the rights of right holders can typically be construed broadly, since the right holder’s interest in an appropriate reward can be safeguarded by assessing whether the application of those provisions “preserves a fair balance”. Finally, remedies should be applied flexibly in a way that recognizes their potential limiting effect on fundamental rights but that respects the legislative prerogative to determine the boundaries between exclusivity, remuneration, and free use.
  • Al Nabulsi, Nasib (Hanken School of Economics, 2019-12-03)
    The financial crises during 2008 followed by quantitative easing environment implemented by central banks significantly affect macroeconomic stability. Since 2015, negative interest rate become a new phenomenon in the Euro area and in countries like Sweden and Denmark. These events revive the interest in how monetary policy channels influence economic output and financial markets. This dissertation consists of three essays that examine the correlation between monetary policy tools and economic activities—more specifically, interest rates, asset prices, consumption and economic growth in the context of the Nordic countries, with accounting for structural changes in the correlation between the variables. The first essay focuses on the predictive content of stock returns, short-term interest rates and the term spread by using non-linear regime switching models for forecasting GDP growth in Denmark, Finland, Norway and Sweden. The paper applies the threshold autoregressive (TAR) model-switching approach and regime-switching signals which combine the inversion of the yield curve and the recession as the signal to switch between economic states. The results suggest that the TAR model approach with an inversion–recession signal is preferable for predicting economic activity in all four of the Nordic countries. Among the Nordic countries, the predictive relationship between financial variables and economic activity is found to be the strongest in Finland and Sweden. The second essay uses time-varying parameter vector autoregression model and impose an exogenous monetary tightening shock on the Swedish equity market. The main findings are that monetary tightening shock results in a decrease in both components of the price—fundamental and mispricing. The nominal price is more responsive to the monetary policy shock after the year 2000. On average, the fundamental component of the asset price accounts for less than 40% of the expected response to a tighter monetary policy. These results are consistent with a “leaning against the wind” policy view. However, they contrast with the rational asset price bubble theory. The third essay examines the relative correlations between housing, stock-price movements and private consumption in Denmark, Finland and Sweden by means of time-varying parameter vector autoregression model to account for structural changes during economic restructuring periods and boom/bust cycles. The results suggest that the expected response of consumption to a shock in housing prices is higher in comparison to financial wealth. Furthermore, the results show the dynamic nature of the consumption response to wealth shocks, where the magnitude of the consumption response differs across the study period. There are shifts in how consumption responds to the housing price shock post-economic restructuring period in the 1980s. These shifts reflect the need to address the changing structure of the dependences between economic variables when examining the wealth effect on consumption in the Nordic context.
  • Meyer, Niclas Oskar (Hanken School of Economics, 2019-11-25)
    CEOs and the board of directors have the main decision-making power in a firm and hence carry a significant responsibility for its performance. Consequently, they are often blamed when their firms are caught for misconduct. As Karpoff, Lee, and Martin (2008) note, it is important to know whether corporate governance and the director and CEO labor markets work to deter misconduct and scandals, i.e. whether culpable individuals incur personal penalties, as a lack of penalties would indicate to policy makers that more oversight and regulation might be needed. Prior research documents that CEOs and directors are disciplined following economic misconduct. However, firms may be involved in other types of scandals, such as customer fraud, environmental violations, employee disputes, etc. Such scandals relate to a firm’s Environmental, Social, and Governance (ESG) standards or its Corporate Social Responsibility (CSR) – and have been argued to be potentially costly for firms, their shareholders, and stakeholders. Yet little is known about whether CEOs and directors suffer personal costs following stakeholder-related corporate misconduct. The three essays in this thesis study consequences for CEOs and directors following ESG/CSR-related scandals. In the first essay, we examine whether directors of US firms with the highest numbers of CSR controversies in a year experience losses in their reputations in the director labor market. We find that independent directors, who lose their seat at the focal firm’s board, and affiliated directors, who retain their seat, lose seats at other firms’ boards in the future. Additionally, we find that, among “controversial” independent directors, losses are significant only for directors who serve on the governance committee. The second essay investigates whether firms’ risk exposures to ESG issues affect the career prospects of directors of Stoxx Europe 600 firms. Employing panel data regressions, I find that directors’ career prospects decline when a firm has had very high or extremely high risk exposure to ESG issues. Furthermore, prior literature documents significant variation in ESG rankings between firms in different countries. Examining European firms allows studying if legal origin, as well as other country-level variables, affect penalties to directors following ESG scandals. I find that penalties vary by legal origin: contrary to expectations, penalties are severe in common-law countries, where firms, on average, score the lowest on ESG rankings, and somewhat weaker in civil-law countries, where firms, on average, score the highest on ESG rankings. In the third essay, we study CEO turnover following ESG scandals. Using logistic regression models, we find that the likelihood of CEO turnover increases significantly following environmental and governance issues, but not following social issues. In addition, we find that firms in common-law countries rely on ex post penalties, whereas firms in civil-law countries appear to rely on ex ante (governance, regulation, etc.) mechanisms, to deter ESG-scandals.
  • Mohamadi, Ashkan (Hanken School of Economics, 2019-11-06)
    The popularity of entrepreneurship as a practice is matched by scholars’ increasing attention to the phenomenon. In the management literature, entrepreneurship has become a field in its own right. Several scholars have argued that the right types of entrepreneurship, such as opportunity entrepreneurship, are an important driver of economic development and growth through employment, innovation, and structural transformation. Thus, it is unsurprising that finding ways to encourage entrepreneurship, especially the preferred types, is of interest to researchers and policymakers alike. In order to do so, they need to understand why the incidence of entrepreneurship is different from one country to another, and in that respect, country-level factors are determining the rate of entrepreneurship. These factors create the environment in which entrepreneurial opportunities and activities can be defined, generated, and also limited. Surprisingly, however, our understanding of the ways in which these national and institutional environments are fertile or fatal for entrepreneurship is limited, and study results on the benefits of various aspects of institutions to entrepreneurship continue to be debated. The overall objective of this thesis and the cases presented herein is to investigate how institutions and institutional factors affect opportunity exploitation at country level. We acknowledge that both institutional settings and the process of opportunity exploitation are complex phenomena. To address the research objective, this thesis builds on two co-authored research articles and one sole-authored. The methodological approach of the current work is nomothetic and quantitative. Moderation analysis at country level is the main approach applied in all the articles. As a result, we examined regression models that include interaction terms. In the articles, we perform fixed effect regression analyses. To be able to do the analyses, we utilize data from Adult Population Surveys of Global Entrepreneurship Monitor (GEM). Previously a challenge in studying country-level entrepreneurship, institutions, and policymaking has been the lack of data. In recent years, the rise of GEM as harmonized and internationally comparable database on entrepreneurial activities has created the opportunity more effectively to conduct research in those areas. This thesis fills two specific gaps. First, our articles examined under-investigated institutional settings, in order to stimulate future research. This furthered our understanding, recognizing several theoretical concepts such as institutional incongruence. Additionally, we conclude that different aspects of institutions should not be considered and studied in isolation. Second, instead of studying direct impacts on startup rates, we examined how opportunities are discovered and exploited at country level. This is important because opportunity discovery is a major step in the entrepreneurship process, and we learned more about economic development through entrepreneurship, following the research stating that opportunity entrepreneurship is the preferred type of entrepreneurship for that purpose.
  • Ahlvik, Catarina (Hanken School of Economics, 2019-08-12)
    Today, the word mindfulness is so widely used that the profundity of this practice is sometimes overlooked. Furthermore, some articles, mostly in practitioner-oriented journals, have raised the concern of mindfulness practice having a pacifying effect on employees. This concern often stems from the notion of mindfulness having a non-judgmental component and the fear that this component may create complacency in the workplace. This is, however, a misreading of the practice, as non-judgement in this context refers to how to skillfully relate to one’s own experience. A non-judgmental attitude or attitudes such as acceptance and self-compassion are qualities that can facilitate contact with uncomfortable experiences and may thus diminish impulsive or defensive reactions. Thus, a non-judgmental attitude does not refer to complying with potentially disharmonious external conditions; rather, it enables turning towards and experiencing the present circumstances exactly as they are. In this thesis, I tackle this question in detail both theoretically and empirically, and show that mindfulness develops personal resources and may indeed be a powerful trigger for agency. Agency here refers to purposeful engagement with the social context, aiming to alter or maintain that context. Specifically, I argue that mindfulness may trigger what I refer to as institutional awareness, that is the ability to be aware of the emotional and cognitive impact of the institution in which you are embedded. Furthermore, I empirically show that mindfulness supports change-oriented behavior in organizations and that it does so through facilitating autonomous choice. Choices and actions are seen as autonomous when they are congruent with a person’s authentic interests and values. In line with previous research in clinical settings, I also show that mindfulness reduces, stress, burnout and increases the ability to detach from work after working hours. These findings are the result of a large-scale randomized field intervention, where 130 managers from four organizations in Finland participated in an 8-week Mindfulness Based Stress Reduction (MBSR) course.
  • Ritvanen, Hannu (Hanken School of Economics, 2019-08-07)
    This thesis has two aims: firstly to discuss and answer what are Intellectual Capital (IC)-related risks, and secondly to develop a framework for decision-makers for managing IC-related risks in an organisational context and practice. The main discipline and contributions of the thesis are in IC theory. Risk theory forms an important element to the contribution. The presumption is that risks occur in relationships, while results are shown in entities or in new tensions in relationships. Knowledge is seen as relational, between subject and object, between knower and known (or not known). The dominant classification, the ‘IC-Triad’ (human, structural and relational capitals), is an artefact from the time when IC was understood from an accounting perspective with financial and intangible assets. In this thesis an alternative is proposed. If classification is understood as a means to make sense of the complex world for managerial purpose, it is better to interpret the managerial task with concepts as close to the managerial reality as possible. I suggest re-conceptualising the original ‘IC-Triad’ to address arguably one of the most difficult, yet most common, managerial tasks: how to manage risk. Practitioners must in temporal flow of events ‘make do, with what is available’; I see them as ‘bricoleurs’. The ultimate aim of this thesis is to give decision-makers, through a practical framework for managing risk, more than they currently have available. Related IC and Intellectual Capital Management (ICM) discourses and the Risk Management (RM) literature have been reviewed. The conclusion from the IC literature review is that the dominant ‘IC-Triad’ needs to be re-conceptualised, including relationships, by developing a full ‘relational approach’ to Intellectual Capital Risk Management. This means that knowledge and knowing are understood as ‘existing’ in relationships between the subject (knower) and object (known). The object of enquiry can be entities or potential relationships between objects. The conclusion from literature review is that the conceptualisations underlying ISO 31000 are appropriate to the purpose of managing risks, risk defined as: the ‘effect of uncertainty on objectives’. The ICRM Framework is the main contribution to the IC, ICM and IC risk literatures by defining IC-related risks, identifying (with an emphasis on finding) IC-related risks in the practical organisational context and bridging the gap between management and operations by identifying the essential uncertainties in the organisational domain operationalised as epistemic holes in three temporal dimensions: ex-ante, present, and ex-post. The key is to avoid the ‘optimistic agenda’ by taking all essential uncertainties into account for decision-making and sharing the objectives of the organisation to all decision-makers. The risk identification process further ensures that the objectives are commonly known and that all events, whether positive or negative at the time of assessment, are also shared.
  • Sohn, Minchul (Hanken School of Economics, 2019-06-17)
    Natural hazards are events that take place as a result of naturally occurring processes. They have the potential to become disasters when they destroy the lives and/or livelihoods of a vulnerable population that cannot anticipate, cope with, resist, or recover from the impact of natural hazards using their own resources. For example, combined with the critical conditions of exposure and vulnerability, recurring small-scale seasonal climate risks (e.g., floods or droughts) become a disaster if a community’s functioning is undermined. In addition, there is substantial evidence that patterns of climate variability are changing, especially in terms of increased heavy rainfall events, prolonged dry spells, and shifts in seasonal rainfall patterns. Such seasonal climate risks are undoubtedly affecting many developing regions of the world and have significant implications for the vulnerable people living in these areas. To mitigate the negative impacts of recurring seasonal climate risks, there is a need to effectively manage humanitarian logistics and supply chains as well as develop strategies to cope with these risks and their associated uncertainty in terms of variability, even if their consequences do not always have catastrophic impacts. Thus, it is important to build and implement a preparedness approach that can fully exploit the risk mitigation strategies available to manage climate-related hazards as a means of improving the ability of humanitarian supply chains to deal with the potential impacts of seasonal climate risks and unpredictable variability. The overarching objective of the thesis is to investigate how humanitarian logistics preparedness can contribute to efforts to mitigate the negative impacts of a particular set of recurring natural hazards. It aims to examine conceptually how mitigating disaster risk could be incorporated into the management of humanitarian logistics and supply chains. This aim is addressed by developing the argumentation in support of the concept of developmental relief. Empirically, this thesis aims to explore the utilisation of seasonal climate information as part of humanitarian logistics preparedness activities to mitigate the negative impacts of seasonal climate risks. Seasonal climate information is rarely used in humanitarian logistics preparedness, even though there is a wealth of available information on seasonal climates and the whole area is well-recognised as foundational for effective disaster risk management. In this thesis, seasonal climate information and its utilisation by responding organisations constitute an important medium to explore the primary aim set out above, which addresses the inter-relationships between humanitarian logistics preparedness, mitigation of disaster risks, and seasonal climate risks. In addition, and as a result of the author’s experiences when conducting the fieldwork research underpinning this study, this thesis also examines the benefits and challenges associated with the process of performing fieldwork-based research that can drive solid insights into the phenomenon of interest.
  • Reunanen, Mika (Hanken School of Economics, 2019-05-08)
    The purpose of the research is to give understanding what is the company law background concerning the use of mezzanine financing, how mezzanine instruments are handled from accounting and taxation perspective and how they are used in the market today. On top of that is reviewed the size of mezzanine market in relevant countries. The main focus is in Finland and comparison is done to Sweden, Estonia, USA, UK and Germany. The differences of legal frameworks and markets in relation to the discussed financing form are analysed. The research objective has been to conclude what are some of the main differences of company regulation, accounting and taxation rules and local market conditions related to the topic in question. Additionally, is reviewed how mezzanine could be used in bank lending going forward in order to support functioning capital markets. In the review of legal background, the focus has been on company law solely. Reference to other legislation is made only if it is necessary to understand better the specific company law regulation in question. The analysis of applicable accounting rules has concentrated on the local GAAP and IFRS regulation. In the review of taxation rules is focused on thin capitalisation rules and deductibility of interest from the borrower´s view. When reviewing the local market conditions, the attention has been given to the size of the market in terms of amount of venture capital actors, volumes of venture capital investments, number of banks and volumes of bank loans. The research is based on academic and professional literature in company law and finance. The outcome of the research is that there are significant differences in the company law, accounting rules and taxation regulation between the observed countries. There are also significant differences in mezzanine markets between the observed countries due to variation of actors and their capacity to provide financing. This influences on the availability of the mezzanine financing in general. Additionally, it can be concluded that mezzanine is a potential bank lending form. Mezzanine financing could be used especially in situations where customer does not have collateral to offer and bank would be prepared to grant financing even with traditional debt instruments. Mezzanine instruments give also additional possibilities for a bank to price the lending to reflect better the risk of the financing transactions. However, mezzanine cannot be a tool which would allow banks to step to transactions or projects which would be riskier than those transactions or projects which are financed by banks today with traditional senior debt loan instruments. It is rather a tool which would provide to banks additional alternatives to price more accurately the risks they would take anyhow.
  • Huang, Kun (Svenska handelshögskolan, 2019-02-08)
    Since the stock market crash of October 1987, extensive research has been carried out on modelling implied volatility for option pricing. The three essays of this thesis investigate how to generate arbitrage-free and smile-consistent implied volatility using various option pricing models. The first essay studies the efficiency of the Vanna-Volga method in equity options markets. The Vanna-Volga method is commonly used in the FX options market to manage implied volatility surface and hedge against the movement of underlying asset prices. However, this method has not attracted much attention in other derivative markets. Apart from the Vanna-Volga method, the accuracy of two approximations of Vanna-Volga implied volatility are also examined. The compelling numerical results provide evidence to support the efficiency of the Vanna-Volga method and two approximations for building a smile-consistent implied volatility of the equity index option. The second essay studies the Heston (1993) model, which is the most successful stochastic volatility model, in a local volatility context. The hybrid model combines the advantages of the local volatility and stochastic volatility models, and minimizes their downsides by incorporating a leverage function which reflects the weights of local and stochastic volatility. The challenge for implementing the hybrid model is the computation of the leverage function. The study results convince us of the better performance of the hybrid model than the pure Heston model. In recent years, the negative interest rate has become a feature of financial markets. The negative interest rate spawns serious problems for financial modelling, particularly for option pricing and hedging in interest rate derivative markets. The benchmark model for pricing and hedging interest rate derivatives was Hagan's asymptotic expansion of implied volatility which is built under the SABR process. However, the weakness of Hagan's asymptotic expansion came to light in the case of negative interest rates. The third essay explores a different asymptotic formula of implied volatility under the SABR process, and the model was proposed in De Marco, Hillairet and Jacquire (2013). The numerical results show the accuracy of the model, particularly for large maturities and small strikes when the CEV component is close to zero and when the volatility of volatility is high.
  • Sabari Ragavendran Prasanna Venkatesan (Svenska handelshögskolan, 2018-12-07)
    In recent times, there is an increase in the need for longterm aid. Since no actor can handle long-term aid alone, there is an increased need for collaboration between the actors. The actors in the long-term aid possess a variety of organisational cultures. Commercial supply chain literature informs that differences in organisational cultures between the partners in a supply chain lead to a strain in the collaborative relationship. In some instances, the differences result in ceasure of collaboration between partners. This thesis investigates the relationship between organisational culture and humanitarian supply chain collaboration in long-term aid. The aim of the thesis is to examine the influence of organisational culture on buyer-supplier collaboration in long-term aid. The thesis is both timely and relevant for a number of reasons. First, the increasing occurrence of natural and manmade disasters has led to a corresponding increase in long-term aid programmes. Second, longterm aid requires collaboration among multiple actors from differing organisational cultures. Finally, unlike commercial supply chain collaboration, this process has not yet been perfected in HSC contexts. The thesis investigates how differences of organisational culture influence collaboration in long-term HSC aid provision. This thesis takes a qualitative research approach. The findings included a framework that explains how organisational cultural attributes influence supply chain collaboration. The organisational leadership, or antecedent, influences organisational learning and organisational flexibility (organisational cultural elements). These elements influence information sharing (collaborative behaviour) through organisational routines. It can be further argued that there are four mechanisms through which organisational culture develops: organisational routines, organisational practices, organisational flexibility, and organisational learning. These mechanisms influence the mechanisms of supply chain collaboration: information sharing, trust, mutuality, and commitment. The thesis also finds the existence of humanitarian institutional logic as an overarching mechanism that mitigates the influence of organisational cultural differences on collaboration between actors.
  • Schimanski, Caroline (Svenska handelshögskolan, 2018-11-23)
    This doctoral thesis addresses in four articles two broad challenges in the field of development economics. The first two articles aim at providing causal evidence for the existence of systematic profit-shifting by multinational companies (MNCs) with a special focus on shifting out of developing countries as these are claimed to particularly suffer in terms of forgone tax revenue from profit-shifting. The first article re-estimates the results of Dharmapala and Riedel (2013), an influential paper in the literature, using more recent data, expanding its geographic scope and comparing between statutory and effective tax rate incentivized profit-shifting from parent firms to subsidiaries. The second article expands on this by looking into more complex potentially multi-directional profit-shifting flows between any affiliate of the group and other incentivizing factors, apart from lower statutory or effective corporate income tax rates, such as development status, credit rating, corruption and tax haven status of the country. The remaining chapters three and four address labour market challenges in developing countries, whereby the third article still links to the former through the topic of taxation. More specifically, the third article estimates the elasticity of formal work in sub-Saharan Africa, as the transition into formal employment, in economies largely characterized by informal labour markets, is the precondition for domestic resource mobilization from personal income taxes. The fourth article estimates the extent and evolution of race-based labour market segregation and wage inequality in Trinidad and Tobago, in the light of its colonial history characterized by racial segregation.
  • Ström, Eva (Svenska handelshögskolan, 2018-11-24)
    To help companies achieve strategic success, new management tools have been invented and introduced over time. One of the most well-established and popular management tools is the Balanced Scorecard (BSC). The BSC was first introduced in the 1990s by Kaplan and Norton as a performance measurement tool that supplemented financial measures with non-financial measures, chosen with regard to strategy. It has then evolved into a strategic management system. This thesis examines how the BSC is related to performance. It suggests that the BSC is associated with performance, because it is used as a strategic management system. Furthermore the research investigates how certain chosen contextual variables enable the BSC to be used as a strategic management system. The BSC contextual variables are the chosen strategy, management’s motives for introducing the BSC and management involvement in the implementation phase. The empirical evidence from Finland and Sweden provide evidence that a BSC that is used as a strategic management system is positively related to performance. Furthermore the empirical evidence shows that a certain focus of strategy and management’s role in supporting the strategy - by introducing management accounting techniques and by actively being involved in the process- has a positive association with the extent to which the BSC is used as a strategic management system. This, in turn, associated with performance. Overall the research highlights the importance of the interplay between the use of an accounting technique- such as the BSC- and the contextual factors that support that use (supporting the use with strategy and management’s active role).
  • Ekman, Mats (Svenska handelshögskolan, 2018-10-19)
    In this dissertation, four essays examine various ways in which people make decisions based upon others’ characteristics or actions. Individuals certainly can choose without regard to others and many decisions essentially lack social influences, such as the colour of one’s tie or scarf or car, but oftentimes peers may react to a choice in a way which decision-makers prefer not to disregard. Thus, some smoke or vote for the Greens because others do, or wear a certain haircut because it is the style at the time. Sometimes decisions may be private within some bound, such as choosing any uni-coloured car, but not a hippie-style multi-coloured one. This dissertation seeks to demonstrate the influence of such social elements on choices pertaining to four distinct areas: (1) whether to seek public assistance (the dole); (2) whether to vote or abstain; (3) what to eat when others may observe one’s choice; and (4) whom to marry to avoid some causes of marital disharmony. The treatment is always applied and mainly empirical; only the fourth essay makes use of an exclusively theoretical argument. This essay also differs in reducing the scope of social influences to characteristics of only one’s spouse(s). The article suggests an empirical pattern in which husbands tend to out-earn their wives in order to be able to withhold income from them to reduce the probability of non-paternity, with differences between the sexes declining as total incomes rise. The other three articles proceed in the opposite way, finding empirical patterns and suggesting explanations for them. The first essay finds that welfare offices in buildings with features that enhance the visibility of entry (such as a set of steps before the entrance), tend to approve a greater share of applications than do other welfare offices. The suggested explanation is that only the neediest individuals will accept the risk of being seen to be ‘welfare cases’, eliminating comparatively haphazard applications to raise the approval rate. The second essay looks at data from countries practising multiple concurrent national referenda, finding a pattern in which more concurrent referenda are associated with lower turnout, akin to quantity discounts being associated with fewer sales. This puzzling relationship, too, may be accounted for by peer effects. If groups are affected by referenda outcomes but individuals do not really wish to vote, group pressure may be less effective when several groups care about different referenda, because each group wants to avoid pressuring the non-voter. The article analysing dietary decisions finds that customers at a restaurant in Western Finland consume lighter meals when their body types are bigger than those of their peers. This finding points to a mechanism whereby thinness is prized and people wish to signal conformity to thinness-inducing habits by foregoing a larger meal in exchange for social recognition.
  • Hassan, Lobna (Hanken School of Economics, 2018-10-17)
    For a long time, information systems have been designed to provide organizational utility, efficiency, and cost reduction. As technological advancement took place, information systems grew to further facilitate personal productivity and entertainment. Out of modern systems, games have an extraordinary reach in modern society. That reach eventually became too significant to ignore without systematic study. While many individuals recognize the value of and need for hard work in life, many—perhaps all—do not wish to live in a universe of pure work or passive engagement with their life’s activities. In that light, scholars began investigating game design as a means to attain enjoyment and motivation in mundane life activities, giving birth to the gamification movement as we know it today. As a design and research stream, gamification refers to the design of systems, services, and processes to provide “gameful” experiences—psychological experiences, similar to those provided by games—to positively influence engagement with mundane life activities. While the user benefits reported from implementing gamification showcase its potentially positive impact, the understanding of how to design gamification is still in its infancy. Some gamification designs may be suitable to some users or in certain contexts, but the same designs may not have the same results for different users or in different contexts. Furthermore, current methods to design gamification have been developed in isolation, each reinventing the wheel, and hence struggle to provide comprehensive guidance for the gamification design process. This dissertation employs the goal-setting theory, showcasing how gamification design can suit the preferences of different users. The dissertation additionally investigates contextualized gamification design by employing the deliberation theory and researching design for collective, group engagement such as is seen in the context of civic engagement. Finally, the dissertation contributes a holistic gamification design method that incorporates the design knowledge currently gathered in the gamification fields, as well as lessons learned from the failure of gamification projects. The contributions complement each other and provide a multi-dimensional gamification design knowledge on how gamification should be designed. While this dissertation has theoretically and practically contributed to the knowledge on gamification design, there is more to be researched before gamification design can come close to being perfect. The journey to gamify is merely commencing. Not only is this pursuit of how to gamify essential to understand a phenomenon and the human behavior around it, but it is also essential to create a gameful reality, one not of pure work but of enjoyment, motivation, persistence and flow.
  • Lindeman, Sara (Svenska handelshögskolan, 2018-01-19)
    This thesis studies early-phase market organizing. Contrary to dominant views of markets as neutral backgrounds to economic activity, in this work markets are understood as socio-material systems that are shaped by the actors involved in the organizing process. In affluent settings, such as Europe, market organizing processes have been going on for centuries. To ethnographically study the very early phases of market organizing, the empirical work is performed in subsistence settings, i.e. resource-constrained areas currently served by the informal economy. The empirical data were collected in informal urban settlements and remote rural areas in Tanzania, Brazil, Ethiopia and India. The purpose of this thesis is to study early-phase market organizing in subsistence settings and its implications on capabilities for achieving well-being. Based on the capability approach, the thesis takes a holistic and multi-level approach to well-being. An improved understanding of early-phase market organizing processes, studied in settings not strictly conditioned by the path taken in affluent economies, can open up possibilities to see and encourage alternative and more sustainable ways of market organizing. The research shows that market organizing begins when an augmented discussion starts around trade exchanges. This discussion includes creating rules and norms to discipline exchanges as well as ways of representing the exchanges. Values guide this discussion, and participating in it requires that actors engage in new practices and often also that they form new organizational entities. In addition, early phase market organizing is characterized by a mobilization of various resources that improve market actors’ abilities to act in and shape markets. In the empirical cases, intermediary organizations, such as local NGO’s, were instrumental in empowering subsistence communities so that they could actively take part in the market organizing process. The dominant debate suggests that individuals will benefit from markets by getting employment and access to improved products and services. However, this thesis shows that when local communities organize themselves and are empowered to actively participate in the market organizing process, this results in market arrangements that better deliver capabilities for achieving well-being.
  • Tabaklar, Tunca (Svenska handelshögskolan, 2017-12-16)
    As disasters are affecting millions of people around the world, humanitarian supply chains are changing to identify needs and to respond to those affected. To achieve successful humanitarian operations, humanitarian supply chains need certain capabilities to anticipate the effects of a disaster, quickly mobilise the necessary resources and provide better services through these capabilities to the people in crisis. In other words, they must be resilient while scaling up quickly to meet unpredictable demands. Thus, the primary aim of this thesis is to explore the concept of scalability and understand how scalability contributes to various outcomes, such as resilience in HSCM, through three essays. The first essay is based on a systematic literature review to deepen the understanding of theoretical approaches and concepts borrowed from other research fields in humanitarian supply chain management. It is entitled ‘Borrowing Theories in Humanitarian Supply Chain Management’. The second essay is ‘Investigating Scalability for Building Supply Chain Resilience’, and the third essay is ‘Supply Chain Scalability: The Role of Supply Chain Integration’. Both the second and the third essays are based on a single case study in a humanitarian setting. A framework of scalability is developed through the dynamic capabilities view, as humanitarian organisations are operating in one of the most turbulent environments. Furthermore, this thesis contributes not only to humanitarian organisations but also organisations that face regular turbulence because the business environment is becoming increasingly turbulent.

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