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  • Rannikko, Heikki (Svenska handelshögskolan, 2012)
    This study participates in several discussions on new technology-based firms, both from a population-level viewpoint and a firm-level viewpoint. The overall objective of this study is to examine how new technology-based firms grow. For the population level research this study provides new knowledge by analysing growth, and high growth, in the context of new technology-based firms. As a firm level phenomenon the present study provides new knowledge, both for the behavioural orientation literature and the resource dependence literature, by examining the possible causes and implications of entrepreneurial orientation and external resource mobilisation. The results of the descriptive empirical analysis picture the group of technology-based firms as a distinct sector of the economy. The emphasis on technology is shown through the finding that new technology-based firms’ managers value the distinction of technology over other business goals. Concerning growth patterns it is found that only a minority of new firms experience high annual growth, that growth is erratic and that it may take a long time for a new technology-based firm to achieve growth. The testing of the theoretical model suggests that entrepreneurial orientation is positively associated with growth performance and that the experienced growth performance is positively associated with entrepreneurial orientation. In conclusion, it seems that positive experiences in the past reinforce entrepreneurial orientation, which further strengthens the development of a firm. Concerning moderating factors it is found that technological distinctiveness modifies the relationship between entrepreneurial orientation and growth. The finding hints that entrepreneurship (risk-taking, boldness and pro-activeness) is more beneficial with strategies in which technological excellence and sophistication are not the top priority. In support of the resource dependence argument, it was found that financial resource mobilisation is positively associated with growth. The findings further give support for the view that embeddedness in a firm community of practice is associated with a higher level of resource mobilisation in a firm level. Concerning financial resource mobilisation, the results suggest that there is a positive association, both between identification with a community of practice and financial resource mobilization and between nature of co-operation in a community of practice and financial resource mobilisation. Towards operational resource mobilisation similar associations were not found. Overall, these results contribute to the innovation policy discussion by suggesting that hands-on innovation policy interventions may have firm-level effects, in addition to those of technological and business learning. The results suggest indirectly that supporting firms to create and maintain close ties with their exchange partners within a community of practice may lead to improved resource mobilisation e.g. through increased awareness of firm participants. This discovery contributes both to the research on innovation policy interventions and to the research on a more nuanced view of the resource dependence perspective.
  • Storå, Jakob (Svenska handelshögskolan, 2013)
    There is a great deal of research indicating that firms use the flexibility in accounting standards to engage in earnings management. This study examines whether firms that apply IFRS manage earnings through goodwill impairment accounting. IFRS require that firms shall test goodwill for impairment annually and whenever there is an indication that goodwill may be impaired. Impairment tests involve estimating the value of goodwill. More specifically, if the book value of goodwill exceeds its recoverable amount, as estimated in connection with an impairment test, the firm shall recognize the excess as an impairment loss. However, estimates of recoverable amounts for goodwill are subject to a high degree of unverifiable discretion. This suggests that goodwill impairment tests might be used for earnings management. This study examines earnings management in relation to earnings targets. It focuses on two earnings targets that might create incentives for earnings management: zero earnings and the previous year’s earnings. The findings of the study are consistent with the prediction that firms that apply IFRS manage earnings through goodwill impairment accounting. The findings suggest that firms manage earnings upwards by impairing less goodwill when pre-impairment earnings barely exceed an earnings target, presumably in order to avoid falling short of the target. Further, the findings suggest that firms manage earnings downwards by impairing more goodwill when pre-impairment earnings clearly exceed or clearly fall short of an earnings target, presumably in order to inflate future earnings.
  • Starr, Michael; Westman, Carl Johan (Suomen metsätieteellinen seura, 1978)
  • Kalela, Erkki K. (Suomen metsätieteellinen seura, 1949)
  • Halmeenpää, Hanna; Niemelä, Pirjo; Alahuhta, Janne; Dvornikova, Natalya; Erkinaro, Heikki; Heikkinen, Kaisa; Kotov, Sergey; Masyk, Natalya; Meissner, Kristian; Riihimäki, Juha; Vuori, Kari-Matti; Zueva, Marina (North Ostrobothnia Regional Environment Centre, 2007)
    The Kola River is situated in Northwestern Russia, Kola Peninsula, which is an area with about 70 year long history of copper and nickel mining and smelting. However, environmental effects on the Kola River, caused by industry and other human activities, are not studied thoroughly. Area of the Kola River basin is 3850 km2. The river flows 83 km from south to north and enters the Kola Bay of the Barents Sea in front of the Kola City. The Kola River is vital for the reproduction of salmon and it is also an important source of drinking water for about half a million people in the city of Murmansk and in the surrounding settlements. In the Kola Water Quality -project in years 2001–2004 one the main objectives was to define the ecological status of the Kola River. The Näätämöjoki River in northern Finland and Norway was surveyed as a reference area. This publication includes ecological studies carried out by North Ostrobothnia Regional Environment Centre (NOREC, Finland) and The Murmansk Areal Department for Hydrometeorology and Environmental Monitoring (MUGMS, Russia). Chapters concerning macroinvertebrate studies were written by Kristian Meissner (NOREC/SYKE). Studies on macrozoobenthos after federal Russian hydrobiological monitoring methods are grouped in separate chapters and were reported by Sergey Kotov (MUGMS). Chapters concerning fish communities were written by Heikki Erkinaro (NOREC, Finnish Game and Fisheries Research Institute). Diatom community analyses were reported by Hanna Halmeenpää and Pirjo Niemelä (NOREC). Chapters concerning hydromorphological state of the river (River Habitat Survey) were written by Janne Alahuhta (NOREC) and chapters on macrophyte survey by Juha Riihimäki (Finnish Environment Institute). Studies on metal concentrations in aquatic bryophytes were reported by Hanna Halmeenpää (NOREC) and Kari-Matti Vuori (Finnish Environment Institute). Chapters concerning bacterioplankton and phytoplankton were written by Natalya Masuk (MUGMS), chapters on zooplankton by Natalya Dvornikova (MUGMS). Chapters concerning physical and chemical water quality of the rivers Kola and Näätämöjoki were written by Marina Zueva (MUGMS) and Hanna Halmeenpää (NOREC). Hanna Halmeenpää and Pirjo Niemelä (NOREC) took the responsibility of editing the report and writing of common chapters. On grounds of the ecological studies, the Kola River can be divided into three separate areas. At the upper river sections (K2-K3) the ecological status ranged from good to moderate. Signs on nutrient and metal (copper, nickel) loading could be detected both in water quality and in aquatic organisms. The ecological status of the mid-section (K4-K8) of the Kola River basin ranged from good to high. No major human impact could be seen. The estuary section (K9-K12) of the Kola River represented the moderate ecological status. This was probably caused by small, heavily polluted tributaries (Varlamov, Medvegiy and Zemlanoy) draining organic load and nutrient rich waters into main flow and also by other anthropogenic loading along the lower river section. The ecological status of the reference river Näätämöjoki was high on grounds of all the biological parameters used in this study.
  • Rantasaari, Tomi (Hanken School of Economics, 2010)
  • Hiltunen, Marjukka (Finnish Environment Institute, 2004)
  • Kehusmaa, S; Saarikallio, M; Hinkka, K (2005)
  • Vehkamäki, Seppo (Suomen metsätieteellinen seura, 1986)
  • Niskanen, Anssi; Saastamoinen, Olli; Rantala, Tapio (The Finnish Society of Forest Science and The Finnish Forest Research Institute, 1996)
    The impact of carbon sequestration on the financial profitability of four tree plantation cases in Finland and the Philippines were examined. On the basis of stem wood growth; the accumulation of carbon in forest biomass, the formation and decomposition of litter, and the carbon flows in wood-based products were assessed for each reforestation case representing boreal (Finland) and moist tropical conditions (the Philippines). Using different unit values for carbon sequestration the profitability of reforestation was estimated for a fixed 100 year period on a per hectare basis. The financial profitability of reforestation increased notably when the sequestered carbon had high positive values. For example, when the value of carbon sequestration was set to be Twenty-five United States Dollars per megagram of carbon (25 USD/Mg C), the internal rate of return (IRR) of a reforestation investment with spruce (Picea abies) in Finland increased from 3.2% to 4.1%. Equally, the IRR of reforestation with mahogany (Swietenia macrophylla King) in the Philippines increased from 12.8% to 15.5%. The present value of carbon sequestration ranged from 39–48% and from 77–101% of the present value of the reforestation costs in Finland and the Philippines, respectively, when a 25 USD/Mg C shadow price and a 5% discount rate were applied. Sequestration of one Mg of carbon in reforestation in Finland and the Philippines was estimated to cost from 10.5–20.0 and from 4.0–13.6 USD, respectively.
  • Riihinen, Päiviö (Suomen metsätieteellinen seura, 1963)
  • Saastamoinen, Olli (Suomen metsätieteellinen seura, 1977)
  • Kellomäki, Seppo; Hari, Pertti (Suomen metsätieteellinen seura, 1980)
  • Kellomäki, Seppo; Hari, Pertti; Kanninen, Markku; Ilonen, Pirkko (Suomen metsätieteellinen seura, 1980)
  • Mäkelä, Annikki; Kellomäki, Seppo; Hari, Pertti (Suomen metsätieteellinen seura, 1980)
  • Kellomäki, Seppo; Kanninen, Markku (Suomen metsätieteellinen seura, 1980)