Publikationer från Linköpings universitet
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Intuition to Insight : Developing Risk Analysis Tools for Special Situations Investing
No full textThis thesis was conducted in collaboration with Lazarus Industrif¨orvaltning AB, a Swedish investment firm focusing on acquiring distressed companies. Lazarus conducts their own due diligence and utilizes internal tools to analyze risk and return for potential investments. However, the firm’s four partners perceived their previous tools as both unclear and unreliable. Through interviews this perception was found to be due to the risk tools giving similar risk scores across different cases, performance metrics not matching the firm’s needs and an overall lack of user-friendliness. The purpose of this thesis was to develop improved risk tools to better support Lazarus’ investment analysis process. For this, two main research questions guided the work. First, how can Lazarus improve its company-specific risk analysis tool for evaluating potential investments in a way that aligns with its operations? Second, how can a risk-adjusted return measure be calculated while accounting for risks associated with different financing structures? Through a qualitative and abductive method, interviews were held with Lazarus’ four partners. Existing theory was used as a basis for the development decisions suggested during the interviews and the tools were developed iteratively with continuous feedback. This process resulted in two new risk analysis tools. First, a new company specific risk tool based on 19 predefined risk factors with probability × impact scoring and aggregation through a weighted mean model. Second, a redesigned tool for calculating risk-adjusted return based on cash flows through different financing structures and their inherent risk, illustrated by this thesis’ new performance metric MORAC (Multiple On Risk Adjusted Capital). The tools improve clarity, usability and alignment with Lazarus’ needs. While tailored for their needs, isolated components of the risk tools could potentially be of use for other investors. Limitations to this thesis include dependence on subjective and qualitative input, and future research could benefit from long-term testing of the tools’ consistency between users, and evaluating whether scores correlate with investment outcomes over time
The role of a traffic planner in a municipal organization : Between governance and strategies – The traffic planners role in a municipal practice
No full text As Swedish cities grow, they are in need of a developed transportation system, which requires sustainable but also efficient planning within the transport sector. In this context, it is of great importance to understand the role of the traffic planner and how they navigate in the governance of the different municipalities. The purpose of this study is to create a deeper knowledge of the professional role of the traffic planner and how it is shaped by the structures that exist in the municipal organization, regarding different governance models, decision-making power and formal and informal power structures. The theoretical framework that forms the basis of the thesis is Max Weber´s bureaucracy theory, Lipsky´s street level bureaucracy, Abbott´s system of professions and Luke´s three dimensions of power. The study is of a qualitative sort and uses semi-structured interviews as a data collection method. Key findings in this paper show that although the traffic planner operates within a hierarchicalsystem, there are opportunities to use their informal power through, among other things, professional expertise, communication and timing. Autonomy is something that is negotiated and can vary depending on the structure of the organization, political context and personal experience. The study highlights the importance of understanding that the relationship between the formal and informal structures has an impact on the work of the traffic planner
Green hydrogen as an alternative fuel for heavy duty vehicles : A qualitative analysis investigating the introduction of green hydrogen in the Swedish heavy truck sector.
No full textTransporter står för en betydande del av Sveriges växthusgasutsläpp. För att minska den negativa miljöpåverkan från transporter behöver bland annat de fossila bränslena ersättas med miljövänligare alternativ, där ett lovande exempel är fossilfri vätgas. Fossilfri vätgas har under en längre tid lyfts fram som en alternativ lösning och genom historien har försök till att introducera grön vätgas i energisystemet gjorts, men utan något större genombrott. De senaste åren har många länder satsat stort på förnybar vätgas i syfte att minska deras användning av fossila bränslen. EU har även infört flera mål för att öka användningen av grön vätgas i medlemsländerna. Sverige har dock hamnat efter i denna utveckling och det finns mycket som hindrar vätgasutvecklingen. Denna studie syftar till att ge en bredare förståelse för hur grön vätgas kan integreras i den svenska transportsektorn och de hinder som måste övervinnas för att möjliggöra en ökad användning i tunga lastbilar. Studien utgår från frågeställningarna: 1) Vilka är vätgasens för- och nackdelar som bränsle i tunga lastbilar? 2) Hur ser utvecklingen av vätgasanvändningen i tunga lastbilar ut? 3) Vilka är de viktigaste hindren som begränsar en bredare användning av grön vätgas i tunga lastbilar? 4) Hur kan de identifierade hindren övervinnas för att möjliggöra en bredare introduktion av grön vätgas i tunga lastbilar? Frågeställningarna har angripits genom en studie som är baserad på analys av relevant/aktuell litteratur och intervjuer med experter och intressenter. De intervjuade inom vätgasbranschen, arbetar bland annat med utveckling avvätgasfordon, tankstationer och produktion av grön vätgas. Studiens resultat visar att vätgaslastbilar har flera fördelar jämfört med batterielektrifierade lastbilar, till exempel längre räckvidd, högre lastkapacitet och kortare tankningstid. Detta gör vätgas bättre lämpad för långväga transporter medan batterielektrifierade lastbilar passar bättre för kortare transporter. Vätgaslastbilar har även en liknande prestanda som en diesellastbil, viket gör det till ett bra alternativ. Andra fördelar är att vätgas är mer miljövänligt än diesel och kan produceras lokalt. Utmaningar är dock att vätgas ofta ses som farligare bränsle jämfört medalternativen samt att vätgasfordon har en sämre energieffektivitet jämfört med batterielektrifierade fordon. I jämförelse med vissa andra länder i världen ligger Sverige efter när det gällervätgasutvecklingen och Sverige är ett av få länder som saknar en politiskt beslutad vätgasstrategi. Detta beror inte minst på att fokus när det gäller alternativa drivmedel snarare legat på batterielektrifiering. Likt andra länder introduceras fler vätgasprojekt och satsningar på vätgastankstationer även i Sverige. De viktigaste hindren för bredare användning av grön vätgas är begränsat utbud, låg efterfrågan, höga kostnader, bristande kunskap, regulatoriska hinder och hinder kopplat till elsystemet. Dessa hinder skulle kunna övervinnas genom bland annat mer omfattande ekonomiskt stöd, utbildning samt förbättrad samordning av olika delar av värdekedjan för att skapa bättre förutsättningar, i form av exempelvis stordriftsfördelar i samband med produktion av grön vätgas.
Women in leadership roles and their different leadership styles : A comparison between women leadership in a male-dominated workplace versus a female-dominated workplace
No full textThis study aimed to investigate female leadership, and the challenges they face, in male- versus female-dominated workplaces applying transactional and transformational leadership styles and to identify the challenges associated with these approaches using the Full Range Leadership Theory as a framework. This thesis used a qualitative method, including four semi-structured interviews with two women from contrasting gendered workplaces. To examine the objective, three research questions were formed that aimed to investigate how women used transactional and transformational leadership styles in a male- versus female-dominated workplace, and what challenges might arise when applying these leadership approaches. Findings reveal a predominant use of transformational leadership across both workplace contexts. Transactional leadership is applied selectively, with male-dominated settings favoring intrinsic motivators and female-dominated settings incorporating non-financial rewards. Contrary to prior research, no significant gender-specific challenges were reported, with leaders addressing general leadership issues through adaptive blending of styles, reflecting the Full Range Leadership Theory. This study contributes to the literature by addressing the research gap on female leadership in female-dominated workplaces, highlighting adaptive leadership’s role in mitigating challenges. The findings underscore that leadership effectiveness is driven by organizational context and adaptive strategies rather than gender related traits. The study suggests future research to incorporate employees' views on their leaders by using MLQ and use Hofstede's cultural dimensions for an analysis of cultural differences across countries
Automatic Change Detection in Synthetic Aperture Sonar Data using Convolutional Neural Networks
No full textThis thesis investigates automatic change detection in synthetic aperture sonar(SAS) imagery using a transformer-based segmentation model with a convolutional neural network (CNN) backbone. Due to the lack of publicly availablebi-temporal SAS datasets, a synthetic dataset was created using a cut-and-pastemethod. To ensure accurate pixel-level comparisons, a two-stage co-registrationprocess was applied using SIFT and DeDoDe. The BIT_CD model, which combines a ResNet18-based CNN backbone with a lightweight transformer encoderdecoder architecture, was trained and evaluated on this synthetic dataset. The results show that segmentation-based change detection significantly outperformsa generalized model, particularly in feature-rich environments. This approachdemonstrates the effectiveness of combining CNNs and transformers and highlights the potential of synthetic training data for domain-specific change detection tasks.
Employee Satisfaction in a Remote Work Environment : Investigating Employee Perspectives in Work Models
No full textEmployee Satisfaction in a Remote Work Environment: Investigating Employee Perspectives in Work Models A rise in return-to-office (RTO) mandates in the world of remote work is resulting in higher turnover. There are numerous reasons for this, but the main one is suspected to be a lack of understanding of how employees perceive working fully remote or hybrid. Our research explores employee perspectives on remote work and control through the lens of Self-Determination Theory (SDT), focusing on the main pillars of autonomy, competence, and relatedness. This was done to gain a deeper understanding of why employees may or may not be motivated and productive in a remote work context. And therefore why they would choose to quit their job, and where resistance and acceptance occur in remote work structures. This study aimed to identify key themes and issues in a fully remote or hybrid context, and consists of a qualitative analysis of six interviewees who worked in the remote field. These themes and issues include productivity, motivation, trust, satisfaction, organizational support, relatedness, and age. The findings, and prior research, suggest that remote work increases an individual's autonomy, which boosts job satisfaction and motivation. But on the other hand, it weakens the social community and company culture that can be achieved while in an office setting, which can have detrimental effects on relatedness and competence, which was found to lower job satisfaction and motivation. The balancing of all three core concepts of SDT in each employee may be the key to lowering turnover through achieving a productive and motivated workforce. Additional factors that may help with understanding how to achieve this balance appeared throughout our analysis. There was clear evidence that age and career stage corresponds to satisfaction in a remote environment due to isolation and lack of learning opportunities. Trust was also found to be a leading factor in enhancing the three core elements of SDT. These insights contribute to a deeper understanding of the importance of designing inclusive remote work policies that address the multitude of needs their employees may have, with the ideal being a hybrid schedule that accounts for all elements of SDT. Our research also expands SDT research in a remote context
Development of a Systematic Evaluation Framework for Thruster-Based Underwater Vehicle Control
No full textThis thesis presents the development of a simulation-based evaluation frameworkaimed at systematically analyzing the closed-loop performance of thrusteractuatedunmanned underwater vehicles. The framework allows for the comparisonof different control systems and thruster configurations under a range ofoperating scenarios, including station keeping, trajectory tracking, and dynamicmaneuvers. Two control strategies: model predictive control (mpc), and linearquadratic regulator (lqr) are implemented and assessed using key performancemetrics such as tracking accuracy, energy usage, and actuator efficiency. In addition,optimization techniques are applied to improve thruster layout and evaluateits effect on system performance. The results demonstrate the framework’spotential as a versatile tool for benchmarking controllers and guiding the designof future underwater vehicles. By supporting performance evaluation and designoptimization prior to physical prototyping, the framework lays the groundworkfor more informed and systematically guided vehicle development
Quantifying Risk Factors in SaaS Contract Profitability
No full textUnderstanding and managing profitability in emerging business models like Software as a Service (SaaS) is vital for sustaining financial stability and competitiveness in dynamic global markets. Key sources of variability in SaaS profitability include foreign exchange (FX) rate fluctuations, interest rate changes, and operational costs. This thesis investigates these factors and their effect on profitability by analyzing Sectra's SaaS contracts through a tailored implementation of a performance attribution framework, grounded in the methodology developed by Blomvall and Hagenbjörk (2019). Using principal component analysis (PCA), stochastic modeling via Geometric Brownian Motion (GBM), and NPV calculations, the thesis applies the model to two SaaS contracts in two different markets. The findings reveal that FX risks are the largest contributors to NPV variability, driven by mismatches between revenue and cost currencies. Interest rate dynamics also significantly influence profitability through their impact on discount rates. Operational costs, particularly Azure-based cloud computation, introduce further variability, though limited data granularity constrains the precision of cost predictions. The thesis recommends actionable strategies for mitigating these risks, such as hedging FX and interest rate exposures through forward contracts and swaps, as well as dynamic pricing adjustments for high-volatility markets. These measures improve cash flow predictability, enhancing financial performance and investor confidence. However, the study also identifies limitations in data quality and model assumptions, which may understate operational costs or oversimplify real-world financial operations. Future research should focus on refining stochastic models for overage revenues, salary indexing, and detailed Azure storage cost projections to further improve profitability analysis. By bridging financial modeling with real-world SaaS operations, this research provides valuable insights into profitability drivers and systematic risks, offering robust foundations for strategic pricing and risk management in SaaS contracts
Motivation in remote work within public organizations : The influence of external motivation on public service motivation
No full textMöjligheten för anställda att arbeta på distans växer inom offentliga organisationer där de anställda främst är motiverade av att bidra till samhällsnytta, public service motivation (PSM). Relationen mellan intern motivation och PSM är tidigare studerat i kontexten av distansarbete och det är konstaterat att PSM påverkas negativt. Det krävs dock ytterligare undersökning av motivationsfaktorer för att förstå distansarbetets totala påverkan på PSM. Här blir rollen av extern motivation, motivation från ekonomiska incitament, viktig. En kunskapslucka är identifierad utifrån tidigare forskning då det saknas förklaringar för hur extern motivation påverkar PSM vid distansarbete i offentliga organisationer. Detta är viktigt att undersöka eftersom det konstaterats att PSM påverkas negativt av distansarbete. Syftet med uppsatsen är att undersöka hur PSM påverkas av distansarbete, samt hur extern motivation påverkar PSM vid distansarbete i offentliga organisationer. Detta undersöks genom att ta hänsyn till tidigare etablerade teorier kring den påverkan som intern, extern och PSM har på varandra. Uppsatsen utgår från följande forskningsfrågor: Hur påverkar distansarbete anställdas public service motivation i offentliga organisationer? Hur påverkar ekonomiska incitament, motivationen hos anställda vid distansarbete i offentliga organisationer? Hur påverkar extern motivation anställdas public service motivation vid distansarbete i offentliga organisationer? Den valda offentliga organisationen att undersöka är Kriminalvården i Norrköping. Uppsatsen är av kvalitativ karaktär och datainsamling genomfördes genom semistrukturerade intervjuer. Uppsatsens resultat fyller kunskapsluckan och ger teoretiska bidrag genom att konstatera att PSM inte påverkas negativt av distansarbete och att extern motivation, trotts detta, har en positiv påverkan på PSM. Den positiva påverkan som extern motivation har på PSM sker både direkt och indirekt genom en intern motivation. För att de anställda ska uppleva extern motivation och dess påverkan på andra motivationer bör dock de ekonomiska incitamenten vara rätt implementerade och passa organisationens värderingar. Dessutom ifrågasätter det insamlade empiriska materialet, PSM som motivationsfaktor i offentliga organisationer vid distansarbete. Samtliga anställda motiveras inte genom PSM utan anser sig i stället endast bidra till samhällsnytta eftersom det är integrerat i deras arbetsuppgifter vid distansarbetet. The opportunity to work remotely is growing within public organizations where employees are primarily motivated by contributing to the public good, public service motivation (PSM). In remote work, PSM is negatively affected. Despite the long-studied relationship between internal motivation and PSM in the context of remote work, further investigation of additional aspects of motivation is required to understand the impact that remote work has on PSM. Here, the role of external motivation, motivation from economic incentives, becomes important. A knowledge gap in previous research has been identified as it lacks explanations for how external motivation affects PSM during remote work in public organizations, which becomes important to investigate since PSM is negatively affected by remote work. The purpose of this thesis is to investigate how PSM is affected by remote work, also how external motivation affects PSM in the context of remote work in public organizations. This is explored by taking into account previously established theories regarding the influences that internal, external, and public service motivation have on each other. The thesis is based on the following research questions: How is employees' public service motivation affected by remote work in public organizations? How do economic incentives influence the motivation of employees working remotely in public organizations? How does external motivation affect employees' public service motivation during remote work in public organizations? The chosen public organization to investigate is Kriminalvården in the Swedish city Norrköping. The thesis is of a qualitative nature and the data collection was conducted through semi-structured interviews. The results of the thesis fill the knowledge gap by stating that PSM is not negatively affected by remote work, and that external motivation,despite this, has a positive impact on PSM. The positive impact that external motivation has on PSM occurs both directly and indirectly through internal motivation. To achieve the employees' experienced external motivation and its impact on other motivations, however, the financial incentives must be properly implemented and align with the organization's values. Furthermore, the collected data questions PSM as a motivational factor in public organizations during remote work. Not all employees are motivated through PSM but instead contribute solely to societal benefit because it is integrated into their job responsibilities.