NHH Brage (Norges Handelshøyskole)
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Tjenende ledelse og motivasjonsklima: En studie av rollen til motivasjonsklima i relasjonen mellom tjenende ledelse, og prestasjon og kreativitet i team
Full text linkFormålet med denne studien har vært å undersøke hvordan tjenende ledelse påvirker motivasjonsklimaet i et team, og om dette forholdet medierer relasjonen mellom tjenende ledelse, og oppgaveorientert prestasjon og kreativitet på teamnivå. Med dette utgangspunktet har vi forsøkt å belyse sammenhengene mellom tjenende ledelse og motivasjonsklima, motivasjonsklima og teamresultater, før vi til slutt undersøkte den fulle modellen om relasjonen mellom tjenende ledelse og teamresultatene med motivasjonsklima som mediator.
Studien benytter seg av et eksperimentelt design med et laboratorieeksperiment blant førstekullet ved NHH som omfattet 372 studenter, fordelt på 99 ulike team med 3-4 medlemmer. For å få et godt mål på teamenes prestasjon og kreativitet har vi målt hver av disse med både en subjektiv og en objektiv variabel. Funnene våre viser at tjenende ledelse er relatert til motivasjonsklimaet i team, og vi fant at en tjenende leder skaper et økt mestringsklima og et redusert prestasjonsklima i teamet. Denne relasjonen mellom tjenende ledelse og motivasjonsklima har vi forsøkt å forklare ved å trekke på teori om dimensjonene som utgjør tjenende ledelse, i tillegg til sosial identitets, lærings og -bytteteori som utgjør mye av grunnlaget til tjenende ledelse. Med utgangspunkt i dette er det mulig å forstå relasjonen mellom tjenende ledelse og motivasjonsklima, som bidrar til mer bredde i forskningsfeltet. Videre fant vi også at en høyere grad av mestringsklima er relatert til en høyere grad av opplevd prestasjon og kreativitet i teamet. Gjennom studien foreslår vi at effektene til tjenende ledelse kan forstås gjennom mekanismene i et motivasjonsklima, hvor en tjenende leder fører til et redusert prestasjonsklima og økt mestringsklima, som videre fører til økt opplevd prestasjon og kreativitet.The purpose of this study has been to investigate how servant leadership affects the motivational climate in a team, and whether this relationship mediates the relationship between servant leadership, and task-oriented performance and creativity at the team level. With this starting point, we have attempted to shed light on the connections between servant leadership and motivational climate, motivational climate and team results, before we finally examined the full model of the relationship between servant leadership and team results with the motivational climate as a mediator.
The study uses an experimental design with a laboratory experiment among first-year students at NHH, which included 372 students, divided into 99 different teams with 3-4 members. To get a good measure of the teams' performance and creativity, we measured each of these with both a subjective and objective variable. Our findings show that servant leadership is related to the motivational climate in the team, and we found that a serving leader creates an increased mastery climate and a reduced performance climate in the team. We have attempted to explain this relationship between servant leadership and motivational climate by drawing on theory about the dimensions that make up servant leadership, in addition to social identity, learning and exchange theory that forms much of the basis for servant leadership. Based on this, it is possible to understand the relationship between servant leadership and motivational climate, which contributes to more breadth in the field of research. Furthermore, we also found that a higher degree of mastery climate is related to a higher degree of perceived performance and creativity in the team. Through the study, we suggest that the effects of servant leadership can be understood through the mechanisms in a motivational climate, where a serving leader leads to a reduced performance climate and increased mastery climate, which in turn leads to increased perceived performance and creativity
The Dynamics of Retail Co-location: Exploring Vinmonopolet's Influence on Meny Stores
Full text linkThis thesis explores the strategic implications of co-locating Vinmonopolet stores with Meny supermarkets in Norwegian shopping centers. Using a Difference-in-Differences approach with fixed effects, the research investigates whether the presence of Vinmonopolet, a state-owned alcohol retailer, affects the sales performance of nearby Meny stores, a subsidiary of NorgesGruppen. Data spanning from 2014 to 2023 provided a robust sample for analysing trends in consumer behaviour and sales outcomes.
The study’s findings reveal nuanced insights into retail co-location dynamics. While the presence of Vinmonopolet does not consistently enhance Meny’s overall sales performance, it does influence sales in specific product categories. Notably, increases were observed in alcohol and tobacco sales, which are directly complementary to Vinmonopolet’s offerings. Interestingly, categories such as fresh fish, and fruit and vegetables also showed gains, suggesting a potential shift in consumer preferences towards healthier options in the presence of Vinmonopolet.
These results contribute to a deeper understanding of the strategic benefits and limitations of retail co-location, emphasising the importance of context-specific factors in shaping consumer purchasing patterns. Despite the limitations, such as reliance on sales data without direct consumer behaviour measures, this thesis provides valuable insights for retail strategists and highlights areas for further research, particularly in broadening the analysis across more diverse product categories and different times of operation
Lønner det seg å investere bærekraftig? En empirisk analyse av sammenhengen mellom Morningstar Sustainability Rating og risikojustert avkastning i det norske fondsmarkedet
Full text linkDenne masterutredningen undersøker sammenhengen mellom Morningstar Sustainability Rating og fondsprestasjoner i det norske fondsmarkedet. Vi avdekker tidlig at fond som oppnår den høyeste bærekraftsrangeringen fra Morningstar har en betydelig høyere innstrømming av kapital sammenlignet med de lavere rangerte fondene. Et sentralt spørsmål utredningen prøver å besvare er derfor om disse fondene kan forsvare denne overvekten gjennom bedre risikojustert avkastning. I tillegg undersøker oppgaven om det finnes momentumseffekter knyttet til ESG i det norske fondsmarkedet.
Oppgaven tar utgangspunkt i et fondsutvalg bestående av 300 aksjefond i det norske fondsmarkedet fra august 2018 til desember 2023. For å svare på våre forskningsspørsmål har vi konstruert flere ulike porteføljer basert på fondenes respektive bærekraftsrangeringer. Deres prestasjon evaluerer vi basert på Fama & French sin 3-faktormodell og fondenes benchmark-justerte avkastning. I tillegg til å analysere hele perioden samlet, deler vi den inn i bestemte delperioder for enkelte analyser. Dette gjør vi for å undersøke konsistens under ulike markedsforhold.
Våre resultater viser ingen signifikante bevis for at fondene med høyest bærekraftsrangering oppnår bedre risikojustert avkastning enn fond med lavere rangering, verken over hele perioden eller i noen av delperiodene. Dette tyder på at de høyest rangerte fondene ikke kan forsvare det store avviket i netto kapitalinnstrømming gjennom deres finansielle prestasjoner. Ettersom disse fondene leverte den dårligste avkastningen gjennom perioden kan det påstås at investorer har betalt en pris for å investere bærekraftig. Ved å kombinere kapitalinnstrømmingen til de høyest rangerte fondene med avkastningen til de lavere rangerte kan vi anslå en tapt investeringsgevinst på i overkant av 200 millioner norske kroner. Videre fant vi heller ingen klar sammenheng mellom ESG-momentum og risikojustert avkastning. Disse funnene tyder derfor på at det ikke eksisterer noen finansielle fordeler ved å investere i fond med høy ESG-vurdering
Sanctions as a new policy tool: A multiple case study on how sanctions affect trade
Full text linkThis thesis aims to assess the impact of trade sanctions on the export and import levels in targeted countries by using a multiple case study. The motivation for this research stems from the growing prominence of sanctions as a foreign policy tool and the need to evaluate the effect compared to traditional tools like tariffs. Based on the theoretical framework, our hypothesis was that the imposition of trade sanctions would cause a decrease in both exports and imports in the targeted countries. To examine our hypothesis, we chose to look at countries that have experienced varying degrees of sanctions and thus landed on Iran, Syria, and Russia. We use data from the Global Sanctions Database (GSDB), the Observatory of Economic Complexity (OEC), and the World Bank to examine the changes in exports and imports before, during, and after the sanctions.
Our findings partially align with the theoretical framework and our hypothesis, while also revealing gaps between the model and the empirical evidence. While trade sanctions negatively impact both exports and imports in targeted countries, the severity of this impact varies based on several factors, including the intensity of the sanctions, the countries’ adaptation strategies, and their position in the global trade market. Compared to tariffs, sanctions are more extensive measures which could help explain their broader effects. Our research contributes to the existing literature by providing new insights on how sanctions as a policy tool affects trade in targeted countries.This thesis aims to assess the impact of trade sanctions on the export and import levels in targeted countries by using a multiple case study. The motivation for this research stems from the growing prominence of sanctions as a foreign policy tool and the need to evaluate the effect compared to traditional tools like tariffs. Based on the theoretical framework, our hypothesis was that the imposition of trade sanctions would cause a decrease in both exports and imports in the targeted countries. To examine our hypothesis, we chose to look at countries that have experienced varying degrees of sanctions and thus landed on Iran, Syria, and Russia. We use data from the Global Sanctions Database (GSDB), the Observatory of Economic Complexity (OEC), and the World Bank to examine the changes in exports and imports before, during, and after the sanctions.
Our findings partially align with the theoretical framework and our hypothesis, while also revealing gaps between the model and the empirical evidence. While trade sanctions negatively impact both exports and imports in targeted countries, the severity of this impact varies based on several factors, including the intensity of the sanctions, the countries’ adaptation strategies, and their position in the global trade market. Compared to tariffs, sanctions are more extensive measures which could help explain their broader effects. Our research contributes to the existing literature by providing new insights on how sanctions as a policy tool affects trade in targeted countries
Dividend Withholding Tax Reforms: A Comparative Analysis of Market Responses in Norway and Finland
Full text linkThis master thesis investigates the dividend withholding tax reforms in Finland and Norway and their impacts on foreign investments and corporate dividend policies. Utilizing a difference-in-differences analysis, this study compares the effect of these reforms on dividend payment policies of domestic companies by analyzing data from 2015 to 2022 against other Nordic countries. An event study examines stock market reactions through mean cumulative abnormal return in both countries around the announcement dates of the new systems. Data from the International Monetary Fund was used to investigate the effect on equity owned by foreign investors in Finland and Norway.
The results indicate that Finland's implementation of the TRACE system led to a notable decrease in domestic firms' dividend distributions. In contrast, no significant change was observed in Norwegian firm’s dividend distribution, implying that there might be a negligible effect of the tax reform on dividend policies or a latent impact not yet evident. The market reactions to both countries' reforms showed a short-term negative response. For foreign portfolio investment there was varied regional responses in the years after the reform, but no clear-cut evidence suggesting a widespread reaction. These findings suggest that while tax reforms aim to simplify the investment process for foreign entities, their influence on market behavior and investment strategies may be limited.
This thesis contributes to the understanding of how tax policies affect international investment decisions and the economic behavior of domestic firms in the context of global financial markets. The evidence presented sheds light on the complex interplay between tax legislation and market dynamics
M&A announcements in the Nordic banking sector : An event study analysis of bidder and target returns
Full text linkThis study examines the impact of M&A announcements in the Nordic banking sector from 2000-2024, a period of significant regulatory changes. Using the even study methodology, we assess abnormal returns for 83 acquiring and 20 target banks.
Our findings reveal that target banks consistently experience significantly positive abnormal returns, particularly in the three-day window around the date of announcement, aligning with prior research. Historically, studies have found mixed and insignificant returns for acquiring banks. We find that in the Nordics bidder returns are consistently positive across all windows, though with varying significance.
When examining specific timeframes, notable differences emerge. From 2000-2010 our results for bidders are mixed and insignificant, consistent with earlier empirical evidence. Post-2010, following the implementation of Basel III, we observe positive abnormal returns across all windows, suggesting a shift in market participant perception of M&As in the Nordic banking sector.
Additionally, our findings indicate that the cross-border transactions have a negative impact, while relative deal size and stock as the form of payment is associated with higher abnormal returns. However, their significance is highly dependent on the window length.This study examines the impact of M&A announcements in the Nordic banking sector from 2000-2024, a period of significant regulatory changes. Using the even study methodology, we assess abnormal returns for 83 acquiring and 20 target banks.
Our findings reveal that target banks consistently experience significantly positive abnormal returns, particularly in the three-day window around the date of announcement, aligning with prior research. Historically, studies have found mixed and insignificant returns for acquiring banks. We find that in the Nordics bidder returns are consistently positive across all windows, though with varying significance.
When examining specific timeframes, notable differences emerge. From 2000-2010 our results for bidders are mixed and insignificant, consistent with earlier empirical evidence. Post-2010, following the implementation of Basel III, we observe positive abnormal returns across all windows, suggesting a shift in market participant perception of M&As in the Nordic banking sector.
Additionally, our findings indicate that the cross-border transactions have a negative impact, while relative deal size and stock as the form of payment is associated with higher abnormal returns. However, their significance is highly dependent on the window length
Digital Technology in SCRM: A Qualitative and Exploratory Study on how Digital Technology can Improve SCRM
Full text linkPurpose: The purpose of this study is to examine how digital tools and systems can improve supply chain risk management (SCRM) in companies. This is an underdeveloped area in the literature, but one of high importance due to rising risk levels caused by increasing geopolitical tension, high inflation, climate change, and wars breaking out close to critical trade routes. Rather than focusing on specific tools, this thesis aims at providing a holistic understanding on how digital technologies fit within the area of SCRM.
Methodology: This study is mainly explorative, but with hints of descriptive and explanatory aspects. It is inductive and qualitative, using heterogeneous data sampling, semi-structured interviews, and thematic analysis to draw conclusions and construct a framework.
Findings: There are three main findings in this thesis. (1) In fully integrated ERM systems, risk identification, analysis, and monitoring merge together. (2) Digital technology can provide a wide range of benefits, including more and better data collection, complex data analyses and decision support, triangulation, and high-quality real-time data. These benefits can in sum provide deeper, better, and more reliable real-time insights on a larger part of the business environment, thereby enabling early-stage risk identification and more targeted risk mitigation. (3) Through constant monitoring of risk levels, the effectiveness of risk mitigation strategies can be indirectly assessed. If the risk levels remain high over time despite mitigation efforts, it indicates ineffective mitigation strategies that must be adjusted or replaced. Close monitoring of criticality, and the impact of mitigation strategies, can, over time, improve risk mitigation.
Key contributions: A framework is developed to better explain the relationship between technology and SCRM, taking contextual factors into account. It is a holistic framework applicable within different industry contexts, and provides a starting point for future research.
Key words: risk management process, SCRM, digital technology, frameworkPurpose: The purpose of this study is to examine how digital tools and systems can improve supply chain risk management (SCRM) in companies. This is an underdeveloped area in the literature, but one of high importance due to rising risk levels caused by increasing geopolitical tension, high inflation, climate change, and wars breaking out close to critical trade routes. Rather than focusing on specific tools, this thesis aims at providing a holistic understanding on how digital technologies fit within the area of SCRM.
Methodology: This study is mainly explorative, but with hints of descriptive and explanatory aspects. It is inductive and qualitative, using heterogeneous data sampling, semi-structured interviews, and thematic analysis to draw conclusions and construct a framework.
Findings: There are three main findings in this thesis. (1) In fully integrated ERM systems, risk identification, analysis, and monitoring merge together. (2) Digital technology can provide a wide range of benefits, including more and better data collection, complex data analyses and decision support, triangulation, and high-quality real-time data. These benefits can in sum provide deeper, better, and more reliable real-time insights on a larger part of the business environment, thereby enabling early-stage risk identification and more targeted risk mitigation. (3) Through constant monitoring of risk levels, the effectiveness of risk mitigation strategies can be indirectly assessed. If the risk levels remain high over time despite mitigation efforts, it indicates ineffective mitigation strategies that must be adjusted or replaced. Close monitoring of criticality, and the impact of mitigation strategies, can, over time, improve risk mitigation.
Key contributions: A framework is developed to better explain the relationship between technology and SCRM, taking contextual factors into account. It is a holistic framework applicable within different industry contexts, and provides a starting point for future research.
Key words: risk management process, SCRM, digital technology, framewor
Understanding the Role of Textual Paralanguage in Electronic Word of Mouth
Full text linkElectronic word of mouth (eWOM) refers to online communication about products and
brands among consumers. eWOM influences the consumer decision-making process and
subsequently affects sales. Currently, consumers are sharing eWOM enriched with textual
paralanguage (TPL). TPL, which includes emojis, emoticons, stickers, various punctuations,
and demarcations, represents expressions of non-verbal communication in writing. Despite
previously being ignored by scholars, TPL adds substantial meaning to eWOM. Therefore, this
dissertation, consisting of three independent articles, focuses on eWOM written with TPL.
Article 1 is a systematic literature review of eWOM written with TPL. In this paper,
we conduct a comprehensive review of 70 academic publications on eWOM with TPL and
address three research questions (RQs). Our findings indicate that senders of eWOM use TPL
to express discreet emotions with accurate intensity and to maintain social ties (RQ1). We also
illustrate how sentiment analysis tools apply different techniques to determine the sentiment of
TPL in eWOM messages (RQ1). We build a conceptual model outlining five influence
mechanisms and nine moderators of how eWOM with TPL influences its receivers (RQ3).
Finally, we provide several propositions for future research.
Articles 2 and 3 are empirical studies that investigate how eWOM with TPL influences
its senders and receivers, respectively. Both articles focus on the media richness of eWOM
formats as an explanatory variable and use TPL to manipulate the media richness of eWOM.
Media richness refers to the extent to which a medium can convey a variety of information.
Two dimensions of media richness are language variety (the extent to which a medium can
incorporate various symbols) and multiple cues (the extent to which a medium can incorporate
various forms of non-verbal communication). We argue that eWOM with text and TPL,
compared to eWOM with only text, is higher in language variety and multiple cues, resulting
in higher media richness.
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Article 2 investigates the consequences of engaging in eWOM with varying media-rich
formats (eWOM with only text vs. eWOM with text and TPL) on the sender’s self-brand
connection (SBC). Drawing upon the consumer brand engagement (CBE) framework, we argue
that when senders share eWOM with richer media formats, they acquire higher cognitive CBE
and content engagement, leading to higher SBC. We conducted three experiments. Across these
studies, we find that the language variety of media richness leads to cognitive CBE and content
engagement, which in turn leads to higher SBC.
Article 3 examines how the media richness of eWOM (eWOM with only text vs.
eWOM with text and TPL) influences its receivers. The theoretical framework suggests that
the media richness of eWOM affects receivers’ purchase intentions through two parallel
mediators: by influencing vivid mental imagery of the product experience and by influencing
the perceived warmth of the reviewers. Two experiments show that language variety leads to
vivid mental imagery and multiple cues lead to the perceived warmth of reviewers, both of
which influence receivers’ purchase intentions parallelly.
This dissertation enriches the eWOM literature by providing a better understanding of
how eWOM with TPL influences its senders and receivers. We also discuss future research
directions on this topic. Our results suggest that managers should encourage consumers to use
TPL in their eWOM.
Keywords: electronic word of mouth, textual paralanguage, media richness, language
variety, multiple cue
ChatGPT: Stoler vi på det nye vidunder-verktøyet? En kvantitativ studie av tillit til ChatGPT sammenlignet med Google og Wikipedia
Full text linkNovember 2022 ble ChatGPT lansert for offentligheten. På svært kort tid fikk chatboten en enorm brukermasse, og utfordret flere ulike markeder, blant annet markedet for informasjonsinnhenting. Google og Wikipedia, som tidligere var de største aktørene, fikk nå konkurranse fra kunstig intelligens. Kunstig intelligens, som ChatGPT, er imidlertid ikke feilfri, noe som har skapt bekymring rundt ukritisk bruk av teknologien, da den kan produsere feilinformasjon. Hvor stor ChatGPT kommer til å bli fremover er uklart, men allerede nå ser vi at omfanget av plattformen stadig øker. Med dette som utgangspunkt har formålet med oppgaven vært å undersøke tilliten til ChatGPT sammenlignet med Google og Wikipedia. I tillegg har vi undersøkt om en advarsel av at ChatGPT kan ta feil påvirker brukernes tillit. Vi har benyttet kvantitativ metode, og utarbeidet seks sett med hypoteser, som er oppsummert i en forskningsmodell. Hypotesene er basert på seks ulike tillitsdimensjoner: tre etablerte dimensjoner (evne, velvilje og integritet) samt tre nyere dimensjoner tilpasset teknologier (funksjonalitet, hjelpsomhet og pålitelighet). For å teste hypotesene har vi gjennomført et eksperiment i form av en spørreundersøkelse, og rekruttert respondenter via Profilic. Ved å gjennomføre ANOVA. Tukey HSD, lineære regresjonsanalyser og Welch t-test, har vi avdekket hvordan tillitsnivået varierer mellom de ulike informasjonsverktøyene. Hovedfunnene i denne oppgaven viser at det er signifikante tillitsforskjeller mellom ChatGPT og Google når det gjelder de nyere tillitsdimensjonene. Google oppfattes som mer funksjonelt og pålitelig enn ChatGPT, men begge verktøyene er sett på som like hjelpsomme. ChatGPT ansees som mer hjelpsom enn Wikipedia, men det er ingen signifikante forskjeller i funksjonalitet og pålitelighet. Vi får ingen utslag når vi tester tillit mellom verktøyene med de tradisjonelle tillitsdimensjonene som utgangspunkt. Flere faktorer påvirker tillitsnivået på tvers av gruppene. Vi finner at både hvor lenge og hvor hyppig et individ bruker et verktøy har en positiv effekt på tillit til verktøyene. Videre er det en positiv sammenheng mellom tillit og generell tilbøyelighet til å stole på nye teknologier. Vi finner ingen funn på at en advarsel om at ChatGPT kan ta feil har effekt på tillit
