NHH Brage (Norges Handelshøyskole)
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Fostering Psychological Safety: The Strategic Role of the Board Chair
Get PDFExisting literature reviews indicate substantial research gaps on the board chair's role in managing dynamics within the boardroom. Considering that psychological safety is one of the key components in social dynamics, the board chair should assume an active role in facilitating it. Furthermore, the responsibilities of a board chair entail steering board discussions, fostering a constructive debate environment and setting the agenda for the board meetings.
This thesis addresses how the board chair shapes the psychological safety climate in the boardroom. By conducting a qualitative case study, we gathered insights from interviews with 12 board members spanning various industries, with a wide range of tenure and experience. Thus, the findings are based on their subjective perceptions and serve as the foundation for answering the study's research question.
The findings can be summarized in three parts. Firstly, we find that the board chair plays a pivotal role in fostering psychological safety when welcoming new members. This entails facilitating onboarding processes where members can get to know each other and where expectations are clarified. Secondly, board chairs should be active meeting facilitators, ensuring thorough preparation materials and inviting participation. Lastly, the board chair must lead by example and validate and recognize the members' efforts, given their unique position to influence social dynamics, and consequently psychological safety.
Overall, our study contributes theoretical insights to board literature by exploring what the board members perceive as important actions by the board chair, in relation to dynamics in the boardroom. The practical implications indicate that the board chair should be aware of their own influence on psychological safety and social dynamics, and thus act accordingly.
Finally, we would like to underscore that these measures alone may not ensure well-functioning dynamics within the boardroom. However, based on our findings, seen in light of relevant literature, we believe this to be a solid point of departure for board chairs and for future research on the topic.Existing literature reviews indicate substantial research gaps on the board chair's role in managing dynamics within the boardroom. Considering that psychological safety is one of the key components in social dynamics, the board chair should assume an active role in facilitating it. Furthermore, the responsibilities of a board chair entail steering board discussions, fostering a constructive debate environment and setting the agenda for the board meetings.
This thesis addresses how the board chair shapes the psychological safety climate in the boardroom. By conducting a qualitative case study, we gathered insights from interviews with 12 board members spanning various industries, with a wide range of tenure and experience. Thus, the findings are based on their subjective perceptions and serve as the foundation for answering the study's research question.
The findings can be summarized in three parts. Firstly, we find that the board chair plays a pivotal role in fostering psychological safety when welcoming new members. This entails facilitating onboarding processes where members can get to know each other and where expectations are clarified. Secondly, board chairs should be active meeting facilitators, ensuring thorough preparation materials and inviting participation. Lastly, the board chair must lead by example and validate and recognize the members' efforts, given their unique position to influence social dynamics, and consequently psychological safety.
Overall, our study contributes theoretical insights to board literature by exploring what the board members perceive as important actions by the board chair, in relation to dynamics in the boardroom. The practical implications indicate that the board chair should be aware of their own influence on psychological safety and social dynamics, and thus act accordingly.
Finally, we would like to underscore that these measures alone may not ensure well-functioning dynamics within the boardroom. However, based on our findings, seen in light of relevant literature, we believe this to be a solid point of departure for board chairs and for future research on the topic
Key Challenges and Potential Solutions for Implementing Sustainable Business Models at Football Stadiums
Get PDFThis research explores the integration of sustainable business models within football clubs, especially in the context of sporting events, utilizing the Norwegian football club’s SK Brann’s project and RESTART framework by Jørgensen and Pedersen (2018) as foundational guides. The study primarily focuses on how football clubs can innovate and adapt their operations to enhance environmental performance and at the same time align with economic prosperity and social responsibility, driving insights from attendees’ preferences, attitudes and behaviours.
The research presents important practical implications, providing football clubs with useful information to improve their sustainability strategies. This includes developing strategic alliances, adopting circular economy principles and engaging fans through enhanced service-driven experiences, trying to change their behaviour towards a more sustainable one. The thesis concludes that by embedding these sustainability practices into their core operations, football clubs can achieve a triple bottom line impact—advancing economic, environmental, and social goals concurrently.
The findings reveal a strong inclination among fans towards supporting sustainability initiatives, particularly those that mitigate the environmental impacts associated with stadium events, and offer valuable insights on their preferences and attitudes. Utilizing the RESTART framework, the study delves into strategies for continual redesign, following controlled experimentation, of football clubs’ business models to make them more sustainable and profitable at the same time
Can Weather Forecasts Predict Norwegian Home Insurance Claims?
Get PDFInsurance companies are urgently seeking robust solutions to minimize the risks associated with
property damage in response to more frequent extreme weather and increased regulation. This need
is particularly significant in Norway, where extreme precipitation is common. Therefore, shortterm prediction of future claims would be of great value for proactive decision-making and damage
prevention. However, previous research focuses mainly on linking past insurance claims to past
precipitation or on longer-term changes in insurance claims over the next few decades. Here, we
develop a model that predicts the number of short-term Norwegian water damage property claims
using precipitation forecasts from the European Center for Medium Range Weather Forecasting
(ECMWF) from 2014-2021. The insurance dataset is unique in that it includes private claims data
from a large insurance provider, Tryg Forsikring, where each claim is categorized as either a Natural
Perils claim or not.The results show that precipitation forecasts can be used to predict the number
of insurance claims within a few days. Although the signal is weak, with an AUC score of 0.65,
it is better than chance alone. Specifically, the predictive skill is not very sensitive to details of
the predictors derived from the weather forecast, and simpler logistic regression models perform
as well as more complex machine learning models such as XGBoost and Neural Networks. The
skill of the claims model can be largely explained by the skill of the precipitation forecast. Overall,
our results suggest that using weather forecasts to predict insurance damage claims is possible, and
demonstrate the potential to be used for operational decision making, such as in an early-warning
system.Insurance companies are urgently seeking robust solutions to minimize the risks associated with
property damage in response to more frequent extreme weather and increased regulation. This need
is particularly significant in Norway, where extreme precipitation is common. Therefore, shortterm prediction of future claims would be of great value for proactive decision-making and damage
prevention. However, previous research focuses mainly on linking past insurance claims to past
precipitation or on longer-term changes in insurance claims over the next few decades. Here, we
develop a model that predicts the number of short-term Norwegian water damage property claims
using precipitation forecasts from the European Center for Medium Range Weather Forecasting
(ECMWF) from 2014-2021. The insurance dataset is unique in that it includes private claims data
from a large insurance provider, Tryg Forsikring, where each claim is categorized as either a Natural
Perils claim or not.The results show that precipitation forecasts can be used to predict the number
of insurance claims within a few days. Although the signal is weak, with an AUC score of 0.65,
it is better than chance alone. Specifically, the predictive skill is not very sensitive to details of
the predictors derived from the weather forecast, and simpler logistic regression models perform
as well as more complex machine learning models such as XGBoost and Neural Networks. The
skill of the claims model can be largely explained by the skill of the precipitation forecast. Overall,
our results suggest that using weather forecasts to predict insurance damage claims is possible, and
demonstrate the potential to be used for operational decision making, such as in an early-warning
system
Congestion Management in the Nordic Power Market: Effects of Redispatch A Direct-Current Optimal Power Flow Model
Get PDFThe nodal and zonal debate has been discussed many times. However, the zonal “market-clearing” solution would not clear the market without some form of redispatch taking place: not all line-capacity constraints are considered in the zonal model. This lack of consideration can cause these solutions to be infeasible. In this paper, we investigate the effects of redispatch on the zonal market-clearing solution and compare this solution to a nodal solution. In order to do so, we must estimate the “cost of redispatch” relative to the spot-market, which we do by comparing regulation volumes and prices to spot volumes and prices. By implementing these costs into a direct-current optimal power flow model that runs redispatch with deviation bids, we can approximate the costs of redispatching in a number of cases. We found that the redispatch formulation we used decreases the total welfare in all cases considered, but has a variety of effects on prices in these cases.The nodal and zonal debate has been discussed many times. However, the zonal “market-clearing” solution would not clear the market without some form of redispatch taking place: not all line-capacity constraints are considered in the zonal model. This lack of consideration can cause these solutions to be infeasible. In this paper, we investigate the effects of redispatch on the zonal market-clearing solution and compare this solution to a nodal solution. In order to do so, we must estimate the “cost of redispatch” relative to the spot-market, which we do by comparing regulation volumes and prices to spot volumes and prices. By implementing these costs into a direct-current optimal power flow model that runs redispatch with deviation bids, we can approximate the costs of redispatching in a number of cases. We found that the redispatch formulation we used decreases the total welfare in all cases considered, but has a variety of effects on prices in these cases
Assessment of operational changes in the maritime transport with the introduction of the EU ETS
Get PDFWhile the European Union is implementing new environmental measures, this thesis explores the segment-specific impacts of the European Union Emissions Trading System (EU ETS) on the shipping industry. By examining data from the Automatic Identification System, this study details the policy's short-term environmental effects across different shipping segments, focusing on the first quarter following its implementation in January 2024. To do so, our observations are mainly based on visual representation of the data and on difference-in-differences analysis. The most important observation we make is that the EU ETS has been responsible for a decrease per voyage of 15.38 tonnes of CO2 equivalent since its introduction. Furthermore, we demonstrate that this impact has been larger on small-sized vessels as they show more significant reduction in speed and pollution levels. Further we show that the market is very sensitive to carbon allowances prices as, since 2024, voyages display a reduction of 15.16 tonnes of CO2 equivalent per euro increase in the prices of allowances, meaning that policymakers can optimize the efficiency of the measure by monitoring prices. Finally, we looked for carbon leakage by observing the evolution of emissions in ports situated close the European Economic Area but found no significant evidence of rerouting. However, all these observations are based only on the initial response of the sector to the new measure. Therefore, it is important to continue measuring the effectiveness of the system in the upcoming months. This assessment will help estimate its long-term influence and adjust the system if the results deviate from the objectives of the European Union concerning environmental protection
Wealth Taxation: The Key to Unlocking Capital Gains
Get PDFWe study how wealth taxes affect portfolio choice in the presence of a realization-based tax on capital gains. We develop a two-period model with heterogeneous investors. Capital gains taxations distort portfolio choice by providing an incentive to postpone realization.We show that a wealth tax levied alongside the capital gains tax can eliminate this distortion for all investors. We develop an optimal-tax model that trades of equity gains from the capital-gains and wealth tax to efficiency losses related to intertemporal and portfolio choice, and derive an elasticity-based empirical criterion for the desirability of a wealth tax
Digitaliseringens innflytelse på prosessledelse
Get PDFEn kvalitativ casestudie som utforsker hvordan digitaliseringsinitiativer påvirker utøvelse av prosessledelse i et norsk forsikringsselskap
Understanding the concept of data-driven organizations : A study on how data-driven approaches impact management accounting
Get PDFDuring the last decade, an increasing amount of data has shifted the focus on how organizations can utilize this data at best. Along came a new concept, data driven. Data-driven organizations are consistently being praised for their ability to be more efficient and productive. However, the concept of data driven usually puts its focus on the analytics business functions, but it is unclear how being data driven affects other functions outside the data analytics domain. In this thesis we aim to provide insight into what it really means to be data driven, and how it impacts the management accounting function. With this in mind, we sought to explore the following research question.
What are the consequences of data-driven approaches for management accounting?
We seek to explore this concept through a mixed methods research approach, beginning with a review of existing literature on data-driven organizations and how different data- driven approaches are implemented in management accounting. Moreover, we conduct a survey directed to management accountants in Norwegian companies to answer our main research question. The analysis incorporates both quantitative and qualitative data from the survey.
By answering the main research question, we identify three important elements of data-driven approaches in management accounting. First, we find that management accountants primarily rely on descriptive analysis in their decision-making processes, where experience and intuition play significant roles. Second, management accountants deal with rigorous information systems that provides them with great access to data. Consequently, they need to be proficient in gathering, processing and analysing data. Here, we identify an analytics competency barrier that potentially prevents management accountants from acquiring more advanced analytical capabilities
Stemmens plass i samstyring : En undersøkelse av forutsetninger for å få frem kommuners stemmer i nasjonale samstyringsprosjekt
Get PDFOppgaven undersøker forutsetninger for å få frem kommuners stemmer i samstyringsprosjekt.
Temaet er viktig fordi samarbeid på tvers av sektorer er et av regjeringens viktigste
virkemidler for å møte og løse samfunnsutfordringer (St.meld. 14 (2020-2021)). Sammen med
digitalisering og innovasjon skal samstyring bidra til at offentlig sektor også i fremtiden kan
gi nødvendige tjenester til innbyggerne.
Samstyring bygger på ideen om at det trengs ulike stemmer for å løse komplekse problemer
(Doberstein, 2016, gjengitt i Mosley og Wong, 2021). Med dette perspektivet er kommuner
uvurderlige fordi de er nærmest brukerne, tettest på tjenestene og forstår egen organisasjon og
sine behov best. Oppgaven viser at kommuner deltar i samstyringsprosjekt for å bidra til
fellesskapet og for å oppnå gevinster. Videre viser oppgaven at kommuner kan oppleve det
utfordrende å bruke stemmene sine i nasjonale samstyringsprosjekt. Oppgaven viser også at
kommuner ikke nødvendigvis føler seg hørt og forstått i samstyring.
Med teori om samstyring, legitimitet og stemme som rammeverk undersøker oppgaven hvilke
forutsetninger som må være til stede for å få frem norske kommuner sine stemmer i nasjonale
samstyringsprosjekt. Gjennom en eksplorerende tilnærming, kvalitativ metode og casestudie
finner studien fem sentrale forutsetninger. Disse forutsetningene er å se nytten av å bruke
stemmene, vite hva stemmene skal brukes til, ha rom for å bruke stemmene, sikre kompetanse
til å bruke stemmene og stemmer som er sterke nok til å bli hørt.
Jeg vil rette en stor takk til førsteamanuensis Kjersti Danilova for kyndig veiledning i arbeidet.nhhma
Evaluating ChatGPT-4 and Bard in Categorizing Investor Risk Profiles
Get PDFThis study aims to examine the performance of OpenAI’s ChatGPT-4 and Google’s Bard in categorizing investors’ risk profiles. The objectives were to compare the chatbots’ assessments with those of financial advisors and to assess the consistency of their evaluations over time. Two research questions were stated: “How do ChatGPT and Bard categorize investor risk profiles compared to financial advisors?” and “How consistent are the chatbots’ categorizations over time?”
The study included ten distinct investor descriptions (client cases), which the chatbots were asked to categorize weekly from October 7th through November 25th, 2023. The assessments of ChatGPT and Bard were compared with those from financial advisors from the same bank.
To compare assessments from ChatGPT, Bard, and the bankers, multiple Kruskal- Wallis tests were conducted, followed by Dunn’s tests for post hoc analysis. Additionally, Welch’s t-tests were used as an adjunct methodological measure to validate the results, checking the consistency of findings across the statistical analyses, even under varying data assumptions. A qualitative analysis of the chatbots’ responses was conducted in instances where their assessments deviated from those of the bankers with statistical significance. A repeated measures ANOVA was used to assess the chatbot’s consistency.
The results from the non-parametric tests indicated that ChatGPT’s and Bard’s assessments differed from those of bankers for half of the clients. Among these clients, both chatbots assessed the client’s risk profiles more conservatively for three and higher for one. Furthermore, the results indicated that the chatbots were relatively consistent in their assessments over time. Despite some variations in their assessed risk scores for each client, these variations were relatively minor and did not indicate notable inconsistencies. The consistency of the chatbots was also supported by a lack of statistically significant difference in their assessments based on the conversational method used in the study.
The qualitative analysis revealed several weaknesses in the chatbots’ reasoning, affecting their accuracy. These limitations included a lack of personalized recommendations, reliance on general principles, absence of factual support, and a lack of human-like understanding. These results highlight the importance of cautious reliance on such tools for risk profiling, especially considering the identified weaknesses in reasoning