NHH Brage (Norges Handelshøyskole)
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Gender Diversity and Financial Performance in Law Firms
Get PDFThis thesis sets out to answer the question, “Does gender diversity among partners in law firms impact the financial performance of the firm?”. To address this, a dataset was created comprising the top 20 Norwegian firms ranked by revenue in 2023, tracking their financial performance over the period 2010–2023. The key financial metrics EBITDA Margin, Revenue per Partner, and Cost Ratio, are analysed using panel data regression models with the fraction of female partners in the firm as the key independent variable. Control variables included are the number of partners, the number of employees, and the yearly employee growth of the firm. Due to the absence of exogenous variation of the key independent variable, Fraction Female, the thesis focuses on identifying correlations rather than establishing causal relationships.
The findings reveal mixed results. While no meaningful correlation is observed between gender diversity and Revenue per Partner, a subtle negative relationship is detected for EBITDA Margin, which becomes statistically significant with a two-year lag. This suggests that increased female representation among partners may be associated with a slight decrease in profitability over time. Similarly, the Cost Ratio shows a delayed positive correlation with gender diversity, indicating higher costs after a two-year lag.
The study highlights several limitations, including the small sample size (280 observations), low explanatory power of the regression models, and the exclusion of potentially important control variables such as partner specialization and experience. While the results provide insights into the correlation between gender diversity and financial performance, they underscore the need for further research leveraging exogenous variation to assess causality
Distress Induced Leverage Adjustments
Get PDFThis thesis addresses two key questions: 1) How do bankruptcy costs and probabilities in Norway compare to existing studies, and 2) how do they affect capital structure in the final years before bankruptcy? Our findings reveal that Norway exhibits similar results as the United States, regarding bankruptcy costs and probabilities, averaging 18 to 25 percent and 27 to 34 percent, respectively. This suggests comparable risk profiles between Norwegian firms and their counterparts in terms of financial distress. Additionally, we found that both bankruptcy costs and probabilities have a positive and significant effect on leverage, while firm size exhibits a negative and significant effect on leverage
Smart charging costs in the times of the energy price crisis
Get PDFThis paper examines how the impact of flexibility in electric vehicle (EV) charging has evolved over recent years. In contrast to previous studies that focus on shorter time frames, our analysis spans from 2019 to 2023. While daily electricity consumption patterns remained relatively stable, electricity prices became more volatile, driven by the energy price crisis. Utilizing a large real-world database of residential EV charging behavior in Norway, we develop a simulation model to generate diverse charging sessions based on factors such as demand, time, and day. A mathematical programming model is then applied to determine the optimal charging schedule under both flexible and non-flexible strategies. The model is run using actual hourly electricity prices from a densely populated area in Norway over the past five years. Our findings reveal that adopting a flexible charging strategy led to increased electricity cost savings during the energy price crisis, though the extent of savings depends significantly on the timing of EV charging sessions
Lønnsomhet i RAS-teknologi for atlantisk laks: En analyse av økonomiske perspektiver
Get PDFDenne masterutredningen har som formål å analysere lønnsomheten og modenheten til RAS-teknologi (resirkulerende akvakultursystemer) for landbasert oppdrett av atlantisk laks, med et særlig fokus på økonomiske aspekter. Landbasert oppdrett har oppstått som et alternativ til tradisjonelt sjøbasert oppdrett, drevet av utfordringer som lakselus, sykdom, rømming og miljøpåvirkning, samt økt regulatorisk press. Teknologien representerer et potensielt paradigmeskifte i oppdrettsindustrien. Ved hjelp av casestudier av de norske selskapene Nordic Aqua Partners og Proximar Seafood, samt en sammenligning mot sjøbaserte oppdrettsanlegg, ble sentrale faktorer som driftskostnader, investeringsrisiko og lønnsomhet analysert. Analysene viser at landbaserte RAS-anlegg har betydelige fordeler gjennom muligheten til å lokalisere produksjonen nær markedene. Samtidig står teknologien overfor utfordringer knyttet til høye kapitalkostnader, kompleks drift og begrenset erfaring fra fullskala produksjon. Utredningen avdekket at lønnsomheten i landbaserte oppdrett er betydelig påvirket av faktorer som laksepriser, fôrkostnader og biologisk ytelse. Sammenligningen mot sjøbasert oppdrett indikerer at sjøbaserte anlegg fortsatt har en økonomisk fordel gjennom lavere produksjonskostnader og høyere operasjonell stabilitet. Likevel kan landbaserte oppdrett være konkurransedyktige i visse markeder, særlig der nærhet til konsumenter gir betydelige transportfordeler. Konklusjonen er at RAS-teknologi i landbasert oppdrett er på vei mot økonomisk modenhet, men at ytterligere teknologiske forbedringer og optimalisering av drift er nødvendig for å realisere teknologiens fulle potensial. Derfor bør aksjonærer vurdere både risikoen og de langsiktige mulighetene ved en eventuell investering. Studien fremhever også behovet for videre forskning på effektivisering av kostnadsstrukturer og utvikling av skalerbare modeller for fremtidig vekst.This master's thesis aims to analyze the profitability and maturity of RAS technology (recirculating aquaculture systems) for land-based farming of Atlantic salmon, with a particular focus on economic aspects. Land-based aquaculture has emerged as an alternative to traditional sea-based farming, driven by challenges such as sea lice, disease, escape, and environmental impacts, as well as increased regulatory pressure. The technology represents a potential paradigm shift in the aquaculture industry. Through case studies of the Norwegian companies Nordic Aqua Partners and Proximar Seafood, as well as a comparison with sea-based farming facilities, key factors such as operating costs, investment risk, and profitability were analyzed. The analyses show that land-based RAS facilities have significant advantages due to the possibility of locating production close to markets. At the same time, the technology faces challenges related to high capital costs, complex operations, and limited experience with full-scale production. The study revealed that the profitability of land-based farming is significantly influenced by factors such as salmon prices, feed costs, and biological performance. The comparison with sea-based farming indicates that sea-based facilities still have an economic advantage through lower production costs and higher operational stability. Nevertheless, land-based farming can be competitive in certain markets, especially where proximity to consumers offers significant transportation advantages. The conclusion is that RAS technology in land-based aquaculture is moving towards economic maturity, but further technological improvements and operational optimization are necessary to realize the technology's full potential. Therefore, shareholders should consider both the risks and the long-term opportunities of a potential investment. The study also highlights the need for further research on cost structure optimization and the development of scalable models for future growth
Bridging Risk Perception and the Business Cycle
Get PDFThis thesis examines the relationships between volatile stocks, risk perceptions, and the business cycle. We retrieve financial data on 572 firms listed on either the Oslo Stock Exchange or Nasdaq Stockholm. Additionally, we derive measures of risk perception and the real risk-free rate. The data collection and subsequent analysis cover the time period from January 2000 to December 2023. We use a novel measure of risk perception, the Price of Volatile Stocks, that explores the connection between financial markets and economic fluctuations. Moreover, we review empirical evidence for the Price of Volatile Stocks and evaluate its validity for the Norwegian and Swedish economies through three hypotheses. In our analysis, we find inconclusive evidence that the Price of Volatile Stocks can serve as a metric that bridges risk perceptions and the business cycles in scope. We find statistically significant correlations between this novel measure and business outlook indices. However, due to varying results and limited robustness in the statistically significant findings, we do not observe strong evidence to support the hypotheses. In our research, we closely follow the methodology of a corresponding study for the US economy. We compare our findings against this study and evaluate the deviations accordingly. Our thesis is meant to add to the large body of literature on the risk-centric view of business cycles and encourages further research in this field
Bruk av KPP gjennom samhandling for effektiv pasientbehandling
Get PDFDenne masteroppgaven studerer hvordan Kostnad Per Pasient (KPP) kan brukes i et samarbeid mellom økonomi- og administrasjonsansatte og klinikere for å effektivisere den operative driften i norske helseforetak. Helseforetakenes ressursutfordringer som følge av den demografiske utviklingen, fordrer et mer effektivt helsevesen i tiden fremover. I den forbindelse har KPP blitt fremhevet som et verktøy for effektivisering i norske helseforetak. Likevel antyder forskning at modellen i liten grad benyttes som et internt styringsverktøy i sykehusene. Med dette som utgangspunkt har vi formulert følgende problemstilling:
Hvordan kan klinikere involveres i bruken av KPP for effektivisering av norske helseforetak?
Problemstillingen er delt i to forskningsspørsmål, og besvares gjennom en kvalitativ casestudie. Det første forskningsspørsmålet studerer hvordan KPP brukes i et samarbeid mellom analyseavdelingen og klinikere for effektivisering, og hvilke faktorer som oppleves å være viktig for en god dialog mellom partene. I det andre forskningsspørsmålet undersøkes aktørers rolle i bruken av KPP som et internt styringsverktøy.
Under det første forskningsspørsmålet finner vi at KPP-grunnlaget kommer fra analyseavdelingen i sykehuset, mens klinikere agerer på informasjonen som presenteres av analysesjefen. Vi finner at organisering under fagavdelingen, analysesjefens kunnskap om sykehusdriften, relasjoner til nøkkelpersoner, samt tilnærming i møte med klinikere bidrar til en god dialog med klinikere rundt KPP.
Under det andre forskningsspørsmålet identifiserer vi analysesjefen og enkelte klinikere i lederlinjen som institusjonelle entreprenører. Disse aktørene bruker KPP for å identifisere problemstillinger i praksis, og på denne måten initierer til institusjonelle endringer. Studien viser også at en er avhengig av mottakeren av KPP-data og flere lag med institusjonelle entreprenører for å kunne bruke KPP til effektivisering. Et av våre hovedfunn er at KPP-tankegangen i mindre grad virker å være institusjonalisert i sykehuset da bruken synes å være individ- og relasjonsavhengig, og dermed sårbar for lederskifter i sykehuset.
En implikasjon av våre funn er at aktørperspektivet bør legges til grunn ved studier av bruken av KPP i norske sykehus. En annen implikasjon er at det kan være vanskelig å overføre funn på tvers av helseforetak, da KPP-bruken synes å være individ- og relasjonsavhengig
No Second Chance for the Machine : An Experimental Study Investigating Algorithm Aversion and Trust in Medical Consultation
Get PDFWhile the increasing integration of Artificial Intelligence (AI) application in healthcare holds significant promise, incautious implementation may disillusion users, trigger an AI winter and be complicated by algorithm aversion. Understanding how perceptions of trust and its dynamics are shaped and evolved can help mitigate these risks. However, research on algorithm aversion in the context of healthcare is limited. The main objective of this quantitative study is to explore the dynamics of trust in healthcare, focusing on the choice between an AI system and a General Practitioner (GP) in medical consultations, particularly in the context of misdiagnosis. Through an experimental design, we examined how trust, conceptualized via the dimensions of ability, benevolence, and integrity, influences participants’ satisfaction, regret, and willingness to forgive. We also investigated the role of symptom complexity in shaping these outcomes.
Our findings reveal that participants exhibit a neutral preference between an AI system and a GP when both are presented as equally competent, suggesting that predictability is a key driver of trust. However, participants presented with high complexity symptoms showed a small but not significant resistance to choosing AI. Regret emerged as a critical factor, with participants experiencing greater regret after misdiagnosis by an AI system, particularly in high complexity scenarios. This suggests that algorithm aversion persists, driven by a tendency to view human errors as more forgivable than those of machines.
Satisfaction levels were higher for the GP in high complexity scenarios. At the same time, forgiveness significantly influenced decision-making, with participants demonstrating greater tolerance for the GP errors. Familiarity with AI systems also emerged as a predictor of preference and trust, underscoring the importance of experience in reducing algorithm aversion.
Our study highlights the need for AI systems to enhance trust and satisfaction through transparency, accountability, and empathetic communication. These findings have significant implications for the integration of AI into healthcare, particularly in high-stakes contexts where emotional and moral judgments strongly influence patient preferences. Future research should explore real-world settings and employ qualitative methods to provide a deeper understanding of trust dynamics in AI-human healthcare interactions
Allianser og partnerskap: Hva kjennetegner en attraktiv alliansepartner i norsk næringsliv?
Get PDFDenne masteroppgaven omhandler en eksplorativ studie som søker å etablere hva som kjennetegner attraktive alliansepartnere i det norske næringslivet. Studien bygger på en omfattende spørreundersøkelse fra 2023, der 1593 norske selskaper deler sine erfaringer og perspektiver på allianser og partnerskap de siste tre årene. Ved å benytte et knippe relevante uavhengige variabler har vi klart å identifisere sammenhenger mellom et selskaps kapabiliteter og dets attraktivitet som partner i en samarbeidsrelasjon.
Våre resultater viser at det er ulike egenskaper som er fremtredende basert på hvilket stadium attraktiviteten måles. I det første trinnet, som handler om hvilke egenskaper som gjør at et selskap blir valgt som alliansepartner, observerer vi at erfaringen og renomméet til selskapet har en sterk betydning. Dette kan skyldes at erfaring fremstår som en risikoreduserende faktor, og at et godt renommé fungerer som en immateriell ressurs som bygger tillit og legitimitet. Videre indikerer funnene våre at innovasjonskapabiliteter og god likviditet prioriteres som kriterier i en utvelgelsesprosess til et partnerskap. Dette kan skyldes at innovasjonskapabiliteter antyder et selskaps evne til å være fremtidsrettet, mens god likviditet indikerer stabilitet og økonomisk kontroll. I tillegg observerer vi at alder kan øke attraktiviteten, noe som kan tilskrives eldre selskapers stabilitet og pålitelighet.
Det andre trinnet av attraktivitet handler om hvordan et selskap evner å utnytte partnerskapet til å oppnå strategiske gevinster over tid, noe som innebærer at samarbeidsrelasjonen fungerer som en kilde til konkurransefortrinn. Som et ledd i å oppnå et konkurransefortrinn, viser tilliten i samarbeidet og engasjementet til toppledelsen seg som de mest sentrale faktorene. Dette kan skyldes at manglende tillit skaper friksjoner og begrenser mulighetene for verdiskaping, mens en engasjert toppledelse bidrar til å utvikle samarbeidet og underbygge en god relasjon.
Våre funn tilsier også at utnyttelsen av digital teknologi og størrelsen til selskapet ikke nødvendigvis har noen betydning på hvorvidt et selskap oppfattes som en attraktiv alliansepartner. Dette kan skyldes at digital kompetanse i større grad har blitt en hygienefaktor i norske bedrifter, og at kvaliteten på ressursene er viktigere enn mengden.
Avslutningsvis observerer vi at det eksisterer geografiske og demografiske forskjeller, der selskaper i mindre befolkede fylker tilskriver større verdi til allianser som et verktøy for å styrke sin markedsposisjon.This master’s thesis presents an exploratory study aimed at identifying the characteristics of attractive alliance partners in the Norwegian business sector. The study is based on an extensive survey conducted in 2023, in which 1,593 Norwegian companies share their experiences and perspectives on alliances and partnerships over the past three years. By utilizing a set of relevant independent variables, we have identified relationships between a company’s capabilities and its attractiveness as a partner in collaborative relationships.
Our results show that different attributes are prominent depending on the stage at which attractiveness is assessed. In the first stage, which examines the traits that make a company an attractive alliance partner, we observe that the company’s experience and reputation are of strong significance. This may be because experience acts as a risk-reducing factor, while a good reputation functions as an intangible resource that builds trust and legitimacy. Furthermore, our findings indicate that innovation capabilities and strong liquidity are prioritized as criteria in the selection process for partnerships. This may be because innovation capabilities suggest a company’s ability to be forward-looking, while strong liquidity indicates stability and financial control. Additionally, we observe that age can enhance attractiveness, which may be attributed to the stability and reliability associated with older companies.
The second stage of attractiveness concerns how a company is able to leverage the partnership to achieve strategic gains over time, implying that the collaborative relationship serves as a source of competitive advantage. As part of achieving a competitive advantage, trust within the collaboration and the engagement of top management emerge as the most central factors. This may be because a lack of trust creates friction and limits the potential for value creation, while engaged top management contributes to developing the collaboration and strengthening the relationship.
Our findings also suggest that the utilization of digital technology and company size do not necessarily influence whether a company is perceived as an attractive alliance partner. This could be because digital competence has increasingly become a hygiene factor in Norwegian businesses, and the quality of resources is more important than their quantity.
Finally, we observe that there are geographic and demographic differences, where companies in less populated counties attribute greater value to alliances as a tool for strengthening their market position
M&A as a Strategy for Improving Energy Intensity - Assessing Strategic Viability and Value Creation for Acquiring Companies Post-Transaction
Get PDFThis thesis investigates whether companies can leverage M\&A to improve energy intensity and the potential for this strategy to be value-creating for the company. I find that M\&A is associated with decreased energy intensity for the acquirer, and that the effect remains the same when distinguishing between companies operating in energy intensive industries. This suggests that the improvement is an indirect result of other efficiency gains and raises uncertainty about M\&A as an alternative when the primary goal is to improve energy intensity. I also find that the improvements are greater the worse the acquirer performs relative to the target before the transaction, and that the effect exceeds the technical effect of consolidating a better-performing company. This may signal that gaining access to the target's resources facilitates some of the improvement.
Furthermore, a decrease in energy intensity correlates with improved profitability and positive announcement returns for the acquiring company. However, the identified relationships show weak economic significance and are consistent across industries. This could imply that the energy intensity improvement is an indirect effect driven by other efficiency gains that have equal value-creating impact across industries. Additionally, I find no relationship between the acquirer's energy intensity relative to that of the target before the transaction and the acquirer's announcement returns