NHH Brage (Norges Handelshøyskole)
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ICAs fall i Norge
Get PDFDenne masteravhandlingen er en casestudie som undersøker hvilke faktorer som påvirket ICAs fall i Norge. Oppgaven fokuserer på tidsperioden fra 1998-2014, men inneholder enkelte elementer fra tidligere år for å opplyse om bakgrunn, historie og klargjøre kontekst.
I 1998 etablerte ICA seg i Norge gjennom en fusjon med Hakon-Gruppen. I 2003 ble ICA-Norge stiftet. Da den norske driften ble avviklet i 2014 hadde markedsandelene sunket drastisk, og kjeden var blitt den minste av de fire store dagligvarekjedene. Dette var en innholdsrik periode som har vært delaktig i utformingen av det norske dagligvaremarkedet. Vi har undersøkt hvilke faktorer som kan ha ført til ICAs fall i Norge.
Studiens forskningsmetode er en kvalitativ casestudie. Datainnsamling har foregått gjennom semistrukturerte intervjuer av informanter med ulik erfaring, fra forskjellige roller i den norske dagligvarebransjen. Funn fra intervjuer har blitt diskutert opp mot teori knyttet til fagfeltene organisasjon og ledelse, strategi og internasjonalisering. Nyhetsartikler, litteratur, og tidligere forskning har blitt benyttet for å danne et overblikk over historien til ICA, og den generelle utviklingen i det norske dagligvaremarkedet over tid.
Studien avdekker at ICA møtte på en rekke utfordringer i Norge, hvor flere av disse kan være overførbare til andre internasjonale aktører i etableringsfasen. En av de store utfordringene for ICA var knyttet til forskjeller mellom hjemmemarkedet og det norske dagligvaremarkedet. Neglisjerte markedsforskjeller og manglende tilpasning, har ut ifra våre funn vist seg å være de viktigste årsakene til ICAs synkende markedsandeler og store tap i Norge. Ved manglende forståelse av markedet, stor selvtillit, og stadige endringer i strategi og ledelse rev ICA ned markedsposisjonen de hadde ervervet seg ved å kjøpe en sterk, kjent, norsk lavpriskjede.This thesis is a case study that that examines influential factors that led to ICAs downfall in Norway. The paper particularly focuses on the time period from 1998-2014 but includes certain elements from earlier years to inform about background and history and to clarify context.
In 1998 ICA was established in Norway through a merger with Hakon-Gruppen, and in 2003 ICA-Norge was founded. Before the Norwegian operations was ceased in 2014, market shares had drastically declined, and the company had become the smallest among the four major grocery chains in Norway. The period richly contributed to shaping the Norwegian grocery market. We have analyzed factors that have contributed to ICAs decline in Norway.
The research method of this study is a qualitative case study. We have collected data through semi structured interviews, with informants. The informants have varied experiences from different roles within the Norwegian grocery industry. Our findings have been discussed in relation to theory from organizational leadership, strategy and internationalization. News articles, literature and former research, has been utilized to obtain an overview of ICA's history and the general development of the Norwegian grocery market.
The study uncovers a range of different challenges ICA experienced in Norway. Several of these challenges may be relevant to other international firms during the phase of establishment. One of ICA's greatest challenges related to the differences between their home market and the Norwegian market. Based on our findings Neglected differences between markets and the lack of adaptation seem to be the main causes of ICA's diminishing market shares and financial losses in Norway. Due to a lack of understanding of the market, overconfidence, and constant changes in strategy and leadership, ICA destroyed the market position they had acquired by purchasing a strong, well-known Norwegian discount chain
Flow-Based Market Coupling in the Nordic Day-Ahead Electricity Market: Introducing Water Value Dynamics in Parallel Run Simulations
Get PDFThe Nordic Transmission System Operators are jointly conducting External Parallel Run simulations of Flow-Based Market Coupling in the Nordic Day-Ahead electricity market. When simulation results are considered over time, hourly volumes accumulate to changes that, for bidding zones dominated by production from stored hydro power, could stress reservoir levels and may deviate from profit-maximising strategy. Cumulative bias can occur if bid curves used are from a Net Transfer Capacity market environment, not adjusted for changes in opportunity cost when congestion is relieved. To maintain sustainable reservoir levels and maximize production value, producers' willingness to sell is expected to change.
This thesis derives bid curves and reconstructs the external parallel runs for the Nordic Capacity Calculation Region, for 31 hours across 2023. Upon verification of the model’s performance, we re-run the simulations, inducing mutually dependent shifts in the supply curves of bidding zones with hydro reservoirs. The new equilibrium must conform to the supplied volumes from reservoirs in the parallel Net Transfer Capacity solution. The results quantify the market effects of Flow-Based Market Coupling, given that the hourly production volumes of bidding zones with hydro reservoirs do not change by implementing Flow-Based Market Coupling.
The simulation results for all 31 hours combined, accounting for changes in water values, suggest a net surplus loss of 0.48 million euros when replacing Net Transfer Capacity with Flow-Based Market Coupling in the Nordic CCR. The result is 1.93 million lower than in the flow-based EPR for corresponding hours. When reducing the sample to a selected interval with lower variability in estimated water values, net surplus gain totaling 22% of EPR flow-based results is obtained. Results may be in the lower band due to strict assumptions on the optimal production plan, but the direction of effects appear robust. In addition, effects on prices, volumes and distribution are studied.The Nordic Transmission System Operators are jointly conducting External Parallel Run simulations of Flow-Based Market Coupling in the Nordic Day-Ahead electricity market. When simulation results are considered over time, hourly volumes accumulate to changes that, for bidding zones dominated by production from stored hydro power, could stress reservoir levels and may deviate from profit-maximising strategy. Cumulative bias can occur if bid curves used are from a Net Transfer Capacity market environment, not adjusted for changes in opportunity cost when congestion is relieved. To maintain sustainable reservoir levels and maximize production value, producers' willingness to sell is expected to change.
This thesis derives bid curves and reconstructs the external parallel runs for the Nordic Capacity Calculation Region, for 31 hours across 2023. Upon verification of the model’s performance, we re-run the simulations, inducing mutually dependent shifts in the supply curves of bidding zones with hydro reservoirs. The new equilibrium must conform to the supplied volumes from reservoirs in the parallel Net Transfer Capacity solution. The results quantify the market effects of Flow-Based Market Coupling, given that the hourly production volumes of bidding zones with hydro reservoirs do not change by implementing Flow-Based Market Coupling.
The simulation results for all 31 hours combined, accounting for changes in water values, suggest a net surplus loss of 0.48 million euros when replacing Net Transfer Capacity with Flow-Based Market Coupling in the Nordic CCR. The result is 1.93 million lower than in the flow-based EPR for corresponding hours. When reducing the sample to a selected interval with lower variability in estimated water values, net surplus gain totaling 22% of EPR flow-based results is obtained. Results may be in the lower band due to strict assumptions on the optimal production plan, but the direction of effects appear robust. In addition, effects on prices, volumes and distribution are studied
Determinants of Attitude towards Retargeting - Analyzing the direct role of product sustainability and webstore experience, and moderate role of discount offering in the formation of consumer’s attitude towards retargeted ads
Get PDFConsidering the increase in the digitization of the marketplace, marketers are in need of new marketing strategies that could fit the digital market problems in specificity. One such marketing strategy, Retargeting is a well-known phenomenon, solving especially the problems of shopping cart abandonment. This marketing strategy has proven to be effective and beneficial for not just marketers but also for the consumers. Looking at the benefits this marketing strategy provides, one could easily guess that the consumer’s attitude towards retargeting would be positive. But the reality is not as simple as it seems. Consumers possess different attitudes towards retargeting and there are many factors that impact the formation of such attitudes. Another interesting fact to notice is, these attitudes are not permanent, but rather, vary depending upon the features of the webstore, retargeted ads, and consumer’s interests.
The focus of this paper is to analyze the impact of two factors i.e., Product Sustainability and Webstore Experience on consumer’s attitude towards retargeting. Another factor i.e., Discount offered in the ads would be analyzed as a moderator.
Data was collected through questionnaire design (N=309) and was further analyzed through structural equation modeling. Results proved to be satisfactory, showing that Product sustainability and a good webstore experience help the brands in achieving positive attitude towards the retargeted ads by the consumers. On the other hand, moderate role of discount offering turned out to be unimportant and it is concluded that marketers can attract and persuade consumers through retargeting by focusing on sustainability and provision of a positive webstore experience, without the need of offering a good percentage of discounts in the retargeted ads.
Keywords: Retargeting, Attitude towards Retargeting, Factors behind Consumer Attitude, Sustainability, Webstore Experience, Discount Offered in the ads, Elaboration Likelihood Mode
Er balansert målstyring i store norske virksomheter tilpasset globale markedstrender?
Get PDFBalansert målstyring (BMS) har utviklet seg fra et rent prestasjonsmålesystem til et strategisk kontrollsystem hvor strategiarbeid er blitt integrert i styringssystemet (Kaplan, 2010). Styringsverktøyets dynamiske egenskaper og vide geografiske utbredelse har medført vanskeligheter i henhold til å generalisere implementering og bruk av balansert målstyring i virksomheter. Flere studier drar i retning av at balansert målstyrings popularitetstopp er passert, og at utbredelse og bruk er i retrett på verdensbasis (Rigby & Bilodeau, 2018). Formålet med utredningen er derfor å kartlegge bruk og utbredelse av balansert målstyring i store og mellomstore norske virksomheter, samt hvordan bruk av styringsverktøyet har utviklet seg i tidsperioden 2015-2024. Utviklingen i bruk av BMS studeres gjennom sammenligninger mellom studiens funn og resultatene i masterutredningene fra 2015, 2018 og 2021, som utredningen er en oppfølgingsstudie av. Balansert målstyrings tilpasningsdyktige egenskaper muliggjør utvikling i takt med endrede markedsmekanismer, og vi ønsker følgelig å utforske implementering av globale markedstrender som digitalisering og bærekraft innen styringsverktøyet.
Metoden som anvendes i utredningen er triangulær, og vi analyserer således både kvantitative og kvalitative data gjennom henholdsvis en spørreundersøkelse og tre dybdeintervjuer. Resultatene viser en økende bruk av balansert målstyring i Norge, med en tilhørende høy adopsjonsrate fra 2021 og utover. Funnene trekker derfor i retning av at balansert målstyring ikke er i en tilbakegangsfase i Norge enda. Grad av avansert bruk har videre blitt mer utbredt de siste tre årene, og BMS i Norge drar i retning av et helhetlig strategisk styringssystem. Studien avdekker en høy bruksgrad av balansert målstyring i kombinasjon med både business intelligence og bærekraft. Business intelligence og bærekraft fordrer en mer avansert anvendelse av balansert målstyring. Utredningen finner at både balansert målstyring, business intelligence og bærekraft har en positiv effekt på bedrifters tilfredshet med styringssystemet
Comparative analysis of Rights of Nature (RoN) case studies worldwide: Features of emergence and design
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Bankruptcy Prediction of the Commercial Real Estate Sector
Get PDFThis thesis aims to examine whether the increase in real interest rates after 2022 could
heighten the risk of bankruptcy within the Norwegian real estate market. We will utilize
Ohlson’s O-score, a well-established model for predicting bankruptcy, on our sample of
5,872 companies. In order to assess the impact of interest expenses on bankruptcy risk,
we first calculate the O-score for the 2022 sample as reported and then recompute it using
a dynamic approach that adjusts key financial ratios to simulate different interest rate
scenarios. To the best of our knowledge, this is the first study to employ this method.
Our findings suggest that the probability of bankruptcy rises significantly with higher
real interest rates from 6.7 %. While rising interest expenses increase bankruptcy risk
within the Norwegian real estate sector, our dynamic approach to Ohlson’s O-score model
implies the overall impact may not be extensive enough to warrant widespread concern.
Before adjusting interest expenses, our analysis shows that 3,865 companies, accounting
for 65.8 % of our sample, are at moderate risk of bankruptcy in 2022. Additionally, 324
companies are at high risk, with a probability exceeding 85 %. Our analysis also indicates
that after adjusting interest expenses most firms will fall below an interest coverage ratio
of 1, signaling issues in servicing their liabilities. In addition, firms with the highest 25 %
likelihood of bankruptcy show negative liquidity, as measured by cash flow from operations.
This is evident with reported data, and liquidity further deteriorates as interest expenses
increase. This suggests that the real estate sector in Norway may face a notable rise in
bankruptcies in the coming years
The interplay between Work Environment and Profitability: Insights from Industry-Level Analysis in Norway
Get PDFThis thesis investigates the relationship between work environment dimensions and industry-level profitability in Norway, addressing the research question: “How are dimensions of the work environment associated with industry-level profitability in Norway”. Drawing on data that integrates workplace quality indicators with financial performance metrics, this study aims to contribute to the growing body of research on the intersection of employee well-being and organizational outcomes.
The findings highlight that specific work environment dimensions, such as job prospects, job tasks, and organizational environment, exhibit strong relationships with industry-level financial performance. Job prospects, encompassing career development and skill-building opportunities, demonstrate a positive relationship with Return on Assets (ROA), underscoring the possible profitability of investing in employee growth across industries. Similarly, high-quality organizational environments and well-designed job tasks, characterized by autonomy, task discretion, and reduced emotional demands, emerge as having positive relationships with revenue per employee. These findings align with existing literature on individual and firm-level impacts, emphasizing the importance of fostering, supportive and empowering work environments. In contrast, other factors, such as the intrinsic aspects, physical environment and social environment, displayed weaker and less consistent relationships with financial outcomes, suggesting they may be harder to measure or less impactful at an aggregated industry level.
Amid growing challenges in increased psychosocial strain posed by digitalization and robotization, this research provides insights for policymakers and businesses. Emphasizing prioritization of factors such as autonomy, growth opportunities, and organizational support in the workplace. Investments in these areas might yield financial benefits across economic sectors, while contributing to sustainable work environments and overall worker wellbeing
Elektrifisering av norsk sokkel
No full textDenne masteroppgaven undersøker hvorfor og hvordan elektrifisering av norsk sokkel kan gjennomføres, med fokus på to alternative energikilder: små modulære reaktorer (SMRs) og flytende havvind (FOW). Studien evaluerer den økonomiske levedyktigheten til disse teknologiene i forbindelse med elektrifisering av olje- og gassinstallasjoner.
Den finansielle analysen viser at både SMR og FOW er økonomisk levedyktige alternativer, med positive netto nåverdier. Kostnaden per produsert enhet elektrisitet er beregnet til 1,203 NOK/MWh for SMR og 1,503 NOK/MWh for FOW.This master's thesis evaluate why and how electrification of the Norwegian continental shelf should be undertaken, focusing on two potential alternative energy sources: small modular reactors (SMRs) and floating offshore wind (FOW). This study explores the feasibility and financial viability of these technologies within the context of electrifying oil and gas installations.
The financial analysis indicates that both SMRs and FOW are financially viable options for electrification. Investment analyses reveal positive net present value for both technologies, with levelized cost of electricity estimates of NOK 1,203/MWh for SMRs and NOK 1,503/MWh for FOW
Chasing Superior Returns - An Analysis of the Norwegian Stock Market: Does a dividend yield strategy outperform the market in the long-term?
Get PDFHigh dividend yields are often associated with strong performance in stock markets, as companies paying higher dividends tend to generate stable returns. The relationship may vary between different markets, and this study investigates whether this holds true for the Norwegian stock market. Four portfolios were constructed based on dividend yield levels of 0%, 0-2.5%, 2.5-4%, and above 4% to evaluate their performance relative to the OSEBX. This analysis covers a 21-year period from 2003 to 2023, encompassing various economic cycles, including the Financial Crisis and the Covid-19 Pandemic.
Our findings indicate that the portfolio with a low to moderate dividend yield of 0-2.5% have delivered the strongest performance, outperforming all the other portfolios and the OSEBX. The portfolio with no dividend payout has underperformed compared to the other portfolios with dividends and the OSEBX. This underperformance is not compensated for by lower risk, as the portfolio continues to exhibit weaker performance even when adjusted for various risk measures. However, it is important to note that the majority of these results were not statistically significant, suggesting that dividend yield alone is not a reliable predictor of long-term investment success. This underscores the complexity of portfolio performance, highlighting that factors such as market condi- tions, economic cycles, and portfolio composition play a more significant role in driving consistent success over time
Yara International ASA - En fundamental verdsettelse & strategisk regnskapsanalyse av Yara International ASA
Get PDFAvhandlingen omhandler fundamental verdsettelse og regnskapsanalyse av Yara International
ASA. Verdsettelsesteknikkene som anvendes i oppgaven er hovedsakelig en DCF-modell,
hvor det suppleres med APV- og multiplikatorverdsettelse. Disse alternative metodene vil i
mindre grad ta i bruk noen litt ulike forutsetninger. På denne måten vil man kunne påse at
verdivurderingen tar hensyn til flere perspektiver basert på observerte forhold i våre analyser
av strategi, regnskap og lønnsomhet.
Funnene fra den strategiske analysen og lønnsomhetsanalysen er at Yara historisk har hatt en
bransjefordel i perioden 2019-2022, og sammen med en svak ressursulempe i tilsvarende
periode har dette ført til en strategisk fordel for selskapet i perioden. Videre funn fra analysen
tyder på at geopolitisk uro, høye renter, lave gjødselpriser og kostbare investeringer i
ulønnsomme prosjekter har ført til et fall i selskapets egenkapitalrentabilitet. Yara har derfor
en strategisk ulempe i 2023 og 2024. Det forventes at befolkningsvekst, økonomisk vekst og
behov for å effektivisere landbruksarealet vil bidra til å øke etterspørselen etter gjødsel, som
vil kunne bidra til å øke lønnsomheten i bransjen.
Basert på CAPM og regresjonsanalyser har vi kommet frem til en «levered» betaverdi på
0,633. Den systematiske risikoen er dermed under markedsrisikoen, og aksjen vil kunne anses
som defensiv, med mindre svingninger enn Oslo Børs Indeks. Videre er «cost of equity» og
«cost of debt» på respektive 8,17% og 6,52%
I selve beregningen av WACC, brukes markedsverdiene av EK og gjeld. Forholdet blir da
67,7% mot EK og 32,3% mot gjeld. Med hensyn til dette ligger WACC på 7,18%.
Avhandlingen konkluderes med et kursmål på 441,2 NOK. Med kurs pr. 08.11.2024 tilsvarer
dette en potensiell oppgang på 37%. Kursmålet understøttes også i en statistisk Monte Carlo
analyse, hvor det indikeres at sannsynligheten for positiv utvikling er høyere