NHH Brage (Norges Handelshøyskole)
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Putting Sustainability Talk into Managerial Action : A Study of Norwegian Firms’ Sustainability Integration into Management Control Systems and its Relation to Financial Performance
Get PDFThe pursuit of sustainable development has become one of the most important challenges and
consequently a central concern for companies. Often, that concern is addressed via an outsideoriented
approach, focusing on communication and sustainability disclosure. This thesis aims
to shift the focus from an external perspective to the internalization of sustainability into
decision-making. Specifically, we examine the integration of sustainability into management
control systems (MCS). Through a comprehensive analysis of 166 Norwegian companies that
participated in a ‘state of sustainability’ survey of S-HUB Norway, we assessed the extent of
sustainability integration and developed patterns of formal and informal controls. The patterns
reflect that controls are not isolated tools but interplay in a diverse manner. Our findings
suggest that sustainability is only moderately integrated into the MCS, with a focus on a longterm
strategic perspective and a lack of concrete measures and actions. Moreover, we
examined the relationship between integration depth and financial performance, considering
the tension between sustainability and profitability in academia and practice. By
supplementing the sustainability data with archival financial data in a regression analysis, we
found a short-term negative relationship – especially in the case of financially bad performing
companies and for the integration into formal controls. This negative relationship could be
attributed to a restriction effect, in which an excessive number of formal or irrelevant
sustainability controls are counterproductive to the financial optimization of management
decisions. Another explanation for the negative relationship might be the short-term nature of
our study, representing its major limitation. The potential for positive long-term effects,
coupled with the inevitably growing importance of sustainability, underscores the need for
proactive measures and for the adaption of internal processes.nhhma
Exploring employee-related and human rights reporting in the year leading up to the Transparency Act : A content analysis of integrated and stand-alone reports from 2021 for a selection of firms on the OBX25.
Get PDFIncreasing expectations from stakeholders as well as from legislators regarding companies’
responsibilities towards employees and human rights motivated us to study 14 Norwegian
firms’ reporting on information connected to these areas. Using a manual content analysis
framework, we examined the extent and substantiveness of disclosure related to employees
and human rights in integrated reports and stand-alone ESG reports. We found that Health
and safety, as well as Diversity and equal opportunity, were the most disclosed employeerelated
content items, and that employee-related reporting was generally mostly substantive.
The firms in our sample reported less on human rights, specific human rights items were
rarely mentioned, and the information provided was mostly symbolic.nhhma
Nye muligheter med tareoppdrett : En kvalitativ studie av potensialet for kommersialisering av dyrket tare
Get PDFDenne utredningen har som formål å undersøke det kommersielle potensialet for dyrket tare, med et
mål om å skape et sirkulært produkt for å adressere globale utviklingstrekk og
bærekraftsutfordringer. Gjennom en kvalitativ metode og eksplorativ tilnærming, har det blitt
gjennomført dybdeintervjuer med ni respondenter som inkluderer oppdrettere av tare, investorer og
interessenter.
Denne utredningen viser at det er betydelig potensial for salg av dyrket tare, noe som er
tydeliggjort gjennom en SWOT-analyse. Tare kan bidra til bærekraft med sitt lave karbon- og
vannavtrykk, og dens evne til å absorbere karbondioksid, fosfor og nitrogen fra havet. Tare har
også en høy ernæringsmessig verdi, noe som gjør den egnet for både humant og animalsk konsum.
Utredningen antyder en økende etterspørsel etter sunne råvarer og marine oljer, og det er
muligheter for salg av tare til vegetarmarkedet, samt som ingrediens og smakstilsetning i andre
matprodukter. Tare har også betydelige fordeler ved bruk i dyrefôr, med studier som viser
helsemessige gevinster og redusert metangassutslipp. Tare ser også ut til å kunne brukes som
naturlig gjødsel og råvare i biostimulanter og sprøytemidler i jordbruket.
Imidlertid har denne utredningen også identifisert flere utfordringer for kommersialisering av
dyrket tare. Det høye innholdet av jod og tungmetaller i tare kan være en barriere for humant og
animalsk konsum, og det er strenge regler som begrenser bruk i begge markedene. Tare er et relativt
nytt produkt, og det er mangel på standardiserte prosesser for produksjon og foredling.
Tidskrevende og dyre regulatoriske prosesser og konkurranse om havarealene gjør det også
utfordrende å skalere opp produksjonen.
For å utnytte tarens potensial som en bærekraftig og næringsrik råvare i flere markeder, er det
behov for forskning på reduksjon av jod og tungmetaller, forbedring og standardisering av
produksjons- og foredlingsprosesser, samt samarbeid om tilpasning av regulatoriske rammer. Med
riktig håndtering kan tare bidra til å nå nasjonale og internasjonale bærekraftsmål, imøtekomme
globale utviklingstrekk og bærekraftsutfordringer, samtidig som det åpnes nye muligheter for
økonomisk vekst og innovasjon.nhhma
Profitability of the Management Consulting Industry in Norway : An empirical study of factors influencing the profitability of the management consulting industry in Norway
Get PDFBuilding on resource-based view (RBV) as a theoretical foundation, the purpose of this thesis
is to identify and investigate firm specific factors influencing the profitability of management
consulting firms operating in Norway. The investigated variables are firm size, firm age,
growth rate, productivity, location and lagged profitability. Consequently, the dependent
variable is profitability, measured by ROA. The source of data used in this study is secondary
data from the database Proff Forvalt in the period 2014-2021. The regression analysis shows
that there is a significant relationship for the variable growth rate, productivity, and lagged
profitability on profitability. The results of the regression coefficient indicates that growth
rate, productivity and lagged profitability have a positive influence on profitability. The
empirical results suggest that productivity is the most significant determinant of profitability.
No statistically significant relationship was found for the variable firm size, firm age and
location on profitability. The lack of significance can be due to several factors that characterize
the management consulting industry. Such as, high employee turnover, high flow of
experience and digitalization. The nature of the industry counteracts the potential positive
relationship of firm size, firm age and location on profitability. This study provides further
empirical evidence in a research area where previous studies have conflicting findings, by
investigating an unexplored context. Our study uses theories from the RBV in order to better
understand the conflicting findings in this research area.nhhma
Hvordan lønner heltidskultur seg i helse- og omsorgssektoren? En eksplorativ casestudie av økonomiske gevinster og kostnader av heltidskultur ved sykehjem
Get PDFHelsesektoren står overfor store utfordringer med et økende behov for helse- og
omsorgstjenester, på bakgrunn av en økning i antall eldre med et mer komplekst sykdomsbilde.
I lys av disse utfordringene er det følgelig økt behov etter arbeidskraft i helsesektoren.
Helsesektoren har vært en sektor preget av høy andel deltidsansatte. Et av tiltakene for å sikre
tilstrekkelig kvalifisert personell er å øke andelen heltidsstillinger. Det finnes en del forskning
på kvalitetsgevinster av heltid i helsesektoren, men det finnes derimot lite kunnskap om hvilke
økonomiske gevinster og kostnader en organisering med heltidsstillinger medfører. Formålet
med denne studien er følgelig å undersøke økonomiske gevinster og kostnader som
heltidskultur medfører for arbeidsgivere, arbeidstakere og beboere ved sykehjem.
I studien er det benyttet et eksplorativt forskningsdesign, med to norske kommunale sykehjem
som case. Kvalitativ metode har blitt tatt i bruk som vår primære forskningsmetode, der data
er samlet inn gjennom semi-strukturerte intervjuer. Videre har vi benyttet kvantitativ metode,
herunder regnskapstall, som komplement til de kvalitative dataene. Vi har også utviklet et
teoretisk rammeverk for å besvare studiens problemstilling, hvor studiens funn diskuteres i lys
av det teoretiske rammeverket.
Et av studiens hovedfunn er at de totale kostnadene per beboer ikke reduseres av å organisere
seg med heltidsstillinger. Vi finner tvetydige funn tilknyttet heltidskulturs påvirkning på
kostnader knyttet til bruk av vikarer og overtid. Videre finner vi at hvorvidt heltidskultur gir
en gevinst for arbeidstakere i form av redusert arbeidsbelastning, i stor grad avhenger av
pleietyngde. Et annet funn er at heltidskultur gir en gevinst i form av økt tjenestekvalitet for
beboere. Studien gir ikke grunnlag for å vurdere hvorvidt sykefraværet reduseres ved innføring
av heltidskultur.
Sentrale implikasjoner fra studien er at eksterne faktorer også har betydning for hvilke
gevinster og kostnadsbesparelser man oppnår ved heltidskultur, og må følgelig tas i
betraktning ved evaluering av heltidskultur.nhhma
Cum-Fake Trading Using ADRs from European Countries : An event study of all European ADRs
Get PDFIn this thesis, we investigate the use of European ADRs in cum-fake schemes. We look at the
daily trading volume for all ADRs for European companies in the longest possible time span
for each company, with the longest being 1984 to 2022. Cum-fake, cum-cum and cum-ex
schemes have collectively resulted in huge funds being heisted from European governments
and tax authorities in recent years. The cum-fake scheme involves exploiting pre-released
ADRs to receive a tax refund on withholding tax that has never been paid.
Our analysis is divided into two parts. First, we look at the daily trading volume around the
ex-dividend date on a country-by-country basis, with the purpose of finding which European
countries have been affected by cum-fake trading. Secondly, we take these countries and use
the daily deviation from the yearly average of each company to find the years for each country
that show clear signs of cum-fake trading.
We find that there are several countries that show significant relations between the trading
volume and the ex-dividend date. However, the estimated abnormal volume is lower than
expected. In the yearly analysis, we find that the 1990s seems to be the most prevalent period
for cum-fake trading.nhhma
Consumer Adoption of AI-Powered Chatbots: Developing a Customized Adoption Model
Get PDFRecent advancements in Artificial Intelligence have transformed the business landscape, with
AI-powered chatbots playing a crucial role in enhancing customer service and automating
tasks. As current literature seems to predominantly focus on the use of AI-powered chatbots in
organizational contexts, this study aims to fill this gap by creating an understanding of the
factors driving AI-powered chatbot adoption from a consumer perspective. To achieve this, we
utilize the Theory of Planned Behavior (TPB), the Technology Adoption Model (TAM), the
Unified Theory of Acceptance and Use of Technology 2 (UTAUT2), and Diffusion of
Innovations (DOI), as traditional technology adoption models. Along with the constructs from
these traditional models, we add the AI-specific antecedents: Anthropomorphism, Trust,
Privacy Risk and Personalization, which were found through conducting a literature review of
AI- and chatbot adoption. This integration allowed us to develop a customized adoption model
that provides an understanding of chatbot adoption from a consumer perspective.
The study collects data through a questionnaire-based survey (n=126). Through several
multiple regression analyses, significant drivers across all the models are revealed. Subjective
Norm and Behavioral Control (TPB), Usefulness (TAM), Habit (UTAUT2) and Trialability
(DOI) were all found to have a significant positive effect on the Intention to Use AI-powered
chatbots. The Customized Model, created through stepwise estimation, includes Usefulness
(TAM), Trialability (DOI), Habit (UTAUT2), and Anthropomorphism (Model Extensions).
These four factors collectively explain 46.6% of the variance in consumers' Intention to Use
AI-powered chatbots. In terms of explaining the adoption of AI-powered chatbots, the
Customized Model outperforms traditional models by explaining the most variance while
utilizing the fewest variables. This enhanced fit may make it a more effective tool for
understanding how consumers adopt AI-powered chatbot technology. The study contributes to
businesses’ understanding of the constructs influencing chatbot adoption and implementing
effective strategies to enhance customer experiences.nhhma
Working Capital Management and Firm Performance : An empirical study of the relationship between net working capital and firm performance in Europe
Get PDFConsidering the magnitude of working capital as a proportion of a firm's total assets, working
capital management should interest corporate managers. We will, in our master's thesis,
examine if working capital management is value-enhancing. Our methods are based on Aktas
et al. (2014) 's study on US firms from 1982 to 2011. In comparison to Aktas et al. (2014), we
study the accounting data and stock performance from a sample of 7 725 listed European firms
in 15 countries from 2005 to 2021. Previous studies on the subject have found evidence of a
negative relationship between net working capital (NWC) and firm performance. The studies
suggest that firms should reduce their NWC level to increase firm performance. However,
because of differences in NWC level between firms within industries, it is not given whether
all corporate managers should decrease investments in NWC. We, therefore, examine the
existence of an optimal level of NWC to see if corporate managers can adjust NWC investment
to increase profitability and stock returns.
We answer this question by performing regression analyses on different performance measures.
Based on our empirical results, we find evidence of the existence of an optimal level of NWC.
Our findings show that corporate managers can adjust their NWC level to the optimal level of
NWC in their industry to increase profitability. By performing additional tests with different
profitability and time horizon measurements, we increase our findings' robustness. In addition,
Aktas et al. (2014) also found evidence of an optimal NWC level, which strengthens the
conclusion. However, compared to Aktas et al. (2014), our findings report a different effect for
firms with positive and negative excess NWC, whereas our results show a stronger effect for
firms with positive excess NWC. The results imply that corporate managers with a positive
excess NWC level should be especially interested in adjusting the NWC level closer to the
optimal level. In contrast to Aktas et al. (2014), we do not find evidence that NWC management
can increase stock performance.nhhma
The audit of Euronext Growth entities in Norway: Insight from Experienced Auditors : A qualitative study on auditing on Euronext Growth Oslo according to the Norwegian auditing law and (EU) no. 537/2014
Get PDFIn 2022 the Norwegian Financial Supervisory Authority published a thematic report that
looked at how the audit of companies on Euronext Growth takes place, and which regulatory
requirements Oslo Stock Exchange has that also should be implemented to Euronext Growth.
These implementations relate to a lower materiality on Euronext Growth, full IFRS review if
the entity uses IFRS as accounting language, and the use of an assignment controller in the
auditing. Through semi-structured interviews with Norwegian auditors who are industryspecialized,
this thesis aims to see whether the requirements from the thematic report have
been implemented, how the audit is carried out and whether the audit of companies on
Euronext Growth should be identical to the auditing on Euronext Growth.
This master thesis examines how companies listed on Euronext Growth are audited in Norway,
with a focus on internal audit policies and practices. The study includes interviews with
experienced auditors from the Big 4 companies who have conducted audits for clients listed
on Euronext Growth. We found that the audit companies have implemented the requirements
highlighted in the thematic report and that companies on Euronext Growth are considered
public interest entities internally, but some of the auditors see no preliminary desire to audit
entities on Euronext Growth as if they were listed on Oslo Stock Exchange, which means audit
as public interest entities, as of today. There is still uncertainty around the financial reporting
on Euronext Growth, on the basis that this is a multilateral trading facility, and both the users
and the entities on Euronext Growth are often inexperienced. This is considered in the audit
through the determination of materiality, which for Euronext Growth companies is determined
the same as for entities on Oslo Stock Exchange, which implies a lower materiality than for
unlisted entities.
Opinions are divided regarding conducting audits on a formal PIE basis, with some partners
reluctant due to the intended low-cost trading platform with less regulation and rules. Overall,
from the study, it seems that audit firms in Norway have implemented all the improvements
suggested by the Norwegian Financial Supervisory Authority’s thematic report.nhhma
Formuesskattens virkninger på familieeide bedrifter : n analyse av skattens virkninger på selskapets drift og sammenhengen mellom selskapets finansielle situasjon
Get PDFI denne masterutredningen tar vi for oss formuesskattens effekt på driften av familieeide
selskaper. Nyhetsbildet har den siste tiden vært preget av norske milliardærer som flytter til
utlandet, og begrunner valget ved å vise til formuesskatten. Mange mener at skatten bidrar til
å svekke selskapets finansielle situasjon ettersom utbyttebetalinger er nødvendig for å betjene
skatten. De hevder videre at dette bidrar til likviditetsutfordringer, redusert investeringsvilje og
kapitalnedbygging. Ved bruk av deskriptiv statistikk, regresjonsanalyser og
spørreundersøkelse sendt ut til formuende nordmenn, ønsker vi å undersøke disse argumentene.
Den første delen av analysen er basert på spørreundersøkelsen, der noen av Norges mest
formuende personer deler sine erfaringer rundt hvordan skatten påvirker deres handlinger som
bedriftseiere. I den andre delen av analysen forsøker vi å se om vi finner noen samvariasjon
mellom formuesskatt og utbytte, og om eiers formuesskatt kan korreleres med selskapenes
nøkkeltall.
Resultatene fra spørreundersøkelsen viser at formuesskatten oppleves som en utfordring for
den operasjonelle driften og har stor betydning for strategiske valg, og da særlig med tanke på
investeringsviljen i selskapet. Et flertall viser til at selskapet tømmes for likviditet for å betjene
formuesskatten, og at utflytting vurderes for å unngå konsekvensene av skatten. Videre viser
et flertall at det er ønskelig å avvikle formuesskatten til fordel for økt selskapsskatt.
Våre resultater gjennom deskriptiv statistikk og regresjonsanalyser viser i likhet med forskning
utført av Sakkestad og Skarsgaard (2013), samt Apeland og Eilertsen (2020), ingen
sammenheng mellom formuesskatt og svekkelse av bedrifters finansielle situasjon. Funnene
antyder heller at solide nøkkeltall er positivt korrelert med formuesskatt. Analysen viser også
en positiv korrelasjon mellom formuesskatt og utbytte ved bruk av OLS-metoden.nhhma