NHH Brage (Norges Handelshøyskole)
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Authentic Leadership as a success factor for Organizational Change
Get PDFIn changing business environments, the ability of organizations to adapt to their own need for
renewal can make a real difference. This need for organizations to change their strategy
periodically, to adapt to exogenous changes imposed by the market, is closely related to the
need for leadership within them. It is in this context that the relationship between leaders and
followers emerges strongly, within which we intend to identify a decisive aspect in the
organizational changes of companies. Leaders, with their characteristics and behaviors, can
strongly influence the perceptions and emotions of their team members, which, especially in
situations of uncertainty as a change process can be, may require special attention in managing
them. In particular, the following article decided to consider the figure of the authentic leader,
defined as a leader who is characterized by strong moral integrity, consistent alignment between
his or her values and actions, and a tendency to support his or her followers through sincerity,
transparency, and constant communication.
The aim is to analyze how the presence of authentic leaders in organizations can be a
determining factor for the success of organizational change processes, especially in the long
term, by analyzing aspects of the relationship between them and their followers. To this end, a
review of the existing literature on the aforementioned topics was first conducted, and then a
theoretical framework and propositions were defined to be proved. Through a series of semistructured
interviews, we then arrived at a detailed picture of the role of trust between authentic
leaders and followers, how it affects employees' well-being and readiness for change, and
finally, the influence of authentic leaders in their followers' choices during and after
organizational change processes. While on their followers' trust and willingness to change,
authentic leaders undoubtedly show an obvious influence, followers' choices have a very
subjective component and, in some cases, take into consideration various aspects, while
recognizing the importance of a basically positive relationship with their leader.nhhma
A Subgame Perfect Approach to a Multi-Period Stackelberg Game with Dynamic, Price-Dependent, Distributional-Robust Demand
Get PDFThis paper investigates a multi-periodic channel optimization facing uncertain, price dependent, and dynamic demand. The picture of the market uncertainty is incomplete, and only the price and time-dependent mean and standard deviation are known and may depend on the price history. The actual demand distribution itself is unknown as is typically the case in real world problems. An algorithm finding the optimized decentralized channel equilibrium is developed when the downstream member optimizes her expected profit stream by a distributional-robust approach, and the upstream member (leader) considers it as the follower’s reaction function. The algorithm allows for strategic decisions whereby the current demand is scaled by the previous price setting
How Are Gender Norms Perceived?
Get PDFActual and perceived gender norms are key to understanding gender inequality. Using newly-collected, nationally representative datasets from 60 countries covering 80% of the world population, this paper studies gender norms on two policy issues: basic rights, allowing women to work outside of the home, and affirmative action, prioritizing women when hiring for leadership positions. Misperceptions of gender norms are pervasive across the world, and the nature of the misperception is context-dependent. In less gender-equal countries, people underestimate support for both policies, particularly support among men; in more gender-equal countries, people overestimate support for affirmative action, particularly support among women, and underestimate support for basic rights. Gender stereotyping and overweighting of minority views are potential drivers of the global patterns of misperceptions. Our findings indicate how misperceptions of gender norms may obstruct progress toward gender equality and contribute to sustaining gender policies that are not necessarily favored by women
Are seasoned equity offerings predictable? Predicting future SEOs with machine learning algorithms
Get PDFThis master thesis explores the predictability of seasoned equity issuance in the United
States using the machine learning methods based on logistic regression, decision-trees,
random forest and XGBoost. In addition, we investigate the practical value of predicting
seasoned equity offerings.
Our results show a benefit from employing machine learning for this purpose, with the best
performing model (XGBoost) achieving an AUC of 0.72. The random forest model
demonstrated similar capabilities with an AUC of 0.71, indicating that sophisticated nonlinear
models are suited for this type of prediction problem. Further, the impact of seasoned
equity offerings on stock returns is analyzed to identify the possible benefits our models
provide. Our efforts included two linear regressions using separate data samples, and one
difference-in-differences estimation. These tests failed to provide conclusive evidence;
however existing literature implies a negative effect on stock returns from seasoned equity
offerings.
This thesis contributes to the extensive research conducted on the topic of seasoned equity
offerings. While there are no directly comparable publications, we utilize existing literature
to improve our thesis and to reflect on our findings. With this thesis we facilitate and
encourage further research on this relatively unexplored area of seasoned equity offerings.nhhma
Interorganisatoriske samarbeid i norsk mediebransje : En kvalitativ casestudie av norsk mediebransje og hvordan mediehus samarbeider på tvers av organisasatoriske skillelinjer
Get PDFInterorganisatoriske samarbeid er en samarbeidsform som muliggjør utnyttelse av
komplementære ressurser og ferdigheter på tvers av organisasjoner. I tråd med teknologisk
utvikling og økt digital mediedistribusjon har samarbeidsformen fått særlig fotfeste i
mediebransjen på bakgrunn av bransjens kompleksitet, behov for å håndtere raske endringer
samt økt konkurranse. Som følge av det økende behovet for samarbeid på tvers av mediehus,
har denne masterutredningen undersøkt hvilke muligheter og utfordringer som oppleves i
interorganisatoriske samarbeid i norsk mediebransje, og hvilke faktorer som er sentrale for å
lykkes med slike samarbeid. Gjennom en kvalitativ casestudie har vi intervjuet elleve
informanter fra samme casebedrift om deres erfaringer med interorganisatoriske samarbeid.
Funnene i denne studien drar følgelig nytte av perspektiver fra redaktører, journalister og
daglige ledere for å belyse studiens problemstilling.
Studien kan oppsummeres i tre hovedfunn. Det første hovedfunnet avdekker at det foreligger
betydelige muligheter ved samarbeid på tvers av organisatoriske grenser. Studien antyder at
en målrettet erkjennelse av disse mulighetene utgjør en effektiv tilnærming for å imøtekomme
den raske utviklingen som kjennetegner dagens mediebransje. Det andre hovedfunnet
fremhever flere utfordringer med potensiale for betydelige og destruktive implikasjoner for
samarbeid, dersom de ikke håndteres på en proaktiv måte. Ved å nøye adressere og håndtere
disse utfordringene, kan mediehusene styrke samarbeidets effektivitet, øke mulighetene for
felles suksess og redusere risikoen for fiasko. Det tredje hovedfunnet identifiserer åtte
suksessfaktorer som kan utgjøre et konseptuelt rammeverk for å oppnå fremtidig suksess i
samarbeid på tvers avmediehus. Dette rammeverket fungerer som en veiledning for å effektivt
navigere samarbeidsdynamikken mellom medieaktører, og er utformet på et mer inngående
nivå enn lignende rammeverk fra eksisterende litteratur.
Samlet kan funnene tyde på at det foreligger et betydelig potensial for interorganisatoriske
samarbeid i den norske mediebransjen, og at mediehusene kan dra fordel av å intensivere sin
innsats for å fremme og støtte slike samarbeidsinitiativer utover nåværende praksis. Dette vil
ikke bare kunne bidra til å styrke mediehusenes konkurranseevne i bransjen, men funnene
indikerer også at det vil kunne ha en betydelig innvirkning på mediehusenes evne til å oppfylle
sitt samfunnsoppdrag.nhhma
Sustainability-Linked Debt in Shipping : A study on the effects of SLD on shipowners’ cost of capital
Get PDFThis study analyzes whether issuing sustainability-linked debt (SLD) reduces shipowners’ cost of capital. In light of the existing research on green bonds indicating increased investor appetite for sustainability, along with pressure from the IMO towards zero emission, it is interesting to investigate whether this new addition in the sustainable finance landscape can play a role towards a more sustainable shipping industry. We analyze the cost of capital with a dual-lens approach, investigating the impact on the cost of debt and equity separately. By conducting a difference in differences analysis of the effect of bond and loan issuances on the cost of equity within one year after issuance, we find that shipowners generally achieve a slight but significant reduction in the cost of equity. However, the effect is heterogeneous among individual shipowners in direction, size, response time, and development over time. We do not find a trend of specific shipping segments standing out in a particular direction. On the debt side, we match sustainability-linked bonds with conventional counterfactuals to investigate the presence of a “greenium”. We conclude that inferring an effect on the cost of debt is challenging as the current number of SLBs is too limited. Investigating an effect on the cost of debt from the SLLs is also difficult due to a lack of transparency in the loan data. Nevertheless, our results provide a basis for rejecting the null hypothesis, which states that SLD does not affect shipowners’ cost of capital. In conclusion, SLD seems to reduce the cost of capital for shipowners through positive reactions from investors about the commitment towards sustainability, consistent with existing research on green financing.nhhma
Determinants of Capital Structure for Oil Tanker Shipping Companies : An Empirical Study
Get PDFTanker shipping is the primary means of transporting crude oil, which is a necessary energy source for
modem society. As a result, the oil tanker shipping industry has grown to be a vital link in the
worldwide economy. The crude tanker sector is a capital-intensive industry, and the choices of capital
structure of tanker firms directly impact their operating performance and future development.
Therefore, examining the determinative elements of capital structure is valuable for oil tanker
enterprises. By combining the current state of the global oil tanker industry with the characteristics of
the capital structure of shipping enterprises, this thesis conducts an empirical study of the elements
that decide the capital structure of an oil tanker company based on the relevant capital structure
theories. We used the firm fixed effect panel regression method to generate results by selecting the
financial data of 14 listed tanker companies from 2000 to 2021 and the relevant shipping statistics as
samples, we also combined some latest data to present the condition of the entire tanker industry.
According to our research, the oil tanker firm's capital structure is mainly determined by size and
nondeductible tax shield. Debt ratios have a positive relationship with Size, while a negative
relationship with Nondeductible Tax Shield. However, the BDTI index and Asset Tangibility have not
had any effect upon the capital structure of oil tanker enterprises. We also demonstrate that Efficiency
has a positive association, while Profitability and Z-score are adversely correlated with total and longrun
debt level but barely affects short-run debt level. Moreover, Liquidity has an adverse connection
with total and short-run leverage. We especially discover that Growth has an effect upon oil tanker
shipping companies' short-term debt level and the direction is positive. We also identify some
industrial elements, such as Oil Price and Orderbook-to-Fleet Ratio are necessary to be considered.
Our research about the capital structure of oil tanker enterprises addresses a gap within the previous
knowledge, meanwhile validating and complementing existing determinative elements of capital
structure for the shipping industry. Core findings have guiding significance for decision-making
related to the capital structure of oil tanker shipping companies.nhhma
Profesjonell skepsis når revisor møter kunstig intelligens og drone-teknologi: Nye metoder for innspeksjon og tilsyn : En eksperimentell studie
Get PDFRevisjonsbransjen er avhengig av å investere betydelige summer i ny teknologi for å
opprettholde kvalitet og effektivitet, noe som er en konsekvens av den raske teknologiske
utviklingen i de siste årene. Imidlertid henger reguleringsmyndighetene og
revisjonsstandardene etter når det gjelder å tilpasse seg denne utviklingen (Kinserdal, 2017).
Dette gapet mellom teknologi og regulering fører til økt usikkerhet for sanksjoner og
erstatningsansvar for revisorer som tar i bruk avanserte analytiske metoder i
revisjonsprosessen (Eilifsen et al., 2020). Som et resultat øker revisors profesjonelle skepsis
når de bruker teknologisk avanserte verktøy i revisjonsarbeidet (Nearon, 2005).
Vi gjennomførte et eksperiment med 70 deltakere som ble tilfeldig fordelt i tre grupper. Alle
gruppene ble presentert med en case om revisjon av et stort varelager, og deretter ble de gitt
forskjellig informasjon om hvordan de skulle utføre revisjonen. Gruppe l skulle revidere
varelageret ved hjelp av en tradisjonell metode, mens gruppe 2 skulle bruke en analytisk
metode med drone og kunstig intelligens. Gruppe 3 skulle også bruke samme metode som
gruppe 2, men fikk tilleggsinformasjon fra reguleringsmyndigheter om risikoen for
erstatningsansvar ved bruk av metoden. For å måle gruppenes profesjonelle skepsis, ble alle
gruppene presentert med fem påstander om revisjonsbeviset som de skulle vurdere.
Resultatet fra eksperimentet viser at profesjonell skepsis var høyere ved bruk av analytisk
metode i revisjonen sammenlignet med tradisjonell metode. Imidlertid var resultatet ikke
signifikant nok til å konkludere med sikkerhet. Resultatene antyder også at profesjonell skepsis
var høyere når respondentene ble gjort oppmerksom på risikoen ved bruk av analytisk
teknologi i revisjonen av reguleringsmyndigheter, men resultatet var ikke signifikant nok til å
trekke en endelig konklusjon.nhhma
The Dilution Effect: A Barrier to Sustainable Consumption in B2B Markets? An Experimental Study of B2B Decision-Makers' Evaluation of a Sustainable Printer
Get PDFPrevious research indicates that individuals have a tendency to perceive sustainable and
functional attributes as mutually exclusive, even if this perception does not objectively reflect
reality. This misconception can lead them to prefer conventional products over green
alternatives, under the belief that businesses prioritizing sustainability might compromise the
functionality of the product. This perception has contributed to a discrepancy where individuals
express a demand for green products, but this is not necessarily reflected in their purchasing
decisions. In this research, we propose the psychological phenomenon known as the ‘dilution
effect’ as a possible explanation for this misconception. It suggested that individuals may
categorize the functional attribute of a product as ‘diagnostic’ or relevant information, while
perceiving the sustainable attribute as ‘nondiagnostic’ information (irrelevant). As a result,
when marketers present both attributes, the nondiagnostic information dilutes the diagnostic
information, leading to the perception that the product’s functionality is diminished.
We conduct a single study to investigate the presence of a dilution effect and a potential method
to avoid it within the business-to-business (B2B) market by testing the relationship between
communication types and brand attitude. We use an A/B/C monadic testing approach ( n = 100)
and ask respondents to evaluate an advertisement of a fictional printer. We first examine the
presence of the dilution effect by testing whether communicating a mix of unrelated functional
and sustainable attributes lowers the brand attitude compared to the presentation of only the
functional attribute. Within the same study, we also explore whether communicating that the
sustainable benefits support the functional benefits can be a method to prevent decisions-makers
from experiencing the dilution effect.
Our findings challenge our predictions; in fact, they are inconsistent with our initial
expectations. The results suggest that when companies in B2B markets communicate a mix of
unrelated functional and sustainable, the effects of the functional attributes on brand attitude
are higher than communication focusing only on functional benefits. Interestingly,
communicated related benefits seems to result in the lowest brand attitude.nhhma
