NHH Brage (Norges Handelshøyskole)
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Home bias in shareholder voting
Get PDFInstitutional investors’ proxy voting decisions are influenced by their geographic proximity to portfolio firms. Using a sample of over 50 million votes cast by U.S. and non-U.S. investors globally, I find that investors are more likely to vote with management at domestic firms than at foreign firms, especially when ISS disagrees with management. I further demonstrate that the home bias can be explained by local investors’ information advantage and business ties with domestic firms. These results suggest that home bias is an important determinant of proxy voting behavior, and the existence of home bias is at least partially driven by rationality-based reasons
Parenthood and the Gender Gap in Commuting
Get PDFChildbirth increases the opportunity cost of commuting and makes it difficult for both parents to work far away from home. Using detailed Norwegian register data, we show that the commuting patterns of men and women diverge immediately after childbirth and that those differences persist for at least a decade. We show that this divergence in commuting exposes mothers to more concentrated labor markets with fewer job opportunities and establishments of lower quality. These findings help explain the child penalty documented in the prior literature and have important implications for the design of policies seeking to address the remaining gender wage gap
Studies on Interorganizational Networks: The Case of Two Regional Clusters in Norway
Get PDFThe overall purpose of this dissertation is to study interorganizational networks. Firms
are open systems and simultaneously embedded in interorganizational networks of various
kinds. Interorganizational networks consist of a group of organizations and relations between
these organizations, reflecting the allocation and flow of resources among network members.
Conceivably, network structures largely affect involved firms’ different behaviors.
Nevertheless, such knowledge is insufficient without knowing how interorganizational
networks emerge and develop into a specific structure. Using a sociometric structural approach,
this dissertation contributes to two related topics: (1) the influence of network properties on
firms’ behaviors (Articles 1 and 2) and (2) the dynamics of network structures (Article 3).
A firm’s position in a network has implications for its opportunities and constraints
(Brass et al., 2004). The first two empirical articles focus on the influence of network structures
on firms’ behaviors. In Article 1, I demonstrate how firms adapt exploration strategies
according to network properties. Management research has alluded to environmental and
organizational antecedents for firms’ exploration. I complement this knowledge by applying a
network perspective to explain how a firm may adjust its exploration strategy based on its
position within the interorganizational network. I particularly focus on two network constructs:
closeness centrality and local cohesion. Closeness centrality captures a firm’s distance to
network knowledge and resources, and local cohesion shows the connection between a focal
firm’s alters. The findings show positive impacts of closeness centrality and local cohesion on
exploration strategy, and local cohesion has a more significant impact. I offer insights into
antecedents of exploration by underscoring the network drivers.
In Article 2, I study firms’ prosocial behavior in dyads within a broader network context.
Research on relationship marketing has traditionally focused on dyadic properties to explain
behaviors within dyads. This article adds to this body of research by investigating network Abstract
The overall purpose of this dissertation is to study interorganizational networks. Firms
are open systems and simultaneously embedded in interorganizational networks of various
kinds. Interorganizational networks consist of a group of organizations and relations between
these organizations, reflecting the allocation and flow of resources among network members.
Conceivably, network structures largely affect involved firms' different behaviors.
Nevertheless, such knowledge is insufficient without knowing how interorganizational
networks emerge and develop into a specific structure. Using a sociometric structural approach,
this dissertation contributes to two related topics: (l) the influence of network properties on
firms' behaviors (Articles l and 2) and (2) the dynamics of network structures (Article 3).
A firm's position in a network has implications for its opportunities and constraints
(Brass et al., 2004). The first two empirical articles focus on the influence of network structures
on firms' behaviors. In Article l, I demonstrate how firms adapt exploration strategies
according to network properties. Management research has alluded to environmental and
organizational antecedents for firms' exploration. I complement this knowledge by applying a
network perspective to explain how a firm may adjust its exploration strategy based on its
position within the interorganizational network. I particularly focus on two network constructs:
closeness centrality and local cohesion. Closeness centrality captures a firm's distance to
network knowledge and resources, and local cohesion shows the connection between a focal
firm's alters. The findings show positive impacts of closeness centrality and local cohesion on
exploration strategy, and local cohesion has a more significant impact. I offer insights into
antecedents of exploration by underscoring the network drivers.
In Article 2, I study firms' prosocial behavior in dyads within a broader network context.
Research on relationship marketing has traditionally focused on dyadic properties to explain
behaviors within dyads. This article adds to this body of research by investigating network 111
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level antecedents of prosocial behaviors in dyadic relations. Prosocial behavior refers to a
firm’s beneficial actions toward another firm beyond formal requirements. Since a contract is
normally incomplete, such behavior is desirable in business relationships. Our findings show
that in-degree centrality (i.e., the number of ties received from other network members) has an
inverted U-shaped relationship with a focal firm’s prosocial behavior. Besides, triadic
embeddedness (i.e., the number of common third parties) is likely to facilitate prosocial
behavior between involved parties, regardless of firms’ in-degree centrality. This study shows
the need to consider the dyadic relationship in a wider network context.
While Articles 1 and 2 implicitly assume network properties are static, Article 3
contributes to knowledge of network development in the interorganizational setting.
Sociologists and management scholars provide explanations mainly for dyadic tie formation,
such as alliance formation and joint ventures. Limited is known about system-level structural
dynamics. Specifically, I focus on two system-level properties: small-world and scale-free
networks. Small-world networks are characterized by dense local clustering and short path
length between actors. Scale-free networks are centralized with a small portion of central actors
spanning the structure and take a skewed degree distribution. Some empirical networks
demonstrate both properties simultaneously, yet few studies have aimed to discuss the
dynamics and interrelation of these properties. In article 3, I retrospectively visualize the annual
structures of two empirical networks to show how small-world and scale-free properties
together explain the development patterns. The results show that the small-world and scale free properties have an inversed dynamic pattern, and the scale-free structure may be less
common in the interorganizational setting. Altogether, this study adds to the understanding of
the dynamics and development of interorganizational networks in terms of small-world and
scale-free structures.
level antecedents of prosocial behaviors in dyadic relations. Prosocial behavior refers to a
firm's beneficial actions toward another firm beyond formal requirements. Since a contract is
normally incomplete, such behavior is desirable in business relationships. Our findings show
that in-degree centrality (i.e., the number of ties received from other network members) has an
inverted U-shaped relationship with a focal firm's prosocial behavior. Besides, triadic
embeddedness (i.e., the number of common third parties) is likely to facilitate prosocial
behavior between involved parties, regardless of firms' in-degree centrality. This study shows
the need to consider the dyadic relationship in a wider network context.
While Articles l and 2 implicitly assume network properties are static, Article 3
contributes to knowledge of network development in the interorganizational setting.
Sociologists and management scholars provide explanations mainly for dyadic tie formation,
such as alliance formation and joint ventures. Limited is known about system-level structural
dynamics. Specifically, I focus on two system-level properties: small-world and scale-free
networks. Small-world networks are characterized by dense local clustering and short path
length between actors. Scale-free networks are centralized with a small portion of central actors
spanning the structure and take a skewed degree distribution. Some empirical networks
demonstrate both properties simultaneously, yet few studies have aimed to discuss the
dynamics and interrelation of these properties. In article 3, I retrospectively visualize the annual
structures of two empirical networks to show how small-world and scale-free properties
together explain the development patterns. The results show that the small-world and scale free properties have an inversed dynamic pattern, and the scale-free structure may be less
common in the interorganizational setting. Altogether, this study adds to the understanding of
the dynamics and development of interorganizational networks in terms of small-world and
scale-free structures.
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Contextually, I investigate two regional industry networks in western Norway, focusing
on the media industry and fintech. Overall, this dissertation provides an in-depth analysis of
these two interorganizational networks by focusing on multiple levels and aspects of a network
and adds to the current literature on management, relationship marketing, and network
dynamics. Moreover, this dissertation combines network data and survey data for hypotheses
testing in Articles 1 and 2, which is unique and increases the validity of the findings. I also
present key findings, discuss the implications and limitations of this work, and suggest future
research directions
Optimal spending of a wealth fund in the discrete time life cycle model
Get PDFThe paper analyses optimal spending of an endowment fund. We use the life cycle model for both expected utility and recursive utility in discrete time. First we find the optimal consumption and investment policies for both kinds of utility functions. This we apply to a sovereign wealth fund that invests broadly in the international financial markets. We demonstrate that the optimal spending rate, i.e., the consumption to wealth ratio, is significantly lower than the fund’s expected real rate of return. Using the expected return as the spending rate, implies that the fund’s value converges towards 0 with probability 1 and also in expectation, as time goes. For both kinds of long term convergence we find closed form threshold values. Spending below these values secures that the fund will last ”forever”. For reasonable values of the preference parameters, the optimal spending rate is demonstrated to satisfy these long term requirements
The Career Effects of Union Membership
Get PDFWe combine exogenous variation in union membership with detailed administrative data and a novel field survey to estimate the career effects of labor union membership. In the survey, we show how workers perceive the role of unions in setting wages and determining work amenities. In the administrative data, we causally examine through which channels unions influence worker outcomes, whether unions influence workers differently across their careers, and what the overall long-run effects of individual union membership are. Our results highlight that the career effect of union membership differs greatly depending on the age at which workers enroll. In addition, we show that focusing on a restricted set of outcomes, such as wages and employment, generates a fractionalized understanding of the multidimensional career effect that union membership has on workers
Network position and firms' exploration strategies: A study of two regional industry clusters in Norway
Get PDFManagement research has examined environmental and organizational antecedents for firms’ exploration. We complement this research by applying a network perspective to explain how firms adjust exploration strategies based on their interorganizational network positions. We particularly focus on two network constructs, closeness centrality and local cohesion. Closeness centrality captures a firm’s independent access to network knowledge and resources, and local cohesion reveals the connections between a focal firm’s associates. Combining network and survey data for 64 firms in two Norwegian regional industry clusters reveals exploration strategies’ association with network position. The positive effect of local cohesion is stronger than closeness centrality’s. Our findings indicate that network drivers act as antecedents of exploration.Network position and firms' exploration strategies: A study of two regional industry clusters in NorwayacceptedVersio
Bærekraftig godstransport: Hvordan teknologi kan påvirke overgangen fra vei til sjø : En utforskende kvalitativ studie av hvordan teknologitrender kan påvirke overgangen fra veitransport til sjøtransport i Nord-Norge.
Get PDFDenne utredningen tar for seg potensialet for godsoverføring fra vei til sjø, med fokus på
Nord-Norge. Spesifikt ser vi nærmere på prosjekt ASKO Nord-Norgelinjen, og hvordan
teknologitrender kan påvirke overgangen fra vei til sjø. Det er benyttet et kvalitativt design
og en eksplorativ tilnærming. Utredningen involverer primærdatainnsamling ved hjelp av
intervjuer med sentrale aktører i Nord-Norge, samt sekundærdata fra eksisterende litteratur.
SWOT-rammeverket er benyttet for å evaluere styrker og muligheter knyttet til
elektrifisering, intelligente transportsystemer og autonomi, og hvordan disse faktorene kan
påvirke sjøtransportens konkurransekraft. En styrke er at det forventes begrensede midler til
samferdsel fremover, hvor sjøveien fremstår som et gunstig investeringsalternativ.
Investering i sjøveien krever heller ikke store inngrep i naturen.
Teknologitrendene har potensial til å forbedre bærekraften i transportsektoren.
Utredningen antyder at teknologitrendene som er trukket frem, driver hverandre og kan
integreres i den maritime sektoren. Spesielt er det potensial for å effektivisere
omlastingspunkter ved havner, for å redusere ledetiden til sjøtransporten. Intelligente
transportsystemer kan forbedre informasjonsflyt både internt i bedriftene og mellom aktører.
Rapporten identifiserer svakheter og utfordringer, spesielt innenfor en transportbransje som
er preget av marginer, standardisering og tradisjonalitet. Dette indikerer at økonomiske
investeringer i sjøtransport kan innebære høy risiko, spesielt når det gjelder å overbevise
vareeiere om å endre sine etablerte transportformer. Videre kan klimapåvirkninger forsinke
implementeringen av flere teknologitrender, da økt hyppighet av ekstremvær kan utgjøre en
hindring. Økt elektrifisering i samfunnet vil kreve mer kraftproduksjon og effektiv energibruk
for å sikre pålitelig forsyning, noe som kan avhenge av reguleringer fra offentlige
myndigheter.
For å dra nytte teknologitrendenes potensial til å forbedre sjøtransportens konkurransekraft
og bærekraft, er det nødvendig med mer spesifikk forskning på disse trendene. Ved å klokt
anvende teknologitrender og identifisere risikofaktorene, kan de bidra til å integrere ASKO
Nord-Norgelinjen som en del av en bærekraftig og robust infrastruktur som har kapasitet til å
håndtere vekst i regionen.nhhma
Adopt or Abort? Mapping students’ and professors’ attitudes towards the use of generative AI in higher education
Get PDFThis exploratory and descriptive study investigates the attitudes of students and professors at Norwegian School of Economics (NHH) towards the implementation of Generative Artificial Intelligence (GenAI) in higher education. The research is set against the backdrop of GenAI’s rapid rise in popularity due to OpenAI’s prominent service in ChatGPT, a development that has ignited extensive discussions within the educational sector. Grounded in a thorough literature review, we developed and administered an online survey, collecting quantitative data from 274 participants. Specific applications of GenAI explored include text generation for student work, GenAI as an assessment tool, and GenAI as a tool for virtual assistance.
Findings reveal a general trend of enthusiasm among students towards GenAI, contrasted with a slightly more cautious approach from professors, indicating a potential generational gap. Further, the study observes (1) a decline in approval for text generating features as they get more intrusive in the student’s work, (2) a critical stance towards GenAI as an assessment tool, and (3) a preference for human advice while simultaneously recognizing the utility of GenAI as a virtual assistant tool.
In the last part, we propose reflection points and recommendations for future policy-making at NHH in regard to GenAI use, rooted in the earlier analysis and discussion. The general suggestion revolves around developing education-specific GenAI tools, drawing inspiration from University of Oslo’s approach, as well as forming an AI-committee for ongoing evaluation of how the GenAI applications play out. Lastly, it must be highlighted that while there is interest in integrating GenAI in higher education, significant considerations must be addressed, including varied opinions, institutional goals, and the need for specialized tools and competencies. This research contributes to the understanding of GenAI's role in higher education and aspires to serve as a source of inspiration when forming future policies at NHH, and beyond.nhhma
Atferdsendringer som følge av arveavgiftens avvikling : En empirisk studie om økonomisk respons på investeringer og arbeidsinnsats
Get PDFDenne oppgaven gjennomfører en kvantitativ studie på atferdsendringer etter avviklingen av arveavgiften i Norge i 2014. Formålet er å undersøke om avviklingen av arveavgiften har påvirket atferden til enkeltpersoner, med spesielt fokus på endringer i investeringsandelen og arbeidsinnsatsen.
For å gjennomføre studien benytter vi microdata.no (heretter microdata) som tilgjengeliggjør registerdata fra Statistisk sentralbyrå (SSB) for hele den norske befolkningen. Vi utfører en forskjell-i-forskjeller-regresjonsanalyse på paneldata fra 2010 til 2020 for å estimere en tiltakseffekt etter avviklingen. Utvalget for analysen omfatter 25-åringer bosatt i Norge i 2010 med en potensiell arv på mellom 100 000 til 1 100 000 kroner. I 2014 var bunnfradraget for arv og gaver satt til 470 000 kroner, og av den grunn velger vi å benytte dette beløpet som et skille mellom tiltaksgruppen og kontrollgruppen. Analysens modell er justert for individuelle- og tidsfaste- effekter.
Resultatene viser manglende signifikante forskjeller mellom kontrollgruppen og tiltaksgruppen både når det gjelder investeringsatferd og arbeidsinnsats. Dette tyder på at avviklingen av arveavgiften tilsynelatende ikke fører til endringer i atferden til individer med ulikt arvepotensial, gitt det dette spesifikke utvalget. Selv om det er tydelig at resultatene tilknyttet arbeidsinnsats ikke er statistisk signifikante, er det imidlertid tendenser i resultatene tilknyttet individets investeringsatferd som samsvarer med vår hypotese.
Til tross for få signifikante funn, bidrar studien til å belyse betydningen av avviklingen av arveavgiften, og legger til rette for videre diskusjon og forskning innen arveavgiftspolitikk i Norge. Denne forskningen kan være med på å skape et grunnlag for å forstå hvilke faktorer som kan påvirke individuell atferd knyttet til arv og arveavgift, som kan være av interesse når det skal utformes effektive skattepolitikker.nhhma
Seeking Golden Opportunities : A study of Gold Mining Companies in Colombia
Get PDFIn this thesis, we examine the Colombian gold mining industry from 2010 to 2023 in the context of the country's ongoing conflict. We apply an event study methodology to analyze how conflict-related events, law enforcement actions, and regulatory changes impact investors' reactions and company returns. Events escalating the conflict do not result in significant abnormal returns, while de-escalating events, on average, lead to significant positive abnormal returns. Further, increased law enforcement and increased regulations lead to positive abnormal returns. Events reducing law enforcement do not result in abnormal returns, while events reducing the ability to regulate result in negative abnormal returns. The results contribute to understanding how sector-specific companies are affected by a low-intensity conflict.nhhma