History of finance research and education in Finland: The first thirty years

This paper reviews the first thirty years of finance research and education in Finland, starting with publication of the first dissertation in finance in 1977. That was also the year when the first department of finance was established in Finland – among the first in the Nordic countries. This review shows how Finnish financial education and research developed from a humble beginning to a level that brought international acclaim. This can be largely attributed to a number of talented and hard-working individuals but also to the decision for collaboration among the Finnish universities, as a means to overcome some of the problems of a small country.financial education; research; graduate school; Finland; history; professors; dissertation

PRME Report 2009-2010

Today’s business environment is increasingly competitive.The internet revolution has made it extremely easy for the consumerto compare between alternative products and services,and to order them not only from the local producer, but alsofrom far away located global producers. Within the EuropeanUnion, the free movement of goods and services has emphasizedthis development.At the same time, the increased sophistication and wealthof the consumer has often increasingly moved focus from priceto other aspects of the product or service. These other aspectsinclude quality in a broad sense, as well as ethical and environmentalaspects of the product and the production process. Forwestern firms, who typically are at a cost disadvantage comparedto emerging markets, these other aspects of the productprovide a way to distinguish themselves from competitors. Theabove described process is an example of the channels throughwhich, in a market economy, consumers’ ethical and environmentalvalues influence firms and become an important part ofthe values and business concepts also for the firms.Hanken School of Economics strives at excellence in researchand teaching. Our students are increasingly international, andtheir future working careers are likely to take them abroad. Westrive for responsible management education, and therefore includeethics and corporate responsibility issues in our curriculum,as well as conduct research in these areas. Therefore it wasa natural step for Hanken to want to implement PRME in ourown organization.We are very happy with the steps taken on this road towardsa more systematic focus on values of global social responsibility,and how they are reflected in our education, research, as well asdaily life. We are a small, transparent institution were respect,cooperation and equality are emphasized as components of a responsibleenvironment. Sustainable development is not only onissue in research and education, we have now also implementedissues of it in our own daily “office” life through actions neededfor WWF’s Green Office certificate, which was obtained in 2010.Recently, also our research output dealing with social responsibilityissues has boosted. We definitely want to stay on this road

Annual Report 2009

In many respects, 2009 was an exceptional year for Hanken School of Economics. One hundred years had passed since Högre Svenska Handelsläroverket, the forerunner of the current School, started its activities. In addition to this important anniversary, the year was also characterised by the historic reform of the Universities Act and by the global economic crisis.In June the Parliament of Finland approved the new Universities Act after several years of intensive preparation. This allowed the School to establish a new framework for its organisational structure and decision-making during the autumn. A university council consisting of faculty, staff and students elected a new board. Although at that stage the School was not yet ready to elect a board with an external majority, as allowed by the new Universities Act, it is already clear that the role of the board will change and develop to the benefit of the School.During the year a new overall strategy for the School was prepared, which was characterised both by increased international ambitions in terms of research and teaching and by greater interaction with the surrounding world in which Hanken operates.Efforts to strengthen the School’s international competitiveness continued throughout the year. Those Hanken students who began their studies in 2009 are the first to study according to degree regulations that include a period of study abroad as a course requirement.This initiative, which can now be realised after several years’ preparation, was well received by the students. In order to develop Hanken School of Economics and strengthen the conditions for recruiting researchers, teachers and students, the School initiated the process for obtaining the international AACSB accreditation.The new Universities Act creates better conditions for the School’s interaction with the business community. During the year, preparations were made for an incorporation of the successful co-operation in executive education developed by Hanken over the last few years with the Stockholm School of Economics. The new company, Hanken & SSE Executive Education, was able to begin operations at the start of 2010.In order to strengthen the universities’ financial structure, the Finnish government decided to support fundraising by universities. The School began fundraising during the year. Although the economic crisis was expected to make fundraising more difficult, the campaign rapidly gained momentum. Despite the fact that the campaign is not yet finished, it is perfectly clear that the fundraising targets set by the School will be met and indeed exceeded. This should be regarded as a sign of strong confidence in the School, while at the same time it creates some financial leeway for new initiatives.Under the motto “100 years of future”, the School celebrated its centenary with a large number of activities. The year brought with it greater visibility for the School, and at the same time it became a meeting point for Hanken alumni and target groups that had not previously been linked to Hanken. The centenary year concluded with a ceremonial conferment of doctoral degrees, the largest ever in the history of the School.The year, unforgettable in so many respects, revealed the depth and breadth of the School’s activities and of its relations with the surrounding world. The activities during the year also demonstrated that there is a readiness within the School for innovation and change.The School would like to express its heartfelt thanks for the commitment and interest shown during this centenary year

Årsberättelse 2010

Hanken Svenska handelshögskolan är en ledande internationellt ackrediterad handelshögskola i Finland. Hanken grundades för mer än hundra år sedan och är därmed en av de äldsta handelshögskolorna i Norden. Idag är Hanken en handelshögskola med klart uttalade styrkeområden som är; finansiell ekonomi och ekonomisk statistik, företagsledning och organisation, immaterialrätt samt tjänste- och relationsmarknadsföring.Hanken är en forskningsintensiv handelshögskola och all utbildning - grund-, forskar-, och fortbildning är forskningsbaserad. Hanken är en internationellt inriktad handelshögskola, där internationaliseringen och flerspråkigheten i ökande grad genomsyrar alla verksamhetsområden.Hanken erbjuder akademiska examina på alla nivåer och fortbildning på två Campus. För att behålla den praktiska relevansen i all verksamhet är våra kontakter till företagsvärlden i centrum för vår verksamhet.Kvalitet i forskningen nås via ett starkt engagemang i det internationella forskarsamfundet. Inom utbildningen har högskolan en lång tradition av både intern och extern internationalisering, med ett omfattande nätverk av partneruniversitet för studentutbyte, en nationellt sett hög andel internationella examensstuderande och en tilltagande internationalisering av forskar- och lärarkåren.Högskolans medvetna val att i likhet med många internationellt ledande handelshögskolor fungera som en fristående handelshögskola innebär utmaningar, men ger samtidigt också flexibilitet att anpassa verksamheten snabbt till den tilltagande internationella konkurrensen inom forskning och utbildning och till de utmaningar som en växande samverkan med näringslivet ställer på högskolan. I detta avseende är Hanken unik i Finland.Sedan år 2000 är Hanken en internationellt ackrediterad handelshögskola (EQUIS). Hankens MBA-program ackrediterades 2008 av internationella Association of MBAs (AMBA). Högskolan undertecknade år 2007 som den första handelshögskolan i Finland de internationellt överenskomna PRME värderingarna och principerna för ansvarsfull ekonomutbildning (PRME, Principles for Responsible Management Education, www.unprme.org)

Annual Report 2011

Hanken’s long-term strategy is aimed at developing Hanken as aresearch-intensive and international business school with close ties to thecorporate world.During 2011, we have strengthened our capital base, introduced newincentives to raise the quality of research and teaching and taken onchallenges presented by the ever increasing competition in the educationmarket.Following our recently concluded fundraising campaign, our finances arebetter than ever. By the end of June 2011, when the period for state matchingexpired, 15.7 million euro in external funding had been raised. Hanken notonly exceeded its monetary target of 10 million euro, which was set up at thestart of the campaign, but also exceeded its target of 1 000 donors, wherethe eventual outcome was over 1 200. Including the state contribution,Hanken’s basic capital has been increased by approximately 55 million euro.According to Hanken’s strategy, the education shall be research-basedand Hanken shall be a leading autonomous business school in northernEurope by 2020. Such a position means that the research must be ofthe highest quality. Hanken has already introduced many incentives tofurther raise the quality of research and teaching, and positive results canalready be discerned.An increased study pace should also be promoted, even though theuniversity’s opportunities to influence this are limited. Analyses of thestructure of studies have not indicated any direct bottlenecks that mightslow the rate of study. At Hanken, many incentives are already in use,such as the Rector’s List Scholarships, which were introduced in 2011 forthe very best students.Hanken welcomes further incentives from the public sector, such as financialmotivators to increase study pace, since these have a broader impactthan the university’s own measures.In many ways, Hanken is already one of Finland’s most internationaluniversities. Graduates from Hanken are more likely to work abroad.Their studies include an integrated semester of international exchangestudies or an internship abroad. An increasing proportion of Hanken’sresearchers have an international background and experience. Increasedinternationalisation does however bring a need for more student scholarshipsand foreign alumni events and will bring an increasing need forso-called entry services for incoming researchers, as well as a competitiveinfrastructure for research and teaching. Increased internationalisationalso affects and puts pressure on Hanken’s executive education.The future is full of challenges in the education market, which is markedby tougher competition and more internationalisation. Both in spite of andthanks to its small size, Hanken has a strong position in the Nordic regionand northern Europe. Not least because of its stable economy, the schoolhas every opportunity to develop in line with its strategy for 2012

Dampak Pengumuman Stock Split terhadap Return, Variabilitas Tingkat Keuntungan dan Aktivitas Volume Perdagangan Saham (Studi pada Perusahaan Manufaktur yang Terdaftar di Bej Tahun 1997-1999)

The study has as its rationale the fact that there were stock split at the JSX during 1997 – 1999. This fact emerged after the monetary, economic and political crisis. Stock split aimed at determining stock price on optimal trading range and to increase stock liquidity. The study aimed at determining if a stock split policy influenced the return, security return variability and trading volume activity before, during or after the stock split anouncement. The study used event study method with market model. The sample were manufacturer companies at the JSX during 1997 – 1999 (41 companies). Statistical test on return, security return variability and trading volume activity used T Test : Paired Two Samples For Mean before, during or after the stock split anouncement. Statistical test on cumulative average abnormal return used T Test : One Sample For Means. Statistical test was measured on longer periods and shorter periods. The study on longer periods result showed that stock split was signify impact to return, abnormal return on before-during period dan after-during period but not signify impact on before-after period. And stock split was not signify impact to cumulative average abnormal return (CAAR), security return variability (SRV) and trading volume activity (TVA). The study on shorter periods result showed that stock split was signify impact to return, abnormal return on before-during period dan after-during period but not signify impact on before-after period. And stock split was not signify impact to cumulative average abnormal return (CAAR), security return variability (SRV) and trading volume activity (TVA). This was probably due to not enough information content of stock split anouncement, was shown on not consistency on many variabels in result and indicated that the form of Indonesian capital market especially The Jakarta Stock Exchange not yet efficient in semi strong efficientcy, was shown on significant on abnormal return result. So stock split policy at the Jakarta Stock Exchange during 1997 – 1999 not consistent with the purpose to determining the stock price in optimal trading range

Multiple owners and productivity : evidence from family firms

We investigate the productivity of family owned small- and medium-sized enterprises (SMEs). Specifically, we examine whether productivity is influenced by the number of family owners and by family member involvement in daily operations. We find that the productivity of family firms is non-monotonically associated with the number of family owners and with the number of family members who work in the firm. Although prior empirical research has often been associated with positive effects, we identify problematic cases, especially when a few owners are involved. We document a negative effect on productivity if the firm has few but more than one family owner, and if the firm has two or three owners who are involved in daily business operations. In these cases, an external (non-family) Chair (CEO) might mitigate these effects stemming from the family ownership (family working in the firm). The results of our study have practical relevance and policy implications when it comes to questions concerning optimal governance.© 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.fi=vertaisarvioitu|en=peerReviewed

Hankentidningen 1:2015

Hankens styrelse har valt professor Karen Spens till rektor för Hanken för en femårsperiod som börjar 1.8.2015. I enlighet med den ursprungliga planen fortsätter Hankens nuvarande rektor Eva Liljeblom i sitt uppdrag till och med 31 juli 2015 och återgår därefter till sin professur i finansiell ekonomi vid Hanken.– Under Eva Liljebloms tid som rektor har Hanken utvecklats till en forsknings-mässigt stark och internationell högskola med goda kontakter till näringslivet. Det är en stor ära för mig att få fortsätta detta arbete och därutöver vidare-utveckla undervisningen och förbättra studiemiljön. Gott samarbete, internt och externt, är nyckeln till fortsatt framgång, säger Karen Spens.I nästa nummer av tidningen Hanken kan du läsa en intervju med henne

Economic value added and traditional accounting measures for shareholder’s wealth creation

This paper investigated performance measurement tools and shareholder’s wealth relationships in the context of Malaysian public listed construction companies. Conventional measures are still utilized by many Malaysian listed companies even though it has been criticized by many researchers. Both traditional accounting measures and economic measures fail to reflect a company’s true value due to the lack of long-term sustainability of a business. The study used panel data analysis techniques, particularly Error Correction Models (ECM) to test the relationship of error terms and panel Ordinary Least Square (OLS) regression to test the hypothesis. Panel data comprised of 280 observations over the period of 2003-2012 indicates that shareholder value is a function of performance measures. The results conclusively support the claims made by previous studies on the role of earnings per share, economic value added (EVA) and dividend payout ratio; and further support the potential usefulness of the performance metric for internal and external performance. Furthermore, market value added (MVA) is found to have a negative relationship with created shareholder value (CSV) contradicting with the theory that confirmed, the increase in shareholder value when there is an increase in stock market value and efficiency