Toiminta
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Lämmin kiitos University of Vaasa henkilökunnalle, opiskelijoille ja etenkin meidän sidosryhmillemme yhteistyöstä! 🙏💛 Olemme olemassa Teitä varten…
Lämmin kiitos University of Vaasa henkilökunnalle, opiskelijoille ja etenkin meidän sidosryhmillemme yhteistyöstä! 🙏💛 Olemme olemassa Teitä varten…
Minna Martikainen jakoi
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Great news! 🎉 The University of Vaasa has passed the international quality audit Karvi, conducted by the Finnish Education Evaluation Centre…
Great news! 🎉 The University of Vaasa has passed the international quality audit Karvi, conducted by the Finnish Education Evaluation Centre…
Minna Martikainen tykkäsi
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Vaasan yliopiston Merenkurkun avaruuskeskus eli Kvarken Space Center sai Eduskunnalta 500 000 euron määrärahan infrastruktuurin kehittämistä varten…
Vaasan yliopiston Merenkurkun avaruuskeskus eli Kvarken Space Center sai Eduskunnalta 500 000 euron määrärahan infrastruktuurin kehittämistä varten…
Minna Martikainen tykkäsi
Kokemus
Julkaisut
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Board’s financial incentives, competence, and firm risk disclosure : Evidence from
Journal of Applied Accounting Research
Abstract
The purpose of this paper is to examine novel corporate governance-based determinants of risk disclosures among index-listed Finnish companies. Therefore the focus of the study is on explaining the board’s monitoring role in relation to corporate managers.Firms’ risk disclosures are analysed in terms of their Quantity and Coverage. The authors focus on two board characteristics not examined in prior related literature: first, non-executive board members’ self-interested financial…Abstract
The purpose of this paper is to examine novel corporate governance-based determinants of risk disclosures among index-listed Finnish companies. Therefore the focus of the study is on explaining the board’s monitoring role in relation to corporate managers.Firms’ risk disclosures are analysed in terms of their Quantity and Coverage. The authors focus on two board characteristics not examined in prior related literature: first, non-executive board members’ self-interested financial incentives, measured by their share or option ownership, and annual compensation and second, non-executive board members’ competence, measured by their experience in the company and managerial capability proxied by prior education. The sample is composed of the OMXH-25-listed firms, representing the most traded and followed firms among Finnish publicly listed companies. The authors find that the risk disclosures of these firms can be explained by financial incentives (wealth and compensation) and competence-related factors (attrition rate and education). The results indicate that among the “best disclosers”, the narrative risk disclosures are, on average, on a high level, and variation in risk reporting is largely associated with board characteristics. The relatively small sample size makes the results vulnerable to type two error. Further research could continue by examining the impact of board work on corporate disclosures across countries and disclosure items. Board members’ financial incentives and competence impact the
dynamism of board work. In this way, they are also associated with board members’ disclosure
decisions. This paper contributes to the extant literature by demonstrating the impact of
previously unexamined board characteristics on the quality of the narrative risk disclosures of highly
followed firms.Muut tekijätKatso julkaisu -
Yritysrahoituksen perusteet
Sanoma Pro Oy
Yritysrahoituksen perusteet
Minna Martikainen & Mika Vaihekoski
Käytännönläheinen rahoituksen perusteos korkea-asteen rahoituksen perusopintoihin esittelee rahoitusta yritysten ja sijoittajien näkökulmasta. Miten suomalaiset ja kansainväliset rahoitusmarkkinat toimivat? Millaisia sijoituskohteita kehittyneet rahoitusmarkkinat tarjoavat? Mikä on sijoituskohteen oikea arvo? Näihin kysymyksiin vastaa tämä käytännönläheinen nykyaikaisen rahoituksen perusteos.
Kirja sisältää…Yritysrahoituksen perusteet
Minna Martikainen & Mika Vaihekoski
Käytännönläheinen rahoituksen perusteos korkea-asteen rahoituksen perusopintoihin esittelee rahoitusta yritysten ja sijoittajien näkökulmasta. Miten suomalaiset ja kansainväliset rahoitusmarkkinat toimivat? Millaisia sijoituskohteita kehittyneet rahoitusmarkkinat tarjoavat? Mikä on sijoituskohteen oikea arvo? Näihin kysymyksiin vastaa tämä käytännönläheinen nykyaikaisen rahoituksen perusteos.
Kirja sisältää harjoitustehtävät ratkaisuineen.
Muut tekijätKatso julkaisu -
Installation speech Minna Martikainen, 1st of Sept, 2014
Hanken School of Economics, Finland
This is my installation speech in Hanken School of Economics 1st of Sept, 2014. I started in the position approximately 1 year ago.
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Oil Risk and Asset Returns: Evidence from Emerging Markets in the Middle East
Emerging Markets Finance and Trade
In this paper, we investigate whether oil risk is priced in selected emerging markets of the Middle East region—in particular, oil-producing countries. Given that these countries have maintained fixed exchange rates against the U.S. dollar, we are able to modify the multivariate GARCH framework to include the oil-risk component. The results show that within the framework we adopt, the world market risk and oil risk are priced on all markets under investigation. The oil risk is highly…
In this paper, we investigate whether oil risk is priced in selected emerging markets of the Middle East region—in particular, oil-producing countries. Given that these countries have maintained fixed exchange rates against the U.S. dollar, we are able to modify the multivariate GARCH framework to include the oil-risk component. The results show that within the framework we adopt, the world market risk and oil risk are priced on all markets under investigation. The oil risk is highly significant in all markets, indicating that oil-risk exposure, to some extent, is nondiversifiable.
Muut tekijätKatso julkaisu -
Transmission Of The Subprime Crisis: Evidence From Industrial And Financial Sectors Of BRIC Countries
Journal of Applied Business Research
Although, there is an apparent consensus about the contagion effects of the current US subprime crisis. However, the transmission and repercussions of US subprime crisis, as well as the nature of the transformation suffered by different economic sectors between the US and other markets are such empirical questions that have not been dealt with comprehensively, yet. In this paper, by utilizing the multivariate GARCH analysis of Engle and Kroner (1995) for which a BEKK representation is adopted…
Although, there is an apparent consensus about the contagion effects of the current US subprime crisis. However, the transmission and repercussions of US subprime crisis, as well as the nature of the transformation suffered by different economic sectors between the US and other markets are such empirical questions that have not been dealt with comprehensively, yet. In this paper, by utilizing the multivariate GARCH analysis of Engle and Kroner (1995) for which a BEKK representation is adopted, we examine the transmission of the US subprime crisis across BRIC financial markets. Moreover, to identify the extent of contagion, we also inspect the diffusion of US subprime crisis to BRIC equity market’s financial and industrial sectors. We found interesting evidence of volatility spillovers from US financial sector to all the BRIC market’s financial sectors both in the full sample and crisis period. Similarly, except Chinese industrial sector, we observe contagion effects from US to Brazilian, Russian and Indian equity market’s industrial sectors. Our results exhibit direct linkage for both returns and volatility between the US equity market and the BRIC markets. Equity markets of Russia and India, however, were found hardly hit during the crisis period among the BRIC countries. Finally, we found no support for the decoupling view while investigating the fastest growing emerging markets, the BRIC countries.
Muut tekijätKatso julkaisu -
Entrepreneurial Orientation: Growth and Profitability of Finnish Small and Medium-Sized Enterprises.
International Journal of Production Economics
Our paper investigates, whether there exist intrinsic strategic characteristics, which enables some firms
to tolerate economic difficulties stronger than their companions. Tolerance as such also indicates if
SMEs as investments are providing return accordingly to their risk level. In our view, the differences in
entrepreneurial orientation could be a decisive explainer behind this phenomenon. This paper
contributes to previous literature by investigating, how the firm’s internal…Our paper investigates, whether there exist intrinsic strategic characteristics, which enables some firms
to tolerate economic difficulties stronger than their companions. Tolerance as such also indicates if
SMEs as investments are providing return accordingly to their risk level. In our view, the differences in
entrepreneurial orientation could be a decisive explainer behind this phenomenon. This paper
contributes to previous literature by investigating, how the firm’s internal strategic behavior is able
to improve the firm performance, and also by showing that SMEs are providing the compensation of
risk to investors. Our results indicate that entrepreneurial orientation affects directly firm’s growth rate.Muut tekijätKatso julkaisu -
Corporate Governance and Profitability in Family SMEs.
European Journal of Finance.
We analyze the determinants of performance in small unlisted family firms and find, in line with previous
studies, a positive effect associated with a family CEO. We contribute by bringing in an additional variable,
the proportion of family members employed by the firm and find it to be negatively related to firm
performance. There is a significant tendency for family CEOs to employ family members, which – given
the negative effect of these – should offset some of the positive…We analyze the determinants of performance in small unlisted family firms and find, in line with previous
studies, a positive effect associated with a family CEO. We contribute by bringing in an additional variable,
the proportion of family members employed by the firm and find it to be negatively related to firm
performance. There is a significant tendency for family CEOs to employ family members, which – given
the negative effect of these – should offset some of the positive performance effects of a family CEO.We
also analyze the effect of board size in these already small family boards, where the maximum number of
board members is six. We find that even here, board size is significantly negatively associated with firm
performance.Muut tekijätKatso julkaisu -
Foreign Direct Investments Affecting Accounting Quality in Transitional Economies of Europe
International Journal of Business Innovation and Research, Forthcoming
The purpose of this paper is to examine the effect of Foreign Direct Investments (FDIs) on financial reporting quality in transitional economies. After moving from a planned economy towards a market based economy, firms need to attract more non-governmental financing. When the quality of institutions is low, foreign investments mostly come in the form of FDI. Therefore, in a changed environment firms need to produce high quality financial reporting to be able to acquire capital. Accounting…
The purpose of this paper is to examine the effect of Foreign Direct Investments (FDIs) on financial reporting quality in transitional economies. After moving from a planned economy towards a market based economy, firms need to attract more non-governmental financing. When the quality of institutions is low, foreign investments mostly come in the form of FDI. Therefore, in a changed environment firms need to produce high quality financial reporting to be able to acquire capital. Accounting quality is measured as earnings conservatism, i.e. asymmetric recognition of gains and losses. Data from 12 transitional economies in Central and Eastern Europe is analyzed. The results of this paper indicate that investment freedom, especially free flow of foreign capital, and freedom from corruption increase earnings quality measured by earnings conservatism. Moreover, the results show that high level of FDIs is associated with high earnings conservatism indicating that FDIs increase the incentives for high quality financial reporting. The results also show that FDIs improve earnings quality only when the free flow of foreign capital is limited. When FDIs are defined as change in FDI, the results are reversed. This is because the growth is highest in countries with low level of FDIs.
Muut tekijät
Projektit
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Managerial Traits and Equity-Based Compensation. Research project funded by the Academy of Finland.
Project leader in Hanken School of Economics in the research project funded by the Academy of Finland. The project “Managerial Traits and Equity-Based Compensation” The project consortium with Hanken and University of Oulu, 2014 – 2018
Muut tekijät -
How are Companies Surviving a Financial Crisis? Corporate Risk Management and Financial Vulnerability. Research project funded by the Academy of Finland.
Project leader in Lappeenranta University of Technology in the research project funded by the Academy of Finland. The project “How are Companies Surviving a Financial Cri-sis? Corporate Risk Management and Financial Vulnerability” The project consortium with Hanken and University of Vaasa, 2010 – 2013
Muut tekijät -
Effects of global integration process on emerging markets. Project Funded by Academy of Finland.
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Investment Services Examinations (APV tutkinnot)
Managed the project of developing and launching from the scratch the Finnish Investment Services Examinations Scheme (APV Tutkinnot).
Muut tekijätKatso projekti
Kielet
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English
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Swedish
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Russian
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More activity by Minna
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Haemme Vaasan yliopistoon strategisesti ajattelevaa ja toimivaa ammattilaista Digijohtajaksi (Digital Director) johtamaan digitaalisten palveluiden…
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Minna Martikainen tykkäsi
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Study reveals link between climate change denial and corporate environmental violations / Studie avslöjar samband mellan klimatförnekelse och…
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Minna Martikainen tykkäsi
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Upean monta ammattikorkeakoulun rehtoria sai kutsun Linnaan tänä vuonna juhlistamaan 107-vuotiasta Suomea.
Upean monta ammattikorkeakoulun rehtoria sai kutsun Linnaan tänä vuonna juhlistamaan 107-vuotiasta Suomea.
Minna Martikainen tykkäsi
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Kiitämme lämpimästi Eduskunta | Riksdagen | Parliament of Finland ja alueemme kansanedustajia saamastamme tuesta eduskunnan joululahjarahoista…
Kiitämme lämpimästi Eduskunta | Riksdagen | Parliament of Finland ja alueemme kansanedustajia saamastamme tuesta eduskunnan joululahjarahoista…
Minna Martikainen jakoi
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I am grateful for yesterday's successful 'Bridging Legal Design and Legal Strategy' seminar at the University of Vaasa. Thank you to all participants…
I am grateful for yesterday's successful 'Bridging Legal Design and Legal Strategy' seminar at the University of Vaasa. Thank you to all participants…
Minna Martikainen tykkäsi
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Minulla oli kiehtova taiteellinen ilta viime viikolla. Allekirjoitimme varatuomari, keräilijä Pekka Lindin kanssa taidekokoelman lahjoitukseen…
Minulla oli kiehtova taiteellinen ilta viime viikolla. Allekirjoitimme varatuomari, keräilijä Pekka Lindin kanssa taidekokoelman lahjoitukseen…
Minna Martikainen jakoi
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Resilienssi tarkoittaa kykyä pysyä toimintakykyisenä vaikeissa tilanteissa, selviytymistä psyykkisen paineen alla. Se tarkoittaa myös…
Resilienssi tarkoittaa kykyä pysyä toimintakykyisenä vaikeissa tilanteissa, selviytymistä psyykkisen paineen alla. Se tarkoittaa myös…
Minna Martikainen tykkäsi
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17 muut nimetyt Minna Martikainen Finland ovat LinkedInissä
Muiden nimeäminen Minna Martikainen