Minna Martikainen

Minna Martikainen

Nikkilä, Uusimaa, Finland
3 t. seuraajat 500+ yhteyttä

Toiminta

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Kokemus

  • University of Vaasa Graafinen

    University of Vaasa

    Vaasa, Ostrobothnia, Finland

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    Helsinki Metropolitan Area

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    Vaasa, West and Inner Finland, Finland

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    Sipoo, Finland

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    Hanken School of Economics, Stockholm School of Economics, Copenhagen Business School, BI Norwegian

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    Helsinki, Southern Finland, Finland

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    Helsinki, Finland

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    Helsinki / Vaasa

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    Helsinki, Finland

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    Helsinki Area, Finland

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    Helsinki, Finland

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    Helsinki, Finland

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    Lappeenranta, Finland

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    Lappeenranta, Finland

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Julkaisut

  • 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 tekijät
    Katso 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 tekijät
    Katso 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.

    Katso julkaisu
  • 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 tekijät
    Katso 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 tekijät
    Katso 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 tekijät
    Katso 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 tekijät
    Katso 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
    • Sanna Hämäläinen
    Katso julkaisu

Projektit

  • 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
    • Juha-Pekka Kallunki
  • 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.

    Co-leader in Lappeenranta University of Technology (LUT) in the research project funded by the Academy of Finland. The project “Effects of global integration process on emerging markets” The project consortium with University of Vaasa 2006 – 2010

    Muut tekijät
  • Investment Services Examinations (APV tutkinnot)

    Managed the project of developing and launching from the scratch the Finnish Investment Services Examinations Scheme (APV Tutkinnot).

    Muut tekijät
    Katso projekti

Kielet

  • English

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  • Swedish

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  • Russian

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