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What are the distributional consequences of migration, and how do they affect attitudes toward migration? In this paper we leverage a natural experiment generated by the ousting of former Libyan dictator Muammar Gaddafi, which created an unprecedented influx of economic migrants from African countries to Europe. This surge of low-skilled labor benefited low-productivity firms by lowering their production costs and expanding their labor supply. Employing a triple difference-in-differences design, we document that attitudes toward migration became more positive in Western European regions with large shares of migrants and low-productivity firms. Evidence from Sweden, which provides finely grained geographical data, confirms these findings. We then test the economic microfoundations of this attitudinal shift. We show that the surge in the supply of low-skilled labor increased the profitability of low-productivity firms more in areas that experienced larger migration flows. We find no evidence that migration worsened natives’ labor market conditions., Funding for this research was provided by the Fonds de Recherche du Québec-Société et Culture (grantagreement 2017-NP-198967).

What are the distributional consequences of migration, and how do they affect attitudes toward migration? In this paper we leverage a natural experiment generated by the ousting of former Libyan dictator Muammar Gaddafi, which created an unprecedented influx of economic migrants from African countries to Europe. This surge of low-skilled labor benefited low-productivity firms by lowering their production costs and expanding their labor supply. Employing a triple difference-in-differences design, we document that attitudes toward migration became more positive in Western European regions with large shares of migrants and low-productivity firms. Evidence from Sweden, which provides finely grained geographical data, confirms these findings. We then test the economic microfoundations of this attitudinal shift. We show that the surge in the supply of low-skilled labor increased the profitability of low-productivity firms more in areas that experienced larger migration flows. We find no evidence that migration worsened natives’ labor market conditions., Funding for this research was provided by the Fonds de Recherche du Québec-Société et Culture (grantagreement 2017-NP-198967).

Background: In the wake of recent spikes of inflationary uncertainty, the phenomenon of“greedflation” has emerged. The phenomenon regards the idea of firms exploiting times of inflationary uncertainty to their benefit at the cost of consumer welfare. Building upon scarce previous literature on the subject, this thesis expands upon established models and contributes to new insights into the topic. Purpose: The primary objective was to investigate whether there were indications of Swedish firms exploiting times of increasing inflation uncertainty to enhance their profitability. The thesis wished to find if there is a relationship between inflation uncertainty and both net profit margins and gross margins. By examining the phenomenon of “greedflation” the goal was to extend the empirical findings and contribute with new methodologies to establish new avenues of exploring the subject. Method: The thesis employed a positivistic, deductive research approach together with a quantitative strategy. The data was collected from databases such as “Thompson Refinitiv Eikon”, “Statistics Sweden” and the “Swedish Central Bank”. The statistical approach was to develop panel data regressions, together with a framework to measure “greedflation”, which allowed for statistical analysis of the data cross-sectionally, over time. Conclusion: Findings reveal that the phenomenon of “greedflation” cannot be entirely proved during the entire sample period. However, dwelling into sectoral and subperiod effects, some signs of exploitative behaviour, or “greedflation” can be seen during 2022 and 2023. Additionally, during periods of high inflationary uncertainty, profit margins tended to rise across sectors, hinting at the presence of "greedflation", although inflation was probably influenced by other effects instead of corporate pricing behaviour.

What are the distributional consequences of migration, and how do they affect attitudes toward migration? In this paper we leverage a natural experiment generated by the ousting of former Libyan dictator Muammar Gaddafi, which created an unprecedented influx of economic migrants from African countries to Europe. This surge of low-skilled labor benefited low-productivity firms by lowering their production costs and expanding their labor supply. Employing a triple difference-in-differences design, we document that attitudes toward migration became more positive in Western European regions with large shares of migrants and low-productivity firms. Evidence from Sweden, which provides finely grained geographical data, confirms these findings. We then test the economic microfoundations of this attitudinal shift. We show that the surge in the supply of low-skilled labor increased the profitability of low-productivity firms more in areas that experienced larger migration flows. We find no evidence that migration worsened natives’ labor market conditions., Funding for this research was provided by the Fonds de Recherche du Québec-Société et Culture (grantagreement 2017-NP-198967).

What are the distributional consequences of migration, and how do they affect attitudes toward migration? In this paper we leverage a natural experiment generated by the ousting of former Libyan dictator Muammar Gaddafi, which created an unprecedented influx of economic migrants from African countries to Europe. This surge of low-skilled labor benefited low-productivity firms by lowering their production costs and expanding their labor supply. Employing a triple difference-in-differences design, we document that attitudes toward migration became more positive in Western European regions with large shares of migrants and low-productivity firms. Evidence from Sweden, which provides finely grained geographical data, confirms these findings. We then test the economic microfoundations of this attitudinal shift. We show that the surge in the supply of low-skilled labor increased the profitability of low-productivity firms more in areas that experienced larger migration flows. We find no evidence that migration worsened natives’ labor market conditions., Funding for this research was provided by the Fonds de Recherche du Québec-Société et Culture (grantagreement 2017-NP-198967).

What are the distributional consequences of migration, and how do they affect attitudes toward migration? In this paper we leverage a natural experiment generated by the ousting of former Libyan dictator Muammar Gaddafi, which created an unprecedented influx of economic migrants from African countries to Europe. This surge of low-skilled labor benefited low-productivity firms by lowering their production costs and expanding their labor supply. Employing a triple difference-in-differences design, we document that attitudes toward migration became more positive in Western European regions with large shares of migrants and low-productivity firms. Evidence from Sweden, which provides finely grained geographical data, confirms these findings. We then test the economic microfoundations of this attitudinal shift. We show that the surge in the supply of low-skilled labor increased the profitability of low-productivity firms more in areas that experienced larger migration flows. We find no evidence that migration worsened natives’ labor market conditions., Funding for this research was provided by the Fonds de Recherche du Québec-Société et Culture (grantagreement 2017-NP-198967).

Background: In the wake of recent spikes of inflationary uncertainty, the phenomenon of“greedflation” has emerged. The phenomenon regards the idea of firms exploiting times of inflationary uncertainty to their benefit at the cost of consumer welfare. Building upon scarce previous literature on the subject, this thesis expands upon established models and contributes to new insights into the topic. Purpose: The primary objective was to investigate whether there were indications of Swedish firms exploiting times of increasing inflation uncertainty to enhance their profitability. The thesis wished to find if there is a relationship between inflation uncertainty and both net profit margins and gross margins. By examining the phenomenon of “greedflation” the goal was to extend the empirical findings and contribute with new methodologies to establish new avenues of exploring the subject. Method: The thesis employed a positivistic, deductive research approach together with a quantitative strategy. The data was collected from databases such as “Thompson Refinitiv Eikon”, “Statistics Sweden” and the “Swedish Central Bank”. The statistical approach was to develop panel data regressions, together with a framework to measure “greedflation”, which allowed for statistical analysis of the data cross-sectionally, over time. Conclusion: Findings reveal that the phenomenon of “greedflation” cannot be entirely proved during the entire sample period. However, dwelling into sectoral and subperiod effects, some signs of exploitative behaviour, or “greedflation” can be seen during 2022 and 2023. Additionally, during periods of high inflationary uncertainty, profit margins tended to rise across sectors, hinting at the presence of "greedflation", although inflation was probably influenced by other effects instead of corporate pricing behaviour.

This research aims to study the determinants and performance-outcome of the firm’s capacity to maintain a loyal customer base. Therefore, this research investigates the influence of sustainable product development on the firm’s capacity to maintain customer loyalty. Furthermore, this research investigates the moderating influence of marketing resource intensity on sustainable product development and the firm’s capacity to maintain customer loyalty. Moreover, this research investigates the firm profitability as a performance outcome of the firm’s capacity to maintain customer loyalty. This research uses the panel dataset of 433 manufacturing firms from the United States. The findings from fixed-effect regression analysis confirm the significant positive influence of sustainable product development on the firm’s capacity to maintain customer loyalty. The moderation analysis confirms the significant positive influence of marketing resource intensity on sustainable product development and the firm’s capacity to maintain customer loyalty. The results also confirm the contribution of the firm’s capacity to maintain customer loyalty to firm profitability. This study contributes to the customer loyalty literature stream by theorizing the capacity to maintain customer loyalty construct and empirically studying its performance outcome, the contribution of sustainable product development in the firm’s capacity to maintain customer loyalty and the moderating role of marketing resource intensity in this regard, under the resource-based view. Based on the study findings, this research suggests that managers need to emphasize sustainable product development in the firms to strengthen the firm’s capacity to maintain customer loyalty and recognize the interactional role of marketing resource intensity in this regard.

Sustainable product development is an emerging research domain at the outset of contemporary climate change issues. Increasing customer demand for sustainable product attributes has set a challenge for firms to develop products carrying environmental and social attributes. In this regard, taking corporate social responsibility (CSR) initiatives is one potential option for sustainable product development. However, uncertainties and crises (such as the global financial crisis and the most recent Covid19 pandemic) left the firms in despair by lowering their liquidity levels. Consequently, firms are facing resource constraints. Therefore, to pursue sustainability objectives, firms are looking for ways to develop sustainable products, and with a balance between environmental and social pillars of sustainability. In the above-stated context, research exploring the possibility of pursuing sustainability objectives is much needed. The existing literature of product sustainability is developed around the environmental pillar. Hence, research studying determinants and performance outcomes of all-inclusive sustainable product development is scarce. Therefore, to fill this gap, this dissertation based on three research articles present an analysis of the potential role of research and development (R&D), human capital, and corporate social responsibility strategy (CSRS) in the sustainable product attributes (SPA) development and its performance outcome in a way that contributes to theoretical implications and suggests managers the ways to develop sustainable products in the ongoing Covid19 pandemic. A research sample of 433 United States (US) manufacturing industry firms spanning 16 years-period (2002–2017) is used to investigate the conceptual framework of this dissertation research. Firstly, this dissertation research contributes to triple-bottom-line-based sustainability literature by conceptualizing and operationalizing the sustainable product attributes constru, Tiivistelmä Ilmastonmuutos on nostanut kestävän tuotekehityksen tieteellisen tutkimuksen keskiöön. Asiakkaiden kasvava kysyntä kestäville tuoteominaisuuksille on haastanut yritykset kehittämään tuotteita, jotka sisältävät ympäristön ja sosiaalisen kehityksen näkökulmista kestäviä ominaisuuksia. Tässä mielessä yritysten yhteiskuntavastuulliset (CSR) aloitteet ovat yksi vaihtoehto edistää kestävää tuotekehitystä. Monet epävarmuustekijät ja kriisit (kuten maailmanlaajuinen finanssikriisi ja viimeisin Covid19-pandemia) ovat kuitenkin ajaneet yritykset epätoivoon. Niiden likviditeettitasot ovat alentuneet, minkä seurauksena yritykset kohtaavat nyt resurssirajoituksia. Kestävän kehityksen tavoitteiden saavuttamiseksi yritykset etsivätkin uusia tapoja kehittää kestäviä tuotteita ja oikean tasapainon ympäristön ja sosiaalisen kestävyyden pilarien välillä. Tässä kontekstissa tarvitaan kipeästi tutkimusta, jossa selvitetään mahdollisuuksia edistää kestävän kehityksen tavoitteita. Nykyinen kestävän tuotekehityksen kirjallisuus on kehitetty ympäristöpilarin ympärille, joten kokonaisvaltaisen kestävän tuotekehityksen taustatekijöitä ja suorituskykyä tarkasteleva tutkimus on vähäistä. Tämän tutkimusaukon täyttämiseksi tämä kolmeen tutkimusartikkeliin perustuva väitöskirja esittää analyysin T&K:n, inhimillisen pääoman ja CSR-strategian mahdollisista rooleista kestävien tuoteominaisuuksien kehittämisessä sekä tekijöiden vaikutuksista tulokseen tavalla, joka edistää aiheen teoreettista ymmärrystä ja ehdottaa johtajille tapoja kehittää kestäviä tuotteita meneillään olevassa Covid 19-pandemiassa. Tämän tutkimuksen empiiriseen analyysiin käytetään 433 yhdysvaltalaisen teollisuusyrityksen tutkimusotosta 16 vuoden ajalta (2002–2017). Ensinnäkin tämä väitöskirjatutkimus edistää kolmoistilinpäätökseen perustuvaa kestävän kehityksen kirjallisuutta käsitteellistämällä ja operationalisoimalla kestävän tuotteen attribuuttien konstruktion. Toiseksi tämä tutkimus edistää T&K-kirjallisuut

Research Summary Extant empirical work partitioning the variance in firm (business segment) profitability has identified industry, corporate parent, business segment, and time as key sources. However, this variance decomposition research stream has treated firms as atomistic, autonomous entities. We employ a fast-unfolding community-detection algorithm to detect firms' network memberships and use the Shapley Value method to isolate the effect of the firm's alliance network, in addition to industry, corporate parent, business segment, and year effects, on the variance in business unit performance. Our findings demonstrate that the effect of the firm's alliance network explains 11% of the variance in firm ROA among 16,381 business segments from 1979 through 1996. We also extend the time period through 2018 and find that our results broadly hold. Managerial Summary In the search for superior firm performance, managers typically focus their attention externally on profitable industries in which to operate, as well as internally on their firms' idiosyncratic and valuable resources and capabilities. In addition to these profitability sources, our work suggests another important, but heretofore overlooked, factor in the managerial quest for competitive advantage: the value-creating potential of alliance networks. We employ a machine-learning algorithm to detect firms' network memberships. Our findings indicate that as much as 11% of the variance in firm profitability (ROA) is explained by the network of alliances of which the firm is a part. Our study also implies that the emphasis on networks continues to be relevant in a technology age in which industry boundaries are blurring.

Working capital management (WCM) is one of the most important decisions for all firms. The main components of WCM are days sales outstanding (DSO), days inventory outstanding (DIO), days payable outstanding (DPO), and cash conversion cycle (CCC). Using a sample of 332 Czech firms, including 20 certified firms from the EFQM (European Foundation for Quality Management) Model, the current study explored the effects of the main components of WCM on firms' profitability. We used two different regression models to test the hypothesis, i.e. pooled regression and maximum likelihood estimation (MLE). The findings of the research revealed all the components of WCM have a negative impact on firm profitability. On the other hand, the interaction terms of the EFQM certified firms with the components of WCM showed a positive impact on firms' profitability which means that there is a positive relationship between the components of WCM of the certified firms and profitability. However, it is examined that the quality certificate/award from EFQM Excellence Model decreases the firm's profitability. The outcomes of the current research will be beneficial to academics, managers, leaders, and directors of the firms to improve their firm's profitability.

This study examines the link between capital structure and firm performance (measured by ROA and ROE), focusing on a large sample of SMEs in Vietnam during the postcrisis period (2008-2016). SMEs are more exposed to risks than large firms and have very restricted access to external financing, thus limiting their growth and performance. Empirical results from various panel data models confirm the nonlinear relationship between debt financing and firm profitability. This relationship takes the form of an inverted-U shape. Firm profitability only increases to a certain level of leverage. When the debt ratio becomes too high, firm performance starts to decrease. These results highlight the role of financial distress costs in debt financing for SMEs. Furthermore, the paper also confirms the heterogeneity between state-owned firms and private ones. Policy implications are also discussed.

This study examines the link between capital structure and firm performance (measured by ROA and ROE), focusing on a large sample of SMEs in Vietnam during the postcrisis period (2008-2016). SMEs are more exposed to risks than large firms and have very restricted access to external financing, thus limiting their growth and performance. Empirical results from various panel data models confirm the nonlinear relationship between debt financing and firm profitability. This relationship takes the form of an inverted-U shape. Firm profitability only increases to a certain level of leverage. When the debt ratio becomes too high, firm performance starts to decrease. These results highlight the role of financial distress costs in debt financing for SMEs. Furthermore, the paper also confirms the heterogeneity between state-owned firms and private ones. Policy implications are also discussed.

This paper aims to study the performance implications of sustainable product attributes (SPA) of US manufacturing firms. Specifically, it analyzes the influence of aggregate and disaggregated SPA on firm profitability. The study further explores the moderating influence of marketing resource intensity on aggregate and disaggregated SPA and firm profitability relationships. The fixed-effect regression analysis of 433 US manufacturing firms’ panel dataset reveals that aggregate and disaggregated SPA positively influence the firm profitability. The moderation analysis also confirms the positive influence of marketing resource intensity on aggregate and disaggregated SPA and firm profitability relationship. The current paper contributes to the triple-bottom-line and theory-of-the-firm literature streams by empirically studying the influence of aggregate and disaggregated SPA on firm profitability. Furthermore, this study uses the resource-based view to complement theory-of-the-firm model of SPA and empirically study the moderating role of marketing resource intensity between aggregate and disaggregated SPA and firm profitability. Finally, the findings inform the managers of the increased firm profitability by aggregate and disaggregated SPA, and the pivotal role of marketing resource intensity in strengthening the positive influence of aggregate and disaggregated SPA on US manufacturing firms’ profitability.

Working capital management (WCM) is one of the most important decisions for all firms. The main components of WCM are days sales outstanding (DSO), days inventory outstanding (DIO), days payable outstanding (DPO), and cash conversion cycle (CCC). Using a sample of 332 Czech firms, including 20 certified firms from the EFQM (European Foundation for Quality Management) Model, the current study explored the effects of the main components of WCM on firms' profitability. We used two different regression models to test the hypothesis, i.e. pooled regression and maximum likelihood estimation (MLE). The findings of the research revealed all the components of WCM have a negative impact on firm profitability. On the other hand, the interaction terms of the EFQM certified firms with the components of WCM showed a positive impact on firms' profitability which means that there is a positive relationship between the components of WCM of the certified firms and profitability. However, it is examined that the quality certificate/award from EFQM Excellence Model decreases the firm's profitability. The outcomes of the current research will be beneficial to academics, managers, leaders, and directors of the firms to improve their firm's profitability.

Purpose of the article: To examines the effect of corporate social responsibility on performance of Nigerian quoted firms. Methodology/methods: The study applies the survey research method, carrying out a crosssectional analysis of one hundred and fifty (150) firms quoted on the Nigerian Stock Exchange. The model was specified and analysed using the binary logistic regression analysis. Scientific aim: To examine the effect of corporate social responsibility on firm profitability, to evaluate the effect of corporate social responsibility on return on equality, and to assess the effect of corporate social responsibility on market success in Nigeria. Findings: The results revealed that corporate social responsibility (CSR) exerts a positive and statistically significant effect on firm profitability (PF), return on equity (ROE) and market success (MS) in Nigeria. Conclusions: Based on the findings, we concluded that corporate social responsibility (CSR) has a significant influence on firm profitability (PF), return on equity (ROE) and market success (MS). Thus, the study recommends among others that corporate firms in Nigeria should intensify efforts to increase their commitment to social responsibility in order to create good image in the mind of their host communities.

This study examines impact of working capital management on firm’s profitability. The study focuson six (6) conglomerates firms listed on Nigeria Stock Exchange. Using the panel data set for theperiod 2012-2017, the impact of aggressive working capital investment and financing policies hasbeen evaluated using return on asset. Random effect regression model was adopted for the study.The study reveals that Total Current Assets to Total Assets (TCA/TA) and size of the study firm havea positive and significant impact on firm profitability. The result further found that Total CurrentLiabilities/Total Assets (TCL/TA) has a negative significant impact on firm profitability. Though,the sales growth revealed an insignificant negative effect on the profitability of the firms. The studyconcluded that managers can create value if they adopt a conservative approach towards workingcapital investment and working capital financing policies since aggressive approach has been foundto have a negative impact on return on asset. The study recommends that conglomerate companiesin Nigeria adopt the conservative approach to working capital management so as to experience anincrease in profitability for business sustainability.

Purpose of the article: To examines the effect of corporate social responsibility on performance of Nigerian quoted firms. Methodology/methods: The study applies the survey research method, carrying out a crosssectional analysis of one hundred and fifty (150) firms quoted on the Nigerian Stock Exchange. The model was specified and analysed using the binary logistic regression analysis. Scientific aim: To examine the effect of corporate social responsibility on firm profitability, to evaluate the effect of corporate social responsibility on return on equality, and to assess the effect of corporate social responsibility on market success in Nigeria. Findings: The results revealed that corporate social responsibility (CSR) exerts a positive and statistically significant effect on firm profitability (PF), return on equity (ROE) and market success (MS) in Nigeria. Conclusions: Based on the findings, we concluded that corporate social responsibility (CSR) has a significant influence on firm profitability (PF), return on equity (ROE) and market success (MS). Thus, the study recommends among others that corporate firms in Nigeria should intensify efforts to increase their commitment to social responsibility in order to create good image in the mind of their host communities.

Purpose of the article: To examines the effect of corporate social responsibility on performance of Nigerian quoted firms. Methodology/methods: The study applies the survey research method, carrying out a crosssectional analysis of one hundred and fifty (150) firms quoted on the Nigerian Stock Exchange. The model was specified and analysed using the binary logistic regression analysis. Scientific aim: To examine the effect of corporate social responsibility on firm profitability, to evaluate the effect of corporate social responsibility on return on equality, and to assess the effect of corporate social responsibility on market success in Nigeria. Findings: The results revealed that corporate social responsibility (CSR) exerts a positive and statistically significant effect on firm profitability (PF), return on equity (ROE) and market success (MS) in Nigeria. Conclusions: Based on the findings, we concluded that corporate social responsibility (CSR) has a significant influence on firm profitability (PF), return on equity (ROE) and market success (MS). Thus, the study recommends among others that corporate firms in Nigeria should intensify efforts to increase their commitment to social responsibility in order to create good image in the mind of their host communities.

Purpose of the article: To examines the effect of corporate social responsibility on performance of Nigerian quoted firms. Methodology/methods: The study applies the survey research method, carrying out a crosssectional analysis of one hundred and fifty (150) firms quoted on the Nigerian Stock Exchange. The model was specified and analysed using the binary logistic regression analysis. Scientific aim: To examine the effect of corporate social responsibility on firm profitability, to evaluate the effect of corporate social responsibility on return on equality, and to assess the effect of corporate social responsibility on market success in Nigeria. Findings: The results revealed that corporate social responsibility (CSR) exerts a positive and statistically significant effect on firm profitability (PF), return on equity (ROE) and market success (MS) in Nigeria. Conclusions: Based on the findings, we concluded that corporate social responsibility (CSR) has a significant influence on firm profitability (PF), return on equity (ROE) and market success (MS). Thus, the study recommends among others that corporate firms in Nigeria should intensify efforts to increase their commitment to social responsibility in order to create good image in the mind of their host communities.

This study examines impact of working capital management on firm’s profitability. The study focuson six (6) conglomerates firms listed on Nigeria Stock Exchange. Using the panel data set for theperiod 2012-2017, the impact of aggressive working capital investment and financing policies hasbeen evaluated using return on asset. Random effect regression model was adopted for the study.The study reveals that Total Current Assets to Total Assets (TCA/TA) and size of the study firm havea positive and significant impact on firm profitability. The result further found that Total CurrentLiabilities/Total Assets (TCL/TA) has a negative significant impact on firm profitability. Though,the sales growth revealed an insignificant negative effect on the profitability of the firms. The studyconcluded that managers can create value if they adopt a conservative approach towards workingcapital investment and working capital financing policies since aggressive approach has been foundto have a negative impact on return on asset. The study recommends that conglomerate companiesin Nigeria adopt the conservative approach to working capital management so as to experience anincrease in profitability for business sustainability.

The authors study the effect of corporate board gender quotas on firm performance in France, Italy, and Spain. The identification strategy exploits the exogenous variation in mandated gender quotas within country and over time and uses a counterfactual methodology. Using firm-level accounting data and a difference-in-difference estimator, the authors find that gender quotas had either a negative or an insignificant effect on firm performance in the countries considered with the exception of Italy, where they find a positive impact on productivity. The authors then focus on Italy. Using a novel data set containing detailed information on board members’ characteristics, they offer possible explanations for the positive effect of gender quotas. The results provide an important contribution to the policy debate about the optimal design of legislation on corporate gender quotas.

Our comprehension of how organizations operate is not complete without accounting for the role of context. While a lot of research has been conducted on how organizations should respond to their environment, we know comparatively little about how the environment affects the behavior and decision making of organizations. In this dissertation, I therefore investigate the interplay between organizations and their context from the perspective of what context means for organizational strategies. Findings from three empirical studies indicate that context has a significant impact on various organizational outcomes, through (dis)-incentivizing one strategic choice over another. In particular, the first study showed that differences in internationalization behavior that we perceive across emerging market firms can partially be explained through heterogeneity in founding conditions. In a similar vein, the second study demonstrated that differences in firm performance can be attributed to the hardship organizations experience during their time of founding and the capabilities they develop because of it. The third study showed how institutions geared towards protecting shareholders reduce not only the number, but also the profitability of mergers and acquisitions. Jointly, the findings in my dissertation emphasize the importance that a proper attribution and analysis of the role context has for the field of management.

This thesis studies the relationship between efficient working capital management and firm profitability, and if the global financial crisis has affected the relationship. Previous literature has presented inconsistent results regarding the impact of working capital management on firm profitability, finding both negative and positive effects. It has also been argued that the global financial crisis has increased the attention of and possibly changed the attitude towards working capital management as a strategy in order to increase firm profitability. In the study, the cash conversion cycle is used as a measure for working capital management, and return on assets as a measure for firm profitability. The sample in this thesis consists of 1170 observations from 78 Swedish listed companies over the time-period 2003–2017. Both multiple regression analysis and an independent-sample t-test were conducted in order to examine the given relationship. The findings of this thesis indicate that firms can increase their profitability by implementing efficient working capital management. However, the global financial crisis has not brought a change in companies' working capital management.

This thesis studies the relationship between efficient working capital management and firm profitability, and if the global financial crisis has affected the relationship. Previous literature has presented inconsistent results regarding the impact of working capital management on firm profitability, finding both negative and positive effects. It has also been argued that the global financial crisis has increased the attention of and possibly changed the attitude towards working capital management as a strategy in order to increase firm profitability. In the study, the cash conversion cycle is used as a measure for working capital management, and return on assets as a measure for firm profitability. The sample in this thesis consists of 1170 observations from 78 Swedish listed companies over the time-period 2003–2017. Both multiple regression analysis and an independent-sample t-test were conducted in order to examine the given relationship. The findings of this thesis indicate that firms can increase their profitability by implementing efficient working capital management. However, the global financial crisis has not brought a change in companies' working capital management.

In light of the mixed findings upon whether good performers are good or bad acquirers, this paper explores the relationship between firm-level recent profitability and post-acquisition performance through the competing analysis of the managerial ability and the hubris hypotheses. The paper also builds on the organizational learning literature to examine the moderating effect played by a firm’s previous acquisition experience, as a potential contingency factor that may alter the performance effects of acquisitions. Based on a dataset of 469 acquisitions completed between 2007 and 2013, results provide support to the managerial ability hypothesis, according to which good performing firms exhibit better post-acquisition returns. Results also support the existence of learning benefits from previous acquisition experience, which further enhances the positive effect played by an acquirer’s recent profitability on post-acquisition performance.

We use proprietary archival compensation panel data from Finnish white-collar employees (WCEs) over the period of 2002 to 2011 in order to examine the relationship between performance-based incentives for WCEs and the future profitability of the firm as well as to determine whether this association is moderated by task complexity. While many studies examine the determinants and performance effects of CEO compensation, virtually no evidence has been presented to indicate that explicit financial incentives for WCEs improve the profitability of the firm. Our empirical results show that performance-based incentives for WCEs are significantly positively related to the future return-on-assets, return-on-equity, and profit margin ratios of the firm. We also find that this effect comes from the performance-based incentives for low-level WCEs, corroborating the importance of implementing performance-based incentives also to low-task complexity jobs.

This thesis examines the relationship between working capital efficiency and firm profitability, and how this relationship is affected by economic fluctuations. In the existing literature, the relationship between working capital efficiency and firm profitability has been extensively researched. However, the impact of economic fluctuations on the relationship between working capital efficiency and firm profitability is sparsely researched. To the best of our knowledge, only Enqvist, Graham and Nikkinen (2014) have addressed the impact ofeconomic fluctuations on the relationship between working capital efficiency and firm profitability. This thesis is a replication of their study in another geographical setting, another time period and studying different types of firms. Using a sample of 2,589 firm-year observations of listed Swedish firms for the years 2000-2015, this thesis conducts multiple regression analysis to examine the relationship between working capital efficiency and firm profitability. The findings of this thesis propose that firms can enhance profitability by improving their working capital efficiency. However, the relationship between working capital efficiency and firm profitability does not appear to be significantly affected by economic fluctuations. This thesis contributes to the existing literature by further strengthening the understanding of the relationship between working capital efficiency and firm profitability. In addition, it also adds to the existing literature on the relationship between working capital efficiency and firm profitability in a Swedish context.

This thesis examines the relationship between working capital efficiency and firm profitability, and how this relationship is affected by economic fluctuations. In the existing literature, the relationship between working capital efficiency and firm profitability has been extensively researched. However, the impact of economic fluctuations on the relationship between working capital efficiency and firm profitability is sparsely researched. To the best of our knowledge, only Enqvist, Graham and Nikkinen (2014) have addressed the impact ofeconomic fluctuations on the relationship between working capital efficiency and firm profitability. This thesis is a replication of their study in another geographical setting, another time period and studying different types of firms. Using a sample of 2,589 firm-year observations of listed Swedish firms for the years 2000-2015, this thesis conducts multiple regression analysis to examine the relationship between working capital efficiency and firm profitability. The findings of this thesis propose that firms can enhance profitability by improving their working capital efficiency. However, the relationship between working capital efficiency and firm profitability does not appear to be significantly affected by economic fluctuations. This thesis contributes to the existing literature by further strengthening the understanding of the relationship between working capital efficiency and firm profitability. In addition, it also adds to the existing literature on the relationship between working capital efficiency and firm profitability in a Swedish context.

This paper proposes that the impact of information systems (IS) integration on manufacturing firm profitability is underestimated as a result of inadequate attention to indirect effects. The study uses structural equation modeling to investigate the associations among internal and external information system integration, quality and cost performance, and firm profitability. Overall, the results from a mail survey of 263 member firms of the Institute for Supply Management support the theoretical model. Results indicate that (a) internal IS integration has a significant positive association with external IS integration, (b) both internal IS integration and external IS integration are significantly positively associated with cost and quality performance, (c) quality performance is significantly positively associated with cost performance, and (d) both quality and cost performance have significant positive associations with firm profitability. However, the direct effects of internal and external IS integration on firm profitability are not significant. Rather, the association is through cost and quality performance, suggesting that both cost and quality performance act as intervening variables. This study extends the literature on IS integration by providing insights into a set of interrelationships that matters for the attainment of firm profitability from IS integration., Validerad; 2015; Nivå 2; 20150828 (andersn)

This paper proposes that the impact of information systems (IS) integration on manufacturing firm profitability is underestimated as a result of inadequate attention to indirect effects. The study uses structural equation modeling to investigate the associations among internal and external information system integration, quality and cost performance, and firm profitability. Overall, the results from a mail survey of 263 member firms of the Institute for Supply Management support the theoretical model. Results indicate that (a) internal IS integration has a significant positive association with external IS integration, (b) both internal IS integration and external IS integration are significantly positively associated with cost and quality performance, (c) quality performance is significantly positively associated with cost performance, and (d) both quality and cost performance have significant positive associations with firm profitability. However, the direct effects of internal and external IS integration on firm profitability are not significant. Rather, the association is through cost and quality performance, suggesting that both cost and quality performance act as intervening variables. This study extends the literature on IS integration by providing insights into a set of interrelationships that matters for the attainment of firm profitability from IS integration., Validerad; 2015; Nivå 2; 20150828 (andersn)

This paper provides evidence consistent with the idea that the implications of investment on future profitability differ for financially constrained and financially flexible firms. In particular, this study finds that the investment of financially constrained firms is associated with higher persistence in profitability than the investment of flexible firms. This paper also finds that this result is related to differences in future write-downs and goodwill impairments, suggesting that the difference in persistence in profitability between both groups of firms is associated with differences in investment quality. Finally, it shows that investors do not fully understand the role of financial constraints on the relation between investment and future profitability, since the investment of financially constrained firms is associated with higher one-year ahead abnormal returns than the investment of flexible firms. Moreover, for financially constrained firms, large levels of investment are not associated with negative abnormal returns, suggesting that the negative relation between corporate investment and future abnormal stock returns documented in previous research is not general to the entire cross-section of firms.

This paper provides evidence consistent with the idea that the implications of investment on future profitability differ for financially constrained and financially flexible firms. In particular, this study finds that the investment of financially constrained firms is associated with higher persistence in profitability than the investment of flexible firms. This paper also finds that this result is related to differences in future write-downs and goodwill impairments, suggesting that the difference in persistence in profitability between both groups of firms is associated with differences in investment quality. Finally, it shows that investors do not fully understand the role of financial constraints on the relation between investment and future profitability, since the investment of financially constrained firms is associated with higher one-year ahead abnormal returns than the investment of flexible firms. Moreover, for financially constrained firms, large levels of investment are not associated with negative abnormal returns, suggesting that the negative relation between corporate investment and future abnormal stock returns documented in previous research is not general to the entire cross-section of firms.

Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over the 2008-2011 period. Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to analyse cross-sectional panel data covering 13,797 SMEs operating in four industries. Findings – The study provides empirical evidence that CCC significantly affects profitability. In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm profitability. These findings imply that managers could increase firm profitability by improving their working capital management. Research limitations/implications – The present study is limited to a sample of Swedish SMEs in four industries; further research could examine the generalizability of these findings to other countries and industries. Practical implications – Improved working capital policy could improve firm profitability by reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders. Originality/value – The present study contributes to the literature by employing a SUR model to analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge, this is the first empirical study to address this issue in the Swedish context based on a large data set covering SMEs in various industries. Keywords Small and medium-sized enterprises, Cash conversion cycle, Working capital management, Firm profitability Paper type Research paper

Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over the 2008-2011 period. Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to analyse cross-sectional panel data covering 13,797 SMEs operating in four industries. Findings – The study provides empirical evidence that CCC significantly affects profitability. In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm profitability. These findings imply that managers could increase firm profitability by improving their working capital management. Research limitations/implications – The present study is limited to a sample of Swedish SMEs in four industries; further research could examine the generalizability of these findings to other countries and industries. Practical implications – Improved working capital policy could improve firm profitability by reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders. Originality/value – The present study contributes to the literature by employing a SUR model to analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge, this is the first empirical study to address this issue in the Swedish context based on a large data set covering SMEs in various industries. Keywords Small and medium-sized enterprises, Cash conversion cycle, Working capital management, Firm profitability Paper type Research paper

This paper examines the financial consequences that inventory leanness has on firm performance. We conduct an econometric analysis using 4324 publicly traded US manufacturing companies for the period 1980–2008. Using an instrumental variable fixed effects estimator we find a nonlinear relationship between inventory leanness and financial performance. However, we note that the maximum point of this inverted U-shaped relationship often lies at the extreme end of the investigated sample – suggesting a decreasing return from leanness rather than an optimal level. We show that the strength of this relationship is highly dependent on both the industry and inventory component (raw materials, work in process and finished goods) studied. The main novelty and direct implication of our findings is that most firms still have much potential to increase profitability by becoming leaner and they are unlikely to cross a threshold where profitability decreases with increased leanness. We display how much the average firm could gain by becoming leaner and show how this sensitivity changes by inventory component and industry. Finally, we highlight several new econometric aspects that we believe must be addressed when empirically investigating the inventory-performance link.

Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over the 2008-2011 period. Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to analyse cross-sectional panel data covering 13,797 SMEs operating in four industries. Findings – The study provides empirical evidence that CCC significantly affects profitability. In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm profitability. These findings imply that managers could increase firm profitability by improving their working capital management. Research limitations/implications – The present study is limited to a sample of Swedish SMEs in four industries; further research could examine the generalizability of these findings to other countries and industries. Practical implications – Improved working capital policy could improve firm profitability by reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders. Originality/value – The present study contributes to the literature by employing a SUR model to analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge, this is the first empirical study to address this issue in the Swedish context based on a large data set covering SMEs in various industries. Keywords Small and medium-sized enterprises, Cash conversion cycle, Working capital management, Firm profitability Paper type Research paper

Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over the 2008-2011 period. Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to analyse cross-sectional panel data covering 13,797 SMEs operating in four industries. Findings – The study provides empirical evidence that CCC significantly affects profitability. In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm profitability. These findings imply that managers could increase firm profitability by improving their working capital management. Research limitations/implications – The present study is limited to a sample of Swedish SMEs in four industries; further research could examine the generalizability of these findings to other countries and industries. Practical implications – Improved working capital policy could improve firm profitability by reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders. Originality/value – The present study contributes to the literature by employing a SUR model to analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge, this is the first empirical study to address this issue in the Swedish context based on a large data set covering SMEs in various industries. Keywords Small and medium-sized enterprises, Cash conversion cycle, Working capital management, Firm profitability Paper type Research paper

Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over the 2008-2011 period. Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to analyse cross-sectional panel data covering 13,797 SMEs operating in four industries. Findings – The study provides empirical evidence that CCC significantly affects profitability. In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm profitability. These findings imply that managers could increase firm profitability by improving their working capital management. Research limitations/implications – The present study is limited to a sample of Swedish SMEs in four industries; further research could examine the generalizability of these findings to other countries and industries. Practical implications – Improved working capital policy could improve firm profitability by reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders. Originality/value – The present study contributes to the literature by employing a SUR model to analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge, this is the first empirical study to address this issue in the Swedish context based on a large data set covering SMEs in various industries. Keywords Small and medium-sized enterprises, Cash conversion cycle, Working capital management, Firm profitability Paper type Research paper

Organizations increasingly rely on information technology (IT) to improve performance. Yet, there is debate about the pay-off of the IT revolution, and empirical evidence suggests that investments in IT do not guarantee enhanced performance. Drawing from accounting, marketing, management and information technology literature, this study uses structural equation modeling to assess the extent to which managerial use of IT is intertwined with control issues including learning routines (internal and external), product quality, cost improvement, customer satisfaction and firm profitability. The conceptual framework builds on knowledge- and resource-based views and return on quality perspectives. The results indicate support for the theoretical framework. Extent of managerial IT use influences internal and external learning routines that influence quality and cost improvement. Quality improvement significantly impacts customer satisfaction and cost improvement that significantly impact firm profitability. The non-hypothesized paths are not significant, indicating that learning routines, quality improvement, cost improvement and customer satisfaction are intervening variables between extent of managerial IT use and firm profitability. Further, the sample is split into two industry subgroups, durable and nondurable goods subgroups, and the two-group analysis reveals that industry moderates the relationship among the variables under study. The effects are in general more pronounced for durable goods firms., Validerad; 2013; Bibliografisk uppgift: Special issue: On the relations between modern IT, decision making and management control; 20130321 (andersn)

Organizations increasingly rely on information technology (IT) to improve performance. Yet, there is debate about the pay-off of the IT revolution, and empirical evidence suggests that investments in IT do not guarantee enhanced performance. Drawing from accounting, marketing, management and information technology literature, this study uses structural equation modeling to assess the extent to which managerial use of IT is intertwined with control issues including learning routines (internal and external), product quality, cost improvement, customer satisfaction and firm profitability. The conceptual framework builds on knowledge- and resource-based views and return on quality perspectives. The results indicate support for the theoretical framework. Extent of managerial IT use influences internal and external learning routines that influence quality and cost improvement. Quality improvement significantly impacts customer satisfaction and cost improvement that significantly impact firm profitability. The non-hypothesized paths are not significant, indicating that learning routines, quality improvement, cost improvement and customer satisfaction are intervening variables between extent of managerial IT use and firm profitability. Further, the sample is split into two industry subgroups, durable and nondurable goods subgroups, and the two-group analysis reveals that industry moderates the relationship among the variables under study. The effects are in general more pronounced for durable goods firms., Validerad; 2013; Bibliografisk uppgift: Special issue: On the relations between modern IT, decision making and management control; 20130321 (andersn)

This paper investigates the determinants of profitability of Australian tax entities using data for 91 different industries over the period 1991/ 92 to 1996/97. A simple oligopoly model is augmented with lagged profitability to allow for persistence of profitability shocks. The Wansbeek-Bekker estimator is used to control for endogeneity of this lagged dependent variable, whilst simultaneously controlling for observed and unobserved entity heterogeneity. Aggregate results suggest that profitability in the previous year, capital intensity, and barriers to entry have the expected positive association with current profitability. Market share - and to a lesser extent concentration - have a U shaped relationship with profitability. © Springer-Verlag 2005.

En la línea de otros trabajos, en esta investigación tratamos de analizar cuál es la importancia relativa del conjunto de factores industriales (efecto sector) frente al conjunto de características internas de las empresas (efecto empresa) en la determinación de la rentabilidad empresarial. Para ello, realizamos un análisis de componentes de la varianza, con el objetivo de confirmar o refutar los resultados obtenidos por los estudios previos, utilizando un conjunto distinto de empresas con datos más actualizados sobre su rentabilidad. En concreto, nuestra muestra está compuesta por 679 empresas manufactureras de la Comunidad Valenciana, de las que se dispone de datos sobre su rentabilidad durante cinco años (1994-1998), de forma que el análisis estadístico se aplica sobre 3395 observaciones., Along the lines of other works, this research tries to analyse which is the relative weight of the set of industrial factors (industry effect) compared to that of the set of firm internal resources (firm effect) as regards the determination of firm profitability. With that aim, we have carried out a variance components analysis that should verify or refute the results obtained in previous studies, by using a different group of enterprises with more up-to-date information about their profitability. More precisely, our sample is formed by 679 Valencian Community-based manufacturing firms, for which we have profitability data corresponding to the 1994-1998 five-year period, meaning that the statistical analysis is applied to 3395 observations.

En la línea de otros trabajos, en esta investigación tratamos de analizar cuál es la importancia relativa del conjunto de factores industriales (efecto sector) frente al conjunto de características internas de las empresas (efecto empresa) en la determinación de la rentabilidad empresarial. Para ello, realizamos un análisis de componentes de la varianza, con el objetivo de confirmar o refutar los resultados obtenidos por los estudios previos, utilizando un conjunto distinto de empresas con datos más actualizados sobre su rentabilidad. En concreto, nuestra muestra está compuesta por 679 empresas manufactureras de la Comunidad Valenciana, de las que se dispone de datos sobre su rentabilidad durante cinco años (1994-1998), de forma que el análisis estadístico se aplica sobre 3395 observaciones., Along the lines of other works, this research tries to analyse which is the relative weight of the set of industrial factors (industry effect) compared to that of the set of firm internal resources (firm effect) as regards the determination of firm profitability. With that aim, we have carried out a variance components analysis that should verify or refute the results obtained in previous studies, by using a different group of enterprises with more up-to-date information about their profitability. More precisely, our sample is formed by 679 Valencian Community-based manufacturing firms, for which we have profitability data corresponding to the 1994-1998 five-year period, meaning that the statistical analysis is applied to 3395 observations.

This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable than their single-bank peers. We investigate this empirical implication using a data set containing virtually all Norwegian publicly listed firms for the period 1979-1995. We find that profitability is substantially higher if firms maintain only a single bank relationship. We also find that firms replacing a single bank relationship are on average smaller and younger than firms not replacing a single bank relationship.

For decades achieving enduring profitability through customer loyalty has been the central thrust of service management research and marketing endeavors. Yet the actual interrelationships and drivers of the loyalty – profitability chain are quite unexplored, and literature yields contradictory findings. The purpose of this thesis is to analyze the impact of customer loyalty on profitability metrics and the role of communication and price dynamics in this relationship. Using a quantitative-based research design, this study tests the direct effects among the loyalty – profitability chain and three moderating variables with survey data from customers in a high-contact service setting. The empirical results show that both dimensions of customer loyalty, attitudinal and behavioral loyalty, have no effect on customers’ basic spending. However, there is a positive impact on additional service spending and tipping behavior to some extent. In addition, the moderating roles of customer engagement (CE), communication quality, and perceived price-quality ratio are partly supported. This thesis decisively contributes to the understanding of profitable customer loyalty and emphasizes the importance of communication and price factors in service industries. Implications for theory and management are derived and directions for future research are sketched., submitted by Theresa Schönherr, Masterarbeit University of Innsbruck 2019

For decades achieving enduring profitability through customer loyalty has been the central thrust of service management research and marketing endeavors. Yet the actual interrelationships and drivers of the loyalty – profitability chain are quite unexplored, and literature yields contradictory findings. The purpose of this thesis is to analyze the impact of customer loyalty on profitability metrics and the role of communication and price dynamics in this relationship. Using a quantitative-based research design, this study tests the direct effects among the loyalty – profitability chain and three moderating variables with survey data from customers in a high-contact service setting. The empirical results show that both dimensions of customer loyalty, attitudinal and behavioral loyalty, have no effect on customers’ basic spending. However, there is a positive impact on additional service spending and tipping behavior to some extent. In addition, the moderating roles of customer engagement (CE), communication quality, and perceived price-quality ratio are partly supported. This thesis decisively contributes to the understanding of profitable customer loyalty and emphasizes the importance of communication and price factors in service industries. Implications for theory and management are derived and directions for future research are sketched., submitted by Theresa Schönherr, Masterarbeit University of Innsbruck 2019