HAnken school of economics annual report 2010
CONTENT 3 HANKEN In brief 4
6 Hanken School of Economics – The only stand-alone business school in Finland 10 Fundraising Hanken 100 12 More and more people honing their skills thanks to Hanken’s executive education 14 An attractive international business degree 16 Research at Hanken making more of an impact internationally 18 Selection of promoted articles 2010 20 Statistics for the 2010 financial year 22 Hanken’s organisation chart 24 Financial statements 26 Decision-making bodies
publisher e d i to r i n c h e i f p h oto g r a p h s
p r i n t e d by edition
Hanken School of Economics Jens Alderin Hans Hed, Hannu Sääskilahti, Matias Uusikylä, Leif Rosas, Hankens arkiv Edita Helsinki, 2011 700 ISSN 1239-8276
An innovative environment for first-class research and dynamic education hanken in brief 2010
Hanken School of Economics, known as Hanken, is a leading internationally accredited business school located in Finland. Hanken was founded more than one hundred years ago, making it one of the oldest business schools in the Nordic region. These days Hanken is a business school with clearly defined strengths in the following areas: finance and statistics, management and organisation, intellectual property law, and service and relationship marketing.
key figures Founded in Helsinki 1909 Campus also in Vaasa since 1980 Research and teaching in Swedish and English in five different departments Accredited by EQUIS since 2000 Hanken MBA-programme accredited by AMBA since 2008 Degrees awarded Doctor of Science Master of Science Bachelor of Science
12 203 188
Students BSc and MSc students Doctoral students
2 178 158
International student mobility Hanken students abroad International students at Hanken
Executive Education Number of Executive Education courses Number of participants in Executive Education
71 2 111
Staff Training and research staff Support staff
Hanken is a research-intensive business school and all study programmes provided on all academic levels are research-based. Hanken is a business school with an international focus and somewhere that internationalisation and multilingualism are increasingly permeating all areas of activity. Hanken offers academic degrees at all levels and executive education on two campuses. So that we can maintain the practical relevance of all activities, our contacts in the business world are key to our operation. A strong commitment to the international research community ensures the quality of our research. Within the study programmes it offers the School has a long tradition of both internal and external internationalisation, with an extensive network of partner universities for student exchange, a nationally high proportion of international degree students and an increasing element of internationalisation among the researchers and teaching staff. The Schoolâ€™s deliberate choice to operate as an independent business school, like that of many internationally leading business schools, involves challenges but at the same time allows the flexibility to adapt activities quickly to the increasing international competition within research and education and to the challenges that growing interaction with the business community places on the School. In this respect Hanken is unique in Finland. Hanken became an internationally accredited business school (EQUIS) in 2000 and its MBA programmes were accredited in 2008 by the international Association of MBAs (AMBA). In 2007 Hanken was the first business school in Finland to sign up to PRME, the internationally agreed Principles for Responsible Management Education (www.unprme.org).
Rector’s summary A new Universities Act came into force in Finland in 2010. For the Hanken School of Economics, this change resulted in a new governance model, a stronger financial base and greater financial freedom in terms of the ownership of assets. The new governance model did not lead to a major upheaval at Hanken. We already had external representation on the Board and many organisational structures remain in place or are similar to the old ones. The University Council replaces the Election Council. The Council is responsible for appointing the Board of the School and each year decides whether the Board can be discharged from liability. The Board is now headed by an external chair, Doctor of Economics Björn Wahlroos, and the proportion of external members has increased to 40 per cent. The rector is no longer a member of the Board. A governance model of this type is familiar to me from the positions I’ve held in the business world, before I took on the role of rector at the beginning of August last year. I consider a strong board to be an extremely valuable source of support to operations. The new Board’s first acts included reviewing Hanken’s strategy. The cornerstones of the strategy are embodied by the vision of a research-intensive, independent and international business school interacting with the world of business. Hanken’s financial position improved dramatically in 2010. This was due to the State giving the School shares in the property investment company Helsingfors Universitetsfastigheter Ab corresponding to the value of the buildings in which Hanken operates (with an accounting value of 6.8 million euro). Hanken also received just over 2.5 million euro in capitalisation funds from the State. The successful fundraising campaign made the largest contribution. By the end of 2010 Hanken had collected just over 12.7 million euro. The State matched this sum by granting Hanken just under 31.8 million euro in accordance with the
unique opportunity for all qualified donations received by 30 June 2011 to be matched at a coefficient of 2.5. The campaign is naturally still underway. It is only the annual return on fundraising funds that can be used for additional investments. Hanken’s Board has appointed an investment committee and tasked its members to manage the investments. Quality efforts during the year included Hanken beginning the process to achieve the American AACSB accreditation, as well as the work to renew the EQUIS accreditation which the School first acquired in 2000. Publication scholarships were set up as an incentive for having articles published in top journals. A process to review the career structure of the researchers with a view to adding more tenure track posts to Hanken’s tenure track system, the first in Finland when it was introduced in 2005, was also begun during the year. The year was also distinguished by active and successful work to guarantee sufficient international exchange places for the next academic year. The study period abroad became mandatory in 2009 and this will apply to the study programmes of new first year students as of the next academic year. Hanken is now the only independent business school in the country following the various university mergers in Finland. We are very grateful to all our donors and look forward to the future when we can harvest the fruits of the investments made possible by the stronger capital base.
The Mission Statement of HANKEN School of Economics The mission of HANKEN, a leading autonomous business school in northern Europe, is to advance new knowledge in business and society »» through research and teaching activities which are characterised by academic excellence and corporate world relevance, »» through a programme portfolio that is targeted to an international student body simultaneously safeguarding Hanken’s statutory responsibility for educating business graduates that are fluent in Swedish, »» through current research-based management education that fosters analytical and critical thinking as well as managerial competencies, and »» through executive education and life-long learning that have a profound impact on management practice. »» In fulfilling its mission, HANKEN fosters values of openness, social responsibility, integrity and high quality in all activities.
The Vision Statement of Hanken School of Economics HANKEN is an acknowledged research-intensive business school with a distinctive profile in research and education. HANKEN is well known for its international orientation, its creation of new knowledge, its internationally competitive graduates and its close interaction with the global academic and business communities.
The only stand-alone business school in Finland
Hanken School of Economics – the only stand-alone business school in Finland The year 2010 was in many ways the beginning of a new era for Hanken. On January 1, 2010, Hanken remained the only stand-alone business school in Finland, and all Hanken’s activities as well as its economy now comply with the new University Act that came into force that same day. In August, Professor Eva Liljeblom began her term as rector as she succeeded Marianne Stenius who held the position for 16 years. Later Professors Eero Vaara and Karen Spens took up their posts as vice-rectors. Professor Sören Kock continued as vice-rector responsible for the Vaasa Campus. This new position in the Finnish university world is the starting point for a new strategy - “Hanken 2020”. The strategy was approved by Hanken’s board in March and is in line with Hanken’s ambition to be one of Northern Europe’s leading business schools with a strong emphasis on internationalisation. The year will be primarily remembered of successful fundraising. New Rector and Vice-Rectors On August 1, 2010, Professor Eva Liljeblom began her five-year term as rector for Hanken. Professor Liljeblom’s area of research is Finance. Her active contacts to the business world include board membership for Stockmann department stores Limited, the Fennia Group and state-owned Municipality Finance. Professor Liljeblom also chairs the board for VER’s (The State Pension Fund) Investment Consultative Committee. On January 10, 2010, Hanken’s Board appointed Professors Eero Vaara and Sören Kock as vice-rectors for a three-year mandate from January 11, 2010 to January 31, 2013. As vice-rector, Eero Vaara, professor of Management and Organisation, is
responsible for research at Hanken. Sören Kock, with a professorship in Entreneurship, Management and Organisation, is responsible for the Vaasa Campus. Karen Spens, professor of Supply Chain Management and Corporate Geography, began her term as new vice-rector on 1 August, 2010. She is responsible for education at Hanken.
New Appointments Annika Vatanen was appointed Director of the Hanken MBA programme in February 2010. She has previously worked at Hanken’s Department of Management and Organization. Alongside her research work, Annika Vatanen has worked in the business community developing leadership and teamwork as well as self-leadership. Annika Vatanen has both worked and conducted research in China, Australia, Hong Kong and Brussels. In March, Saku Mantere, 35, was appointed Professor of Management and Organisation, where he has been Acting Professor since 2006. Saku Mantere’s research is concerned with strategies and how various enterprises implement strategies. Saku Mantere has won international recognition very early in his career, publishing articles in the leading international journals of management. He is also author or co-author of several monographs and book chapters. Professor Mantere holds commissions of trust within several international academic associations; he is also a board member for the Aalto University. In December, Pontus Troberg, 57, was appointed Professor of Accounting. Professor Troberg is an expert in international accounting with extensive international experience and excellent contacts to the business world. He has been much
appreciated as a teacher within Hanken’s executive education programme for financial analysists, CEFA/CIIA.
Hanken – continued environmental awareness Hanken is aware of its responsibility as Alma Mater of future leaders in the business world; a large part of this responsibility entails creating and maintaining an awareness regarding sustainable development and corporate responsibility among Hanken students. During 2010 Hanken continued the drive for implementing the UN Principles for Responsible Management Education (PRME). Hanken joined the PRME-programme in 2008 and was one of the first universities in the world to publish its second PRME report. In accordance with its environmental awareness plan, Hanken had signed a Green Office agreement with WWF in the autumn of 2009, and in October of 2010 Hanken was awarded the right to use the Green Office label. Reducing the use of paper with 10% and a reduction of 5% in electricity consumption are among Hanken’s environmental goals for 2011.
The Principles for Responsible Management Education are evident in Hanken’s teaching and research. Hanken offers an English-language study module on Corporate Responsibility, while many distinguished researchers in gender studies work within the department for Management and Organization. The HUMLOG Institute, which Hanken founded together with the National Defence University, is located at Hanken. The Institute conducts research and education in humanitarian logistics.
Hanken’s alumni – a valued and valuable network Hanken prides itself on its successful and long-standing contacts to its alumni, who number 12000 in over 60 countries. Many of these alumni have contributed to the HANKEN 100 fundraising campaign. The international alumni meeting in Brussels in May and Hankendagen - Alumni Homecoming Day - in Vaasa in October were the highlights of 2010. Hanken arranged an international alumni event in Brussels on Friday May 14th 2010. The programme included a tour of the European Parliament hosted by MEP Calle Haglund, a seminar
MBA manager Annika Vatanen
Professor Saku Mantere
with interesting speakers and a festive dinner in the evening. The event can be called a true expatriate gathering since Hanken alumni living in Belgium, the Netherlands, Germany, France, Norway and Finland met up for the event. In Vaasa, Alumni Homecoming Day was arranged in October to coincide with the 30th anniversary celebration of the Vaasa unit. The Vaasa campus was also the venue for two other alumni seminars in 2010. Alumni were also invited to some ten other seminars at Hanken, including a Focus Forum on the future of the EMU. The Alumni Network (hankenalumni.fi) saw its numbers increase by 233 members, bringing the total number of members to 2966 at the end of the year. Four issues of the Alumni magazine, Hanken, were published. The magazine reaches 8.700 alumni.
Quality assurance – an ongoing process In September of 2010, Rector Liljeblom appointed a quality council to prepare an action plan for Hanken’s quality improvement work, as well as to co-ordinate national and international projects in accreditation, auditing and evaluation. The council is also to draw up a policy proposal regarding the school’s participation in international rankings. Rector Emerita Marianne Stenius, Dean of International Affairs, is president of the quality council. In 2010 Hanken initiated the process to be awarded the North American AACSB accreditation in order to obtain a so-called triple crown. The term triple crown term is used when a business school has been accredited by the three largest and most important Business school accreditation associations AACSB, AMBA and EQUIS. AACSB had approved Hankens’
Professor Pontus Troberg
Eligibility Application in 2009. From 2000 on, Hanken has been accredited by EQUIS, and since 2008 by AMBA. During the course of 2010, Hanken worked to reach the goals set by these accreditations. Hanken developing and increasing contacts with the world of business The successful fundraising campaign HANKEN 100 has been a major venture for Hanken and is an excellent foundation for greater contact with the business world. The campaign, which reached its monetary goal of 10 million euro as early as September 2010, had gained 650 donors and collected 12.9 million euro by the end of the year. A natural development of the collaboration with the business world has been to establish a partnership programme between companies and Hanken. The structure of Hanken’s partnership programme was planned and decided in 2010 with the programme being launched at the start of 2011. A partner company gains the opportunity for its staff to develop their skills and for the company to contact students and recruitment services, in addition to acquiring a visible profile within Hanken’s network. The partner company is offered products and services at two different levels, Hanken Premium Partner or Hanken Partner, according to the needs of the company. Hanken’s students are also offered contact with the business community through Hanken’s careers service Ekonomforum; this service forms a natural link between students and businesses, helping students to plan their career and search for a job. Ekonomforum manages, among other things, its own international internship programme that provides students with internship placements outside Finland and an internship programme for Hanken’s international students.
Hankenambassdor Carl Haglund adresses Hanken alumni in Brussels
Fundraising HANKEN 100 Hanken’s fundraising campaign HANKEN 100 completed its second year at the end of 2010 with a total of almost 12.9 million in donations. In September the campaign had managed to achieve its original goal of 10 million Euros and to exceed it by close to 30 percent. As the 12.7 million qualified for the first round of the State’s matching scheme, the actual campaign proceeds now total almost 45 million Euros. During 2010, 560 donors contributed to the campaign, raising the total number of donors to 650. Hanken’s alumni continued to be the largest group of donors – close to 90 percent of the 2010 donors were Hanken alumni. Campaign success in 2010 In 2010 the Hanken Centenary Endowment Fund received donations for almost 8,6 million Euro, bringing the total amount of donations to the Fund since its inception in March 2009 to almost 12,9 million Euro. At the beginning of September the Fund received its largest single donation to date with the Erling-Persson Family Foundation’s donation of 2.5 million Euros. Thanks to this donation, HANKEN 100 achieved and exceeded its goal almost a year and a half ahead of time. Strong alumni interest in fundraising In 2010 the Hanken Alumni Challenge also achieved its goal of 500 000 Euros. In October 2009, one of Hanken’s alumni anonymously pledged to personally match alumni donations Euro for Euro, up to 500 000 Euros. Combined with the State’s matching scheme - where 1 donated Euro yields 2,5 euros -
each euro donated via the Alumni Challenge yielded seven euros for Hanken. 12.7 million Euros in donations had been paid to the Fund by 31 December 2010, and thus qualified for the State’s matching scheme. The remaining 200,000 Euros together with the 2011 donations qualify for the second round of the matching scheme. The State’s matching funding for donations to universities was extended in the autumn of 2010 with another six months, until 30 June 2011. During the year Hanken alumni were the largest group of donators, as close to 90 per
Facts about the HANKEN 100 fundraising campaign »» Launched 26 March 2009 in connection with Hanken’s Centenary Celebration »» The goal of the three-year campaign has been to raise 10 million Euros. All donations to the Hanken Centenary Endowment Fund before 30 June 2011 qualify for the State’s matching scheme where every donated Euro is matched by 2.5 Euros. »» All returns from the donated funds and those matched by the State shall be used to strengthen Hanken’s position as an international business school, with a strategic focus on recruiting teachers and researchers internationally, unique scholarships for students to the world’s leading business schools and universities, and internationally competitive research. This includes joint research with the corporate world, e.g. focusing on Russia and family enterprise. »» HANKEN 100 conclusively strengthens Hanken’s economy and gives Hanken the opportunity, as a stand-alone business school, to continue to offer internationally competitive education in the economic sciences in both Swedish and English.
Campaign committee chair Björn Wahlroos
The Campaign Committee In 2010 the campaign was led by Rector Marianne Stenius, and from August on by the new Rector Eva Liljeblom; the campaign leadership works in close co - operation with the external campaign committee and the internal steering group.
Committee members Chair
Björn Wahlroos, Chairman Sampo Plc Magnus Bargum, CEO Algol Ltd Kaj-Gustaf Bergh, CEO Konstsamfundet
90 per cent of donations originated from alumni
Berndt Brunow, Chairman Fazer Ltd Ilkka Brotherus, CEO Sinituote Ltd Alexander Ehrnrooth, CEO Virala Ltd
cent of the donations originating from them. During 2010 The Hanken Centenary Endowment Fund received donations totaling 6000 Euros from two donors. Earmarked donations to the Endowment Fund do not qualify for the State’s matching scheme. Future focuses on internationalisation In 2010, all donations were transferred to Hanken’s equity. From 2011 on, Hanken’s Board allocates the returns. The funds are to be used in accordance with Hanken’s strategy: to strengthen Hanken’s position as an international business school. In October 2010, Board Member Jannica Fagerholm (Managing Director of the Signe and Ane Gyllenberg Foundation) was appointed president of an investment committee which is supervised by the Board and responsible for the administration of the donations made.
Björn Hartman, CEO Hartman Ltd Erik Hartwall, board memeber Hartwall Capital Ltd Satu Huber, CEO Eläke-Tapiola Plc Ole Johansson, CEO Wärtsilä Plc Eva Liljeblom, Rector Hanken School of Economics Mikael Lilius, Chairman Huhtamäki Plc Sixten Nyman, CEO KPMG Finland Ltd Catharina Stackelberg, CEO Marketing Clinic Ltd Henry Wiklund, Chamber Counsellor
Steering group members Ingmar Björkman, Professor Management and Organisation Christina Dalhblom, CEO Hanken & SSE Christian Grönroos, Professor Marketing Johan Knif, Professor Finance Camilla Sågbom, Director External Relations
EXECUTIVE EDUCATION »» Hanken MBA »» Hanken & SSE Executive Education »» Hanken Executive Education Vasa »» CEFA/CIIA Certified EFFAS Financial Analyst
More and more people honing their skills thanks to Hanken’s executive education Hanken offers a wide selection of leadership programmes covering everything from the two-year MBA programme to open and tailored courses for the business community. There was a great deal of interest in the personal development form of executive education in the form of MBAs and the international financial analyst exam (CEFA/CIIA) in 2010. There was also considerable demand for open and tailored courses for companies that are offered via Hanken & SSE Executive Education as well as the executive education unit in Vasa. The new company Hanken & SSE Education experienced strong growth Hanken & SSE Executive Education, which stems from the strategic alliance begun in 2005 with the Stockholm School of Economics, was founded in January 2010. The new company Hanken & SSE Executive Education is part of the international IFL Executive Education – the network with representatives in Stockholm, Oslo, Riga, Moscow and St Petersburg. 2010 was a year of strong growth for Hanken & SSE Executive Education. All the places on the consortium programmes Controller Per-
formance Programme and Growth Accelerator Programme were fully subscribed. The Leadership 2020 project made an in-depth study of the leadership of tomorrow, resulting in both interesting research data and new leadership programmes. New, more uniform provision of executive education In November 2010 the other leadership courses and executive education at Hanken were reorganised to become Hanken Lifelong Learning. Interest in leadership education rose steadily in 2010. The AMBA accredited MBA programme has seen an increase in numbers and all places on the MBA13 programme were filled, with 30 participants from seven countries. The CEFA/CIIA financial analyst exam, which is only offered by Hanken in Finland, was also very popular with 22 participants. For Hanken Executive Education Vasa, 2010 was a year of growth in which 120 per cent more training days were arranged to satisfy the needs of the business world compared with the previous year. The courses available include tailored corporate training as well as publicly financed projects and development programmes. The collaboration with Österbotten’s Centres for Economic Development, Transport and the Environment resulted in two new programmes for SMEs (small and medium-sized companies) within marketing and financial management. A total of 2,111 people took part in Hanken’s executive education. During the year a total of 52 short and 19 long (more than five days) executive education programmes were organised. Sales of executive education at Hanken amounted to 3.317 million euro, of which Hanken & SSE Executive Education accounted for 64 per cent. This performance indicates that Hanken has achieved a high level of success with its executive education during the global economic recession.
Businessday in Vaasa
Science and society face to face at the Vasa campus’ 30-year anniversary event Business Day in Vasa Creativity, diversified thinking and responsibility are qualities needed by the economists of tomorrow. That was just one of the opinions expressed by the four industrialists who visited Hanken’s Vasa campus in November. They told the students about the current and future industrial situation in the region and Finland as a whole. The four speakers were Wärtsilä’s CEO Ole Johansson, Mapromec’s MD and Kust-Österbotten’s employers’ chairman Caj-Erik Karp, Nokian Panimo’s owner Henrik Andersin and Snellman’s marketing director Peter Fagerholm. Around 120 students attended the event. Sport and leadership go hand in hand A seminar on sport and economics at Hanken in Vasa at the beginning of December also demonstrated that sport is important to both the image of Finland and the country’s economy as a whole. Hanken ambassador Roger Talermo, chairman of the Finnish Olympic Committee and one of the keynote speakers at the seminar, emphasised that sport in itself is not a business but there is always a business and leadership component built into sport. Hankenambassador Roger Talermo
An attractive international business degree Hanken offers students an international environment, where academic excellence, innovative educational methods and contacts to the corporate community meet. Research is the foundation of all teaching at Hanken, while close ties to the corporate community are maintained through projects and guest lecturers. Interest in the field of economic study increased In 2010, interest in studying at Hanken increased again. In the spring of 2010, 892 students applied for admission to the five-year integrated BSc and MSc programme. Applications increased at both the Helsinki and Vaasa campuses, more markedly in Vaasa. 160 students are admitted at the Helsinki
BSc, MSc AND PhD MAJORS Accounting Commercial Law Economics Entrepreneurship, Management and Organisation Finance Information Systems Science Management and Organisation Marketing Statistics Supply Chain Management and Corporate Geography
campus, while the Vaasa campus admits 60. Focus on student counselling continues After the exceptional years 2008 and 2009, the amount of graduates was back to normal, but focus on issues concerning student flow and success continued. In 2010, special focus was placed on counseling of students moving from Bachelor’s level to Master’s level. This included i.e. individual student counseling when applying for the BSc diploma, and a going-over of the MSc students’ personal study plans as well as student guidance in specific major- subject groups. A strong increase in Hanken’s partner universities with focus on Asia Hanken’s Integrated Bachelor and Master programme includes a semester abroad. Hanken has actively expanded its network of partner universities worldwide in order to offer students a selection that is both extensive and of a high quality. At the end of 2010, Hanken had 95 partner universities in 36 countries. During 2010, special focus was placed on Asia, with new partnership agreements in China, Hong Kong, South Korea and Taiwan. Some of these include visits by guest researchers as well as adjunct and continuous professorships. This extended network has seen an increase in the amount of exchange students at both Hanken’s Helsinki and Vaasa campuses, contributing to a richer and more diverse study environment. Seven English-language Master’s Degree Programmes Hanken offers seven two-year Master’s Degree Programmes in English, two at the Vaasa Campus and five at the Helsinki Campus. The programmes attracts students the world over; the International Management Programme, for instance, has students from 8 countries. 46 percent of all the students in these programmes have an international background.
The selection of English-language Master’s Degree Programmes at Hanken underwent some changes in 2010. A new Englishlanguage Master’s Degree Programme in Economics is now offered at the Helsinki Campus. The Programme is offered together with Hanken’s partners within HECER (the Helsinki Center of Economic Research). HECER consists of the Departments of Economics at the University of Helsinki, the Aalto University School of Economics and Hanken School of Economics. The HECER cooperation makes it possible to offer students a wide range of high-quality tuition. The Vaasa Campus Computational Finance Programme was renamed and is now known, more comprehensively and descriptively as the Quantitative Finance Programme.
Colleges and Universities
Number of Countries
Europe incl. Russia
North & South America asiA
Centralised application system yields good results Hanken has used the application system known as University Admissions Finland (UAF) for the first time. UAF is a consortium established by nine Finnish universities. UAF maintains the electronic application system for English-language Master’s Degree Programmes. The system also functions as a service centre were applications are first processed. The results of this co-operation with UAF have been good.
World map showing Hanken’s exchange network. Hanken has exchange agreements with universities and colleges in the countries marked with a darker colour.
Research at Hanken making more of an impact internationally Hanken is a research-intensive business school and the aim is for all study programmes provided on all academic levels to be research-based. The School has four clearly defined academic strengths: finance and statistics, management and organisation, intellectual property law, and service and relationship marketing. The Schoolâ€™s professors and a large number of lecturers who are active researchers guarantee that the latest research findings are continually integrated into the teaching. The research usually takes place in large international researcher groups in collaboration with the business world. The School endeavours to create new knowledge for a global audience. More publications and greater researcher mobility In 2010 academic research at Hanken was the subject of greater visibility and international attention. The number of scientific articles published grew for the third year in a row to a total of 258 articles, of which 86 were published in internationally renowned journals. The number of articles in such publications increased by 25 per cent on the previous year, while researcher mobility at Hanken doubled. This shows that research at the School is being recognised internationally to an even greater extent. Researcher mobility at Hanken has for some time been higher than at other universities in Finland. It is worth noting that
Hanken also received research funds from the EU when Adi Weidenfeld began a two-year research project in October as the recipient of a Marie Curie Intra European Postdoctoral Fellowship at the Vasa campus. In order to further promote international publication, Hanken has introduced a system of awards which was implemented for the first time in 2010. The awards cover research doctors, uni-
versity lecturers, professors and doctoral students employed by Hanken or in receipt of a scholarship from Hanken, the Hanken Foundation (or certain other foundations) when the decision to publish an article is made. A total of 21 article authors were recognised during the year. Of the articles recognised, the most influential was that by Professor Saku Mantere entitled ‘Two Strategies For Inductive Reasoning In Organizational Research’, which was published in The Academy of Management Review. Mantere wrote the article together with Professor Mikko Ketokivi from IE Business School, Madrid, Spain. Future programmes in marketing and for the manufacturing industry CERS (Centre for Relationship Marketing) at Hanken arranged the biggest seminar of the year to be held at Hanken in Helsinki. The seminar was called ‘Escape into the future’ and presented marketing methods of the future. The keynote speaker was Micael Dahlén, Professor of Marketing Communication and Consumer Behaviour at the Stockholm School of Economics, who created quite a stir with his books and articles on brands, advertising and creativity. Other speakers during the day included Oskar Korkman, Director of Insights Creation at Nokia, and Professors Christian Grönroos and Tore Strandvik from Hanken. The seminar concluded the ESCAPE project on marketing of the future financed by Tekes, the Finnish Funding Agency for Technology and Innovation. The project, which was carried out at Hanken, came up with a new approach to marketing in which the customer really is the most important person. The largest individual research project begun in 2010 at Hanken was the five-year (2010-2015) national future programme FutIS (Future Industrial Services). FutIS is, on a global scale, one of the largest individual research and development programmes for the application of service logic within industry. The programme’s ambitious goal is to help the metal and engineering industry to switch focus from a goods and production centred operating model to a service centred operating model. The programme, which has been allocated research funds of 39.3 million euro, is administered at Hanken and is a collaboration between several Finnish universities, research institutions, Tekes and companies under the strategic centre FIMECC Ab (Finnish Metals and Engineering Competence Cluster).
Hanken’s research appreciated by businesses too Hanken’s strategy states that we are a research-intensive business school with a close relationship to the business world. Many research projects are financed externally and run by research networks where companies also have a presence, although without neglecting the basic research carried out at Hanken. The rapid growth of business-related research in recent years shows that Hanken’s expertise is highly sought after within the business community. There were 12 large research projects in 2010 that were financed by the business world and non-governmental organisations. A total of 54 different companies and five non-governmental organisations were involved in these projects. Some of the companies took part in more than one project. The result of more research being financed by external organisations will become obvious as greater numbers of articles are published in the next few years.
AREAS OF STRENGTH Finance and Statistics Management and Organisation Intellectual Property Law Service and Relationship Marketing
Selection of promoted articles in 2010 In total the Rector of Hanken promoted 25 articles by 21 articel writers for internationally acclaimed articles. For an article to be promoted it must receive an impactfactor of at least 1,0 acccording to rules of the Journal Citation Reprort of the Institute of Science Information of WEB of Science. Below the articles that had an impactafctor of 5 or higher: DURAND, R. and VAARA, E., 2009. Causation, counterfactuals, and competitive advantage. Strategic Management Journal, 30(12), pp. 1245. FEY, C.F., MORGULIS-YAKUSHEV, S., PARK, H.J. and BJORKMAN, I., 2008. Opening the black box of the relationship between HRM practices and firm performance: A comparison of MNE subsidiaries in the USA, Finland, and Russia. Journal of International Business Studies, 40(4), pp. 690-712. KETOKIVI, M. and MANTERE, S., 2010. Two Strategies For Inductive Reasoning In Organizational Research. Academy of Management. The Academy of Management Review, 35(2), pp. 315-333. VAARA, E. and MONIN, P., 2010. A Recursive Perspective on Discursive Legitimation and Organizational Action in Mergers and Acquisitions. Organization Science, 21(1), pp. 3-22,307308. VAARA, E., SORSA, V. and PÄLLI, P., 2010. On the force potential of strategy texts: a critical discourse analysis of a strategic plan and its power effects in a city organization. Organization, 17(6), pp. 685.
Professor Eero Vaara
Scientific articles awarded prizes increase the School’s international profile and promote young talent according to Vice-Rector Eero Vaara The award system is important and useful to Hanken in many respects. It is a symbolic incentive for the research that is vital to us. The system helps us to focus on our expertise and promote a strong profile. These days all relevant research is global by nature, and this is one way of drawing attention to it. Naturally we feel a sense of responsibility for our Finnish journals, but even there we would like to put the content in an international context. The award system is an excellent way of promoting young researchers and helping them in their careers. It’s a question of developing our culture and building our self-confidence at Hanken; in other words we want to actively take on the challenge of publishing articles in the leading journals. And we are doing that to an ever greater extent. I personally believe that it is a good idea as the Vice-Rector responsible for research to lead by example, but there are also others at Hanken who do just that. The fact that I received awards for six articles in 2010 is probably quite unusual. It’s important to remember that the publishing process takes many years and goes in waves. What’s more, you need to have several irons in the fire at the same time. “As far as I’m concerned, working together with several other authors has been the recipe for my success. It feels natural and sensible to work on larger projects and in groups over a longer period of time. We often complement each other, and the approach becomes cross-disciplinary allowing young and more qualified researchers to learn from one another. That you end up with a more clearly structured schedule, plus better quality control, are also some of the benefits.”
Large research projects at Hanken 2010 The project name
Main Source of Finance
The role of boards and management teams
Management and Organisation
Management and Organisation
Catharina von Koskull
Management and Organisation
Relief supply chain management
Management and Organisation
How are companies surviving a financial crisis
Management and Organisation
Göran Collert Stiftelse
The Global Leadership Challenge CinSIn Stratmark III BIG II HRM in multinational companies
NASTA Future of Retail Banking
A b ov e a r e l i s t e d t h o s e p roj e c t s at H a n k en t h at h av e a b u d g e t o f at l e a s t 3 0 0 0 0 0 eu ro a n d h av e b e g u n . T h e l i s t i n g i s b a s e d o n H a n k en ’s tota l s h a r e o f t h e fi n a n c es i n a p roj e c t ( n ot t h e a m o u n t o f a p roj e c t’s tota l budget).
Statistics for the 2010 Financial Year
Number of applicants and number of accepted and enrolled students Applicants
Integrated BSc and MSc programmes in Swedish Supplementary admission to the Master’s level of the integrated programme Master’s programmes in Swedish
Master’s programmes in English *
Supplementary admission to the Master’s level of the integrated programme
Integrated BSc and MSc programmes in Swedish
Master’s programmes in Swedish
Master’s programmes in English *
Enrolled Integrated BSc and MSc programmes in Swedish Supplementary admission to the Master’s level of the integrated programme Master’s programmes in Swedish Master’s programmes in English * Totalt
Number of students enrolled on 20 September 2010 Enrolled Integrated BSc and MSc programmes in Swedish Master’s programmes in English Master’s programmes in Swedish Total BSc and MSc students Doctoral students Total enrolments
* The requirement of completing a GMAT or GRE test before applying has varied between 2008-2010. Therefore the applicant numbers are not directly comparable.
Statistics for the 2010 Financial Year
Degrees awarded in 2010 PHD Finance Management and Organisation
Information Systems Science
Supply Chain Management and Corporate Geography
BSc and MSc programmes in Swedish Master’s programmes in Swedish (two-year programmes) Master’s programmes in English (two-year programmes) Total
HANKEN’S ORGANISATION chart
Hanken’s organisation chart From 1 January 2010
Hankenâ€™s personnel Faculty and Staff
Assistant professors, lecturers
Research assistants, teaching assistants, PhD students
Academic faculty total Library personnel
Other administrative staff and service personnel
Assisting staff in teaching and research
Academic Faculty and Staff Total
FULL-TIME EQUIVALENT (FTE)
Income and expenditure statement (EUR)
Ordinary Activities Income Grants and benefits
1 208 791,73
Income of commercial activity
1 409 920,87
2 745 959,88
5 364 672,48
Expenses Staff costs Depreciation and reduction in value Other operating expenses Expenses, total
- 13 108 311,25 - 155 657,59 - 6 824 086,51 - 20 088 055,35
Fundraising Income Fundraising Transferred to Hanken equity
11 217 137,09 - 11 217 137,09
Financial activities Income Income from participating interests Interest income Other financial income
2 944,26 113 439,56 0,00
Expenses Interests Other financial expenses Income, total
2 676,52 0,00 - 14 609 675,57
Extraordinary Items Extraordinary expenses
- 383 167,42
Public grant Public grant
Profit/loss for the financial period
14 737 000,00
- 255 842,99
Income and expenditure statement FOR 2010 First statement according to the Accounting Ordinance. No comparison to previous years is to be presented due to the university reform 2010.
BAlance sheet (EUR)
ASSETS Non-current assets Intangible assets Software
Tangible assets Inventories etc.
Investments Shares and holdings Selffinancing funds Assets total
7 258 683,74 56 566,55 7 469 772,09
Current assets Long-term financial receivables Current financial receivables Sales receivables
Adjusting entries for assets Current financial receivables Cash and bank
300 141,56 20 730 325,02 28 200 097,11
EQUITY AND LIABILITIES Equity Endowment Equity
19 067 642,67
Other equity Working capital Retained earnings Profit/ loss of the year
6 291 092,24 - 255 842,99 25 161 628,86
Liabilities Non-current liabilities Current liabilities Advances received Payables Other liabilities Adjusting entries for liabilities
1 024 938,72 507 341,01 1 506 188,52 0,00 3 038 468,25
Total equity and liabilities
28 200 097,11 25
Decision-making bodies Hanken’s board Chair
Chair, Björn Wahlroos (external)
Chair, Berndt Brunow (external)
Bo-Christer Björk Hans Christer Blomqvist
CEO, Jannica Fagerholm (external)
Professor, Johan Knif
ICT Coordinator, Kicka Lindroos
Professor, Veronica Liljander
Entrepreneur, Inger Roos (external)
Lecturer, Sylvi Soramäki-Karlsson Professor, Rune Stenbacka
Lecturers, Associate professors, and other staff
Student Mikko Toukkari 8.4.2010 –
Student Pontus Westerback 1.1.2010 – 8.4.2010
Liisa Husu Alexandra Ohls Martin Nilson-Väre
Rector, Professor Eva Liljeblom Vice-Rector, Professor Sören Kock
Vice-Rector, Professor Karen Spens
Vice-rector, Professor Eero Vaara
Research Director, Maj-Britt Hedvall
Director of Adminstration, Mauno Lindroos
Director of External Relations, Camilla Sågbom
Director of Office of Study Affairs, Tove Ahlskog-Pursiainen
The Academic Council Chair
Rector, Eva Liljeblom
Vice-Rector, Sören Kock
Prefekter Professor, Tom Berglund Professor, Ingmar Björkman Professor, Bo-Göran Ekholm Professor, Maria Holmlund-Rytkönen Professor, Anders Löflund Representatives of the professors at the School Professor, Christian Grönroos Professor, Sören Kock Representatives of lecturers, associate professors and other staff Lecturer, Susanna Taimitarha Representative of the language centre Lecturer, Sirpa Sipola Student representatives Cecilia Gundersby Jannika Österberg
Alumni Council 2010 Chair
CEO, Sixten Nyman CEO, Anna Häggblom Seniorpartner och Chair, Staffan Kurtén Student, Christopher Langinauer Bankdirector, Monica Mickos Vice CEO, CFO, Dag Sandås Human resources manager, Mia Varjovaara
HELSINKI ARKAADIANKATU 22, P.O. Box 479, 00101 Helsinki, Finland tel +358 (0) 9 431 331, Fax +358 (0) 9 431 33 333 VAASA Kauppapuistikko 2, P.O. Box 287, 65101 Vaasa, Finland tel +358 (0)6 3533 700, Fax +358 (0)6 3533 703 firstname.lastname@example.org hanken.fi