Oulu Business School Annual Report 2017

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Oulu Business School

Annual Report 2017


PHOTO: MIKKO TÖRMÄNEN

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OULU BUSINESS SCHOOL

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WRITERS IN OULU BUSINESS SCHOOL ANNUAL REPORT 2017

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Content

Managing Editor: Marja Larivaara | Editorial Assistant: Marja Alatalo | Texts: Petri Ahokangas, Marja Alatalo, Andrew Conlin, Sharmin Farah, Lauri Haapanen, Niklas Harki, Jan Hermes, Marko Juntunen, Juha-Pekka Kallunki, Antti Kauppila, Udgum Khadka, Sonja Mehtälä, Sinikka Moilanen, Satu Nätti, Sari Perätalo, Mikko Pesonen, Minna Pikkarainen, Mikko Puhakka, Saila Saraniemi, Veikko Seppänen, Sauli Sohlo, Rauli Svento, Juha Tuunainen, Minna Törmälä, Pauliina Ulkuniemi, Xiaotian Zhang | Translation & Language Revision: Semantix Finland Oy | Cover: Mikko Törmänen | Photographs: Marja Alatalo, Rami Hanafi / Rami Hanafi Photography, Lauri Hannus, Timo Heikkala / Studio Timo Heikkala, Pirjo Jaukkuri, O.W. Kinnunen / Studio P.S.V., Henri Luoma / Henri Luoma Photography, Juha Sarkkinen / Studio Juha Sarkkinen, Antti Suistola,

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Oulu Business School

Milestones

A Word From the Dean

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AACSB Accreditation

Harri Tarvainen, Mikko Törmänen / Mikko Törmänen Photography, Studio Ilpo Okkonen Oy, Studio P.S.V., Oulu Business School and University of Oulu | Layout: Siberia

Nordic Spirit – International Heart

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Management and Organization

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Key Facts

Education

Exchange Studies

Finanssi – The Association of Oulu Business School Students

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Research

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Alumni

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Martti Ahtisaari Institute of Global Business and Economics


Oulu Business School

Our students can choose from diverse study programmes. They can become top experts in business and economics by earning a bachelor’s, master’s, or doctoral degree, or strengthen their professional expertise gained in working life — in English or Finnish. The international flavour of OBS is also evident in the Martti Ahtisaari Institute, with its focus on global business and economy as well as the challenges posed by advancing sustainable and responsible business.

Oulu Business School is a young and dynamic community, but our success is grounded in decades of experience: economic sciences have been taught at the University of Oulu since 1959. Full degrees in economics and business administration have been in the study portfolio since 1991, and in 2000 the Faculty of Economics and Business Administration was established as an independent unit. In 2010, we changed our name to Oulu Business School to better match our mission and focus on business studies. For OBS, the first decade of the century was a time when we saw significant growth and met ever-higher quality criteria. It is with the same forward-looking pioneer spirit, and positive and active attitude, that we will face future challenges.

OULU BUSINESS SCHOOL

Oulu Business School (OBS) at the University of Oulu is an international research and educational institute for business and economics. The high quality of our research and education has been acknowledged with the esteemed AACSB accreditation, earned by only 5% of the world’s business schools. We are based in Oulu, the lively capital of Northern Scandinavia and home to the multidisciplinary University of Oulu. Oulu Business School collaborates with local businesses and the larger society.

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Oulu Business School’s Important Milestones founded.

1959 Professorship in

Economics established. Students graduate with Bachelor of Science in Philosophy degree.

1980 First Bachelor of Social

1992 Associate Professorship

in Marketing established, followed by a full professorship in 1994.

2000 Faculty of Economics and Business Administration established at the University of Oulu.

Science degree in Economics.

2001 Degree program in

1984 Associate Professorship

2002 Degree program in

established in Business Economics in the field of development and management of business.

1991 Professorship in

Corporate Economics and Business in the field of accounting established.

Logistics established.

Management and Organization launched.

2007 International Business

becomes the latest degree program in Oulu Business School.

2008 Martti Ahtisaari Institute of Global Business and Economics established within Oulu Business School.

2012 Martti Ahtisaari

International Doctoral Program launched

2013 Oulu Business School to earn AACSB Accreditation.

2014 April 2014 – Official

AACSB Accrediation Recognition Ceremony. Launch of the new Bachelor Programme.

2017 Decision on OBS

organizational restructuring. Disciplinebased departments to be merged into larger research units: the Department of Marketing, Management and International business, the Department of Economics, Accounting and Finance, and the Martti Ahtisaari Institute.

2015 Renewal of the

international Master’s programmes.

2016 Implementation of the

University’s new strategy into the Business School plan.

OULU BUSINESS SCHOOL

1958 University of Oulu

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Our Vision As part of the University of Oulu, we aspire to be an international, multidisciplinary, research-based business school.

Our Mission

PHOTO: MIKKO TĂ–RMĂ„NEN

Our Values In all our activities we follow the fundamental values of expertise, responsibility to ourselves and others, and a pioneering spirit.

OULU BUSINESS SCHOOL

We generate business competencies in cooperation with the scientific community, business partners and larger society. We strive to develop expertise, and foster the development of leadership qualities in our students. Through our actions and global mindset, we participate in the development of the economy, especially in Northern Finland.


A WORD FROM THE D E A N

PHOTO: STUDIO P.S.V.

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From the Dean

Change is often frightening, but in this case it provides an opportunity to improve our practices and ways of ‘doing business’. Given the skills, enthusiasm, and professionalism of our support staff, I expect that we will easily survive the transformation. With larger academic units, we will be able to streamline our teaching activities and perhaps, even more importantly, we will be able to improve the quality of our research. Being a rather small school, we need to encourage interdisciplinary research and are already showing some signs of success in this endeavour. During 2017, we did a stellar job in education. Our students continue to progress well in their studies, which is evidence of a well-designed programme portfolio and successful study guidance. We have also seen an increase in the number or internships among our undergraduate students. We will continue

to develop the use of digital tools in our teaching, both individually and in collaboration with other national universities. Cooperation and teaching around the theme of responsible business are also becoming more prominent. One example of this is our partnership with the Globally Responsible Leadership Initiative (GRLI). Last year, Dr. Anne Keränen was appointed GRLI Guardian, with the task of supporting the activities of the network and taking part in the organisation’s development. We sharpened the foci in our research activities. We have also seen new openings for interdisciplinary research cooperation, and have achieved external research funding for research projects across borders and research disciplines. We were successful in achieving funding for our EU Horizon 2020 projects and in our internal strategic funding within the University of Oulu, and secured substantial funding from the Strategic Research Council of the Academy of Finland for the BCDC Energy research project. Furthermore, last year we welcomed Professor Minna Pikkarainen to the Business School. She holds the position of Joint Research Professor of Connected Health with VTT Technical Research Centre of Finland Ltd in the Martti Ahtisaari Institute. The Dean of the Oulu Business School changed during 2017. Professor Petri Sahlström resigned as Dean in the summer, having served in the position

since 2011. Professor Pauliina Ulkuniemi was Dean of Education during the same period until the end of 2017. My thanks to Petri and Pauliina for charting a steady course for our School. During 2018, we will see through our organisational change, revising the School’s vision and mission to better reflect our more ambitious goals and objectives. In fact, I can see many exciting opportunities for our Business School in the near future. We are one of the most northernmost business schools in the world. A greater emphasis on the Northern Dimension is clearly set to continue in the European Union, Russia, Norway, Iceland and the United States. This is bound to create exciting new opportunities for economic development, cooperation and business in the not too distant future. I would like to thank our faculty, staff and students for their input to the Oulu Business School. The support of our alumni, friends and the surrounding community is much appreciated. Any success we achieve belongs to us all. Mikko Puhakka Dean

A WORD FROM THE D E A N

The year 2017 was characterised by restructuring in the University of Oulu and the Oulu Business School. Educational support functions were moved into a centralised unit, Academic Affairs. This will require adaptation from our side, particularly from our students. Our Business School decided to restructure its organisational units. We formerly had five departments for the various disciplines, and the Martti Ahtisaari Institute. From the beginning of 2018, we will have three departments: Marketing, Management and International Business; Economics, Accounting and Finance, and the Martti Ahtisaari Institute.

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SPRING 2010 Full member of AACSB

SUMMER 2011 Eligibility

FALL 2011 Mentor appointed

FALL 2012 SAP (Standards Alignment Plan) submitted

FALL 2012 SAP accepted

WINTER 2012 PRT Chair appointed

SPRING 2013 SER (Self Evaluation Report) submitted

FALL 2013 PRT (Peer Review Team) visit


The “two values” of Accreditation

In addition to competitive aspects, the internal and external needs for continuous improvement and development present increasing pressures to engage, innovate and make a positive impact. The good thing about this is, that if you look around our University Campus, the interactive buzz seen every day along the one-kilometer-long main corridor, in our dozen or so cafes, and in restaurants, discussion cubicles and study rooms is awesome. For this generation, engagement is what you are born with, and we education providers should encourage and support it. Innovations that have an impact – this often happens here. Let’s take an example.

So what is the role and value of accreditation in such endeavors? Put simply, gaining AACSB accreditation provides you with legitimacy in the international markets – something that would be difficult to achieve without the quality recognition. It would be very hard to attract talented students as an unaccredited educator. Secondly, accreditation enhances your status and credentials. We have really have noticed this in Oulu, where we have ever-increasing numbers of applicants of growing quality from near and far. Furthermore, the accreditation process and renewal cycles of five years are powerful development tools in themselves,

NOVEMBER 2013 Oulu Business School granted AACSB International Accreditation

APRIL 2014 Official Recognition Ceremony at AACSB ICAM, Singapore

SUMMER & FALL 2014 Work on continuous improvement objectives

YEAR 2015 Renewal of the International Master’s Programmes

providing everyone in the school with a well thoughtout framework for continuous improvement. Sauli Sohlo Deputy Director of Martti Ahtisaari Institute Head of Accreditation, Oulu Business School at the University of Oulu

YEAR 2016 Implementing New Faculty Qualifications Framework

YEAR 2017 Enhancing our Engagement, Innovation and Impact

A AC S B ACCREDITATION

One of our Business School students, who was already an expert in software and coding before his university studies, decided to study with us thinking, “Well, I already know about coding, so why not study the business side of ICT”. While studying, engagements with software and ICT students during courses, in cafés and during his free time led to a new, big idea. Our student adopted the personal mission of finding jobs for coders who had become good friends. A company was born which is now, a few years later, genuinely providing jobs: to be precise, jobs for more than 200 experts, solving customers’ problems with digital solutions. How’s that for an impact?

PHOTO: STUDIO TIMO HEIKKALA OY

All of us who operate in the world of “the Business of Business Schools” recognize various pressures to develop and compete, in order to meet the multiple expectations of our stakeholders. To succeed in competitive markets, we must be able to build and strengthen our legitimacy, status and reputation. In our increasingly globalized business education markets, this means being perceived as an attractive and valued education provider both locally (in the northern half of Finland in the University of Oulu’s case) and across continents. As you know, it is our current and prospective students, colleagues, supporters and stakeholders who will finally determine our standing in the marketplace.

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OBS Management

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Professor Petri Sahlström (until 31.7.2017) / Professor Mikko Puhakka, The Dean of Oulu Business School

DEAN Council

Professor Pauliina Ulkuniemi, The Vice Dean for Education

SUPPORT Staff

The following are chairs of their departments: Professor Janne Järvinen, Department of Accounting Professor Mikko Puhakka (until 31.7.2018) / Professor Marko Korhonen Department of Economics

Marketing

Management & International Business

Accounting

Finance

Economics

Martti Ahtisaari Institute of Global Business and Economics

Professor Tuija Mainela, Department of Management and International Business Professor Jari Juga, Department of Marketing Professor Veikko Seppänen, Director of the Martti Ahtisaari Institute

Institute Research Groups and Educational Programmes: Energy Economics, Futuralis, Innovation Appropriability and Appropriation, SHARP, Sustainable Corporate Governance, EMBA, Master of Safety, Entrepreneurship Minor The organizational structure of Oulu Business School will change 1.1.2018. Previous departments will merge into larger research units: Department of Marketing, Management and International business; Department of Economics, Accounting and Finance; Martti Ahtisaari Institute.

OULU BUSINESS SCHOOL

Professor Jukka Perttunen, Department of Finance


Oulu Business School Key Facts 2017 FINANCIAL DATA (in Euros)

DISTRIBUTION OF FUNDING 2016

6 638 180

2016

2017 72 %

6 036 454

75 % 2017

External funding Academy of Finland

694 843

8%

7%

Other income (0%)

445 187

6%

Business activities (MBA, eMBA) (5%)

551 947

Other income (1%) Business activities (MBA, eMBA) (5%)

777 518

8%

European Union

59 047

0,6 %

59 710

0,7 %

Private companies (1%)

Structural funds

291 814

3%

330 769

4%

Other public (1%)

Other public (1%)

Foundation

68 630

1%

9 153

0%

Municipality

55 056

1%

78 898

1%

Municipality (1%)

Municipality (1%)

Other public

96 657

1%

94 134

1%

Foundation (1%)

Foundation (0%)

Private companies

46 045

1%

12 026

0%

446 439

5%

384 293

5%

20 553

0%

45 425

1%

Tekes

Business activities (MBA, eMBA) Other income

Structural funds (3%) European Union (0,6%) Tekes (8%)

8 047 998

Academy of Finland 8%)

Changes in funding reflect modifications to the national university funding model and to temporary strategic funding, as well as the restructuring of university support services.

Budgetary state funding (72%)

Total funding

9 194 783

Operating costs Staff expenses

6 193 720

73 %

5 486 848

73 %

Other expenses

2 018 738

24 %

1 844 423

25 %

4 359

0,1 %

7 868

0,1 %

219 596

3%

167 337

2%

Depreciation Internal items Total operating costs Surplus/(deficit)

8 436 413

7 506 476

758 369

541 522

Private companies (0%)

72%

75%

Structural funds (4%) European Union (0,7%) Tekes (6%) Academy of Finland (7%) Budgetary state funding (75%)

OULU BUSINESS SCHOOL K E Y FAC T S

Budgetary state funding

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100

14

80 60 FACULTY & STAFF

FACULTY & STAFF Professors

2012

2013

2014

2015

2016

2017

16

16

15

14

17

19

Teaching and research

70

81

72

74

74

68

Other

28

25

18

22

23

10

Total

114

122

105

110

114

97

40 100 2080 060 40

EDUCATION ACTIVITIES 2012

2013

2014

2015

2016

2017

Applications /accepted Bachelor's and Master's programmes (BSc + MSc)

2003/200

Finnish Master's Programmes (MSc)

142/41

171/30

201/30

55/10

65/11

93/10

International Master's Programmes (MSc)

401/55

392/53

435/67

730/111

738/115

477/103

2049/190 2382/190 2643/190 2531/180

2692/180

3000 20 2500 0

2000

2012

2013

2014

2015

2016

2017

1500 Professors Teaching and research 3000 1000 Other 2500 500

Degrees Bachelor of Science

159

127

173

247

224

214

Master of Science

238

175

207

182

228

214

Doctor of Science

4

4

12

8

9

7

2000

0 DEGREE DISTRIBUTION 1500

500 200

RESEARCH* ACTIVITIES 2012

2013

2014

2015

2016

2017

Scientific articles (refereed)

46

45

35

45

47

48

Other scientific publications (refereed)**

48

45

38

22

43

22

Activities in scientific publications***

50

73

45

55

50

43

Other publications

38

31

22

43

50

67

Scientific presentations

44

80

35

37

25

19

Activities related to scientific conferences

20

20

7

17

8

13

*Figures are based on the Oulun yliopisto tutkii database **Includes refereed scientific conference papers and compliances ***Includes referee tasks, member of the editorial board, Editor

150

0

100 250 50 200 0 150

2012

2013

100 Bachelor of Science Master of Science Doctor of Science 50 0

2014

2015

2016

2017

OULU BUSINESS SCHOOL K E Y FAC T S

250 1000


60 40

15

20

APPLICATIONS TO BACHELOR’S AND 0 MASTER’S PROGRAMMES 3000

STUDENTS IN 2017 NEW STUDENTS ADMITTED 190

into Bachelor’s and Master’s Degree Programmes

2500

103

International Master’s Degree students

2000

15

Doctoral students

1500

2382

2643

2531

2692

0

2049

500

2003

1000

2012

2013

2014

2015

2016

2017

Applications 250 200

100

Faculty of Humanities

189

14 %

50 Faculty of Education

200

15 %

Oulu Business School

214

16 %

Faculty of Science

113

8%

Faculty of Technology

279

21 %

Faculty of Medicine

200

15 %

Faculty of Biochemistry and Molecular Medicine

16

1%

Faculty of Information Technology and Electrical Engineering

121

9%

0

Total

1 332

Faculty of Information Technology and Electrical Engineering (9%)

Faculty of Humanities (14%)

Faculty of Biochemistry and Molecular Medicine (1%)

Faculty of Medicine (15%)

Faculty of Education (15%)

Faculty of Technology (21%)

Oulu Business School (16%)

Faculty of Science (8%)

OULU BUSINESS SCHOOL K E Y FAC T S

DISTRIBUTION OF MASTER OF SCIENCE DEGREES 150


Education


Education in Oulu Business School

Bachelor of Science (B.Sc.) in Economics and Business Administration Master of Science (M.Sc.) in Economics and Business Administration Doctor of Science (D.Sc.) in Economics and Business Administration

Along with the five international master´s degree programs (Finance, Financial and Management Accounting, International Business Management, Economics, Marketing), OBS has strengthened its position as an international, university-level business educator. It has become the most significant provider of courses and degree programs taught in English in the University of Oulu.

Our students continue to progress well in their studies

E D U C AT I O N IN OULU BUSINESS SCHOOL

Oulu Business School students are offered studies in five different majors; Accounting, Economics, Finance, International Business Management and Marketing. Studies in Oulu Business School lead to following degrees:

Executive MBA and Master of Safety programs are also offered

PHOTO: RAMI HANAFI

OULU BUSINESS SCHOOL is responsible for developing the knowledge and competence of its students, and for equipping them to meet the criteria required of future leaders at home and abroad. Learning experience, where theoretical knowledge can be applied in actual business environments, is emphasized in the curriculum. OBS caters for the needs of its students by providing personal tutors to guide the preparation of personal study plans.

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DEGREE PROGRAM PORTFOLIO BACHELOR’S PROGRAMME Economics and Business Administration

MASTER’S PROGRAMMES Accounting

NATIONAL ONLINE MINOR STUDIES MODULE IN BUSINESS During 2017 Oulu Business School has actively participated in a national cooperation piloting a new online minor study package called LITO. Starting from 2017, a module consisting of eight basic business courses is offered online freely for university students in other fields in Finland. The module is organized together with nine other universities in Finland and funded by the Finnish Government.

Economics Finance International Business Management Marketing

DOCTORAL PROGRAMME Accounting Economics Finance International Business Management Marketing

MBA & EXECUTIVE EDUCATION

PHOTO: RAMI HANAFI

Executive MBA

ENTREPRENEURSHIP MINOR

EMBA in Safety Management

Entrepreneurship minor studies

Master of Safety TM

are offered for all University of Oulu

Client Specific Executive Education

students.

Programmes

E D U C AT I O N IN OULU BUSINESS SCHOOL

BASIC BUSINESS STUDIES –


Looking back on 2017 and the Oulu Business School’s accomplishments in education, a key development areas was continuous advances in modern teaching and learning methods. Digital tools provide opportunities for improving the learning experience and using contact teaching in the most valuable way possible, in support of learning. Enabling students to engage with the teacher, the learning material and other students forms the basis of a modern learning experience. OBS has developed teaching methods that move from traditional one-way communication, with the teacher presenting and the students passively listening, towards contact teaching in which the students actively participate in discussions. This has involved methods such as the use of digital services in lectures, where the teacher poses a question to which students respond via their mobile devices. For example, digital learning materials can be used to advance students’ engagement with their learning materials. Access to e-books and scientific articles online enable students to use material flexibly when and where they want.

In OBS, we have also continued to use and explore new learning platforms to facilitate student engagement. Finally, collaborative learning methods have been emphasized in order to advance students’ engagement with each other. To support this, we have developed an online working space that can be used on all courses involving group work assignments. The workspace provides learning resources for students to enhance their group work and leadership skills, while describing some of the principles of group work. As the last assignment of my journey as Education Dean of the Oulu Business School during 2014–2017, I am delighted to be able to say that, during 2017, our continuous efforts in providing high-quality education have paid off in a number of ways. More importantly, the idea of continuous improvement has been deeply embedded in our everyday work in education. This provides us with a solid foundation for making future progress in our educational activities. Pauliina Ulkuniemi Vice Dean for Education

Digital tools provide opportunities to improve the learning experience

E D U C AT I O N IN OULU BUSINESS SCHOOL

A Message from the Vice Dean for Education

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Our Bachelor’s Programme is a generalized, interdisciplinary programme that is based on a balance of studies from different disciplines (economics, international business management, finance, accounting and marketing). In addition, the programme includes basic-level academic studies like mathematics, statistics, language, and communications studies. There is one optional minor included that can be, for example, in business law; mathematics and statistics; languages and communication skills; industrial engineering; or entrepreneurship, to mention but a few possibilities that our multi-disciplinary university has to offer to our students. After graduating from the generalized Bachelor’s Programme, students continue to the Master’s Programme with a chosen specialization.

thinking and oral and written communication skills appropriate to everyday business situations. In addition, we have given special emphasis to giving our students an understanding of the fundamentals of international business.

In an AACSB accredited business school like ours and in all of our programmes, we must be able to prove that real learning happens according to the learning goals defined. In our Bachelor’s Programme we have to ensure that our graduates have knowledge across a variety of business disciplines and that they demonstrate knowledge of different business processes and key functions of organization. They have to demonstrate analytical

Satu Nätti Oulu Business School Bachelor’s Programme Director PHOTO: MIKKO TÖRMÄNEN

Continuous improvement is one of our core values and in the future, we consider it crucial to maintain and improve the high quality of our educational processes. This includes further development of pedagogical methods, programme management, student tutoring and digitalization in education, just to mention a few examples. Developing an everdeeper connection to local business life is one way to contribute to regional development, which is also part of our mission.

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E D U C AT I O N IN OULU BUSINESS SCHOOL

Bachelor of Science (BSc) in Economics and Business Administration


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1st YEAR

2nd YEAR

ANALYTICAL SKILLS, 25 ects.:

• Orientation to Studies, 3 ects • Statistics and Mathematics, 12 ects

LANGUAGE AND COMMUNICATION STUDIES 20 ects: • Finnish and Swedish, 9 ects • Optional Language Studies, 11 ects

ONE MINOR SUBJECT, 25 ects.

PHOTO: RAMI HANAFI

INTRODUCTION TO BUSINESS STUDIES, 30 ects.: • • • • • •

Introductory Economics Contract and Company Law Principals of Marketing Organisations and Management Bookkeeping and Financial Reporting Financial Markets

BUSINESS PROCESSES, 30 ects. • • • • • •

Strategic Management Practices in Marketing Financial Decisions Management Accounting Investment Decisions Company Project OR Intership

• • • • •

Finnish Economy and Economic Policy Distribution and Retail Management Monetary Economics Financial Statement Analysis Portfolio Theory

BACHELOR’S THESIS, 10 ects.

GLOBAL PERSPECTIVES, 25 ects. • Global Economics • Internationalisation • Management Control • Managing Multinationals • Strategic Marketing Management

E D U C AT I O N IN OULU BUSINESS SCHOOL

COMPULSORY STUDIES, 15 ects.:

3rd YEAR


E D U C AT I O N IN OULU BUSINESS SCHOOL

PHOTO: MIKKO TÖRMÄNEN

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Outside of the classroom, financial services continue to go digital: most banking and investment needs are handled online. It was time for the OBS course Portfolio Theory to do the same. In spring 2017 I switched the course from the traditional format of lectures, mid-term, and final exam to 100% online content and assessment. There were a few hiccups at the outset, but the students and I stuck with it and we all learned a lot by the end of the course. The course lecture notes still looked rather traditional at first glance. The fun but challenging part was making short videos for many of the individual slides of the notes. In lectures, students’ body language tells so much; it is easy to tell if students understand the material, are confused, or just bored. Even though the individual videos were quite short, recording them without seeing any student reaction was challenging. Throughout the process of recording, I was constantly wondering how the students would react to, and if they would learn from, the videos.

I also replaced the old mid-term and final exam with weekly assignments, a few short quizzes, and a final project. Students completed the detailed assignments in a spreadsheet, and then answered multiple-choice questions online so I could verify their progress. We also held streaming chat sessions, where I would answer students’ questions and even give technical help with using a spreadsheet (“live screen capture” works great!). The course is much better in this online format. The students can review the material as much as necessary to learn the theoretical and conceptual parts of the course. The assignments give students hands-on practice with data handling and forming portfolios of stocks. The final project ties everything together, using both quantitative problems and essay questions. I am very happy to have put the course online. Based on the students’ feedback, they are happy, too. Andrew Conlin Postdoctoral Researcher

Weekly assignments give students hands-on practice with data handling and forming portfolios of stocks. E D U C AT I O N IN OULU BUSINESS SCHOOL

Portfolio Theory goes online

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MSc (Economics and Business Administration)

MSc (Economics and Business Administration)

MSc (Economics and Business Administration)

in Accounting

in Economics

in Finance

The Master Programme in Financial and Management Accounting provides a master’s degree of a high international standard and is ideal for applicants with a background in business studies, social sciences, education, natural sciences, mathematics or engineering. During the programme, the students develop proficiency in the analysis of accounting information, for the needs both of a company’s internal decision-making and of the investors. Course modules reflect a recent trend in accounting towards the adoption of international financial reporting system and the growing need for management control and accounting of internationalised firms. Graduates have acquired the skills and knowledge needed in working for leading multinational corporations, audit firms or financial services industry. The programme also provides students with a solid foundation for further scientific research.

Oulu Business School’s Master’s programme in Economics is a two-year program offering expertise in a wide range of specializations in economics. Rigorous theoretical and empirical studies in the programme incorporate the latest research. The studies are comprised of microand macroeconomics, quantitative methods and elective field specific courses such as international macroeconomics, environmental economics, industrial organization and regional economics. Students also have the opportunity to specialize in energy or finance related studies. The programme gives students hands-on experience in developing economic models and using econometric methods to perform economic and financial analysis.

The Master’s Programme in Finance focuses on understanding the financial markets and financial market participants. Students will develop the skills necessary to analyze the interactions between the markets and participants. The program provides a strong foundation in the theoretical and empirical tools of modern finance. Topics covered include asset pricing, corporate finance, portfolio management and risk management. The approach is analytical and methodologically oriented. Students gain special insight into the areas of individual investor behavior and the management of alternative assets. The program provides students with the knowledge and skills required to work in specialist and executive positions in the financial sector. The quantitative nature of the program ideally suits those who have studied business, economics, natural sciences or engineering. The program also gives a good basis for further academic studies at the postgraduate level.

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E D U C AT I O N IN OULU BUSINESS SCHOOL

Master of Science (MSc) in Economics and Business Administration


MSc (Economics and Business Administration)

MSc (Economics and Business Administration)

in International Business Management

in Marketing

Through its focus on the challenging and complex international organizational settings and organizing contexts including multitude of actors and activities the International Business Management education brings knowledge on proactive, innovative and collaborative practices that facilitate development of strong sustainable businesses and prospering areas in the globalized world. It concentrates on complexities in international for-profit companies and non-profit organizations, their relationships, wider business networks, or economic areas, such as states and nations. The critical realistic and social constructivist understanding of the phenomena is crucial for the social, economic, and ecological sustainability of business and organizational life. The mainstream approaches focus on large corporations, stress mainly the economic values, and overlook the relatedness of social and economic actions. This has resulted in lack of understanding of the integrated world that is a core interest of the International Business Management programme. Readiness to manage these issues is increased through the International Business Management education.

Marketing as research at the Oulu Business School studies markets, including exchange of value, longterm customer and partner relationships, and factors influencing the functioning of markets. Marketing education develops expertise in the fundamentals of marketing, such as campaign design or branding. Moreover, students can familiarize themselves in organizational buying behavior, logistics and digitalization of business within changing global markets. Marketing practice has a strategic nature and hence marketing education gives students capabilities to succeed in strategic management also at international level. Our professional focus lies in customer and network relationship management, but marketing education in the Oulu Business School equips students also with abilities to enter into doctoral education and to apply scientific knowledge in the practice of marketing at any organization.

We strive to develop expertise, and foster the development of leadership qualities in our students.

E D U C AT I O N IN OULU BUSINESS SCHOOL

PHOTO: MIKKO TĂ–RMĂ„NEN

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Executive MBA: Co-creation for the future

Reaching our alumni seemed a task in itself, since our first graduation ceremony dates back to 1991. Although not quite everyone responded, the level of interest in co-working with us was surprising – once a student, always an alumnus, whatever management position a person may hold. Together with our alumni, we took steps to refine our present offering by piloting Globally Responsible Business – a hands-on course on what responsibility is all about. The response was highly enthusiastic. It was clear that the topic touched a chord with our alumni. We enrolled a high number of them to engage in the deeper exploration of a subject which is essential in today’s business life, but would hardly have been chosen as an optional course in the nineties, let alone the eighties.

We also asked our alumni to work together with the researchers of the University of Oulu in the commercialization of the research results. Knowledge of various application domains and business development is vital in the early stages of start-ups, especially for a team of researchers who have generated innovative results but may have no business expertise. Cooperation in this regard with both our Executive MBA program alumni and students has presented the university with a unique opportunity.

Once a student, always an alumnus.

Although the anniversary year of togetherness and the celebration of Finland’s independence have come to an end, we have retained an active group of alumni and students with whom we can join forces. The sky is the limit for the outcomes of the cocreation teams formed. Antti Kauppila Programme Director Executive Education PHOTO: JUHA SARKKINEN

One of the themes of the festivities marking Finland’s one hundredth anniversary of its independence in 2017 was “Together”. We put this theme into action in Executive Education and Executive MBA programs, inviting our alumni to work together with us.

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E D U C AT I O N IN OULU BUSINESS SCHOOL

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Success in Thesis Competition

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The thesis competition was a great experience that made Harki realize the quality of theses being written in Finland, as well as the contemporary and future-orientated nature of the topics chosen by

students today. Harki would encourage students to choose a thesis topic that is of interest to them, in order to benefit from their hard work afterwards. “I have used my own thesis in my work, was granted a scholarship by Oulun Kauppaklubi, and even won a place in Miltton’s Thesis Competition!” says Harki.

“I’m certain that online videos will feature, in a number of ways, during my two year communications and responsibility trainee program at Lidl Suomi.” Niklas Harki MSc in Economics and Business Administration

E D U C AT I O N IN OULU BUSINESS SCHOOL

Harki’s thesis “Utilizing online video to lead an organizational culture in the digitalized world of the information age” describes how online video provides an opportunity to transform documents with meaningless words, faceless decisions, and impersonal and general messages into stories that can make an organization believe in its common vision. The results of the study show that online video ecosystems and using online video are not something that can be detached from the true values of an organization, but build on its culture and present opportunities to further embrace and reinforce shared artefacts, values and assumptions.

PHOTO: LAURI HANNUS

Niklas Harki, a graduate of Oulu Business School in the field of International Business Management, was among five finalists chosen to participate in the Miltton Thesis Competition 2016. This annual thesis competition searches for the most insightful and interesting Master’s thesis in the field of marketing communications. The finals were held in Helsinki on 16 January 2017. Although Harki did not win the competition, making it into the finals was a huge achievement.


Entrepreneurship studies raise interest

Entrepreneurship has drawn a great deal of attention in Finland in general, partly due to the recession in 2008 and the structural changes that followed, but also because of digitalization, social media and new business models. An allembracing entrepreneurship education strategy has been developed for North Ostrobothnia, and new business development and collaboration environments have been established. The startup culture has made entrepreneurship visible in educational institutions. Entrepreneurship requires not only skills, but also information from a range of fields. Minor studies in entrepreneurship at Oulu Business School therefore aim at multidisciplinary cooperation and creating the know-how by which future talents will recognize business potential and implement new concepts.

Entrepreneurship studies enable students to solve problems alongside companies and other organizations. Such students can both crystallize their own ideas into business activities and learn how to adopt an entrepreneurial mindset. A unique feature of the course is the learning of entrepreneurial skills through creativity and the artistic process. Few opportunities are presented for

this at university and, in particular, later in business life, despite the need for it in many fields. Students can complete either the entire 25 ECTS of the minor program, or choose their favorite courses. Sari Perätalo Entrepreneurship Minor Coordinator

E D U C AT I O N IN OULU BUSINESS SCHOOL

Studies for the Oulu Business School’s new Entrepreneurship Minor program began in the fall semester of 2017. Minor studies are open to all university students and have raised a great deal of interest among various faculties and students, ranging from freshmen to doctoral students. Almost 90 students took entrepreneurship courses during the first semester.

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Oulu Business School’s Exchange Students 80

70 60 50 40 30 20

10 80 0 70

The University of Oulu and Oulu Business School offer many different study opportunities for foreign exchange students. Within Europe, Oulu Business School has around 50 partner universities in the Erasmus exchange program and several partners outside Europe with bilateral exchange agreements. In addition, the University of Oulu offers business students many other options for study exchanges all over the world, via university level exchange agreements. In 2017, Oulu Business School made also five new exchange agreements to increase the variety of exchange opportunities. Different exchange programs and agreements allow for exchange periods of varying duration.

STUDENT EXCHANGES TREND 60 50 40 200 30 20 150 10 0 100

50 200 0 150 20

2012

2013

2014

2015

2016

2017

*2017 statistics include for the first time short exchange periods, which partly explains the significant increase in incoming students.

100 15 50 10

EXCHANGE TO OULU BUSINESS SCHOOL

0

EXCHANGE FROM OULU BUSINESS SCHOOL 5

80

20

70

0

60

15

50 40

10

30 20

5

10 0

200

150

0


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Outgoing students Incoming students

5 new international exchange agreements signed

OULU BUSINESS SCHOOL’S E XC H A N G E S T U D E N T S

Outgoing and incoming students


Finanssi – Year 2017, grow and evolve

Growth in the number of events was based on Finanssi’s mission and vision. Finanssi is part of its members’ lives from the beginning of their studies all the way to graduation and their first job. For this reason, one of Finanssi’s key focuses will be to inspire Masters students and help them at the end of their studies. Sonja Mehtälä Chairman of the Board 2017

E D U C AT I O N IN OULU BUSINESS SCHOOL

In 2017, Finanssi organized a range of annual activities for its members, even though the main focus at the beginning of the year was on developing quality rather than the number of events. Finanssi organized the highest annual number of events in its history in 2017. Most growth occurred in events that were organized together with other guilds at the University of Oulu and during visits to local companies. Collaboration events such as the Rohkeus menestyä seminar, which was organized together with Oulu Business School and Oulun Ekonomit, are an excellent example of how working together can lead to a successful result. The seminar itself drew interesting keynote speakers to share the stories behind their success.

In 2017, Finanssi organized large numbers of visits to various companies. The annual excursion to Helsinki took around 60 Finanssi students to the Finnish capital, where they visited some of the biggest and most interesting companies. This annual trip is an excellent reflection of the opportunities enjoyed by Finnish business school graduates on the job market. During the Helsinki excursion, Oulu Business School students had a wonderful opportunity to get to know Oulu Business School graduates and obtain first-hand knowledge of working life. Finanssi also organized multiple visits to local companies in Oulu in 2017. Visits to local companies are an extremely important way of learning more about local business opportunities and connecting classroom theory to actual work. For the first time in many years, one of the visits was specifically designed for international Masters students.

PHOTO: STUDIO P.S.V.

Finanssi is the association of economics and business students at Oulu Business School. The association was founded in 1991, upon the commencement of business degree education at the University of Oulu, and now has over 1,650 members. The association, also referred to as the ‘guild’, can be recognized by its very own purple colour, which adorns the guild’s ribbon and student’s overalls. The choice of purple is based on the colour once used for the Finnish mark banknote with the highest face value. Finanssi plays a major role in the daily life of its members – in both ordinary life and celebrations.

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FINANSSI KEY FACTS •

FOUNDED 1991 (Celebrated its 26th anniversary in October 2017)

Over 1600 MEMBERS currently

Almost 200 new members every year

11 people on the board

8 committees

Finanssi’s PRIVATE COMPANY FIXINDEX was established in 2014

DELIVERS four issues a year and hundreds of copies of Egonomi (Finanssi’s own guild magazine)

INTERDISCIPLINARY party: 6 times a year involving thousands of students from Oulu

ORGANIZES one of the BIGGEST business school STUDENT EVENTS in Finland (VVV-cruise with over 500 students from all around Finland) Organizes a huge 1ST OF MAY EVENT for over 500 university students

Organizes one BIG EXCURSION per year incorporating visits to some of the nation’s top companies, such as Rovio, Kone, and Accenture

DOZENS of board MEETINGS and dozens of committee meetings per year

Produces two large QUESTIONNAIRES that focus on the development of education in OBS and the services Finanssi provides for its members

PHOTO: RAMI HANAFI

Publishes a WEEKLY NEWSLETTER

E D U C AT I O N IN OULU BUSINESS SCHOOL


Research


Research at Oulu Business School MARKETING

ACCOUNTING

ECONOMICS

Research in marketing at the Oulu Business School has three focal areas. The first area is industrial marketing, the second is electronic business, and the third area is logistics and supply chain management.

Recent years have seen an increasing demand for highquality governance mechanisms in corporations covering financial reporting, management control, auditing, and executive compensation. Accounting research at the Oulu Business School covers the design of these broadly defined governance mechanisms.

The current research in Economics focuses on environmental and energy economics, regional economics, social economics, long-run economic development, and decision-making under uncertainty.

MANAGEMENT & INTERNATIONAL BUSINESS

GLOBAL BUSINESS & ECONOMY:

Research in Management and International Business at the Oulu Business School has two primary research themes: organizational entrepreneurship with international, institutional and innovation focuses, and strategic practice with focus on organization and network level dynamics and discourses.

Research at the Martti Ahtisaari Institute focuses on business dynamics, involving especially emerging business ecosystems and models in several domains. Moreover responsible management and economy are being addressed.

FINANCE

OUR MAIN RESEARCH FOCI ARE: 1.

The effects of chief executive officers’, board members’ and auditors’ traits and other personal characteristics on various corporate outcomes of their firms.

2.

Organizational entrepreneurship and strategic practices.

3.

Sustainable and efficient economic development and business.

4.

Service business from the perspective of customer experience, value formation and service network orchestration.

5.

Business dynamics, models and ecosystems, responsible management.

The discipline of Finance at the Oulu Business School is focused on two research areas: hedge funds and behavioral finance. In the hedge fund focus area, our aim is to contribute to understanding of hedge funds’ role in financial system; we study hedge fund investment performance, risk exposures and trading strategies. In the behavioral finance focus area, we study investors’ investment decisions and how nontraditional factors affect investor behavior. We add to the knowledge of investment decision making for both individual and institutional investors.

R E S E A R C H AT OULU BUSINESS SCHOOL

Oulu Business School produces high-quality and topical research knowledge both for the needs of business life and society at large. Internationally recognized and esteemed research is considered a fundamental basis of the high-quality economics and business education offered by Oulu Business School. Research is conducted in the areas of Accounting, Economics, Finance, Logistics, International Business, Management and Marketing.

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IN 2017, OBS FACULTY HAVE PUBLISHED IN A VARIETY OF SCHOLARLY JOURNALS • International Journal of Agile Systems and Management

• Journal of Environmental Planning and Management

• Accounting Education

• International Journal of Entrepreneurial Venturing

• Journal of Futures Studies

• Accounting, Auditing & Accountability Journal • Advances in Consumer Research • Analog Integrated Circuits and Signal Processing • Applied Geography • Baltic Journal of Management

• Journal of Innovation Management

• Journal of Product and Brand Management

• Technology Innovation Management Review

• Journal of Retailing and Consumer Services

• Telecommunictions policy

• International Journal of Social Economics

• Journal of Small Business and Enterprise Development

• Finnish Journal of eHealth and eWelfare

• International Review of Retail, Distribution and Consumer Research

• Journal of Workplace Learning

• International Journal of Procurement Management

• Science and Technology Studies

• International Journal of Internet Marketing and Advertising

• Financial markets and portfolio management

• Industrial Marketing Management

• Scandinavian Journal of Hospitality and Tourism, fast track

• Journal of Medical Internet Research

• Energy policy

• IEEE Transactions on Energy Conversion

• Safety Science

• International Journal of Innovation Management

• International Journal of Logistics Economics and Globalisation

• Current Issues in Tourism

PHOTO: MIKKO TÖRMÄNEN

• International Journal of Entrepreneurship and Small Business

• Journal of ICT standardization

• Management

• Journal of business & industrial marketing • Journal of Cleaner Production • Journal of Consumer Behaviour

• Journal of Service Theory and Practice

• Kansantaloudellinen aikakauskirja • Knowledge and Process Management • Learning, Culture and Social Interaction

• Society & natural resources

• The IMP Journal • The International Review of Retail, Distribution and Consumer Research • Tourism Economics • Wireless Personal Communications

R E S E A R C H AT OULU BUSINESS SCHOOL

• Academy of Management Learning & Education


OBS Doctoral Degrees

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The following students of Oulu Business School successfully defended their dissertations in 2017: Lauri Haapanen, International Business: Firms’ resource allocation between R&D and marketing in their international expansion : a functional level analysis Marko Juntunen, International Business, Business model change as a dynamic capability

Andrew Conlin, Finance, Essays on personality traits and investor behavior

Matti Koivuranta, Economics, Studies on macroeconomics and uncertainty Tiina Henttu-Aho, Accounting, The emerging practices of modern budgeting and the role of controller

PHOTO: O.W. KINNUNEN / STUDIO P.S.V.

Jenni Myllykoski, International Business, Strategic change emerging in time

R E S E A R C H AT OULU BUSINESS SCHOOL

Muhammad Anees-ur-Rehman, Marketing, How multiple strategic orientations affect the brand performance of B2B SMEs


Examples of new research funding in 2017 BC-DC

SHERLOC

CASPER

Cloud Computing as an Enabler of Large Scale Variable Distributed Energy Solutions: Bright clouds - Dark clouds 2 1.1.2018–31.12.2020 Funding: Academy of Finland, Strategic Research Council Contact person: Professor Rauli Svento

Systemic and Human Empowerment in the Revolution of Health Care 1.1.2018–31.12.2021 Funding: Eudaimonia, Strategic research project of the University of Oulu Contact person: Professor Tuija Mainela

Development of new Competitive and Sustainable Bio-Based Plastics 1.6.2018–31.5.2021 Funding: Horizon 2020 Contact person: Professor Pauliina Ulkuniemi The objective of CASPER is to validate in industrial setting the production of at least two new bio-plastics based on PHBPLA blends with improved sustainability performance. A new circular economy value chain will be generated from agro-food wastes that will be exploited for the production of PHB, while designing and validating the process up to pilot scale. Great emphasis will be on assessing technical and economic feasibility of the processes; demonstrating the biodegradability of solutions; ensuring the compliance to the market and regulatory requirements; LCA evaluation; preparing for future scale-up of the processes to achieve a preindustrial production and identification of stakeholders perceptions, attitudes and expectations towards bioplastics. The CASPER consortium has 13 partners with academic research organizations and small and large industries which cover the whole innovation, production and final use value chain.

R E S E A R C H AT OULU BUSINESS SCHOOL

The interdisciplinary BCDC Energy research project will create a research-based practical implementation for utilising decentralised energy production in an efficient way. The goal of the project is to find solutions for using varying, renewable sources of energy as extensively and cost-efficiently as possible. The project will find out how this goal can be achieved through a combination of economical market mechanisms and next-generation ICT and digital services, and weather forecasts of a new kind.

Many of the Western welfare societies are at the doorsteps of profound, even revolutionary, change of their societal systems to respond to phenomena, such as aging of population and increase of chronic illnesses. In Finland, the social welfare and health care reform is named as one of the biggest changes of the societal governance and practice. It means profound change in the organizing of the services and re-organizing of the work of hundreds of thousands of people involved in health care. The project examines the transformative organizational change processes in various multi-actor settings within health care and hospital contexts with emphasis on the empowerment of people. It combines research on organizing and strategizing in networks, entrepreneurial management, and participatory leadership with ideas derived from cultural-historical activity theory to answer the question: How can humans be empowered for transformative change of the health care system?

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INDEMAND

The Horizon 2020 inDemand project applies both demand-driven and co-creation approaches. Its model is meant to increase the capacity of health entities to identify and solve their needs, while creating opportunities for private companies. The added value of the co-creation process between healthcare organizations and IT companies is the creation of digital solutions with higher success rate in terms of market uptake. This is because they have been developed together with the client. The model will be implemented in 3 pilot regions: Murcia Region (Spain), Paris Region (France), Oulu Region (Finland). InDemand has 11 partner organisations.a

R E S E A R C H AT OULU BUSINESS SCHOOL

Demand driven co-creation for public entities 1.9.2017–31.8.2020 Funding: Horizon 2020 Contact person: Professor Minna Pikkarainen


Spicing up doctoral thesis with practical experience Marko Juntunen and Lauri Haapanen from the Martti Ahtisaari Institute’s Martti Ahtisaari International Doctoral Scholarship Program defended their doctoral dissertations in 2017. Both have a long background in business, which brought a special flavor to the process of completing their doctoral theses.

Bringing practical experience into academia

Juntunen and Haapanen both completed their doctoral thesis on topics of which they had close experience from business life. Juntunen worked for a multinational firm for over a decade, until he decided to further his knowledge, engaging in both MBA and Master’s studies at Oulu Business School. He was then introduced to a business-modeling tool that seemed more multidimensional than previous tools, but understood its shortcomings when comparing the business modeling literature to his own practical experience. “A firm is unlikely to be able to operate profitably, for long, on the basis of the same logic, as the environment is continuously changing. That is why I found the topic important and wanted to study it in greater depth.” In his thesis, Juntunen describes the change in the business model as a dynamic capability, and introduces a new process model that can offer a long-term competitive advantage.

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Haapanen’s doctoral thesis focuses on internationalizing firms. In particular, his findings explain how different investments in firm functions can result in a variety of competitive positions in foreign markets. The topic of his thesis was not surprising, given that he has spent the last couple of decades managing fast-growing firms, their R&D, sales, marketing, and their international operations – experiencing ventures ranging from startups to initial public offerings. Since joining Oulu Business School, Haapanen has continued to assist local firms in their international endeavors.

With a little help from companies

During his first couple of meetings with companies at the beginning of his research career, it became clear to Juntunen that there was a need for business modeling in both big and small companies. The Need for Speed project, funded by Tekes, was a perfect project for a business model researcher, as it provided an opportunity to become involved in real life company cases. Juntunen spent three years working on the project. The aim of the project was to generate a new digital business model, as well as changing existing businesses, through digitalization. “During the years I was involved in the project, I got to know how new business models were generated


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Haapanen, too, made use of his real life company connections in his doctoral thesis. Some difficulties were involved in re-entering the academic world after an almost twenty-year break from studying, but Haapanen’s practical knowledge gained from international business and ongoing cooperation with internationally growing firms more than made up for this. “From the very beginning of my thesis work, I had the luxury of being involved in a number of firms, particularly in their international growth. I am most grateful – everyone in these firms has been more than willing to provide me with any data I have asked for. I hope that my contribution to them has been great enough to return this favor.”

Re-entering academic life after a long break means digesting the progress made in academic discussions

compare his studies with real-life cases. “I wish that I had read all those studies much earlier – I would have been able to dodge many bullets in business,” notes Haapanen. Lauri Haapanen University Lecturer Marko Juntunen Postdoctoral Researcher

Re-entering academic life after a long break means digesting the progress made in academic discussions during the intervening period. In this respect, Haapanen states the following, “I was facing a situation in which I had to catch up with the latest academic literature. Reading hundreds of academic journal articles took time, but was great fun.” Practical business experience enabled him to

PHOTO: ANTTI SUISTOLA

Filling the gaps

R E S E A R C H AT OULU BUSINESS SCHOOL

and renewed in big multinational companies, as well as small startup companies. This information supported the content of my doctoral thesis.”


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The public defense of a dissertation is the last step towards a doctoral degree; the years of work leading up to this moment are full of success and struggle. It has been great to have a paper published and attend conferences, while frustrating to read the words, ”I regret to inform you that your paper has not been accepted...” Those years of work led me to that spot, standing at the lectern, ready to take the last step at the end of a long road.

After the defense, I held a ‘karonkka’ in honor of my opponent. It was a splendid event with good food, good wine, and the traditional speeches. The speeches offered heartfelt thanks, congratulations, and a bit of good-natured roasting (somehow, my personality traits and associated behaviors were the common theme of many jokes!). It was great to have family, friends and coworkers there to celebrate with me, and the fun continued late into the night.

There can be no doubt that I was nervous. The traditional dinner held the night before, in honor of my opponent, Professor Markku Kaustia of Aalto University, and hosted by my ‘kustos’, Professor Jukka Perttunen, had helped to ease my mind somewhat, but I was still nervous. Professor Kaustia asked challenging questions, and I answered as best I could. The more we discussed my work, the more at ease I felt. The fear of not being able to defend my work was replaced by confidence in being able to explain it. I finally started to believe that I was the expert on ‘Personality Traits and Investor Behavior’.

After spending a few holiday days visiting my family, I returned to work. The rest of the autumn passed quickly as I continued with my research, prepared lectures, and advised students. It soon dawned on me that, after all, the defense was not the last step on the long road to a doctoral degree, but simply one more step on the longer road of a life of curiosity, exploration, and discovery. Andrew Conlin Postdoctoral Researcher

R E S E A R C H AT OULU BUSINESS SCHOOL

PHOTO: MIKKO TÖRMÄNEN

The long road towards a doctoral degree


BCDC Energy funded for the second term

Our basic research focus in the first term was on system level questions related to the increasing shares of renewable energy sources such as wind and solar. We show how a combination of realtime-pricing-based consumption and the socially optimized use of hydropower creates positive economic and environmental results.

In the next term, BCDC Energy will have a strong focus on new types of communities called Virtual Utilities. These new operators within households and firms on the electricity market can jointly participate in greening the electricity system via distributed renewable production and demand response. Rauli Svento BCDC Principal investigator Professor of Economics Oulu Business School

R E S E A R C H AT OULU BUSINESS SCHOOL

In our report from the first term, 2015–2017, we point out that BCDC Energy has published 28 scientific refereed and 12 open-access refereed publications. Our first open access application, Energy Weather Forecast (www.bcdcenergia.fi/energiasää), was very successful. It has already received 11,000 visits since being launched in June 2016. Our web page has received over 40,000 visits.

In our questionnaires to households, we have shown how people are very interested in participating in the smart energy markets. People need compensation for the disutility arising from automated adjustments on their electricity consumption, in order to reduce peak demand and CO2 emissions. However, the compensation demanded is rather modest and can be handled via smart operation of the electricity system.

PHOTO: HARRI TARVAINEN

The Strategic Research Council of the Finnish Academy has granted BCDC Energy EUR 2.5 million for the years 2018–2020. BCDC Energy is a large research consortium coordinated by Oulu Business School Professor Rauli Svento. In the consortium, we have partners from the University of Helsinki, Finnish Environment Institute (SYKE), Finnish Meteorological Institute (FMI) and VATT Institute for Economic Research (VATT). Within Oulu University, we collaborate with the Centre for Wireless Communications (CWC) and the Information Studies Unit from the Faculty of Humanities.

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Managerial traits and equity-based compensation

We presented the results of the project in several scientific conferences, workshops and

Academy of Finland (#277055)

departmental research seminars. For instance, we were asked to present a paper in the well-known Tel Aviv Accounting Conference 2017, in which papers are presented by invitation only. Another paper was accepted for the Contemporary Accounting Research Conference 2017 in Quebec. Other presentations were given on the basis of invitations by universities such as the Otto Beisheim School of Management (WHU), the University of Maastrich and the University of Padova. With respect to researcher mobility and Ph.D. training, a Ph.D. student, Bianca Beyer, is currently visiting the University of North Carolina, USA. Since our research team works in the University of Oulu, Aalto University, Hanken School of Economics in Helsinki and Stockholm of School Economics, our researchers pay frequent visits, of a few days each, to those universities. Juha-Pekka Kallunki Principal Investigator of the project Professor of Financial Accounting University of Oulu, Oulu Business School Stockholm School of Economics Aalto University, School of Business

R E S E A R C H AT OULU BUSINESS SCHOOL

2017 was a successful year for the project by all measures. Papers produced in the project were accepted for publication in highly rated academic journals such as the Journal of Financial Economics (a FT top 50 journal) and the Journal of Management Accounting Research. In addition, we have submitted several papers to journals, or they are almost ready for submission.

A research project funded by the

PHOTO: MIKKO TÖRMÄNEN

In this Academy-funded research project, we are investigating how the personal characteristics of board members, CEOs (Chief Executive Officers), CFOs (Chief Financial Officers) and other top corporate insiders affect the design of their stockbased compensation schemes and the subsequent insider trading in such stocks. In particular, we explore whether insiders with adverse personal characteristics opportunistically seek personal gain by influencing the terms of their stock-based compensation systems and then timing their trading in the related stocks. The results achieved so far show, for example, that insiders who have been subject to administrative sanctions in other areas of life tend to earn a greater insider return than other insiders. The level of an insider’s wealth and income also plays an important role in their decisions about trading insider stocks.

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Service business relationships is one of the key research areas of the Oulu Business School. Our cross-disciplinary approach to the topic has enabled interesting research projects over the years, particularly in marketing, and in collaboration with management and international business. Projects have covered topics such as public procurement, the digitalisation of services, branding, service modularity and value creation within service networks. Numerous fields of services are covered in our research and teaching; from mobile banking and healthcare to professional services and other business services. Within marketing, we are advancing service research in a motivated research group called SHARP, with Professor Pauliina Ulkuniemi serving as the leader of the group. For those of us in the group, the relevance of the research and close collaboration with working life is of the utmost importance. We have noted with pleasure that a service and customer oriented approach has increasingly been adopted in businesses, including in the Northern Finland and Oulu regions. Our main objective, when engaged in activities such as arranging the annual Northern Service Day event, which we have been doing for six years, is to ensure that services form part of, and enhance, all businesses. We do this in collaboration with our partners from VTT, the City

of Oulu and Oulu University of Applied Sciences. In 2017, we arranged an event at Uusi Seurahuone, with keynote speeches by Juha Alamursula of Business Oulu; Marja Toivonen of VTT; Marjukka Manninen of the Municipality of Tyrnävä; Petteri Kolinen of Design Forum Finland and Elina Juntunen of the DIAK University of Applied Sciences. The theme of the event was courage in the service business. Once again, we had an audience of almost 200 businesspeople. Within our courses, such as ‘Service marketing and management’, and ‘Customer relationship management’, we are able to discuss fresh research ideas with our students. During such courses, reallife cases from companies provide students with important opportunities to apply their knowledge in practice. We have many further ideas for enhancing research and teaching in the service business area. In 2018, we will arrange a summer course on service design for the first time, enabling us to respond to the developing needs of students, companies and society around us. Another area of continuous development is technology-enabled services, in which we aim to identify new theoretical openings in collaboration with our domestic and international partners. Saila Saraniemi University Lecturer, Department of Marketing

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Our main objective is to ensure that services form part of, and enhance, all businesses

R E S E A R C H AT OULU BUSINESS SCHOOL

Focusing on service businesses


Reaching out globally

Additionally, Xiaotian spent few weeks in Shanghai, China, launching his new research project in cooperation with Finnish diplomatic representatives, Finnish firms, and scholars from both Finland and China. The aim of the

new project is to collect data on and study the internationalization of a full sample of over 400 Finnish firms in the emerging Chinese markets. As another example of such activity, postdoctoral researcher Jan Hermes spent four months as a visiting researcher at the Department of Organization at Copenhagen Business School (CBS) in Denmark. Jan developed new research ideas based on his PhD in the field of practice-informed neo-institutional theory. Enabled by a grant from the Finnish Foundation for Economic Education, he received generous and constructive scientific support, particularly from Prof. Eva Boxenbaum and Prof. Morten Thanning Vendelø at CBS. A lasting impression was made on Jan by the ubiquitously practiced ‘hygge’, a Danish form of joyful and relaxed living, which he experienced both among and with his colleagues at CBS, as well as outside academia in Denmark. Jan is now trying to make life a little more ‘hyggelig’ in Finland. Jan Hermes Postdoctoral Researcher Xiaotian Zhang Postdoctoral Researcher

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In 2017, researchers at the department of Management and International Business were particularly active in reaching out globally, and impacting on scientific communities, in a number of ways. For example, Dr. Xiaotian Zhang organized two international conferences in Central Asia, together with IB and IE scholars from the Turku School of Economics and Lappeenranta University of Technology. Inspired by the Finnish KATAYA model, he also organized two doctoral courses in Central Asia in cooperation with Prof. Tony Fang of the Stockholm Business School. These events have brought Nordic IB/IE scholars closer to their peers, who are performing IB/IE research in emerging countries. Their joint efforts have resulted in their project, “Entrepreneurship Development in European Union: An Integrated Market for a Better Business”, winning an Erasmus+ Jean Monnet Action Grant. A few joint publications will soon be published and a new data pool, a new English journal, and an emerging Asia-Finland research network are on the verge of maturity.

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Internationalization through cooperation

CASS is particularly keen on learning about operating models and gaining know-how from the University of Oulu on the fostering of innovation and entrepreneurship. Diverse forms of entrepreneurship will be elaborated on jointly, in their social, economic and other contexts, with the aim of gaining a better understanding of the internal and external dynamics of socially responsible forms of entrepreneurship, and the wellbeing of entrepreneurs. The University of Oulu is also interested in engaging in longterm research collaboration and lively researcher exchanges with CASS in areas such as innovation in human-centered smart cities, lifelong learning, and safety, equality and care in technology-rich environments. The agreed seminar series should therefore open an ongoing dialogue that will continue until 2021 and beyond.

The Oulu Think Tank of Science and Society, led by Associate Professor Juha Tuunainen from Oulu Business School, focuses on studying the interaction between science, technology and society, science and technology policy, as well as the commercial and non-commercial application of scientific and technological research results in society. It also aims to create new openings within the University of Oulu and to support the university management if so requested.

The cooperation agreement with CASS and the holding of the first seminar were only the first steps taken along the path of cooperation. The next seminar will be held in Beijing, China, in 2018. Juha Tuunainen Associate Professor (Tenure Track) University of Oulu, Oulu Business School

R E S E A R C H AT OULU BUSINESS SCHOOL

The Eudaimonia Institute of the University of Oulu and the Oulu Think Tank organized the first OuluCASS seminar, on the themes of innovation and entrepreneurship, in Oulu in the fall of 2017. The seminar was part of a seminar series agreed by the University of Oulu and the Chinese Academy of Social Sciences (CASS), which signed a bilateral cooperation agreement earlier in 2017. CASS is China’s most influential research institute involved in educating researchers and specialists for key positions in China’s central government.

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Alumni


A mentor several times

Oulu Business School has been providing students with opportunities for working life mentoring for years. Many student mentors are our own alumni and some have participated in the programme several times. Mikko Pesonen, a business consultant with Oulu Business Networks, is one of them.

characterises himself as something of a contrarian and atypical business consultant. A general education and extensive knowledge of the economy are also very important in today’s labour market. You cannot restrict yourself to your own specialism in either your studies or working life.

Mikko Pesonen has mentored four students from diverse backgrounds, before which he participated in student activities as a judge of innovation and entrepreneurship events, for example. Mentoring makes a nice change from his everyday work, his motivation being the satisfaction he derives from taking just a little trouble to help others move forward in life. Mentoring is particularly useful for students who begin their studies straight after upper secondary school, since it gives them a glimpse of the “real world” and more familiarity with working life and various industries.

Mikko Pesonen

MIKKO PESONEN AGE 50 years old

EDUCATION Bachelor of Science in Economics and Business Administration (University of Oulu, majored in marketing), Vocational Qualification in Business and Administration (Oulu Business School, Public Administration Line), also 1 year of IT studies.

WORK Business Consultant with Oulu Business Networks (OBN). Specialises in innovations, marketing, entrepreneurship and startups. 15 years of experience in these tasks. Before then, experience in the design of marketing, training and the IT sector.

ALUMNI

PHOTO: UNIVERSITY OF OULU

Mikko believes that the challenges facing students remain largely the same as during his own student days. A key message for today’s students might be that graduates in economics and business studies can thrive in working life, on the basis of a wide variety of backgrounds and personalities. You really do not need to be a super-social extrovert, a global citizen, to be a good Bachelor or Master of Economics and Business Studies, says Mikko, who

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Alumni Ambassadors are University of Oulu students enrolled in Master degree programmes, as well as recent alumni. They represent the University of Oulu in student recruitment activities in for example social media, Webinars and study fairs. Alumni Ambassadors are chosen through annual application

ALUMNI

PHOTO: KAROLIINA KEKKI

rounds.


Alumni Ambassadors from around the globe

Udgum Khadka, Nepal MSc student in Marketing Alumni Ambassador

When I was applying for several universities, I found the University of Oulu to be one of the best schools in Finland. A friend told me that Oulu Business School engages in a rich variety of international research and has an inspiring educational environment. Those were my reasons for attending the school. The school pushed me to engage in brainstorming rather than simply memorising facts, and to work in groups rather than individually. It also taught me to apply theoretical knowledge to practical work through a range of projects, such as Demola.

I heard about the Alumni Ambassador programme from my student tutor, who was an Ambassador himself. The main reason for joining the programme was getting to know new people, developing my communication skills, and helping as well as supporting other people in every possible way. I think that both Oulu Business School and the Alumni Ambassador program, which for me was the best aspect of the course, have helped me to explore myself. Sharmin Farah, Bangladesh MSc student in International Business Management Alumni Ambassador

ALUMNI

The University’s mentoring program was of great help to me in the early days, particularly since the culture was very different. I am still in touch with my mentor. As an Alumni Ambassador, I want to help new applicants and ease their arrival and life here in Oulu in the same way as my mentor did for me. I’ve gained many new friends, great memories, learned life skills and landed a job at Tellus Innovation Arena with the help of the Alumni Ambassador program. I cannot wait to see how this will develop further in the coming years.

PHOTO: KAROLIINA KEKKI

Coming originally from Nepal, a small country whose people have big hearts, I came to Oulu to study for my Master’s degree in a place that wasn’t an obvious choice. I think Oulu has a mystical pull factor – it connects you with other people, nature, and most importantly, with yourself in an easygoing manner.

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Martti Ahtisaari Institute


Outreaching and inbuilding Based on funding by VTT Technology Research Centre of Finland, the University of Oulu and the City of Oulu, Research Professor Minna Pikkarainen joined the institute in 2017, resulting in a stronger focus on research into healthcare and the wellbeing business. The strategic, domestic Digital Health Revolution DHR project ended with good results. So did WILLE, the Wireless Lab Environment for Business project, whose aim was to integrate various stakeholder needs into a co-creation platform. A total of fifteen companies participated. New projects ready for launch included the EUfunded MIDAS (Meaningful Integration of Data Analytics and Services). Regarding all-digital businesses, the Wireless Innovation between Finland and US (WiFiUS) collaboration that began in 2015 was completed. On the US side, the Rensselaer Polytechnic Institute and Ohio State University were involved in WiFiUS, while the Center of Wireless Communications CWC of the University of Oulu participated on behalf of Finland. The institute participated in the EU project, P2P SmarTest, involving electricity distribution systems, regional markets and new business models. A major domestic project was CyberTrust, whose mission was to lay a foundation for cyber security, with the involvement of nineteen companies and eight research institutions. Via the DigiLeap project, companies will be helped to advance digital businesses step-by-step.

Business Kitchen – which was established in 2012 by the institute, the Oulu University of Applied Sciences Oamk and the City of Oulu – moved to the university campuses. In Linnanmaa, it became a visible part of the Tellus Innovation Arena. In relation to entrepreneurship, a brand new minor study package was set up by the institute for the entire university. Our Executive MBA, Master of Safety and business education export programs continued strongly in 2017. A total of ten grantees were chosen for the Martti Ahtisaari International Doctoral Scholarship Program MAI IDSP. Dissertations were defended by Muhammad Anees-ur-Rehman and Lauri Haapanen. In addition, several events were organized, including the World Affairs Forum on the “EU in Turbulent Times”, in which the keynote speech was given by H.E. Cees Bansema, the Dutch Ambassador to Finland. A representative of the institute, Anne Keränen, was elected as a Guardian of the Globally Responsible Leadership Initiative GRLI and Sauli Sohlo as Vice-chair for 2017 of the European Affinity Group of AACSB International and Chair for 2018. These are illustrative of our efforts in key collaboration networks. Veikko Seppänen Professor Director of Martti Ahtisaari Institute

MART TI AHTISAARI INSTITUTE

PHOTO: JUHA SARKKINEN

The Martti Ahtisaari Institute strengthened its international activities in 2017 regarding both joint projects and collaboration networks. Moreover, we participated in the development of the EU’s Urban Digital Transition Agenda, a new action plan for the future of Europe. At the same time, the institute created new things nearby, including the university campus in Linnanmaa.

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Martti Ahtisaari International Doctoral Scholarship Programme

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PHOTO: STUDIO ILPO OKKONEN OY

In 2017, Antti Alakiuttu, Muhammad Anees-ur-Rehman, Irina Atkova, Bianca Beyer, Lauri Haapanen, Sanna Huikari, AnnaLiisa Kaasila-Pakanen, Santtu Karhinen, Jenni Myllykoski, Syed Mubaraz and Hannu Torvinen participated in the programme. Muhammad Anees-ur-Rehman (marketing), Lauri Haapanen (international business) and Jenni Myllykoski (international business) completed their studies and earned their doctoral degrees in 2017.

MART TI AHTISAARI INSTITUTE

The Martti Ahtisaari International Doctoral Scholarship Programme was launched in 2012 to support high-quality scientific research on global business and the economy, as well as to help doctoral students with international collaboration related to their research.


Martti Ahtisaari Institute Research and Business Seminars

We strengthened our international activities in 2017

WORLD AFFAIRS FORUM,

ECONOMIC FORUM,

15 February 2017

15 February 2017

The EU in Turbulent Times

Economic growth has resumed – certain reforms are still needed in Finland

The EU – The European project – has had many successes in terms of the economy, security and prosperity. However, the key issue is that its challenges have remained, or have changed, often becoming even more serious. What are our greatest successes? What new opportunities for success exist e.g. in the healthcare sector? What are our biggest challenges? How will we – the EU – overcome our current turbulent times and build an even stronger Europe in the future? The EU in Turbulent Times – challenges and successes from a Dutch point of view H.E. Cees Bansema, the Netherlands Ambassador to Finland Connected Health Technologies Shaping the Future of Health & Wellbeing in Finland and the EU Minna Pikkarainen, Joint Connected Health Professor of VTT Technical Research Centre of Finland and University of Oulu

After flatlining for several years, Finland’s economy has begun to grow again, according to several economic indicators. Economic development in the Oulu region has been affected by sudden structural changes, particularly in the ICT sector. What is the future of the economy in Finland and the Oulu region? Are we participating in international economic development? How can we influence our own success – what reforms still need to be carried out in Finland? Economic growth has resumed – certain reforms are still needed in Finland Aki Kangasharju, Chief Economics, Nordea Sudden structural change in the Oulu region Rauli Svento, Professor of Economics, Oulu Business School

MART TI AHTISAARI INSTITUTE

At the Martti Ahtisaari Institute, we held a range of seminars in 2017, bringing a series of toplevel business and economics discussions to stakeholders and the general public. The history, present day and future of the EU, as well as the current and future economic state of Finland and the Oulu area, were discussed in February. In May, the focus was on future energy systems. The Finnish economy was further discussed in August by Olli Rehn, a member of the Board of the Bank of Finland.

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29 May 2017

ECONOMIC MORNING COFFEE DISCUSSIONS, 10 August 2017

Focus on Future Energy Systems The production, distribution, pricing and consumption of energy are fundamental to society, businesses and households. Green energy and sustainable energy solutions are subjects of public discussion, but what are they? How does digitalisation fit into all this? What kind of future energy sources and systems lie ahead of us? Market design challenges for low carbon electricity supply industries Frank Wolak, Holbrook Working Professor of Commodity Price Studies, Stanford University Flexible demand and supply on the Nordic energy markets Maria Kopsakangas-Savolainen, Research Professor, University of Oulu and the Finnish Environment Institute Energy Hierarchies for Energy Communities Jan Segerstam, Development Director, Empower IM Oy

HOUSEHOLD FINANCES OF THE FUTURE – CLEARLY EXPLAINED, 29 September 2017

The Eurozone and Finland – stalling or growing sustainably? During the spring and summer of 2017, an increasing number of positive signs could be seen in the Finnish and European economies. More and more people revised their economic forecasts upwards as the summer progressed, leaving thoughts of zero growth behind. Eurozone and Finland – stalling or growing sustainably? Olli Rehn, a Member of the Board of Bank of Finland

The Oulu Science Days 2017 began with a discussion panel, led by the Martti Ahtisaari Institute, which explored the secret behind running household finances successfully in the digital age. What does the digital economy mean for all of us in our everyday lives? On the discussion panel, experts provided an overview of digital households, on how our personal finances will cope as the financial markets change and consumption moves online. Is money freely available, should I invest or spend it? How can we manage household finances when we do not even see the money? Do we recognise how and in what direction we, as consumers, are being driven by marketing and advertising on the social media and television? Olli Kärkkäinen, Economist, Nordea Satu Nätti, Professor in Marketing, Oulu Business School Jukka Perttunen, Professor in Finance, Oulu Business School Marianne Ylilehto, Doctoral Student, Oulu Business School

MART TI AHTISAARI INSTITUTE

ENERGY FORUM,


MART TI AHTISAARI INSTITUTE

PHOTO: MIKKO TÖRMÄNEN

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During the spring and summer of 2017, an increasing number of positive signs could be seen in the Finnish and European economies. More and more people revised their economic forecasts upwards as the summer progressed, leaving thoughts of zero growth behind.

However, in general the seminar audience could move into the fall in a lighter mood. If we continue to secure our competitiveness, particularly in terms of knowhow, innovation and research, and restructuring our economy, while otherwise adopting a rational approach, the future looks fairly bright.

The new academic year got off to a good start with an economic discussion over morning coffee with Olli Rehn, a member of the Board of the Bank of Finland. A big crowd of attendees, refreshed from their summer vacations, joined Dr Rehn to reflect on the economic outlook of Finland and Europe.

Sauli Sohlo Deputy Director Martti Ahtisaari Institute

In addition, he had positive messages about the Finnish economy. Among other issues, he noted that the Bank of Finland had forecast an upswing which would see Finland’s GDP finally go beyond its 2008 level. Household debt, on the other hand, was a cause of concern.

PHOTO: PIRJO JAUKKURI

Dr Rehn used three indicators to describe the economic performance of the eurozone – confidence indicators, lending and inflation. All three indicated strong economic growth in Europe in August. Dr Rehn also noted the transition from a negative to a positive spiral in areas such as corporate lending in the euro area.

If we continue to secure our competitiveness, and restructuring our economy, the future looks fairly bright. MART TI AHTISAARI INSTITUTE

Morning coffee discussions about the Finnish and European economy

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MART TI AHTISAARI INSTITUTE

PHOTO: PIRJO JAUKKURI

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MART TI AHTISAARI INSTITUTE

PHOTO: MIKKO TÖRMÄNEN

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5G and the future of businesses

At the Martti Ahtisaari Institute, the Futuralis research group explores digital futures and the creation and transformation of businesses in the context of smart technologies and society. As the advent of new 5G technologies has given rise to new types of organizing, businesses and services, the group addresses new approaches and concepts for exploring and making sense of digital businesses and contexts, particularly by focusing on business models as a key analysis tool for sense-making. With respect to 5G in particular, the group has been researching the future business models of mobile operators, technology and infrastructure providers, and content and service producers.

An emerging new research area in 5G is smart cities, the built environment in general, and smart buildings (given that future 5G networks will be brought indoors). In the built environment, new end-user services will increasingly become context-defined, based on issues such as locally relevant data produced by users themselves or made available from the building infrastructure and its sensors through various apps or even virtual reality. For example, in the VirpaC-project the group has helped to develop new ecosystemic business models for facility maintenance and security services, based on data collected from the building infrastructure with the help of a local 5G micro operator and then projected onto virtual reality glasses. These and other emerging, new ideas will provide start-ups and other innovative firms with new opportunities for exploiting innovative and scalable business models.

Petri Ahokangas Adjunct Professor Head of Futuralis research group Martti Ahtisaari Institute

Futuralis explores digital futures and the creation and transformation of businesses in the context of smart technologies and society MART TI AHTISAARI INSTITUTE

Digitalization is transforming businesses and society on a global scale. As a key example, fifthgeneration communications technologies – often referred to as 5G – are expected to influence our everyday life, behavior and consumption patterns by enabling new services such as real 4K video, seamless virtual and augmented reality, and autonomous driving, among others. While helping to bring new services to the markets, 5G may also fundamentally change the way in which, and by whom, new digital services will be created and packetized, tailored and personalized, as well as provisioned and monetized.

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MART TI AHTISAARI INSTITUTE

PHOTO: PIRJO JAUKKURI

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Connected Health research at the University of Oulu and VTT

Cooperation was performed at national level via the Tekes-funded Wille and DHR projects, for example. The main outcomes of the Wille project included care paths exploiting emerging technology on a hospital’s future surgical care path, and in emergency decision-making situations. In workshops involving various parties, consideration was given to a foresight-based operating model, which led us to VTT’s concrete simulation model. Using this, national decisionmakers can see how preventative decisions taken to promote the wellbeing of children and young people will impact on society and regional wellbeing in the short and long term. Cooperation was also engaged in through seminars dealing with change and its effect on emergency care, home care and

inter-hospital collaboration in situations requiring emergency treatment, as well as the changes brought about by future technologies, and the opportunities for future care paths. A total of 13 project funding applications were processed. Those funded included the SHERLOC project led by Professor Tuija Mainela, which focuses on changes in healthcare in the field of social and health services. In addition, funding was gained for a project led by Professor Jarmo Reponen involving digital private and remote monitoring applications; digitally implemented care, rehabilitation, therapy and coaching services; and Business Finland’s Clinical Entrepreneurship assignment. Via the Clinical Entrepreneurship project, the Martti Ahtisaari Institute is supporting the nationwide development of hospital-based innovations within companies, to generate successful and international business activities. International cooperation expanded in line with the related objectives, and new research projects were begun. One example of this is the joint European H2020 project, inDemand, in which close cooperation was initiated at national level within Finland as well as within the Irish, Belgian and Spanish EU consortium set up for the project,

in order to develop hospital-based innovation processes and evaluate their impact. 2017 was a successful year in terms of publications: 12 scientific articles accepted for publication were completed. For this, I would like to give a big thank you to the research colleagues who participated in the projects from VTT, the University of Oulu, Oulu Business School and the Faculty of Medicine, as well as other universities in Finland and around the world. Visibility was gained both in Finland and abroad. A total of 19 presentations were made during the year. My thanks to all of our partners for their joint efforts made in 2017. This provides a wonderful basis on which to continue into 2018. Minna Pikkarainen Joint Professor of Connected Health

MART TI AHTISAARI INSTITUTE

In 2017, as joint professor of Connected Health, within the University of Oulu’s Business School and Faculty of Medicine and VTT Technical Research Centre of Finland, I continued my research into services utilising health technology in the business, medical and technological research sectors, and on the impact of such services. In 2017, innovation in technology-based services was promoted via activities such as joint projects between Oulu University Hospital and OuluHealth.


MART TI AHTISAARI INSTITUTE

PHOTO: HENRI LUOMA

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Business Kitchen – The Heart of Action

Business Kitchen was established in 2012 – when the economy hit a rough spot – to support new business creation, business growth and internationalization. Professors and researchers at the Oulu Business School were the key initiators of the original Business Kitchen idea and put it into action, with the University of Oulu, Oulu University of Applied Sciences and the City of Oulu joining forces. Business Kitchen activities have been overseen by the Martti Ahtisaari Institute at the University of Oulu.

Bringing studying and study programs closer to working life and supporting and enhancing entrepreneurship and entrepreneurial mindsets have been identified as important milestones in the strategies of the Ministry of Education, the University of Oulu and Student Unions. At the University of Oulu, Business Kitchen is one of the key actors supporting and promoting these themes among students. Minna Törmälä

MART TI AHTISAARI INSTITUTE

The year 2017 kicked off a new era for Business Kitchen, as it moved to the campuses of the University of Oulu and Oulu University of Applied Sciences, from its original location in the city centre. In the new era, Business Kitchen aims to create positive growth, based on the increasing numbers of students showing interest in entrepreneurship and the matching of research-based ideas with commercializers.

Since its foundation, Business Kitchen has been an important engine in the creation of an active entrepreneurship community in Oulu. Relocation of activities from the city centre to campuses is enabling Business Kitchen to focus on strengthening the local entrepreneurial culture and innovation, particularly in the context of higher education. At the University of Oulu, Business Kitchen is located in the Tellus Innovation Arena, where it reaches most university students and researchers and invites them to get involved in entrepreneurial activities and business collaboration. PHOTO: HENRI LUOMA

Business Kitchen is the entrepreneurship hub of Oulu’s universities – a community and co-working space designed to boost action and discover new opportunities in business and life in general. It provides programs, events and facilities in support of entrepreneurship and business development, and promotes networking and cooperation between students and businesses.

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University of Oulu, Oulu Business School P.O. Box 4600, 90014 Oulu, Finland Tel. +358 294 48 0000 oulubusinessschool@oulu.fi oulu.fi/oulubusinessschool