Increasingly there is debate concerning the number of board memberships a person can hold before loss of quality in their work. Previous research has not reached consensus regarding the effect of busy directors on firm performance. We therefore hypothesize there are modifying factors affecting that relationship, namely firm size and the presence of concentrated ownership. We designed a quantitative study to study first the effect of busyness on firm performance in Swedish listed companies, and secondly, to study the effect of the modifying factors on that relationship. It was found that busyness is positively related with firm performance measured by Tobin’s Q, and that concentrated ownership affects that relationship such that companies with more concentrated ownerships also have higher Tobin’s Q values. There was however partial support that firm size is a negative modifier on the relationship between busyness and firm performance. Overall our results indicate that more regulation that limits board busyness is not currently warranted. / Det debatteras alltmer hur många styrelseuppdrag en styrelseledamot kan ha innan det börjar påverka kvaliteten på deras arbete negativt. Tidigare forskning har inte nått ett enhetligt svar på frågan om effekten av många styrelseuppdrag och ett företagets prestation. Vi tror därför att det finns modifierande variabler som inverkar på detta förhållande, nämligen företagets storlek och om företaget har en koncentrerad ägarkrets. Vi genomförde en kvantitativ studie för att undersöka effekten av många styrelseuppdrag på företagens prestation bland Svenska bolag noterade på Stockholmsbörsen. Våra resultat tyder på att ledamöter med många uppdrag har en positiv inverkan på måttet Tobin’s Q och att bolag med en hög ägarkoncentration påverkar detta samband än mer positivt. Det fanns delvis underlag för att företagets storlek påverkade sambandet negativt. Överlag indikerar våra resultat att utökad reglering som begränsar antalet styrelseuppdrag inte är motiverat i dagsläget.

Purpose: The purpose of this study is to examine whether the awareness of social- and environmental factors could be beneficial within M&A transactions in such that companies tend to obtain a higher success in such transactions if they are aware of these factors. The study also examines whether the actual return by the event date strikes higher for the social- and environmental aware companies than the unaware companies, where the event date is when the M&A transaction was due. Method: The authors have chosen to use two different methods; the Event Study- and Panel Study methods. The event window consists of five days before- and five days after the due date of the M&A, which makes it a total of 11 days. The estimation window is based on the 30 days before the event window and is examined in order to obtain an expected return of which is not affected by the event. The sample is based on international, Swedish companies which has undergone a M&A with a non- Swedish company, and is connected to the UN’s initiative Global Compact. Theory: The authors have chosen to apply the Efficient Market Hypothesis and besides that, a developed model based on a current one, the Merger Management Model. The difference between the models is that the Merger Management Model is based on tangible factors whereas the developed model, Social and Environmental Merger Management Model, is based on intangible factors. The chapter starts with the Efficient Market Hypothesis and then continues with the Merger Management Model and an explanation of the social- and environmental factors. The chapter ends with an explanation of the factors’ impact on companies and culminates onto the developed model. Conclusion: The outcome shows that companies of which are aware of social- and environmental risks, have incentives to a higher success rate in M&A transactions than companies that are unaware of these risks. The results of the hypothesis test made in this study strengthens the conclusion since the outcome of the p-value almost reached 64 percent, which means that there most likely is a correlation between the companies’ awareness of the social- and environmental factors and their success in M&A transactions.

<p>In 2000, more then 4 million Swedish citizens were given the responsibility to invest a part of their earned money in the new premium pension system. With limited knowledge in financial markets was it now up to the people themselves to decide how to invest. Due to the citizens lack of knowledge lead them to a passive behavior. This meant a new role for the financial institutions and the advising that followed. Since the start, there has been constant debates on how well the system has been working and who it has been beneficial to.With the new role of the pension advisors the problem question was stated as: considering the customers’ knowledge and understanding of the financial factors, how has the advising of premium pension funds evolved since 2000? With the sub question: what role will the future of pension funds advising have?The aim of the study is to research how the knowledge among the Swedish public has changed, how the perception of risk has altered, how the trust and confidence among financial advisors have changed, what importance new laws and regulations have had, and how the relations between customer and advisors has developed with the uneven knowledge. The future of pension advising will be investigated.This study has a qualitative approach with seven semi-structured interviews with different institutions that are related to pension saving. Due to the nature of the study a hermeneutic approach and abductive perspective is obliged.The respondents have observed the level of knowledge among the public to be low, however has it gotten better. The laws and licenses implemented has changed how pension advisors are working, and increased the confidence for advisors. For the future, a majority of the advisors are calling for the government to take the responsibility on educating the public in private economy. This would, according to the respondents, simplify the advisors job. The insufficient level of knowledge has created both problems and opportunities for advisors. The trouble with a product/service such as advising its complexity, which makes it hard for the institutions to explain, and for the customers to understand it. Therefore, the authors agree with the respondents, to educate the Swedish citizens in order for them to understand the opportunity that is in front of them.</p>

<p><strong>Title</strong>: Nordea Life and Pension during financial crisis</p><p><strong> </strong></p><p><strong>Subject: </strong>Business administration, Candidate thesis 15 p.</p><p> </p><p><strong>Authors:</strong> Seyithan Öngörur och Adnan Yari</p><p> </p><p><strong>Instructor: </strong>Peter Lindberg</p><p><strong> </strong></p><p><strong>Date: </strong>2010-01-13</p><p> </p><p><strong>Key words: </strong>Nordea, the financial crisis, advice, marketing, customer relationship</p><p><strong> </strong></p><p><strong>Purpose: </strong>The purpose of the study is to provide an understanding of how the financial crisis has affected Nordea Life and Pensions market growth based on market share. We also want to give an understanding of what factors may be responsible for the outcome that it may be helpful in future financial crises.</p><p><strong> </strong></p><p><strong>Method: </strong>A qualitative study was the basis for the study, where three interviews were carried out by the respondents from Nordea Life and Pension.<strong> </strong></p><p><strong> </strong></p><p><strong>Theory: </strong>In this section we have focused on relevant theory and has divided them into different themes, advice, current legislation, marketing, consumption and buying behavior.</p><p><strong> </strong></p><p><strong>Conclusion: </strong>The study shows that Nordea Life and Pension had a positive growth during the financial crisis and a number of factors are presented that may be the basis for the outcome.</p><p><strong>Proposal for further research: </strong>Since this study was limited to one company it may be intresting to investigate and examine the consuling industry market as a whole affected by the financial crisis.</p><p><strong> </strong></p><p><strong>Contributions: </strong>This paper has provided an understanding of how Nordea Life and Pensions affected during a financial crisis, based on market share and the factors that may have been the basis for this.</p> / <p><strong>Titel:</strong> Nordea Liv och Pension under finanskris</p><p> </p><p><strong>Ämne: </strong>Företagsekonomi, kandidatuppsats 15 hp, C-nivå</p><p><strong> </strong></p><p><strong>Författare: </strong>Seyithan Öngörur och Adnan Yari</p><p><strong> </strong></p><p><strong>Handledare: </strong>Peter Lindberg</p><p><strong> </strong></p><p><strong>Datum: </strong>2010-01-13</p><p><strong> </strong></p><p><strong>Nyckelord:</strong> Nordea, Finanskris, rådgivning, marknadsföring, relationsmarknadsföring</p><p> </p><p><strong>Syfte:</strong> Syftet med undersökning är att ge en förståelse för hur finanskrisen har påverkat Nordea Liv och Pensions tillväxt på marknaden, baserat på marknadsandelar. Vi vill också ge en förståelse för vilka faktorer som kan ligga bakom utfallet som därmed kan vara till hjälp vid framtida finanskriser.</p><p><strong>Metod:</strong> En kvalitativ studie har varit i grund för undersökningen, där tre intervjuer har genomförts av respondenter från Nordea Liv och Pension.</p><p><strong>Teori: </strong>I detta avsnitt har vi fokuserat på relevant teori och har delat upp dessa i olika teman, rådgivning, rådande lagstiftning, marknadsföring, konsumtions- och inköpsbeteende.</p><p><strong>Slutsats:</strong> Studien visar att Nordea Liv och Pension haft en positiv tillväxtfas under finanskris och ett antal faktorer presenteras som kan vara till grund för utfallet.</p><p><strong>Förslag till fortsatt forskning:</strong> Då denna undersökning begränsades till ett företag kan det vara idé att vidareforska och undersöka hur rådgivningsbranschen i sin helhet påverkats av den globala krisen.</p><p><strong>Uppsatsens bidrag: </strong>Uppsatsen har gett en förståelse för hur Nordea Liv och Pension påverkats under en finanskris, baserat på marknadsandelar och vilka faktorer som kan ha varit till grund för detta.</p>

<p>Background and research problem: The former highly inflationary property market is currently undergoing a stagnation process. Investors have been used to annual growth figures in double digits,</p><p>but now this is no longer considered to be a realistic outlook for future years. According to a report from PriceWaterhouseCoopers and Urban Land Institute, published by Avanza Wealth Management,</p><p>the three most attractive markets for property investment in Europe are London, Paris and Stockholm. Because of this the authors have focused their investigation on two companies in the London and</p><p>Stockholm. The authors will additionally use an international bank, an estate agent and a consultancy firm for further information, with regards to the property market and risks associated with these types</p><p>of investment in particular. This leads us into the purpose and research problem for this thesis which is concentrated around risks involved in property investments and how companies handle these risks.</p><p>What are the biggest risks associated with these types of investment and how does different organisations analyse these identified risk factors? What different risk factors do companies in the property sector consider? Furthermore, a comparison between the investigated companies in London and London will be undertaken.</p><p>Delimitations: The authors have chosen to limit the thesis geographically to the regions of London and Stockholm, since these markets have been categorised as being amongst the most attractive for</p><p>property investments in Europe. Also, the authors have chosen not to consider the risk factors associated with new productions in debt since this will make this thesis far to indecisive and immense,</p><p>hence it will be impossible for the intended reader to grasp the actual risks associated with the</p><p>property market as a whole.</p><p>Method: A number of interviews have been held with representatives at both board and management levels within the property companies which have been the focal point of this thesis. Moreover, several</p><p>other interviews have been held with other associated companies to create a broad picture of the property market and the inherent risks in these investments.</p><p>Results and conclusions: The largest risks associated with property investments, according to the interviewed property organisations are: fluctuations in interest rates, economic cycles, the position of</p><p>the property, change in property law or property regulations. The interviewed bank had partially diverging opinions about the risk factors and summarised these as: fluctuations in rental income,</p><p>vacancies, the ability of repayments and also the position of the property. This divergence would seem to be a result of the fact that the bank focuses on just the aspects of loans to finance the investment. To sum up the thesis, the authors conclude that the organisations, whether in London or Stockholm, seem to have identified relatively similar risk factors and that they also use roughly the same countermeasures to meet these risks.</p><p>Suggestions for further research: It would be of interests for the industry to investigate the possibility of being able to quantify these risks into figures to be able to build models for calculations</p><p>of these risks and thus be able to estimate the actual cost of risk associated with investments in property. Furthermore, it would be interesting to perform a large scale investigation with more</p><p>organisations together with quantitative analysis and questionnaires.</p>

Title: Nordea Life and Pension during financial crisis   Subject: Business administration, Candidate thesis 15 p.   Authors: Seyithan Öngörur och Adnan Yari   Instructor: Peter Lindberg   Date: 2010-01-13   Key words: Nordea, the financial crisis, advice, marketing, customer relationship   Purpose: The purpose of the study is to provide an understanding of how the financial crisis has affected Nordea Life and Pensions market growth based on market share. We also want to give an understanding of what factors may be responsible for the outcome that it may be helpful in future financial crises.   Method: A qualitative study was the basis for the study, where three interviews were carried out by the respondents from Nordea Life and Pension.   Theory: In this section we have focused on relevant theory and has divided them into different themes, advice, current legislation, marketing, consumption and buying behavior.   Conclusion: The study shows that Nordea Life and Pension had a positive growth during the financial crisis and a number of factors are presented that may be the basis for the outcome. Proposal for further research: Since this study was limited to one company it may be intresting to investigate and examine the consuling industry market as a whole affected by the financial crisis.   Contributions: This paper has provided an understanding of how Nordea Life and Pensions affected during a financial crisis, based on market share and the factors that may have been the basis for this. / Titel: Nordea Liv och Pension under finanskris   Ämne: Företagsekonomi, kandidatuppsats 15 hp, C-nivå   Författare: Seyithan Öngörur och Adnan Yari   Handledare: Peter Lindberg   Datum: 2010-01-13   Nyckelord: Nordea, Finanskris, rådgivning, marknadsföring, relationsmarknadsföring   Syfte: Syftet med undersökning är att ge en förståelse för hur finanskrisen har påverkat Nordea Liv och Pensions tillväxt på marknaden, baserat på marknadsandelar. Vi vill också ge en förståelse för vilka faktorer som kan ligga bakom utfallet som därmed kan vara till hjälp vid framtida finanskriser. Metod: En kvalitativ studie har varit i grund för undersökningen, där tre intervjuer har genomförts av respondenter från Nordea Liv och Pension. Teori: I detta avsnitt har vi fokuserat på relevant teori och har delat upp dessa i olika teman, rådgivning, rådande lagstiftning, marknadsföring, konsumtions- och inköpsbeteende. Slutsats: Studien visar att Nordea Liv och Pension haft en positiv tillväxtfas under finanskris och ett antal faktorer presenteras som kan vara till grund för utfallet. Förslag till fortsatt forskning: Då denna undersökning begränsades till ett företag kan det vara idé att vidareforska och undersöka hur rådgivningsbranschen i sin helhet påverkats av den globala krisen. Uppsatsens bidrag: Uppsatsen har gett en förståelse för hur Nordea Liv och Pension påverkats under en finanskris, baserat på marknadsandelar och vilka faktorer som kan ha varit till grund för detta.

Background and research problem: The former highly inflationary property market is currently undergoing a stagnation process. Investors have been used to annual growth figures in double digits, but now this is no longer considered to be a realistic outlook for future years. According to a report from PriceWaterhouseCoopers and Urban Land Institute, published by Avanza Wealth Management, the three most attractive markets for property investment in Europe are London, Paris and Stockholm. Because of this the authors have focused their investigation on two companies in the London and Stockholm. The authors will additionally use an international bank, an estate agent and a consultancy firm for further information, with regards to the property market and risks associated with these types of investment in particular. This leads us into the purpose and research problem for this thesis which is concentrated around risks involved in property investments and how companies handle these risks. What are the biggest risks associated with these types of investment and how does different organisations analyse these identified risk factors? What different risk factors do companies in the property sector consider? Furthermore, a comparison between the investigated companies in London and London will be undertaken. Delimitations: The authors have chosen to limit the thesis geographically to the regions of London and Stockholm, since these markets have been categorised as being amongst the most attractive for property investments in Europe. Also, the authors have chosen not to consider the risk factors associated with new productions in debt since this will make this thesis far to indecisive and immense, hence it will be impossible for the intended reader to grasp the actual risks associated with the property market as a whole. Method: A number of interviews have been held with representatives at both board and management levels within the property companies which have been the focal point of this thesis. Moreover, several other interviews have been held with other associated companies to create a broad picture of the property market and the inherent risks in these investments. Results and conclusions: The largest risks associated with property investments, according to the interviewed property organisations are: fluctuations in interest rates, economic cycles, the position of the property, change in property law or property regulations. The interviewed bank had partially diverging opinions about the risk factors and summarised these as: fluctuations in rental income, vacancies, the ability of repayments and also the position of the property. This divergence would seem to be a result of the fact that the bank focuses on just the aspects of loans to finance the investment. To sum up the thesis, the authors conclude that the organisations, whether in London or Stockholm, seem to have identified relatively similar risk factors and that they also use roughly the same countermeasures to meet these risks. Suggestions for further research: It would be of interests for the industry to investigate the possibility of being able to quantify these risks into figures to be able to build models for calculations of these risks and thus be able to estimate the actual cost of risk associated with investments in property. Furthermore, it would be interesting to perform a large scale investigation with more organisations together with quantitative analysis and questionnaires.

In 2000, more then 4 million Swedish citizens were given the responsibility to invest a part of their earned money in the new premium pension system. With limited knowledge in financial markets was it now up to the people themselves to decide how to invest. Due to the citizens lack of knowledge lead them to a passive behavior. This meant a new role for the financial institutions and the advising that followed. Since the start, there has been constant debates on how well the system has been working and who it has been beneficial to.With the new role of the pension advisors the problem question was stated as: considering the customers’ knowledge and understanding of the financial factors, how has the advising of premium pension funds evolved since 2000? With the sub question: what role will the future of pension funds advising have?The aim of the study is to research how the knowledge among the Swedish public has changed, how the perception of risk has altered, how the trust and confidence among financial advisors have changed, what importance new laws and regulations have had, and how the relations between customer and advisors has developed with the uneven knowledge. The future of pension advising will be investigated.This study has a qualitative approach with seven semi-structured interviews with different institutions that are related to pension saving. Due to the nature of the study a hermeneutic approach and abductive perspective is obliged.The respondents have observed the level of knowledge among the public to be low, however has it gotten better. The laws and licenses implemented has changed how pension advisors are working, and increased the confidence for advisors. For the future, a majority of the advisors are calling for the government to take the responsibility on educating the public in private economy. This would, according to the respondents, simplify the advisors job. The insufficient level of knowledge has created both problems and opportunities for advisors. The trouble with a product/service such as advising its complexity, which makes it hard for the institutions to explain, and for the customers to understand it. Therefore, the authors agree with the respondents, to educate the Swedish citizens in order for them to understand the opportunity that is in front of them.

Titel: OMXS30 på genomresa i en lågräntemiljö Författare: Harald Johansson &amp; Carl Rosander Handledare: Øystein Fredriksen Bakgrund och problem: En tillgångs pris kan beskrivas som en funktion av vinsten som tillgången genererar samt hur mycket en investerare är villig att betala för en andel av den vinsten. Tidigare studier har presenterat motsägande resultat huruvida det främst är variation i multipeln eller om det är förändring i vinsttillväxten som driver aktiepriser. Från år 2010 till år 2019 har OMXS30 kännetecknats av en stark prisuppgång på 84,2 % under perioden. Författarna vill analysera om det är en multipelexpansion eller stigande vinster som har drivit prisuppgången för OMXS30, samt analysera drivande faktorer för indexets P/E-multipel. Syfte: Syftet med studien är att analysera vad som drivit prisutvecklingen av OMXS30 från år 2010 till år 2019. Studien syftar även till att analysera hur de utvalda faktorerna har påverkat P/E-multipeln på OMXS30 under denna period. Metod: I Uppsatsen appliceras ett kvantitativt och deduktivt tillvägagångssätt för att uppnå studiens syfte. Författarna har använt sig av enkla och multipla regressioner som analysmetod för att analysera de utvalda faktorernas påverkan på P/E-multipeln för OMXS30 under tidsperioder om fem och tio år från år 2010 till år 2019. Slutsats: Trots att OMXS30 visat på en stark prisuppgång har ingen betydande multipelexpansion skett eftersom vinsttillväxten utvecklats likvärdigt med priset. Räntans starka korrelation och signifikans med P/E-multipeln på OMXS30 är i linje med både teori och resultatet från tidigare studier, vilket innebär att sambandet även gäller i den lågräntemiljö som studiens tidsperiod präglats av. Även skuldsättningsgradens samband med P/E-multipeln uppvisade statistisk signifikans på 1 % under studiens tidsperiod, vilket kan ses som en ny värdedrivare att ta hänsyn till när P/E-multipeln analyseras eftersom dess frekvens i tidigare studier varit begränsad. / Background and problem: The price of an asset can be described as a function of the profit it generates, as well as how much investors are willing to pay for that profit. Prior studies have presented contradicting results regarding if it is the variation in the valuation multiple that drives stock prices,or if it is changes in the growth rate of the profits. Between 2010-2019, the Swedish stock index OMXS30 has been characterized by its strong development of 84,2 %, and the authors want to analyze if the strong development of OMXS30 has been driven by a multiple expansion or profit growth. Theauthors will also analyze value drivers of the P/E ratio for the entire index. Purpose: The purpose of the study is to analyze what has driven the price development of OMXS30 between year 2010 to year 2019. Furthermore, the study aims to analyze how the chosen value drivers have contributed to the development of the index during the chosen time period. Methodology: The study applies a quantitative and deductive approach to fulfill the purpose of the study. The authors have applied both simple and multiple regressions as method of analysis during periods of five and ten years, in order to analyze how the chosen value drivers impacts the P/E ratio of the OMXS30. Conclusion:The strong price development of the OMXS30 has not resulted in a significant multiple expansion,which can be derived to the fact the profit growth has had an equally strong development on theindex. The statistically significant and highly correlated relationship between the interest rate andthe P/E ratio of the OMXS30 is in line with both theory and previous studies on the topic, which implies that the relationship remains true in the low interest environment that has been present during the chosen time period. The relationship between the debt to equity ratio and the P/E ratiowas statistically significant at 1 % during the chosen time period, which makes the ratio a new value driver to consider when the P/E ratio is analyzed, especially since the mentioning of the debt to equity ratio as a value driver for the P/E ratio has been limited in both theory and previous studies.

Under 2020-21 har covid-19, med dess medförda restriktioner, tvingat svenska organisationer att flytta hem många av sina anställda från kontoren. Det har inneburit en introduktion av distansarbete inom de flesta organisationer som möjliggjort för arbete utanför kontoret. När pandemin inte längre anses vara ett hot mot samhället, och nationella riktlinjer tas ur bruk, förväntas delar av de nya arbetssätten att implementeras till nya arbetssituationer. Vilket i rapporten hänvisas till som ”det nya normala”. Rapporten utgår från en fallstudie med kvalitativa intervjuer från företag i finans och advokatbranschen. Empirin analyseras genom en analysmodell med fokus på: övergripande förändring &amp; organisationskultur; kommunikation; kunskap; och behov &amp; motivation. Syftet med rapporten är att undersöka svenska organisationer inom de två branscherna och hur deras arbetssätt förväntas se ut efter pandemin. Rapporten besvarar syftet genom att undersöka följande två frågeställningar: • F1: Vilka förändringar utifrån valda fokusområden [övergripande förändring &amp; organisationskultur; kommunikation; kunskap; och behov &amp; motivation] som skett till följd av covid-19 förväntas integreras till det nya normala, och vilka förväntas försvinna? • F2: Vad finns det för likheter och skillnader utifrån valda fokusområden för det förväntade nya normala mellan företag i finans- och advokatbranschen? Resultatet visar på att det nya normala förväntas delvis skilja sig mellan organisationer och delvis branscher. Det som är generellt för samtliga undersökta organisationer är att distansarbete förväntas bli en betydande del av det nya normala där medarbetare vill kunna arbeta mer flexibelt. Advokatfirmor och finansföretag har en del skillnader i hur väl deras arbete kan flyttas utanför företagets lokaler. Samtidigt som advokatfirmor verkar ha en organisationskultur mer lämpad för att ha en stor andel distansarbete. Branscherna har dock mer gemensamt än de har skillnader när det kommer till hur de bör implementera distansarbete i ett nytt normalt arbetssätt. Det nya normala bör sedan bli en balans mellan olika arbetssätt. En varaktig implementering för distansarbete i det nya normala kommer därför behöva bedömas specifikt för varje fall. Där olika faktorer vägs mot varandra, såsom: individers och organisationers intresse; junioras integrering mot senioras arbetsro; kortsiktiga mot långsiktiga fördelar; flexibilitet mot struktur; och spontanitet mot effektivitet. / During 2020-21, covid-19 has forced Swedish organizations to relocate large numbers of their employees from their offices. This has brought an introduction of teleworking in organizations, that has made it possible to work outside the office. When the pandemic is no longer considered a threat to society and national guidelines are taken out of use, parts of the new working methods are expected to be implemented for new work situations. Which in the report is referred to as “the new normal”. This report is based on a case study on qualitative interviews from companies in the financial and legal industry. The collected data is analyzed through an analysis model with a focus on: overall changes &amp; organizational culture; communication; knowledge; and needs &amp; motivation. The purpose is to examine Swedish organizations in the two industries and what their working methods are expected to be after the pandemic. The report examines this purpose by answering the following two research questions: • RQ1: What changes, regarding the selected focus areas [overall changes &amp; organizational culture; communication; knowledge; and needs &amp; motivation], that have occurred because of covid-19 are expected to be integrated into the new normal, and which are expected to disappear? • RQ2: What are the similarities and differences based on selected focus areas between the expected new normal for companies in the finance and law industry? The results show that the new normal is expected to differ between organizations and partly between industries. What is general for all the organizations surveyed is that teleworking is expected to be a significant part of the new normal, where employees want to be able to work more flexibly. Law firms and finance companies have some differences in how well their work can be moved outside the company's premises. At the same time, law firms seem to have an organizational culture that is better suited to having a large proportion of telework. However, the industries have more in common than they have differences when it comes to how they should implement teleworking in a new normal way of working. The new normal should consist of a balance between different ways of working. A lasting implementation of teleworking in the new normal will therefore need to be assessed specifically, case by case. Where different factors are weighed against eachother, such as: the interest of individuals and organizations; integration of junior roles versus senior workflow efficiency; short-term versus long-term benefits; flexibility versus structure; and spontaneity versus efficiency.