Businesses today are constantly on the lookout for new investment opportunities. Often, they have to move away from their home market and enter new countries in order to continue to grow. One question that is sometimes omitted when planning such moves is that of corruption. Especially when moving into transition economies, the issue of corruption can be an obscure and complex one, on which little research has been made to date. Russia is one such economy, with a huge investment potential, but very unclear rules about how business is and should be conducted. It would be interesting to see to what extent corruption in Russia has affected Swedish companies’ entry strategies in the Russian market. The method chosen for the purpose of this thesis was to conduct a survey of 20 Swedish firms currently present in Russia. We also conducted interviews with 3 experts in the field of Russian business, and one representative of a Swedish firm considering expanding their operations in Russia. This combination of quantitative and qualitative methods would allow us to look at things from different perspectives and get a better view of the state of corruption in Russia. The interviews were in some cases conducted in person, allowing for a broader and less formal discussion of the topic, helping the authors gain more insight and generate new ideas to be used in the paper. The authors found that Swedish companies operating in Russia usually attribute little importance to the issue of corruption during the planning stages of the market penetration strategy. Many of these firms did encounter corruption at later stages of market penetration, and were forced to rethink their strategies accordingly, showing that corruption affect entry strategies to a great extent. It was concluded that the most appropriate method for Swedish firms to enter the Russian market is through fully-owned subsidiaries, with the assistance of local consulting agencies, which provide help when dealing with those areas where corruption is most likely to exist.

<p>Businesses today are constantly on the lookout for new investment opportunities. Often,</p><p>they have to move away from their home market and enter new countries in order to</p><p>continue to grow. One question that is sometimes omitted when planning such moves is that</p><p>of corruption. Especially when moving into transition economies, the issue of corruption</p><p>can be an obscure and complex one, on which little research has been made to date. Russia</p><p>is one such economy, with a huge investment potential, but very unclear rules about how</p><p>business is and should be conducted. It would be interesting to see to what extent</p><p>corruption in Russia has affected Swedish companies’ entry strategies in the Russian market.</p><p>The method chosen for the purpose of this thesis was to conduct a survey of 20 Swedish</p><p>firms currently present in Russia. We also conducted interviews with 3 experts in the field</p><p>of Russian business, and one representative of a Swedish firm considering expanding their</p><p>operations in Russia. This combination of quantitative and qualitative methods would allow</p><p>us to look at things from different perspectives and get a better view of the state of</p><p>corruption in Russia. The interviews were in some cases conducted in person, allowing for a</p><p>broader and less formal discussion of the topic, helping the authors gain more insight and</p><p>generate new ideas to be used in the paper.</p><p>The authors found that Swedish companies operating in Russia usually attribute little</p><p>importance to the issue of corruption during the planning stages of the market penetration</p><p>strategy. Many of these firms did encounter corruption at later stages of market</p><p>penetration, and were forced to rethink their strategies accordingly, showing that corruption affect</p><p>entry strategies to a great extent. It was concluded that the most appropriate method for</p><p>Swedish firms to enter the Russian market is through fully-owned subsidiaries, with the</p><p>assistance of local consulting agencies, which provide help when dealing with those areas</p><p>where corruption is most likely to exist.</p>

Previous research has underlined the importance of the connection between the increase of globalization and the increase of terrorism. Furthermore, previous research has made a distinction between direct and indirect effects and the impact the latter has on firms in an international context. However, the research conducted on the subject is implicit thus this thesis has emphasized on the inconclusive parts to explicitly display the relationship. The purpose of this study is to see the implications of terrorism in relation to international business regarding internationalization and risk management resulting in a guideline for Swedish firms entering less developed countries. To acquire a deeper understanding, various parts relevant to the subject was included and analyzed. A qualitative research method was used in order to obtain in-depth insights of great value on how terrorism affects international business and how Swedish firms adapts to it. By doing so and connecting the findings to theory, we were able to see patterns which led to our conclusion. The results made from this study highlighted the importance of preparedness for firms entering less developed countries, including terrorism as a factor to consider while assessing risks. Furthermore, it also showed that Swedish firms prospecting less developed countries are formatting entering strategies suitable for that market with this in mind, as well as de-internationalization if struck by terroristic events.

This thesis investigates the short and long-term effects of pay dispersion on firm performance in publicly listed Swedish firms. Pay dispersion refers to the difference in compensation between or within organizational levels. There are two contradicting theoretical views of pay dispersions effect on firm performance. While tournament theory suggests that high pay dispersion increase employees’ incentives to exert higher effort, thus increasing firm performance, fairness approaches predicts that high pay dispersion creates feelings of unfairness, thus negatively affecting firm performance. Based on these theories and previous research, Hypothesis 1 predicts a positive short-term effect of pay dispersion on firm performance, and Hypothesis 2 predicts a negative long-term effect of pay dispersion on firm performance. Using a first differences fixed-effects regression including controls for firm characteristics and corporate governance indicators, three measures of pay dispersion are tested on two proxies for firm performance (price to book and return on assets). We conclude after extensive robustness tests that pay dispersion has no effect on firm performance, neither on short nor on long-term. Therefore, both hypotheses are rejected.

More companies of differing structures and sizes are starting to utilize CERP systems where it contributes to eliminating most physical investments needed for a traditional ERP system. This makes CERP systems more obtainable for small firms compared to traditional ERP systems where fees can be adapted to fit the firm size. However, there are no established information about CSFs pertaining to CERP in small Swedish firms and thus leading to this study. The purpose of this study is to generate knowledge on the critical success factors of the post implementation phase of CERP systems. This has been done through an abductive methodology where CSFs pertaining to CERP in small Swedish firms have been identified through the lens of a unified CSF model and analyzed using structural contingency theory. The data in the study was collected through semi-structured and unstructured interviews that were conducted with respondents in management positions in small Swedish firms utilizing CERP systems. This led to the findings of the study where eleven CSFs pertaining to CERP during post implementation were identified. These findings suggest a high importance in the factor, vendor dependability where a control shift from the organization to the vendor was identified pertaining to CERP during post implementation in small firms. This differed from the findings of earlier research pertaining to CSFs for ERP during post implementation in large firms where the control was suggested to be mostly with the organization.

International joint ventures (IJV) are frequently stated to be increasingly popular but with significant managerial dissatisfactions in their operations. Severe failure rates of IJVs is distinguished in previous literature, between 30-70 percent eventually end up in failure. Prior research suggests that the management aspect of inter-partner relationships is limited. There is also limits in research regarding the factors impacting how to manage inter-partner relationship and how it relates to IJV performance. The theory used for this study is an integrated framework of social exchange theory (SET) and transaction cost economics (TCE). These theories acquire two sets of mechanisms on how to manage inter-partner relationship and its impact on IJV performance: (1) social mechanisms of trust, communication, and cultural adaptation, and (2) structural mechanisms of ownership control, contract, balanced asset specificity and resource complementarity. The framework is tested empirically using interviews as data collection from five Swedish companies involved in an IJV with partners headquartered in Europe, Asia, and Africa. The outcome of this study suggests that a majority of the mechanisms impact on how to manage an inter-partner relationship and also provide to enhance IJV performance. The most influencing factors on inter-partner management and IJV performance are trust, communication, contract and resource complementarity. We also identified interesting results regarding the interaction between the social and structural mechanisms in relation to management and IJV performance.

Due to the global nature of business, the dispersion of international geographical activities has increased and location decision-making has become a critical strategic decision for companies. Recent research, on the other hand, has begun to report on an opposite movement. Pandemics, dramatic weather disasters, political conflict, and cyber-attacks are all examples of shocks that can disrupt global value chain-based manufacturing.  The reshoring of production is a hot topic in recent EU policy debates, both because of supply shortages due to the COVID-19 pandemic and because of geopolitical changes. Despite increasing attention to the manufacturing location, the lack of empirical studies on this phenomenon, especially to return activities to high-cost countries such as Sweden, is clearly visible. With a qualitative method, the purpose of this study is to create a deeper understanding of reshoring in the Swedish context. Focuses is mainly on the drivers and barriers, as well as a company's expectations of reshoring and their challenges to implementing the decision. Secondary data is in the form of literature review and related surveys to gain knowledge of the phenomenon. In addition, primary data were collected through semi-structured interviews with two Swedish manufacturing firms that decided to reshore. In this research, a deductive approach is used in which existing theories, mainly in the field of international business, are used to analyze empirical data. Secondary data cited labor costs in Sweden as one of the main offshore factors and the development of technologies such as automation, quality, and flexibility as reasons for the reshoring. In the primary data of this research, some other factors such as a focus on core competencies and using another country's experience/resources, as an offshore's reason besides social matters and having a sustainable strategy as a reshore's reasons were highlighted. Regarding expectation and challenges, awareness of problems such as decreasing company flexibility and increasing the lead time before offshore decisions by both companies, besides the perception of the challenges of implementing a reshore decision with an appropriate long-term plan to address them, reflects their comprehensive view of their strategic decision.

Bakgrund: I och med en ökad internationell handel har det blivit allt viktigare med en adekvat hantering av transaktionsexponering. Valutor är förknippade med olika risker och ger således upphov till skild transaktionsexponering, vid handel med utlandet. Tidigare forskning förordar att hantering av trasaktionsexponering regleras via styrdokument, och vi har identifierat en avsaknad av forskning kring hur svenska företags styrdokument är utformade. Problemformulering: I vilken utsträckning kongruerar tidigare forskning med hur svenska företag har utformat styrdokument för hantering av transaktionsexponering i olika valutor? Syfte: Syftet med studien är att, i relation till vad tidigare forskning förespråkar, undersöka och analysera hur styrdokument för hantering av transaktionsexponering är utformat i företag. Studien syftar även till att analysera skiljaktigheter i styrdokumentet för transaktionsexponering i olika valutor, samt vilka faktorer som ger upphov till eventuella avvikelser. Slutsatser: Studiens resultat tyder på en tydlig kongruens mellan tidigare forskning och etablerade tillvägagångssätt för hur styrdokument för hantering av transaktions-exponering är utformat i svenska företag. Styrdokumentet är övergripande i sin utformning; reglerar strategin för riskhantering men inte tillvägagångssättet för hanteringen. Styrdokumentet reglerar inga skillnader för hur transaktionsexponering i olika valutor ska hanteras, trots att den faktiska hanteringen uppvisar markanta skillnader. Upphov till olik hantering ger: faktorer relaterade till valutamarknadens egenskaper, företagsspecifika faktorer och andra påverkande omvärldsfaktorer. Kunskapsbidrag: Studien bidrar till en ökad förståelse och tydligare nyansering av hur svenska företag styr hantering av transaktionsexponering, utifrån ett företagsperspektiv. Vidare ämnar studien föranleda intresse för hur företag reglerar hantering av transaktions-exponering i olika valutor, och av vilken bevekelsegrund. / Background: As a result of increased international trading, adequate management of transaction exposure has become more important. Foreign currency cash flows are associated with different risks and thus give cause to distinct transaction exposure with overseas trading. Previous research advocates that management of transaction exposure is controlled through policy documents and we have identified a lack of research in how policy documents of Swedish firms are designed. Problem: To what extent is previous research agreeing with how Swedish firms have developed policy documents for managing transaction exposure of different foreign currency cash flows? Aim: The aim of the study is, compared to what previous research advocates, to examine and analyze how policy documents for managing transaction exposure are designed within the Swedish firms. The study also aims to analyze the differences in the policy document for the transaction exposure in different foreign currency cash flows, as well as the factors that give reasons to possible deviations. Conclusions: The findings of the study indicate a clear congruence between previous research and established practices of how policy documents for managing transaction exposure are designed in Swedish firms. Policy documents are comprehensive in their design; regulate the risk management strategy but not the management procedures. Even though the actual management of transaction exposure of different foreign currency cash flows indicates significant discrepancies, the policy document doesn’t regulate any of them. Giving reason for a different management are: factors related to the foreign exchange market characteristics, company-specific factors and other influencing market factors.Contribution: The study contributes to a better understanding and clearer differentiation of how Swedish firms control the management of transaction exposure, from a business perspective. Moreover, the study intends to give rise to the interest in how and on which grounds companies differently control the management of transaction exposure of different foreign currency cash flows.

SMF är viktiga för den svenska finansmarknaden då de utgör 99 % av de totala företagen i landet. Dessa företag anses vara mycket bankberoende och mer känsliga för externa ekonomiska fluktuationer än större företag. Oavsett hur den globala ekonomin ser ut så måste företag kunna finansiera sin verksamhet med kapital. Kapitalstruktur är ett omdebatteratforskningsämne som saknar en generell teori för majoriteten av företag, vilket skapar en stor forskningsyta för ämnet. Sverige har en omfattande export med en finansmarknad som är väl integrerad med den globala ekonomin. Den svenska exporten föll avsevärt under finanskrisen 2008 vilket ger en indikation om att exportberoende företag drabbades hårt av finanskrisen,inte minst SMF. Ett minskat kreditutbud i kombination med en finansiell kris kan förmodas ha gett upphov till finansieringsproblem för dessa företag.Syftet med uppsatsen är att undersöka sambandet mellan företagsspecifika faktorer och kapitalstrukturen i metallbranschens företag, där den primära aspekten för studien är att utreda hur företagens kapitalstruktur förändrades i samband med finanskrisen 2008.Studien utgår från en kvantitativ metod med en deduktiv ansats. För att besvara studiens syfte och forskningsfrågor genomförs regressions-, korrelations- och deskriptiva analyser för att kunna analysera sambandet mellan de utvalda beroende variablerna och de oberoende variablerna. Flertalet regressionsanalyser och ANOVA-tester genomförs för att kunnaundersöka om en signifikant skillnad i företagens kapitalstruktur föreligger mellan tidsperioderna. Resultatet visar att det finns en signifikant skillnad i de utvalda företagens kapitalstruktur mellan perioden under finanskrisen och efter krisen. De kortfristiga skulderna stod för den största förändringen som minskade markant under krisperioden i metallbranschens företag. De oberoende variablerna som påvisar det största sambandet förskuldsättningsgraden är lönsamhet och materiella anläggningstillgångar. Studien finner ett negativt samband mellan lönsamhet och samtliga skuldsättningsgrader, samt ett negativt samband mellan materiella anläggningstillgångar och den långfristiga skuldsättningsgraden.Ett motsatt förhållande observeras dock för den kortfristiga skuldsättningsgraden som enligt resultatet har ett negativt samband med materiella anläggningstillgångar. Studien finner även ett mindre positivt samband mellan tillväxt och samtliga skuldsättningsgrader. / SMEs have become significantly important for the Swedish economy since they account for 99 % of all the businesses in Sweden. These firms rely heavily on bank credits and are more sensitive to external economic fluctuations relative to larger firms. Regardless of the events in the global economy, firms must be able to finance its operations with capital. Previousresearch on capital structure indicates a difficulty to find a general theory that can be applied for the majority of firms, which provides more scope for further research in the subject. Sweden is a very export-dependent country and is highly integrated into the global economy. The Swedish export decreased substantially due to the financial crisis 2008, which indicates that export-dependent firms was suffering during the given time period. The combination of a decline in credit supply and a financial crisis gives us the assumption of financial problems in these firms. The purpose of this study is to examine whether or not the recent financial crisis had an impact capital structure in the iron- and steel industry. The importance of different determinants that affects the capital structure will also be reviewed.A quantitative method with a deductive approach will be used for the study. To fulfil the purpose of the study, regression-, correlation- and descriptive analysis will be performed in order to analyse the relation between the dependent variables and the independent variables. Several regression analysis and ANOVA-test will be carried out in order to determine whether or not there is a significant difference in the firms capital structure between the two time periods. The study finds a significant change in capital structure between the two time periods. The short-term debt ratio accounted for the greatest change and decreased substantially during the financial crisis. In addition, the result suggests that profitability and tangible assets are the most important determinants explaining the capital structure of Swedish SMEs in the iron- and steel industry. The study finds a negative relation betweenprofitability and leverage, and a negative relation between tangible assets and short-term debt. Contradictory, a positive relation can be observed between tangible assets and long-term debt. Additionally, a small positive relation can be found between growth and leverage during both time periods. / <p>Betyg B, 170612</p>