Parallel Session 2

Parallel Session 2

Thursday 9 January 2020, 14.00-15.30.

A new presentation starts every half hour if nothing else is stated. Open tabs to read abstracts. Click on venue name to go to an electronic map.

Ledelse i akademia

AUD.A Session Chair: Vidar Schei

Strategy

Aud.B Session Chair: Torstein Nesheim

  • Torstein Nesheim: Fra regionale kongedømmer til sentraliserte funksjoner i staten? Radikal strukturendring i en digital tid

    Torstein Nesheim: Fra regionale kongedømmer til sentraliserte funksjoner i staten? Radikal strukturendring i en digital tid

    Et viktig spørsmål for enhver organisasjon av en viss størrelse er valg av prinsipp for gruppering av enheter. Hvordan organisasjonen er «skrudd sammen» har betydning for hva som får oppmerksomhet, hvilke mål man har og hvilken kompetanse som etterspørres av de aktuelle enhetene (jf. Egeberg, 2012). I virksomheter som er geografisk distribuert og har ulike lokasjoner vil hensynet til geografi (og regionale enheter) ofte avveies mot hensynet til samordnet utførelse av en tjeneste eller utførelse av en funksjon. I denne artikkelen tar vi utgangspunkt i landsomfattende statlige etater i Norge hvor man har gått bort fra eller skal gå bort fra organisering etter regionale enheter; Arkivverket, Skatteetaten og Statens Vegvesen. 
    De aktuelle endringene kan forstås ut fra betingelser for organisering over geografisk avstand. Viktige faktorer her er økt vekt på digital produksjon, stedsuavhengig dialog med brukere og myndighetsobjekter, økte muligheter for samhandling over geografisk geografiske grenser, samt ønsket om likebehandling og standardisert oppgaveløsning innen en nasjon. Digitalisering og standardisering i en statlig kontekst utfordrer organisering basert på geografiske enheter, som bygger på nærhet til brukere og myndighetsobjekter, er knyttet til regionale politiske omgivelser og (ofte) målsetninger om geografisk spredning av arbeidsplasser som krever høy kompetanse. 
    Artikkelen har et tre formål. For det første vil vi beskrive endringen i organisasjonsstruktur, med vekt på nedbygging av geografisk baserte enheter som erstattes av enheter basert på oppgaver og/eller funksjoner. For de andre vil vi beskrive og analysere drivkrefter bak på disse endingene. For de tredje vil vi peke på noen utfordringer som oppstår innen de nye strukturene i de tre etatene. Utvalget er tre enheter hvor man har valgt å gå bort fra det geografiske organisasjonsprinsippet. I og med at det ikke gjøres en systematisk sammenligning med etater som holder fast ved det regionale prinsippet, kan vi ikke ut fra denne analysen bidra med en systematisk forklaring på valg av organisering. De drivkrefter, argumenter, strukturer og utfordringer vi analyserer vil likevel kaste nytt lys over organisering av geografiske distribuerte virksomheter.
  • Cornel Nesseler: The burden of your name. Measuring social interation in 22 European countries

    Cornel Nesseler: The burden of your name. Measuring social interation in 22 European countries

    Social integration is one of the greatest challenges for today’s societies which increasingly consist of members who migrated from other regions or countries. These societies can only function if they succeed in integrating its diverse members. Despite its enormous importance there is no objective measure of social integration. In this paper, we analyze social integration by measuring access to social activities for different demographic groups. We conduct a field experiment in 23 European regions (viz., Austria, Belgium, Croatia, Czech Republic, Denmark, France, Finland, Germany, Greece, Ireland, Iceland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Sweden, Spain, and United Kingdom). We create email accounts with typical native and foreign names. Using these accounts, we contact amateur football clubs and ask them if we can come for a trial practice. This method was developed for quantifying the prevailing levels of social integration of different groups of citizens as well as foreigners. We compare the results of the countries with and show that the willingness to integrate foreigners significantly differs between countries. The results show that both foreigners and “outsider” native groups suffer from discrimination.

Finance II

Aud.C Session Chair: Gunnar S. Eskeland

  • Niklas Kreander: Shareholder accountability and climate change risks

    Niklas Kreander: Shareholder accountability and climate change risks

    This paper studies to what extent shareholder activism and engagement can address climate change issues. We focus on the climate change activities and policies of Scandinavian financial institutions. We examine two features of accountability that are vital in shareholder activism: Dialectical activity and independence. Institutional investors can advance corporate accountability through shareholder activism. For example Dimson et al., (2015) documented that successful shareholder activism on climate change is possible but challenging. This study examines how investors addresses climate change risks and related accountability issues. We focus on engagement and voting on climate related issues by leading Scandinavian investors.

    DISCUSSANT: Gunnar Eskeland

  • Yevheniia Antoniuk: Investment with climate change in mind: stock performance of Norwegian carbon-disclosing companies

    Yevheniia Antoniuk: Investment with climate change in mind: stock performance of Norwegian carbon-disclosing companies

    Increased concerns about climate change emphasize the necessity of sustainable investment. Via voluntary carbon disclosure, companies show their exposure to climate change risks and how they counteract it.  We select Norwegian companies that have participated in CDP (formerly the Carbon Disclosure Project) questionnaire. Using CDP scoring of their answers for 2010-2018, we evaluate the performance of the companies’ stocks. We find that there are no significant changes in companies’ returns neither after they started participated in the questionnaire nor after they got Medium and/or High score. Thus, we study the performance of the portfolio of higher scored stocks. Remarkably, such a portfolio has a higher Sharpe ratio than OSEBX and Dow Jones Sustainability Nordic Index. It makes this portfolio a better alternative for sustainable investment due. However, this could be explained by the size effect of companies in the portfolio: they have a lower risk.

  • Gunnar S. Eskeland: The investor Pays Principle

    Gunnar S. Eskeland: The investor Pays Principle

    In this essay, we try to take seriously one challenge to mainstream environmental economics (MEE), namely that it is exceedingly static in its celebration of an efficient environmental equilibrium. Mainstream EE can be characterized as a unidirectional top down public finance approach: a planner should enforce taxes on emissions equal to marginal social benefits of emission reductions (or, similarly, tradable quotas). There is no vision nor dynamics in this ideal support of an efficient environmental equilibrium, and we introduce vision and dynamics. We find that ‘investors’ – those who own, build and destroy long term assets – embody vision, and explore what it takes for this to entail efficient properties. 

Accounting II

PC Lab 1 Session Chair: Kjell Ove Røsok

  • Kjell Ove Røsok: IASB's comparibility

    Kjell Ove Røsok: IASB's comparibility

    Comparability is a desired quality in financial reports. For the IASB, this quality guides much of its work; a key element in its mission is to improve international comparability and a key element in developing its standards is to ensure financial reports that are comparable over time, across entities and within entities. However, comparability is a very difficult concept to understand (Zeff, 2007), and this paper explores the IASB’s understanding of the concept. It finds that comparability appears as a very important quality for the IASB, no other quality is mentioned more frequently than comparability. However, this paper argues that the IASB over-uses the concept in its argumentation. The IASB claims comparability when the causal link seems weak, and it claims comparability based on taken for granted assumptions without discussing alternatives.

  • Charlotte Haugland Sundkvist & Tonny Stenheim: Does Family Identity Matter for Earnings Management? Evidence from Private Family Firms

    Charlotte Haugland Sundkvist & Tonny Stenheim: Does Family Identity Matter for Earnings Management? Evidence from Private Family Firms

    This study examines the role of family identity and reputational concerns in private family firms. Socioemotional wealth theory predicts that family owners’ identification with the firm may affect their reporting decisions and earnings management strategies.  We use whether or not the family name is included in the firm name as a proxy for family members’ identification with the family firm and sensitivity to reputational concerns. Our results show that accrual based earnings management is lower for family firms with the family name included in the firm name. Moreover, we document that if these family firms do manage earnings, they are more likely to choose real earnings management over accrual-based earnings management. We also find that when incentives to manage earnings increases, the difference in earnings management strategies between family named family firms and non-family named family firms increases.

  • John Erik Rønning: Finansregnskapet: er informasjonen som formidles i ferd med å miste sin relevans?

    John Erik Rønning: Finansregnskapet: er informasjonen som formidles i ferd med å miste sin relevans?

    Grunnstenene i kapitalmarkedet er kvalitative og relevante finansielle regnskap. Regnskapsmanipulasjon er bevisst å avvike fra allment aksepterte regnskapsstandarder og objektive estimater. 
    De senere årene har de internasjonale standardsetterne for regnskap, IASB, FASB utviklet stadig mer utfyllende og detaljerte regnskapsstandarder for å øke sammenlignbarhet, kvalitet og relevans i den finansielle rapporteringen. Ser vi nå en trend hvor finansregnskap avlagt i hht internasjonale regnskapsstandarder blir for komplekse og for utilgjengelige for regnskapsbrukerne? Legger samtidig regnskapsbrukerne mer vekt på Non-GAAP finansielle nøkkeltall og/eller KPIer?
    Et eksempel fra flybransjen (SAS/Norwegian) kan muligens illustrere dette. En vesentlig prediksjon på tidspunktene og størrelsen på fremtidige kontantstrømmer kan være det såkalte Yield-begrepet, dvs. inntekt pr fløyet passasjerkilometer. Andre nøkkeltall som ofte anvendes er fyllingsgrad og inntektsgivende setekilometer. I havbruk i Norge i dag er rullerende guiding på forventet slaktevolum i 12mnd syklusen foran, samt enhetskostnad vesentlige KPIer som vi ser kommuniseres av regnskapsprodusentene, og som kommenteres av analytikere og investorer.

Business Economics I

PC Lab 2 Session Chair: Håkon Otneim

  • Joel Berge: Ulterior motives for doing good

    Joel Berge: Ulterior motives for doing good

    This work-in-progress study experimentally investigates on how CSR initiatives undertaken by firms affect internal employee behavior.  More specifically, we investigate to what extent these effects depend on whether the CSR initiatives are void of underlying profit motives (philanthropy) or whether the initiative is mutually beneficial (win-win CSR).  We hypothesize that the appearance of profit motives plays an important role in understanding how CSR affects employee behavior.

  • Kenneth Fjell: Modified Repeated Use of te Inverse Elasticity Pricing Rule

    Kenneth Fjell: Modified Repeated Use of te Inverse Elasticity Pricing Rule

    It has been shown that repeated myopic use of inverse elasticity pricing rule converges on the optimal price only if demand is sufficiently convex, and that it will never converge for linear demand or concave demands (Fjell & Pal, 2019). By myopic, we mean ignoring that elasticity and marginal cost may vary with output and price. We propose a modified price adjustment process, where at each stage the new price is a convex combination of the original price and the price that is dictated by the inverse elasticity pricing rule. We show that as long as sufficient weight is placed on the original price, the price sequence converges to the profit maximizing price for all demands. The precise convex combinations for convergence are determined for the traditional, multiplicative inverse elasticity pricing rule – as well as for the less known additive inverse elasticity pricing rule.

  • Charlotte B. Evensen, Øystein Foros, Atle Haugen og Hans Jarle Kind: Size-based input price discrimination with endogenous outside options

    Charlotte B. Evensen, Øystein Foros, Atle Haugen og Hans Jarle Kind: Size-based input price discrimination with endogenous outside options

    We consider an industry with two retailers that differ in size and a supplier that sells an essential input. If the supplier charges a too high price for the input, each of the retailers will (threaten to) invest such that it can acquire the input from a different source (an outside option). The more a retailer invests in the outside option, the more profitable it is to use that good rather than buying it from the supplier. Because the larger retailer has the greater investment incentives, the supplier will price discriminate by offering the input at a lower price to the large than to the small retailer. We show that welfare increases if price discrimination is banned. The ban also increases consumer surplus if the input price is determined prior to the investment decision. Otherwise, consumer surplus might fall, depending on the competitive pressure between the retailers.