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Papers by Anders Kjellman

Research paper thumbnail of Corporate success factors during times of crisis

Research paper thumbnail of Stock Market Return of Employee Stock Option Plans

Research paper thumbnail of Essays on performance and financing decisions during the 1990s recession in Finland

Research paper thumbnail of Industry Foresight - Management beyond Forecasting and Scenario Planning

... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson a... more ... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson and Anders Kjellman. No 471, Working Papers from IAMSR, Åbo Akademi. Keywords: Industry;Foresight (search for similar items in EconPapers) Date: 2002. ...

Research paper thumbnail of Huawei’s Expansion and Nokia’s Retreat: What Lessons Can We Learn?

The aim of the study by Kjellman, Yang, Wu, and Park (2020) is to compare the globalization strat... more The aim of the study by Kjellman, Yang, Wu, and Park (2020) is to compare the globalization strategy of current and former world giants in mobile phones and networks: Huawei and Nokia. A Six-M model is developed which provides insights into classic strategic management questions: what makes a company successful and what makes a corporation fail? Disruptive innovation management of an emerging economy multinational (EMNE), Huawei is contrasted with the retreat of Nokia. One lesson to be learned by managers is that customer focus, meaning, and value management are important factors behind success.

Research paper thumbnail of Stock Market Reaction to the Announcements of Stock Option Plans

Research paper thumbnail of The long-term wealth effects of employee stock option plans

Research paper thumbnail of Public capital and private sector productivity - a Finnish perspective

This paper focuses on the impact of the public sector capital on private sector productivity in F... more This paper focuses on the impact of the public sector capital on private sector productivity in Finland. The majority of previous contributions support the public capital hypothesis, i.e. that public capital plays an important role in enhancing private sector productivity. However, the contribution of Tatom (1991a) sheds new light on this issue. He shows that by correcting the previously used models of some of their most serious deficiencies, the impact of public capital is no longer significant for private sector productivity. We have applied Tatom’s approach to Finnish data, and our results are similar to his findings. However, our results concerning the precedence between public capital and private sector output provide some evidence of causation running from public capital to private sector output, i.e. our results indicate that, if correctly targeted, public capital investment could affect private sector performance.

Research paper thumbnail of Disruptive innovations and the challenges for banking

International Journal of Financial Innovation in Banking

Research paper thumbnail of Successful Firms through Hard Times: The 90s Depression in Finland

Journal of General Management

The firms who are most successfully surviving crisis in Finland emphasise growth and innovation a... more The firms who are most successfully surviving crisis in Finland emphasise growth and innovation and do less downsizing.

Research paper thumbnail of Industry Foresight - Management beyond Forecasting and Scenario Planning

... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson a... more ... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson and Anders Kjellman. No 471, Working Papers from IAMSR, Åbo Akademi. Keywords: Industry;Foresight (search for similar items in EconPapers) Date: 2002. ...

Research paper thumbnail of Public capital and private sector productivity - a Finnish perspective

This paper focuses on the impact of the public sector capital on private sector productivity in F... more This paper focuses on the impact of the public sector capital on private sector productivity in Finland. The majority of previous contributions support the public capital hypothesis, i.e. that public capital plays an important role in enhancing private sector productivity. However, the contribution of Tatom (1991a) sheds new light on this issue. He shows that by correcting the previously used

Research paper thumbnail of Family business explained by field theory

Journal of Family Business Management, 2014

Research paper thumbnail of A Theory of Homo Entreprenaurus

Research on Technological Innovation, Management and Policy, 2005

Research paper thumbnail of Bank management in bank decline: Bank mergers as a recovery recipe?

Journal of Economic & Financial Studies, 2014

1. We find that decline in banking cannot be understood without looking at growth before decline.... more 1. We find that decline in banking cannot be understood without looking at growth before decline. 2. Based on 309 Finnish bank mergers during 1990 to 2013, we found that many bank managers gradually lost their confidence concerning their capability of successfully running their banks, thus choosing to merge. 3. Mergers have been useful as a mean for continuation of banking activity. However, the Finnish evidence points to the fact that banks that don't merge will perform better than banks that are involved in merger processes. 4. Finally, we have developed a model for explaining bank mergers as a way out from crisis situations.

Research paper thumbnail of Employee stock option plans and stock market reaction: evidence from Finland

Http Dx Doi Org 10 1080 1351847032000137447, May 17, 2010

This paper examines whether the adoption of stock option plans results in changes in shareholders... more This paper examines whether the adoption of stock option plans results in changes in shareholders' wealth, and whether the stock market reactions to ESOP announcements could be explained by the target group of ESOP and the dilution effect. Short-horizon test methods are applied for this purpose. The sample consists of ESOP announcements of Finnish publicly quoted companies on the Helsinki Stock Exchange during the time period 1988-1998. The event study results show a slightly positive market reaction to announcements of ESOPs targeted to management and a negative market reaction in the case of ESOPs targeted to all employees. The results of regression analysis show that the ESOPs with limited dilution convey positive information to the stock market and the dilution effect has a negative impact on stock returns, especially in the case of ESOPs targeted to all employees.

Research paper thumbnail of Corporate success factors during times of crisis

Research paper thumbnail of Stock Market Return of Employee Stock Option Plans

Research paper thumbnail of Essays on performance and financing decisions during the 1990s recession in Finland

Research paper thumbnail of Industry Foresight - Management beyond Forecasting and Scenario Planning

... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson a... more ... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson and Anders Kjellman. No 471, Working Papers from IAMSR, Åbo Akademi. Keywords: Industry;Foresight (search for similar items in EconPapers) Date: 2002. ...

Research paper thumbnail of Huawei’s Expansion and Nokia’s Retreat: What Lessons Can We Learn?

The aim of the study by Kjellman, Yang, Wu, and Park (2020) is to compare the globalization strat... more The aim of the study by Kjellman, Yang, Wu, and Park (2020) is to compare the globalization strategy of current and former world giants in mobile phones and networks: Huawei and Nokia. A Six-M model is developed which provides insights into classic strategic management questions: what makes a company successful and what makes a corporation fail? Disruptive innovation management of an emerging economy multinational (EMNE), Huawei is contrasted with the retreat of Nokia. One lesson to be learned by managers is that customer focus, meaning, and value management are important factors behind success.

Research paper thumbnail of Stock Market Reaction to the Announcements of Stock Option Plans

Research paper thumbnail of The long-term wealth effects of employee stock option plans

Research paper thumbnail of Public capital and private sector productivity - a Finnish perspective

This paper focuses on the impact of the public sector capital on private sector productivity in F... more This paper focuses on the impact of the public sector capital on private sector productivity in Finland. The majority of previous contributions support the public capital hypothesis, i.e. that public capital plays an important role in enhancing private sector productivity. However, the contribution of Tatom (1991a) sheds new light on this issue. He shows that by correcting the previously used models of some of their most serious deficiencies, the impact of public capital is no longer significant for private sector productivity. We have applied Tatom’s approach to Finnish data, and our results are similar to his findings. However, our results concerning the precedence between public capital and private sector output provide some evidence of causation running from public capital to private sector output, i.e. our results indicate that, if correctly targeted, public capital investment could affect private sector performance.

Research paper thumbnail of Disruptive innovations and the challenges for banking

International Journal of Financial Innovation in Banking

Research paper thumbnail of Successful Firms through Hard Times: The 90s Depression in Finland

Journal of General Management

The firms who are most successfully surviving crisis in Finland emphasise growth and innovation a... more The firms who are most successfully surviving crisis in Finland emphasise growth and innovation and do less downsizing.

Research paper thumbnail of Industry Foresight - Management beyond Forecasting and Scenario Planning

... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson a... more ... Industry Foresight - Management beyond Forecasting and Scenario Planning. Christer Carlsson and Anders Kjellman. No 471, Working Papers from IAMSR, Åbo Akademi. Keywords: Industry;Foresight (search for similar items in EconPapers) Date: 2002. ...

Research paper thumbnail of Public capital and private sector productivity - a Finnish perspective

This paper focuses on the impact of the public sector capital on private sector productivity in F... more This paper focuses on the impact of the public sector capital on private sector productivity in Finland. The majority of previous contributions support the public capital hypothesis, i.e. that public capital plays an important role in enhancing private sector productivity. However, the contribution of Tatom (1991a) sheds new light on this issue. He shows that by correcting the previously used

Research paper thumbnail of Family business explained by field theory

Journal of Family Business Management, 2014

Research paper thumbnail of A Theory of Homo Entreprenaurus

Research on Technological Innovation, Management and Policy, 2005

Research paper thumbnail of Bank management in bank decline: Bank mergers as a recovery recipe?

Journal of Economic & Financial Studies, 2014

1. We find that decline in banking cannot be understood without looking at growth before decline.... more 1. We find that decline in banking cannot be understood without looking at growth before decline. 2. Based on 309 Finnish bank mergers during 1990 to 2013, we found that many bank managers gradually lost their confidence concerning their capability of successfully running their banks, thus choosing to merge. 3. Mergers have been useful as a mean for continuation of banking activity. However, the Finnish evidence points to the fact that banks that don't merge will perform better than banks that are involved in merger processes. 4. Finally, we have developed a model for explaining bank mergers as a way out from crisis situations.

Research paper thumbnail of Employee stock option plans and stock market reaction: evidence from Finland

Http Dx Doi Org 10 1080 1351847032000137447, May 17, 2010

This paper examines whether the adoption of stock option plans results in changes in shareholders... more This paper examines whether the adoption of stock option plans results in changes in shareholders' wealth, and whether the stock market reactions to ESOP announcements could be explained by the target group of ESOP and the dilution effect. Short-horizon test methods are applied for this purpose. The sample consists of ESOP announcements of Finnish publicly quoted companies on the Helsinki Stock Exchange during the time period 1988-1998. The event study results show a slightly positive market reaction to announcements of ESOPs targeted to management and a negative market reaction in the case of ESOPs targeted to all employees. The results of regression analysis show that the ESOPs with limited dilution convey positive information to the stock market and the dilution effect has a negative impact on stock returns, especially in the case of ESOPs targeted to all employees.