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  • Finnish  (29)
  • 2015-2019  (29)
  • 1
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: The aim of this paper is to broaden the knowledge concerning the development of Finnish firms’ innovation activities. The results show that during 2008–2017 the share of overseas R&D has risen. Currently, 14–25% of Finnish firms’ total R&D are conducted overseas. If Nokia is taken into account, the share of overseas R&D rises to 53–65%. Furthermore, the results suggest that Finnish firms invest approximately Eur 1.8 billion in innovation activities outside the traditional R&D definition.
    Keywords: O31 ; O32 ; ddc:330 ; Research ; Development ; R&D ; Company ; BERD ; Internationalization ; Globalisation ; Innovation ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 2
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We examine the growth of real value added, labour input and labour productivity of immigrant-owned firms in Finland in 2007–2016. In our analysis we use the so-called FLOWN (Finnish Longitudinal OWNer-Employer-Employee) data by Statistics Finland that allows linking register information on firms, their owners and employees. As immigrant-owned firms account for a few percent of all firms and about one percent of all labour in the business sector, their contribution to the growth of output and employment must be limited. However, the growth rate of their real value added is markedly stronger than in other firm groups. Their job creation rates are exceptionally high but their job destruction rates are, however, about the same magnitude as in the indigenous-owned firms. The immigrant-owned firms have created a relatively large amount of low productivity and low wage jobs. On an average, their wage growth has been somewhat higher than in other firms, but pro-cyclical variation of wages has been stronger.
    Keywords: J15 ; J21 ; J24 ; E24 ; ddc:330 ; Immigrants ; Output growth ; Employment growth ; Productivity growth ; Creative destruction
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 3
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We study the use of pension funds in the Finnish earnings-related pension system with the aim of smoothing contributions over time under demographic and economic risks. Smoothing is affected by the revisions in long-term forecasts and is thus imperfect. As a partially funded defined-benefit system, demographic risks and asset yield risks directly affect the contributions. In a general equilibrium setup, these risks also affect wages and thus pension benefits and replacement rates. We also consider alternative benefit rules where risks are transferred more to the pensioners.
    Keywords: E17 ; H55 ; ddc:330 ; Pensions ; Funding ; Contribution smoothing ; Risks ; Generational fairness
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 4
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: Banking and financial services have traditionally been a heavily regulated industry where technology alone has not been a sufficient factor to transform the operating architectures of the industry. The pervasive view in the financial industry has been that digitalization and its integrational development will take place on the platforms of the banks. Due to the inherent secondary nature of financial services, however, it is more likely that the customer interface of financial services will increasingly migrate towards primary service platforms. As a result, the commoditization of payment processing services is expected to increase. Additionally, the visibility into customer data will become more opaque and the value capturing capabilities of the financial industry will be radically redefined. Furthermore, a strategic impact can also be anticipated on several public institutions, such as financial supervisory authorities, the tax administration and other public registry holders.
    Keywords: G2 ; L2 ; L22 ; ddc:330 ; Platform: embedded banking ; Distributed banking ; Open banking ; Platform ; Distributed ledgers ; Blockchain ; FinTech ; Bank ; Finanzdienstleistung ; Digitalisierung ; Branchenentwicklung
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 5
    Publication Date: 2019-08-03
    Description: In Finland, universities have the explicit mandate to support the transformation of high-quality knowledge into profitable business, as well as to promote the creation of new businesses and workplaces within the boundaries of their so-called third mission. This report looks at how Finnish universities perform in the task. The results point at a clear lack of dedicated resources. The underlying reason is systemic: performance is not linked to incentives in the form of public university funding. Currently, resources for the implementation of the third mission are largely obtained via competition from external sources, endangering the continuity of the technology transfer function and creating disincentives to invest in its development. The lack of incentives is echoed among researchers: Nearly half of the scientists who, according to their own view, have made economically valuable findings state they do not find the time to promote their exploitation. The report proposes several remedies: (1) the performance of universities in their third mission needs to be metered. (2) These metrics need to be linked to earmarked public university funding; (3) Individual-level metrics concerning the exploitation of their findings should encourage researchers and promote their academic careers. In order to support more rapid cultural change, universities could (4) recruit professors directly from the business world; and (5) set up cooperative, joint laboratories with industry in their respective strategic research areas.
    Keywords: O31 ; O32 ; O33 ; O38 ; O43 ; O52 ; D02 ; I23 ; I25 ; I26 ; I28 ; ddc:330 ; Technology transfer ; Third mission ; Commercialization ; University ; Higher education ; Hochschule ; Technologietransfer ; Kommerzialisierung ; Bewertung ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 6
    Publication Date: 2019-08-03
    Description: In the report we analyse the reasons for the weakness of Finland’s economic performance over the past decade and assess the growth prospects in the coming 5 years. The weakness of Finland’s performance relative to comparative EU-countries since 2009 can largely be explained by the collapse of Nokia’s production and the deterioration of cost competitiveness. The recovery in turn stems from a stronger export market growth, the fading away of the negative Nokia shock, and the improvement of cost competitiveness. Of the rise of employment by some 100 000 jobs since 2015 about half can be explained by a number of policy measures to increase labour supply and the so-called competitiveness pact. Based on a realistic assumption on productivity growth, we estimate that Finland could achieve an annual growth rate of about 2 per cent in the coming 5 years. This requires, nevertheless, that the employment rate increases by 2023 to the level reached by comparative countries. Although such a change would not be greater than what is taking place during the current government period, ambitious reforms are needed to achieve this.
    Keywords: E37 ; E61 ; E62 ; F10 ; J11 ; J20 ; O11 ; ddc:330 ; Growth ; Employment ; Productivity ; Labour supply ; Competitiveness ; Finland’s economy ; Wirtschaftswachstum ; Produktivitätsentwicklung ; Arbeitsangebot ; Internationaler Wettbewerb ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 7
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: International literature suggests that productivity growth of the global frontier firms – those in the best five percent – has diverged from the others during the 2000s. We study this issue using Finnish firm-level data. We find that the productivity of the Finnish frontier firms does not diverge from the others to such a degree as in the international comparisons. The findings do not provide clear evidence of a slowdown in the diffusion process. We also analyze whether frontier firms are associated with characteristics related to digitalization – and do not find clear evidence of that either. This might be related to the fact that the employed measures are related to technology adoption – not to the creativity or efficiency of its use.
    Keywords: D22 ; O30 ; O40 ; ddc:330 ; Productivity ; Divergence ; Diffusion ; Ddigitalization ; Finland ; Produktivität ; Betriebsgröße ; Unternehmen ; Computerunterstützung ; Automatisierung ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 8
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: There is a lack of comprehensive information on the quality of management in Finland as compared to other countries. Funded by the Strategic Research Council, the Skills, Education and the Future of Work research project has started filling this gap. As part of the project, an extensive survey concerning management practices has been implemented for Finnish manufacturing establishments. Its design meticulously follows the Management and Organizational Practices Survey (MOPS), a survey conducted by the US Census Bureau. The United States is a useful benchmark for international comparisons, because its management practices have been recognised as the best in the world in studies that utilise a long-standing survey project called the World Management Survey (WMS). Even though the WMS is an open-ended interview survey, whereas the MOPS is based on closed-ended questions, the two surveys are based on the same theoretical framework. This report introduces the Finnish Management and Organizational Practices (FMOP) survey data and presents some interesting preliminary observations. The FMOP data do not contain establishments that belong to firms with fewer than 50 employees. When calculating averages for Finnish manufacturing, two different imputation methods are used to estimate management scores for these missing establishments: a baseline and a (very) conservative one. Our conservative method provides us with an approximate lower limit for the scores. The analysis reveals large dispersion in management practices between establishments and that the average management score for manufacturing is 0.52, with a lower limit of 0.46. Furthermore, a clear positive connection is found between number of employees and management. Rather than looking at unweighted averages, it is more relevant, in terms of competitiveness, to study how much of the workforce is allocated into well-managed establishments. A decomposition of industry management practices shows that labour is more heavily allocated to larger establishments with higher quality management. The allocation effect is between 29% and 20% of the aggregate (employment weighted) average management score, depending on the imputation method applied. Further analysis shows that, even though the allocation effect is significant in size, it appears to be substantially smaller than in the United States. This reflects the fact that, when compared to Finland, a much larger share of the US workforce is employed by very large, well-managed establishments. The management scores are only slightly behind those of the US and, depending on the imputation method, and either a bit higher than or on par with those of Germany. This suggests that management practices in Finnish manufacturing are on an internationally competitive, high quality level.
    Keywords: L2 ; M2 ; O32 ; O33 ; ddc:330 ; Management practises ; Productivity ; Competitiveness ; Reallocation ; Management ; Produktivität ; Industrie ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 9
    Publication Date: 2019-08-03
    Description: In this report, we re-assess the role of so-called job banks as mediators into the open labour market but also as employers of unemployed job-seekers. The focus is primarily on the unemployed who became job bank clients during 2013. We follow up the labour market situation of these individuals during one year’s timeahead, until the end of 2014. In the latter part of the report, we compare the main findings to those obtained for the unemployed having re-entered the labour market with the help of a job bank either in 2011 or 2012. We present two different sets of results concerning individuals’ near-future labour market experiences. The first set illustrates the development of their employment situation more generally both before and after employment via a job bank while the second set reports results obtained from using statistical evaluation methods. The results indicate that the labour market prospects of those having been employed via a job bank have, on average, been clearly better than for identical unemployed persons who did not use the services of a job bank. Moreover, those employed via a job bank often also seem to have faced better opportunities to stay employed. The results are the same irrespective of whether or not the job bank client‘s employment involves wage subsidies.
    Keywords: I38 ; J64 ; ddc:330 ; Job bank ; Employability ; Employment ; Active labour market policies ; Impact ; Evaluation ; Subsidies ; Youth ; Arbeitsvermittlung ; Arbeitsmarktintegration ; Aktivierende Arbeitsmarktpolitik ; Wirkungsanalyse ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 10
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report is a synthesis of the previous literature analyzing the role of different types of companies on economic growth and employment, and an overlook on the impacts of different policy measures on companies. The role of large companies in the economy is still significant, although diminishing. However, the size of a company is nearly always determined at the company level, rather than at the group level, which brings some uncertainty to the interpretation of the results. Majority of the research on public corporate funding concerning Finland focuses on R&D subsidies; there are fewer studies covering other business subsidies and public venture capital investments. R&D subsidies have mostly positive impacts on employment, especially among young and small companies. Impacts on the productivity are, however, uncertain. Cooperation of public and private investors maximizes the impact of public venture capital investments. The other business subsidies may help firms to grow larger but do not improve their productivity.
    Keywords: L25 ; O14 ; O47 ; J21 ; J23 ; ddc:330 ; Growth ; Company ; Employment ; Firm size ; Small ; SME ; Value added ; Productivity ; Forschungsfinanzierung ; Risikokapital ; KMU ; Wirtschaftswachstum ; Erwerbstätigkeit ; Produktivität ; Betriebsgröße ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 11
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this study we analyse the development of business investments in Finland and in other countries of comparison on the basis of national accounts, survey data and a sector-level general equilibrium model. According to the results, the decline in investments in Finland is mainly explained by two factors: the decrease in the investments in construction and the collapse of the research and development costs of the Nokia cluster. The aggregate production has, however, dropped almost at a corresponding rate with the investments. For this reason, the investment rate of companies is currently almost at the same level as in the years 2000–2008. However, after the financial crisis the development of investment volume has been weaker in Finland than in many other countries. The differences cannot be explained by the availability of debt financing, as access to capital in clearly better in Finland than in most other European countries. The investment rate in Finland is reduced especially by weak future prospects for the growth of productivity. The anticipated decline in the labour force also somewhat hinders the rate of investment. The analyses also show that Finland competes against Estonia for manufacturing investments as well as for headquarter locations. In the long term, the greatest concern is that in industries other than electronics, the Finnish private R&D investments are no higher than the European average. In other words, Finland does not seem to have an especially strong ambition to seek for a competitive advantage in innovations.
    Keywords: E22 ; O34 ; ddc:330 ; Investment ; Business ; Structural change ; Comparison ; Financial constraint ; Investition ; Strukturwandel ; Fremdkapital ; Produktivitätsentwicklung ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 12
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We characterize increases and decreases in plant-product -level output sales in the Finnish manufacturing sector during years 2006 to 2015. We show that during the recession of 2008 to 2009, the intensity of variation in plant-product -level sales diminished, and it took several years until the intensity of variation reached its pre-recession level. However in 2015 the intensity of variation was largest since 2006. We also decompose the changes in the plant-product -level output sales into changes in volume and changes in price.
    Keywords: L11 ; L23 ; L25 ; L60 ; O12 ; ddc:330 ; Production ; Renewal of product structures ; Measurement of prices and quantities ; Manufacturing ; Diversifikation ; Industrie ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 13
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We analyze 51 medium-sized manufacturing industry companies identified by Ali-Yrkkö and Rouvinen in their earlier research in 2015. Currently, out of these 51 companies with a staff of 250–499 employees in 2013, none are using digital platforms for business network management. It is typical for digital platforms that different actors can create, provide and maintain complementary products and services to the various distribution channels and markets, within the framework of mutually agreed business and contract rules, technical bourdary resources and a predefined user experience. Only seven companies (14%) offer digitally featured products and services. Digital product and service features are charted by using 26 different Finnish and English search terms, such as ’internet of things’, ’sensor’, ’cloud service’ and ’preventive maintenance’. Finally we consider four strategic questions for open boundary resources.
    Keywords: L6 ; L8 ; L86 ; L89 ; ddc:330 ; Digital platforms ; Boundary resources ; Digital offering ; Kemppi ; Internetportal ; Unternehmensnetzwerk ; Virtuelle Organisation ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 14
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report analyzes the role of the largest companies in the Finnish economy. According to the results, the ten largest companies in terms of their value added together produce 7,6 % of the Finnish GDP. In addition, these companies generate notable multiplicative effects in the economy. According to the findings, the productivity and the growth rates of the ten largest companies clearly surpass the economy average. In this study, it was also analyzed what kinds of macroeconomic effects will generated by Metsä Fibre’s investment into their new bioproduct factory in Äänekoski, Finland. The calculations were conducted for the construction phase and the production phase individually. According to these analyses, the construction phase alone will generate a positive impact on employment reaching thousands of man-years. However, the true significance of the investment will only become evident in the production phase, since not all investments of equal scale produce similar macroeconomic effects. Besides the characteristics of the examined industries, the size of these effects also depends on which countries acquisitions are made from.
    Keywords: F23 ; L25 ; E22 ; M21 ; L11 ; ddc:330 ; Large ; Largest ; Companies ; Firms ; GDP ; Productivity ; Gross domestic product ; Concentration ; Multiplier effect ; Investment ; Pulp ; Äänekoski ; Group ; Granular ; Concentration ; Großunternehmen ; Wertschöpfung ; Bruttoinlandsprodukt ; Produktivitätsentwicklung ; Multiplikator ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 15
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We consider the taxation of non-listed companies and their owners in Finland. We analyse how the current highly non-linear dividend taxation influences the allocation of labour and capital across different firms, average labour productivity and the equilibrium wage level. To this end, we use a general equilibrium model of firm investment where firms may have different production technologies. We find that the current tax system is likely to distort resource allocation compared to linear dividend taxation. This works to lower the average labour productivity as well as the general wage level.
    Keywords: D92 ; G35 ; H24 ; ddc:330 ; Dividend taxation ; Non-listed companies ; Productivity ; Kapitalertragsteuer ; Allokation ; Arbeitsproduktivität ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 16
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We analyse how alternative reforms of the student financial aid would influence average study duration, government expenditures, and tax revenues. We also consider the reform that has been proposed by the current government (in 2016) which consists of lowering the monthly student grant and decreasing the maximum eligibility period while increasing the maximum study grant. Our results are based on a structural model that describes the financial constraints and incentives faced by the students. The model is calibrated with register based panel data on students’ study progress, withdrawal of study grants and student loans, and wage income. According to the results, the reform proposed by the current government will reduce government expenditures on student aid by about 20 percent, which is close to the government’s target. However, the reform is also likely to increase the average study duration. The size of this effect depends on how willing the students are to take student loans.
    Keywords: D14 ; H24 ; J22 ; ddc:330 ; Student financial aid ; Study duration ; Studienfinanzierung ; Studium ; Dauer ; Bildungspolitik ; Wirkungsanalyse ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 17
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: About half of all new business activity in Finland can be categorized as being entrepreneurial. The number of this kind of new businesses has not increased dramatically during the last ten years. However, the characteristics of these businesses have changed. Nowadays, new entrepreneurs have higher education background, they have more likely work experience from a relevant field, they are more innovation-oriented, and they have higher initial growth aspirations. Their businesses are more likely to seek sales growth by utilizing international markets and by focusing more on consumer markets and less on business-to-business markets. On the other hand, maybe due to prolonged recession in the Finnish economy, the higher share of new entrepreneurial businesses is being started because there are no better opportunities to get a job. Heavy regulation and tight legislation are being seen as the most significant disincentives at the start-up phase. Growth-oriented new entrepreneurial firms see financial issues and labor market rigidities as significant restrictions for growth.
    Keywords: D92 ; L26 ; L53 ; M13 ; ddc:330 ; Entrepreneurship ; Growth firm ; Start-ups ; Growth-orientation ; Enterprise policy ; Unternehmensgründung ; Entrepreneurship ; Mittelstandspolitik ; Unternehmenswachstum ; Unternehmenserfolg ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 18
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: The amount of work done in the economy has been subject to a lot of debate in Finland recently. Unemployment is considered a major problem. On the other hand, extending annual working time receives little support. In fact, a widely held view is that one should reduce the working time of the currently employed so that more people could be employed. The efforts of the Government to increase labour input, i.a. by reducing length of annual leave or the number of banking holidays are widely criticised. In the report we first describe how much work is done in Finland. Secondly, we recall the key messages of economics about the determination of labour input in a market economy. Thirdly, we endeavour to argue why, in the current Finnish circumstances, increasing the amount of work is useful and important, why the idea of work sharing is flawed, and why reducing labour costs makes sense.
    Keywords: J2 ; J3 ; H5 ; E24 ; ddc:330 ; Work ; Labour input ; Employment ; Sustainability of public finances ; Erwerbstätigkeit ; Arbeitskosten ; Öffentliche Finanzen ; Nachhaltigkeit ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 19
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this report, we analyze the Finnish R&D tax incentive scheme of the years 2013 and 2014. Under the scheme, firms were eligible for double corporate tax deduction incentive on labor expenses incurred for undertaking R&D activities. Our report consists of a literature review, an empirical analysis of the Finnish register data, and an internet survey. We find that the scheme failed to reach its anticipated impact. The deduction was claimed far less than expected, the actual tax loss being only 8 % of the expected tax loss. Furthermore, our analysis suggests that the R&D tax incentive failed to reach clear, blind spots in the current Finnish, mainly direct-subsidy-based innovation system. Although the scheme’s design does not allow an unambiguous analysis of its impact on the R&D expenditure, our tentative results suggests that its impact remained rather small. The previous, international literature shows that the R&D tax incentives have an increasing effect on the R&D expenditures, but the impact tends not to exceed the amount of the tax subsidy. Based on our results it is unlikely that even a better-designed R&D tax deduction scheme would bring great value-added to the current, Finnish innovation system.
    Keywords: O38 ; H25 ; ddc:330 ; R&D ; Tax credits ; Forschungsfinanzierung ; Steuervergünstigung ; Wirkungsanalyse ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 20
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report uses an international input-output dataset to present an analysis of Finland’s position in global value chains. The results show that intermediate products account for a larger share – some three-quarters – of Finnish exports than they do in most other countries. The share of foreign value added in Finnish export production is around the international average, but it has grown more rapidly than average. A higher share of foreign value added means that exports, on average, have less capacity to generate economic growth. The share of domestic value added has fallen particularly sharply in the fuel refining industry as well as in metal processing and the manufacture of metal products. The share of domestic value added has decreased more in Finnish than in Swedish industry. A value added based analysis changes the picture of Finland’s most important trade partners and our international economic dependencies. Based on the analysis Finnish economic growth is heavily dependent on Chinese and US final demand. Over 10% of Finland’s value added exports are ultimately destined for China, and almost the same proportion goes to the United States. However, the combined final demand from EU-28 countries still outweighs the demand from these two countries.
    Keywords: F14 ; F6 ; F62 ; F68 ; ddc:330 ; Globalisation ; Value chain ; Value network ; Global ; Value added ; Intermediate ; Input-output ; Internationale Wirtschaft ; Wertschöpfung ; Internationale Produktion ; Internationale Arbeitsteilung ; Vorleistungen ; Input-Output-Analyse ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 21
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report examines whether Google search queries can be used to predict the present and the near future house prices in Finland. Compared to a simple benchmark model, Google searches improve the prediction of the present house price index by 7.5 % measured by mean absolute error. In addition, search queries improve the forecast of near future house prices. Predicting the present and near future house prices is relevant information to many agents, such as realtors and political decision makers.
    Keywords: C1 ; C22 ; C43 ; C53 ; C82 ; E27 ; ddc:330 ; Google Trends ; Internet ; Nowcasting ; Forecasting ; Housing market ; Time series ; Prognoseverfahren ; Online-Recherche ; Immobilienpreis ; Zeitreihenanalyse ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 22
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this study, we analyze the characteristics and development of Finnish startups based on firm-level data available in public databases. By startups we refer to young, small, and independent firms holding basic elements for growth. Some 4 000–5 000 of such firms are being established annually, of which 6–7% grow to employ at least 10 workers in three years and have had simultaneously increased their employment by at least 20% per annum. About one third of all startups operate in knowledge intensive services and altogether around 70% in services; only few dozen of new startups are in high-tech manufacturing industries. Approximately 70% of startups survive for at least five years. During this period, their employment has on average doubled. The most intensive growth spurt emerges usually in the very first years after establishing the business. Only a few percent of startups get venture capital investments or public innovation subsidies.
    Keywords: D92 ; L26 ; L53 ; M13 ; ddc:330 ; Entrepreneurship ; Growth firm ; Start-up ; Enterprise policy ; Unternehmensgründung ; KMU ; Unternehmenswachstum ; Unternehmenserfolg ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
    Type: doc-type:report
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  • 23
    facet.materialart.
    Unknown
    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: Unlike conventional contracts established through speech, written words, or actions, smart contracts are algorithmic, self-executing and self-enforcing computer programs. In this article, we analyze smart contracts from the perspective of digital platforms and the Finnish contract law. We examine how well the formation mechanisms of the general principles of contract law can be applied to the new technological framework of smart contracts. In addition, the adoptability of smart contracts as a part of our current legislation is evaluated on the basis of this analysis. We find that instead of a clearly defined single use case, smart contracts can be applied in a multitude of different ways, with highly varying goals and circumstances. We conclude that at least in some cases, smart contracts can create legally binding rights and obligations to their parties. The mechanism best suited for describing the formation of a smart contract seems to be analogous to a vending machine where the declaration of intent is implicitly expressed by performing contractual obligations. Contracts have not been formerly percieved as a technical boundary resource in the sense that platform ecosystems could foster broader network effects by opening their technical contracting interfaces to third parties. Smart contracts are an example of the new kinds of technology-enabled contracting practices to which companies and public policy makers should start preparing well ahead of time. However, due to the relative immaturity of the smart contract technology, the number of current real-world applications is still very limited. The evolution of digital platforms requires an approach with a combination of technological, economic and legal perspectives.
    Keywords: K12 ; K19 ; O33 ; O38 ; ddc:330 ; Digital platforms ; Boundary resources ; Blockchain ; Smart contracts ; Internetportal ; Vertragsrecht ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 24
    facet.materialart.
    Unknown
    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this report, we follow up the situation of individuals having re-entered the labour market with the help of a so-called job bank. The follow-up period extends over the next two years after their job-bank-mediated transition into the open labour market. We present two different sets of results concerning individuals’ near-future labour market experiences. The first set illustrates the development of their employment situation more generally while the second set reports results obtained from using statistical evaluation methods. The results show, inter alia, that the labour market prospects of those having been employed via a job bank have, on average, been clearly better than for identical individuals not having used the services of a job bank.
    Keywords: I38 ; J64 ; ddc:330 ; Job bank ; Employability ; Employment ; Active labour market policies ; Impact ; Evaluation ; Arbeitsmarktintegration ; Arbeitsvermittlung ; Erwerbstätigkeit ; Wirkungsanalyse ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 25
    Publication Date: 2019-08-03
    Description: In this report, we study the development of Finnish startup firms based on both survey and register data. The sample includes all firms that were founded in the first half of the year 2005, and those firms have been monitored for eight years. We find that entrepreneurs in growth-oriented startups have had typically already some experience from being an entrepreneur or managing business, and have had success in risk-taking activities. Growth-oriented startup firms are in turn more likely to be networked with other firms and institutions, and are already in the startup phase larger than others. Growth-orientation correlates significantly with ex-post growth, but does not boost failure rates. Besides growth-orientation, the larger size of the firm in the startup phase and the limited liability company form correlate significantly positively with ex-post growth.
    Keywords: D92 ; L26 ; L53 ; M13 ; ddc:330 ; Entrepreneurship ; Growth firm ; Start-up ; Enterprise policy ; Entrepreneurship ; Unternehmensgründung ; Strategisches Management ; Unternehmenserfolg ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 26
    Publication Date: 2019-08-03
    Description: In the beginning of the 1990’s, various fragmented information networks of the Internet were combined into one integrated network of systems. As a result, the commercial utilization of the Internet boomed, creating completely new business models and economic structures in the process. A similar reaction is now anticipated from the digitalization of industry and society at large. However, the big question is, how can all the separately structured, isolated systems be fused into one seamless network of systems? So far the problem has mainly been addressed from the stand-point of centralized and decentralized system architectures. Our analysis shows, however, that completely new and innovative technological approaches, such as block chain technology, are emerging to address this problem. These new distributed architecture solutions may completely revolutionize the anticipated structures and business models of the digitalization currently in progress, as they allow machines to autonomously share much more than just data, e.g. computational capacity, storage space or even electric power. As a result, understanding digitalization in its full capacity requires a systems approach and new kind of higher-level thinking on the scale of a network of systems.
    Keywords: L14 ; L15 ; L86 ; L96 ; O33 ; ddc:330 ; Digitalization ; Industrial Internet ; Platforms ; Block chain ; Internetportal ; Computernetz ; Netzwerkökonomik
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 27
    Publication Date: 2019-08-03
    Description: The industrial internet has been described as a new industrial revolution, a significant re-shaper of markets and a global impetus for growth. Finland is looking for new growth opportunities and competitive edge in the industrial internet. The Prime Minister’s Office has identified it as one of its key themes. This project is run by VTT Technical Research Centre of Finland, Aalto University and ETLA, the Research Institute of the Finnish Economy. The Finnish industrial internet – from challenge to opportunity is a project which will carry out an extensive evaluation of the grand scheme of internet economics, clarifying its social and economic impacts both within Finland and globally, while focusing on Finnish manufacturing industry. Furthermore, the project will cover other critical areas of business life (such as energy, transport and logistics, trade, property and infrastructure) as well as the functioning of the public sector. Finland has all the prerequisites for success: a competitive and international technology industry, solid ICT skills, and a public sector that is well-managed and capable of reform. The Finnish industrial internet – from challenge to opportunity project will produce suggestions for policy and measures that would enable Finnish society and Finnish industry to best create and capture value added from this opportunity. This report serves as a background synthesis for the theme.
    Keywords: L6 ; L86 ; L8 ; ddc:330 ; Industrial internet ; Disruption ; Automation ; Digitalization ; Competitiveness ; Industry ; Computerunterstützung ; Industrie ; Internationaler Wettbewerb ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 28
    Publication Date: 2019-08-03
    Description: The aim of this report has been to produce an analysis of the state of the social enterprises in Finland. Based on a comprehensive survey, there are roughly 19 000 social enterprises in Finland that employ around 125 000 persons. These estimates produced in this report multiply the views on the magnitude of the phenomenon. Self-identified Finnish social enterprises produce social value though their products or services and mostly in the field of social services and welfare. The main hindrances on the way of the growth of the sector are the lack of an unambiguous definition of a social enterprise and the shortages in measuring the most important outcome, social impact. Measuring and valuing the impact is a key element in attracting funding for social enterprises. New means of impact investment attract not only attention but also capital that seeks for targets, especially in Europe. This additional funding is a much needed in the sector that attracts it’s outside financing currently mostly from public sector and struggles to find financing critical for future growth.
    Keywords: L38 ; L26 ; N34 ; P13 ; G23 ; G24 ; M14 ; G11 ; G14 ; ddc:330 ; Social enterprises ; Impact investment ; Sozialwirtschaft ; Corporate Social Responsibility ; Nachhaltige Kapitalanlage ; Finnland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
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  • 29
    Publication Date: 2019-08-03
    Description: In this report we present the definition for a digital platform. We also define what kinds for characteristics and features are associated with platforms and the platform economy. This report provides background information for policy-makers on digital platforms. It also serves as an introduction to a policy implications report for the Prime Minister’s Office due later in 2016. The platform economy, digital platforms and their ecosystems are rapidly changing the business models and information technology architectures across traditional industry boundaries. Internet as an operating environment has a central key role to play in this transformation. Thanks to new digital architectures, pioneering actors can now take the leap from intranet towards supply-chain and Internet centric platform train of thought. We define a platform as follows: Digital platforms refer to information technology systems upon which different actors — that is, users, service providers and other stakeholders across organizational boundaries — can carry out valued-adding activities in a multi-sided market environment governed by agreed boundary resources. Typically these actors create, offer and maintain products and services that are complementary to one another. Platforms quintessentially lure and lock in various types of actors with their network effects and economic benefits thereof. In this report we present the developmental history of platforms and the relevant terminology to their definition. We also examine the definitions of the characteristics of platforms from the standpoint of Apple’s platform. Our analysis shows that there are two angles of approach to platforms: the point of view relating to the internal business operations of a company, and the wider aspect arising from managing social and technical boundary resources of Internet-based platforms ecosystems. Actors now require a new kind of grasp and strategic foresight to become significant players in the platform economy.
    Keywords: L6 ; L8 ; L86 ; L89 ; ddc:330 ; Platform ; Platform economy ; Disruption ; Digitalization ; Internetportal ; Integriertes Informationssystem ; Marktstruktur ; Computerunterstützung ; Informationstechnik
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Finnish
    Type: doc-type:report
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