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Stockholm Business School Annual Magazine 2015 .pdf

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SBS Annual Magazine 2015




PAGE 4–5


4 Supplier’s responsibility important to purchasers
Trading fast and slow
8 Getting emotional about finance
IFRS pose challenge to Swedish trust

12 Executive communities breed future leaders
He studies what good school management entails
16 Fashionable Colleagues
19 Place branding: a political issue

Swedish fashion – one of
the largest growth sectors
in the country’s economy
– has become closely tied
to sustainability.
Researchers at SBS examine
the changing styles of fashion.

PAGE 16–18

20 Superb Swedish stay

22 Research selection
24 The Business of Bees
28 Words matter
30 Pushing for change that saves lives
Local adaptation important when global companies
want to change
34 New projects investigate management in government agencies



35 Three short questions
36 Partner universities

39 Facts and figures

Writers: Naomi Lubick, Eva Annell, Sanna Berg, Lotta Fredholm, Oscar Levy Editor: Sanna Berg
Photo: Cover and introduction: Niklas Björling, Charlotta Bay: SBS, Bino Catasus: SBS, Eva/Maria: SBS, Mikael Holmqvist: Niklas Björling,
Mandar Dabhilkar: SBS, Andrea Lucarelli: SBS, Sara Winterstorm Värlander: SBS, Jarkko Peltomäki: SBS, Ida Texell: Niklas Björling, Jan Löwstedt: SBS,
Sophie Alkhaled: Darren Shaw, Sid 4: Colourbox, Sid 7: Nikada / Getty Images, Sid 11: Maskot, Sid 15: Colourbox, Sid 14: Jonas Ekströmer / Scanpix,
Sid 19: SU, Sid 22: Cheap Monday, Sid 23: Colourbox, Sid 27: Colourbox, Sid 32: XiXinXing / Getty Images, Sid 38: SU Form: Blomquist & Co



Stockholm Business School

SBS spells difference
The past year
at SBS has been
by the same
that we believe
is fundamental
to our school –

OUR RESEARCHERS HAVE engaged in diverse
research topics such as high frequency trading,
sustainable supply chains, wellness, emerging markets
and fashion marketing – you will find some of these
projects described in more detail in this magazine.
What makes business administration a vibrant,
interesting and, in our view, beautiful subject, is the
lack of a common theory, foundation or problem.
This plurality makes it sensitive to societal changes
and hence rather well-equipped to stay relevant in
and for society. As heads of the school, we want to
encourage the diverse and open research climate at SBS,
and we are glad to see the great variety this magazine
show­cases – a variety that we believe fosters curiosity
and the breaking of boundaries. These are also important driving forces that we hope will inspire our talented
students to strive forward in their education and
future careers. Just as our research, our educational
portfolio is also diverse – including cooperation with
a number of other departments to include disciplines

Part of Stockholm University
Disciplinary research domains:
Marketing, Management, Finance, Accounting
Students: 2,660, 52 % female, 48 % male
PhD students: 48
Degrees awarded: 1,246
Staff: 259

such as political science, language studies and
IT into our degree programmes.

Moving forward
Allowing the foundation of difference to guide our way
forward, we see a bright future for the school where
we continue to ask the tough questions within both
research and education. We have a number of new
promising projects underway for 2016, and looking
back on the past year, it is clear that we are on the
right path forward – allowing the intellectual capital
of our faculty and students guide the way.
It is a privilege to be part of a department where
discussions (and sometimes disagreements) on topics
never cease to happen. But, above all, SBS makes a
difference to us, our students, Stockholm University,
Swedish society, and our global partners.
Tommy Jensen, Head of SBS
Maria Frostling-Henningsson, Deputy Head of SBS


Stockholm Business School



important to purchasers

Companies want to be associated with social responsibility and efficient
environmental work, yet many are forced to outsource their production
for cost reasons. Consequently, the company has to rely on the supplier
acting responsibly in the eyes of consumers as well. Mandar Dabhilkar
has studied how purchasers can handle this dilemma.

Clothing production in the city of Myeik
in Myanmar, Southeastasia.

Stockholm Business School


“Over time, as more suppliers take social and
environmental responsibility, the purchaser
will be able to choose, and then the costs will
be reduced,” Mandar Dabhilkar says.
the companies whose products they buy
take environmental and social responsibility, even in the case of low-cost products.
However, in order to be able to sell their
products at customer-friendly prices,
companies in Europe and North America
are forced to use manufacturers in other
parts of the world. Countries that are able
to offer low production costs constitute a
challenge, however, as low costs often go
hand in hand with a lower awareness of
the importance of social and environmental
responsibility. Mandar Dabhilkar, associate
professor of operations management at
SBS, describes the dilemma:
“No company is more responsible than
its supply chain. If one link is broken, the
whole chain falls apart and the company
cannot blame someone else. We were
interested in studying whether there is
a conflict of aims here, if the company’s
sense of responsibility can lead to increased
costs,” he says.

Categorisation of products

Together with his colleagues, he interviewed purchasers at 338 manufacturing
companies in Europe and North America.
The purchasers had to describe how they
acted with reference to a component that
was classified using the Kraljic matrix. This
model is used to categorise components
based on the balance of power and dependence between the purchasing company
and the supplier, and the four categories
are: leverage items, strategic items, noncritical items, and bottleneck items.
“The categorisation of a product determines which choices the purchaser has to
act upon,” says Mandar Dabhilkar and
“It is the purchaser that defines which
category the product will be sorted under,
which is determined by the product’s importance. Thus, an item may be critical to one
purchaser in a specific context, while the same
product is non-critical to another purchaser.

Environmental and social responsibility
Based on Elkington’s “triple bottom line”,
an accounting framework that considers
environmental and social responsibility in
addition to financial performance, the researchers studied three different questions.
The first question was whether the
purchasing companies’ improvement
programme for sustainable development
at the supplier level had the desired effect.
This turned out to be the case for all
product categories except bottleneck items.
One explanation is that the power lies
with the supplier; “it is their market”,
as Mandar Dabhilkar describes it.
“Examples of bottleneck items include rare
metals that will be used in electronics, or
advanced electronic components,” he says.
The second question was whether it
costs money for the purchaser’s company
to ensure that the supplier acts responsibly.
This was the case for non-critical items,
and the increase in costs was related to the
internal handling of purchases, including
monitoring the supplier and administering
“It becomes more expensive when the
purchasing company cannot trust the
supplier and performs its own checks of,
for example, the working environment.
One reason is that the companies do not
usually work as closely with the suppliers
but keep them ‘at arm’s length’ in this
category,” he says.
Mandar Dabhilkar emphasises that
the relationship is not carved in stone.
“Over time, as more suppliers take
social and environmental responsibility,
the purchaser will be able to choose, and
then the costs will be reduced,” he says.
The third question was whether it is
profitable to carry out improvement work,
which it is, but only when it comes to
strategic items.
“What characterises these items is that
they are expensive, in the sense that they
have a major impact on the cost of the
final product. Moreover, these items have

often been developed in close collaboration
between the supplier and the purchasing
company, for example, a special driveline
or gearbox.”
The new knowledge provides purchasers
with the tools to act appropriately.
“Purchasers should not act the same
way for all product categories. Our results
will allow them to take a more nuanced
approach and help them understand the
situation and what to expect,” says
Mandar Dabhilkar.

Securing the supply chain

Mandar Dabhilkar also studies suppliers
from another type of sustainability
perspective, which deals with how well
companies can secure the availability of the
components they need from their suppliers
in different critical situations.
“A classic example was when the
companies Nokia and Ericsson used the
same supplier. They were both affected by a
fire in the factory, but while Nokia reacted
quickly and found a new supplier, Ericsson
waited for the factory to be rebuilt, which
meant they missed the train,” he says.
His interest in the issue arose in connection with the tsunami in Japan in 2011,
when a number of Swedish companies’
suppliers were destroyed. Similar situations
arise after other natural disasters, such as
in the wake of Hurricane Katrina.
“We have collected incidents affecting
around 30 Swedish companies and looked
at their behaviour. What do those who
deal with the situation do best, and what
significance might a certain behavioural
pattern have?”
According to Mandar Dabhilkar, pro­
active ability is one of the keys to success.
“The companies that do well have been
prepared, have performed emergency
exercises, and have a clear strategy for
contingencies. For example, they might have
a ‘dual sourcing strategy’ which makes the
company less vulnerable,” he says.



Stockholm Business School


fast and slow
Jarkko Peltomäki has taken a closer look at short-term trading strategies and
found their unique strength – the ability to adjust fast during a crash. Unlike
their long-term counterparts, short-term strategies are based on a model that
allows them to turn on a dime and take advantage of unexpected events.

“Funds with
a short-term
trading horizon
can adjust
faster: during
a crash, they
should do

IMAGINE DRIVING DOWN the highway with the
cruise control on. Suddenly, red lights flare in front of
you as an accident unfolds, causing a huge pileup. If
your mode of transport happens to be a large, heavy
truck, you might not be able to maneuver fast enough
to avoid a collision, especially with the cruise control
on. But say you are driving a motorcycle: the smaller,
lighter two-wheeled vehicle might prove more nimble,
allowing you to respond more quickly to navigate
around the crash.
That kind of maneuverability is what sets apart
short-term from long-term futures trading strategies,
according to Stockholm Business School’s Jarkko
Peltomäki. He and his collaborator Christian Lundström of Umeå University (now a Portfolio Manager
at Carnegie Investment Bank) have just published an
exploration of why short-term traders can outperform long-term ones, despite some long-held beliefs
that they are less profitable.
Short-term trading in general is often dismissed as
less lucrative compared to long-horizon strategies:
trading on short timescales requires many quick
actions, with costs for each trade. Those costs can
add up, and eventually outweigh any immediate gains
over the long term. That makes short-term funds
seemingly underperform compared to the larger,
longer­-term market trends.

Meanwhile, conventional wisdom says that by
taking the long view, traders will earn more eventually,
incurring fewer costs over time, with the same or
fewer actions spread out over a longer period.
They even out their losses and gain in the end.

Hidden benefits

Jarkko suggest that there are hidden benefits to shortterm trading. “Funds with a short-term trading horizon can adjust faster: during a crash, they should do
better,” Jarkko says. Those short-term gains in market
turmoil can outweigh long-term gains.
To test this idea, the team looked at trend-following
funds called Commodity Trade Advisors (CTAs).
They took data for different funds that worked on
long or short timescales and pitted them against a
risk, or an unexpected shock.
As an example, Jarkko says, look at a fund that
has a model for trading that works with a history of
a month-long timescale, versus one that makes decisions with only a two-day history fed into the model.
Should a crash or other market disturbance occur,
the long-term traders are stuck in a month-long view.
They get slowed down by their models’ long-term
perspective, meaning that they need more data –
and more time – to decide the next steps to take.
Meanwhile, the short-term traders have only their

Stockholm Business School

two-day histories to deal with in their models. That
shorter-term “memory” of the market gives their
models speed to recover faster. They can perceive a
crash more quickly, and therefore act faster closer to
the event and capitalize on it – say, by selling futures
that lose value very quickly. In the team’s analysis, the
short-term funds’ returns tended to spike with market
stress in the short time after a crash or other market
perturbation, whereas the longer-term traders were
still waiting to see what happens in the future before
they can recover.

Maneuverable funds necessary

The maneuverability is a huge advantage, Jarkko
says. In a shorter period of time, while their long-term
counterparts are attempting to get off the start line,
a short-term CTA can make huge gains. With that
in mind, investors need to “think beyond risk and
return,” says Jarkko. His takeaway message is that a
balanced portfolio needs a small slice of these more


maneuverable funds. It’s not that they are in the right
place at the right time, but more that they have the
“right stuff”: a model that allows them to turn on a
dime to take advantage of an unexpected event, and
Jarkko thinks that he is in the right place at the
right time. His research on short-term trading is only
one of six articles he has published recently, on a wide
variety of subjects that he investigates as an associate
professor at Stockholm Business School at Stockholm
Jarkko says he enjoys the freedom to research
unrelated topics, including risk-taking, CEO
ownership and behavior, and investor herding
behavior. While trading is a hobby, his academic
research allows him to direct his attention toward a
wide range of questions, as well as independence in
thinking about these issues – a kind of maneuverability
akin to riding a motorcycle in traffic.

Jarkko Peltomäki is
associate professor
of Finance at
Stockholm Business





Stockholm Business School

Charlotta Bay, assistant professor of business
administration, wants to help the broad public
to make sense of everyday financial information.

Getting emotional
about finance
How can we make the broad public understand the financial information
communicated by various social actors? A common perception is that
more information can change people’s financial behaviour. Charlotta Bay,
assistant professor of business administration, has conducted research
on this topic for several years. One of her conclusions is that financial
information also has to affect people emotionally.

Stockholm Business School


THERE ARE INCREASING demands on our own
financial responsibility. We are expected to be well
informed about the financial market when we buy
a property, borrow money for studies, save for our
pensions, invest in funds, etc., but what is actually
being done to create financially conscious and responsible citizens? What do society and other stakeholders
do to facilitate our ability to interpret and act on
financial information?
Charlotta Bay, researcher and teacher at Stockholm
Business School, has conducted three different case
In the first case study, three Swedish authorities
go on a school tour to discuss personal finance with
upper secondary school students. The second study
investigates how the television show “Lyxfällan
[The luxury trap] links finance with overconsumption
in a way that is comprehensible to both participants
and viewers. In the third study, employees at a telemarketing division of a Swedish pension insurance
company are interviewed about the strategies they use
when talking about pensions with the people they call.
“My interest has been to investigate, at a micro
level, what is actually being said and done when
these actors meet their target groups, as well as the
arguments and preparations behind these words and
actions,” says Charlotta Bay.

Need for emotional affect

One of Charlotta’s conclusions is that economic
understanding is not only in people’s minds but also
in their bodies, and that financial information must
affect people emotionally in order to be understood
and acted on. She explains that economic understanding requires translation, that financial information
often has to be cleared of numbers and quantities and
translated to take other forms that people can relate
to and be affected by – forms that do not only include
rational, sensible arguments.
“One of the great challenges is to make both the
provider and the recipient realise that economic
understanding is not only a cognitive, rational process
that takes place in people’s minds. Just because we
inform people about different types of funds and
stocks, introduce them to various economic concepts,

or teach them how to calculate the interest on their
mortgages, does not necessarily mean that they are
able to understand the economy and handle their
money better.”

Change of behaviour

Charlotta argues that the main culprit is the idea that
we can change people’s financial behaviour mainly by
offering more information and enhanced mathematical skills. This idea runs deep, is difficult to change,
and still governs many actors’ communication of
financial issues, she says.
“In order to make people change their financial
behaviour, we must first translate the financial issues
into something that relates to each individual’s reality
and concretely show the impact of their financial
choices on their daily lives. And not only for the
size of their wallet; finances is just as much about
emotions, morality, and relationships. In order to
make people understand finance, you have to be
able to demonstrate what debt means – not only in
the form of payment plans, but also how it affects a
person’s emotional life and personal relationships,”
says Charlotta.
How does a person feel who is in debt and cannot
pay back an sms loan? How is a person’s relationship
with their best friend affected by a debt? Why do
pension envelopes cause discomfort in many people?
Appealing to people’s heart and gut feelings as much
as to their mind creates an economic understanding
that may lay the foundation for a change in their
financial behaviour.
Currently, Charlotta is working with several researchers at Stockholm University on the pension study
“Financial literacy”, which mainly focuses on the
recipient’s perspective.
When she interviews customers of banks and insurance companies, she notices that many of them lack
a greater perspective.
“The information from the provider focuses on
details and different solutions and packages, but the
question many people ask themselves is: Will there be
any money left for me at all when I get old? Worrying
about these larger issues may cause people to not
absorb the information,” says Charlotta Bay.

is not only in
people’s minds
but also in
their bodies.



Stockholm Business School


IFRS pose challenge
to Swedish trust
The International Financial Reporting Standards (IFRS) are now ten years old, and
their impact in Sweden has been studied. Professor Bino Catasús states that the
IFRS have shaken Swedish values and traditions. Experienced board members speak
of short-sightedness and that they no longer dare to take risks.

show that
some board
believe that
the IFRS
have created
for running
a company.

IFRS ARE A set of international accounting standards
that were established in order to have a common
accounting language, so that business and accounts can
be understood from company to company and country
to country. Since 2005, the IFRS should be used in the
consolidated account statements of all listed companies
in the EU. The IFRS have received more criticism in
Sweden than in any other country. Professor Bino
Catasús believes this is because the IFRS are not
compatible with Swedish values.
“The IFRS are based on the assumption that there
is a need to question whether the board of directors
and management can be trusted, which runs contrary
to Swedish culture. In Sweden, we have relatively high
confidence in people in positions of power, as well as
a fundamental belief that those in power wish us no
harm. We are used to entering into agreements with a
handshake, not with three-hundred page contracts,”
he says.
Bino Catasús is professor of accounting and auditing
at Stockholm Business School. He has recently led a
research project on the impact of the IFRS in Sweden
with researchers from Stockholm Business School
and the School of Business, Economics and Law in
Gothenburg. In 2015, the research group released
the book IFRS – Dilemman och utmaningar [IFRS
– Dilemmas and challenges] , which contained
conclusions from the project.

From long-term owners
to short-sighted investors

Professor Bino Catasús argues that the IFRS also
clash with Swedish corporate culture when it comes
to the view of shareholders.
“In Sweden, we have long had large ownership
coalitions with long-term interests in the companies
they bought shares in. A long-term perspective has
been typical of Sweden, which has caused us to view
shareholders mainly as company owners. In contrast,
the IFRS are based on the Anglo-Saxon approach –
that shareholders are primarily investors who will
sell their shares immediately if the company and its
shares are expected to do poorly. The IFRS require
that we change our view on companies as something
only to invest in.”
The researchers’ interviews show that some board
members believe that the IFRS have created restrictions for running a company. The IFRS are meant to
protect the investors, and the basic principle is transparency. The aim is to give all shareholders access to
the same information.
“Board members who come from large ownership
coalitions and have been around for a long time think
that the IFRS are bad, or even idiotic. They believe
that the IFRS create short-sightedness and a general fear of making mistakes, as failures can be seen
directly in the accounting. They say that, in the past,

Stockholm Business School

they were able to focus on doing more right than
wrong in the long term, but now the only aim is to
not make any mistakes. It is, of course, problematic if
the IFRS have caused companies to take fewer risks.
Entrepreneurship is based on risk-taking,” says Bino

Board members unhappy
with the situation

Swedish companies used to value their property
according to the precautionary principle in order to
avoid having too high values on the balance sheet.
With the IFRS, property is instead valued on the basis
of the current market value.
“Some board members complain that they can no
longer see how their business is going. A company
that mainly manufactures pens, for example, can
appear to do really well a particular year, even though
it has sold fewer pens, and at a lower price, than before.
Instead, it is the company’s property that is valued
higher, perhaps because a neighbouring property has


just been sold at a high price,” says Bino Catasús.
Moreover, board members say they miss being
able to discuss how to report various items with the
company’s accountants. Nowadays, much of it has to
be threshed out through valuation experts and global
accounting centres in London, since the IFRS should
be implemented the same way in every country.
However, the freedom of Swedish boards of
directors has increased significantly regarding one
point, which concerns how the company’s goodwill is
valued. Goodwill emerges when companies buy other
companies, and previously, a certain percentage of the
value was written off each year.
“Now they can no longer write off goodwill, and
the value will remain the same as long as the value of
the purchased company remains the same. Instead,
they should do a write-off when they believe that the
future is looking worse, and there is hardly anybody
but the board of directors that can make that assessment.”

Bino Catasús is
professor of accounting and auditing at
Stockholm Business




Stockholm Business School

communities breed
future leaders
What distinguishes an executive community, and how does it affect Sweden as a whole?
Mikael Holmqvist, professor of business administration, has conducted several years
of field studies to find out why so many successful decision makers and business
executives come from Djursholm, one of Sweden’s executive communities.

Stockholm Business School


Other children grow up with
certain limitations, but in
Djursholm, there is no ceiling.
You can only strive upward.

all of Sweden, and it is in these environments that we
can seek the explanation to parts of the general social
development. Executive communities are characterised
by commitment and a focus on performance and
results, and these communities are home to many
people who practice leadership in both their professional
and personal lives. Mikael Holmqvist, management
scholar and professor of business administration at
Stockholm Business School has studied the community of Djursholm, north of Stockholm, for five years.
His study has resulted in the book “Djursholm – Sveriges
ledarsamhälle” [Djursholm – Sweden’s Executive
“People in Djursholm believe that their lifestyle is
superior to that of others in a purely moral and social
sense. However, in order to work as an executive
community, Djursholm must have an aura, that is,
a symbolic added value,” he says.

Raised to be leaders

Children in Djursholm are raised to be leaders and
grow up in a community that is strongly characterised
by a drive for success. The prospects of success are
good. They are used to seeing and socialising with
successful business executives; they see fancy houses
and park-like gardens.
“Meeting such role-models influence the children’s
self-image. They realise that they are living in a
special community and that they are expected to make
something out of themselves,” says Mikael Holmqvist.
There is a downside, however. Through in-depth
interviews, Mikael has established an image of a
community that provides great opportunities but also
makes high demands. Young people speak of social
pressure and absent parents.

“There is a sense and fear among young people of not
being good enough. There is an expression that ‘the
sky is the limit’, but what these children are asking
themselves is: When am I good enough? Other children grow up with certain limitations, but in Djursholm, there is no ceiling. You can only strive upward.”

Strong social commitment

Djursholm is, in many ways, an isolated community.
It is largely surrounded by water, which, like a moat,
forms a natural border with the outside world. There
is no metro or train line that goes to the community,
and the available bus routes only go there and back.
In spite of the obvious sights and attractions, there is
no tourist office, and it is easy to get the feeling that
the locals do not want to attract visitors.
One might think the inhabitants are only committed to themselves. However, Mikael emphasises that
the people of Djursholm are keen to get involved
in how people in general should live and act. This
becomes an important expression of the Djursholm
way of life and the underlying norms and values of
the community. This involvement is not based on a
collective, professional set of values, education or
similar social context, but on the fact that they, consciously or subconsciously identify, as inhabitants of
Djursholm and are united in their desire to maintain
a certain lifestyle.
“Djursholm has always been involved in social
development and is a kind of moral beacon. Look
at us, we are the ideal”, says Mikael Holmqvist.
He explains that there is an ambition with a
long history among the people of Djursholm to get
involved in social development through charity or
good advice on various issues, which is based on the
idea that they have something good and important to




Stockholm Business School

Aerial view of seashore
villas on a promontory
in Djursholm.

“My study shows
the benefits of
meritocracy for
Sweden’s future
development; or,
if you will, talent
over class and

contribute. Many of the young people actively try to
influence and change their surroundings in order to
remedy social problems.

Puts a premium on people’s social skills

The research study concludes that, in spite of the
inhabitants’ very high level of education and commitment to schools, this community cannot be seen
primarily as a meritocracy where knowledge and
skills are valued the most. Rather, it is an environ­
ment that, above all, develops and puts a premium on
people’s social, communicative and aesthetic skills. In
this environment, it is people’s aura, rather than their
knowledge, that gives them influence and power.
This is what Mikael calls a konsekrati.
“The increasing influence of this social ideology
leads to a gradual erosion of what has been Sweden’s

hallmark as a nation of research, industry and culture:
qualifications, knowledge and skills. My study shows
the benefits of meritocracy for Sweden’s future development; or, if you will, talent and diligence over class
and lifestyle,” says Mikael Holmqvist.
He emphasises that meritocracy has its flaws and
may put certain groups at a disadvantage, but that
the alternative in form of a konsekrati is far worse.
Meritocracy offers the best foundation for the social
economy, and for most people’s opportunities for
integration and employment.
“But the issue is more grounded than that. For
example, I believe that every person who suffers a
serious illness in the future will want to be treated by a
doctor who acts on the basis of knowledge and proven
experience, not by a less competent yet aesthetically,
communicatively and socially excellent person.”

Stockholm Business School



He studies what good
school management entails
Many people today are calling for more comprehensive pedagogical leadership
on the part of principals. Jan Löwstedt has two decades’ experience of studying
school organisation and management, and he believes that while the principal has
an important role, one person is not enough to create a well-functioning school
management. He is now investigating how different types of school management
affects how well a school develops.
THE SWEDISH SCHOOL system has undergone major changes, which has also affected the
role and responsibilities of school management.
For example, the schools’ role has changed from
pure knowledge transfer to a more multi-faceted
role, while government control has increased.
However, Jan Löwstedt, professor of business
administration specialising in management,
organisation and strategy at SBS, has doubts
as to whether what is often called for today –
a higher degree of pedagogical leadership on
the part of principals – is the right way to go.
“Now there are calls for the principal to come
out into the classrooms and coach the teachers,
but what management should look like depends
on the type of group being managed. If it is a
well-functioning group, the principal should let
the teachers do their job, which is to teach and
develop their teaching, while other measures are
needed if the group functions poorly,” he says.

Important with shared leadership

In recent years, schools have also been seen more
as an organisation among others. For example,
there are more people today – in addition to the
principal – with management roles, such as team
leaders and assistant principals. Jan Löwstedt
opposes the idea that individual school leaders
play the main role in a well-functioning school.
What is actually required is good school management.
“Leadership is about the interpersonal – the relationship between the leader and those being led
– while management, that is, how the organisation
is being managed, is the sum of those leading the
operations. I believe that the principal’s actions are
important, but not necessarily the person him- or
herself. This is also supported by research indicating the importance of an interactive, distributed,
and shared leadership,” says Jan Löwstedt and
adds: “But I know that this view is provocative,
not least among school managers.

Next phase of the research

The book Skolledning: Scener från den organiserade vardagen [School management: Scenes
from organised daily life] was published in
2015. In this book, business researchers present
a number of scenarios that might be relevant to
a principal, such as facing a renovation project,
which is a situation that requires knowledge of
project management, or how to assess the work
of employees’ in order to determine their salary.
The research and its findings are then described
on the basis of these different situations. This
helps school managers tackle a particular situation using business research as a starting point
– a new approach in school research.
Jan is now about to get to the bottom of the
school management issue. In the project with
the working title Skolledningens många ansikten
[The many faces of school management], he and
his colleagues will illustrate how schools work
with systematic quality work, management by
objectives, and pedagogical leadership.
“As a first step, we will select 15 principal
authorities, i.e. those ultimately responsible for
running the schools, five of which should be
charter schools. Here we will study what happens above the principals’ level, i.e. in the local
education authorities, and we will participate
when their representatives meet with the principals,” says Jan Löwstedt.
In the next step, four authorities will be selected, and here the goal is to compare schools that
are over- or underperforming.
“There are ways to use different indexes to
calculate what grade levels a school should
be at in relation to the socioeconomic profile
of the catchment area – data provided by the
Swedish National Agency for Education. Our
aim is to identify differences in the practices of
school management in the schools that function
well, compared to those that do not,” says Jan

The Swedish
school system
 Children begin school
no later than age seven.
Compulsory education
includes three stages:
lågstadiet, mellanstadiet,
and högstadiet (three years
each). Students can then go
to upper secondary school,
which is a prerequisite for
university studies. Upper
secondary school comprises
two to four years of study,
depending on the programme.
 Since 1992, schools can
be operated as charter
schools with independent
principal authorities.
 A new curriculum was
introduced in 1994, and the
responsibility for schools
was transferred from the
state to the municipalities.



Stockholm Business School

Stockholm Business School



Fashion once belonged only to the elite: provided by a select few
designers, sold at high prices to a wealthy and powerful clientele,
fashion said a lot about identity, class, and more.

AND TODAY, IT still does, but far more democratically. Fashion made the transition over the past several
decades from high to fast and accessible, and far more
lucrative now that more people can participate. And
while fashion still communicates a surprising amount
of information about its makers and wearers, it can
even telegraph societal values about environmental
sustainability and criminal behavior. HÃ¥kan Preiholt
and Claudia Rademaker, researchers at SBS, unpack
some key fashion messages.

Preiholt and Rademaker have teamed together to
examine creativity in particular: how do designers
define and work with creativity? How do consumers
embrace changing fashion and make their creative
decisions to create their own individual style? But
creativity is only one piece of the fashion puzzle,
and both researchers are interested in process and
production, from all sides – creators to consumers
– as well as communication.

Changing styles

After completing a Bachelor’s degree in fine arts and
fashion design and a Master’s degree in marketing,
Rademaker explored how green messages affect the
industry, the market and consumers in her doctoral
thesis at the Stockholm School of Economics. She
continues to expand that work as a visiting researcher
at University of Amsterdam and at SBS, where she has
been assistant professor for half a year and collaborates
with Preiholt, who founded the research program
Fashion Marketing and Entrepreneurship (FAME) a
decade ago.
Swedish fashion – one of the largest growth sectors
in the country’s economy – has become closely tied to
sustainability. Swedish clothing companies large and
small have made an effort to maintain their creative
fashion identities while focusing on sustainable products,

For nearly a century, the “Syndicate de la Monde”
in Paris ran fashion, from production decisions and
machinery, to style and colors. Now, fashion is in the
hands of constellations of designers, and their names
are no longer as synonymous with brands as say, Yves
Saint Lauren was synonymous with his house. That
house’s fashions are now designed by multiple people,
and perhaps a few known names that might jump like
football stars from team to team, Rademaker says.
Nevertheless, fashion continues to have three main
definitions, which the researchers use to pursue their
projects: fashion must be a clothing style shared by
a group of people (from sportos to punks to highend labels). It has to be creative. And it must change

Fashion’s “green” messages



Stockholm Business School


are becoming
more and more
and more

and advertising their efforts. In the meantime, consumers have become more conscious of environmental
impacts of their buying habits, and are increasingly
eager to purchase eco-friendly products. They are also
wary of greenwashing.
“Consumers are becoming more and more
skeptical, and more demanding towards companies,”
Rademaker says. “And fashion especially is communicative,” not only of class, but also of social values.
Consumers might express displeasure with companies
they see as not socially responsible in social media,
or they might silently avoid their products, amounting to 3.3 billion euro’s worth of lost sales annually,
Rademaker calculates. And when it comes to green
marketing, Rademaker has found that media matters:
consumers tend to be more positive toward a company
or brand if they perceive that the media type – for
example, print, online or billboard advertisements –
is more eco-friendly versus one they perceive as more
environmentally harmful.
Rademaker also found that having environmental
policies in place does not guarantee green corporate
behavior or marketing decisions, compared to companies without such policies. An organization’s purported philosophy (such as environmental policies) may
not match its actions. However, if a company has
managers with strong green personal attitudes those
beliefs are more likely to drive their managerial decisions, leading their companies to act more sustainably,
whether in production or marketing.

International FAME and fashion crimes

From Sweden, the researchers hope to look more
internationally in the future. Rademaker is currently
involved in a project called #Sharewear, where
Swedish fashion firms contribute to a global online
loan collection. The first person to claim the displayed
garment online gets to borrow it for a week and the
garment moves on through social media. The project’s
aim is to highlight Swedish fashion, focusing on
sustainability and “conscious consumerism” instead
of overconsumption.
And in another project, Preiholt and Rademaker
are crossing international borders to partner with
researchers in China, Italy, Japan and Turkey. They
examine definitions of avant-garde versus trendy fashion,
innovation, and other basic definitions of fashion.
Fashion can have many meanings, and communicate many messages, says Preiholt, and one extreme
example is of how fashion might be a predictor of
recidivism: Prison fashion is certainly shared by a
small group, and Preiholt and SBS’s Martin Svendsen
have determined that those who adopt similar dress
to their prison fashion once they have left are more
likely to return. “We are approaching a method or a
way to spot the ways of dressing or fashion so that
we can explain changes that take place,” Preiholt says.
“We can explain why these guys are in prison.” But
more research is needed to figure out why and what
that means exactly.
With exciting results already published, Rademaker
and Preiholt, hope to have more results in the year to
come that address the challenges how consumers and industry alike perceive fashion and what it communicates.

Stockholm Business School


Place branding:
a political issue
Andrea Lucarelli, who recently received his PhD in Business Administration at Stockholm
Business School, has studied Stockholm and its branding as The Capital of Scandinavia.
He concludes that the branding strategies and activities greatly affect regional development.
of a place, city, region or country that
contributes to the site's success. Different
places might end up in competition to attract capital, talent, skills, newcomers and
start-ups. Multiple players are involved,
including politicians.
Place branding “should be seen as
politically laden, since they are appropriated by interests and organizations not
considered to be the prime targets of the
branding efforts. It is a political process
with different political interests involved,”
says Lucarelli.
Over five years of field research,
Lucarelli has studied the branding of the
greater Stockholm area. After branding
itself as “the Nobel city,” “Beauty on
the water,” and “Venice of the North,”
Stockholm has used the branding concept
“Stockholm, the Capital of Scandinavia”
(SCS) since 2005. This refers to the idea
that Stockholm is the central cultural and
business capital, and not just of Sweden
but of the whole of Northern Europe.
“The creation of the brand SCS and
the branding practices implicated have

affected the regional layout and the
debate about regional development in
the area. In the 1990s the actors around
the Lake Mälaren came together to form
‘Mälarregion’ as a meeting place, creating
a regional vision. The branding efforts of
SCS cross-cut such debate and created a
whole new debate about the position of
Mälarregion,” explains Lucarelli.
SCS has nothing to do with the territorial definition of Stockholm County. The
new regional assembly stretches hundreds
of kilometers north, south and east of
the functional borders of Stockholm. It
is financially equivalent to roughly half
of the total Swedish GDP and contains
one-third of Sweden’s entire population.
Today, 53 of Sweden’s 290 municipalities have joined the Stockholm Business
Alliance (SBA), which is a partnership that
works together to develop the region of
Stockholm and gathers the region under
the brand of SCS.
“By joining the SCS, the municipalities that embody the brand are forced to
renegotiate their own identity, and SCS
may be seen to be behaving something

like a Trojan Horse, constructing a new
territorial landscape,” says Lucarelli.
Today the SCS is used both locally and
globally and is used in different arenas
and media channels. With the rampant
use of digital media, the brand has been
endowed with an increasing power.
The brand has triggered reactions from
travel agencies, real estate agents, sport
organizations, newspapers, web portals
and private bloggers to mention a few.
Lucarelli has studied the enormous
amount of webpages where SCS is mentioned, discussed, opposed and criticized.
“It is very interesting to observe that
SCS has created a certain type of halo effect and buzz, thanks to and due to informational technology. Cities such as Oulu
in Finland, for example, which label itself
as ‘The northern capital of Scandinavia,’
or the simple way in which such a brand
is used on twitter, both giving positive or
negative connotation is a clear example of
the viral extension and the attachment or
detachment SCS creates.”



Stockholm Business School


Swedish stay
Sophie Alkhaled is a social scientist with a PhD in Management
Studies. Her research focuses on gender, feminism, and women’s
experiences in the workplace. Working and living in Sweden
“was completely different” than anywhere she had lived and
worked before, she says.
LAST YEAR, SOPHIE Alkhaled, 31, wrapped up a
year-long post-doctoral research position working
with Karin Berglund at Stockholm Business School.
“I didn’t realize how traditional the UK was until
I moved to Sweden,” Alkhaled says. “In Sweden,
it’s just so normal for women to see themselves as
That’s not entirely the case in Saudi Arabia, Alkhaled
notes, where she lived for 11 years and conducted
her PhD research on women as entrepreneurs. “In

Sweden, every woman identifies as a feminist at some
level, without the heated feeling [present in the UK,
for example]. As for Saudi Arabia, I think a lot of
women are feminists, but they are working within
the structures there and trying to get their power
while working through those tribal and patriarchal
When she began her graduate studies, Alkhaled
was well aware that Saudi Arabia, where she lived
from age 6 to 17, is a different world. Her parents are

Stockholm Business School

have high
respect for
research and
early career


British and Syrian, and she herself is both – and more.
Alkhaled straddles many boundaries and labels: she is
feminist, Muslim, secular, Middle Eastern, Western.
That multiplicity has coloured her academic work.
Alkhaled determined early on that she would engage
in qualitative ethnography, an observations-based
research technique in which observations are couched
in the clearly stated frame of the observing researcher.
That specialization facilitated her research in arenas
(from the Middle East to the UK) where hard data on
women in business are difficult to find.
Alkhaled spent nine months trying to reach female
managers in Saudi Arabia, using her network of contacts and knowledge of Arabic. Meanwhile, digging
into the business literature, she read studies about
women’s entrepreneurship and their feelings of
empowerment and emancipation, as well as satisfaction
with work-life balance. She began to think, “Maybe
I’m doing this the wrong way – I need to look at
women entrepreneurs,” she says, not managers in
larger companies working for male managers,
through whom Alkhaled would have to get access.
She eventually found 13 women who run their
own businesses in Saudi Arabia to interview. No male
intermediaries meant she had direct access to the
women, who were satisfied their names would not be
revealed according to confidentiality rules from the
University of Aberdeen, where Alkhaled was a graduate student at the time.
In June 2012, about 6 months from submitting her
thesis, Alkhaled presented results at the 7th biennial
Gender, Work and Organization Conference. Karin
Berglund of SBS and Carin Holmquist of Stockholm
School of Economics (SSE) were attending; they invited her on the spot to give a seminar at the Stockholm
School of Entrepreneurship (SSES) on her work.
Soon after finishing her PhD, in April 2013, Alkhaled
gave her workshop on women’s entrepreneurship
research methodologies in Stockholm, and Berglund
took the opportunity to invite her to come research
at SBS. They cobbled together post-doctoral funding
from a variety of sources.
Together, Alkhaled and Berglund decided they
would juxtapose the experiences of a Swedish woman
and a Saudi Arabian woman who were both entrepreneurs. “Not compare,” Alkhaled stresses, “but

juxtapose”: Comparison can lead to an imperialistic
view, highlighting the differences instead of showing
similarities. “We weren’t interested in doing that.
I wanted to look at the overall picture,” she says.
“Both women felt a sense of empowerment in setting
up a business. Their experiences were not the same,
but there were an incredible amount of similarities in
their journeys, in their own cultural contexts.”
While at SBS, Alkhaled devoted 70% of her time to
research, and 30% of her time to teaching a qualitative
research methods course and supervising Master’s
students. The opportunity to teach was invaluable for
an early academic career, and she recalls with gratitude
being included as a full member of the SBS faculty in
seminars and meetings.
Swedish academics “have high respect for international research and early career researchers, whilst in
the UK, we all struggle in the beginning, with little
funding and financial support,” she says, hastening to
note strong support from her colleagues at Aberdeen.
“It’s so refreshing, about Sweden and about Karin in
At first Alkhaled treated Berglund as a mentor and
respected elder. But soon she realized that Berglund
was treating her as a peer. “I learnt to believe in
myself and be more confident in what I do,” she says.
“In Sweden the hierarchy is not as important as it is
in the UK or in the Middle East. That’s something I’d
like to carry on in my life, [and] talk to my students
as peers. It’s a different way of teaching and of mentoring as well.” Now a teaching fellow at the University
of Aberdeen, the equivalent of a “lector” in Sweden or
assistant professor, Alkhaled uses the same techniques
in teaching her students.
Alkhaled can find only one negative thing to say
about her time in Sweden (and it’s not about winter
weather or darkness): housing in Stockholm is incredibly difficult. She suggests that incoming researchers
secure stable housing before arriving. She also advises
getting at least two years of funding and commitment
to a position there; one year was just too short, she
says, to spend in Sweden and at SBS.
Her time at the SBS was “the most incredible experience of my life,” Alkhaled says. “I’d be back on the
first plane available.”



Stockholm Business School


Keeping the
brand edge

How can a brand keep its edge after becoming
mainstream? According to established brand theory,
edgy brands are abandoned by their high-status
consumers and lose their former glory when they start
being used by so-called “mainstream consumers”.
Researchers Susanna Molander and Jacob Östberg at SBS
have, together with Lisa Penaloza from Kedge Business
School in France, followed the brand Cheap Monday since
its inception in 2003. The brand has gone from being a small
underground brand to being “the it brand” in several locations
around the world for a few years. Along the way, it was bought
up by H&M, and Cheap Monday now attracts a broad group
of consumers.
What the researchers found interesting was how Cheap
Monday has managed to keep its “edge” and respect among
groups that in many respects control the trends, despite the
fact that Cheap Monday can now be called “mainstream”.
“One of our preliminary conclusions is that local anchoring
and flexibility have been valued in the process. A wider room
for interpretation of brand image has also been promoted
and the interpretations have varied among different consumer groups. We believe these aspects have contributed to
the brand’s succes in keeping its edge while expanding",
says Susanna Molander.

social media

To employers, it is a good
thing when posts about the
organisation are spread in
personal networks on social
media, but there is a need for a
clear policy in order to maintain
the line between an employee’s
professional and personal life.
Due to social media being active 24
hours a day, there is a risk that the line
between work and private life becomes
blurred. Steffi Siegert, who recently
finished her PhD at SBS, has written a
doctoral thesis on how social media

challenge the boundary between work
and private life. Her research shows
that organisations have to be clear on
what is expected of their employees
when it comes to spreading business
information via personal networks on
social media.
“To companies and organisations, it
is almost always a good thing that
employees spread information about
them in their personal networks. This
may not be a problem for someone
who has a strong identity at work, but
others may perceive it as an unspoken
requirement to do so,” says Steffi

Stockholm Business School


SBS partners
with the
When health
becomes destructive
People’s wellbeing is an area that researchers
at SBS have studied for a long time.
It is a common thought that healthy eating, regular exercise and positive
thinking are keys to a better life, but Carl Cederström, Associate professor
of organisation studies and author of The Wellness Syndrome, believes that
wellness has instead become a destructive ideology.
“There is no doubt that we are unhealthily obsessed with health. We live in a
society where being healthy is not simply about wanting to avoid illness – it
is a way of demonstrating your moral worth – and where we automatically
begin to view those who are unhealthy as moral failures,” says Carl.
His colleague, Torkild Thanem, professor of management and organisation
studies, has been researching workplace health promotion. He found that
whilst a studied organisation implemented a range of workplace health
initiatives, some employees reacted negatively to what they considered
overbearing and “fanatical” actions by superiors and co-workers. His research
identifies the fault lying with the search for performance improvement
through healthier lifestyle habits.
“It is difficult to measure and there is little evidence that there is a connection
between health and work productivity,” states Torkild.
The researchers will now continue to study how organisations with strong
performance cultures seek to manage employee wellbeing, and how
employees manage their own wellbeing. They recently received funding
from the Swedish Research Council.

"We live in a society where being healthy is not
simply about wanting to avoid illness – it is a
way of demonstrating your moral worth."

Stockholm Business School and its Centre
for Executive Education have entered into a
partnership agreement with the European
Club Association (ECA) to provide academic
business-related content to their Club Management Programme. ECA is the sole independent body directly representing football clubs
at the European level with 220 Member Clubs.
Its inaugural Club Management Programme,
which emphasises knowledge exchange and
good practice in the game, will deliver clubrelated management development courses at
stadium facilities across Europe to a cohort of
executives drawn from its member organisations.
"We are pleased to have Stockholm Business
School as academic partner of the ECA Club
Management Programme. As a leading
European business school, SBS will enrich our
programme with academic business content
and contribute to the future development of
the course. We look forward to a fruitful collaboration," commented Michele Centenaro,
ECA General Secretary.




Stockholm Business School

Stockholm Business School


The business
of bees
Not long ago, Danilo Brozovic of Stockholm Business School was thinking
a lot about raising bees. He read several books on the subject, and together
with a colleague, met a beekeeper in Finland. But not because he wanted
the honey. Brozovic wanted to know as much as possible about beehives
in order to see if they would serve as a metaphor for service dynamics
and relationships.

“The honey is
the money,”
of course,

THE RESULT HAS been a model that fits various
aspects of service companies and their activities,
serendipitously well. Brozovic recently published
the model as the capstone to his PhD, with his then-­
advisors Fredrik Nordin of SBS and Annika Ravald
at the Centre for Relationship Marketing and Service
Research at the Hanken School of Economics in Finland.
Nordin hired Brozovic five years ago on the project
Flexkraft, to think about service marketing and
flexibility. Three years into his research, Brozovic’s
advisory committee pushed him to search for the
perfect metaphor for service marketing and businesses.
He considered several natural world metaphors,
for example, plants’ root systems, before stumbling
on beehives, and what he, Ravald and Nordin now
consider the ideal metaphor.
"I think the metaphor works anywhere without
limitations,” Nordin says, “but it reflects only the
good organizations. It’s an ideal model of a relatively
well functioning organization and how it works.”

The ideal hive

Most people have an idea of how beehives work,
Brozovic says, which is part of the appeal of the
metaphor: people tend to know that honeybees head
out into the fields surrounding their hives to seek out
flowers, pollinating them as they gather pollen and
nectar. The bees return to the hive, where they might
perform a “waggle dance” to communicate where the
best flowers are growing, and deposit their collected
cargo to make honey for the hive for winter.
The parallels in a service industry are undeniable:
technicians or service people go out into the field to
seek out their companies’ clients, helping to fix their
broken equipment or other problems. The workers
return to their colleagues and communicate what
they have learned, perhaps improving on their own
methodologies from lessons learned in the field.
“The honey is the money,” of course, exclaims
Brozovic. Yet he adds that the value for the company



Stockholm Business School


Taking information back to the hive – the “waggle dance”
– allows companies to examine and then shift their services
to fit customer needs, basically evolving and learning from
the field experiences of their technicians.

lies also in the business intelligence that the technicians,
the company’s part-time marketers, bring back to the
Other more intricate parallels also fit within the
beehive metaphor: Brozovic and colleagues cite
bucket orchids, which can only be pollinated by
orchid bees. This specialization of some species of
bees, which have adapted to pollinate specific flowers,
or vice versa, is comparable to some service companies that might be specialized for certain industries,
and they can evolve together. Or a company can be a
broad service provider, visiting all kinds of different
flowers (customers).
“The customer is the flower, but it’s not only pollination that’s important from a service perspective,”
Brozovic says. “Fertilization in the metaphor means
they [a service company] can do something extra for
the customer, and provide additional value.”

In the field

In testing and building the metaphor, Brozovic went
out with technicians as they did their work: on one
occasion, a technician found a valve problem for a
gas tank and fixed it. But the technician knew that it
would be better for the customer to purchase a new
valve sooner rather than later, as they would lose gas
in the meantime and the technician would have to
keep coming to fix the current one. That small series
of things – the events and knowledge gathered and
potentially shared – “may seem insignificant, although
they are significant in the long run,” Brozovic says.
Taking information back to the hive – the “waggle
dance” – allows companies to examine and then shift
their services to fit customer needs, basically evolving
and learning from the field experiences of their technicians. And customers will benefit: “Customers are
not necessarily interested in technical things, but the
technicians can see if something is wrong that needs
to be fixed at a different scale,” says Nordin.
Brozovic and Nordin built and tested their metaphor
through their strong collaborations with six industrial
companies that were offering different kinds of services
to their customers. In addition to accompanying technicians into the field on their service visits, to observe

their work and hear from them how they perceived
their responsibilities and jobs, Brozovic and his colleagues presented the beehive idea to the engineers and
managers, to see how they thought it might fit with
their companies.
The responses included one manager’s thoughts on
the kind of mutualistic relationship between company
and client, just like bees and flowers: “You strive for
the long-term relationship because then you can, for
instance, advance; you can offer more services to
your customer and help them in all the possible ways
that they didn’t even imagine could be done, with
everything that this implies.”
The beehive metaphor allowed their partners to
point out bottlenecks or places for improvement in
their own work, for example where technicians do
not realize that their time spent reporting back what
they saw in the field can be incredibly valuable to the
company as a whole. Telling them about the “waggle
dance” could be a good teaching tool, one manager
told them. While honeybees have been used before in
business, to illustrate leadership or “hive mind” thinking, this is the first time researchers have applied it
as a method of more holistic thinking, the team says.
Their qualitative interviews helped the researchers
further polish their beehive metaphor. In some cases,
certain parts of the metaphor were discussed more
than others: for example, the role of the beekeeper in
the equation was only touched upon, with the power
to reposition a hive in more lush meadows. More
important were systems of internal communication.
In general, the team got positive responses from their
collaborators, including a ball-bearings company and
steel belts company, in addition to the gas services
company and others.
Partnerships are important to academic research,
Nordin emphasizes. Researchers also “need to have
connections and skills, plus a good value proposition,
and time and energy” to create these collaborations,
Nordin says, with corporations in the real world,
without making promises to act like a consulting firm.
Brozovic adds that when it comes to flexibility and
collaboration in research, “You have to act like
a honeybee.”

Stockholm Business School



People in the
service industry:

 head out for flowers,

 head out to seek out
the company’s clients,

 pollinate flowers,
gather pollen and nectar,

 help to fix the clients’
broken equipment/other

 return to the hive,
communicate where the
best flowers are growing
− the “waggle dance”,

 return to colleagues,
communicate the knowledge

 deposit their cargo to
make honey for the hive.

 deposit the business
intelligence to make money
for the company.




Companies tend to
obfuscate negative
news with vague
wording or imprecise
language, or even
downright verbosity,
while the financial
media clarifies it.

Stockholm Business School

Stockholm Business School


Words matter
Michal Dzielinski, researcher at SBS, takes his time when answering
questions, seemingly choosing his words carefully – and that’s because
his research shows exactly how important word choice is.

WHETHER IN COMPANY press releases
or news wire stories, the words used by
managers and communications specialists or journalists make a difference to
investors, and have a correlation to market
behaviors, according to Dzielinski’s
quantitative research. His findings apply
especially when it comes to communicating bad news.
Companies tend to obfuscate negative
news with vague wording or imprecise
language, or even downright verbosity,
while the financial media clarifies it. Bad
news in press releases gets distilled by the
journalists writing about it on the same
day, and most news stories seem to come
from press releases, Dzielinski has found
in research he started conducting in 2010.
He managed to get hold of data from
the Thomson Reuters databases, as part
of his PhD at the University of Zürich in
2012 and postdoctoral research. Reuters
had created an algorithm to determine
just how negative or positive the wording
might be in press releases put out over
the PR wires, as well as in Reuters’ own
journalist-written news stories.
“That work is done by Reuters itself in
house – the methodology of turning text
into numerical scores – and they were
happy to share it when it was new, when
I was doing my PhD,” Dzielinski says.

Putting it in print

The Reuters database holds millions of
press releases and hundreds of thousands
of financial news stories, from January
2003 to December 2012. After making
several adjustments, for example, for
duplications in news, or documents
released on weekends, the final news
sample Dzielinski and his colleagues have
been using most recently contains more

than 2,330,000 Reuters news stories and
announcements, and just over 780,000
company press releases.
Not only does Dzielinski’s analysis
show that companies’ press offices wrap
their announcements in vague language:
on average they take twice as many
words to communicate the actual bad
news, compared to reporting good news
from the same companies. In addition,
companies tend to avoid mentioning their
own names in connection to bad news
– instead, their reports speak about the
general market or their field, but not the
companies themselves. Journalists cut to
the chase, delivering both good and bad
news in about the same length stories, and
in more direct language.
Dzielinski finds that investors respond
to short negative news bites, in standardized comparisons of market activity within
five days after the press releases and news
are posted. And they respond more so to
the negative news stories than to the good
news reported in press releases or journalists’ accounts.
He notes that finding more impacts
from negative stories may not be so
surprising, perhaps because "companies
themselves put more effort into the
wording of bad news. From the investor
perspective, bad news is more valuable
because it's hard to get – every company
loves releasing good news, but bad news
maybe less so."
And Reuters helps investors “digest”
the bad news more readily. “There’s a
standardized approach of the press – the
basic structure is quite similar no matter if
the tone is positive or negative,” Dzielinski says, and “that’s useful for the readers.
Whenever they get a story from Reuters,
they can navigate it more easily.” In the

future, he would like to look at how the
availability of news-reading algorithms
like Reuters’ might affect investors’

Positive messaging

Dzielinski recalls that his interest in the
topic of rhetoric and company communications was in part inspired by a professor
in his graduate training, who was enthusiastic about the transmission of information to investors. Taken together with
behavioural finance research, he wants
to answer the big question of whether
language makes a difference to the
market’s behaviour.
Meanwhile, as a researcher at SBS,
Dzielinski spends 30% of his time teaching
a course on fixed income markets, bonds
and interest rates, which he helped to
redesign when he arrived in September
2013, adding seminars with Excel
spreadsheets so that students can do
realistic calculations to see how these
parts of the market function.
In his research, in the meantime,
Dzielinski is busy putting the final touches
on what he calls his “most important
finding in the last year”: not just the
companies’ language, but the CFOs and
CEOs themselves. He wants to know
“whether the use of vague words by
managers leads to a slower response by
analysts and investors,” and perhaps not
surprisingly, they do. But Dzielinski cautions that there is an additional twist to
that finding: vague word usage “matters
more if the announcement was disappointing rather than above expectations.”
Again, it’s the negative underlying messages that govern the communications – and
eventually, investors’ behaviour.



Stockholm Business School


Pushing for change
that saves lives
She was elected Leader of the Year in the Public Sector in 2015 and has been ranked
as one of Sweden’s future top female leaders. She recently started an Executive MBA
programme at Stockholm Business School. Here, Chief Executive Officer and Chief
Fire Officer Ida Texell talks about being a manager in a male-dominated industry,
about her training at the university, and about her inner motivations.

fuels me
and I gain
energy from
the lectures.

IDA TEXELL IS 35 years old and has led a rapidly
advancing career since she started the Fire Safety
Engineering Programme in Lund right after upper
secondary school. After graduating, she got a job at
the Lund Fire Brigade, after which she became head
of the Region South Fire and Rescue Service. Since
2013, she has served as Chief Executive Office and
Chief Fire Officer at the Attunda Fire and Rescue
Service. Add to that the fact that she has a colourful personality, is in touch with her feelings, and is
described as effective, and your idea of a chief fire
officer is probably turned on its ear.
How did she manage to advance her career so
rapidly? According to her, it is due to a strong internal drive to change systems and norms for the better
of individuals. She demonstrated a clear example of
this during her time at the Region South Fire and
Rescue Service. In those days, an ambulance was
always the first responder when a child suffered a
cardiac arrest. It was believed that fire fighters could
not perform CPR as well as the paramedics, despite
the fact that the fire and rescue service was often
capable of arriving at the scene sooner and had the
adequate training.
“I pushed through a change, and this immediately saved the lives of two small children. I have no
problem challenging norms and systems in order

to change them for the better. Of course, I always
evaluate the functionality first and review everything
several times. Will this be beneficial? Will it provide
value? In this case, I knew that we would be able to
cut time and arrive at the scene sooner. That made
my will to push through a change very strong.
Today, she is also working actively to change
the norm within the Fire and Rescue Service – an
organisation with one of the lowest levels of gender
equality in Sweden. Out of 160 chief executives, only
three are women. It is ultimately a democratic problem, which is why she founded the Magma network.
“I was the first female chief operating officer in
Malmö’s fire and rescue service. In a public service that should promote democracy, nothing has
happened for ten years – why is that? This is the
background to Magma, which aims to highlight all
talented women so that they will be visible in debates
and in the image of the Fire and Rescue Service as a
brand. Role models are very important and must be
visible in the public domain. Moreover, we now have
scientific proof that a multitude of differences within
an organisation lead to better decision-making, and
this fact is also brought up in the Executive MBA
programme I am currently pursuing at Stockholm
Business School.”

Stockholm Business School

How come you enrolled
in the MBA programme?
“I have wanted to take an Executive
MBA for a long time. I love to challenge
myself intellectually; it fuels me and
I gain energy from attending the
lectures. I want to quickly be able to
put the knowledge to use in my work.
SBS description of issues concerning
ethics, morals and sustainability was
an important factor in my choice of
MBA programme.”

What is your view on leadership?
“Your actions send out signals about
what you expect from other people.
Therefore, it is very important to
me as a manager to nurture good
relationships. To me, leadership is
about how you make other people
feel about things that will inform their
behaviour. Thus, I always keep an ear
to the ground and listen to the staff
– what motivates them, what are they
afraid of, and why?”

What do you think
about the Executive MBA
programme at SBS?
“It has been great. Since it matches
my values, it motivates me to give a
lot of myself, and as with everything
in life, you get what you give. In addition, it has allowed me to meet many
interesting people, and it has made me
stronger, more secure, and happier in
my professional role. I am also proud
that I am able to combine the studies
with my job.”





Local adaptation
when global companies
want to change
A sparsely decorated open-plan office led to increased collaboration
at a company’s American office. In India, the same concept
caused great discontent, and in China, it was business as usual.
Associate Professor Sara Winterstorm Värlander sees a need for
local adaptations when introducing new concepts.

Stockholm Business School

Stockholm Business School


“One might think that both Agile Methodology and
Design Thinking are relatively established practices
on a global scale, but they were understood in very
different ways depending on the local context."

is a lecturer and associate professor in
business administration at Stockholm
Business School. In the research project
Organising global labour: Intercultural
studies of global working practices, she
has studied what happened when a global
software company, which had its head
office in Germany, attempted to introduce
new working practices in the local offices
in the United States, China, and India.
“The software company was changing
its strategic direction. They had previously
offered solutions for companies, and now
they also wanted to focus on consumer-­
based solutions, such as apps. This was a
major step for the company, and special
innovation centres, to which some of the
staff moved, were thus established some
distance away from the local offices. The
aim was to break hierarchies, increase
open-mindedness, and create new collaborations in order to increase the level of
innovation,” says Winterstorm Värlander.
She has followed the reactions to the
changes in each country, partially in
collaboration with Professor Pamela
Hinds and doctoral students at Stanford
University in the United States.
“We have managed to collect an incredible amount of data by spending a lot
of time at the innovation centres in the
United States, China, and India. We have
observed and documented the employees’
behaviour and seen things that would
have been impossible to catch if, for
example, we had only sent out a questionnaire,” says Winterstorm Värlander.

Established working practices
were understood differently

The software company wanted to introduce the working practices Agile Methodology and Design Thinking at its local
offices. Both approaches aim to involve
the company’s consumers in the development process and have them test early

versions of the programs developed by
the company. The staff should be open to
customer requests and prepared to rethink
their ideas.
“One might think that both Agile
Methodology and Design Thinking are
relatively established practices on a
global scale, but they were understood
in very different ways depending on the
local context. It was amazing to see how
differently they were interpreted,” says
Winterstorm Värlander.
In the American office, it was natural to
include users in the development process.
There were clear strategies regarding
which customers should be involved in
the work, as well as when and how this
should be done.
“In China, on the other hand, they
found it very difficult to involve the
customers. The staff believed that they,
as trained engineers, knew better than
the customers. If their technically refined
solutions were not appreciated, it was
because the customers were ignorant.
Another aspect that emerged was that the
Chinese team wanted to show the head
office how efficient they were. Involving
the customers would just be a waste of

Open-plan offices were
not appropriate in China

The physical layout of the new innovation
centres was largely the same in all countries,
but even that was perceived in different
ways. The company designed the centres
based on what was trendy in Silicon
Valley, where people know that companies
such as Apple and HP started in a garage.
Accordingly, the innovation centres were
decorated with simple furnishings, cement
floors, and visible cables in the ceiling.
Managers and employees were all placed
in the same open-plan office, and there
were special rooms available for group

“In the United States, the employees saw
the physical design as a great opportunity
for innovation and collaboration. There,
interaction between employees increased,
but in China, the employees continued
to work individually as they always had
done. Their open-plan office was completely silent. What is more, the manager
made one of the group rooms a personal
office. As observers we were shocked to
see this, but there, all parties thought it
was a good and natural solution. Sitting
with the manager did not fit in with their
hierarchy, and the employees seemed to
think it was nice not having to do so.”

Simple decorations
were upsetting in India

Open-plan offices were unpopular in
India, as well, where the employees felt
that the open plan invaded their privacy.
In addition, the decoration style was a
source of great dissatisfaction, as the
Indians associated simplicity with poverty.
“They said they deserved better, since
they were highly educated. They believed
that a global company should have a nice
office, not one that looked like a simple
Indian shop.”
The Indians also thought the décor was
impractical. The staff walked barefoot
inside and wanted a carpet to walk on.
Their long saris touched the cement floor
and became dusty.
“Our conclusion from the study is that
it is absolutely necessary to adapt working
practices and the physical environment to
the local context. However, we cannot say
how to do this, or how far to go with
these adaptations. This will require further
study. There is a risk of adapting working
practices so much that they become
something completely different, something
that the head office did not have in mind
and has no control over,” says Winterstorm



Stockholm Business School


New projects
investigate management
in government agencies
Management practices in the public sector generate great interest among scholars,
politicians, civil servants and the media. Questions about New Public Management and
beyond have spurred the discussion further. The Academy for Performance Management
in Central Government (AES), conducts research on management in the public sector.
Looking into transportation
and employment
There are now several ongoing research projects within AES. One concerns the strategic
work within the Swedish Transport Administration disclosing how strategy is expressed
through different management accounting
techniques and how such techniques relate
to each other. A developed understanding
of strategic management accounting in the
public sector needs to take into considera-

tion that strategies in public sector agencies
are not solely the prerogative of the agencies
themselves but also the government, mass
media and the public. Another project is
focusing on management control aiming at
societal development by the transport system.
AES has also recently started a research
project within the national employment
office, Arbetsförmedlingen, in which a
planned change process during the coming
six years will be scrutinized.

AES IS A MEETING PLACE for practitioners and researchers who are involved in
the development of management in government settings. Researchers at AES work in close
collaboration with representatives of various government agencies. Together, they initiate,
create, and convey knowledge about operational and performance management in central
government. Their research findings attract widespread international interest thanks to the
open access researchers have to relevant empirics from Swedish government agencies.

Eva Wittbom, Director of AES.
Maria MÃ¥rtensson, Academic
Director of AES.

Stockholm Business School




to SBS PhD graduates who successfully defended their thesises during 2015




What is your thesis about?

What is your thesis about?

What is your thesis about?

The thesis Managing Multiplicity –
On Control, Care and the Individual analyses
how practitioners in the Swedish municipal
sector go about managing their daily work.
The empirical work shows how practical
realities are continuously made up by
individuals, technologies, instruments and
assumptions about how things are to be
controlled, cared for and managed.

My thesis Representing Performance –
Performing Representation: Ontology in
accounting practice explores accounting
practices in a theatre company, and is just as
much a study of philosophy of science in
accounting practices. I have studied two types
of problems: how the reality of art exists; and
how realities can be represented by means
of accounting technologies. Studying these
problems together allowed me to explore and
analyse the efforts to construct and organize
links between accounting, reality, and action.

My thesis Essays on Market Design and
Market Quality consists of four empirical
studies on financial economics and cover
Asia, America, and Europe. The papers are
related to different theoretical foundations
in the literature, but share a common thread
of the market design and market quality
issues. Each paper investigates one type of
change in the market design, and evaluates
its impact on the market quality.

How does your study
contribute to society?

With the development of the technology
and economy, the financial markets also
change. The thesis addresses the market
quality impact of several important changes
in the market design, which have not been
studied before. A well-functioning financial
market is important to the economy and
society. Regulators may use the findings to
assist their policy making work to maintain
an orderly financial market. The findings can
also help investors to understand the impact
of different market designs, which is needed
to make sensible investment decisions.

How does your study
contribute to society?
The thesis participates in the debate about
how management, especially in the public
sector, will evolve. The last few decades
have seen a strong belief in control, and this
also had severe negative consequences. The
thesis lay a foundation for how we talk about
and practice management, without being
trapped in singularity (where there can be
only one right answer) and control (where
only one parameter can be managed at the
same time).

What will you do next?
Since I was awarded the Wallander Scholar­
ship, I have many possibilities to develop my
research. I will for example participate in a
collaboration project between the Academy
for Performance Management in Central
Government (AES), and the Swedish Traffic
Agency. I will also be involved in a project
that studies how accounting becomes a part
of the financialization of everyday life.

The thesis brings philosophical issues to the
forefront of analysis. As we note how accounting and auditing practices become increasingly
part of everyday life in organizations as well
as our private spheres, the representational
claims of accounting seems just as often
ridiculed (these numbers make no sense!) as
taken for granted (show me the numbers!).
The thesis challenges traditional accounting
ideas of correspondence and transparency
and provides an alternative approach to
how we may understand the link between
accounting and organizational realities.

What will you do next?
I will continue with teaching and research at
the accounting section at SBS. I am also happy
to have the opportunity to join with colleagues in exciting collaborate projects. I will join
Academy for Performance Management in
Central Government (AES), in a research project
that explores the linking of management
accounting and strategy in practice. I will also
visit a research environment in the US.

How does your study
contribute to society?

What will you do next?
I plan to conduct more research on
market design. As one example, I will work
on a relatively new market phenomenon,
so-called high frequency trading which
uses computer algorithms to trade quickly.
I received pedagogical-skill trainings at
Stockholm University during my PhD study.
I also plan to take more responsibility in
teaching university lectures.



Stockholm Business School



Queen Mary, University of London
Nottingham Trent University
University of Leicester
Royal Holloway
University of Manchester
University of Hull
University of Strathclyde
University of Glasgow
Aston Business School
Newcastle University Business School
University of the West of England
Leeds University Business School
University of Bath, UK
University of Liverpool Management School

A selection
In 2015, we continued to broaden
our international scope by expanding
our portfolio of partnerships, student
exchanges as well as deepening
relationships with strategic partners.
Stockholm Business School now has
over 118 partner universities in some
36 countries across the globe.

University of British Columbia
Brock University
University of Victoria
HEC Montreal
Université de Laval
San Diego State University
University of Colorado, Colorado Springs
Baruch College
California State University, San Marcos
Florida Atlantic University
Hawaii Pacific University
University of Illinois, Urbana Campaign
Suffolk University
Texas Tech University
High Point University

Instituto Tecnológico Autónomo de México
Universidad La Salle Laguna

EBS Oestrich-Winkel
Freie Universität Berlin
University of Mannheim
Frankfurt School of Management
HHL Leipzig
Frankfurt School of Finance &
Management gemeinnützige GmbH
NEOMA Business School
ESSEC Business School
ISC Paris
Toulouse Business School
SKEMA Business School
Pole GSM
Ecole de Management Strasbourg
Grenoble Ecole de Management
KEDGE Business School
Université Paris Dauphine
Audencia Nantes

Universidade de Sao Paolo
Universidad Peruana de Ciencias Aplicadas
Universidad San Ignacio de Loyola

University of Innsbruck
Czech Republic
University of Economics, Prague
University of Ljubljana

Stockholm Business School

Reykjavik University
University of Iceland
Aalto University School of Economics
HANKEN - School of Economics
Turku School of Economics
Ã…bo Akademi
Aarhus School of Business and Social Sciences
Copenhagen Business School
University of Southern Denmark
Aalborg Universitet
Kozminski University
Warsaw School of Economics
University of Groningen
Tilburg University
Hogeschool van Amsterdam
Université de Liége
IDC Herzliya
Ipek University,
Koc University
Athens University of Economics
and Business
University of Belgrade
Zagreb University

Lomonosov Moscow State University
Ritsumeikan University
Nagoya University of Business and
Fudan University
Lingnan College
Peking University
Wuhan University
South Korea
Korea University Business School
Seoul National University
Hong Kong
City University Hong Kong
Chinese University of Hong Kong
Hong Kong Baptist University
Chulalongkorn University
Thammasat University
National University of Singapore
Singapore Management University

John Cabot University
University of Rome
Ca’ Foscari University
of Venice
Université de Lausanne
University of Zürich
FHNW Switzerland
Université de Genève
Universidad Carlos III de Madrid
Universidad de León
Universidad de Navarra
Universidad Pontificia Comillas
Universidad de Deusto
IE University
Nova School of Business & Economics

South Africa
University of Stellenbosch

University of New South Wales
University of the Sunshine Coast



Stockholm Business School

At SBS we offer education and research
with a humanistic, cultural and societal
orientation that widens the accepted notions
of business studies and our possibilities to
grasp and transform the world


*According to Academic Ranking of World Universities (ARWU)

Stockholm Business School


Results 2015






















*) Adjustement to closing balance in april-15: 815.8 MSEK

Marianne och Marcus Wallenbergs stiftelse
Stockholms läns landsting





Stockholm Business School




Students, full-time equivalent



Students, total registered



Number of degrees awarded



total number of applicants

per admission

Bachelor: Business Administration



Bachelor: Business Administration and Political Science



Bachelor: Global Management



Bachelor: Visual Communication



Bachelor: Market Communication and IT





Master: Banking and Finance



Master: Consumer & Business Marketing



Master: Management Studies



Master: Operations Management and Control




Master: Accounting, Auditing and Analysis

Stockholm Business School


Professors: 13
Associate Professors: 22
Assistant Professors: 43
Other: 5
Total researchers/lecturers: 83
PhD students: 48
Administrative staff: 38

A selection from 2015
Malcolm Borg, Borg Consulting Network
Ingrid Geirtz MÃ¥rtensson, Author
Maria Wolrath Söderberg, Södertörn University
Erik Boltjes, Springtime
Mikael Ottosson, Linköping University
Gabriella Lockward, Lockward communication
Christian Ã…kerhielm, Consultant

The Advisory Board is one part of our wider attempt to make the business
education at Stockholm University one of the foremost in Europe. Through
the Advisory Board we have created a platform for extended and deepened
collaboration between Stockholm Business School, the business world and the
public sector. The aim is to stimulate new ideas and to strengthen the School’s
future competitiveness.
Members of the Advisory Board
Li Malmström, Convener. Assistant Professor, PhD (econ),
Stockholm Business School
Marianne Hamilton, Chairman. Member of the Board of Directors of Meda,
Connecta and Etikkollegiet

Anna Svarts, KTH, Royal Institute of Technology
Anders Hugnell, Implement Consulting Group
Leif Sjöblom, Löfbergs
Linus Almqvist, Barncancerfonden
Johan Landeström, Apoteket
Theo Martens, Halvarsson & Halvarsson
Agneta Kvarnskog, Sixyearplan
Lars Stugemo, HiQ
Anders Selling, Vasaloppet
Staffan Laestadius, KTH, Royal Institute of Technology
John Bergdahl, Forsman & Bodenfors

Patrik Högberg, Country President Loomis, Sweden
and Regional President Nordic Countries

Göran Greider, Dala-demokraten

Jonas Jakobson, Founder of Nordic Equities and President of the Investment Board

Anders Bengtsson, Protobrand

Anette Mullis, Director, Human Resources, Commercial Operations,
Western Europe , CSL Behring

Martina Bonnier, Damernas Värld

Johan Oljeqvist, CEO Fryshuset

Per-Ola Bosson, JKL

Jeffrey Unerman, Professor of Accounting and Corporate Accountability,
Head of School of Management at Royal Holloway
Lena Ahlström, Founder and CEO Ledarstudion
Arthur Engel, Member of the Board of Directors of Marimekko
Thomas von Otter, Founder, board member and Vice CEO of OX2
Tommy Jensen, Head and Professor at Stockholm Business School
Patrik Tigerschiöld, CEO Bure Equity
Niklas Wällstedt
Managing Multiplicity. On Control, Care and the Individual.
Andreas Sundström
Representing Performance | Performing Representation:
Ontology in accounting practice.
Dong Zhang
Essays on Market Designs and Market Quality.

Harald Ström, Nordea

Annie Blanchette, Exeter University
Tor Eneroth, Barrett Values Centre
Karin Bäcklund, Springtime
Anna Danieli, UNICEF
Per-Ola Bosson, JKL
Mart Mandi, JKL
Annika Jacobson, Greenpeace
Rebecca Krus, Kreab
Tiva Erfan & Fredrik Wilander, Nordea
Jan Marton, University of Gothenburg



Stockholm Business School


A selection of publications 2015
Ai Jun Hou
Importance of the macroeconomic
variables for variance prediction:
A GARCH-MIDAS approach. Journal
of Forecasting
Andéhn Mikael
Nordin Fredrik
Nilsson Mats E.
Facets of country image and brand
equity. Revisiting the role of product
categories in country-of-origin effect
research. Journal of Consumer Behaviour.
Asgharian Hossein
Christiansen Charlotte
Hou Ai Jun
Effects of Macroeconomic Uncertainty
on the Stock and Bond Markets. Finance
Research Letters, 13, 10-16
Berglund Karin
Tillmar Malin
To play or not to play: that is the question.
entrepreneuring as gendered play.
Scandinavian Journal of Management,
31(2), 206-218
Bosua Rachelle
Venkitachalam Krishna
Fostering Knowledge Transfer and
Learning in Shift Work Environments.
Knowledge and Process Management,
22(1), 22-33
Brogaard Jonathan
Hagströmer Björn
Nordén Lars
Riordan Ryan
Trading Fast and Slow. Colocation and
Liquidity. The Review of financial studies,
28(12), 3407-3443
Brozovic Danilo
Ravald Annika
Nordin Fredrik
Making sense of service dynamics.
The honeybee metaphor. Journal of
Services Marketing, 29(6/7), 634-644
Brunzell Tor
Liljeblom Eva
Vaihekoski Mika
Short-Term Expectations in Listed Firms.
The Effects Of Different Owner Types.
Journal of International Financial Management & Accounting, 26(3), 223-256
Brunzell Tor
Peltomäki Jarkko
Ownership as a Determinant of
Chairperson Activity. A Study of Nordic
Listed Companies. Qualitative Research
in Financial Markets, 7(4), 412-428
Choi Yongrok
Ye Xiaoxia
Zhao Lu
Luo Amanda
Optimizing enterprise risk management.
A literature review and critical analysis
of the work of Wu and Olson. Annals of
Operations Research

Dallyn Sam
Marinetto Mike
Cederström Carl
The Academic as Public Intellectual.
Examining Public Engagement in the
Professionalised Academy. Sociology,
49(6), 1031-1046
Demir Robert
Lychnell Lars-Olof
Mangling the process. a meta-theoretical
account of process theorizing. Qualitative
Research, 15(1), 85-104
Frösén Johanna
Jaakkola Matti
Churakova Iya
Tikkanen Henrikki
Effective forms of market orientation
across the business cycle. A longitudinal
analysis of business-to-business firms.
Industrial Marketing Management
Giovanardi Massimo
A Multi-scalar Approach to Place
Branding. The 150th Anniversary of
Italian Unification in Turin. European
Planning Studies, 23(3), 597-615
Graham Michael
Peltomäki Jarkko
Sturludottir Hildur
Do capital controls affect stock market
efficiency? Lessons from Iceland.
International Review of Financial
Analysis, 41, , 82-88
Hall Thomas
Jörgensen Fredrik
Legal variation and capital structure.
Comparing listed and non-listed
companies. European Journal of Law
and Economics, 40(3), 511-543
Hietanen Joel
Rokka Joonas
Market practices in countercultural
market emergence. European Journal
of Marketing, 49(9/10), 1563-1588
Holmgren Caicedo Mikael
Transparency III. Critical Perspectives
on Accounting, 31, , 91-91
Huskaj Bujar
Nordén Lars L.
Two Order Books are Better than One?
Trading At Settlement (TAS) in VIX
Futures. Journal of futures markets,
35(6), 506-521
Jaakkola Matti
Frösén Johanna
Tikkanen Henrikki
Various forms of value-based selling
capability — Commentary on “ValueBased Selling: An Organizational
Capability Perspective”. Industrial
Marketing Management, 45, , 113-114
Jansson Hans
Söderman Sten
International strategic management
hybrids in China. International Journal
of Emerging Markets, 10(2), 209-223

Jensen Tommy,
Sandström Johan
Normal deviants and Erving Goffman.
extending the literature on organizational
stigma. Nordic Journal of Working Life
Studies, 5(4), 125-142
Jensen Tommy
Sandström Johan
Helin Sven
One Code to Rule Them All. Management
Control and Individual Responsibility
in Contexts. Business and Professional
Ethics Journal, 34(2), 259-290
Johed Gustav
Catasús Bino
Institutional contradictions at and
around the annual general meeting.
How institutional logics influence shareholder activism. Accounting, Auditing &
Accountability Journal, 28(1), 102-127
Kumar Nishant
Yakhlef Ali
The effects of entrepreneurial marketing
strategies on the long-term competitive
sustenance of born global firms. Examples
from the Indian knowledge-intensive
services industry. Advances in
International Marketing, 25, 45-72s
Liljebom Eva
Mollah Sabur
Rotter Patrik
Do dividends signal future earnings in
the Nordic stock markets? Review of
Quantitative Finance and Accounting,
44(3), 493-511
Longarela Inaki R.
Mayoral Silvia
Quote inefficiency in options markets.
Journal of Banking & Finance, 55, 23-36
Lucarelli Andrea
Hallin Anette
Brand transformation. A performative
approach to brand regeneration.
Journal of Marketing Management,
31(1-2), 84-106
Maravelias Christian
'Best in class' – Healthy employees,
athletic executives and functionally
disabled jobseekers. Scandinavian Journal
of Management, 31(2), 279-287
Mollah Sabur
Zaman Mahbub
Shari’ah Supervision, Corporate Governance and Performance. Conventional
vs. Islamic Banks. Journal of Banking and
Finance, 58, 418-435
Nordin Fredrik
Brozovic Danilo
Kowalkowski Christian
Vilgon Mats
CASE: Managing Customer Relationship
Gaps at SKF. Journal of Business Market
Management, 8(2), 455-463

Nordin Fredrik
Brozovic Danilo
Kowalkowski Christian
Vilgon Mats
Teaching note for case. Managing
Customer Relationship Gaps at SKF.
Journal of Business Market Management,
8(2), 464-475
Peltomäki Jarkko
Vähämaa Emilia
Investor attention to the Eurozone crisis
and herding effects in national bank stock
indexes. Finance Research Letters, 14,
Peltomaki Jarkko
Aijo Janne
Cross-sectional anomalies and volatility risk
in different economic and market cycles.
Finance Research Letters, 12, 17-22
Schriber Svante
Löwstedt Jan
Tangible resources and the development of
organizational capabilities. Scandinavian
Journal of Management, 31(1), 54-68
Söderman Sten
Dolles Harald
Unlocking advertising, activation and
sponsorship in an emerging market. The
case of Beijing Olympics. Sport, Business
and Management, 5(5), 472-492
Thanem Torkild
Wallenberg Louise
What can bodies do? Reading Spinoza for
an affective ethics of organizational life.
Organization, 22(2), 235-250
Venkitachalam Krishna
Willmott Hugh
Factors Shaping Organizational Dynamics
in Strategic Knowledge Management.
Knowledge Management Research &
Practice, 13(3), 344-359
Viio Paul
Nordin Fredrik
When does implementation of relationship
orientation in new product launch matter?
Industrial Marketing Management, 45,
Wittbom Eva
Management control for gender
mainstreaming. A quest of transformative
norm breaking. Journal of Accounting &
Organizational Change, 11(4), 527-545
Wu Desheng Dash
Selling to the Socially Interactive Consumer.
Order More or Less? ieee transactions on
systems man cybernetics systems, 45(3),
Wu Desheng Dash
Liu Jia
Olson David L.
Simulation Decision System on the Preparation of Emergency Resources Using System
Dynamics. Systems research and behavioral
science, 32(6), 603-615


Stockholm Business School

Wällstedt Niklas
Almqvist Roland
From ‘either or’ to ‘both and’. Organisational management in the aftermath of
NPM. Offentlig Förvaltning. Scandinavian
Journal of Public Administration, 19(2),
Yakhlef Ali
Customer experience within retail
environments. An embodied, spatial
approach. Marketing Theory, 15(4),
Ye Xiaoxia
A New Approach to Measuring Market
Expectations and Term Premia. Journal
of Fixed Income, 24(4), 22-46
Yngfalk Carl
Fyrberg Yngfalk Anna
Creating the cautious consumer.
Marketing managerialism and bio-power
in health consumption. Journal of
Macromarketing, 35(4), 435-447
Zhaoae Fuguo
Wu Desheng
Liang Liang
Dolgui Alexandre
Cash flow risk in dual-channel supply
chain. International Journal of Production
Research, 53(12), 3678-3691

Skoglund Annika
Jensen Tommy
Uncertainty in the professionalisation
of sustainable development. The case of
the Intergovernmental Panel on Climate
Change (IPCC). Routledge international
handbook of sustainable development,
Thanem Torkild
The Body. Philosophical paradigms and organizational contributions. The Routledge
Companion to Philosophy in Organization
Studies, 276-284
Thanem Torkild
Scribens in corpore. Skrivande om
skrivande, 123-138
Thanem Torkild
Wallenberg Louise
Monstrous ethics. The Routledge Companion to Ethics, Politics and Organization

Sundström Andreas
Lost in commensuration. Ontological
tensions in a culture budget meeting.

Thomas Amos Owen
Visual vernaculars for global advertising:
intercultural reception across emerging

Holmgren Mikael
MÃ¥rtensson Maria
Tamm Hallström Kristina
Teamed up, not teaming up. Downsourcing
responsibility through lean teams.

Jarosz Olivier
Kornikov Konstantin
Söderman Sten
ECA Club Management Guide. ECA
European Club Association

Petersson Cristoffer
In search for rationality in the Big Four.



Holmqvist Mikael
Djursholm. Sveriges ledarsamhälle.
Bokförlaget Atlantis

Nordin Fredrik
Ravald Annika
Mohr Jakki
Capabilities for managing
high-technology business networks.

Svendsen Jens Martin
Ideology and the Expression of Brands.

Holmgren Mikael
MÃ¥rtensson Maria
Tamm Hallström Kristina
När handläggaren blev teammedlem.
Om autonomi, lärande och styrning i

Cederström Carl
Spicer André
The Wellness Syndrome. Polity Press

MÃ¥rtensson Hansson Maria
Tamm Hallström Kristina
Controllerrollen i Försäkringskassans
nya styrning.

Vähämäki Janet
The results agenda in Swedish development cooperation. Cycles of failure or
reform success?. The Politics of Evidence
and Results in International Development
Playing the Game to Change the Rules?

Östberg Jacob
Hartmann Benjamin J.
The Electric Guitar – Marketplace Icon.
Consumption, markets & culture, 18(5),

Alvehus Johan
Jensen Tommy
Organisation. Studentlitteratur

Lucarelli Andrea
Efe Sevin
Towards A Networked Brand Culture:
An Examination Of Stockholm’s Brand
On Twitter.

Holmgren Mikael
MÃ¥rtensson Maria
Tamm Hallström Kristina
Teamed up, not teaming up. Downsourcing
control at the Swedish Social Insurance
Holmgren Mikael
MÃ¥rtensson Maria
Tamm Hallström Kristina
Coaching on demand. The role of the
management accountant at the Swedish
Social Insurance Agency.


Isaksson Olov
Knowledge Spillovers in the Supply Chain.
Evidence from the High Tech Sectors.

Peltomäki Jarkko
Graham Michael
Hasselgren Anton
Using CO2 Emission Allowances
in Equity Portfolios. Handbook of
Environmental and Sustainable Finance

Laurell Christofer
Sandström Christian
Analysing Uber in Social Media. Disruptive
technology or institutional disruption?
Lucarelli Andrea
Situating Macromarketing Research
in an Interconnected World.

Söderman Sten
Persson Max
Perspectives of Authenticity. Football
supporters' perceptions of new arenas.

Vähämäki Janet
Change or repetition of technologies
used for results management?
Vähämäki Janet
When and how do results
management reforms rise and fall?
Wittbom Eva
Att fånga det svårmätbara.
En förstudie inom Trafikverket.

Stockholm University, SE 106 91 Stockholm, Sweden
Phone: +46 8 16 20 00.

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