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The challenges for MobilePay in 2018

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The challenges for MobilePay in 2018

Christian Holm Cidlik

(Bachelor) 6. semester, 2016

Student thesis: Bachelor project

  • Christian Holm Cidlik
6. semester, (Bachelor)
This thesis’s evolves around MobilePay and its position in the Danish marketed for mobile payments in 2018. Shortly after its launch in the spring of 2013, its competitors launched Swipp, as a counter as a response, but to no success. Therefore has MobilePay has been the market leader since 2013 on the P2P market. However in the retail market, Swipp I still battling MobilePay fighting for the lead. I spring of 2016, two new competitors has acquainted that they want to enter the market by the end of 2016. The two competitors are Nets, the provider of de Danish credit card “Dankortet” and Coop Danmark, the biggest retail chain in Denmark. In 2018, will the PSD2 EU Directive bee formally adopted in Denmark. This will open the market for Third Party Payment Services. This means that costumers now can a third part access to their account information. All of this will let to a liberalization and opening of the market allow for more competition. This paper looks at how MobilePay can maintain their marked position in 2018, by looking at the current competitive situation, by making a scenario model of completion on the Danish marked in 2018. To make this analysis, a PESTEL and a Porter's Five Forces analysis, will be made, to look at the competitive situation in 2018. There will be used secondary data, and interviews form market experts for the PESTEL and Poters five Forces models. This will provide the data need to make a plausible scenario analysis for the marked in 2018. The experts in this interview is Henning Jensen, Bo Tolstrup and John Strand. This thesis concludes that the competition situation are going to increase in 2018, and costumers will take advantage of mobile payment technology. There are four scenarios for MobilePay I 2018. However, the focus should be on the retail market, where their profits is.
LanguageDanish
Publication date2 May 2016
Number of pages42
Publishing departmentAarhus Universitet. BSS. Institut for Virksomhedsledelse

The effect of health claims and product type on the perception of product evaluations

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The effect of health claims and product type on the perception of product evaluations

Luiza Moskalenko, Ilona Smirnova

(Bachelor) 4. semester, 2016

Student thesis: Bachelor project

  • Luiza Moskalenko
  • Ilona Smirnova
4. semester, (Bachelor)
OBJECTIVE: Today health trend has become an important part of the society. More and more people are getting concerned about the quality of the food they consume. Hence, food producers have found new creative ways to promote product benefits in order to influence buying behavior. The emphasis of regulatory bodies in Europe has been on protecting the interests of consumers by implementing legislations concentrating on health and nutritional claims. The focus of those legislations has been that claims have to be scientifically proven, however, there are issues with consumers’ misinterpretation of claims. This thesis aims to investigate some of the effects that health claims can infer on consumer perception by comparing evaluation of vice and virtue products. RESEARCH DESIGN AND METHODOLOGY: 226 respondents participated in answering the questionnaire, of which 165 have completed it. The majority of respondents are from Denmark. The study was created in 2x2 mixed experimental design. We included two product types: carrot (virtue) and carrot cake (vice). The health claim was chosen to be scientifically proven and based on the product functional ingredient (Vitamin A). The intent of the survey was to randomly assign the participants to see either both products with or without claims. The questionnaire was designed to measure the effect of the health claim and product type on product evaluation. The results were analyzed using Analysis of Variance (ANOVA). Additionally, Two-Factor ANOVA was added to test the significance of General Health Interest scale factor. RESULTS: The health claim proved to be an irrelevant factor in consumers’ product evaluation. The only significance health claim presented is connected to the consumers’ belief that the presence of health claim is going to lower the risk of eye disease. Product type was significant in the case of healthiness, naturalness, purchase intention, the reducing risk of gaining weight and lowering the eye disease. Carrot is perceived healthier, more natural, more likely to purchase and with the higher probability of reducing the risk of gaining weight and to lower risk of eye diseases. People tend to underestimate the calories per piece of carrot cake when health claim is presented. General Health Interest has also presented some interesting findings. Respondents who have scored higher on the health scale (have a positive attitude to health) perceive the vice product (carrot cake) unhealthier, tastier and less likely to buy.
LanguageEnglish
Publication date2016
Number of pages46
Publishing departmentAarhus University. BSS. Department of Economics and Business

The Internationalization of Service Providing Firms - How are Services Crossing Borders?

Valuation of Ambu

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Valuation of Ambu: Nordens,dyreste,medicoselskab

Oliver Villsen

(Bachelor) 6. semester, 2016

Student thesis: Bachelor project

  • Oliver Villsen
6. semester, (Bachelor)
The purpose of this thesis is to estimate the fair value of Ambu A/S as of 4. April 2016. Firstly, a discounted cash flow (DCF) approach is used to estimate the fundamental share price of Ambu. Secondly, a multiple analysis is conducted to analyse the multiples of Ambu and the selected peer group and to estimate a fair value from a relative perspective. Conclusively the results are compared and evaluated with respect to sensitivity and underlying assumptions of the models. Ambu is a Danish manufacturer of medical devices and have recently gained attention from analysts because of rapid growth in share price. A lot of this growth is based on the expectations of Ambu aScope, which is the world’s first disposable videoscope for airway use. As a part of the strategic analysis it was found that Ambu operates in a very dynamic industry, which is highly affected by external factors. Since the financial crisis, a lot of countries have introduced tight health care budgets in order to regain financial stability, which has created an increased focus on the efficiency and price of medical devices. The medical device products are primarily based on technology and have a short lifetime, which highlights the importance of R&DYskills in the industry. In the financial analysis it became clear that the acquisition of King Systems in 2013 had significant influence on both operating and financing activities in Ambu. Key operating measures such as ROIC was markedly reduced in 2013 because of the rapid increase of invested capital. If adjusted for goodwill, ROIC is now back at historical levels around +Y 16%. The financial leverage increased as a result of Ambu issuing corporate bonds to finance the acquisition. The leverage has gradually been reduced since 2013 and Ambu plans a further reduction. The integration of King Systems has strengthened the competitiveness of Ambu and created new opportunities of growth, which can be seen in recent organic growth rates. The DCF valuation resulted in a fundamental share price of DKK160.7, which indicates that Ambu as of 4. April 2016 was traded at a premium of 46% to the fundamental value. The value is based on a 15year forecast horizon with a compound annual growth rate (CAGR) of 7,86%. Sensitivity analysis showed that the model is highly sensitive to changes in WACC and EBITDAYmargin, and that a lot of the expected growth can be linked to the visualisation products of Ambu. The multiple analysis showed that the price of Ambu on average is 106Y124% higher than the peer group, depending on which multiple used. The key figures of Ambu and peers was analysed, and Ambu does not offer superior profitability or significant lower risk than peer group average. However, Ambu is expected to achieve the highest growth rates in coming years, which can explain a small part of the relative overprice. Compared to the DCFYmodel, the multiples valuation yields significant lower estimates of fair value in the case of Ambu.
LanguageDanish
Publication date2 May 2016
Number of pages62
Publishing departmentAarhus Universitet. BSS. Department of Economics and Business Economics

Valuation of Tesla Motors, Inc.

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Valuation of Tesla Motors, Inc.

Simon Bie Mikkelsen

MSc in Finance and International Business, (Master) MSc FIB, 2016

Student thesis: Master thesis

  • Simon Bie Mikkelsen
MSc FIB, MSc in Finance and International Business (Master)
The purpose of this thesis is to determine the intrinsic share price of the electric vehicle manufacturer Tesla Motors, Inc. as of February 24, 2016. By comparing the intrinsic share price with the actual market price, it is assessed, if investing in shares of Tesla is an attractive opportunity. Tesla is an interesting case company with a high share price despite not a single year of net profits. In 2015, the company even had a loss of $892 million. A fundamental analysis and a valuation using the residual income model show that the price is still more than warranted.
The thesis first introduces the reader to the case company followed by a justification for choosing the residual income model. The weighted average cost of capital is then thoroughly estimated before the financial statements are reformulated in preparation for analysis. The financial statements are reformulated to separate the primary value-generating operating activities from the financing activities. A simple valuation shows that Tesla has to turn profitable very quickly for the market share price to be fair. By using the analysts’ consensus estimate of EPS of $1,38 for 2016 and of $3,14 for 2017, a simple residual income model shows that the market share price of $179 is $8,29 book value, $27,83 of fairly certain value from consensus short-term earnings forecasts, and $142,88 from speculative growth. The section that follows first explains why the residual operating income model can be used to find the intrinsic share price. This model requires estimates of future operating income and net operating assets. In section 10, various analyses are carried out with the focus of discovering factors that can improve the accuracy of the forecasted operating income and net operating assets.
By applying all the acquired knowledge of Tesla’s situation in pro forma income statements, and subsequently discounting future residual operating income, the resulting intrinsic share price is found to be $407,15. The share price is highly dependent on the discount rate and terminal growth rate, so a sensitivity analysis checks the effect on the valuation from changing these and other inputs. Finally, an assessment of the quality of Tesla’s financial statements is carried out to make sure that the forecast is not based on current financials that have been manipulated.
It is concluded that Tesla’s shares provide an attractive investment opportunity. However, the value depends on numerous uncertainties in the future.
LanguageEnglish
Publication date21 Jun 2016
Number of pages86
Publishing departmentAarhus University. BSS. Department of Economics and Business Economics

BOARD MEMBERS' EXPERIENCES AND COMPETENCIES' EFFECT ON FIRM PERFORMANCE: EVIDENCE FROM DANISH IT SME'S

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BOARD MEMBERS' EXPERIENCES AND COMPETENCIES' EFFECT ON FIRM PERFORMANCE: EVIDENCE FROM DANISH IT SME'S

Andreas Bennedsen, Nicholai Hvistendahl

(Bachelor) 6. semester, 2016

Student thesis: Bachelor project

  • Andreas Bennedsen
  • Nicholai Hvistendahl
6. semester, (Bachelor)

The purpose of this thesis is to exam which experiences and competencies among board members that affects a firm’s financial performance. Research on boards’ effect on financial performance is extensive. The research on board governance covers a vast array of struc- tural variables such as size, gender, the overall diversity and etc.. Though very few research- ers has focused on the external relations of the board members and board members’ effects on financial performance. The launch of the Danish CVR-register as an online application containing all information on Danish enterprises makes it possible to map board members’ external relations to other firms and combining these with financial performances.
Through theoretical analysis this thesis presents a framework, based on Li et al.’s (2015) work, integrating Agency- and Resource Dependence Theory. The original framework pre- sents three routes leading the correlation between board governance and firm perfor- mance, whereas this study suggest a fourth route explaining the iterative effect of financial performance in external relations as a competence for future corporate management.
The empirical analysis on small and medium sized IT-enterprises through Multiple Hierar- chical Regressions and Generalized Least Square regressions finds a correlation between certain characteristics of board members and financial performance. The result of the analy- sis reveals that the average return on assets from external relation can function as a proxy for board members competencies in creating future return on assets. In addition, experi- ences from the industry and former bankruptcies suggest that a board member will affect future firm performance negatively. Furthermore, the analysis investigates the descriptive statistics of best performing firms, revealing that all best performing firms has at least one professional board member.
This thesis shows a correlation between certain board member characteristics and firm per- formances. The data source of this thesis is yet to be fully developed, hence cannot provide complete data on board members and key financial measures. When the data source is fully enriched, the methodology in this thesis will provide a more in-depth understanding of the relationships between board characteristic, external relations and financial performance.
LanguageDanish
Publication date2016
Number of pages96
Publishing departmentAarhus Universitet. BSS. Institut for Virksomhedsledelse

Implementation model for International Tolkeservice

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Implementation model for International Tolkeservice: Information system implementation

Rachid Lamine Teta, Ahmad Ziad Hussein

HA(it), (Bachelor) BA(it), 2016

Student thesis: Bachelor project

  • Rachid Lamine Teta
  • Ahmad Ziad Hussein
BA(it), HA(it) (Bachelor)
This thesis aims to develop a framework that supports small businesses with acquiring, developing and implementing IT-systems. This thesis will in its entirety seek to create a customised framework specifically tailored for International Tolkeservice and companies alike, which will guide them through the decisions they have to make when considering an information system.
In this paper, we will look into what went wrong with the implementation of the first IT system, this involves firstly conducting a strategic analysis of the company, to figure out if they really are in need of an information system, and secondly where the focus of the information system should be. This will lead us into another analysis of International Tolkeservice’s work processes in which relevant work models will be utilised to highlight and help understand any problems in their current processes.
This enabled us to identify which core problems the company currently have which we then related to the most relevant LEAN waste types. Once this was done, we could proceed to define exactly which steps International tolkeservice should pay attention to in the implementation of their next information system. Based on the conclusion of this we were able to form a framework we found best-suited International tolkeservice, as it is characterised by the recommendations we could give from the analyses. Furthermore, we have used the BPTrends BPM systems implementation methodology as a foundation for the developed framework, as what we have defined as system development, does not alter much from the generic BPTrends methodology.
In order to collect data to conduct the analysis, we conducted two interviews with employees and the CEO. To ensure that we got a correct picture of the processes in International Tolkeservice, we chose interviewees that dealt with all aspects of the company.
The analyses showed us that the company had three main issues. Firstly, International Tolkeservice did not have a strategic plan nor did they have any long-term considerations about what the information system should lead them too. Secondly, they had a key issue in their processes that concerned the process of posting the interpretation papers that interpreters had to sign and send to the office after every single interpretation task. Due to manual work involved in this process, International Tolkeservice suffered several breakdowns. Thirdly, the lack of experience and knowledge of information systems and system development meant that they had no prerequisites to be critical towards what they were promised by the first developer, and thereby had no idea how to ensure that the system developer delivered what they expected.
Through analysis of the interviews, we found that some specific theories and models were highly suitable to solve these issues. What showed to be important was conducting a PESTEL analysis as especially the factor ‘Politics’ proved to have a huge effect on International Tolkeservice’s growth. Furthermore, a Strategic Capabilities proved to be beneficial to make the company aware of the competitive position. To solve process issues, several things in the analysis made it clear that Work Models would be highly effective to use, as they are a simple tool that nonetheless help identify breakdowns. Using LEAN waste types was used to sum up the breakdowns, which resulted in the identification of two types of waste; Inventory and Defects. Lastly the experience with the development of the existing information system, which they were highly unsatisfied with, showed that International Tolkeservice had no knowledge of how the system development procedure is conducted effectively. Therefor they had no tools to ensure that the system developer developed what he promised. To accommodate this issues a requirements specification proved to be very important, as it means that both the customer and the system developer have something tangible to refer to, when having to agree what will be delivered.
LanguageDanish
Publication date2 May 2016
Number of pages78
Publishing departmentAarhus University. BSS. Department of Management

Analysis of Potential ‘Paper’ Waste Collection, Through Optimization of the Geographical Positioning of Public Paper Waste Containers.

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Student thesis: Master thesis

  • Niels Hald Kristoffersen
MSc LOG, MSc in Logistics and Supply Chain Management (Master)
This thesis investigates the setup of public waste containers, referred to as ‘cubes’, collecting ‘Paper’ waste for the publicly owned waste management company Renosyd I/S. As a significant part of the households in Renosyd’s operating areas have a designated ‘Paper’ waste bin at their address, Renosyd suspects that some of the cubes may no longer be optimally located, and desires a new strategy for the management of the cube setup. In order to provide insights for Renosyd’s future strategy regarding the management of these ‘Paper’ cubes, the thesis thoroughly investigates the optimality of the current cube setup with regards to the cubes’ geographical placement, compared to the quantities of generated waste they can be expected to capture from their proximity. The thesis then goes on to analyse the option of expanding the current cube setup, and subsequently analyses the optimality of the original cubes after an expansion has been executed. Lastly, the thesis analyses the necessary expansion needed to reach different coverage levels for the operating area.
The thesis finds that some cubes are optimally located, and that it is possible, and beneficial, to relocate some of the current cubes. Furthermore, it is found that there are large gains in waste collection to be expected from expanding the current cube setup, and that if expanding the current setup, some of the original cubes may still be relocated for further gains.
Finally, a discussion of the findings follows, and argues that due to the expected waste disposal behaviour of the households, Renosyd should pair any change of the current setup with educational or marketing initiatives, as without it, no benefits may be achieved from simply changing the current setup, and further argues that focusing on educational initiatives on its own may be beneficial with respect to increasing the potential paper waste collection of their cubes.
LanguageEnglish
Publication date29 Jun 2016
Number of pages84
Publishing departmentAarhus University. BSS. Department of Economics and Business Economics
External collaboratorRenoSyd I/S
Inga Rossen ir@renosyd.dk
Client

Strategic financial analysis and valuation of DONG Energy

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Strategic financial analysis and valuation of DONG Energy

Soren Boss Jacobsen

MSc in Finance and International Business, (Master) MSc FIB, 2016

Student thesis: Master thesis

  • Soren Boss Jacobsen
MSc FIB, MSc in Finance and International Business (Master)
Abstract
In 2014 the owner structure of DONG Energy changed, hence Goldman Sachs, PFA and ATP become new shareholders. The main question in this thesis is whether DONG Energy was sold at a fair price. To answer this question I have analysed each of the four business units within DONG Energy as independent companies.
In the start of the 00’s the European electricity market was liberalized, which lead to an increase inefficiency within the industry and as well an increase in competition. The liberalisation has also happened in Denmark, which has helped to shape the energy industry as it is today. The industry and market has gone through a transformation and now the focus is on reducing greenhouse gases as well helping renewable energy to become more competitive.
DONG Energy’s ability to adjust to the development and changes in the market has put them in a strong strategic position across the business lines. The reason for this is that DONG Energy has emphasized and the importance of investing in renewable energy. The business line, Thermal Power, is undergoing a transformation from traditional power plants to be sustainable power plants. The high amount of investments into the Wind Power segment has resulted in Wind Power becoming a world leader within offshore wind, with 35% of the European market. The business line Customer and Markets is also leading within its segment, as the leading wholesaler of electricity and gas in Denmark and has leading positions in the U.K, Germany and Holland. Exploration and Production is still a major part of DONG Energy’s business portfolio. However, the recent drops in oil and gas prices combined with the transition to renewable energy has had an impact. The energy industry is characterized by having high entry barriers, making it difficult for new entrants.
The strategic analysis together with the financial analysis are essential in forecasting the future growth expectations for each business line. Based on these forecasted numbers it was possible to determine the value and potential of each business unit. Then by using a sum-of-the-parts valuation model, it was possible to determine DONG Energy group’s value. The reason behind doing a sum-of-the –arts valuation is that you want to evaluate each business line as a stand-alone company. By doing, this you take into account that business units may have different industry specific risk, which leads to a more transparent valuation of the company. ;
In the strategic analysis was one of DONG Energy strengths their focus on renewable energy. In the valuation this is also confirmed, hence the business line Wind Power is responsible for most of the value of DONG Energy.
There was found an estimated value of approximately DKK 42.8 billion against DKK 31.5, which was the main objective to compare against. There was also prepared a sensitivity analysis to determine the uncertainty of the valuation. Here the uncertainty was within the profit margin, hence it gave the largest fluctuations in value. The valuation of DKK 31.5 billion was within the low range of the sensitivity analysis.
LanguageDanish
Publication date1 Jul 2016
Number of pages58
Publishing departmentAarhus University. BSS. Department of Economics and Business Economics

Testing Technical Indictors - An Analysis of The Relative Strength Index

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Testing Technical Indictors - An Analysis of The Relative Strength Index: - An Analysis of the Relative Strength Index

Simen Ingebrethsen

MSc in Finance and International Business, (Master) MSc FIB, 2016

Student thesis: Master thesis

  • Simen Ingebrethsen
MSc FIB, MSc in Finance and International Business (Master)
The thesis test four different equally weighted portfolios based on the relative strength index. I measure the risk-adjusted performance after deducting transaction costs using Jensen’s Alpha. In order to explain the alphas, I use traditional asset-pricing models like the Fama-French three-factor model and Carhart four-factor model. The relative strength index is used both as an indicator of whether a stock is oversold or overbought, and as an indicator to evaluate a stocks positive or negative momentum. The data is formed out of a set of selection criteria’s on the Norwegian Stock Exchange. The results show that none the strategies is able to generate significant positive alphas for the 2000-2016 period. Nevertheless, I find that some of the strategies can provide significant alphas in certain sub-periods.
LanguageEnglish
Publication date21 Jun 2016
Number of pages78
Publishing departmentAarhus Universitet. BSS. Institut for Økonomi

An investigation of how outward FDI affects the probability of domestic R&D

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An investigation of how outward FDI affects the probability of domestic R&D: A firm-level analysis

Rasmus Terp, Mathilde Malmberg

MSc in International Economic Consulting, (Master) MSc IEC, 2016

Student thesis: Master thesis

  • Rasmus Terp
  • Mathilde Malmberg
MSc IEC, MSc in International Economic Consulting (Master)
This thesis provides empirical evidence of how outward foreign direct investment (FDI) affects the probability of engaging in domestic R&D. The evidence is based on a cross-sectional sample from EFIGE of 14,760 European manufacturing firms from seven different countries. By estimating a linear probability model (LPM), as well as a probit and a logit model, it is found that outward FDI correlates positively with the probability of domestic R&D at an aggregate level. The LPM suggests that FDI increases the probability of domestic R&D by 6.52 percentage points. Moreover, the findings show that the effect is heterogeneous between countries, as well as between industries. On country level, it is evident that “catching-up economies” have a larger effect of FDI on domestic R&D. On industry level, “catching-up industries” within an industry across countries, as well as within a country across industries, have a larger effect. Exploring whether the effect differs between different sizes of firms shows that FDI correlates positively with domestic R&D for both small and large firms. This finding emphasizes that small firms do not experience financial limitation as was expected. Investigating the heterogeneity of FDI, it is found that horizontal FDI correlates positively with domestic R&D, whereas no significant relationship is found for vertical FDI. Assuming that horizontal FDI is equivalent to market seeking and vertical FDI is equivalent to resource seeking, these findings are underlined by exploring Dunning’s motives of FDI. Lastly, it is found that both FDI with destination in developed and developing countries has a positive effect on the probability of domestic R&D. The effect does not significantly differ depending on the destination of FDI.
LanguageEnglish
Publication date30 Jul 2016
Number of pages132
Publishing departmentAarhus University. BSS. Department of Management

Enterprise Architecture - When does it become relevant;

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Enterprise Architecture - When does it become relevant;: and how to capitalize on it

Henrik Christiansen

MSc in Information Management, (Master) MSc Info Man, 2016

Student thesis: Master thesis

  • Henrik Christiansen
MSc Info Man, MSc in Information Management (Master)
Abstract

Introduction
The idea behind this thesis is to determine whether it is possible to give organizations a useful tool in the form of a mapping and guidelines, to determine not only what Enterprise Architecture (EA) initiatives they should pursue, but relate it to a time in their life span. It should be possible for an organization who has not been focusing on EA, to determine where to start, given the position and state of the organization.

Problem statement and theory
Based on organizational theory – Greiners (1972) growth model, and EA theory – Ross et al. (2006) Enterprise Architecture as Strategy, a mapping of the growth phases and the EA maturity stages is made, in order to answer the first research question of “when” organizations should engage in EA initiatives. Based on the mapping, a step-by-step guide is devised to answer the second research question of “how”.
A case study is used to test the mappings and guide, and provide a practical example of its use.

Methodology, method and data collection
A qualitative interpretive approach is adopted, and through an Action Research method, the step-by-step guide is employed on the case study. Data is collected through field notes and interview.

Analysis and discussion
The mappings and step-by-step guide is analyzed and discussed.
The results of the data from the case study is analyzed and discussed, and evaluated upon, based on observational data and interviews.

Conclusion
A viable way of mapping out the time in a given organizations lifecycle, where which EA maturity stages are most relevant is found. In addition, a step-by-step guide is derived, providing organizations and EA practitioners a go-to when determining what EA initiatives they should focus on.
The case study of the thesis serving as a practical example, implementing three initiatives successfully, based on chosen criteria.
LanguageEnglish
Publication date1 Aug 2016
Publishing departmentAarhus University. BSS. Department of Management
External collaboratorUnoliving a/s
Commercial Director Rasmus Krath rbk@unoliving.com
Other

Momsfritagelser vedrørende sports- og træningsydelser

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Momsfritagelser vedrørende sports- og træningsydelser

Jens Kläning

MSc in Management and Accounting control, (!!Kandidatuddannelse) MSc MAC (Management and accounting control), 2016

Student thesis: Master thesis

  • Jens Kläning
MSc MAC (Management and accounting control), MSc in Management and Accounting control (!!Kandidatuddannelse)
Som udgangspunkt er erhvervsmæssig levering af varer og ydelser mod vederlag i Danmark afgiftspligtig. Der er dog en række varer og ydelser, som er omfattet af momslovens1 anvendelsesområde, men som alligevel er fritaget for afgift. I blandt disse fritagne varer og ydelser findes bl.a. sport2, udlejning af fast ejendom3 og undervisning4. Momsloven er en implementering af den fælleseuropæiske regulering på merværdiafgiftsområdet. Denne er reguleret i direktivform ved momssystemdirektivet5. Kommercielle fitnesscentre i Danmark svarer generelt moms af en meget begrænset del af deres fitnessydelser. Danmarks største fitnesskæde, Fitness World, opkræver og afregner kun moms af den del af abonnementerne, der henføres til adgang til træningsredskaber o.l. Hovedparten af abonnementspriserne henføres imidlertid til påståede momsfritagne ydelser som f.eks. holdtræ- ning. 6 Loop Fitness, som er Danmarks tredjestørste kæde, betaler slet ikke moms af deres fitnessydelser, efter Landsskatteretten i 2014 gav et af deres franchises medhold i, at deres cirkeltræ- ningskoncept er omfattet af fritagelsen for undervisning. 7 På trods af at national lovgivning og praksis skal være direktivkonforme, kan det være svært at finde hjemmel i momssystemdirektivet til den danske praksis i forbindelse med fitnesscentres ydelser. Der findes en fritagelse vedrørende ydelser i tilknytning til sport i MSD artikel 132, stk. 1, litra m). Selvom momsfritagelsen for sport virker som den logiske i forbindelse med fitnessydelser, er det oftest momsfritagelsen for undervisning, der benyttes til at undtage disse ydelser fra afgift i Danmark. Undervisning i legemsøvelser var tidligere nævnt i den danske momslov under undervisningsfritagelsen. 8 Undervisning i legemsøvelser er ikke nævnt direkte i den nugældende momslov, men er beskrevet i bemærkningerne til lov nr. 375 af 18. maj 1994 og er således stadig fritaget i Danmark.9 1 Momsloven: Lovbekendtgørelse 2013-01-23 nr. 106 om merværdiafgift, Forkortes "ML" 2 ML § 13, stk. 1, nr. 5 3 ML § 13, stk. 1, nr. 8 4 ML § 13, stk. 1, nr. 3 5 Momssystemdirektivet: Rådets direktiv af 2006-11-28 om det fælles merværdiafgiftssystem (2006/112), Forkortes "MSD" eller "direktivet" 6 Fitness World: Senest tilgået 25. juli 2016: https://www.fitnessworld.com/dk/prices 7 Landsskatteretten, LSR af 16.06.2014 Journalnr. 12-0256824 og 13-0027608 8 LBK nr 41 af 01/02/1993: Bekendtgørelse af merværdiafgiftsloven § 2, stk. 3, c. 9 Den juridiske vejledning 2016-1, D.A.5.3.4, Undervisning i legemsøvelser
LanguageDanish
Publication date31 Jul 2016
Number of pages60
Publishing departmentAarhus University. BSS. Department of Law

Calidad en la localización web

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Student thesis: Master thesis

  • Cristina Riera Canalias
Tolkning og Translatør, (!!Kandidatuddannelse)
Desde su aparición en los años 90, hemos asistido a una expansión exponencial de la localización web, disciplina que en la actualidad es responsable del mayor crecimiento registrado en la actividad traductora. Dentro de la localización web, destaca especialmente la localización de sitios web corporativos por su carácter ineludible para las empresas que deseen proyectarse fuera del mercado nacional.
En consecuencia, la localización de sitios web corporativos se ha convertido en una tarea obligada para todo traductor, que debe poder cumplir con los mismos elevados estándares de calidad que los que se requieren a los sitios web originales. Habida cuenta de la escasez de estudios traductológicos en la materia, especialmente en un contexto danés-español, la presente investigación se propone examinar la calidad de los sitios web de empresas danesas localizados al español, considerando las posibles implicaciones de la lengua de partida para dicha calidad.
A efectos de la investigación, la calidad se define como la adecuación a las convenciones de género identificadas y el cumplimiento de las normas de corrección lingüística.
Durante el proceso de recopilación de datos, se constata que las empresas danesas optan por tres procedimientos en el proceso de localización al español: localización del danés al español, localización del danés al inglés y, posteriormente, al español o localización del inglés al resto de idiomas, incluido el español. A fin de reflejar la realidad corporativa danesa del entorno de localización, se establecen tres categorías diferenciadas según el idioma de partida, contrastándose los resultados del estudio siempre en relación con estas tres categorías.
La base empírica de nuestra investigación cualitativa consiste de un corpus comparable monolingüe compuesto por un subcorpus de cinco sitios web originales en español y diez sitios web localizados al español, divididos en las tres categorías de localización mencionadas.
Partiendo de unas taxonomías de género y corrección lingüística identificadas en la teoría existente y cotejadas por los datos empíricos, se realiza un análisis descriptivo de género a partir del subcorpus original con el fin de identificar los rasgos prototípicos del sitio web corporativo tradicional. El análisis descriptivo constata un alto nivel de convencionalización en los sitios web españoles analizados, estableciéndose así un tertium comparationis para el posterior análisis contrastivo con los sitios web localizados.
El análisis contrastivo concluye, por su parte, que los textos localizados presentan, a pesar de las divergencias, una calidad insuficiente por no cumplir ninguno con la totalidad de criterios analizados. En general, los sitios web localizados al español presentan un menor grado de formalidad en el tono, una superestructura que aqueja la falta de uso de las convenciones asentadas del género y un menor grado de corrección lingüística que los textos originales en español, combinando errores gramaticales, terminológicos y ortotipográficos.
Si bien se detectan coincidencias entre algunos sitios web, los resultados del análisis no permiten establecer una clara correlación entre la lengua de partida en la localización y la calidad del producto localizado. No obstante, el análisis apunta a la posible existencia de otros factores que podrían explicar el comportamiento de la calidad en la localización web, factores tales como la envergadura de la empresa, el sector al que pertenece o su gestión del proceso de localización. Por otra parte, de los resultados del análisis se extrae que el traductor del texto no hace uso de la paleta completa de competencias traductoras requeridas, que abarcan desde la denominada actuación genérica, la adaptación cultural y hasta la corrección lingüística. Todos estos factores podrían constituir puntos de partida para futuras investigaciones.
En cualquier caso, la imposibilidad de detectar el cumplimiento de los criterios establecidos nos lleva a concluir que la calidad del texto de la localización es insuficiente y, en última instancia, puede impedir la percepción del producto como original en la locale, objetivo ese último de la localización.

LanguageSpanish
Publication date1 Aug 2016
Number of pages81
Publishing departmentAarhus Universitet. BSS. Institut for Erhvervskommunikation

Kan Konflikten mellem Taxibranchen og Uber løses?

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Kan Konflikten mellem Taxibranchen og Uber løses?

Rita Ljungberg

BA economics, (Bachelor) BA Economics, 2016

Student thesis: Bachelor project

  • Rita Ljungberg
BA Economics, BA economics (Bachelor)
Sharing Economy started as an exchange economy but has quickly grown into a new market economy with billions in revenue and great innovation. Sharing Economy has many potentials and risks which often conflicts in the competition between the traditional companies and the new Sharing Economy companies. Uber is such a new Sharing Economy business: a transport service (ridesharing on demand), a car that are not being fully utilized and therefore can be used in parts of the transport of other people. However Uber drivers do not comply to various laws, such as The Danish Taxi legislation, do not pay taxes, etc. In this way the Uber firm can have tariffs lower than the one from Taxa (The Taxi firm in Region Hovedstaden), which means that Taxa lose a great amount of revenue. This competition gives rise to a hard conflict between Taxa and Uber. In the Danish newspapers called The Taxi War. Taxi argues that Uber competes on 'inequality conditions', while Uber insist that they must comply without no legislation, as they are a 'car-sharing' platform and not a taxi services. The Taxi industry is legislatively the most regulated industry in Denmark including their pricing. The Taxi law is made in 1915 and is almost the same today. The State - both at 1915 and today - wanted to ensure the people transportation by regulation (licensing)but the law ended up excluding competition at all because of high entry barriers, which is given the taxi industries big economy privileges. Public Choice Theory is a method that uses economics to describe human behavior behind policy and can therefore be used as an analytical model. Public Choice has demonstrated that interest groups can have great power in the political organs. First, small interest groups can go together in coalitions and make 'log rolling' to have their own interests through the Legislature, and they can be with rent-seeking behavior through lobbying disposed of privileges in the form of interest / supernormal profits for individual companies. Privileges that are so economically important that companies and interest groups will fight hard, spend a lot of time and large sums of money trying to 'capture' politicians for getting their own interests fulfilled. After analysis of the Taxi conflict with the Public Choice, it has become clear that the Taxi's 'neat' socially useful argumentation in the general public that they cannot compete with Uber on 'inequality conditions’, and Uber therefore should be banned, in fact, is more about Taxa is regulated by the state and local authorities and thus have achieved monopolistic / acquired privileges since 1915. Regulations causes such a high entry barrier, that it is not possible for other competitors, such as Uber to enter the Market, letting the free competition get consumers lower rates. Taxi organizes demonstrations and all Taxi's interest groups do lobbying with the political parties, in the meantime Uber is taking market share from Taxa. But should Uber be regulated during taxi legislation or should the taxi industry be deregulated? Uber is now globalized with major investors and very popular among young people, especially in big cities. Everywhere in the world there have been conflicts with the traditional taxi companies that rightly felt threatened on their regulatory / licensing privileges and revenue. Taxa's immediate response to the new competitor was the desire to ban but a quick search has shown that there are also other Solutions: Besides deregulation or disaggregate regulation could another solution be product differentiation. Taxi War is not concluded yet, despite the EU has entered the competition problems, lawsuits against Ubers drivers are settled with a fine for every driver of 2-6000 Danish kr but Sharing Economy will continue gain ground and there will still be people who need to earn extra money and therefore will be drivers of Uber - and young people who want a cheap taxi ride home from town Friday night.
LanguageDanish
Publication date1 Oct 2016
Number of pages50
Publishing departmentAarhus Universitet BSS. Institut for Økonomi

Moderselskabets ansvar for dets datterselskabs overtrædelser af konkurrencereglerne

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Moderselskabets ansvar for dets datterselskabs overtrædelser af konkurrencereglerne

Josephine Helvang

HA(jur), (Bachelor) HA(jur) almen, 2016

Student thesis: Bachelor project

  • Josephine Helvang
HA(jur) almen, HA(jur) (Bachelor)
In order to secure competition on a market basis, it is necessary to have laws and legislations that define what is and what isn’t legal. In the TEUF, there are some articles that state restrictive clauses. These are meant to define when the entities on a market make i.e. an illegal agreement, and when a company abuses its dominant position. Through the definition it will be shown how the infringements will affect the market and the undertaking. The thesis will through an economic perspective define an infringement, and how it affects the market that it appears on. It will show how i.e. a cartel can increase a dead weight loss and how the companies when cooperating illegal will increase the price as a monopolist would do. This thesis aims to establish the notion of an undertaking in the matter of an infringement of article 101 and 102 in TEUF regarding competition. In competition matters the notion of an undertaking may include several units, in which both the subsidiaries and the parent company can be defined under the same undertaking, as an economic unit. There has been developed a doctrine, which among many things can help define when entities are under the same economic unit. The notion of an undertaking is furthermore defined through the assumption, that a parent company, with an ownership of 100 % or around 100 %, is presumed to have decisive influence over the subsidiaries, and therefore the entities can be presumed to be one economic entity. This is defined as the presumption rule and is developed through jurisprudence. The ways in which entities will be defined as being one or not will be analysed in the aim of being able to define, when a parent company should be or is held responsible for its subsidiaries infringements of the competition rules in TEUF. The issue is that when the subsidiary makes an infringement the parents who are presumed as one entity with their subsidiaries, are held jointly responsible for an infringement they either did not think have any idea was going on or they thought they could not influence. The EU’s treatment of this matter will be analysed through different verdicts, to find similarities in the arguments of the different undertakings and in the judicial authorities handling the given verdicts. Both parties seek to define the notion of an undertaking without any guideline to help the undertakings understand when they are responsible. This is fully up to jurisprudence and is therefore a difficult notion to define. The discussion will focus on the benefits and disadvantages on being one economic entity with a special focus on the presumption rule. It will seek to discuss the consequences that follow the notion including the fines issued by the Commission which are based on a calculation on the entity as a whole, and therefore will increase. There is a lot of different possibilities to violate TEUF article 101 and 102. This thesis will however seek to define the notion of an undertaking through examples of infringements through cartels and predatory pricing. The conclusion to the thesis is that the parent company is held responsible in most cases even when they have argued by following the single economic entity doctrine which is an approach that is used in not only this matter but in cases where the entities needs to be defined. Through jurisprudence it is always possible for the judicial authorities to held the parents responsible. It is in this thesis concluded that there will always be some sort of connection between the parent company and the subsidiaries that they can use to hold the entities responsible. This makes it difficult for parent companies not to be responsible and therefore the fine amount increase which will damage the whole group instead of just the subsidiary that made the infringements.
LanguageDanish
Publication date21 Aug 2016
Number of pages62
Publishing departmentAarhus Universitet. BSS. Erhvervsjuridisk Institut

Det Digitale Studiekort

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Det Digitale Studiekort: - En brugerbaseret forretningsmodel

Zean Brix Bossen, Rolf Dueholm Larsen

MSc in IT, Communication and Organisation, (Master) MScIT, 2016

Student thesis: Master thesis

  • Zean Brix Bossen
  • Rolf Dueholm Larsen
MScIT, MSc in IT, Communication and Organisation (Master)
The ongoing development of IT has opened up for new business opportunities and seen new companies with innovative products emerge. This report will examine how a business model can be outlined for a startup company with an innovative technological product. The product is a digital student ID card in the form of an application for smartphones, which is intended to be an alternative to the physical student ID card. Literature has been reviewed on subjects of business models, business models and technology, and co-creation. The focus is on a user based business model, which is why the approach of cocreation has been taken, in order to examine the perceived value of a chosen segment. The value perceptions were compiled through personal interviews with members of the segment. To ensure that information was gathered from both early adopters and lead majority, the interviewees were asked to fill out a questionnaire with the intent to place them on an innovativeness scale. Lastly, follow-up interviews were performed in order to create an iterative process. Frameworks for developing the business model are grounded in the Business Model Canvas and Lean Canvas. Through a discussion, the relevancy of the Business Canvas today, as well as the influence of information technology on the Business Model Canvas, is established. By working with specific building blocks from the Business Model Canvas, a foundation of the business model is developed. Ultimately, this leads to a thorough deployment of the Lean Canvas, which is used to develop the final form of the business model. It is argued that relevant changes has been made to the Lean Canvas in comparison to the original Business Model Canvas, in regards to how a startup company through a user-based business model can present a digital student card on the Danish market for education institutions. The study concludes that the developed lean canvas is a great strategic framework, which can easily display the findings in connection to the digital student ID card. Further that, startups through a user based business model can attain several benefits. Lastly that a lean canvas can be used in connection to discussing the idea with potential partners and investors
LanguageDanish
Publication date24 Aug 2016
Number of pages98
Publishing departmentAarhus Universitet. BSS. Institut for Marketing og Organisation

A quantitative study of the relationship between ITKO students’ personality types according to Myers-Briggs Type Indicator and their knowledge sharing behavior.

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0

Student thesis: Master thesis

  • Linda Schmidt Holmstrøm
MScIT, MSc in IT, Communication and Organisation (Master)
This thesis is a quantitative study on how personality types according to Myers-Briggs Type Indicator (MBTI) test share their knowledge and which type of knowledge types, they utilize in the matter. The study has taken place amongst IT, Communication and Organization (ITKO) students at Aarhus BSS, who have been the subject of this entire thesis, due to the magnitude of knowledge they have within this field, which is due to excessive instruction throughout the semester. The respondents have contributed to the data collection which has been described and analyzed, in order to find patterns for the behavior as well as to find new aspects to examine at a later point. The idea was to examine the knowledge sharing behavior amongst the different personality types in order to have hypotheses tested later on. The quantitative survey was completed by 56 ITKO students, who have made up the population for the research. Each of them have contributed to the analysis of patterns. However, only 49 people indicated their personality type. Out of the 16 MBTI personality types, unfortunately a couple of them have not been represented in the data collection, therefore it has not been possible to test the hypotheses regarding the statements for these personality types in question. However, the personality types that have been represented, have all contributed to the testing of the hypotheses. The hypotheses intend to test which kinds of knowledge types the different personality types prefer and to what extent. This is presented in the data matrix in the analysis (section 7), where each response has been allocated a value in order to be thoroughly analyzed. Furthermore, a long list of hypotheses (appendix 3) were made prior to sending out the survey. After the survey had assembled the most possible quantity of data, this particular data has been examined and analyzed in the according part. Some patterns have been established and others have been proven to be incorrect. This will be further elaborated in the analysis in section 7. Some of the findings include that ‘extroverts’ share more knowledge and with more people than what is the case for ‘introverts’. Furthermore, it has been established that ‘thinkers’ use the knowledge type ‘analytical knowledge’ due to their behavioral patterns. Lastly the study has shown to not be exploited fully and that there is room for further studies within the same kind of field of research, as long as the space allows further potential and is not limited to certain restrictions within space. The thesis has shown that there is further potential for research, but it has proven rather difficult to find enough participants, why it will be essential to make sure to have these at hand before starting an examination in the future.
LanguageDanish
Publication date2016
Number of pages118
Publishing departmentAarhus Universitet. BSS. Institut for Marketing og Organisation

Analysis of the L200 bill and the Danish Business Act

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Analysis of the L200 bill and the Danish Business Act: Med særlig fokus på forskelsbehandlingen af skatteydere, der driver virksomhed i privat regi eller i selskabsform

Charlotte Lillethorup

MSc in Management and Accounting control, (!!Kandidatuddannelse) MSc MAC (Management and accounting control), 2016

Student thesis: Master thesis

  • Charlotte Lillethorup
MSc MAC (Management and accounting control), MSc in Management and Accounting control (!!Kandidatuddannelse)
The purpose of this thesis is to describe and analyze the recent changes in the Danish Business Tax Act through the bill L200. The Danish Business Tax Act was developed in 1986 as a part of a major change in the Danish personal taxation laws. Through a series of abuse of the Danish Business Tax Act the Danish Government decided to change the law to make sure that the abuse would be stopped in the future. Firstly, the Danish Business Act will be outlined through information about history, the criteria to use the Act, why the the Danish Government decided to change the Act and lastly the taxation rules for cooperatives and limited companies. This gives a appropriate transition into the analysis of the L200 bill. Secondly, the L200 bill will be analyzed through a closer look at the changes in the Danish Business Tax Act as well as the difference between the proposition and the actual change in the law. The changes in the Danish Business Tax Act include three different protective rules, that should make sure that the abuse of the act would stop: A new interpretation of the interest rate correction, the limited ability to save up the company’s surplus to an accommodative taxation rate and lastly, the general taxation of collaterals that have been included in the company. The different exceptions to the new protective rules will also be analyzed to make sure that the evaluation of the overall change in law is covered by all circumstances. The different transitional rules in the bill will also be covered by the analysis to give the same overall coverage of the change in the law. Lastly, the analysis will describe the differences in taxation methods between users of the Danish Business Tax Act and users of cooperatives or limited companies with a closer look at income categories and practical taxation. Following the analysis of L200 bill there have been included an evaluation of the possibilities that the changes in the bill might lead to. The users of the Danish Business Act, who are covered by the L200 bill changes, may consider other options or plans compared to what was previously considered the correct economical plan for their respective companies. Here in, how some users need to make plans for the coming years to make sure, that they do not get subjected to an extra taxation on collaterals. Following the aforementioned evaluation, there has been included an evaluation of the discrimination between taxpayers who choose to run their respective companies as privately owned companies or cooperatives/limited companies. This chapter of the thesis has been divided into two different parts concerning the new protective rules in the L200 bill. Herein it is shown that discrimination between taxpayers is relevant, but only through the protective rule about the taxation on collaterals. It has been concluded in this thesis, that discrimination between taxpayers is present and relevant to such an extent that the government should consider changing the rules in the Danish Business Act once again, but only concerning the rules about the taxation on collaterals.
LanguageDanish
Publication date1 Sep 2016
Number of pages59
Publishing departmentAarhus University. BSS. Department of Law

A study on innovation in Danish Universities and the effects of Act No. 347 of 2nd June 1999 on inventions at public-sector research institutions

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  • Asger Umar
BA(it), HA(it) (Bachelor)
The investments in research & development (R&D) in the Danish research institutions are at an all- time high, as Denmark relies on innovation to strengthen the Danish economy. Denmark is portrayed as one of the most innovative countries in Europe, despite the fact that it lacks significant academic spin-outs. A governmental attempt to improve academic commercialization performance was made by introducing Act No. 347 of 2nd June 1999 on inventions at public-sector research institutions, which was an imitation of the U.S. Patent and Trademark Law Amendments Act (Pub. L. 96-517, December 12, 1980), also known as the Bayh-Dole act. This bachelor thesis investigates whether this imitating act was a success, as the imitated U.S. Bayh-Dole Act of 1980. The study will through the quantitative method analyse collected secondary data such as; Danish universities’ national and U.S. patent applications, R&D expenditures, patent applications per unit of R&D expenditure and licensing revenues. The U.S. patent applications are manually collected from the United States Patent and Trademark Office database and compared through economic descriptive methods. The study shows that the imitating Danish act of 1999 was not successful as the imitated U.S. Bayh- Dole act. One main reason for this was the difference in incentives. The U.S. researchers had little to no incentive to invent and disclose their findings. The Bayh-Dole act gave the researchers a strong incentive as the researchers would get remunerated if the invention generated revenue. The Danish researchers already had a strong incentive, as the “professor’s privilege” allowed them to retain the intellectual property rights to their own inventions. Introducing a Bayh-Dole similar act therefore did not stimulate patenting activity as hoped for. The thesis also finds that the three top Danish universities in terms of patenting are; The Technical University of Denmark (DTU), Copenhagen University (KU) and Aarhus University (AU). The R&D expenditure comparison between the best U.S. and top three Danish universities shows that all three Danish universities can be ranked within the top 40 in 2014. Furthermore, the analysis shows, that DTU, in terms of patents per unit R&D expenditure, can be ranked as a 3rd decile American research university in 2014. DTU is also the highest ranking university in terms of licensing revenues. Comparing licensing revenues to the American universities, DTU does not perform very well and has room to improve the commercialization of patents.
LanguageEnglish
Publication date1 Sep 2016
Number of pages64
Publishing departmentAarhus University. BSS. DEPARTMENT OF ECONOMICS & BUSINESS
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