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  • 1.
    Flinkman, Matti
    et al.
    Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
    Sikkema, Richard
    Wageningen Univ & Res Ctr WUR, Netherlands;European Commiss, Italy.
    Spelter, Henry
    USDA, USA.
    Jonsson, Ragnar
    European Commiss, Italy.
    Exploring the Drivers of Demand for Non-industrial Wood Pellets for Heating2018In: Baltic Forestry, ISSN 1392-1355, E-ISSN 2029-9230, Vol. 24, no 1, p. 86-98Article in journal (Refereed)
    Abstract [en]

    The targets for renewable energy in the European Union (EU) have resulted in a surge in the use of wood pellets. The EU-28 consumption has outgrown domestic production, resulting in increasing net imports. This study analyses the drivers of the use of pellets for heating (non-industrial pellets). An enquiry directed to biomass and pellet organizations indicates that country specific subsidies could be a driver for the purchase of pellet stoves and boilers, resulting in a base level of consumption of non-industrial pellets. Further, light heating oil and natural gas are considered the main heating sources substituted by wood pellets. Econometric analysis indicates that GDP is less important, while the price of wood pellets as well as the price of alternative energy carriers seem to be significant drivers. Models using different combinations of these variables account for 63% to 76% of the variation in non-industrial pellet demand. The results indicate the importance of considering competing fossil-based fuels when modelling wood pellet demand. This aspect is also relevant when new policy measures for a low carbon economy are applied, such as the levying of carbon taxes on fossil fuels.

  • 2.
    Lindblad, Fredrik
    et al.
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Flinkman, Matti
    Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
    Schauerte, Tobias
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Assessing corporate economic distress: a study of the wood construction industry2017In: Pro Ligno, ISSN 1841-4737, E-ISSN 2069-7430, Vol. 13, no 4, p. 594-601Article in journal (Refereed)
    Abstract [en]

    Wood buildings are considered as a viable option to support the effort minimizing the current housing shortage in Sweden. Companies trying to develop into this industry are needed to increase the use of prefabricated wooden elements, volumes or modules in an industrialized way. Suitable companies to make this development could be found amongst firms producing wooden single-family houses. These companies currently act on a highly competitive market with many companies offering relatively homogeneous products or services. Therefore, differentiation towards the wooden multi-family house industry could be considered as a long-term strategy, minimizing the economic distress and improving the survival of the company.The study is aiming at describing the development of economic distress and market concentration ratio in the Swedish industry for wooden single-family houses, for an eleven-year period from 2005 to 2015. The companies could be helped to understand, if and how the market concentration ratio and the economic distress are connected, linking company size to economic stability and efficient resource utilization. This will be conducted by applying Altman’s Z’-score model, grouping firms into a risk, a grey or a safe zone, combined with calculating the industry structure by means of the concentration ratio model. The required data were collected from the annual reports of the 51 relevant firms in the industry.

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  • 3.
    Lindblad, Fredrik
    et al.
    ATEA Logistics.
    Schauerte, Tobias
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Flinkman, Matti
    Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
    Changes in Industry Structure and Concentration?: Welfare Loss due to Perfect Competition in the Swedish Industry for Wooden Single-Family Houses2016In: 70th Forest Products Society annual convention - new horizons for the forest products industry, June 27-29, 2016, Portland, Madison: Forest Products Society, 2016Conference paper (Refereed)
    Abstract [en]

    As studies based on data from 2012 show, the Swedish market for wooden single-family houses is highly competitive, with many firms offering relatively homogeneous products or services. In order to serve the demand on that market, only 38 % of the existing firms actually were needed. Thus, an uneven distribution of resource utilization let to welfare losses. Yet since 2012, the demand on the market increased by more than 35 %, which potentially had an effect on resource utilization.

    This study is aiming at describing the development of the structure and concentration in the Swedish industry for wooden single-family houses, for a five year period from 2010 to 2014. This could help to understand, if and how market demand affects structure, concentration rate and consequently welfare loss due to resource utilization. The required data were collected from the annual reports of the 52 relevant firms in the industry. By means of the Herfindahl-Hirschman Index and the Herfindahl-Hershamann Number Equivalent, industry structure and concentration rate was calculated.

    The results will show how the industry structure and concentration rate developed from 2010 to 2015, the distribution of resource for welfare purposes and thus, how many firms there actually were needed to serve the market.

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  • 4.
    Lindblad, Fredrik
    et al.
    ATEA Logistics.
    Schauerte, Tobias
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Flinkman, Matti
    Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
    Evaluating profitability of Firms in the Swedish Industry for Wooden Single-Family Houses2016In: The 70th Forest Products Society annual convention - new horizons for the forest products industry, June 27-29, 2016, Portland, Madison: Forest Products Society, 2016Conference paper (Refereed)
    Abstract [en]

    The market for Swedish wooden single-family house producers is characterized by perfect competition, i.e. products are highly substitutional and firms mainly compete by prices. Variance in net profit margins, as a key number for profitability, for firms in this industry ranges by 60 %. As net profit margin is defined as net profit divided by revenue, these latter two directly affect net profit margin. Yet, leaving the obvious determining mathematical explanations aside, other factors might affect the profitability of the firms, showing, what distinguishes successful firms from less successful ones.

    This study is aiming at exploring the factors affecting the profitability of Swedish firms producing wooden single-family houses. By means of those factors, variances in net profit margins might be explained more thoroughly. Data from annual reports were collected from 52 firms in the industry and a correlation analysis performed.

    The results will show if there are factors that correlate with net profit margins and if yes, what explanatory power these factors have. This in turn might serve as an input for the firms’ strategic development towards a higher profitability of their businesses.

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  • 5.
    Schauerte, Tobias
    et al.
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Lindblad, Fredrik
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Flinkman, Matti
    Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
    Critical success factors determining economic health of firms producing wooden single-family houses2017In: Arkitektur N, ISSN 1504-7628Article in journal (Refereed)
    Abstract [en]

    Firms in the Swedish industry for wooden single-family houses operate on a highly competitive market. Products are relatively homogenous, easily substitutional and firms mainly compete by prices. Since 2005, the accumulated market share for the five largest firms decreased from 53 % to 39 %, whilst the number of firms in the industry increased by almost 60 %. In addition to these internal issues on industry structure, construction firms are generally sensitive to external impacts, like the current changes in bank loan policy for the customer. Nonetheless, the number of produced single-family houses in Sweden increased by almost 130 % since 2012. Contributing to reducing the existing housing shortage in Sweden, wooden single-family house producers play an important role.

    However, earlier studies show that around 40 % of these firms are economically distressed, or in a situation, where they need to take appropriate strategic action to avoid economic distress in the near future. Yet, what actions are appropriate?

    This study is aiming at identifying current critical success factors determining economic health of Swedish firms producing wooden single-family houses. By means of these factors, conclusions about appropriate strategic actions might be drawn to avoid economic distress. Data from the 2015 annual reports of 50 relevant firms were collected and processed by means of the Altman’s Z´-score model and regression analysis.

    The results show that two factors accumulate to 99 % explanatory power (adj. R2) of financial health: (1) the manufacturing capacity of the firms’ assets and (2) the firms’ equity ratio. These are the current critical success factors for economic health of Swedish firms producing single-family houses. (1) matches todays’ debate about automated prefabrication and (2) can be seen as the way of financing such assets. Thus, these issues should guide the strategic agenda of firms in the industry.

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  • 6.
    Schauerte, Tobias
    et al.
    Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
    Lindblad, Fredrik
    ATEA Logistics.
    Flinkman, Matti
    Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
    The Development of Equity Ratios for Firms in the Swedish Industry for Wooden Single-Family Houses2016In: The 70th Forest Products Society annual convention - new horizons for the forest products industry, June 27-29, 2016, Portland, Madison: Forest Products Society, 2016Conference paper (Refereed)
    Abstract [en]

    On the Swedish market for single-family houses, wood traditionally dominates with around 90 % market share. Due to the economic crisis, the number of prefabricated wooden single-family houses decreased from about 12 100 units in 2007 to 4 800 units in 2012. Firms in the industry struggled with a 60 % decrease of order intake. These firms compete with relatively low margins, and many faced economic losses. Such losses negatively affect the firms’ equity ratio, describing the share of assets that are financed by own capital. This negative effect defines the firms’ long-term ability to pay its depths. The longer such an effect lasts, the more it threatens the firms’ future, potentially leading to bankruptcy.

    This study is aiming at describing the development of the equity ratio from 2010 to 2014 for 52 Swedish firms producing wooden single-family houses. This will be done by collecting and analyzing those firms’ annual reports and the required financial numbers.

    The results show on the one hand how an average equity ratio for the whole industry developed within the chosen five-year period. On the other hand, the development of each firm’s equity ratio within that period is mapped, indicating, which firms potentially might face problems if no appropriate actions will be taken.

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