Finnish Industrial Companies Must Transform to Win the Future

Companies from all Nordic countries have outperformed global peers during the crisis brought on by the pandemic, but not equally. We analyzed companies’ performance in terms of their Total Shareholder Return (TSR) from January to November 2020, and the results show that Nordic companies had 14 percentage points higher TSR than their global counterparts. Yet our analysis also reveals that Finnish companies systematically underperform their Nordic peers in all industries except energy.