ORIGINAL RESEARCH article
Front. Appl. Math. Stat.
Sec. Mathematical Finance
Volume 11 - 2025 | doi: 10.3389/fams.2025.1629810
Examining Financial Growth of Manufacturing Companies in Three Nordic Countries
Provisionally accepted
- University of Gävle, Gävle, Sweden
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The three Nordic countries (Denmark, Finland and Sweden) have long enjoyed economic success within manufacturing and innovation. All of these countries have small domestic markets and are dependent on international trade. Prior to the Global Financial Crisis (GFC; 2008-9), it was Finland and Sweden, who were clearly setting the standards, but since GFC, Denmark has performed particularly well together with mediocre performance of Sweden. Growth is evident not only in revenues, but also within profits and asset amounts. This growth has been consistent across many companies, and has followed a linear pattern. Finland has generally performed worse than the other two countries, with issues mostly associated with lower revenue and profit growth, and changes in assets. Finland lacks companies with consistent growth. A key difference from Denmark is the smaller presence of the healthcare sector. Analysis indicates that consistent growth is needed, if the desired results are to be achieved using the current measures.
Keywords: international business, sustainability, Manufacturing location, Consistency, Denmark, Finland, Sweden
Received: 30 May 2025; Accepted: 25 Jul 2025.
Copyright: © 2025 Hilmola, Fjellström and Hilletofth. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: Olli-Pekka Hilmola, University of Gävle, Gävle, Sweden
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