Center for Markets in Transition CEMAT

Center for Markets in Transition CEMAT

The Center for Markets in Transition (CEMAT) of the Aalto University School of Business is a research center conducting academic and applied research specializing in Russian economy and business environment. 

CEMAT St Petersburg

Opportunities in Russia Seminar was held on 3 December 2019

Roughly 50 interested listeners gathered in Aalto University TUAS-building on 3 December to hear panelists and discuss Russia’s economy, politics and prospects for foreign firms and graduates in Russia.

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Director of CEMAT Professor Riitta Kosonen is opening the seminar

Save the Date 28 Nov 2019: Northern Dimension Future Forum "Fresh and sustainable experiments of the Global North"

ND Future Forum presents technology- and human-centered sustainable solutions to societal challenges in health, transport, environment and culture.

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Panelists discussing during the Northern Dimension Future Forum in St Petersburg in 2018
St Petersburg novo konyushennyi most


CEMAT has an established track record on research on corruption, offshore FDI, innovation & technology entrepreneurship, and business strategies in Russia. CEMAT also contributes to the society both in Finland and internationally through research-based expertise. Forms of contribution are manifold including knowledge sharing events, invited speaker and advisor roles, participation in working groups, and media presentations. In addition, CEMAT hosts the Strategic Research Programme Director for “Security in a Networked World" and "Urbanising Society" programmes of the Academy of Finland.

Latest publications

"English as corporate language" in the multilingual reality of multinational companies


It's all about family! Male technology entrepreneurs constructing their identities between family and business

Päivi Karhunen, Ulla Hytti 2018 Proceedings of Research in Entrepreneurship and Small Business Conference, RENT 2018

Let's Talk about Language

Paivi Karhunen, Anne Kankaanranta, Leena Louhiala-Salminen, Rebecca Piekkari 2018 Journal of Management Studies

The Darker Side of Social Networks in Transforming Economies

Paivi Karhunen, Riitta Kosonen, Daniel J. McCarthy, Sheila M. Puffer 2018 Management and Organization Review

Identity work of science-based entrepreneurs in Finland and in Russia

Päivi Karhunen, Irina Olimpieva, Ulla Hytti 2017 Entrepreneurship and Regional Development

(Re-) conceptualizing the MNC as a multilingual organization: Insights from sociolinguistics

Päivi Karhunen, Anne Kankaanranta, Leena Louhiala-Salminen 2017

Towards inclusive and participatory language policies in multinational corporations: A sociolinguistic approach

Päivi Karhunen, Anne Kankaanranta 2017 33rd European European Group of Organizational Studies Colloquium (EGOS), Copenhagen, Denmark, July 2017

The impact of climate change on regional government expenditures: evidence from Russia

Simo Leppänen, Laura Solanko, Riitta Kosonen 2017 Environmental and Resource Economics

Evolution of the scientrepreneur?

Päivi Karhunen, Irina Olimpieva 2016 Entrepreneurship, Universities & Resources: Frontiers in European Entrepreneurship Research
More information on our research in the Research database.
Research database
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Northern Dimension Institute

CEMAT is the lead coordinator of the Northern Dimension Institute (NDI), which is an open university network. The NDI prepares Northern Dimension-related studies and reports, and coordinates the collection of funding for research projects. The Northern Dimension (ND) is a joint policy of four equal partners: the European Union (EU), Russian Federation, Norway and Iceland. NDI is an academic partner in the ND structures.

Finrusresearch website


Finrusresearch website aims to support exchange of information between Finnish universities and research institutes conducting research on Russia, and Finnish companies oriented towards the Russian market. The website is provided by Working Group for Social Sciences under the Finnish-Russian Commission for Scientific and Technological Cooperation (financed by the Academy of Finland) and it is maintained by Aalto University School of Business Center for Markets in Transition (CEMAT).

Conference: Sustainable Urbanisation – bridging the development and growth, 14 May 2019

Conference: Sustainable Urbanisation – bridging the development and growth Date: 14 May 2019 at 10:00-17:30 Venue: Aalto University, Dipoli

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Dipoli Käpy sisäänkäynti Kuva: Tuomas Uusheimo / Aalto-yliopisto
Audience Northern Dimension Future Forum on Culture in St Petersburg 2018

CEMAT organized four Northern Dimension Future Forums

CEMAT as a Northern Dimension Institute lead coordinator organized four Northern Dimension Future Forums in November 2018.


Aalto University, School of Business
Center for Markets in Transition (CEMAT)

Postal address: P.O. Box 21210, FI-00076 AALTO, Finland
Visiting address: Otaniementie 14, FI-02150 Espoo, Finland

Switchboard: +358 9 47001
Tel +358 40 353 8149
Fax +358 9 470 38706
[email protected]
firstn[email protected] (staff)


Riitta Kosonen, D.Sc. (Econ.) Prof., Director
[email protected], tel. +358 50 402 7079

Päivi Karhunen, D.Sc. (Econ.) Research Manager
[email protected], tel. +358 50 387 8159

Minna Hanhijärvi, M.Soc.Sc, Project Manager
[email protected], tel. +358 50 574 5017


Four students workshopping
Lectures and seminars

Entrepreneurship summer course: Creating Multidimensional Experiences (Online)

Learn to create immersive experiences in a multidisciplinary team of international students, working online but together towards a sustainable future.
Aalto Talent Expo 2020 illustration / Graphic designer Babi Brasileiro.
Exhibitions and fairs

Aalto Talent Expo 2020

The recruitment and contact fair Aalto Talent Expo will be organised in Otahalli on 8 October 2020.
SSD2020 kuva
Conferences and workshops

Sustainability Science Days 2021: Destruction & creativity

SSD is a two-day conference conference concentrating on radical changes that are indispensable for solutions to the sustainability crisis.


Kauppakorkeakoulun rakennus Ekonominaukio 1:ssä
Honoured Published:

Aalto led consortium GMeRitS awarded Blockchains for Social Good prize

The prize awarded by the Enhanced European Innovation Council EIC is worth a million euros and was granted for work on the social effectiveness of blockchain technology.
Kuvassa näkyy syksyllä 2020 kauppatieteiden maisteriopintonsa aloittava Vivianne Ruohola.
Studies Published:

Educationalist expands knowledge with business studies

When Vivianne Ruohola was working in education export, she noticed that she also needed business knowledge and management skills - and decided to apply to a Master's programme at the School of Business.
ShanghaiRankings by subject 2020, Aalto is 24th in the world in Business Administration
University Published:

Aalto continued with excellent performance in ShanghaiRankings

Ten subjects rank in the top one hundred worldwide.
Raide-Jokeri havainnekuva Ainonaukio, Otaniemi Kuva: Raide-Jokeri
Campus Published:

Otaranta closed to motor vehicle traffic as of week 27

The construction of the light rail has reached the southern part of Otaniemi.

School of Business

The Better Business – Better Society seminar series has begun. Its aim is to provide the School’s supporters and alumni with an opportunity to hear and discuss topical issues.

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School of Business formal opening in June 2019. Dean Ingmar Björkman speaking to audience. Photo: Marko Oikarinen
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