78% executives of large Finnish companies see Biden´s victory

As much as 78% of the senior executives of large companies operating in Finland believe that the Democratic candidate Joe Biden will win the US presidential election, reports a survey conducted by the Financial Group OP.

About 22% of the respondents, however, believed that the sitting president and the Republican candidate will win, said OP in a press release on Wednesday quoting the survey report.

A significant proportion of the respondents felt that the election result will have no major effect on their businesses.

“It seems that large companies’ representatives are very confident about Biden’s chances of winning. This view strongly reflects poll results and betting odds. According to opinion polls, Biden is clearly ahead throughout the country, including the swing states,” said OP Corporate Bank Chief Executive Officer Katja Keitaanniemi.

From the viewpoint of large companies, the effect of the election result on the economy and markets will be essential. Around 7% of Finland’s exports go to the US. By way of comparison, Germany accounts for 15% of Finland’s exports.

“The effects of the US presidential election result on the Finnish economy will be moderate. However, matters such as the future president’s trade policy will be noteworthy from the viewpoint of companies,” said Keitaanniemi.

The impact of the election result and the future president’s policy are expected to vary depending on the business sector.

“According to our estimate, Trump’s victory would have a positive effect on consumables and the US financial sector, whereas Biden’s victory would support sectors such as construction, healthcare, and renewable energy, as well as the global economy through trade relations,” said OP Chief Analyst Antti Saari.

The OP’s survey found 44% of the large company executives presumes Biden’s victory would provide them with business opportunities, with only seven% thinking so as regards to Trump’s re-election.

A significant proportion of the respondents see the election result having no essential impact on business: 40% of large company executives found Biden’s victory neither a clear threat nor an opportunity. The corresponding figure for Trump was slightly over 30%.

The results are based on OP’s annual survey of large corporations, which measures large Finnish corporation executives’ views on business and economic developments.

A total of 240 persons representing 161 large corporations based or operating in Finland responded to the survey, especially CEOs, CFOs and executive vice presidents.

The data was collected in autumn 2020 and the survey results will be published in their entirety in January 2021.

OP Financial Group carried out the survey of large corporations with the think-tank NIBS set up by Aalto University professors, as its partner. The survey of large corporations is being conducted since 2012.