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Bolagsstyrning: En studie kring insynsägandets effekt på företags finansiella prestation.
Halmstad University, School of Business, Innovation and Sustainability.
Halmstad University, School of Business, Innovation and Sustainability.
2023 (Swedish)Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
Abstract [sv]

Denna uppsats syftar till att förklara samband mellan insynsägande och svenska börsnoterade företags finansiella prestation. Insynsägande definieras i uppsatsen som andelen ägande innehavd av styrelse och företagsledning. Finansiell prestation operationaliseras i uppsatsen som Tobin’s Q och ROIC. Syftet uppnås genom en kvantitativ analys av sekundärdata inhämtad från Holdings och Börsdata för perioden 2017-2022. Resultatet framställs genom korrelationer, deskriptiv statistik och regressionsanalyser. Utfallet kan inte styrka att insynsägande har någon signifikant effekt på finansiell prestation. Det kan med anledning av resultatet inte bevisas att svenska börsnoterade företags finansiella prestationer påverkas av insynsägandets omfattning. Då studien är genomförd på ett stort urval bör utfallet ligga nära hela populationen, vilket innebär samtliga bolag noterade på Large- och Mid cap. Den bristande effekt insynsägande har på finansiell prestation förklaras främst av stewardship-teorin och av de särdrag som definierar nordisk bolagsstyrningskultur. Studien har kunnat bidra till att fylla kunskapsluckan kopplat till insynsägande i Norden.

Abstract [en]

This essay aims to explain the relationship between insider ownership and the financial performance of listed Swedish companies. Insider ownership is in this essay defined as the share of ownership held by the board and the company's management. Financial performance is operationalized in this essay using Tobin's Q and ROIC. The purpose is achieved through a quantitative analysis of secondary data obtained from Holdings and Börsdata for the period 2017-2022. The results are obtained through correlations, descriptive statistics, and regression analyses. The findings do not provide evidence that insider ownership has any significant effect on financial performance. Consequently, it cannot be proven that the financial performance of listed Swedish companies is affected by the extent of insider ownership. As the study is conducted on a large sample, the outcome should be close to the entire population, which includes all companies listed on the Large- and Mid cap. The lack of impact insider ownership has on financial performance is primarily explained by the stewardship theory and by the characteristics that define the Nordic corporate governance culture. The study has been able to contribute to filling the knowledge gap linked to insider ownership in the Nordic region.

Place, publisher, year, edition, pages
2023. , p. 79
Keywords [en]
Corporate governance, insider ownership, financial performance, Nordic corporate governance, agency theory, stewardship theory & entrenchment theory.
Keywords [sv]
Bolagsstyrning, insynsägande, finansiell prestation, nordisk bolagsstyrning, agentteori, stewardship-teori, entrenchment-teori.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hh:diva-51271OAI: oai:DiVA.org:hh-51271DiVA, id: diva2:1782236
Educational program
Study Programme in Business and Economics, 240 credits
Supervisors
Examiners
Available from: 2023-07-13 Created: 2023-07-12 Last updated: 2023-07-13Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
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  • vancouver
  • Other style
More styles
Language
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Output format
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