Submitted by Viviane Lima da Cunha (viviane@biblioteca.ufpb.br) on 2017-03-30T11:54:50Z No. of bitstreams: 1 arquivototal.pdf: 1621815 bytes, checksum: b23db6cd8d6f29f38f0e3c56fdda248b (MD5) / Made available in DSpace on 2017-03-30T11:55:33Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 1621815 bytes, checksum: b23db6cd8d6f29f38f0e3c56fdda248b (MD5) Previous issue date: 2016-12-07 / The objective of this paper was to analyze how the relation between the simultaneity of proxies of the earnings quality. It was sought to achieve this goal through the formulation of an empirical model of structural equations based on evidence presented by the review of literature about the earnings quality. The sample used in this study included the firms that traded shares in the US capital market from 1985 to 2015. It was used as proxies for earnings quality consolidated according to Dechow, Ge and Schrand (2010), which was earnings management used by Paulo (2007), quality of accruals (DECHOW; DICHEV, 2002) and value relevance by the model of prices (COLLINS; MAYDEW; WEISS, 1997), while for firms chacarteristics were used total debt and firm size. The initial results obtained by multiple linear regression showed, in general, that for the proxies quality of the accruals and value relevance the relations of the characteristics of the firms were presented according to the evidences of the literature (DECHOW; GE; SCHRAND, 2010); While for earnings management, the firm size relationship was positive, contrary to the literature. Regarding the measurement of the quality of information as a latent variable, that is, incorporating all the dimensions analyzed, the relationships corroborated the evidence pointed out in the literature, that is, the management of results reduced the quality of the accounting information and the quality of accruals and value relevance increased, whereas size was positively related to the earnings quality, while debt negatively impacted the quality of accounting information. Regarding the quality of the adjustment statistics, they did not meet the satisfactory statistical requirements, according to Marôco (2010), for validation of the tested model. Thus, measuring the earnings quality simultaneously by structural equations produces the effects capable of explaining the quality of accounting information as a latent variable when realigned with the characteristics of firms. / O objetivo deste trabalho foi analisar como se dá a relação entre a simultaneidade das proxies da qualidade da informação contábil. Buscou-se alcançar este objetivo através da formulação de um modelo empírico por equações estruturais baseado nas evidências apresentadas revisão da literatura acerca da qualidade da informação contábil. A amostra empregada neste estudo contou com as firmas que negociaram ações no mercado norte americano de capitais no período de 1985 a 2015. Utilizaram-se como proxies da qualidade da informação contábil variáveis consolidadas conforme Dechow, Ge e Schrand (2010), as quais foram o gerenciamento de resultados pelo modelo de Paulo (2007), qualidade dos accruals (DECHOW; DICHEV, 2002) e value relevance pelo modelo de preços (COLLINS; MAYDEW; WEISS, 1997), enquanto que para a característica das firmas utilizou-se o endividamento total e o tamanho das firmas. Os resultados iniciais realizados por regressão linear múltipla apontaram, de modo geral, que para as proxies qualidade dos accruals e value relevance as relações das características das firmas apresentaram-se de acordo com as evidências da literatura (DECHOW; GE; SCHRAND, 2010), ao passo que para o gerenciamento de resultados, a relação do tamanho da firma se mostrou positiva, contrariando a literatura. No que diz respeito a mensuração da qualidade da informação como variável latente, isto é, incorporando todas as dimensões analisadas, as relações corroboraram as evidências apontadas na literatura, ou seja, o gerenciamento de resultados reduziu a qualidade da informação contábil e a qualidade dos accruals e o value relevance a aumentaram, ao passo que o tamanho se relacionou positivamente com a qualidade da informação contábil, enquanto que o endividamento impactou negativamente a qualidade da informação contábil. No que diz respeito as estatísticas de qualidade do ajustamento, elas não alcançaram os requisitos estatísticos satisfatórios, de acordo com Marôco (2010), para validação do modelo testado. Sendo assim, mensurar a qualidade da informação contábil de forma simultânea por equações estruturais, produz os efeitos capazes de explicar a qualidade da informação contábil como variável latente quando relacionados com as características das firmas.

Made available in DSpace on 2016-03-15T19:31:03Z (GMT). No. of bitstreams: 1 Marta Cristina Pelucio Grecco.pdf: 992557 bytes, checksum: 539419ae7d82230dc40ffe5259361b13 (MD5) Previous issue date: 2013-11-04 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The aim of this study was to evaluate whether changes in accounting practices brought reduction in earnings management of listed Brazilian non-financial companies, resulting in improvement of quality in accounting information. A sample of non-financial Brazilian companies (361 firms) was used. Data were collected at the website of the CVM or at the website of the companies, when necessary. To measure earnings management through discretionary accruals Jones Model and KS Model were applied, including the internationally used variations of these models and the use of polynomial equations. A model developed in this study was used to observe the effect of IFRS on earnings management of firms in periods Full- IFRS and Hybrid, and the restrictive effects of Big Four audit, corporate governance and regulatory environment. The results of earnings management were considered through discretionary accruals obtained by residues of the models that had better information as statistical results: Model Jones polynomial; Modified Jones Model by Kothari, Leone and Wasley (2005) original polynomial and omitting accounts receivable; Modified Jones Model by Teoh, Welch and Wong (1998) with the omission of the polynomial variation of accounts receivable and inclusion of ROA; and Model KS polynomial. Evidence was found that convergence to IFRS had a restrictive effect on earnings management in Brazil after the complete implementation of IFRS. Among the factors constraining earnings management studied by Big Four audit, corporate governance and regulatory environment, it was noted that the most effective is the regulatory environment. Entities, whose industry is regulated by a regulatory agency in addition to the CVM, have lower levels of earnings management than the others. It was also noted that the larger the company the lower is the level of earnings management. It is noteworthy that the process of convergence to IFRS in Brazil is recent, this way, this work was limited to short coverage periods of these standards. Given this limitation, it is suggested that more research would be conducted to examine earnings management in IFRS in Brazil in later periods, to validate the results obtained by this work, maintaining the reduced use of discretionary appropriations in light of IFRS in Brazil. / O objetivo geral deste trabalho foi avaliar se as mudanças nas práticas contábeis trouxeram redução no gerenciamento de resultados das empresas abertas brasileiras não financeiras, ocasionando uma melhoria na qualidade da informação contábil. Foi utilizada uma amostra composta por companhias abertas brasileiras não financeiras (361 empresas). Os dados foram coletados no sítio da CVM ou no sítio das próprias empresas, quando necessário. Para mensurar o gerenciamento de resultados por meio de apropriações discricionárias foram aplicados os Modelos Jones e KS, incluindo as variações internacionalmente utilizadas destes modelos e com uso de equações polinomiais. Foi utilizada uma modelagem desenvolvida neste trabalho para observar o efeito das IFRS no gerenciamento de resultados das empresas, nos períodos Full-IFRS e Híbrido, e dos efeitos restritivos de auditoria por Big Four, governança corporativa e ambiente regulatório. Foram considerados como apropriações discricionárias, os resíduos dos modelos de gerenciamento de resultados que apresentaram melhores informações conforme resultados estatísticos: Modelo Jones polinomial; Modelo Jones Modificado por Kothari, Leone e Wasley (2005) polinomial original e com omissão de contas a receber; Modelo Jones Modificado por Teoh, Welch e Wong (1998) polinomial com omissão da variação de contas a receber e com inclusão do ROA; e Modelo KS polinomial. Foram encontradas evidências de que a convergência às IFRS teve efeito restritivo no gerenciamento de resultados no Brasil após a implantação completa das IFRS. Entre os fatores restritivos ao gerenciamento de resultados estudados, auditoria por Big Four, governança corporativa e ambiente regulatório, notou-se que o mais efetivo é o ambiente regulatório. As entidades cujo setor é regulado por uma agência regulatória além da CVM, apresentam menores níveis de gerenciamento de resultados que as demais. Notou-se também que quanto maior a empresa menor o nível de gerenciamento de resultados. Ressalta-se que o processo de convergência às IFRS no Brasil ainda é recente, desta forma, este trabalho foi limitado ao curto período de vigência destas normas. Considerando-se esta limitação, sugere-se que sejam efetuadas mais pesquisas para analisar o gerenciamento de resultados na Era IFRS no Brasil em períodos posteriores, para validação dos resultados obtidos por este trabalho, com manutenção da redução do uso de apropriações discricionárias à luz das IFRS no Brasil.

The Thesis is focused on the concepts of audit committee and audit quality, which are the basic control mechanisms for the quality of financial statements. The Thesis first presents the reasons and conditions for the appointment of audit committee, then follows with the legal rules applicable for mandatory audit of financial statements and presents some common definitions and measures of audit quality. Next, the new regulation for mandatory audit in the European Union is presented. The practical part of the Thesis starts with an analysis of the annual reports of the companies that are a part of CZECH TOP 100 for the year 2014. The analysis is focused on auditor choice, audit fees, public interest entities and their obligation to appoint an audit committee. The next part contains an empirical analysis of the association between audit committee existence, auditor choice and audit quality, which is defined as the quality of reported earnings.

Bakgrund: 2005 infördes internationella redovisningsstandarder som innebar att många företag skulle redovisa enligt goodwill i enlighet med IAS36 och därmed utföra en årlig nedskrivningsprövning av goodwill. Denna nedgångsprövning av goodwill öppnar upp för subjektiva antagande och bidrar till att företagsledare får en möjlighet att agera opportunistiskt. Tidigare studier pekar på att nedskrivningen av goodwill bland annat kan påverkas av faktorerna big bath, resultatutjämning samt VD-byten, vilket bidrar till frågeställningen: Kan intressenter lita på redovisningen av goodwill? Syfte: Syftet med denna studie är att genom att undersöka faktorer som kan påverka nedskrivning av goodwill förklarar huruvida intressenter kan lita på företag på Stockholmsbörsens redovisning av goodwill. Syftet är även att förklara huruvida redovisning av goodwillnedskrivning på Stockholmsbörsen uppfyller IASB:s krav på neutralitet. Metod: Studien innefattar en kvantitativ metod med abduktiv ansats. För att uppfylla syftet samlades data in från 90 slumpmässigt utvalda bolag. För att analysera detta användes multivariata regressioner i form av tobit regressionsanalys samt logistisk regressionsanalys. Analyserna utfördes både på urvalet som helhet och då urvalet var indelade utifrån vilken lista på Stockholmsbörsen de tillhört aktuellt år. Detta för att även kunna klargöra huruvida resultatet skiljer sig baserat på vilken lista företagen tillhör. Resultat och slutsatser: Vår studie visar att nedskrivning av goodwill i större utsträckning sker när resultatet är onormalt högt samt då bolag bytt VD under de två senaste räkenskapsåren. Detta betyder att intressenter inte fullt ut kan lita på företagens redovisning av goodwill. Resultatet visar även att ett VD-byte endast påverkar nedskrivning av goodwill bland urvalets minsta företag samt att resultatutjämning förekommer bland urvalets största och minsta företag men inte bland urvalets mellanstora företag. Detta indikerar att stora och små företag kan ha olika incitament att utöva resultatmanipulering. / Background: In 2005, international accounting standards were introduced, which meant that many companies would report goodwill in accordance with IAS36 and thereby perform an annual impairment test of goodwill. This impairment test of goodwill opens for subjective assumptions and contributes to business leaders being able to act opportunistically. Previous studies indicate that the impairment of goodwill can, among other things, be affected by factors like big bath, income smoothing and change of CEO. This contributes to the question: Can stakeholders trust the reporting of goodwill? Purpose: The purpose of this study is to, by examining factors that may affect the impairment of goodwill, explain whether stakeholders can trust companies listed on Nasdaq OMX Stockholm’s reporting of goodwill. The purpose is also to explain whether the reporting of goodwill impairment on Nasdaq OMX Stockholm meets IASB:s requirements for neutrality. Methodology: The study includes a quantitative method with an abductive approach. To fulfill the purpose, data was collected from 90 randomly selected companies listed on Nasdaq OMX Stockholm. To analyze this, multivariate regressions were used in the form of tobit regression analysis and logistic regression analysis. These analyzes were performed both on the sample but also when the sample was divided based on which list on Nasdaq OMX Stockholm they belonged to in the current year. This was done so that it could also be clarified whether the result differs based on which list the companies belong to. Results and conclusion: Our study shows that goodwill impairment occurs in bigger extent when the results are abnormally high and when companies have changed CEO during the last 2 years. This means that stakeholders cannot fully trust the companies’ reporting of goodwill. The result also show that a change of CEO only affects the impairment of goodwill among the sample’s smallest companies and that income smoothing occurs among the largest and smallest companies in the sample but not among the middle-sized companies in the sample. This indicate that large and small companies may have different incentives to exercise earnings management.

Denna studie undersöker företagsspecifika ekonomiska faktorer och opportunistiska incitamentrelaterade faktorer hos företagsledare som är bestämmande för aktualisering av goodwillnedskrivning i den svenska kontexten. År 2005 implementerade International Accounting Standard Board principbaserade riktlinjer avseende redovisning av goodwill enligt IAS 36 mot tidigare systematiska avskrivningar av goodwill. Implementeringen avsåg att förbättra redovisning av goodwill genom att förse användarna av finansiella rapporter med mer värderelevant information avseende tillgångens underliggande prestation. Dock har det nya principbaserade reglementet kritiserats av forskare mot bakgrund av diskretionen som medföljer av IAS 36 vid nedskrivningsprövningar som kan ge upphov till opportunistiska incitament hos företagsledare. Undersökningen avgränsas till Nasdaq Stockholm i betraktande av att tidigare forskning visat inkonsekventa forskningsresultat avseende vilka faktorer som är bestämmande för goodwill nedskrivning samt att det föreligger få empiriska belägg och olika argument inom redovisningslitteraturen. Undersökningen utgörs av totalt 285 företag på Nasdaq Stockholm över fem undersökningsår, vilket efter täckningsfel och bortfall resulterar i 1090 företagsobservationer. Det empiriska resultatet tyder att företagsledare i den svenska kontexten under diskretionen som medföljer av IAS 36 agerar opportunistiskt för att uppnå eftertraktade resultat vid nedskrivningsprövningar, specifikt vid positionsbyte av den verkställande direktören och resultatutjämning vid abnormt höga resultat, och inte fullständigt följer företagsspecifika ekonomiska kriterier som följer av IAS 36 vid bedömning av kassagenererande enheters återvinningsvärde. Det subjektiva utrymmet vid nedskrivningsprövningar medför praktiska och teoretiska implikationer för användare av finansiella rapporter, utövare och normgivare. / This study examines factors associated to business specific characteristics and factors associated to opportunistic incentives by executives that are determining for actualization of goodwill impairment losses in the Swedish context. In 2005, the International Accounting Standard Board implemented principle-based guidelines regarding the recognition of goodwill in accordance with IAS 36 against previously systematic amortization of goodwill. The implementation was issued to improve the recognition of goodwill by providing users of financial reports with more value-relevant information regarding the asset's underlying performance. However, the new principle-based regulations have been criticized by researchers considering the discretion that follows with IAS 36 in impairment tests that may give rise to opportunistic incentives on the part of executives. The study is limited to Nasdaq Stockholm, owing to previous research showing inconsistent results regarding the factors that determine goodwill impairment losses and that there are few empirical evidence and different arguments in the accounting literature. The survey consists of a total of 285 companies on Nasdaq Stockholm over five examination years, which after coverage errors and omissions results in 1090 observations. The empirical result indicates that executives in Sweden under the discretion that are incorporated with IAS 36 act opportunistically to achieve coveted results in impairment tests, specifically in the change of position of the CEO and in managing of earnings by equalizing results in periods of abnormally high results, and do not fully follow business specific financials criteria that follows from IAS 36 when assessing the recoverable amount of cash generating units. The subjective scope of impairment tests entails practical and theoretical implications for users of financial reports, practitioners and normsetters.

The objective of the International Financial Reporting Standards (IFRS) is to provide useful information to the users of financial statements to assist in making economic decisions. To be useful, information has to be relevant and reliable, but the reliability of information suffers when the guidelines for the reporting of specific issues are not clear and managerial discretion arises. Write-offs are one of those accounting issues that are regularly related to earnings management. By now it is seen as common knowledge that write-offs, especially those on goodwill, do not reflect declines in asset value; rather, they are used as a device to manipulate financial reports. However, there is a striking lack of grounded theoretical research that can confirm this assessment. The aim of this dissertation is to provide valuable analytical and empirical insights on fixed asset write-offs under IFRS. In a first step, the practical implementation of IAS 36 in Europe has to be analyzed, which is best done empirically. Based on the findings from these empirical surveys, the most substantial questions remaining are subject to an in-depth analytical discussion. Since IAS 36 entails different measurement issues that have their origins in finance theory, this dissertation also aims to introduce some basic techniques from theoretical finance to accounting research. Lastly, as the analyses presented in this dissertation do not cover all open questions on fixed asset write-offs, the author hopes to encourage further research on this important topic.:1. Analytical and Empirical Analyses on Fixed Asset Write-Offsffs: An Overview... 1 2. Determinants of the Write-Off Decision under IFRS: Evidence from Germany... 20 3. What Drives Companies? An Analysis of Fixed Asset Write-Offs in Europe in the Context of Different Institutional Settings... 60 4. A Critical Analysis of the Requirements of IAS 36 - A Pre-Tax CAPM?... 134 5. A New Perspective on Fixed Asset Write-Offs - When is Earnings Management Optimal... 166

År 2005 infördes ett nytt regelverk inom redovisning för hantering av den immateriella tillgången goodwill vid namn IAS 36, som innebär att goodwill ska prövas för nedskrivning varje år. En nedskrivningsprövning ska upptäcka om en tillgångs redovisade värde inte längre överensstämmer med verkligt värde. Att värdena inte överensstämmer sker på bred skala under en ekonomisk kris. Regelverket har upptäckts tillåta en grad av subjektivitet som kan ge upphov till earnings management, manipulering av redovisade siffror, vilket är ett globalt problem och en viktig fråga inom etiken för finansiell redovisning. Syftet med den här studien är därför att undersöka nedskrivningen av goodwill hos ett urval av svenska börsnoterade företag under de två senaste stora ekonomiska kriserna, finanskrisen 2008–2009 och covidkrisen 2020 samt undersöka om det finns tecken på earnings management genom goodwillnedskrivningar. Författarna tillämpar en kvantitativ metod och en deduktiv ansats och ett antal anova-test samt t-test har utförts. Resultatet visar att det inte finns någon signifikant skillnad mellan företags beteende när det gäller nedskrivningar av goodwill mellan de två undersökta kriserna, och att det sker få nedskrivningar. Dessutom tyder resultatet på att det finns ett möjligt tecken på earnings management genom goodwillnedskrivning. / In 2005, a new regulatory system in accounting for handling the intangible asset goodwill, called IAS 36, came into effect, which means that goodwill should be tested for impairment annually. An impairment test must detect if an asset's reported value no longer corresponds to fair value. That the values do not correspond occurs on a wide scale during an economic crisis. The regulations have been found to allow a degree of subjectivity which can give rise to earnings management, the manipulation of reported figures, which is a global problem and an important issue in financial accounting ethics. The purpose of this study is therefore to investigate the impairment of goodwill in a selection of Swedish listed companies during the two most recent major economic crises, the financial crisis 2008-2009 and the covid crisis 2020, and see if there are signs of earnings management through goodwill write-offs. The authors use a quantitative method and have had a deductive approach. A number of t-tests and anova tests have been performed. The result shows that there is no significant difference between companies' behavior in terms of impairment of goodwill between the two investigated crises, and that there are few goodwill write-offs. In addition, the result suggests that there is a possible sign of earnings management through goodwill impairment.

I början på år 2020 klassificerades spridningen av covid-19 som ett globalt hälsoproblem. I mars samma år fick utbrottet benämningen pandemi, vilket är den högsta nivån av en folksjukdom. Spridningen av covid-19 har inneburit stora konsekvenser som medfört omställningar för världens alla länder, företag och människor. Pandemins oförutsägbara framväxt resulterade i en ekonomisk kris, som innebär att en rubbning skett i marknadens finansiella funktion att tillgodose likviditetsbehov och omfördela risker inom ekonomin. Tidigare studier har påvisat att företag som befinner sig i ekonomiskt turbulenta perioder, likt kriser, har medfört att företagsledningar vänder sig till redovisningstekniker som medför positiva effekter i rapportsammanställningar. I vetenskapligt sammanhang benämns dessa redovisningstekniker som earnings management. Studiens syfte är att undersöka om earnings management förekommit i svenska marknadsnoterade företag åren innan utbrottet av covid-19. Dessutom ämnar studien till att kontrollera om pandemins utbrott ökat förekomsten av earnings management bland svenska börsnoterade företag.Studiens genomförande grundade sig i en kvantitativ forskningsansats där kvantifierbara data sammanställts genom företags årsredovisningar från börslistorna large cap, mid cap och small cap för urvalsperioden 2012 till 2020. Mätningen av earnings management har skett genom sammanställningar av godtyckliga periodiseringar framräknade genom den modifierade Jones-modellen. Studiens resultat visade att de analyserade företagen tillämpade earnings management under perioden innan utbrottet av pandemin. Vidare visade resultatet att tillämpningen av earnings management inte ökat signifikant efter utbrottet av pandemin, vilket gick emot författarnas antaganden baserade på tidigare forskning och studier. Resultatet visade däremot en signifikant skillnad på tillämpad earnings management med hänsyn till företagsstorlek, i enlighet med tidigare studier och redovisningsteorier. Studiens slutsats innebar att fenomenet earnings management förekommer i svenska marknadsnoterade företag. Studien har däremot inte kunnat påvisa en signifikant ökning av tillämpad earnings management efter utbrottet av pandemin. Dessutom har forskarna påvisat att mindre företag tillämpar earnings management i en större utsträckning i jämförelse med större bolag. / In early 2020, the spread of covid-19 was classified as a global health problem. In March of the same year, the outbreak was designated a pandemic, which is the highest level of a public disease. The spread of covid-19 has had a major impact that has caused upheaval for every country, business and person in the world. The unpredictable emergence of the pandemic resulted in an economic crisis, disrupting the financial function of the market to meet liquidity needs and reallocate risk within the economy. Previous studies have shown that firms in economically turbulent periods, like crises, have caused managers to turn to accounting techniques that produce positive effects in reporting summaries. In the scientific context, these accounting techniques are referred to as earnings management. The aim of this study is to investigate whether earnings management has occurred in Swedish listed companies in the years prior to the outbreak of Covid-19. In addition, the study aims to test whether the pandemic outbreak has increased the prevalence of earnings management among Swedish listed companies. The study was based on a quantitative research approach in which quantifiable data were compiled through firms annual reports from the large cap, mid cap and small cap listings for the sample period 2012 to 2020. The measurement of earnings management was done through compilations of arbitrary accruals computed by the modified Jones model. The results of the study showed that the analyzed firms applied earnings management in the period before the outbreak of the pandemic. Furthermore, the results showed that the application of earnings management did not increase significantly after the outbreak of the pandemic, which was contrary to the authors assumptions based on previous research and studies. However, the results showed a significant difference in the application of earnings management with respect to firm size, in line with previous studies and accounting theories. The study concluded that earnings management is a used phenomenon in Swedish listed companies. However, the study did not find a significant increase in the use of earnings management after the outbreak of the pandemic. In addition, the researchers have shown that smaller companies apply earnings management to a greater extent in comparison with larger companies. This master's thesis is written in Swedish.

Goodwill utgör idag 16,5 procent av svenska noterade företags totala tillgångar. Trenden är ökande och i vissa fall överstiger goodwill det egna kapitalet. Att goodwill utgör en så stor del, innebär en risk då nedskrivningar av goodwill slår direkt mot eget kapital. Turerna och diskussionerna om goodwill har varit många och är idag ett hett ämne inom redovisningsbranschen. Redovisningsforskare är tudelade om goodwill ska redovisas som en tillgång eller inte. Vissa menar att goodwill inte passar in på definitionen av en tillgång, samtidigt hävdar andra forskare att goodwill kan innehålla komponenter som inte är lönsamhetsdrivande. Dessutom visar ytterligare forskning att goodwill används som ett verktyg för resultatmanipulation. Studier i bland annat England, Tyskland och USA visar dock att goodwill tenderar att generera avkastning och styrker därmed argumenten för att goodwill är en vinstdrivande tillgång. Inga tidigare studier har specifikt studerat den svenska marknaden om hur goodwill påverkar lönsamhet, vilket är i fokus i den här studien. Syftet med studien är att förbättra kunskapen om goodwill genom att undersöka om det går att identifiera goodwill som en vinstgenererande tillgång. För att svara på syftet haren kvantitativ undersökning genomförts där 106 företag på Large Cap och Mid Cap har studerats mellan 2010-2013, för att se om företag med goodwill har bättre lönsamhet än företag utan goodwill. Det övergripande resultatet i studien är att företag med goodwill har bättre lönsamhet än företag utan goodwill. Detta resultat är också helt i linje med vad tidig tidigare forskning funnit i andra länder. Dock visar studiens resultat att det inte finns ett signifikant samband mellan goodwill och lönsamhet när enbart Mid Cap-företagen studeras. Storleken på företag kan eventuellt ha en betydelse för om goodwill är en vinstgenererande tillgång eller inte. Vidare har studien också undersökt om det är så att företag som redan är lönsamma, förvärvar mer och därmed också ökar sin goodwillpost mer än andra företag. Studiens resultat kan dock inte bekräfta detta förhållande då det inte finns ett signifikant samband. / Goodwill represents 16.5 percent of Swedish listed companies' total assets. The trend is increasing, and in some cases exceeds the goodwill equity. Goodwill represents such a large part, implies a risk since amortization of goodwill strikes directly against equity. The discussions about goodwill have been many and has been a hot topic in the accounting industry. Accounting Researchers are dual of goodwill shall be recognized as an asset or not. Some argue that goodwill does not fit the definition of an asset, others argue that goodwill may contain components that not contributes to profitability. Furthermore, other research found that goodwill is used as a tool for earnings manipulation. Studies in Great Britain, Germany and the USA show that goodwill tends to generate returns and supporting the case for goodwill is a rent generating asset. No previous research has specifically studied the Swedish market and how goodwill affects profitability, which is the focus of this paper. The purpose of this paper is to improve the knowledge of goodwill by examining whether it is possible to identify goodwill as a rent generating asset. In relation to the purpose of this paper, a quantitative survey conducted in which 106 companies on the Large Cap and Mid Cap has been studied 2010-2013, to see if company with goodwill has better profitability than companies without goodwill. The main result of this paper is that companies with goodwill have better profitability than companies without goodwill. This result is also consistent with earlier research in other countries. However, this paper result shows that there is no significant correlation between goodwill and profitability when only the Mid Cap companies are analyzed. The size of the company may be of importance on whether goodwill is a rent generating asset or not. Furthermore, this paper also examined if companies that are already profitable, acquires more and consequently increases their goodwill more than other companies. This paper results cannot confirm this fact since there is no significant correlation.

När IFRS 3 gavs ut 2005 innebar detta att företag årligen skall pröva nedskrivningsbehovet enligt IAS 36 och överge den gamla avskrivningsmetoden. Detta innebar att företagsledare nu skulle bedöma huruvida det fanns ett nedskrivningsbehov för företagets goodwill, och bedömningen företagsledare skall utföra enligt IAS 36 medför subjektivitet och således även godtycke. Det subjektiva utrymmet kan användas av företagsledare för att manipulera resultatet opportunistiskt, något som kan påverkas av företagsledares löneincitamen, b.la. från aktier, och karaktärsdrag. Resultaten i tidigare forskning är inte enhetliga gällande sambandet mellan aktieinnehav hos verkställande direktörer och goodwillnedskrivning, samtidigt som könet ser ut att spelar roll då tidigare studier visar att kvinnor tenderar att använda mer konservativ redovisning och justerar resultatet i lägre omfattning. Studiens syfte är således att undersöka om vd:ns aktierelaterade löneincitament påverkar goodwillnedskrivning, samt huruvida vd:ns kön har en modererande effekt på sambandet. En kvantitativ metod tillämpas i studien, där data inhämtas manuellt från företags årsredovisningar och genom Refinitiv under perioden 2016–2021. Studiens resultat visar ett positivt samband mellan aktieinnehavet hos verkställande direktörer och goodwillnedskrivningar. Vidare påvisar resultatet i studien dessutom ett förstärkande positivt samband när vd:ns kön inkluderas som modererande variabel för storleken på goodwillnedskrivningen, däremot visar studien ett insignifikant resultat gällande beslutet att skriva ned goodwill när vd:ns kön inkluderas som modererande variabel. / When IFRS 3 was issued in 2005, this meant that companies must annually test the need for impairment according to IAS 36 and abandon the old depreciation method. This meant that company managers would now assess whether there was a need to write down the company's goodwill, and the assessment that company managers must perform according to IAS 36 entails subjectivity and thus also discretion. The subjective space can be used by company managers to manipulate the result opportunistically, something that can be influenced by company managers' salary incentives, i.a. from stocks, and character traits. The results in previous research are not uniform regarding the relationship between shareholdings of managing directors and goodwill write-downs, while gender appears to play a role as previous studies show that women tend to use more conservative accounting and adjust the results to a lesser extent. The purpose of the study is thus to investigate whether the CEO's share-related incentives affect goodwill impairment, and whether the CEO's gender has a moderating effect on the relationship. A quantitative method is applied in the study, where data is collected manually from companies' annual reports and through Refinitiv during the period 2016–2021. The results of the study show a positive relationship between the shareholding of CEOs and goodwill write-downs. Furthermore, the results in the study also demonstrate a reinforcing positive relationship when the CEO's gender is included as a moderating variable for the size of the goodwill write-down, in contrast, the study shows an insignificant result regarding the decision to write down goodwill when the CEO's gender is included as a moderating variable.