Försiktighetsprincipen är och har länge varit en av de viktigaste principerna inom svensk redovisning. Sedan år 2005 måste dock samtliga börsnoterade företag i Sverige upprätta sin redovisning i enlighet med det internationella regelverket International Financial Reporting Standards (IFRS). Tidigare forskning har anmärkt att IFRS ger relativt mycket utrymme för subjektiva bedömningar och har ett komplicerat förhållande till försiktighet som är ett omdebatterat ämne bland redovisare.Att upprätta redovisning är en subjektiv process där personliga egenskaper hos redovisaren och redovisarens omgivning har en inverkan på sättet den upprättas. Uppsatsens syfte är därför att förklara vilka faktorer som påverkar tillämpningen av försiktighet i redovisning i svenska börsnoterade företag. Studien fyller ett gap kring styrelsesammansättningens påverkan på mängden försiktighet i redovisning som inte är ett väl utforskat område, speciellt angåendesvenska förhållanden. Den undersöker även hur ägarstruktur och företagets storlek påverkar redovisningen i fråga om tillämpningen av försiktighet. För att genomföra studien har nödvändig data inhämtats från databaser och årsredovisningar. Market-to-Book valuehar använtssom en metod för att mäta försiktighet i redovisning. Studienhar kommit fram till några intressanta resultat som bidragit till forskningen kring försiktighetsprincipens framtid. Det har nämligen visat sig att företag med en större andel kvinnori styrelsen tenderar att vara mer försiktiga i sin redovisning. Större företag har även påvisats visa mindre tendenser till en försiktig redovisning vilket inte var förenligt med studiens ena hypotes. Försiktighet i redovisning är ett omdiskuterat ämne och det finns fortfarande mycket kvar att undersöka. Framtida forskning skulle kunna undersöka hur andra faktorer påverkar redovisningens försiktighet exempelvis redovisares personlighetsdrag. Andra metoder borde även användas för att mäta graden av tillämpning av försiktighetsprincipen.

Recent failure of such companies as Enron, Worldcom and Parmala showed that there are internal reasons contributing to company’s financial distress. Financial distress is a condition when a company fails to meet its debt obligations. Board of directors is liable for long-term decisions and their ineffective work in monitoring and controlling management can influence companies’ performance. With that in mind, in this degree project, we would like to answer the following research question: “What is the relationship between characteristics of Board and probability of financial distress, measured by Altman’s Z-score models in Sweden and Denmark?”   The epistemological and ontological choices for our study were positivism and objectivism with deductive approach. We have calculated Z-scores of Swedish and Danish companies in order to detect distressed and healthy companies. Further on, the information about board composition in each company was collected; mainly we were interested in board independence, board size, board ownership, COB ownership, CEO duality and employee representatives.   In order to examine if there is a relationship between board composition and financial distress, we have done Multiple and Binary Regression analyses. Based on the results we can state that board independence, board ownership and employee representatives and market capitalization (control variable) have significant relationship with probability of financial distress. Our study is interesting since we have looked at employee representatives, as a board characterectic that is specific for Nordic countries and that was not studied before. In addition, we have found that there is no CEO duality in Sweden and Denmark, since all companies in our sample followed the Companies’ Acts. COB ownership, the additional variable we wanted to test and board size have shown no significant relationship.

隨著經濟自由主義時代來臨，面對全球性的競爭及各國市場逐漸開放，公營事業民營化已是各國政府的重要財經政策之一。過去有關民營化對企業經營績效影響之研究頗為豐富，其中國外文獻大多贊成民營化對企業經營績效有顯著提昇之影響，然而國內相關文獻之研究結果，則較為紛歧。本文以西元1989年我國正式推動民營化政策以來，採用釋股方式完成移轉民營之21家上市公司為研究對象，來探討民營化企業獲利能力及經營績效的影響因素。由實證結果得知，政府持股比率、專業機構投資人持股比率、經理人持股比率、獨立董事人數、員工股票分紅等因素，對公司經營績效呈顯著正相關；然而董監事持股比率、董事會規模等因素，則對公司經營績效呈顯著負相關。 / In the era of economic liberalization and globalization, privatization has become one of the most important economic policies around the world. During the past two decades, most studies have indicated that the performance of State-Owned Enterprises (SOEs) has improved after they were privatized. However, studies on SOEs of Taiwan have received controversial results. The purpose of this paper is to examine the effect of ownership structure and board composition on the performance of privatized firms in Taiwan that experienced full or partial privatization through public share offerings during the period 1989 to 2008. The results show that the ratio of government holdings, the ratio of institutional investors holdings, the ratio of managers holdings, the number of independent directors and share option schemes have significantly positive effects on firm performances. The results also suggest that the scale of board of directors and the ratio of directors holdings have significantly negative effects.

Background: The board of directors is a key player in corporate governance. Their role is to ensure that the corporations are run with the interest of the shareholders as the main focus. In the beginning of the 21st century, a survey was made about the confidence of the Swedish business community and in which criticism was directed to the board of directors. The boards were deemed inadequate in their function and were often solely composed by members with similar experiences and competence, therefore lacking in diversity. In order to improve the competence and work of the board of directors, the Swedish code of corporate governance was introduced and its recommendations comprehend the boards’ size and composition. The recommendations are based on “comply or explain” and are therefore not enforced. It is, thus, possible to question the extent to which the recommendations are adhered to and whether the code’s introduction has affected the composition of the boards of directors and, consequently, their competence. Aim: This master thesis aims to explain the board composition of Swedish company boards during the years 1999, 2008 and 2011 and to analyze how this composition differs between the years. By studying the factors that are the basis of the composition, we also intend to discuss if, there has been a change of competence on the company boards. Completion: This thesis is of qualitative nature and its main focus is based on an analytical model that has been composed out of laws, regulation and theories. The analytical model has been the starting point for the gathering of information as well as for the analysis of the information. The empirical material is based on a study of annual reports and reports on corporate governance in ten companies as well as interviews with three members of nomination committees. Results: The thesis identifies several competence factors whose relevance varies according to the regulations or theory you take into consideration. The nomination committee's views on competence covers most of these factors. The thesis shows that the information available to shareholders does not completely capture the nomination committee’s view on competence. Furthermore, the thesis finds that the competencies of the board of directors are due to the unique company and its specific situation and an argumentation over whether a change incompetence has occurred can thus not be made without taking this into consideration.

本研究旨在探討家族企業及非家族企業兩種不同的公司治理型態，其董事會各組成區塊與企業進行實質盈餘管理之間的關聯性。實質盈餘管理係以異常營運活動現金流量、異常生產成本及異常裁決性費用為衡量指標，並以2004年至2011年間我國初次上市櫃(IPO)的電子產業為樣本範圍。 實證結果發現，在家族企業中：(1)最終控制者控制席次過半及經理人董事席次比率愈高，愈可顯著抑制企業進行實質盈餘管理。(2)外部董事席次比率愈高，對企業進行實質盈餘管理有反向助長之傾向。(3)獨立董事席次愈多，愈能顯著監督企業進行實質盈餘管理，唯在企業以裁決性支出方式操弄盈餘方面較無監督能力。在非家族企業中：(1)最終控制者控制席次過半及外部董事席次比率的增加，對抑制企業從事實質盈餘管理無顯著效果。(2)獨立董事席次的增加可顯著抑制企業操弄盈餘。(3)經理人董事席次比率愈高，愈顯著助長企業進行實質盈餘管理。 / This thesis aims to discuss the relationship between board composition and real earnings management (hereafter, REM) under family business and non-family business. This study uses abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses as a measure of real earnings management. Data is collected from electronics industry in Taiwan which applied for Initial Public Offerings (IPO) from 2004 to 2011. The empirical results show that in family business: (1) If the ratio of board seat-control of ultimate controller is over 50 percents, or the ratio of board seats of manager is higher, it is helpful to restrain firms from manipulating earnings by REM.(2) Once the ratio of board seats of outside directors is higher, it is prone to promote firms to do REM.(3) Once the board seats of independent directors are more, it is significant to reduce the degree of REM. However, they seem to have no abilities to restrain firms from manipulating earnings by varying discretionary expenses. In non-family business: (1) The board seat-control of ultimate controller over 50 has nothing to do with decreasing the degree of REM. Also,the increase of the ratio of board seats of outside directors is not significantly to suppress the degree of REM. (2)The increase of board seats of independent directors is effectively to reduce the extent of REM. (3) If the ratio of board seats of manager is higher, it will push firms to manipulate earnings by REM.

Submitted by Helena Rangel Margem (margem.helena@gmail.com) on 2013-08-26T17:38:51Z No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-08-26T17:40:16Z (GMT) No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) / Made available in DSpace on 2013-08-27T12:24:31Z (GMT). No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) Previous issue date: 2013-05-28 / This study analyzes if the presence of women on boards of directors and in executive positions generate impact on firm value and performance. In general, the literature suggests that female participation on boards of directors and in executive positions tend to generate higher v alue and performance. Th is work is the first to study the female influence on firm value and performance in Brazil. The analysis of 658 publicly traded companies from 2002 to 2009 indicate s that the relationship between firm value and th e presence of women in senior management and on boards is not statistically significant . However, there is a negative relationship between operational performance and presence of women on the board of directors. / Este trabalho tem como objetivo identificar se a presença de mulheres no conselho de administração e diretoria gera impacto no valor e desempenho das empresas brasileiras de capital aberto. Em geral, a literatura sugere que a participação feminina no conselho de administração e em cargos de diretoria tende a gerar valor e desempenho superior. Este trabalho realiza um estudo inédito no Brasil, analisando 658 empresas de capital aberto no período de 2002 a 2009. Os resultados indicam que não existe uma relação estatisticamente significativa entre presença de mulheres no conselho de administração e em cargos de diretoria para o valor das empresas, mas existe uma relação negativa entre presença de mulheres no conselho e desempenho das empresas.

Syfte: Syftet med uppsatsen är att undersöka huruvida antalet och andelen kvinnor i styrelsen påverkar företags CSR-prestation och -diversifiering. Studien har även ett explorativt syfte genom att uppsatsskribenterna redogör för och utforskar en egenskapad metod som kan bidra med en alternativ operationalisering av CSR-diversifiering. Metod: Uppsatsen utgår från ett positivistiskt förhållningssätt och deduktiv angreppssätt. En kvantitativ strategi tillämpas för insamling av data. Studiens population består av svenska large cap företag på stockholmsbörsen. Totalt observeras 69 företag. Styrelsens sammansättning i avseende till kön utgör primärdatan och erhålls från respektive företags årsredovisningar för året 2015. Sekundärdatan består av företagens CSR-prestation och -diversifiering för året 2016 och inhämtas från CSRHubs databas. Vidare genomförs en multipel regressionsanalys för att undersöka samband mellan variablerna kön och CSR i samband med olika kontrollvariabler. Resultat: Regressionsresultatet visar inga signifikanta bevis för att CSR-prestationen/ -diversifieringen och antalet och/eller andelen kvinnor i styrelsen har något samband. Vidare visar resultatet att storleken på styrelsen har betydelse för CSR-prestationen men inte för dess diversifiering och att det råder skillnader mellan branscherna. Resultatet visar att svenska large cap företag har en högre CSR-poäng än genomsnittet på CSRHub. Kvinnor utgör 33% av styrelseledamöterna. Alla styrelser har minst en kvinnlig ledamot och består i snitt av tre kvinnor. 43 av de observerade företagen har tre eller fler kvinnor i sina styrelser. Slutsats: Det är svårt att bevisa ett kausalt samband mellan antalet och/eller andelen kvinnor i styrelsen och företagets CSR-prestation och diversifiering. Styrelsens storlek verkar vara mer avgörande (för CSR-prestationen). Det antas att andra faktorer än de som använts i studien kan ha större påverkan än antalet och andelen kvinnor. Metoden som använts för mätning av CSR-diversifieringen är ej fullständig och behöver utvecklas ytterligare. / Purpose: The purpose of the paper is to investigate whether the number and proportion of women on the board affect company CSR performance and diversification. The study also has an exploratory purpose in that the authors describe and explore an own created methodology that can contribute to an alternative operationalization of CSR diversification. Method: The study is based on a positivist and deductive approach. A quantitative strategy is applied for data collection. The study´s population consists of Swedish large cap corporates on the Stockholm Stock Exchange market. A total of 69 corporates are observed. The board's composition with respect to gender is the primary data and obtained from the corporates annual reports of the year 2015. Secondary data consists of the companies CSR-performance and -diversification for the year of 2016 and retrieved from CSRHub's database. Furthermore, a multiple regression analysis is applied to investigate the relationship between the gender and CSR variables, in relation to different control variables. Result: The regression result shows no significant evidence that the CSR-performance/ -diversification and the number and/or proportion of female representation on the boards have a relationship. Furthermore, the result shows that the size of the board has importance with respect to CSR-performance, but not to the diversification, and that there are differences between industries. The result shows that Swedish large cap corporations have greater points on their CSR-score, than the average company on CSRHub. Women represent 33% of the board members. All boards have at least one women director and consist of an average of three women. 43 of the observed corporates have three or more women on their boards. Conclusion: It is difficult to prove a causal and significant relationship between the number and / or proportion of women in the board and the company's CSR-performance and the degree of diversification. The size of the board seems to be more decisive (for the CSR-performance). It is assumed that factors other than those used in the study may have greater impact than the number and proportion of women. The method used to measure CSR-diversification is not complete and needs further development.

Sammanfattning Titel: Styrelsesammansättningens inverkan på företagens engagemang i CSR-aktiviteter Nivå: C-uppsats i ämnet företagsekonomi Författare: Helén Petersson och Tove Sjögren Handledare: Fredrik Hartwig Datum: 2017 - juni   Syfte: Under de senaste åren har hållbarhet och företagens sociala ansvar fått allt större uppmärksamhet. Syftet med denna studie är att undersöka sambandet mellan styrelsesammansättningens inverkan på företagens engagemang i CSR-aktiviteter, vi fokuserar på variablerna antalet styrelseledamöter, oberoende styrelseledamöter, kvinnliga styrelseledamöter, VD:n i styrelsen, utländska styrelseledamöter samt förändring över tid.   Metod: Studien utgår från en kvantitativ deduktiv metod där sekundärdata används för att bistå med information i undersökningen om hur styrelsesammansättningen inverkar på företagens engagemang i CSR-aktiviteter. Vidare analyseras data i statistikprogrammet SPSS med regressionsanalyser.   Resultat & slutsats: Resultaten visar att ett större antal styrelseledamöter, en större andel oberoende styrelseledamöter och en större andel kvinnliga styrelseledamöter i styrelsen leder till att företagen har ett större engagemang i CSR-aktiviteter.   Förslag till fortsatt forskning: Vid fortsatt forskning vore det intressant om fler företag studerades och även länder med en annan struktur än Sverige inkluderades, för att få ett resultat som speglar en verklighet för flera företag. Uppsatsens bidrag: Studien bidrar till den företagsekonomiska litteraturen genom ökad kunskap kring hur styrelsesammansättningen påverkar företagens engagemang i CSR-aktiviteter. Nyckelord: CSR, corporate social responsibility, CSR-aktiviteter, styrelsesammansättning, Folksams Index för ansvarsfullt företagande. / Abstract Title: The impact of the composition of the board of directors on corporate involvement in CSR-activities. Level: Final assignment for Bachelor Degree in Business Administration Author: Helén Petersson and Tove Sjögren Supervisor: Fredrik Hartwig Date: 2017 - June   Aim: In recent years, sustainability and corporate social responsibility have gained more attention. The purpose of this study is to investigate the relationship between the composition of the board of directors on corporate involvement in CSR-activities, focusing on the variables number of board members, independent board members, female board members, the CEO of the board, foreign board members and change over time.   Method: The study is based on a quantitative deductive method where secondary data is used to assist information in order to investigate whether the board composition affects companies' involvement in CSR-activities. Furthermore, the data has been analyzed in the statistical program SPSS with regression analyzes.   Result & conclusions: The results show that a larger number of board members, a larger proportion of independent board members and a larger proportion of female board members on the board lead to greater involvement in CSR-activities.   Suggestions for future research: In continued research, it would be interesting if more companies were studied and also countries with a structure other than Sweden were included in order to get results that reflect the reality of more companies.   Contribution of the thesis: The study contributes to the business economics literature through increased knowledge about how the composition of the board affects companies' involvement in CSR-activities.   Key words: CSR, corporate social responsibility, CSR-activities, board composition, Folksams Index för ansvarsfullt företagande.

La tesi si pone l’obiettivo di investigare la relazione tra composizione del CDA e le performance delle imprese familiari quotate italiane. Il database, interamente raccolto a mano, copre un periodo di 3 anni (2014-2016). Il numero totale di amministratori analizzati è 2.661. Per ogni amministratore sono state acquisite 26 variabili per un totale di 69,186 dati raccolti. La variabili sono state estratte guardando alle esperienze professionali e al ruolo di ogni amministratore all'interno del CDA. Precisamente, le variabili fanno riferimento alle precedenti esperienze lavorative, alle possibili connessioni generate con altre imprese, a conoscenze tecniche acquisite (commercialista, avvocato, consulente strategico e professore), al livello di educazione scolastica, l’appartenenza alla famiglia controllante, caratteristiche specifiche (genere, età e nazionalità), eventuali esperienze all’estero e altri elementi dettagliati nella tesi. Queste variabili sono chiamate “strutturate” quando sono acquisite direttamente della “relazione annuale sulla corporate governance” (art. 123- bis TUF), documento obbligatorio per le società quotate italiane e “non strutturate” quando sono state acquisite per il tramite dei curricula presentati dagli amministratori alla data di nomina. / In this dissertation I investigate the relation between board composition and the performance of family-controlled firms. The element that makes this thesis unique is that the database was entirely hand-collected, with the analysis covering the three-year period from 2014 to 2016 for a total of 2,661 directors analyzed, and 26 variables extracted for each director1. The total number of hand-collected variables for all the board members is 69,186. The board composition is measured using different variables extracted directly from the board members’ characteristics and professional experiences. The board members’ characteristics are measured in terms of previous work experiences, specific connections with other companies, work experience in specific sectors, personal characteristics, level and type of education, international experience, role and power on the board and the relation with the family (family member or not). These variables are called “structured variables” when they are collected using the table that Italian listed companies must publish every year in a report called “Corporate Governance report and ownership structure” (art. 123- bis TUF). In contrast, variables are considered “unstructured variables” when they are collected using the information provided in the directors’ curricula.

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