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The purpose of this study is to examine the interactions and impact of six key corporate governance factors on greenhouse gas emissions in Swedish listed firms. Namely, board size, board gender diversity, CEO compensation, blockholder ownership, audit and non-audit fees. The study employs a quantitative research design and uses regression analysis to test the research hypotheses. The data for the study is obtained from a sample of 199 Swedish firms from 2014 to 2021 and data retrieved from the Nordic Compass Database, Swedish House of Finance Research Data Center. The findings reveal significant associations between corporate governance factors after controlling for firm size and industry with carbon emissions disclosure by firms. Concluding, these factors play a crucial role in tackling environmental sustainability performance in corporate practices.

Purpose: The purpose of this thesis is to investigate the relationship between audit quality, with a specific focus on auditor size and audit fees, and the cost of debt and access to debt for medium-sized privately held enterprises in Sweden. Additionally, we seek to explore how family firms moderate these relationships.   Theoretical perspective: This paper combines signaling theory and agency theory to theorize how Big-4 classifications of audit firms and audit fees signal audit quality and different levels of agency cost of debt to creditors. Further, it explores the moderating effect of family firms using socioemotional wealth theory alongside agency theory.   Method: This study is based within the positivistic paradigm, employing a deductive approach. The study uses a quantitative methodology, gathering data from 463 medium-sized privately held enterprises in Sweden. The empirical data is analyzed using multiple linear regressions, with the moderating effects of family firms.    Findings: The findings of this study suggest that firms engaging Big-4 audit firms do not experience lower costs of debt nor improved access to debt. However, audit fees demonstrate a positive relationship with both the cost of debt and access to debt. Further, the study indicates that family firms do not have a moderating effect on these relationships.

Background: In Sweden one of the most common ways of saving money is through funds and investors have many options to choose between. It depends on the risks you are willing to take, the expected return and size of management fees. The fees charged by the management company varies a lot depending on if the funds are managed actively or passively. During the recent years there have been discussions about which type of fund management will be the most profitable in relation to the fee. Actively managed funds are in general more expensive than passively managed. Object: The purpose of this study is to analyze if there is any relationship between the fee and the return while considering the risk. Furthermore, it will be analyzed if actively or passively managed funds generate higher return considering the fees, and if the actively managed funds succeedtheir benchmark index or not. The aim is to find out which type of fund management is the most appropriate to receive the highest return on the investment. Delimitation: The study is limited to Swedish funds that have been on the Stockholm Stock Exchange for at least 10 years and at least 90 % of the fund’s holdings must be invested in Swedish companies. Actively managed funds and index funds are analyzed and the other funds are excluded. Method: The study extends between the years 2011-2015. A correlation analysis has been made to see if there is a relationship between management fees and the return on investment. To get the best possible result,calculations and analysis have been made on both risk and performance measurements. Conclusion: It is more profitable to invest in index funds than actively managed funds. Actively managed funds does not generate a higher return on investment than indexfunds but they have a higher management fee. There is no relationship between the fee charged by the mangementcompanies and what return you get in the funds. / Bakgrund:Fonder ären vanlig sparmetod i Sverige och vid val av fond finns det många möjligheter för investerare. Detta beroende på vilken risk man är villig att ta, hur hög avkastning man förväntar sig samt hur hög fondens avgift är. Förvaltningsavgiften är den kostnad som betalas till fondbolagen för det förvaltningsarbete som utförs. Avgiften varierar beroende på om fonden förvaltas aktivt eller passivt. Under de senaste åren har det förekommit diskussioner kring vilken fondförvaltning som är bäst att välja i förhållande till avkastning och avgift, eftersom priserna för de aktivt och passivt förvaltade fonderna ofta skiljer sig åt. Syfte: Syftet med studien är att undersöka om det finns något samband mellan avgift och avkastning i förhållande till tagen risk för de aktivt och passivt förvaltade fonderna. Vidare kommer undersökas om aktiv eller passiv fondförvaltning genererar högre avkastning i förhållande till avgift, samt om de aktivt förvaltade fonderna överträffar sitt jämförelseindex eller inte. Avsikten är att få svar på vilken fondförvaltning som ger bättre resultat och därmed är bäst att investera i. Avgränsning: Studien avgränsas till svenska fonder som funnits på Stockholmsbörsen i minst 10 år och har minst 90 % av innehavet i svenska företag. Aktiv förvaltade aktiefonder och indexfonder undersöks, övriga fonder exkluderas. Metod: Tidsperioden som undersöks är fem år, 2011-2015. En korrelationsanalys utförs för att se samband mellan avgift och avkastning. Även relevanta risk-och prestationsmått räknas på och analyseras för att få svar på vilken fondförvaltning som är bäst att välja för bästa resultat. Slutsats: Det är mer lönsamt att investera i indexfonder med lägre avgift än att betala en hög fondavgift för aktiv fondförvaltning. Aktivt förvaltade fonder lyckas oftast inte slå sitt jämförelseindex och genererar inte en högre avkastning i genomsnitt än indexfonder, som har lägre avgift. Det finns inget samband mellan avgift och avkastning för de undersökta fonderna.

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本文研究銀行業要進行併購時，主併銀行與目標銀行為了要使合併能更順利地進行而雇用投資銀行，同時希望投資銀行所為他們帶來更多的的合併效益。本文依循William and Julapa（2002）所設的三個變數來衡量投資銀行帶來的效益，檢視雇用投資銀行是否對合併案有幫助：第一個變數是併購案完成的機率；第二是完成的速度；第三為合併後主併銀行的利得。並且探討合併雙方支付給投資銀行的顧問費會受到哪些因素的影響。 文中選取了銀行業作為資料分析的樣本，期間是以合併宣告日從1990年1月1日到2006年12月31日止，總樣本共有242件合併案。 實證結果顯示合併雙方雇用的投資銀行數量越多，不只有更大的機率會合併成功，主併銀行合併後利得也更多，且與合併雙方所支付的顧問費有正向關係。主併銀行雇用更高階的投資銀行，合併從宣告到完成所需要的時間越少。當目標銀行支付越多的顧問費，對於合併完成的機率有重要影響；不過主併銀行卻沒有這現象。 / This paper investigates that how the acquirers and targets choose the investment banks in mergers and acquisitions to make these deals successfully. According to William and Julapa（2002）, we proxy the effort put forth by investment banks in three different ways . The first variable is whether the deals complete or not. Another is the number of days between the merger announcement date and the effective date. The other is the post-acquisition gains for the acquirers. We also discuss the advisory fees paid by the acquirers and targets. Our samples are about the commercial banks and bank holding companies that includes 242 merger deals announced during the period 1 Jan 1990 to 31 Dec 2006. We find the more investment banks be advised, the more likelihood the deals being completed and post-acquisition gains acquirers acquire. This result also has the positive relation with the fees paid by acquirers and targets. We also find that top-tier investment banks advised by acquirers spend less time completing the deals than the lower tier one. Finally, the more advisory fees paid by targets, the more likelihood the deals being completed.

Le morcellement de l'environnement des paiements de détail entre les 25 (et plus) systèmes nationaux différents des États membres, constitue un obstacle à l’achèvement du marché intérieur, porte atteinte à l’intégration monétaire européenne, et diminue l’efficacité économique de l’Union européenne (UE). Pour répondre à ces problèmes, le secteur bancaire a créé l’Espace unique de paiement en euros (SEPA). Le SEPA est un espace dans lequel tous les agents économiques peuvent effectuer et recevoir des paiements en euros, depuis le même compte, que ce soit à l’intérieur de leur pays ou bien entre deux pays différents, dans les mêmes conditions et avec les mêmes droits et obligations.Cette thèse, qui s'intéresse à la construction du SEPA, s'inscrit dans le champ de l'économie industrielle. Elle répond à trois interrogations : Pourquoi a-t-il fallu établir le SEPA ? En quoi consiste-t-il ? Quel sera son impact sur l’environnement des paiements de détail en euros ?Le premier chapitre présente l’environnement des paiements de détail en Europe suite à l’instauration de la monnaie unique. En utilisant les théories économiques sur les industries de réseaux, il expose la marche vers l’unification de cet environnement.Le second chapitre offre une vision détaillée du SEPA. Il présente ses effets à travers une analyse coûts – avantages, puis expose l'état de sa mise en place.Enfin, le troisième chapitre dévoile les effets non escomptés du SEPA. En mobilisant les apports de la littérature sur les marchés bifaces, il traite des commissions d’interchange et des possibilités de pratiques anticoncurrentielles dans l'industrie de paiement par carte. / The fragmentation of the retail payments environment between the 25 (or more) differentmember states's national systems constitutes an obstacle to completing the internal market,undermines the European monetary integration and reduces the economic efficiency of theEuropean Union. In response to these problems, the banking industry created the SEPA.SEPA is the area where all economic actors are able to make and receive payments in euros,within Europe, whether between or within national boundaries under the same basicconditions, rights and obligations, regardless of their location.This thesis, which focuses on the SEPA building, is in the field of industrial economics. Itaddresses three questions : Why was it necessary to establish the SEPA ? What does it consistof ? What will its impact on the retail payments environment in euros be ?The first chapter presents the retail payments environment in Europe after the introduction ofthe single currency. By using economic theories on network industries, it describes theunification's steps of this environment.The second chapter provides a detailed vision of the SEPA. It explains its effects through acosts-benefits analysis, then shows the state of its implementation.Finally, the third chapter reveals the unplanned effects of SEPA. By raising the contributionof the literature on two-sided markets, it treats interchange fees and the possibility ofanticompetitive behavior in the card payment industry.

Detta är en kvalitativ undersökning om vilken roll MARPOL-konventionen spelar för transportköpare. Vilken miljöhänsyn de tar vid val av transportör och till vilken grad de känner till MARPOL-konventionen och det arbete som besättningen ombord på fartygen utför för att leva upp till dess krav. Det studerade problemet behandlarförståelsen för att miljöarbete, inte bara inom sin egen arbetssektor, utan även inom andra arbetssektorer, är en viktig förståelse för att uppnå ett stort samarbete för miljön.Undersökningen är baserad på en semi-strukturerade metod av öppna intervjuer med fem svenska företag som handlar med varor internationellt och är transportköpare. Undersökningen visar på att transportkostnad på lång sikt, miljöarbete inom transportbolaget och pålitligheten gällande de avsatta leveranstiderna samt den tidigare arbetsrelationen mellan transportköpare och transportbolag, är de faktorer som spelar störst roll vid val av transportör för transportköpare. Samt att ett företag av fem intervjuade, känner till MARPOL-Konventionen och lite av dess arbetskrav som ställs på besättningen ombord på fartygen. Allt arbete med denna undersökning och utvecklingen av dess rapport är genomfört av arbetets författare. / A qualitative study regarding what role the MARPOL-Convention plays for the costumers of transport service. What regard of environment they take in consideration for their choice of carrier and to what degree they are aware of the MARPOL-Convention and the work the crew put in on board vessels, in order to live up to the requirements of the MARPOL-Convention. The problem deals with the understanding of the environmental work, not only within their own labor sector, but also in other labor sectors, is an important understanding to achieve a great partnership for the environment. The survey is based on a semi-structured method of open interviews with five Swedish companies that are dealing in goods internationally and are costumers of transport services. This survey shows that; long term transport costs, environmental work within the transport company, the reliability regarding the assigned delivery times and the earlier working relationship between shippers and carriers, play the greatest role for the choice of carrier. And that one out of five respondents are aware of the MARPOL-Convention, and some of the work it requires of the crew on board the vessels.

This thesis is a collection of three essays on hedge funds with contributions to the empirical understanding of their fees, and their voluntary disclosure of returns and assets under management, using a large consolidation of widely-employed publicly available hedge fund databases. First, time-series variation in reported fees is analysed using fund launches within hedge fund management companies, and conditioning fees at launch on fund family characteristics. Larger and better performing fund families launch high fee funds. Funds with high management fees at launch do not perform any differently from low fee funds, though funds with high incentive fees marginally outperform. An interval regression technique is proposed to overcome the discrete nature of reported fees. Secondly, the reliability of voluntary disclosures of financial information is analysed with a different measure of time-variation --- tracking changes to statements of historical performance recorded at different points in time. This uncovers evidence that historical returns are routinely revised. These revisions are not merely random or corrections of earlier mistakes; they are partly forecastable by fund characteristics. Moreover, funds that revise their performance histories, significantly and predictably underperform those that have never revised. Finally, the availability, and timing, of the selective disclosure of assets under management by funds is examined. More than a third of funds have asset records falling short of returns published. There is evidence of strategic disclosure by funds --- asset reporting drying up after times of fund stress, such as poor performance or outflows. Furthermore, investors should take heed of the greater propensity for shortfall funds to trigger fraud performance flags. These results suggest that unreliable disclosures: constitute a valuable source of information for current and potential investors; have implications for researchers; and, exhort market regulators to include assets, not just returns, in the debate around mandatory disclosure by financial institutions.

Syfte: Större revisionsbolag har länge inom redovisningslitteraturen associerats med bättre revisionskvalitet jämfört med mindre revisionsbolag. På senare tid har frågan lyfts om större revisionsbolags höga revisionsarvoden beror på högre revisionskvalitet eller marknadsmakt. Denna studie bidrar med nya empiriska underlag inom jämförelsestudier mellan större och mindre revisionsbolag, där revisionsarvodet används som proxy för revisionskvalitet. Vidare tar denna studie, till skillnad från tidigare studier, även hänsyn till revisionskvalitet inom olika riskmiljöer.   Metod: Studien har använt sig av en kvantitativ metod med ett positivistiskt förhållningssätt genom arbetet. En deduktiv forskningsansats har tillämpats där tidigare forskning har legat som grund till studiens framförda hypoteser. Insamling av finansiella sekundärdata för totalt 2518 företag har utförts via databasen Thomson Reuters Datastream.   Resultat & slutsats: Studiens resultat påvisar signifikanta skillnader i revisionskvalitet mellan större och mindre revisionsbolag i studiens olika riskmiljöer. För studiens europeiska länder är förhållandet mellan större och mindre revisionsbolag likvärdiga medan de amerikanska revisionsbolagen skiljer sig signifikant revisionskvalitetsmässigt.   Förslag till fortsatt forskning: Studien har genomförts utan hänsyn tagen till kvalitativa faktorer som kan komma att påverka revisionskvalitet, vilket öppnar ett utrymme för komparativa studier med en kvalitativ inriktning. Det finns även möjlighet att utöka antalet börsmarknader för respektive land eller utvidga antalet länder i olika riskmiljöer.   Uppsatsens bidrag: Studien lämnar två bidrag till redovisningslitteraturen i form av nya empiriska bevis inom revisionskvalitet mellan större och mindre revisionsbolag samt unik forskning kring revisionskvalitetsstudier mellan riskmiljöer. Vidare lämnar studiens resultat incitament åt praktiker att granska revisionsmarknaden för eget vinstintresse samt svarar på normgivares funderingar kring marknadsbalansen mellan större och mindre revisionsbolag. / Aim: Big audit firms have long been associated with higher audit quality, compared to smaller audit firms. Recent studies suggest that the higher audit fees from bigger audit firm is affected by market misuse rather than better audit quality. This study provides new empirical evidence between the comparison of big vs small audit firm, where audit fees are used as proxy for audit quality. Furthermore, this study investigates different litigation environment that could affect audit quality.   Method: This study uses an quantitative based method with an positivist, deductive approach, were earlier studies have had an impact on our hypotheses. Financial information from 2518 companies has been collected from Thomson Reuters Datastream.   Result & Conclusions: This study's result provides significant differences of audit quality between big and small audit firms in different risk environments. For this study, the audit quality relationship between big and small audit firms are equivalent for the European countries while audit quality between big and small audit firms in the US differ significantly.   Contribution of the thesis: This study leaves two contributions to the extent audit literature, in terms of empirical evidence of audit quality between big and small audit firms and unique research results of audit quality in different litigation environments. Furthermore, the results of this study creates incentives for practitioners to review the audit market for self interests and answer legal setters concerns about unbalanced audit markets.   Suggestions for future research: The study has been carried out without consideration of qualitative factors that may affect audit quality. It’s opening a space for comparative studies with an qualitative approach. It is also possible to expand the number of stock exchanges for a country or expand the number of countries in different risk environments.