Skandaler orsakade av bristande bolagsstyrning har kontinuerligt uppmärksammats i flera svenska börsnoterade bolag. Bolagsstyrning syftar till att skydda ägarnas intresse och kapital från verkställande direktörens (VD) opportunism. Ägarnas osäkerhet har bidragit till en ökad efterfrågan på information om hur bolag styrs och verkar. Ett sätt för ägarna att hantera osäkerheten är att använda sig av olika kontrollmekanismer för att få ökad information om bolaget. Kontrollmekanismen Svensk kod för bolagsstyrning (Koden) har använts för att bedöma informationsasymmetrin mellan ägare, styrelse och VD i svenska börsnoterade bolag. Samtliga 317 svenska börsnoterade bolag studerades för att sedan urskilja 122 bolag som hade avvikelser från Koden år 2018, vilka utgjorde studiens urval. Informationsinnehållet i förklaringarna till avvikelserna från Koden har tolkats utifrån agentteorin. En metodtriangulering i form av både en kvantitativ samt en kvalitativ metod har genomförts för att uppfylla studiens syfte. En kvantitativ metod har använts för att samla in data om bolagen och dess förklaringar. Den kvalitativa metoden har medfört att informationsinnehållet i de insamlade förklaringarna till avvikelserna kunde tolkas. Studiens resultat visar att 78% av förklaringarna till avvikelser från Koden år 2018 inte har ett godtagbart informationsinnehåll. Sju förklaringar till det låga informationsinnehållet i förklaringarna har identifierats:  <ul type="disc">Antalet avvikelser Alternativa kontrollmekanismer Okunskap Ägarstruktur VD:n sitter i styrelsen Undanhålla information VD:ns opportunism Studien visar att det finns informationsasymmetri mellan ägare, styrelse och VD och att det fortfarande finns brister i bolagsstyrningen i Sverige. Det går att ifrågasätta Koden som kontrollmekanism för att hantera informationsasymmetri. / Scandals caused by insufficient corporate governance have been continuously noticed in several Swedish publicly listed companies. Corporate governance aims to protect the interests and capital of the owners from the opportunism of the chief executive officer (CEO). The insecurity of the owners has contributed an increased demand for information regarding how the companies are managed and operated. A way for the owners to handle the insecurity is to use mechanisms of control to increase the flow of information from the companies. The control mechanism Swedish code of corporate governance (The Code) has been used to assess the information asymmetry between owners, board of directors and the CEO in Swedish listed companies. All 317 Swedish listed companies were studied to distinguish a sample of 122 companies that had deviations from The Code in 2018, which constituted the study’s selection. The information content of the explanations for the deviations from The Code has been interpreted based on the agency theory.  A triangulation of methods of both a quantitative and a qualitative method has been used to fulfil the purpose of the study. A quantitative method has been used to collect data about the companies and their explanations. The qualitative method has been used to interpret the information content of the collected explanations for the deviations. The result of the study shows that 78% of the explanations for deviations from The Code in 2018 does not have sufficient information content. Seven explanations for the low information content of the explanations has been identified: <ul type="disc">Number of deviations Alternative mechanisms of control  Ignorance Ownership characteristics The CEO being a part of the board of directors  Withhold information The opportunism of the CEO The study indicates that there’s information asymmetry between owners, board of directors and management. In conclusion there are still shortcomings in corporate governance in Sweden and it is questionable if The Code is a well-functioned control mechanism to handle information asymmetry.

Varje år går tusentals företag i konkurs, vilket innebär förluster för samhället i stort och för de intressenter som på något sätt kan förknippas till företaget. För banken som lånar ut krediter till företag som går i konkurs innebär det kreditförluster om det inte finns säkerheter som täcker lånet. Därför är behovet av tidiga varningssignaler av stor betydelse för intressenter. Syftet med detta arbete är att teoretiskt analysera och empiriskt pröva varningssignaler för konkurser samt förklara signaler om förestående konkurs i kreditbedömning. Studiens resultat visar att risker för konkurser kan upptäckas med hjälp av finansiella och icke-finansiella nyckeltal. Resultatet i denna studie visar att återbetalningsförmåga, vilket består av soliditet och likviditet är den viktigaste varningssignaler bland de finansiella nyckeltalen. Revisionsanmärkningar, bankens egna mätinstrument, erfarenhet och VD:ns ålder är de viktigaste varningssignalerna bland de icke-finansiella nyckeltalen. Resultatet visar även att dessa varningssignaler blir starkare desto närmare konkurs företaget är. / Every year thousands of firms file for bankruptcy, creating considerable loses for the society and stakeholders associated with the firm. A bankruptcy by a firm, that a bank have loaned money to, can also affect the bank considerably if there are not assets enough to cover the outstanding debt. Considering the negative consequences of a bankruptcy it is of paramount interest to be able to spot early warning signals. The study shows that bankruptcy risks can be detected with the help of the firm´s financial and non-financial key assessment indicators.  The purpose of this paper is to theoretically and empirically study warning signals of bankruptcies, in order to identify and explain the signals in the credit assessments before occurrence of the bankruptcy.  The result of this study shows that the refund assessment consisting of solidity and liquidity are the most important warning signals among the financial key assessment indicators. Remarks, the bank´s own measuring instrument, experience, and the CEO´s age are the most important warning signals among non-financial key assessment indicators. Additionally, results show that the warning signals become stronger the closer the company proceeds towards bankruptcy.

The diploma thesis deals with the process of prison privatization in the United Kingdom particularly in England and Wales especially in the form of PFI deals, in which the private sector not only manages prison facility but also designs and constructs the buildings. Due to transfer of this kind of service we can look at the relationship between state and private provider trough the lenses of Principal-agent theory. This theory, in its purest form, is constituted of one principal and one agent to whom the performance of the service is transferred, part of the risks associated with it and also a certain decision-making power are transferred as well. According to the theory, the basic precondition for the relationship between the principal and the agent is a discrepancy in the goals of the actors and the agent's effort to act opportunistically at the expense of the performance of the service for the principal. In this sense, the thesis examines the decision from 2018 not to launch new PFI or its successor PF2 projects. In this scenario, England and Wales are the principal and the prison operators are the agents. The hypothesis of the thesis is that this decision not to launch new PFI projects is related to problematic aspects of the relationship between the principal and the agent and that the control...

Bakgrund: Revisionsplikten infördes i Sverige 1983 där ett av argumenten var att bidra till ökad insyn i företagen. År 2010 avskaffades denna revisionsplikt för småföretag. En övergripande anledning till att småföretagen valde att avstå en revisor, var den kostnadsbesparingen på 10 000 kr per år. Bolagsverket har kunnat konstatera att felaktiga bokslut från småföretagen har ökat markant sedan avskaffandet av revisionsplikten. Syfte: Syftet med studien är att förklara hur den slopade revisionsplikten påverkar småföretags låneränta, genom att undersöka kontantintensiva och mindre kontantintensiva branscher. Metod: En kvantitativ metod med ett hypotetiskt deduktivt arbetssätt, utförd genom en datastudie. Årsredovisningarna har hämtats från databasen Retriever Business. Vi har utfört analysen via en multipel regressionsanalys. Resultat: Revision har en positiv påverkan på räntan och är inte statistiskt signifikant för båda branscher. Slutsats: Vi kunde inte se någon påverkan av revision på räntan då den inte var signifikant. Det undersökningen resulterade i var att företagens storlek och dess andel materiella anläggningstillgångar var det som påverkade räntan i störst utsträckning. Vårt resultat blev även påverkat av det stora bortfallet och felaktigheter i datainhämtningen. / Background: The audit obligation was introduced in Sweden in 1983 where one of the arguments was to contribute to increased transparency in the companies. In 2010, this audit obligation for small businesses was abolished. A general reason for the small companies choosing to renounce an auditor was the cost savings of SEK 10,000 per year. Bolagsverket has been able to find that incorrect financial statements from small companies have increased significantly since the abolition of the audit obligation. Purpose: The purpose of the study is to explain how the delayed audit obligation affects small companies' loan interest rates, by examining cash-intensive and less cash-intensive industries. Method: A quantitative method with a hypothetical deductive method, performed by a computer study. The annual reports have been retrieved from the Retriever Business database. We performed the analysis via a multiple regression analysis. Result: Auditing has a positive impact on interest rates and is not statistically significant for both industries. Conclusion: We could not see any impact of the revision on the interest rate as it was not significant. The result of our research was that the size of the companies and their share of tangible fixed assets were the most affected by interest rates. Our results were also affected by the large drop-out and inaccuracies in data collection.

Upprättandet av kommersiella hyresavtal sker i stor utsträckning genom förhandling mellan de inblandade parterna. Detta arbete ger en inblick i hur hyresgäster och hyresvärdar resonerar före och under förhandlingen av avtalet. Arbetet är en kvalitativ studie som baseras på intervjuer med hyresgäster och hyresvärdar med god erfarenhet från marknaden för kommersiella kontorslokaler i Stockholm. Kontrakts- och förhandlingsteori är den huvudsakliga utgångspunkten för arbetet och den främsta problematiken inom ämnet relaterar till asymmetrisk information. Asymmetrisk information innebär att en part har mer information än den andre och kan på så vis få en starkare förhandlingsposition. Det finns metoder för att motverka fenomenet, bland annat genom att lägga resurser på att ta reda på mer information om exempelvis sin motpart (screening). Det finns också sätt att utnyttja informationsasymmetrin, exempelvis genom att skapa en positiv bild av sig själv (signaling). Resultatet från arbetet ger en unison bild av den problematik som finns på marknaden och de lösningar som hyresgäst och hyresvärd använder sig av för att förbättra förhandlingsstyrkan och villkoren i avtalet. Examensarbetet sker främst genom deduktion av teorin. Ur empirin presenteras också en bild av rådande marknadsförhållanden. Syfte Syftet är att identifiera de faktiska problemen i en hyresförhandling och hur hyresgäster och hyresvärdar går till väga för att tackla svårigheterna. Målet är också att få förståelse för hur hyresgäster och hyresvärdar värderar de olika villkoren i hyresavtalet och hur det påverkar förhandlingen. Frågeställningar - Förekommer asymmetrisk information vid förhandling av kommersiella hyresavtal? - I vilken utsträckning använder hyresvärdar och hyresgäster screening och signaling? - Hur värderar hyresvärd och hyresgäst de olika villkoren i det kommersiella hyresavtalet? Metod Undersökningen är kvalitativ och består av intervjuer med utvalda representanter för hyresgäster och hyresvärdar verksamma i Stockholm. Personerna som intervjuats har valts ut med bakgrund av deras erfarenheter av förhandling av kommersiella hyresavtal. De har också valts ut för att skapa en blandning av hyresgäster med olika verksamhet och hyresvärdar med olika målsättningar i förvaltningen. Respondenterna har fått svara på hur de värderar villkoren i kontraktet som bygger grunderna för ett kommersiellt hyresavtal samt hur de använder signaling och screening. Avgränsning För att göra arbetet strukturerat och ge möjlighet till analys har en begränsning gjorts av det geografiska området för studien. Det geografiska området är Stockholm. Studien begränsar sig också till att endast röra kommersiella hyresavtal för kontor. Slutsatser - Problematiken kring asymmetrisk information är påtaglig vid förhandlingen av kommersiella hyresavtal i Stockholm. Hyresvärden har enligt både hyresgäst och hyresvärd ett övertag. Det främsta informationsgapet mellan parterna är marknadskännedom och förhandlingserfarenhet. - Screening används av både hyresgäst och hyresvärd, främst till att minimera risk och stärka förhandlingsförhållandet. - Signaling används av både hyresgäst och hyresvärd. Hyresgästerna arbetar generellt med sitt varumärke, men inte specifikt inför hyresförhandlingen. Hyresvärdens införsäljning och etablering av varumärke är desto mer inriktat på att möjliggöra affären, främst då hyresavtal är deras huvudsakliga inkomstkälla. - Hyresvärden utnyttjar till större grad hidden characteristics genom att inte visa upp sin sanna typ, de utger sig exempelvis för att inte kunna gå med på en viss hyra eller kontraktslängd, när de i själva verket kan göra det. Allt går att förhandla. / The establishment of a commercial lease in Sweden is done through negotiation between the parties involved. This work provides insight into how tenants and landlords reason before and during negotiation of the lease. The work is a qualitative study based on interviews with tenants and landlords with extensive experience of the market for commercial office space in Stockholm. Contract and negotiation theory compose the framework for the paper and the main problem in the subject relates to asymmetric information. Asymmetric information means that one party has more information than the other, and can thus have a stronger negotiating position. There are methods to counter the phenomenon, for example by allocating resources to find out more information about the counterpart (screening). There are also ways to take advantage of information asymmetry, for instance by creating a positive image of oneself (signaling). The results give a clear picture of the problems that occur on the market and some solutions that tenants and landlords use to improve their bargaining power and the terms of the lease. The paper is done mainly through deduction of the theory. The empirical data also show the conditions of the current market. Purpose The aim is to identify the actual problems of a rent negotiation and how tenants and landlords go about tackling the difficulties. The goal is to gain understanding of how tenants and landlords evaluate the various terms of the lease and how it affects the negotiation. Research questions - Does asymmetric information occur when negotiating commercial lease? - To what extent do landlords and tenants use screening and signaling? - How do landlords and tenants value the various conditions in the commercial lease? Method The study is qualitative and consists of interviews with selected representatives from both tenants and landlords operating in Stockholm. The people interviewed have been selected in light of their experience in the negotiation of commercial leases. They have also been selected to create a mix of tenants with different activities and landlords with the various objectives of management. Respondents were asked to respond on how they value the terms of the contract that builds the foundations of a commercial lease, and how they use the signaling and screening. Demarcation To create structure and make it possible to analyze the results, a limitation of the geographical scope of the study. The geographical area is Stockholm. The study also restricts itself to only touch the commercial lease for office. Conclusions - The problem of asymmetric information is apparent in the negotiation of commercial leases in Stockholm. According to both landlord and tenant, the landlord is the party with the upper hand in terms of information. The main information gaps between the parties are market knowledge and negotiation experience. - Screening is used by both tenants and landlords, primarily to minimize risk and strengthen the bargaining relationship. - Signaling is used by both tenant and landlord. Tenants generally work with their brand, but not specifically for the lease negotiation. The landlord is more focused on establishing their brand in order to enabling business. Something that is natural since the lease is their main source of income. - Hidden characteristics is used by the landlord at a greater extent than the tenant. This is often done by not showing their true nature. They claim, for example, to not be able to negotiate particular clauses, when in fact they can. Everything is negotiable.

In the field of sustainable finance, Environmental-, Social- and Governance-ratings (ESG) have become an acknowledged measurement of a firm's sustainability performance. The increased awareness of sustainability issues in today's society is undeniable. However, based upon contradicting results from previous research, it was uncertain if investors were rewarding a firm’s sustainability efforts in the form of a lower cost of equity. The purpose of this thesis has therefore been to examine the relationship between sustainability, risk and valuation as well as stock-price behavior in times of crisis regarding large firms publicly listed in the Nordic countries. In order to fulfil the purpose, various multiple regression models have been conducted on quarterly data from the period between 2011 to 2020. The approach chosen to examine if ESG has a relation to the cost of equity has been to calculate the implied cost of equity inferred from consensus forecasts of future financial development and stock price at each point in time, also known as the ex-ante cost of equity. Since the independent variable ESG-score was not likely to be the sole variable to affect the independent variables in our multivariate regression models, we have followed previous studies in the choice of control variables. The empirical results of this study showed a significantly negative relationship between a firm’s ESG-score and the cost of equity. In addition, our results showed a significantly positive relationship between a firm’s ESG-score and both the price-to-earnings ratio as well as the price-to-book ratio while no significant relationship between a firm’s ESG-score and the enterprise value to earnings before interest and taxes ratio could be established. Finally, the results of this thesis showed that firms with a greater ESG-score generated excess returns during the latest market turmoil of 2020 caused by the Covid-19 outbreak. This thesis challenges the value-destruction view of ESG-efforts since our results indicate that investors are pricing sustainability risk with a negative risk premium in line with the value creation approach. No causality test has been performed during this study, however several possible mechanisms by which ESG impacts the valuation and crisis resistance have been discussed based upon previous research and the theoretical framework. We argue for the reduced cost of equity to reflect diminished information asymmetry, a larger investor base, improved growth and cash-flow opportunities as well as reduced risk for litigations as aconsequence of a more sustainable business conduct. To the best of our knowledge, no previous study on the topic has been conducted on the Nordic markets. This study fills thus a research gap on the relation between sustainability, risk andequity market valuation and we sincerely hope to have contributed to academia with new approaches.

This dissertation is focused on medical care field, introduces common issues of oncology illnesses. Presents the system and particularity of women's breast cancer care and looks into patient's rights and importace of foreknowledge. Also presents activities of non-state nonprofit organization focused on this sphere. The aim of this dissertation is to map involved organizations and analysis of their work. Investigates foreknowledge of patients about knowing of them and also finds topics of their intersect. Key words oncology diagnosis, breast cancer, patients organizations, prevention, second opinion, health service, non-profit non-govermental organizations, information asymmetry, mammography screening, informační asymetrie, mamografický screening

Anlageberatung ist eine Form der Kooperation zwischen Banken und Kunden, für deren Funktionieren das Vertrauen der Kunden eine wichtige Grundlage darstellt. Geht Vertrauen verloren, wird die Realisierbarkeit von wechselseitig vorteilhaften und gesellschaftlich erwünschten Kooperationen gefährdet. In der Tat haben Banken in vielen Fällen durch ihr Verhalten gegenüber Privatkunden das Vertrauen in sich und die eigene Anlageberatung gemindert. Die vorliegende Dissertation modelliert den Prozess von Vertrauenswürdigkeit der Banken und ihrer Determinanten über die Vermittlung der Vertrauenswürdigkeit und Wahrnehmung bei Bankkunden bis hin zur Bildung von Vertrauen und seinem Einfluss auf die Kooperationsbereitschaft der Kunden. Ausgehend von diesem Modell werden Friktionen als empirische Bedingungen identifiziert und analysiert, die Banken von Investitionen in den Vermögenswert Vertrauenswürdigkeit bzw. von vertrauenswürdigem Verhalten abhalten. Aus den aus der Analyse gewonnenen Erkenntnissen werden Kriterien für angemessene Lösungsmechanismen abgeleitet. Ansätze aus dem Anlegerschutz- und Funktionsverbesserungsgesetz 2011 werden darauf aufbauend bewertet und Verbesserungsvorschläge abgeleitet.:1. Einleitung 2. Problemstellung 2.1. Kooperationsgewinne als Referenzpunkt 2.2. Definition des Problems fehlenden Vertrauens 2.2.1. Grundlagen der Kooperationsgewinne zwischen Banken und Kunden 2.2.2. Die Notwendigkeit von Vertrauen 2.2.3. Kundenvertrauen und empirisches Verhalten der Banken 2.2.4. Folgen eines fehlenden Vertrauens 2.2.5. Definition der Fragestellungen 3. Vertrauen, Vertrauenswürdigkeit und Vertrauensinvestitionen 3.1. Definition von Vertrauen 3.2. Von Vertrauenswürdigkeit zu Vertrauen 3.3. Vertrauensinvestitionen 3.4. Zwischenfazit zur konzeptionellen Basis 4. Friktionen bei Vertrauensinvestitionen von Banken 4.1. Friktionen in der Vermittlung von Vertrauenswürdigkeit 4.1.1. Persistente Informationsasymmetrien zwischen Bank und Kunde 4.1.1.1. Determinanten der Informationsasymmetrie 4.1.1.1.1. Komplexität 4.1.1.1.2. Fehlende Vergleichbarkeit 4.1.1.1.3. Externe Einflüsse 4.1.1.2. Persistenz der Informationsasymmetrien 4.1.1.3. Persistente Informationsasymmetrien und Vertrauensinvestitionen 4.1.2. Anreize von Vertrauensvermittlern 4.1.2.1. Vertrauensvermittler als Transaktionskosten senkende Institution 4.1.2.2. Medien als Vertrauensvermittler 4.1.2.3. Anreize von Medien 4.1.2.4. Ursachen des Konsumentenwunsches nach negativer Verzerrung 4.1.2.5. Effekt der Negativverzerrung auf Vertrauensinvestitionen 4.1.3. Informationsfriktionen zwischen Kunden 4.1.4. Zwischenfazit Vermittlung von Vertrauenswürdigkeit 4.2. Bankenabhängige Friktionen 4.2.1. Systemvertrauen und kollektive Investitionen 4.2.1.1. Positive Spillover-Effekte aus Systemvertrauen 4.2.1.2. Negative Spillover-Effekte aus Systemvertrauen 4.2.1.3. Unteilbarkeiten bei Vertrauensinvestitionen 4.2.1.4. Kollektive Investitionen 4.2.1.5. Systemvertrauen und Vertrauensvermittler 4.2.2. Bankinterne Delegations- und Informationsprobleme 4.2.2.1. Die Bank als korporativer Akteur 4.2.2.2. Die Bank und ihre Berate 4.2.2.3. Bankinterne Interessenkonflikte 4.2.2.3.1. Differenzen des Zeithorizonts 4.2.2.3.2. Differenzen der Erträge 4.2.2.3.3. Differenzen in den Investitionskosten 4.2.2.3.4. Differenzen der Kapitalkosten und der Zeitpräferenz 4.2.2.3.5. Zwischenfazit zu unterschiedlichen Investitionsanreizen 4.2.2.4. Umgang der Bank mit Anreizproblemen 4.2.2.4.1. Kosten der Kontrolle 4.2.2.4.2. Adverse Effekte der Bekämpfung von Shirking 4.2.2.4.3. Prinzipalagentenproblematiken bei anderen Bankmitarbeitern 4.2.2.5. Ungewollte bankinterne Informationsprobleme 4.2.2.6. Auswirkungen auf die Vertrauensinvestition von Banken 4.2.3. Nicht kooperationsspezifische Interaktionen mit anderen Akteuren 4.2.4. Zwischenfazit bankenabhängige Friktionen 4.3. Friktionen in der Wahrnehmung von Vertrauenswürdigkeit 4.4. Friktionen in der Reaktion auf geringes Vertrauen: Wechselkosten 4.4.1. Arten von Wechselkosten 4.4.2. Empirische Existenz von Wechselkosten 4.4.3. Wechselkosten und Vertrauensinvestitionen 4.5. Friktionen bei Vertrauensinvestitionen: Ein Zwischenfazit 5. Management von Informationsasymmetrien 5.1. Stärkung des Finanzwissens von Bankkunden 5.2. Beipackzettel für Finanzprodukte 5.3. Registrierung von Bankberatern bei der BaFin 5.4. Schärfere Sanktionierung der Banken 5.5. Zwischenfazit zur Beurteilung von Maßnahmen 5.6. Das Spielverständnis der Banken und Bankkunden 6. Zusammenfassung und Fazit

The financial stability of banks is crucial if they are to fulfil their role in facilitating transactions between borrowers and lenders. The purpose of this study was to investigate the effect of credit risk on the South African banking industry following a movement in credit ratings by rating agencies. Data from a sample of 11 banks were collected from 2006 to 2015. Econometric regression analysis was used to analyse the data. The results show that inflation, credit ratings, exchange rate, gross domestic product, unemployment rate, capital adequacy ratio and size of the bank are significant factors that determine "non-performing loans". Therefore, it is imperative that banks continuously monitor these factors and adapt their credit policies on "non-performing loans". This action would prepare banks for any adverse effects and ensure that the banking industry remains a sound and efficient contributor to the growth of the South African economy. / Business Management / M. Com. (Business Management)

Cloud computing is a technology that has gained increasing attention because of its considerable benefits, which include reduced costs, reduced complexity and increased flexibility. To obtain these benefits, cloud computing utilizes existing technologies, such as grid computing, virtualization and web services, for online delivery of scalable information technology (IT) services, frequently on the basis of a pay-per-use pricing model. In 2008, the Gartner Group predicted that cloud computing would reach the mainstream within two to five years. However, in their latest hype cycle for emerging technologies, they stated that cloud computing had not yet reached the plateau of productivity but rather was still in the trough of disillusionment. The reason for this situation may be that cloud computing continues to face skepticism because of various concerns regarding, e.g., data privacy and security. In particular, (enterprise) customers transfer (sensitive) data to cloud computing providers, and the end-user rents the right to use cloud computing services via a web browser with minimal need to interact or even without the necessity of interacting directly with a sales assistant. These two aspects result in a strong unilateral dependency and require a high degree of trust in the provider. Additionally, publicity regarding the PRISM program has brought these aspects to the forefront of public interest. Consequently, specific requirements regarding, e.g., security, privacy, accountability, and auditability, must be met to fulfill the expectations of business partners and to build long-term business relationships. Thus, overcoming information asymmetry, enhancing transparency and eradicating behavioral uncertainty is of high importance to build trust between cloud computing providers and their (prospective) customers. Therefore, although most research to date has focused on technical aspects and aimed to improve the actual security of cloud computing services, there is also an urgent need to understand the factors that affect the adoption of cloud computing services from the points of view of both private users and companies. If cloud computing is to reach its full potential, a clear understanding of the factors that influence its adoption is mandatory to improve both present and future cloud computing services. Motivated by these considerations, the aim of this doctoral thesis is to explore, describe, analyze and explain the factors that influence the adoption of cloud computing using various qualitative and quantitative research methods, i.e., by employing a mixed-methods analysis. As a first step, a serious game is conducted to explore various factors that influence the adoption of cloud computing services. Based on these initial findings, the factors explored during the serious game and some additional factors are described and analyzed in detail. These factors include the cloud computing market, costs, trust, affectedness, shadow IT, and sustainability. Furthermore, the factor of information asymmetry, especially regarding bridging the information asymmetry with various information presentation methods, is explained. Following these findings, a research agenda, which contains a recommended research design and lists the theories that are relevant in the context of the adoption of cloud computing, is proposed. Subsequently, a synthesis of the research findings in terms of their implications for practice and research, including limitations, are discussed.