Introduktion: När ett bolag noteras på en MTF-plattform är det vanligt att genomföra en emission och därmed ett emissionsprospekt. Till skillnad från auktoriserade börser är reglerna färre kring prospekt och informationsgivning på MTF-plattformar. I dessa prospekt väljer vissa bolag att sätta upp finansiella mål. Uppnår bolagen dessa finansiella mål och hur utrycker de sig kring sina finansiella prestationer i VD-ordavsnittet? Syfte: Syftet med denna studie är att undersöka hur tre bolag efter börsnotering presterat finansiellt i förhållande till prognoser i emissionsprospektet. Ytterligare ett syfte är att göra en kvalitativtextanalys av respektive bolags VD-ord i årsredovisningen. Metod: Denna kvalitativa studie utförs genom en deduktiv ansats med där forskningsfrågor formulerats utifrån befintliga teorier. Nyckeltal-och textanalys av tre bolag har gjorts på sekundärdata bestående av årsredovisningar, prospekt och memorandum. Slutsats: Två slutsatser har kunnat dras. Endast ett av bolagen uppnådde ett av sina finansiella mål från emissionsprospektet vid notering. I två av tre bolag såg vi tecken på försök att påverka läsarens uppfattning om de finansiella prestationerna. / Introduction: When a company is listed on an MTF platform, it is common to carry out an emission and thus an emission prospectus. Unlike authorized stock exchanges, the rules are fewer on prospectuses and information disclosure on MTF platforms. In these prospectuses, certain companies choose to set financial targets. Do the companies achieve these financial goals and how do they express their financial performance in the CEO's comments? Purpose: The purpose of this study is to investigate how three companies after an IPO performed financially in relation to forecasts in the emission prospectus. Another purpose is to make a qualitative text analysis of the respective company's CEO's comments in the annual report. Method: This qualitative study is carried out through a deductive approach with research questions formulated on the basis of existing theories. Key ratio and text analysis of three companies have been done on secondary data consisting of annual reports, prospectuses and memoranda. Conclusion: Two conclusions have been drawn. Only one of the companies achieved one of its financial targets from the emission prospectus on listing. In two out of three companies, we saw signs of attempts to influence the reader's perception of the financial performance.

<p>Background: During the year 2002 approximately 27 000 people lost their jobs because of companies filing for bancruptcy. In 2002 the number of companies filing for bancruptcy in Sweden were 6740. This is approximately twice as many as in the year of 1974 when the first major study concerning bancruptcies in Sweden was carried out. The accumulated amount of unpaid bancruptcy claims for the period 1991 – 1997 was 51 billion SEK. Several swedish banks estimates that approximately one third of these bancruptcies could be avoided. </p><p>Purpose: Create a checklist for issuing- and evaluation of company loans. </p><p>Execution: Only financial information available in annual reports have been used in this study. A targetpopulation with companies filing for bancruptcy in the year 2001 has been derived. The targetpopulation has been evaluated in comparison with a controlpopulation for the same period of time. </p><p>Outcome: Two variables, high long term liabilities to total assets and a low degree of equity to total assets, showed high predictability five years prior to bancruptcy. According to our study there are four variables useful for prediction of financial distress two to three years prior to bancruptcy. (1) An increased degree of long term liabilities to total assets, (2) a decrease in untaxed reserves, (3) decreasing profitability more than two years in a row from a already low level and (4) an increase in assets financed with long term liabilities.</p>

<p>Background: Sweden is a country with 30 million memberships in different non- profit organizations. In total these organizations employees about 400 000 people, through employment and voluntary work. The complete turnover for non- profit organizations is 100 billion Swedish crowns per year. It has only since 2001 been compulsory to follow the Swedish account rules BFL and ÅRL. Trade unions are one type of non-profit organizations with the main purpose to care for the interest of its members concerning their working condition. It is of high complication to show the achievements and goal accomplishment of a trade union through its annual report, when rules established for profit- organizations are followed. Members of a trade union should for example be more interested in information that shows if compensation has been paid out for means of a strike than information about profit for the year.</p><p>Purpose: The purpose of the essay is to describe how annual reports in trade unions are presented, what affects them and how it could be presented better.</p><p>Method: The essay is based on two parts of investigation, both characterized in an explorative approach. The first investigation consists of ten annual reports from different trade unions. The second investigation was based on eight interviews with people who establish annual reports for trade unions.</p><p>Conclusions: Annual reports of trade unions should be established with comparability and reliability in mind. A possibility to take these qualitative characteristics in consideration is to establish a common use of terminology and make goals more quantitative. In trade unions today there is no cooperation through any branch organization. Instead the auditor has great influence on the design of the annual report. It should be of interest for branch organizations to take part of the development of good accounting practice (god redovisningssed) to accomplish better annual reports. The focus of an annual report lies on goal accomplishment for the members, but also voluntary staff and the ambient society should be considered. The authors suggest several key ratios aimed for the three different stakeholders. Key ratios could be divided into two different settings; Classical key ratios, which are possible to compare over time and between different trade unions, and Unique key ratios, which are focusing on separated situations in the trade union.</p>

Background: During the year 2002 approximately 27 000 people lost their jobs because of companies filing for bancruptcy. In 2002 the number of companies filing for bancruptcy in Sweden were 6740. This is approximately twice as many as in the year of 1974 when the first major study concerning bancruptcies in Sweden was carried out. The accumulated amount of unpaid bancruptcy claims for the period 1991 – 1997 was 51 billion SEK. Several swedish banks estimates that approximately one third of these bancruptcies could be avoided. Purpose: Create a checklist for issuing- and evaluation of company loans. Execution: Only financial information available in annual reports have been used in this study. A targetpopulation with companies filing for bancruptcy in the year 2001 has been derived. The targetpopulation has been evaluated in comparison with a controlpopulation for the same period of time. Outcome: Two variables, high long term liabilities to total assets and a low degree of equity to total assets, showed high predictability five years prior to bancruptcy. According to our study there are four variables useful for prediction of financial distress two to three years prior to bancruptcy. (1) An increased degree of long term liabilities to total assets, (2) a decrease in untaxed reserves, (3) decreasing profitability more than two years in a row from a already low level and (4) an increase in assets financed with long term liabilities.

Syfte: Vår studie tar sin utgångspunkt i småföretagens användande av nyckeltal i sin verksamhet. Enligt oss är synen på nyckeltal hos småföretagare ett fenomen som inte studerats och utforskats tillräckligt och det är anledningen till att vi valt detta område för vår studie. Syftet med den här studien är att beskriva på vilket sätt småföretag kan dra nytta av att räkna ut och analysera nyckeltal samt vilka nyckeltal som är mest lämpade att använda just för småföretagare. Metod: Vi har använt oss av den kvalitativa metoden i denna uppsats. Empiri samlades in för bearbetning och analys genom enkätundersökning via e-post till revisorer på ca åttio olika revisionsbyråer stora som små i landet, varav enbart fyra mindre responderade. Resultat &amp; slutsats: Småföretagare kan dra nytta av nyckeltal om de har större kunskap inom området, både hur de skall gå tillväga för att räkna ut nyckeltalen samt hur dem skall användas på bästa sätt. Det är viktigt för ledningen att ta reda på de ideala förhållandena som råder för de nyckeltal som skulle vara aktuella för just den specifika verksamheten.Nyckeltal skulle underlätta för ledningen att på ett enklare sätt få ett helhetsperspektiv över organisationen, och genom detta lära sig samt få en bättre förståelse för hur saker och ting fungerar eller hänger ihop. Nyckeltal är ett sätt för organisationer att nå framgång. De nyckeltal som lämpar sig bäst för småföretagare är främst belöningsnyckeltal och räntabilitet i olika former. Det finns många fördelar med nyckeltal men de har även sina nackdelar, tidskrävande och leder lätt till att man tappar helheten i bolaget och stirrar sig blind på ”felaktiga” nyckeltal. Dock är det, inte möjligt för oss att i denna studie generalisera våra slutsatser till samtliga småföretag då vår svarsfrekvens varit för låg. Förslag till vidare forskning: I studiens början hade vi för avsikt att även ha med en kvantitativ aspekt där vi avsåg att generalisera några av svaren, på grund av för få svar fick vi dock inte denna möjlighet. Tid är dyrbart för företag vilket är en anledning till den låga svarsfrekvensen i vår studie. Därför skulle det vara intressant att i fortsatta studier framöver försöka inkludera ett större urval i arbetet för att bland annat få fram generaliserbara svar.En annan vinkel på studien kan vara att fördjupa och utöka med att intervjua även småföretagarna själva och höra vad dem tycker och tror om fenomenet nyckeltal. Ett annat förslag till vidare forskning kan vara att man utför fältstudier ute hos företagen. Genom dessa utvärderar man om nyckeltalen man räknat fram har någon nytta och vad ledningen tycker om detta. Kanske är detta ett sätt att få småföretagarna medvetna om de fördelar nyckeltal kan ge. / Purpose: Our study is based on the usage of key ratio among small businesses in their daily operation. In our opinion, the view of key ratio among small businesses is a phenomenon that has not been thoroughly studies and researched, hence, this is why we chose this topic for our thesis. The purpose of this thesis is to explain how small businesses can benefit from calculating and analyzing key ratio, in addition explain what key ratios are most useful for small businesses. Method: In this thesis we have used qualitative research. The empiricism was collected, processed and analyzed through surveys sent by email to accountants at estimated 80 various accounting firms in Sweden, of which only four responded. Result &amp; Conclusions: Key ratio can be useful for small businesses if they have enough knowledge about how to calculate the key ratio and how to best use them. It is important for the management to research the ideal relationships for the key ratios that would be useful for their specific business. The management would benefit from using key ratio as it facilitates getting a clearer overview of the organization which gives them the opportunity to better understand how things work and how it is all connected. Key ratio is a way or organizations to succeed. The most useful key ratios for small businesses are compensation key ratios and various interests. There are a lot of advantages using key ratio, but also some disadvantages. It is time consuming and if the key ratio is not correct it can easily lead to a loss of overview of the organization. However, due to lack of response from our surveys, we will not be able to generalize conclusions for all small businesses. Further research: Our initial idea for this study was to include a quantitative aspect, however, due to the low number of responses on the surveys we did not get the opportunity to do this. Time is crucial for businesses, which is the reason for the poor response from the companies we contacted. Therefore it would be interesting to, in further studies, try to include a larger selection in the thesis to develop generalized answers. Another way to further develop this study would be to deepen and expand the research by also interviewing the small businesses to find out their thoughts and knowledge about key ratio. Another suggestion to further research this topic could be though field studies at various companies. Through a field study one would be able to evaluate the calculated key ratio is of any need and get the management’s feedback on the results. This might be a strategy to increase the awareness of the benefits key ratio can have on small businesses.

Background: Sweden is a country with 30 million memberships in different non- profit organizations. In total these organizations employees about 400 000 people, through employment and voluntary work. The complete turnover for non- profit organizations is 100 billion Swedish crowns per year. It has only since 2001 been compulsory to follow the Swedish account rules BFL and ÅRL. Trade unions are one type of non-profit organizations with the main purpose to care for the interest of its members concerning their working condition. It is of high complication to show the achievements and goal accomplishment of a trade union through its annual report, when rules established for profit- organizations are followed. Members of a trade union should for example be more interested in information that shows if compensation has been paid out for means of a strike than information about profit for the year. Purpose: The purpose of the essay is to describe how annual reports in trade unions are presented, what affects them and how it could be presented better. Method: The essay is based on two parts of investigation, both characterized in an explorative approach. The first investigation consists of ten annual reports from different trade unions. The second investigation was based on eight interviews with people who establish annual reports for trade unions. Conclusions: Annual reports of trade unions should be established with comparability and reliability in mind. A possibility to take these qualitative characteristics in consideration is to establish a common use of terminology and make goals more quantitative. In trade unions today there is no cooperation through any branch organization. Instead the auditor has great influence on the design of the annual report. It should be of interest for branch organizations to take part of the development of good accounting practice (god redovisningssed) to accomplish better annual reports. The focus of an annual report lies on goal accomplishment for the members, but also voluntary staff and the ambient society should be considered. The authors suggest several key ratios aimed for the three different stakeholders. Key ratios could be divided into two different settings; Classical key ratios, which are possible to compare over time and between different trade unions, and Unique key ratios, which are focusing on separated situations in the trade union.

Purpose: The purpose of this study is to show how the small banks financial stability was affected by the financial crisis 2008. Method: The study is based on a quantitative methodology where the banks financial reports have been collected for the years 2004-2014. The selection in the study includes 7 banks. Results: The study’s result shows that the financial crisis had a small impact on the banks financial stability. The result also shows that the banks credit loss ratio was slightly affected. Conclusion: In conclusion, it can be noted that the financial crisis has a minimal impact on the niche banks financial stability and credit losses. / Syfte: Syftet med studien är att studera på vilket sätt svenska nischbankernas finansiella stabilitet har påverkats av finanskrisen 2008. Metod: Studien baseras på en kvantitativ metod där sekundärdata har samlats in från utvalda nischbankers årsredovisningar för år 2004-2014. Urvalet i studien granskar 7 nischbanker. Resultat: Studiens resultat tyder på att nischbankernas finansiella stabilitet påverkades i liten grad av finanskrisen 2008. Resultatet visar även att bankernas kreditförlustnivå påverkades i liten utsträckning. Slutsats: Sammanfattningsvis kan det konstateras att nischbankernas finansiella stabilitet samt kreditförluster hade en minimal påverkan av finanskrisen.

Abstract  Background and problem discussion: Revenues has been an important financial measure in financial reports. During the last decades the revenue accounting has been problematic and some remarkable incidents have occurred. The 1 January 2018 entered the new revenue recognition standard IFRS 15. Transition into IFRS 15 has been expected to have varying results for the companies.  Purpose: The purpose with this study was to review how IFRS 15 affected profitability ratios for companies listed on the Stockholm exchange. The study also intended to discuss how the relationship between companies and investors was affected by a new revenue standard within IFRS.  Method: This study has been based on a quantitative approach when the empirical data was collected. The data were collected mainly from the selected companies annual reports for the fiscal year 2017. To measure the effect of adaption to IFRS 15 for the companies, the key ratios were chosen for gross margin and operating margin.  Result: In this study 18 of a total of 225 companies got a percentage effect on the selected key ratios. Where 16 of these companies got an effect on gross margin and 16 on operating margin. The hypotheses that was created and tested in the study did not show any statistic significant difference on the key ratios. / Sammanfattning  Bakgrund och problemdiskussion: Intäkter har alltid varit en viktig post i företags årsredovisning. Under de senaste decennierna har redovisningen av intäkter varit problematisk och en del uppseendeväckande händelser har skett. Den 1 januari 2018 trädde den nya intäktsredovisningsstandarden IFRS 15 i kraft. Övergången till IFRS 15 har förväntats få varierande utfall för företagen.  Syfte: Syftet med studien var att granska hur IFRS 15 påverkade lönsamhetsnyckeltalen i företag noterade på Stockholmsbörsen samt vad som kännetecknade de med påverkan. Studien ämnade även att diskutera hur relationen mellan företag och investerare påverkats av en ny redovisningsstandard inom IFRS.  Metod: Denna studie har utgått från ett kvantitativt tillvägagångssätt när den empiriska data samlats in. Data samlades främst in från de utvalda företagens årsredovisningar för räkenskapsåret 2017. För att kunna mäta den kvantifierbara påverkan av anpassning till IFRS 15 för företagen så valdes lönsamhetsnyckeltalen bruttomarginal och rörelsemarginal ut.  Resultat: Av totalt 225 studerade företag fick 18 stycken en procentuell påverkan på de utvalda nyckeltalen. Där 16 av dessa företag fick en påverkan på bruttomarginal och 16 stycken på rörelsemarginal. De hypoteser som utformades och testades i studien visade ingen statistiskt signifikant skillnad på nyckeltalen.

<p>Problem-</p><p>formulering: Hur fungerar ekonomi- och verksamhetsstyrningen inom den kommunala verksamheten? Hur sätter kommuner mål och hur följs de upp? Är sättet att fastställa mål och mätmetoder likartade eller finns det skillnader?</p><p>Syfte: Syftet med uppsatsen är att studera hur kommunerna Gnesta, Nykvarn och Salem styr sina verksamheter via uppsatta mål och hur de följer upp dem ur ett ekonomiskt- och verksamhetsperspektiv.</p><p>Metod: En fallstudie har gjorts vid tre kommuner. Primärdata samlades in genom semistrukturerade intervjuer.</p><p>Teoretisk</p><p>referensram: Den teoretiska referensramen baseras på olika formella och informella styrmedel. Som formellt styrmedel behandlas budget medan de informella styrmedel som tas upp är organisationsstruktur, målstyrning, balanserade styrkort, nyckeltal och benchmarking.</p><p>Empiri: Kapitlet inleds med en presentation av kommunallagen. Vidare presenteras de undersökta kommunernas sätt att styra sina verksamheter.</p><p>Slutsats: Kommuner uppvisar både likheter och skillnader i sina sätt att fastställa mål och mätmetoder. Den största skillnaden är att kommuner använder olika styrmodeller och därmed mäter, följer upp och analyserar sina uppsatta mål och styrkort på olika sätt.</p> / <p>The main issues: How does the financial and management control work in the actual municipalities? How does the municipalities define their objectives and follow them up? Are there similarities in the way the municipalities define and adopt their objectives?</p><p>Purpose: The purpose of this paper is to look upon how the municipalities of Gnesta, Nykvarn and Salem control their management by adopted objectives and how they audit them from an economic- and operational perspective.</p><p>Method: A case study has been implemented at the three municipalities. Primary data was collected via semi-structured interviews.</p><p>Theoretical: The theoretical frame of reference is based upon various formal and informal means of control. Budget is handled as a formal topic while presented organizational structure, management by objectives, balanced scorecard, business ratio and benchmarking are treated as informal.</p><p>Empiricism: The chapter begins with a presentation of municipal laws. Furthermore a presentation of the three municipalities way of handling their operations is described.</p><p>Conclusion: The municipalities show similarities as well as differences in their way to adopt objectives and methods for auditing. The largest divergence is that the actual municipalities uses different methods of control and thus assess, audit and analyse adopted objectives and score cards in different ways.</p>

<p>Syftet är att evaluera Baselramverkets riskreglering i en konjunkturcykel med hänsyn till Östersjöregionens storbankers systemviktiga funktion.</p><p>Studien antar främst en kvantitativ ansats i de två första delarna, nyckeltalsanalysen och buffertsimuleringen men även en kvalitativ ansats antas i den tredje delen, intervjuer.<strong> </strong></p><p>Studien utgår från teorierna om Basel I och Basel II, nyckeltalsteori samt från tidigare forskning.</p><p>Resultatet i studien består av nyckeltalanalys och simulering av åtta, i Östersjöregionen verksamma, bankers nyckeltal och buffert under 21 år samt sex djupintervjuer med representanter för såväl banker som regulatorer.</p><p><strong> </strong><strong>Slutsatser</strong></p><p>Att det inte finns något samband mellan Baselregleringens kapitaltäckning och bankernas risk eller konjunktur, att riskvägningen tenderar till att vara godtycklig och har större påverkan på buffert än Baselregleringens kapitaltäckning samt att mer transparens behövs i bankerna tyder på att Baselregleringens kapitaltäckningskrav i mycket liten utsträckning visar Östersjöregionens storbankers faktiska risk.</p> / <p>The purpose is to evaluate the Basel framework risk regulation in an economic cycle, in account to the systemic function of the large banks in the Baltic Sea region.</p><p>The study mainly adopts a quantitative approach in the two first parts, the key ratio analysis and the buffer simulation. A qualitative element is also implemented in the third part, interviews.</p><p>In a theoretical perspective the study is based on the Basel I and Basel II framework, key ratio theories and previously conducted research. </p><p>The result<strong> </strong>consists of key ratios analysis and buffer simulation for eight banks in the Baltic Sea region for a period of 21 years and interviews with six representatives of banks and regulatory institutions.</p><p> <strong>Conclusion                                   </strong></p><p>The absence of correlation between the Basel regulation capital adequacy and the bank risk nor economic cycle, that risk weighting tends to be arbitrary and have greater impact on bank buffer than capital adequacy regulation has, and that more transparency is needed in banking; suggests that the Basel capital adequacy to a small extent reflect actual risk.</p>