Studiens syfte är att undersöka vilken värdeförändring som sker för det avknoppade bolaget på kort och lång sikt under tidsperioden 1996–2018 på den svenska marknaden. Avknoppning inträffar när ett moderbolag delar ut innehavet av aktier i ett dotterbolag till aktieägarna. Avknoppning kan antingen vara fokuserad eller icke fokuserad. Fokuserad avknoppning innebär att moderbolaget knoppar av till ett nytt bolag inom samma bransch och icke fokuserad avknoppning innebär avknoppningen sker till annan bransch än moderbolaget. Anledning till att genomföra en avknoppning är att öka aktievärdet för bolagets aktieägare. Bolagen i studien har genomfört minst en fokuserad eller icke fokuserad avknoppning efter införandet av Lex Asea på den svenska marknaden. Lex Asea är ett regelverk som möjliggör utdelning av aktier från moderbolaget till aktieägarna utan att påverka beskattningen för aktieägarna. Enligt tidigare studier är avknoppning förenat med överavkastning. Problematiken uppstår i att tidigare studier har studerat olika förklarande variabler till övereller underavkastning på andra börsmarknader. Resultat av detta vill vi i vår studie studera om förklarande variablerna relativ storlek och Return On Asset påverkar över- eller underavkastningen för bolag noterade på Stockholmsbörsen. Över- eller underavkastning på kort sikt studeras med Cumulative Abnormal Return (CAR) på 1, 2, 3, 4 och 5 dagars sikt. Över- eller underavkastning på lång sikt studeras med Buy-andhold Abnormal Return (BHAR) på 6, 12, 18 och 24 månaders sikt. Studiens data gällande aktiekurser och dess prisutveckling hämtas från Thomson Reuters Eikon. Information om vilka avknoppningar som genomförts på den svenska marknaden under tidsperioden 1996– 2018 hämtades från Skatteverket. I studien genomförsregressionsanalys i form av multivariat analys med tillhörande förklarande variabler. Analysen genomförs för att försöka hitta samband om dessa variabler kan förklara över- eller underavkastning för studerande bolag i studien. Studiens resultat påvisade underavkastning under det observerade eventfönstret på kort sikt och överavkastning på lång sikt. Den genomsnittliga underavkastningen uppgick under en femdagarsperiod till -2,4% och den genomsnittliga överavkastningen uppgick under en period på 24 månader till 48,5%. / The purpose of the paper was to investigate the abnormal return in the short and the long run for spinoffs during the time period 1996-2018. The result of the study showed a negative abnormal return during the observed event window in the short run and a positive abnormal in the long run. The average abnormal return during a five-day period was -2,4% and the average abnormal return during a 24-month period was 48,5%. The study investigated whether ROA and the relative size of the company could explain the abnormal return.

From the Asian Finance Crisis in 1997, to many scandals in U.S.A. in 2001, and lots of fraudulent practices for many years in Taiwan, these cases severely injured the investors and the whole society. In fact, before these fraud cases happening, a lot of scholars have proposed that manager can manipulate reports with accounting tactics to manage earnings and window dress the performance of the company. After these scandals bursting, the researches which discuss how to regulate CEO¡¦s behavior by using corporate governance mechanism get more attentions. A lot of researches point out that CEO¡¦s option-based compensation might be one of the reasons which result in the self-interested behavior, and provide their views about the monitoring effects of the corporate governance mechanism. However, the researches that discuss whether CEO¡¦s self-interested behavior will influence the monitoring effects of the corporate governance mechanism are few. This paper divides the pubic listed company that had issued warrants to CEO from 2001 to 2005 into two groups by the ratio of option-based compensation in CEO¡¦s total compensation. We want to know that whether the corporate governance mechanism has the same influence in earnings management and company¡¦s performance in different CEO¡¦s option-based compensation ratio. The corporate governance and compensation variables we used are institutional ownership in the firm, the number of institutional directors, board size, percent of independent outside directors on the board, percent of inside directors on the board, director and executive officer stock ownership, company size, and CEO¡¦s option-based compensation ratio. The conclusions as follows: 1. CEO¡¦s option-based compensation ratio forms the threshold effect to the monitoring effect of the corporate governance mechanism. When CEO¡¦s option-based compensation takes particular proportion of total CEO¡¦s compensation, the corporate governance mechanism will be more effective. 2. The corporate governance mechanism that has significant influence in earnings management and operating performance will be different when CEO¡¦s option-based compensation ratio is different. 3. Among these corporate governance mechanism, percent of independent outside directors on the board is the only one that can have similar and significant influence in earnings management no matter how high the CEO¡¦s option-based compensation ratio is. It may relate to the independence of independent outside directors.

<p>CEO compensation is a relevant topic in today's society that touches both political and economic questions which are of interest for the whole general public. It affects people indirectly through CEOs actions and how these actions affect company performances. Due to the fact that there is a financial crisis, this thesis has its aim to catch some light over CEO compensation and its relation to company performances, if there is one.</p><p>The purpose was to investigate if we could find a relation between CEO compensation and company performances by using variables which we considered significant for this study. These variables are collected from each company's annual reports and which we have chosen to focus on the two past years 2007 and 2008, as it is the most recent data. For the principle of our thesis a combination of qualitative and quantitative methods was applied, to best suite the purpose. When finding a sustainable and significant result, regressions of different variables from the annual reports were drawn and the outcomes of these were interpreted and analyzed. Our findings show that turnover is the only variable which indicated any significant p-value in the regressions drawn. Of all regressions three show significance and all arerelated to turnover. Given these results we can conclude that the other variables are not related to the CEO compensation in this case study.</p>

CEO compensation is a relevant topic in today's society that touches both political and economic questions which are of interest for the whole general public. It affects people indirectly through CEOs actions and how these actions affect company performances. Due to the fact that there is a financial crisis, this thesis has its aim to catch some light over CEO compensation and its relation to company performances, if there is one. The purpose was to investigate if we could find a relation between CEO compensation and company performances by using variables which we considered significant for this study. These variables are collected from each company's annual reports and which we have chosen to focus on the two past years 2007 and 2008, as it is the most recent data. For the principle of our thesis a combination of qualitative and quantitative methods was applied, to best suite the purpose. When finding a sustainable and significant result, regressions of different variables from the annual reports were drawn and the outcomes of these were interpreted and analyzed. Our findings show that turnover is the only variable which indicated any significant p-value in the regressions drawn. Of all regressions three show significance and all arerelated to turnover. Given these results we can conclude that the other variables are not related to the CEO compensation in this case study.

Sustainable business has become highly sought after today by stakeholders, which explains the importance of CSR for companies. Companies are required to work sustainably in order to legitimize themselves both in the market and society. This can be done by fulfilling and satisfying the economic, environmental and sustainable, as well as the social frameworks that exist in business society. Despite CSR's central role in companies, researchers have differentiated meanings on whether CSR initiatives really improve corporate profitability in terms of financial performance, and whether it has a positive relationship with corporate value. Regarding this, the report examines CSR's relationship to CFP and company value, through the profitability measures ROA and ROE, as well as the valuation measures market value and P/E ratio. A quantitative method has been applied to examine the companies published on Dagens Industri's sustainability index for the year 2021. Dagens Industri's list includes the largest listed companies in the GICS categories on the Swedish stock market exchange. The study uses regression analysis as a choice of statistical analysis method to examine the variables relationships. From the regressions, a small part of the result showed a weak negative relationship between CSR and ROA. The regressions otherwise mainly showed a non-significant relationship between CSR and a company's profitability and value. The variables do not have a significant relationship with each other, and a neutral relationship between them can thus be demonstrated. The existing research gap is therefore still ambiguous, hence the room for further future studies in the field.

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

Submitted by Rafael Sach ferreira (rafaelsach@gmail.com) on 2017-07-03T21:29:08Z No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-07-18T13:59:46Z (GMT) No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) / Made available in DSpace on 2017-07-20T20:02:50Z (GMT). No. of bitstreams: 1 Dissertação Rafael Sach Ferreira - Mestrado Profissional em Economia e Finanças Corporativas.pdf: 1638024 bytes, checksum: d94bf2bf6b0a3636c963b1c8de5aa47f (MD5) Previous issue date: 2017-03-17 / Private Equity investment, which has re-emerged in Brazil in 2005, appears as an alternative to diversify pension fund investments However, for this investment modality to be consolidated, it is necessary to evaluate the performance of the Private Equity industry in the last years. The method used to perform this evaluation was the DuPont System, that acts as a search technique that helps locate the key areas responsible for the company's financial performance. The results showed clear financial and operational differences between the groups of companies that were already disinvested by PEIF and those that are still part of the portfolio. In the first group, approximately 71.42% of the companies had a positive net margin and a stable financial leverage multiplier of around 2.0 times for at least three years before the disinvestment, generating positive impacts on the accumulated results of ROA (Return on Assets) and ROE (Return on Equity) profitability indicators calculated by the System DuPont. From this data analysis it will be possible, for instance, to determine standards that will help managers to satisfactorily complete the divestment process in the companies that are still part of the portfolio. The analysis of the companies already divested in relation to the results obtained and the way they were constructed allows us to conclude that the investment in Private Equity can be an alternative to diversify portfolio of investments, as well as reduce the concentration in segments of variable income and fixed income. / O investimento em Private Equity, que ressurgiu no Brasil em 2005, aparece como uma alternativa para diversificação dos investimentos dos fundos de pensão. No entanto, para que essa modalidade de investimento se consolide, é preciso avaliar o desempenho da indústria de Private Equity nos últimos anos. O método utilizado para realizar esta avaliação foi Sistema DuPont, funcionando como uma técnica de busca que ajuda a localizar as áreas-chaves responsáveis pelo desempenho financeiro da empresa. Os resultados apontaram claras diferenças financeiras e operacionais entre os grupos de empresas que já foram desinvestidas pelos FIP e aquelas que ainda fazem parte da carteira. No primeiro grupo, aproximadamente 71,42% das empresas obtiveram margem líquida positiva e multiplicador de alavancagem financeira estável em torno de 2 vezes durante, pelo menos, três anos antes do desinvestimento, gerando impactos positivos nos resultados acumulados dos indicadores de rentabilidade ROA (Return on Assets, em inglês) e ROE (Return on Equity, em inglês) calculados pelo Sistema DuPont. A partir da análise desses dados, será possível, por exemplo, determinar padrões que auxiliem os gestores a completar de maneira satisfatória o desinvestimento nas empresas que ainda fazem parte da carteira. A análise das empresas já desinvestidas, em relação aos resultados obtidos e a maneira como eles foram construídos nos permite concluir que o investimento em Private Equity pode ser sim uma alternativa para diversificar a carteira de investimentos e reduzir a concentração em segmentos de renda variável e renda fixa.