The globalized economy has incentivized Swedish companies to invest abroad, especially in emerging markets. When expanding into foreign markets companies must evaluate the adhering risks associated with that particular market. It is paramount that companies account for the country risk in their investment analysis, as any miscalculations could have detrimental effects on a company. Evaluating country risk has proven to be difficult due to the sheer range of aspects that may affect an investment. This study examines the required return on equity of Swedish companies in six different markets, and compares it to three different evaluation models in order to determine what variables constituted any misevaluations. Our analysis indicated that a majority of Swedish companies require too high return on equity compared to the empirical results of the applied model. / Globaliseringens utveckling har lett till att svenska investeringar på utländska marknader och ”emerging markets” ökat under de senaste åren. När företag expanderar till utländska marknader tillkommer nya risker som måste beaktas. Således har landsrisken blivit en väsentlig del av värderingen. Landsrisken har visat sig varit svårvärderad då det finns ett antal aspekter som måste beaktas. En eventuell felbedömning kan ha förödande konsekvenser för ett företag. Denna studie undersöker svenska företags avkastningskrav på sex olika marknader gentemot tre värderingsmodeller, och vilka faktorer som påverkat en potentiell fel värdering. Studien visar att majoriteten av de svenska företagen har ett högre avkastningskrav än vad de tillämpade modellerna beräknat.

The diploma thesis focus on elaboration of economic analysis of company Mlékárna Hlinsko, a. s. The thesis includes the basic characteristics of the industries in which the company operates, including the composition of Porter's five forces model. In the thesis are used profitability ratios, leverage, activity, liquidity and capital market. At the same time, it analyzes the degree of operating leverage and impact assessment of financial leverage. To determine the incremental impact on the return on equity is used Du Pont decomposition. As part of a comprehensive evaluation were applied credibility and bankruptcy models - Altman model, Index IN05 and Index bonity. Company Mlékárna Hlinsko, a. s. was compared with relevant competitors in the market and industry averages. In conclusion of the thesis were drawn appropriate advices and recommendations for the future. The thesis is drawn up with regard to the specifics of the food industry and the connection with company Agrofert, a. s.

Titel: Påverkar VD:ns aktieinnehav bolags finansiella prestation?  - En kvantitativ studie om sambandet mellan VD:ns nivå av aktieinnehav inom bolaget och dess finansiella prestation.    Författare: Carl-Oscar Backlund & Viktor Granström   Handledare: Jörgen Hellström   Problembakgrund och problemdiskussion Synen på VD:ns roll och dennes betydelse för ett bolag har ändrats mycket genom åren. I modern tid anses en VD vara ytterst ansvarig för bolagets verksamhet, med lagstadgade uppgifter, men också samtidigt vara ansiktet utåt mot media och press. Hur pass stark är korrelationen mellan bolaget prestation och dess VD? Många börsnoterade bolag väljer att knyta VD:ns finansiella kompensation till dess aktiekurs, och på så vis få VD:n att börja arbeta mer utifrån aktieägarnas intressen. Andra bolag väljer att tillämpa olika typer av incitamentsprogram. Huruvida VD:ns aktieägande inom ett bolag påverkar bolagets prestation är studerat ur ett internationellt perspektiv, men det saknas forskning på svenska bolag. Vidare finns det ett flertal faktorer som särskiljer den position svenska bolag befinner sig i gentemot utländska bolag.    Syfte  Syftet med denna uppsats är att undersöka huruvida det finns ett samband mellan VD:ns finansiella incitament och bolagets finansiella prestation. Studien avser bolag listade på Nasdaq OMX Stockholm. Vidare är syftet att redogöra för relevanta teorier inom ämnesområdet för att därefter avgöra ifall det återfinns stöd för dessa utifrån studiens resultat.   Metod Studien utgår ifrån en kvantitativ metod med en deduktiv forskningsansats där en tvärsnittsstudie tillämpas med hjälp av insamlade sekundärdata. Den data som samlats in är för bolag som varit listade på stockholmsbörsen under år 2019. Multipla regressionsmodeller har skapats för att undersöka huruvida samband existerar genom testande av hypoteser.    Teori Agentteorin, stewardship-teorin, entrenchment-teorin, och det resursbaserade synsättet ligger till grund för studiens teoretiska referensram tillsammans med tidigare forskning kring ämnet.    Empiri & slutsats Uppsatsens resultat tyder på att inga säkerställda samband mellan VD:ns nivå av aktieinnehav och den finansiella prestationen, operationaliserat som ROA och ROE kan återfinnas under räkenskapsåret 2019 på Stockholmsbörsen. Varpå studiens resultat genomförande finner stöd för stewardship-teorin, och därmed återfinns inget stöd för agentteorin respektive entrenchment-teorin på en 5% signifikansnivå.

Objective of doctoral thesis is creation of model of financial management of company based on determining the optimal set of key indicators of success and their interaction principle in order to improve the efficiency of the company. Creation of a model of financial management of the enterprise is based on the study and comparison financial and managerial practices of ten large construction companies located in the Czech Republic and in Portugal. A model has been created that links the methods of financial management and analysis. The model was subsequently successfully tested on two specific companies. It was also proposed methodology, sequence of steps for its implementation and subsequent use in practice. To determine the effectiveness of decisions made, the EVA method was used. The model evaluates the financial condition of the company, determines the dependence of financial stability on external factors, determines the tasks that the company must fulfill in order to increase the company's efficiency.

Background: Research shows that there are incompatible outcomes for companies who have completed an Initial Public Offering, which entails difficulties in ascertaining what acompany's financial performance will look like after the Initial Public Offering. Purpose: The purpose of the study is to investigate whether an Initial Public Offering resultsin an improvement or a deterioration in companies' financial performance in connection with a stock exchange listing on the Stockholm Stock Exchange. Furthermore, the study's sub-question aims to examine whether the financial performance differs based on the size ofthe company, in connection with an Initial Public Offering.  Theory: This study is based on three theories; Window Dressing Theory, Agency CostTheory and Window Of Opportunity.  Method: The study has applied a quantitative method in combination with a deductive approach. Two financial ratios have been applied to examine the financial performance, which are; profit growth and return on equity.  Conclusion: The empirical result shows that an Initial Public Offering leads to a deterioration in profit growth for the entire sample, before in relation to after the listing. Furthermore, the size of the company turns out to have no effect on how the financial performance is affected in relation to an Initial Public Offering.

Free cash flow and capital structure is a widely covered topic, with several studies conducted in previous years and markets. We set out to examine the possible effects of free cash flow and capital structure on the Stockholm Nasdaq OMX between the years 2018 and 2022. Regarding this period, no previous studies had been conducted that consisted of a population encompassing an entire market. We decided to employ a deductive approach to perform our quantitative research. Using the ORBIS database, we gathered data regarding variables free cash flow, debt ratio, debt-equity ratio, asset turnover ratio, return on equity and return on assets. Return on equity and return on assets worked as our dependent variables, with free cash flow, debt ratio, debt-equity ratio and asset turnover ratio as independent variables. After testing the data for heteroskedasticity and autocorrelation, a fixed effects regression model was both constructed and examined along with a Pearson’s correlation test.  Our results indicated a significant negative relationship between free cash flow and return on equity, as well as a significant positive relationship between asset turnover ratio and return on equity. From these results, we gathered we had detected evidence to support the financial slack theory, which is a theory that highlights the importance of keeping an excess of resources to use when needed. The theory advocates using additional resources and not allowing an overflow of assets to gather dust in inventory.

Background Traditional banks monopolized financial services, but the 2008 crisis spurred Fintech's emergence as an alternative. Fintech challenges banks with innovative solutions, while Sweden thrives as a Fintech hub. Profitability is vital due to the recent shift in focus from growth. Modern Fintech research is lacking, thus creating gaps in both knowledge and studies among the Swedish Fintech-sphere.  Purpose  The study analyzes leverage, return on equity, and bank size ratios in Swedish Fintech companies. It examines their impact on profit margin and aims to identify correlations. The results aim to enhance understanding and provide guidance for optimizing key figures to increase profitability among Swedish Fintech-companies.  Methodology The study utilized a quantitative approach with a deductive method and cross-sectional design. Data consisted of secondary data and was collected through the database Retriever Business. A total of 1198 observations were analyzed using correlation matrix, bivariate, and multivariate regression analyses.  Results  The quantitative analysis revealed that both debt to equity ratio and return on equity has a significant relationship, while bank size has only a partially significant relationship with profit margin.  Conclusion  Swedish Fintech-companies reveals a positive relationship between return on equity (ROE) and profitability. Furthermore, the leverage ratio also positively affects profitability. Moreover, Bank size shows a slight negative impact.

This thesis investigates the impact of capital structure on the profitability of 58 Savings Banks in Sweden from 2014 to 2020, focusing on the balance between debt and equity. Utilizing panel data regression, the study examines how debt-to-asset ratios and equity ratios affect key profitability metrics such as net interest margin, return on equity, and return on assets. Key findings indicate a negative correlation between debt ratios and both return on assets and equity, suggesting that higher debt levels may impede profitability. Conversely, apositive relationship is observed between equity ratios and return on assets, while return on equity decreases as equity ratios increase. The study also explores the influence of bank size, finding a negative relationship with profitability, which highlights the efficiency of smaller, more regionally-focused banks. Additionally, macroeconomic factors such as GDP growth show a positive correlation with profitability, whereas higher unemployment rates tend to reduce profitability. The study and the results provide valuable insights into the financial strategies that can enhance the performance of Savings Banks, emphasizing the need for a balanced approach to capital structuring within the context of prevailing economic conditions.

This thesis examines the integration of customer satisfaction into the DuPont model to understand its impact on long-term corporate profitability. A company was selected to conduct the study. By applying the company’s data to the DuPont model, it was observed how changes in customer satisfaction affected profitability. The purpose and research question were answered through the literature review, case study, interviews, and data from the company. The analysis showed that increased turnover during the years 2022 and 2023 led to improved profit margins and asset turnover rate, resulting in higher return on total capital. Critical factors such as long delivery times and inefficiencies in customer service have affected the company’s customer satisfaction, which the company is striving to address. The study has concluded that regular measurement of customer satisfaction and the use of feedback from customers contribute to adjusting strategies and processes. The literature review supports the link between customer satisfaction and long-term profitability. The company’s situation shows a connection between customer satisfaction and profitability at present. The company should conduct sporadic surveys regarding customer satisfaction to predict the outcomes of the DuPont model.  Improvement suggestions presented in the study are based on data from the company and interviews. Based on these factors, the company could recommend actions such as improving delivery times and optimizing the supply chain and enhancing internal and external communication in order to strengthen customer satisfaction and profitability. / Detta examensarbete undersöker integrationen av kundnöjdhet i DuPont-modellen för att förstå dess påverkan på företags lönsamhet på lång sikt. Ett företag blev utvalt för att genomföra undersökningen. Genom att tillämpa företagets data i DuPont-modellen kunde det observeras hur förändringar i kundnöjdheten påverkade lönsamheten. Genom litteraturstudien, fallstudie, intervjuer och data från företaget kunde syftet och frågeställningen besvaras. Analysen visade att ökad omsättning under år 2022 och år 2023 ledde till förbättrad vinstmarginal och kapitalomsättningshastighet, vilket resulterade i högre räntabilitet på totalt kapital (Rtot). Kritiska faktorer såsom långa leveranstider och ineffektivitet i kundtjänsten har påverkat företagets kundnöjdhet, vilket företaget strävar efter att åtgärda.  Studien har kommit fram till att regelbunden mätning av kundnöjdhet och användning av feedback från kunder bidrar till att justera strategier och processer. Litteraturstudien stödjer kopplingen mellan kundnöjdhet och långsiktig lönsamhet. Företagets situation visar en koppling mellan kundnöjdhet och lönsamhet i nuläget. Företaget behöver göra mer tydliga och sporadiska undersökningar för att förutse hur DuPont-modellens resultat kommer se ut.  Förbättringsförslag som presenteras i studien grundar sig på data från företag och intervjuer. Utifrån dessa faktorer kunde företaget rekommenderas åtgärder som att förbättra leveranstider, optimera försörjningskedjan samt förbättra intern och extern kommunikation för att stärka kundnöjdheten och lönsamheten.

This research examines at the effect of corporate social responsibility (CSR) expenditure in two state commercial banks and few other financial institutions that are listed on the CSE in Sri Lanka. The independent variable in this analysis is CSR expenditure, whereas the dependent variable is financial performance. Market- and accounting-based performance metrics (ROA, ROE and EPS) are used to assess the financial performance of the financial institutions. The study's control variables were firm age, firm size, and GDP growth rate. For a duration of Eight years, the researchers gathered secondary data on the financial institutions from 2015 to 2022 by using audited annual reports, which included 13 financial institutions as a sample. The study findings reveal that CSR has a statistically significant impact on financial performance. The correlation analysis demonstrated a statistically significant relationship between CSR expenditure and ROA, ROE, and EPS. The correlation coefficient showed that all of the suggested hypotheses were significant and acceptable. The findings from the regression analysis revealed that CSR expenditure has an impact on the financial institution's ROA, ROE, and EPS. The results and implications can assist Sri Lankan financial institutions in designing their CSR projects to maximize value for the organization, resulting in a win-win situation. In addition, investing in CSR as a non-profit endeavor might help financial institutions meet their social responsibility obligations while also enhancing future intangible revenues and preparing them for market competitiveness. In contrast, CSR investments may improve community development, diversity promotion, and quality of life while treating social challenges including poverty, healthcare, education, and environmental sustainability.