During the period of 2013-2022, there have been many interesting developments in the football industry in Europe. From accumulation of debt to disregarding the regulatory framework put in place by UEFA, football clubs have changed their capital structures to accommodate their financing needs. There has been previous research that has found a relationship between ownership structure and financial performance, but none that has explored how ownership structure affects debt and liquidity given current circumstances. The scope of this study was to ultimately determine how the capital structure and the liquidity is affected. This is a broad topic and the authors have covered several aspects within the field. However, there have been suggestions on further research regarding how one could go about valuating a football club as most of the football clubs in Europe have private ownership structures. In the end, the sample consists of 8,588 firm-year observations and adapts a longitudinal methodology. The tests carried out consist of OLS regressions as well as a multivariate regression. To be able to compare the different ownership structures, several regressions were made to put each ownership structure as the reference group. The authors of this thesis found that ownership affects debt and liquidity both individually and collectively. Therefore, answering the research question “What is the effect of ownership structure of football clubs in Europe on debt and liquidity?”. Football clubs in Europe have experienced low profitability, but rather high liquidity. The capital structures of said football clubs contain more debt than equity, where equity is negative in some cases. By comparing ownership structures, their effects on both debt and liquidity differentiate. This thesis contributes to already existing literature by contradicting Modigliani and Millers' assumption regarding bankruptcy costs. It also contributes practically to managers, investors, stakeholders, and regulators by providing context to different key financial metrics.

The Covid-19 pandemic influenced the world with quarantines, travel bans, social distancing, and much more. Most remarkably, it brought the economy to a steep recession with changes in customer behavior and shocks to the financial markets. Combined with this, sustainable and green investing have grown in importance for firms that aim to incorporate sustainable practices in their businesses. This thesis evaluates the relationship between ESG and financial performance for Swedish issued mutual funds in the periods before, during, and after the covid pandemic. To capture the returns this study uses the Sharpe ratio, which penalizes volatility in the turns of funds and outputs risk-adjusted returns. The findings of this thesis highlight the importance of integrating non-financial metrics into portfolio management. The results found evidence that there is a difference in the performance between the two fund portfolios. Furthermore, this study will investigate the impact ESG variables have on the risk-adjusted rate of return. The results were that there is no compelling evidence of ESG variables impacting the returns. Moreover, significant insights from this study can be made to the Modern Portfolio Theory and Stakeholder Theory. By using Modern Portfolio Theory as the governing theory, a theoretical discussion has been made about the relationship between green investments and financial performance in times of sound economic markets and under financial crisis. This study is a quantitative study that has adopted the deduction approach. The authors of this thesis have retrieved 2 different portfolios, ESG and non-ESG, and compared the two groups against each other. 3 different periods have also been identified in the thesis: pre, during, and post Covid. The performance of the two portfolios has been examined during the three different stages to see how they have performed with hopes of finding empirical evidence that investing in ESG practices really is profitable. Statistical models such as OLS, heteroskedasticity, and more have been used in the study with the aim of helping the authors reach a conclusion.

This thesis investigates the impact of digitalisation on sustainability performance within manufacturing firms in Northern Europe from 2010 to 2023 at the age of Industry 4.0. It explores how digital technologies like IoT, cyber-physical systems, and big data have transformed production processes, enhancing sustainability across environmental, social, and governance (ESG) criteria. The research employs a quantitative approach, utilising regression analyses of data sourced from the Refinitiv database to assess the influence of digitalisation on ESG performance in manufacturing firms across Northern Europe.  The theoretical underpinnings of this study are grounded in an integration of shareholder and stakeholder theories, which offer a detailed examination of how digital transformations are reshaping corporate governance dynamics. It also encompasses a discussion on agency theory and legitimacy theory, highlighting how differences in corporate governance outlooks impact sustainability initiatives. Moreover, the research evaluates the potential benefits and challenges associated with digitalisation through the lens of the resource-based view and the dynamic capabilities framework. This analysis elucidates how digitalisation provides a competitive advantage, for example, by promoting efficiency and decreasing energy consumption while acknowledging the possibility of increased resource use, a phenomenon referred to as the Jevon Paradox.  Findings indicate that digitalisation facilitates improved sustainability outcomes to enhance financial performance by optimising resource utilisation, reducing waste, and improving operational efficiencies. However, variations exist depending on the type and intensity of digitalisation. The results highlight that while digital technologies drive significant improvements in environmental management and operational efficiency, the benefits are not uniformly experienced across all firms, suggesting a differentiated impact based on company size and digital maturity.  This research significantly contributes to the academic literature by providing empirical evidence of digitalisation’s role in enhancing sustainability within the manufacturing sector. Importantly, it offers practical insights for policymakers and business leaders, equipping them with the knowledge to leverage digital transformation to meet sustainability goals effectively. Future research must delve deeper into the long-term effects of digital technologies on sustainability, investigate the impacts across different industrial contexts, and examine the role of regulatory frameworks in shaping digital transformation strategies. This thesis underscores the urgent need for manufacturing firms to harness digital innovations responsibly to foster sustainable development in the digital age.

Merger & Acquisitions has been one of the more central themes of the financial sphere since the beginning of the 19th century. It is an activity that is necessary for firms since it can give them competitive advantage in their markets. An acquisition can give the acquiring firms the possibility to enforce cost and revenues efficiencies, as well as the prospect of entering new markets in order to differentiate themselves. Due to the increased activity of acquisitions and its impact on global economy, there has been a development of several strategies and procedures of what shall be taken into account before and during the acquistion itself. One of the latest factors that has been on an uprising in this discussion is the importance of sustainable factors for the acquirer.  Sustainable finance has become a topic of high relevance in the past few years due to the effects of climate change, but also in regard to questions that concern the firms social and managerial contributions. New policies, regulations and standards have submerged and has therefore created a new environment for the firms to adapt after. A commonly discussed framework in the area of sustainability is ESG. ESG har the purpose of assessing and measuring a firm's contributions to sustainability from an environmental, social, and governance perspective. This framework has been lifted in many studies as one of the more influential factors among investors and managers when discussing the profitability of a firm, as well as its strategic prospects in the sector. Lately, it has also been a subject discussed among M&A researchers as well as professionals, with many arguing that ESG will be even. more important part of the merger process due to its influence on the value of the firm and its financial performance.  The aim of this study is to see what kind of correlation there is between the financial performance of an acquiring firm and its ESG scores. This will be analyzed among firms that are listed on the New York Stock Exchange and NASDAQ stock exchange that have performed at least one acquisition between 2017 and 2023. This can give the managers a glimpse of a possible pattern that might be present between acquisitions and ESG scores, since the main aim of an acquisition is to improve the firm’s financial performance. The results that can be drawn from this study is that there is a positive and statistically significant correlation between financial performance and ESG scores among these firms. This may create a new, more modern agent problem where the management is opening up more for external stakeholders over their shareholders, which can be viewed as a consequence of stronger corporate social responsibility taken by the firms.

No / CSR within a purely voluntary context has so far not made meaningful contributions to the problem of corporate environmental and human rights abuses in Africa. The paper therefore aims to improve the effectiveness of CSR in the continent by making companies accountable for the veracity of statements they have voluntarily put out in the public domain. The paper adopts the stakeholder and legitimacy theories and information regulation as its framework of analysis. Following a discourse on the developments in and limitations of sustainability, the paper constructs an argument in line with these theories how these reports can still be utilised to make meaningful contribution towards strengthening CSR through accountability for false and misleading statements. Corporations have a stake in information in sustainability reports with regard to their corporate image and reputation. Therefore, under the appropriate framework, utilising corporate accountability for false and misleading statements by companies has promise for making CSR more effective. The main limitations of this research is the political will of national governments in Africa to undertake such an exercise and the relative ability of civil society groups in light of the power of corporations to effectively hold them to account through the models proposed. The paper is interdisciplinary, drawing upon both management and legal theories. A significant contribution of this research is its pragmatic approach which goes beyond calling for legal platform for CSR by recommending a model for accountability within the existing voluntary CSR framework.

As the world faces unprecedented environmental challenges, there is an urgent need for largescale investments in green infrastructure and technologies. If we are going to achieve carbon neutrality, significant investments are necessary, and therefore must the entire financial system unite and endorse sustainable investment activities in a market-oriented manner.   A green bond is a relatively new type of bond. It was first introduced in 2007 by the European Investment Bank (EIB). This was followed up by a collaboration between Skandinaviska Enskilda Banken (SEB) and the World Bank, a group of Swedish investors, pension funds, and SRI-focused investors. They issued their first green bond in 2008 intending to attract more investors. However, this attempt to increase the interest did not work, green bonds were almost nonexistent until 2013. One explanation for the slow development of the green bond market was the financial crisis in 2008. Further, the reason for the low interest in green bonds during this period was that traditional investors deemed these risky and non-profitable.  Using a deductive approach, this thesis investigates how green bonds perform compared to conventional bonds and stocks from the issuing company. The authors sampled green and conventional bonds from 33 companies that matured from 2018 to 2023. The sample data set contains bonds from Asia, Europe, South America, North America, and Australia. The data was tested using multiple hypotheses.  This thesis sets out to answer the research question: How do green bonds perform compared to conventional bonds and stocks?   The results indicated there is a significant difference between the three asset types. First, the stocks yield higher returns and higher standard deviations than green and conventional bonds. Second, the authors found no evidence for a difference in return thus a significant difference in standard deviation. The results also suggest there is a difference in modified duration, convexity, maturity, and yield to maturity. These findings indicate that green bonds performed better than conventional bonds, especially regarding risk and volatility. Therefore, could green bonds be useful when diversifying a portfolio.  The findings suggested that a portfolio composition that combines the three assets could be in line with both shareholder theory and stakeholder theory. The portfolio theory also provides interesting insights into the potential portfolio optimizations since there are differences between green and conventional bonds. Since no difference in the return was found for green and conventional bonds the authors find no reason to support the idea of herding behavior in the trading of green bonds.  However, the difference in standard deviation is interesting from a behavioral perspective, a lower standard deviation indicates that the green bond experiences lower volatility compared to conventional bonds.

Background: Prior literature on diversity within BODs and TMTs is predominantly situated within thecontext of conventional organizations. However, sports clubs differ somewhat fromconventional organizations due to the inclusion of an additional performance metric toconsider, sports performance, which stands as their foremost priority. As sports clubsoperate under a heightened-paced landscape with far more external pressure, the necessityto extend governance research into this rather new area of investigation is of interest. Purpose: The purpose of the thesis is to investigate the impact of BOD and TMT diversity on sportsclubs’ sports and financial performance and how media influence this relationship. Method: This thesis employs a deductive approach, utilizing a quantitative method, to investigatethe research objectives. The analysis is based on 144 observations from 24 distinct Swedishsports clubs. Depending on the performance metrics being measured, the data is examinedusing either multiple linear regression or ordinal regression. Conclusion: The study supports three of its eight hypotheses, namely that BOD diversity has a positiverelationship with sports performance and that media moderate the relationship betweenTMT diversity, partially BOD diversity and financial performance.

Bakgrund: I Sverige har idrott länge varit en naturlig del i många människors liv och idrottsrörelsen har varit djupt rotad i det svenska samhället. För att kunna ta vara på denna gemenskap krävs det ett sätt för idrotten och fotbollen att kunna samla denna stora folkmassa, det är här evenemang spelar en avgörande roll. Sponsorerna spelar i sin tur en stor roll i möjliggörandet för att kunna anordna idrottsevenemang, genom sina olika typer av bidrag. Det kan dessutom finnas flera olika incitament för företag att sponsra ett idrottsevenemang. Utöver fördelarna för företagen har evenemang också en betydande påverkan på de städer där de äger rum. Syfte: Studien syftar till att undersöka de viktigaste incitamenten och de framtagna strategierna som företag har gällande sponsring av evenemang och huruvida incitamenten och strategierna har förändrats över tid. Vidare syftar studien till att undersöka vilka mervärden ett stort, årligt återkommande evenemang medför till arrangörsstaden. Studien kommer att fokusera på det stora, årligt återkommande idrottsevenemanget Gothia Cup i Göteborg. Design/metod: I studien används ett abduktivt synsätt, där en kvalitativ metod med fallstudiedesign och semistrukturerade intervjuer tillämpats. Urvalet gjordes utefter de olika perspektiv som studien avsåg att undersöka. I analysen har resultatet kopplats till teorier och analyserats utefter dessa. Vidare kopplas resultatet till tidigare forskning i diskussionen. Slutsats: Studien klargör att företagens incitament och strategier för sponsring av evenemang har utvecklats över tid, med en ökad betoning på positiva samhällseffekter, ömsesidiga värderingar samt att sponsring ska ge fördelar för alla parter. Genom att sponsra evenemang som Gothia Cup kan företag dra nytta av marknadsföringsmöjligheter och varumärkesexponering. De ekonomiska och sociala mervärdena ett årligt återkommande evenemang som Gothia Cup genererar till Göteborg inkluderar ekonomiska intäkter kopplat till turism och positiva samhällseffekter. Turneringen genererar dessutom en bättre bild av staden, som i förlängningen ger staden ekonomiska och sociala mervärden. Denna relation mellan företag, evenemang och stad visar på vikten av att skapa hållbara partnerskap som gynnar alla inblandade parter. Originalitet/värde: Forskning som behandlar stora idrottsevenemang med fokus på sponsring och mervärden kopplat till staden är i dagsläget begränsad. Således bidrar denna studie med fördjupad kunskap inom området. Språk: Svenska. / Background: In Sweden, sport has long been a natural part of many people's lives and the sports movement has been deeply rooted in the Swedish society. To capitalize on this community, sport and football need to find a way to bring this large crowd together, which is where events play a crucial role. Sponsors, in turn, play a significant role in facilitating the organization of sports events through their various types of contributions. Additionally, there may be several incentives for companies to sponsor a sports event. Besides the benefits for companies, events also have a significant impact on the cities where they take place. Purpose: The study aims to examine the main incentives and developed strategies that companies have regarding event sponsorship and whether these incentives and strategies have changed over time. Furthermore, the study aims to investigate the additional values that a large, annually recurring event brings to the host city. The study will focus on the large, annually recurring sports event Gothia Cup in Gothenburg. Design/methodology/approach: An abductive approach was used in the study, where a qualitative method with case study design and semi-structured interviews was applied. The selection was made based on the various perspectives that the study aimed to investigate. In the analysis, the results were linked to theories and analyzed accordingly. Furthermore, the results are connected to previous research in the discussion. Conclusion: The study clarifies that companies' incentives and strategies for sponsoring events have evolved over time, with an increased emphasis on positive societal effects, mutual values, and sponsorship providing benefits for all parties involved. By sponsoring events such as the Gothia Cup, companies can benefit from marketing opportunities and brand exposure. The economic and social values that an annually recurring event like the Gothia Cup generates for Gothenburg include economic revenues related to tourism and positive societal effects. Moreover, the tournament generates a better image of the city, which ultimately provides the city with economic and social values. This relationship between business, event and city shows the importance of creating sustainable partnerships that benefit all parties involved. Originality/value: Research addressing large sports events focusing on sponsorship and the added values linked to the city are currently limited. Therefore, this study contributes to deepened knowledge within the field. Language: Swedish.

Purpose: The thesis investigated how local entrepreneurs in Slite perceive Heidelberg Materials Cement Sverige AB (HMCS) 's upcoming carbon capture storage (CCS) project—the thesis aimed to explore their perceptions of both enthusiasm and concern regarding the forthcoming mega-project in eco-innovation. Method: A case study based on qualitative research consisting of semi-structured interviews. Theory: Stakeholder Theory and Social License to Operate Results: Economic benefits such as job creation and increased local business activity are acknowledged by the entrepreneurs, who are also concerned about environmental impact, especially dust and transport-related pollution. Some entrepreneurs felt that HMCS has decreased its community involvement over time, and there is a need for increased engagement. Communication gaps were evident, and some entrepreneurs were skeptical about the project's benefits versus its potential disruptions. There was optimism about the potential, but entrepreneurs strongly emphasized the urgent need for improved corporate responsibility, better communication, and genuine community engagement. Conclusion: In conclusion, the thesis recommends that HMCS set a robust community engagement strategy for the upcoming CCS project. To achieve this, it will be essential to emphasize transparent communication, mutual feedback procedures, and community benefits such as job creation and infrastructure improvements. Creating a genuine commitment to corporate social responsibility can mitigate the concerns of entrepreneurs and foster trust between HMCS and its stakeholders.

Titel: Harmonisering av global hållbarhetsredovisning - vilka möjligheter och hinder finns det? Nivå: Examensarbete på grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Emma Magnfält och Martina Bäckstedt Handledare: Asif M. Huq Datum: 2024 – Maj  Syfte: Studiens syfte är att undersöka möjligheter och hinder för harmonisering av global hållbarhetsredovisning med utgångspunkt i intressenters remissvar till IFRS General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1). Metod: I denna studie har en kvalitativ metod med en abduktiv forskningsansats tillämpats, som innefattar en innehållsanalys av 39 remissvar avseende feedback på första utkastet av IFRS S1. En jämförelseanalys av utkastet och den utfärdade standarden IFRS S1 har utförts. Resultat och slutsats: Resultatet visade att det finns både likheter och skillnader i de åsikter intressenter har på utkastet till IFRS S1. Skillnader mellan geografiska områden kan hänföras till institutionella faktorer vilka bottnar i tvingande isomorfism och länders olika utvecklingsgrad, medan skillnader mellan intressentgrupper hänförs till normativ isomorfism. Likheter hänvisas till tendenser av normativ isomorfism. Det visade sig även att ISSB kategoriserar intressenter och till viss del tillgodoser intressenternas behov. Examensarbetets bidrag: Studien bidrar med ett aktuellt perspektiv över förutsättningarna för harmonisering av global hållbarhetsredovisning. Bidrag ges även i form av teoretiska insikter i hur såväl tvingande som normativ isomorfism påverkar möjligheterna till harmonisering av global hållbarhetsredovisning. Studien möjliggör ett bredare perspektiv av ISSB:s standardsättarprocess. Förslag till fortsatt forskning: Framtida forskning kan undersöka intressentgruppers synpunkter mer djupgående än vad denna studie fick möjlighet att göra, samt undersöka utfallet av den globala hållbarhetsredovisningen som efterföljer den utfärdade IFRS S1.  Nyckelord: Harmonisering, hållbarhetsredovisning, intressentteorin, institutionell teori, isomorfism, country-of-origin effekt / Title: Harmonization of global sustainability reporting - what are the opportunities and obstacles? Level: Student thesis, final assignment for Bachelor Degree in Business Administration Author: Emma Magnfält and Martina Bäckstedt Supervisor: Asif M. Huq Date: 2024 – May  Aim: The purpose of the study is to investigate opportunities and obstacles for harmonizing global sustainability reporting based on stakeholders' comment letters to IFRS General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1). Method: In this study, a qualitative method with an abductive research approach has been applied, which includes a content analysis of 39 comment letters regarding feedback on the first draft of IFRS S1. A comparative analysis of the draft versus the issued standard IFRS S1 has been made. Results and conclusions: The results of the study showed similarities and differences in the feedback stakeholders left for the draft of IFRS S1. Differences of opinions in geographical areas stems from institutional factors created by coercive isomorphism and countries' different developmental stages. Differences between stakeholder groups relate to tendencies of normative isomorphism. Similarities of opinions also depend on normative isomorphism. The study also revealed that ISSB categorizes stakeholder groups and accommodates stakeholder needs to a certain degree. Contribution of the thesis: The study contributes with an updated perspective of harmonizing global sustainability reporting. Theoretical contributions are given through the insights in how coercive and normative isomorphism affects the possibilities for harmonizing global sustainability reporting. The study brings insights into ISSB's standard-setting process. Suggestions for future research: Future research can examine the views of stakeholder groups in more depth than this study was able to, as well as investigate the outcome of global sustainability reporting that follows the issued IFRS S1. Key words: Harmonization, sustainability reporting, stakeholder theory, institutional theory, isomorphism, country-of-origin effect