This study investigates if the proportion of women on Board of Directors (BOD) and Top Management Teams (TMT) in Swedish listed firms affect the financial performance. Using a sample of 1,432 firm-year observations for firms listed at Nasdaq Stockholm during the years 2012-2019, the study estimates multiple regressions to investigate the association between proportion of women on BODs and TMTs and firms’ financial performance, measured as ROA, ROE and Tobin’s Q. Using an interaction variable, the study also investigates if female representation in TMT affects the association between BOD gender diversity and financial performance. Furthermore, in line with critical mass theory, the study investigates whether there is a specific threshold of female representation that needs to be achieved for the performance effect to occur. The study’s results provide some evidence for a positive association between proportion of women on BOD and financial performance, but only possible indications for a negative effect of proportion of women in TMTs and financial performance. No support is found for the interaction effect. The positive impact of female representation on BOD and TMT does not seem to depend on any critical mass threshold. The study contributes with a new perspective on how gender diversity on several firm levels affects the financial performance.

This study investigates sustainability performance of Swedish firms through the lens of the upper echelons theory. We test how the size, average age, and proportion of gender in boards of directors (BoDs) and top management teams (TMTs), is related to sustainability performance. While BoDs have been studied in this way several times previously, no other studies, which we are aware of, study the relationship between TMTs and sustainability performance. The study follows a purely quantitative approach and is based on large and mid cap firms on the Nasdaq Stockholm exchange. The sustainability performance of firms is proxied by the ESG-score issued by Refinitiv. The study finds that the size of both BoDs and TMTs is positively and significantly related to sustainability performance. The relationship for the size of BoDs is particularly strong and significant, whereas the one for TMTs is less so. Regarding the proportion of gender, this variable was also positively and significantly related to sustainability performance, but only for BoDs. Finally, the age variable was insignificant for both BoDs and TMTs.

京都大学 / 新制・課程博士 / 博士(経済学) / 甲第23446号 / 経博第644号 / 新制||経||299(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 澤邉 紀生, 教授 草野 真樹 講師 鈴木 寛之 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

The private equity industry has experienced a decade marked by substantial growth. However, as the investment landscape for capital providers has become more complex, the leadership team of private equity firms plays a more crucial role in navigating significant challenges. Focused on two themes, this dissertation explores the background of top management teams (TMTs) in private equity firms, its correlation with fund performance, and the backgrounds of deal lead partners and their risk assessment of leveraged buyout (LBO) investments. The first essay investigates TMT diversity, emphasizing its multi-dimensional connection with fund performance. The study differentiates between socio-demographic and occupational diversity, uncovering various effects on fund outcomes. The second essay constructs a diversity index based on a comprehensive methodology to maximize the correlation between TMT diversity and private equity fund performance. The third essay explores the risk profiles of private equity partners in LBO investment decisions, establishing a link between socio-demographic backgrounds and distinct risk assessment archetypes. This dissertation contributes to the literature in the intersection of private equity and TMT, providing insights for scholars and practitioners alike.

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.

Background: It has become increasingly important for all corporations to make environmentally friendly decisions and consider environmental CSR. Previous studies have shown that effective corporate governance and diversity of BoDs and TMTs can affect sustainability reporting positively. However, prior literature has been underrepresented regarding SMEs. It is currently voluntary for these types of firms to report on sustainability, but new requirements are underway. Additionally, family-owned firms differ in the context of environmental CSR reporting due to the interests of the family, and that these types of firms tend to not consider the diversity as much as non-family-owned firms.    Purpose: The purpose of this study is to investigate how the diversity of BoDs and TMTs in Swedish stock-listed SMEs impacts environmental CSR reporting. Additionally, how family firms moderate this relationship.     Methodology: This study adopts a positivistic view, follows the deductive approach, and uses a quantitative methodology. The collected data was gathered through databases, annual reports, and other sources to get information about the diversity aspects and sustainability reporting. This was analyzed by using the Spearman correlation matrix and multiple linear regressions.    Findings: The findings of this study only partially support the relationship between the diversity of BoDs and environmental CSR reporting. There was no support regarding the relationship between the diversity of TMTs and environmental CSR reporting. Family firms as a moderating factor to this, could also not be supported.

The issue of gender equality is a constant topic where Sweden is known as one of the most equal countries in the world. Nevertheless, the gender distribution in the top management teams (TMT) of the Swedish listed firms is generally skewed. There are no clear differences in ability between the two genders that reflect this fact. The skewed gender distribution might be a problem since TMT have an impact on firm financial performance. The study investigated the relationship between the proportion of women in the TMT and firm financial performance. In addition, the gender distribution in the TMT and the firm financial performance were examined. As a complement to the study's main research issues, we studied the risk level of firms since it is associated with financial performance. The purpose was to examine if there are any financial incentives with an increased proportion of women in top management. The theoretical perspectives on which the study was based were ‘Agency Theory’, ‘Upper Echelon Theory’ and ‘Resource Dependency Theory’. The relationships were explored quantitatively using multiple regression analysis. The regressions manifested contradictory results where the significant results showed a negative relationship between the proportion of women and ROE. The results also showed that gender diverse TMT had the lowest financial performance in terms of ROE whilst they had the highest performance when tested against Tobin's Q. Furthermore, a significant negative relationship between the proportion of female managers and the firm beta value was identified. Lastly, it was concluded that the proportion of women in TMT, as well as gender diverse TMT, do not have a unanimous relationship with firm financial performance. However, the proportion of women in TMT have a significant negative relationship with the companies' risk level. / Jämställdhetsfrågan är ett ständigt aktuellt ämne där Sverige klassificeras som ett av de mest jämställda länderna i världen. Ändock är könsfördelningen i de svenska börsbolagens ledningsgrupper generellt sett skev. Det råder inga tydliga skillnader i förmågan mellan de båda könen som speglar detta faktum. Den skeva könsfördelningen kan vara ett problem då ledningsgrupper har en påverkan på företagens finansiella prestationer. Studien undersökte dels vilka samband som finns mellan andelen kvinnor i ledningsgrupperna och företagens finansiella prestationer samt sambandet mellan könsfördelningen i ledningsgrupperna och de finansiella prestationerna. Som komplement till studiens huvudsakliga forskningsfrågor studerades företagens risknivå som förknippas med finansiella prestationer. Syftet var att undersöka om det finns ekonomiska incitament med en ökad andel kvinnor i de svenska börsbolagens ledningsgrupper. De teoretiska perspektiv som låg till grund för studien var ‘Agency Theory’, ‘Upper Echelon Theory’ samt ‘Resource Dependency Theory’. Sambanden utforskades kvantitativt med hjälp av regressionsanalyser. Regressionsanalyserna visade på motstridiga resultat där de signifikanta resultaten påvisade negativa samband mellan andelen kvinnor och ROE. Resultaten visade även att jämställda ledningsgrupper presterade sämst när finansiell prestation definierades som ROE. Däremot presterade jämställda ledningsgrupper bäst när de testades mot Tobin’s Q. Vidare identifierades ett signifikant negativt samband mellan andelen kvinnliga chefer och företagens betavärde. Från resultaten drogs slutsatserna att andelen kvinnor i ledningsgrupperna samt jämställda ledningsgrupper inte har ett enhälligt signifikant samband med företagens finansiella prestationer. Däremot har andelen kvinnor i ledningen ett negativt samband med företagens risknivå.

Studien omfattar 50 observationer av bolag inom First North och undersöker två hypoteser relaterade till demografisk mångfald inom ledningsgrupper och strategiska beslut. I studien förväntades demografisk mångfald ha en negativ påverkan på effektiva strategiska beslut och en positiv påverkan på strategiska beslut av kvalitet. Hypoteserna accepterades delvis och studien konstaterade att endast en del av de demografiska karaktärsdragen har en påverkan på strategiska beslut. / The study contains 50 observations of companies in First North and examine two hypothesises related to demographic diversity in top management teams and strategic decisions. The study expected demographic diversty as having a negative impact on effective strategic decisions and have a positive impact on quality of strategic decisions. The hypothesises showed partial support and found that only some of the demographic characteristics had an impact on strategic decisions.

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With the rapid growth of industry 4.0 and the digital age, we can see that the use of digital tools, systems and solutions are becoming more standardized in all sectors. We are currently witnessing these tools becoming a much more integral part of future industry and therefore putting pressure on current organizations to adapt. Digital maturity is a phenomenon that has gained an abundance of exposure in recent years, and the importance of this phenomenon grows in relation to the growth of the digital environment. According to academia, questions about companies’ digital status have recently become topical. Digital maturity can act as a portal for possibilities and change. For example, exploiting opportunities, implementing technological processes and averting business risks that stem from advanced technologies. Academic research in this field mainly concentrates on the quantitative aspects and therefore we have engaged in a qualitative approach in order to fill the gap within this field of research. Moreover, we have identified that studies and contemporary assessment models do not consider the importance of management and aspect of change to the necessary extent. Academia mentions the importance of converting digital maturity assessments to company actions through a systematic engagement from managers. However, most studies in the field have focused on either giving overviews on different perspectives of assessments or answered questions regarding the success rate of digital transformations, we believe that management and change management are key components to digital maturity and transformational success. A qualitative approach is therefore suitable because of the exploratory nature of our interests. To gather data, we conducted interviews with participants chosen through a purposive sampling technique. The purposive sampling method was chosen to achieve a better and more qualitative result since the participants all had expertise within the field of digital development, digital maturity measurements and management. The interview questions were based on theories in our conceptual framework and served as a foundation for the interview guide. The intention was to see if our initial theories on digital maturity transformation would match the views of the participants. By using a thematic analysis method, we connected the participants answers to our identified framework themes, potentially altering our conceptual framework. The original components of our conceptual framework were: Importance of management and change management, which included theories of organizations, people, change kaleidoscope, the theory of constraints, PDSA-cycle and RACI-model. The result of the study showed that our predicted components of importance of management and change management were essential for the success of digital maturity. Our underlying theories also matched the participants views. However, new theories and components were added based on the empirical findings. These were: long term solutions and strategies, strong and motivating leadership, project triangle and communication plans. Our study indicates that management and change management can be success factors in the process of becoming more digitally mature.