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Syfte: Syftet är att undersöka om tvingande kvotering kommer att ha en effekt på ROA och tillväxt för svenska bolag noterade på Large Cap. Metod: Studiens metod är kvantitativ och har en deduktiv ansats. Författarna har gjort multipla regressionsanalyser i statistikprogrammet Stata. Teoretisk utgångspunkt: Public Interest Theory, Capture Theory, Tvingande Isomorfism, Legitimitetsteorin och Humankapitalteorin. Resultat och slutsats: Studien finner inte att andelen kvinnor i bolagsstyrelser har någon påverkan på bolagens finansiella prestationer i svenska bolag som är noterade på Large Cap, Nasdaq Stockholm. Studien finner att nyval i styrelsen har en negativ påverkan på bolagens finansiella prestationer. / Purpose: The purpose is to investigate whether mandatory quotas will have an effect on ROA and growth for Swedish companies listed on Large Cap. Method: The study method is quantitative and has a deductive approach. The authors have performed multiple regression analyzes in the statistical program Stata. Theoretical starting point: Public Interest Theory, Capture Theory, Coercive Isomorphism, Legitimacy Theory and Human Capital Theory. Result and conclusion: The study does not find that the proportion of women in corporate boards has any impact on the companies' financial performance in Swedish companies listed on Large Cap, Nasdaq Stockholm. The study finds that election on the board has a negative impact on the companies' financial performance.

The Swedish Sports Confederation (Riksidrottsförbundet) is a powerful organization of opinion within the service of Swedish sport, continually clarifying the responsibilities that sport assumes and the positive values that the popular movement represents. However, gender equality seems to be a difficult task to solve. In fact, Riksidrottsförbundet aim for that both genders should have the same amount of power to form the sport and to have equal opportunity to exercise and be leaders in sport. Additionally,both genders should have the same amount of influence in boards. This is something that’s not reached when the majority of all board members are still men. This leads to that several of the sport clubs must work to recruit more women. Swedish football have since 2019 created the project called “Plus 10 000”which strives to bring in more female leaders and coaches by 2022. Riksidrottsförbundet have a projectcalled “Strategi 2025” where one of the goals is that none of the genders should be represented with less than 40 %. The purpose of this study was to find out the gender equality in boards of football clubs in Umeå and what role the woman in those boards had. It was studied what 40 % means in practice for the equality in the boards and why the boards that had 40 % women succeeded with the recruitment and integration. Through interviews with people in boards of football clubs, the study showed how norms and performances control recruitment. The result showed that the members of boards were unaware of these norms and how they made the recruitment of women more difficult. The clubs were open to bringin more women, especially young women, but in most cases the masculine norm were invisible and made men choose men. The conclusion of the study is that women are not the problem, instead it’s the masculine norm and culture that create limitations. Awareness of the norm and culture must be established but also the process of recruitment must change in order to improve gender equality within the boards

Due to various corporate scandals and failures, there has been a renewed interest on the role of boards in the performance of firms. This thesis examines the relationship between the key board characteristics and firm performance. Unlike most studies on boards which predominantly use only financial variables affecting governance, I take a different approach by combining them with non-financial variables. This combined set of variables is used for theoretical and empirical modelling. Based on the extant literature, I develop a conceptual framework and a set of hypotheses to examine the relationship between board characteristics and firm performance. Board characteristics considered in this research include board size, director ownership, CEO duality, gender diversity, educational qualification of board members and number of board meetings. Additionally, I use board size as a moderating variable to examine how the effect of other board characteristics is contingent on board size. Firm performance is measured by return on assets. I test my hypotheses on a longitudinal sample of 156 firms over a four year period from 2004 to 2007. My sample includes all firms listed on New Zealand stock exchange as on November 2007. Empirical analysis is undertaken using Generalised Least Squares analyses. The findings of the study show that board characteristics such as board size, CEO duality and gender diversity were positively related with firm performance, where as director ownership, board meetings and the number of board members with PhD level education was found to be negatively related. Board size was found to be moderating some of these relationships, indicating the critical role being played by board size in the design and role of corporate boards. The findings also provide partial evidence to different governance theories, further indicating the need for theoretical pluralism to gain insights into boards’ functioning. The study contributes to the understanding of board-performance link by examining both the traditional variables such as board size, CEO duality, and number of board meetings as well as other organisational attributes such as gender diversity and competence variables represented by women and PhD holders, respectively. The theoretical framework and the findings of my thesis are expected to stimulate scholars for further research to identify the contingency conditions upon which the board characteristics and firm performance may be dependent.

Due to various corporate scandals and failures, there has been a renewed interest on the role of boards in the performance of firms. This thesis examines the relationship between the key board characteristics and firm performance. Unlike most studies on boards which predominantly use only financial variables affecting governance, I take a different approach by combining them with non-financial variables. This combined set of variables is used for theoretical and empirical modelling. Based on the extant literature, I develop a conceptual framework and a set of hypotheses to examine the relationship between board characteristics and firm performance. Board characteristics considered in this research include board size, director ownership, CEO duality, gender diversity, educational qualification of board members and number of board meetings. Additionally, I use board size as a moderating variable to examine how the effect of other board characteristics is contingent on board size. Firm performance is measured by return on assets. I test my hypotheses on a longitudinal sample of 156 firms over a four year period from 2004 to 2007. My sample includes all firms listed on New Zealand stock exchange as on November 2007. Empirical analysis is undertaken using Generalised Least Squares analyses. The findings of the study show that board characteristics such as board size, CEO duality and gender diversity were positively related with firm performance, where as director ownership, board meetings and the number of board members with PhD level education was found to be negatively related. Board size was found to be moderating some of these relationships, indicating the critical role being played by board size in the design and role of corporate boards. The findings also provide partial evidence to different governance theories, further indicating the need for theoretical pluralism to gain insights into boards’ functioning. The study contributes to the understanding of board-performance link by examining both the traditional variables such as board size, CEO duality, and number of board meetings as well as other organisational attributes such as gender diversity and competence variables represented by women and PhD holders, respectively. The theoretical framework and the findings of my thesis are expected to stimulate scholars for further research to identify the contingency conditions upon which the board characteristics and firm performance may be dependent.

77 Abstract Obligatory representation of women on corporate boards The main topic of this master thesis deals with obligatory women representation on boards of stock listed companies from the theoretical point of view with focus on European and Czech legislation. Women are under-represented in this area for a long time, which not only violates the basic human rights principle regarding gender equality, but also does not use the available human resources and thus wastes talent. The second chapter first describes the development of EU law in relation to positive measures that can justify a higher participation of women in the bodies of business corporations in relation to the principle of non-discrimination, mentioning the most important case law of the ECJ. Than is also mentioned the possibility of positive measures in Czech legislation. The second chapter also mentions the economic aspects of women's representation on boards in the sense that the presence of women can influence the body and thus the whole corporation. The third chapter describes the means by which women's participation in corporate bodies can be increased, what goals can be achieved and what sanctions can be imposed in case of non-compliance with the set goals. The arguments for and against the introduction of legal quotas are also...

Syfte: Resultatmanipulering är ett opportunistiskt beteende som förekommer i samband med företagsförvärv. Incitament för förvärvande företag att resultatmanipulera kan variera beroende på om det finns motverkande mekanismer i bolagsstyrningen. Forskare har tidigare poängterat att ansvarstagande är en motsats till opportunistiskt beteende och att ansvarstagande är en utmärkande egenskap för kvinnor och något som karaktäriserar CSR-arbete. Syftet med aktuell studie är därför att undersöka om CSR-arbete i bolagsstyrningen och andelen kvinnor i styrelser minskar förekomsten av resultatmanipulering ett år innan ett företagsförvärv med stock swap. Metod: Studien antar ett positivistiskt perspektiv med en hypotetisk-deduktiv ansats. Sekundärdata har inhämtats från databasen Thomson Reuters Eikon och Thomson Reuters Datastream genom ett kvantitativt tillvägagångssätt. En tvärsnittsstudie har designats och urvalet har slutligen analyserats i multipla regressionsanalyser med hjälp av Excel och statistikprogrammet IBM SPSS. Resultat och slutsats: Studien visar att CSR-arbete minskar förekomsten av resultatmanipulering inför företagsförvärv, vilket studiens litteraturundersökning givit anledning att förvänta. Däremot finner vi inget signifikant samband mellan andelen kvinnor i styrelser och resultatmanipulering inför företagsförvärv. Förslag till fortsatt forskning: Studier som undersöker samband mellan CSR och andra opportunistiska beteenden än resultatmanipulering. Vi skulle även önska studier som till större grad tar hänsyn till vikten av antalet kvinnor närvarande i styrelser för att påvisa kvinnors utmärkande egenskaper. Allra helst i samband med incitament för resultatmanipulering. Uppsatsens bidrag: Ur ett teoretiskt perspektiv bidrar denna studie genom att diskutera och empiriskt undersöka samband mellan kvinnor, CSR och resultatmanipulering. Studien bidrar även med ett alternativt sätt att undersöka CSR i kontrast till tidigare forskning som främst använt ESG poäng. Ur ett praktiskt perspektiv bidrar studien med information som kan vara viktig för målföretag som står inför att bli uppköpta och intressenter i analyser av aktievärden. / Aim: Earning management is an opportunistic behavior that occurs in conjunction with acquisitions. Earnings management incentives for acquiring companies may vary depending on whether there are counteracting mechanisms in corporate governance. Researchers have previously pointed out that responsibility is a contradiction to opportunistic behavior and that responsibility is a distinctive feature of women and something that characterizes CSR work. The purpose of the current study is therefore to investigate whether CSR work in corporate governance and the proportion of women in boards reduces the incidence of earning management one year beforea company acquisition with stock swap. Method: The study is based on the philosophy of positivism with a hypothetical deductive approach. Secondary data have been retrieved from the Thomson Reuters Eikon database and Thomson Reuters DataStream database through a quantitative approach. A cross-sectional design isused and the sample has been analyzed in multiple regression using Excel and the IBM SPSS statistics program. Result & Conclusions: The study shows that CSR work reduces the incidence of earning manipulation prior to acquisitions, which the study's literature survey gave reason to expect. However, we do not find a significant relation between women in boards and earning management prior to company acquisitions. Suggestions for future research: Studies that investigate the relationship between CSR and other opportunistic behaviors than earning management. We would also liketo see studies that take greater account of the importance of the number of women presented in boards to show women's distinctive qualities. Mainly in connection with incentives for earning management. Contribution of the thesis: From a theoretical perspectivethis study contributes by discussing and empirically investigating relationships between women, CSR and earning management. The study also contributes with an alternative way of investigating CSR in contrast to previous researchthat is primarily using ESG points. From a practical perspective, the study contributes with information that may be important for target companies that are facing acquisitions and stakeholders in stock value analysis.

Sammanfattning   Titel: Effekten kvinnliga styrelseledamöter och ämbetstid i styrelsen har på CSR samt kulturella skillnaders inverkan på sambanden   Nivå: ​Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi.   Författare: Celine Andersson och Louise Eriksson.   Handledare: ​Jan Svanberg.   Datum: ​2019 – Juni.   Syfte: ​På grund av påtryckningar från samhället har företagens intresse för CSR-aktiviteter på senare år ökat, och även skapat reglering och restriktioner kring detta. Ansvaret för att dessa regler och restriktioner efterföljs är styrelsens, där styrelsens agerande kan bero på dess sammansättning. Studien syftar till att undersöka om kvinnliga styrelseledamöter samt ämbetstiden i styrelsen kan ha en påverkan på företagens CSR genom ändrat intresse i dess CSR-aktiviteter, och även se om kulturella skillnader har en inverkan på ett eventuellt samband.   Metod: ​Studien har en positivistisk utgångspunkt med en hypotetisk-deduktiv ansats. Forskningsstrategin som studien utförs inom är kvantitativ, där data angående kvinnliga styrelseledamöter, ämbetstid i styrelsen och CSP hämtats från 598 respektive 704 företag från Europa respektive USA, vilket resulterat i 2990 respektive 3520 observationer under femårsperioden 2013-2017. För insamling av datan har vi använt databasen Thomson Reuters Datastream. Vi har även hämtat data angående nationers kulturella skillnader från Hofstede Insights, med hjälp av Country Comparison Tool. Sammanställning av datan har skett med hjälp av statistikprogrammet SPSS.   Resultat & slutsats: ​Det resultat studien kommer fram till är att det finns ett positivt samband mellan kvinnliga styrelseledamöter och CSR. Vi ser att ämbetstiden i styrelsen har en liten effekt på CSR, men här behövs det ytterligare forskning. Kulturella skillnader kan vi fastställa har en modererande effekt på båda ovanstående samband.   Examensarbetets bidrag: Bidraget som studien ger är en ökad kunskap kring hur styrelsens ämbetstid påverkar företagets CSR, den ger även en påbörjad fyllnad av forskningsgapet som finns kring hur kulturella skillnader påverkar sambandet. Vidare har vi ökat ett säkerställande av det positiva sambandet mellan kvinnliga styrelseledamöter och CSR, samt fastslagit att kulturella skillnader påverkar kvinnliga styrelseledamöters makt gällande CSR, samt hur ämbetstiden i styrelsen påverkar beslut kring CSR.   Förslag till fortsatt forskning: ​För framtida forskning på ämnet efterfrågar vi studier för den optimala andelen kvinnliga styrelseledamöter och var gränsen går för att det positiva sambandet mellan kvinnliga styrelseledamöter och CSR blir svagare. Vidare forskning på ämnet kan även vara att djupare studera om ämbetstiden har en påverkan på företagets CSR.   Nyckelord: ​Kvinnliga styrelseledamöter, ämbetstid i styrelsen, kulturella skillnader, CSP, CSR, Hofstede och ESG. / Abstract   Title: The impact of female board members and board tenure have on CSR and cultural differences on these relationship   Level: ​Student thesis, final assignment for Bachelor Degree in Business Administration   Author: ​Celine Andersson and Louise Eriksson   Supervisor: ​Jan Svanberg   Date: ​2019 - June   Aim: ​Due to pressure from the society, companies interest in CSR activities has increased in recent years, and has also caused regulation and restrictions on this. The board is responsible for ensuring that these rules and restrictions are complied with, where the boards actions may depend on its composition. This study aims to investigate whether female board members and the board tenure can have an impact on the companies CSR through a changed interest in the the companies CSR-activities, and also see if cultural differences might have an impact on a possible relationship.   Method: ​The study has a positivistic starting point with a hypothetical-deductive approach. The research strategy in which the study is conducted is quantitative, where data on female board members, board tenure and CSP were obtained from 598 and 704 companies from Europe and the US, which resulted in 2990 and 3520 observations during the five-year period 2013-2017. For data collection, we have used the Thomson Reuters Datastream database. We have also collected data on nations' cultural differences from Hofstede Insights, using the Country Comparison Tool. Compilation of the data has been made using the statistical program SPSS.   Result & Conclusions: ​The result we found in the study is that there is a positive correlation between female board members and CSR. We can see that the board tenure has a small effect on CSR, but here further research is needed. Furthermore, we can determine that cultural differences have a moderating effect on both of the above relationships.   Contribution of the thesis: ​The contribution that the study provides is an increased knowledge of how board tenure affects the company's CSR, it also provides a commenced filling of the research gap that exists about how cultural differences affect the relationship. Furthermore, we have increased the assurance of the positive relationship between female board members and the CSR and has established that cultural differences affect the power of women board members regarding CSR, and how the board tenure affects decisions about CSR.   Suggestions for future research: ​For future research on the subject, we demand studies for the optimal proportion of female board members and where the limit goes for the positive relationship between female board members and CSR to be weaker. Further research on the subject can also be on whether the board tenure has an impact on the company's CSR.   Key words: ​Women on boards, board tenure, cultural features, CSP, CSR, Hofstede and ESG.

ABSTRACT Title: Do women's risk aversion have any effect on earnings quality and audit fees? Level: Student thesis, final assignment for Bachelor Degree in Business Administration Author: Josephine Jonsson and Josefin Lund Supervisor: Jan Svanberg Date: 2019 – june Aim: Due to the positive qualities women are considered to add to the boardroom and the countries' quota requirements for the proportion of women on boards, it is of great importance to examine the possible effect of an increased number of women on boards. The purpose of this study is to investigate whether there is a connection between external audit fees and the proportion of women on the board. A second purpose is to investigate whether a higher/lower audit fees associated with women on the board is related to higher earnings quality. Method: The study adopts a hypothetical-deductive approach with a positivistic perspective. Quantitative secondary data has been obtained from the Thomson Reuters Eikon. A longitudinal study has been designed and the selection has finally been analyzed in multiple regression analysis using the statistics program IBM SPSS. Result & Conclusions: The study's literature review gave reason to expect a connection between the proportion of women on the board and the companies' earnings management and audit fees explained by women's risk aversion. The study measures the companies' earnings quality with earnings management in order to seek answers to whether the audit fee can be explained by the earnings quality. The result shows no correlation and the study can thus not explain the companies' audit fees with women's tendency to act risk averse. Contribution of the thesis: From a theoretical perspective, the study contributes to business research through an increased understanding of the view of the female leader, as this study seeks out explanations other than risk aversion to the connection between audit fees and the female leader. The study's practical contribution is about clarifying the effect of appointing more women on boards, and the study provides valuable information to the companies' stakeholders due to the quota requirements of women on boards in certain countries. Suggestions for future research: Since the results in the study do not fall in line with previous research, future research should take an open perspective on whether women should be assumed to be risk averse. There may be many other explanations for the effects of women on leading positions. These effects should be investigated. It is also interesting to investigate how the quota of women in leading positions affects the companies' profitability, if the woman is hired because of her gender and not her experience and competence. / SAMMANFATTNING Titel: Har kvinnors riskaversion någon effekt på redovisningskvalitet och revisionsarvode? Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Josephine Jonsson och Josefin Lund Handledare: Jan Svanberg Datum: 2019 – juni Syfte: Med anledning av de positiva egenskaper kvinnor anses tillföra i styrelserummen samt ländernas kvoteringskrav på andel kvinnor i styrelser är det av stor vikt att undersöka den eventuella effekt som kommer av ett ökat antal kvinnor i styrelser. Syftet med denna studie är att undersöka om det finns ett samband mellan externt revisionsarvode och andel kvinnor i styrelsen. Ett andra syfte är att undersöka om ett eventuellt högre/lägre revisionsarvode associerat till kvinnor i styrelsen är relaterat till högre redovisningskvalitet. Metod: Studien antar en hypotetisk-deduktiv ansats och ett positivistiskt perspektiv. Kvantitativ sekundärdata har inhämtats från databasen Thomson Reuters Eikon. En longitudinell studie har designats och urvalet har slutligen genomgått analys i multipla regressionsanalyser med hjälp av statistikprogrammet IBM SPSS. Resultat och slutsats: Studiens litteraturundersökning gav anledning att förvänta sig ett samband mellan andel kvinnor i styrelsen och företagens resultatmanipulation och revisionsarvode förklarat med kvinnors riskaversion. Studien mäter företagens redovisningskvalitet med resultatmanipulation för att söka svar på om revisionsarvodet kan förklaras med företagens redovisningskvalitet. Resultatet visar inget samband och studien kan således inte förklara företagens revisionsarvoden med kvinnors tendens att agera riskavert. Examensarbetets bidrag: Ur ett teoretiskt perspektiv bidrar studien till den företagsekonomiska forskningen genom en ökad förståelse på synen på den kvinnliga ledaren, eftersom denna studie söker andra förklaringar än riskaversion till sambandet mellan revisionsarvodet och den kvinnliga ledaren. Studiens praktiska bidrag handlar om att tydliggöra effekten av att tillsätta fler kvinnor i styrelser och studien tillhandahåller värdefull information till företagens intressenter med anledning av kvoteringskrav på kvinnor i styrelser i vissa länder. Förslag till fortsatt forskning: Då sambanden i studien inte faller i linje med tidigare forskning bör framtida forskning inta ett öppet perspektiv på huruvida kvinnan kan antas riskavert. Det kan finnas många andra förklaringar till effekterna som uppstår av kvinnor på ledande poster. Dessa effekter bör undersökas. Det vore även intressant att undersöka hur inkvotering av kvinnor i ledande positioner påverkar företagens lönsamhet, ifall kvinnan inkvoteras på grund av sin könstillhörighet och inte sin erfarenhet och kompetens.

Titel: Hållbarhetsrapportering - En kvantitativ studie om företag som påverkas av de nya direktiven i årsredovisningslagen väljer att presentera sin hållbarhetsrapport i årsredovisningen eller i en separat publikation. Nivå: Kandidatuppsats i företagsekonomi, 15 HP Författare: Kristoffer Saglind & Egzon Selimi Handledare: Fredrik Hartwig Datum: 2019 – Januari Syfte: Syftet med studien är att undersöka om de svenska företag som påverkas av den nya reformen (SFS 2016:947) väljer att presentera sin hållbarhetsrapport i årsredovisningen eller i en separat publikation. Studien undersöker även om branschtillhörighet, antalet kvinnor i styrelsen och skuldsättningsgrad kan förklara om hållbarhetsrapporten presenteras i årsredovisningen eller i en separat publikation. Metod: Undersökningen utgår från den positivistiska traditionen och tillämpar en deduktiv ansats. För att besvara syftet har en kvantitativ forskningsstrategi tillämpats genom en innehållsanalys samt att hypoteser har utformats för att sedan testas i en regressionsanalys. Datainsamlingen för undersökningen har inhämtats från databasen Retriever där alla aktiebolag som påverkas av den nya lagstiftningen undersöks. Resultat & slutsats: Studiens resultat visar att 45,42% av alla de undersökta företagen väljer att placera sin hållbarhetsrapport i årsredovisningen medan 54,58% presenterar den i ett separat dokument. Vidare så finner studien ett positivt signifikant samband mellan 2 av de 28 undersökta branscherna och att integrera hållbarhetsrapporten i årsredovisningen. Studien finner även ett positivt signifikant samband mellan antalet kvinnor i styrelsen och att ha en integrerad hållbarhetsrapport. Skuldsättningsgrad visar inget signifikant samband i undersökningen. Examensarbetets bidrag: Studiens praktiska bidrag är att sannolikheten är högre att ett företag inkluderar hållbarhetsrapporten i årsredovisningen ju fler kvinnor som finns i styrelsen. Vidare så tenderar företag verksamma inom branscherna ”företagstjänster” och ”fastighetsverksamhet” att placera hållbarhetsrapporten i årsredovisningen. Det teoretiska bidraget är att det finns ett positivt signifikant samband mellan antalet kvinnor i styrelsen, och till viss del branschtillhörighet med att integrera hållbarhetsrapporten i årsredovisningen. Vidare fann faktorerna skuldsättningsgrad och företagsstorlek inte något signifikant samband och kan därför inte förklara något. Förslag till fortsatt forskning: Vi föreslår att vidare forskning bör undersöka huruvida andra faktorer kan förklara var ett företag väljer att placera sin hållbarhetsrapport. Vidare föreslår vi att vidare forskning bör undersöka hur det skiljer sig mellan olika länder där en liknande reglering finns. Denna undersökning bör då använda samma oberoende variabler för att studien skall bli jämförbar. / Title: Sustainability reporting - A quantitative study on how companies affected by the new directives regarding the annual report choose to present their sustainability report either in the annual report or in a separate document. Level: Bachelor thesis in Business Administration, 15 HP Author: Kristoffer Saglind & Egzon Selimi Supervisor: Fredrik Hartwig Date: 2019 – Januari Aim: The aim of the study is to investigate whether Swedish companies affected by the new reform (SFS 2016: 947) choose to present their sustainability report in the annual report or in a separate publication. The study also investigates whether industry affiliation, the number of women on the board and leverage can explain if the sustainability report is presented in the annual report or in a separate publication. Method: The study is based on a positivist philosophy and applies a deductive approach. In order to respond to the aim of the study a quantitative research strategy has been applied through a content analysis. Thus, hypothesis has been designed to then be tested in a regression analysis. Data collection for the survey has been retrieved from the database Retriever where all companies affected by the new legislation are being investigated. Result & Conclusions: The results of the study shows that 45.42% of all the companies investigated choose to place their sustainability report in their annual report, while 54.58% present it in a separate document. Furthermore, the study finds a positive significant correlation between 2 of the 28 investigated industries and integrating the sustainability report into the annual report. The study also finds a positive significant correlation between the number of women on the board and an integrated sustainability report. Finally, leverage show no significant correlation in the study. Contribution of the thesis: The practical contribution of the study is that the probability is higher that more women present on the board makes the probability higher that the sustainability report is included in the annual report. Furthermore, companies active in the sectors of "business services" and "real estate activities" tend to place the sustainability report in the annual report. The theoretical contribution is that there is a positive significant correlation between the factors number of women on the board, and to some extent the industry of the company in integrating the sustainability report in the annual report. Furthermore, the factors leverage and company size did not find any significant correlation and therefore can not explain anything. Suggestions for future research:  We propose that further research should investigate whether other factors can explain where a company chooses to place its sustainability report. Furthermore, we suggest that further research should investigate how it differs between different countries where a similar regulation exists. This study should then use the same independent variables to make the study comparable.