Paraplybegreppet intellectual capital (IC) innefattar alla former av tillgångar som saknar fysisk substans och som utgör skillnaden mellan ett företags redovisade värde och deras marknadsvärde. Två noterade företag med identiska tillgångar på balansräkningen kan alltså värderas till helt olika priser. Anledningen är att det finns mer abstrakta former av tillgångar som är svåra att kvantifiera och redovisa. I en årsredovisning finns det utrymme för företag att delge information som de anser viktig. Syftet med studien är att redogöra hur svenska företag inom olika branscher rapporterar och kommunicerar förekomsten av IC genom årsredovisningar. Studien baseras på en kvantitativ innehållsanalys. Utifrån resultatet gör vi en ansats att identifiera eventuella mönster inom branscherna och diskuterar om dessa mönster kan förklaras av branschernas olika egenskaper. Den teoretiska modell som används i denna studie utvecklades av James Guthrie. Med hjälp av Guthries kodschema och definitioner för IC identifierar vi skillnader mellan fyra olika branscher inom Sverige. Dessa branscher är läkemedel, IT-konsult, bank samt fastighetsbranschen. IC delas in i tre huvudkategorier, internal capital, external capital och human capital, vilka i sin tur består av ett antal underkategorier. Kategorierna används som begrepp för att representera de tillgångar i verksamheten som inte kan fångas av den traditionella redovisningen. Insamlingen av data gör vi genom en tvärsnittsstudie bestående av ett teoretiskt urval, där vi analyserar fyra företag inom respektive bransch med högst P/B-tal. Resultatet av vår studie leder till slutsatsen att det finns skillnader mellan branscher vid rapporteringen av IC, genom fördelningen mellan olika underkategorier och framförallt i omfattningen av rapporteringen - skillnader som inte alltid är självklara eller uppenbara. Dessa skillnader framträder inte om fokus ligger på antal och fördelningen av de olika kategorier av IC, utan uppkommer vid en djupare nyanserad analys av hur företagen kommunicerar sitt IC. Därför har vi i vår studie presenterat materialet med citat från de olika företagens årsredovisningar, för att belysa hur IC uttrycks samt för att få med dess kontext. Resultatet visar på att svenska företag inom läkemedelsbranschen kommunicerar mest om internal capital och att bank-, It-konsult- samt fastighetsbranschen kommunicerar mest om external capital. Läkemedelsbranschen rapporterar relativt mycket om IC, jämfört med de resterande branscherna. Det största företaget inom respektive bransch är också det som rapporterade mest IC. / The generic term intellectual capital (IC) contains all forms of assets that lacks the aspect of a physical substance and makes the difference between a company’s book value and market value. Two stock-listed companies with identical assets on the balance sheet can thus be valued at notably different share-price. The reason for this is the presence of more abstract forms of assets that are more difficult to quantify and account for. An annual report contains given space for companies to communicate information that they consider important and relevant. The purpose of this paper is to examine how Swedish companies in different sectors report and communicate the occurrence of intellectual capital by analyzing annual reports. The study is based on a qualitative content analysis. Based on the result, we have made an effort to identify any patterns within the sectors and discuss whether these patterns can be explained by the different characteristics of the sectors. The theoretical model used in this study is developed by James Guthrie. With help of Guthrie’s code scheme and definitions for intellectual capital, we examine differences between four different sectors in Sweden. These sectors are pharmaceuticals, IT consultants, banks and the real estate sector. IC is divided into three main categories, which in turn consist of a number of subcategories. The categories are used as a concept to represent the assets in the business that cannot be seized by the traditional accounting. We have collected the data through a cross-sectional study consisting of a theoretical sample, where we analyze four companies within each sector with the highest price to book value. The results from our research lead us to the conclusion differences exists in between the different sectors when it comes to their reporting of intellectual capital, differences regarding the distribution between different subcategories and particularly in the magnitude of the reports. Differences that sometimes do not come across as obvious or self-evident. These differences will not show if one only focuses on how many numbers there are and allocation of the different categories of IC, but arises from a deeper nuanced analysis of how companies communicate their IC. Therefore, in our study, we have presented the material with quotes from the various companies’ deductions, in order to illustrate how IC is expressed and to capture its context. The result shows that Swedish companies in the pharmaceutical sector communicate mostly about internal capital and that the banking, IT consultancy and real estate sector communicates mostly about external capital. The pharmaceutical sector reports relatively much about IC, compared to the remaining sectors. The largest company in each sector is also the one that reported the most IC.

Made available in DSpace on 2016-04-26T20:48:49Z (GMT). No. of bitstreams: 1 Nanci Souto de Assis.pdf: 1015428 bytes, checksum: 1c962c44a5cb064c56ace73695b1ff76 (MD5) Previous issue date: 2007-11-05 / The aim of this thesis is to document the important fusion and acquisition process that was created during Real Plan, on this period at Brazil had one change in your system through the open market and the change of your cambial system. We believed that it is recent event and your documentation is very simple and generic, so we decided to create our interpretation about this subject. On the first chapter, we describing about main and important historic moments. On the next chapter, we are reviewing the economic and financial concepts through chronologic line. On the third chapter, we go to investigating how this alteration (monetary and cambial politic) to accelerate the financial structural system process. Finally, on the fourth chapter we are to exposure all numbers about the new brazilian financial structure and to context then in to the worldwide process in other words financial globalization process / Esta dissertação pretende documentar o processo de fusões e aquisições que ocorreu fortemente a partir do Plano Real, período em que o Brasil viveu a mudança de seu sistema através da abertura de seu mercado e modificação de seu sistema cambial. Acreditamos que esse evento, por ser recente, não foi explorado em toda a sua extensão, e este trabalho tem o objetivo de gerar uma interpretação sob tal fato. Inicialmente, iremos discorrer sobre o momento histórico que estamos analisando, nos atendo aos pontos que serão úteis no entendimento maior de nossa análise. Em seguida, iremos fazer uma revisão de conceitos econômicos e financeiros relativos ao sistema financeiro (bancário), construindo uma linha cronológica. Será dada especial ênfase aos fatores que constituíram o atual sistema. O passo seguinte consistirá na investigação e exposição de em que medida a alteração da política monetária e cambial brasileira acelerou o processo de estruturação do sistema financeiro/bancário. A dissertação, por fim, mostrará em números as modificações ocorridas e irá posicionar estes números dentro do processo mundial de monopolização financeira

The financial crisis of 2007-2008 highlighted the societal impacts of bank risk-taking. A strong focus on maximizing profits for shareholders combined with a disregard for, and  underestimation of risks led to the downfall of large banks such as Lehman Brothers and multiple other banks getting bailed out by several governments and other banks. The financial crisis spread and impacted all major financial markets across the globe, which highlights the importance of investigating the banking sector from a global perspective. In addition, the influences of corporate social responsibility (CSR) on financial performance and risk have been a growing topic in research as well as in practice. Most banks today invest large amounts of money in CSR activities. The question of how bank spending in CSR activities impacts market risk is important. There are two contradicting views on CSR activities and market risk. The risk mitigation view suggests that banks that focus on stakeholder satisfaction have lower risk due to increased moral capital with stakeholders. The overinvestment view suggests that managers waste scarce resources by overinvesting in CSR activities to further selfish goals and therefore increase risk. This study examines the relationship between sustainability performance (ESG Combined score) and market risk (VaR/CVaR) using a deductive approach. The authors sample 159 banks from 39 countries and all 7 economic regions from 2011-2022. Data is used for testing hypotheses. Results find high ESG Combined Scores are associated with lower VaR/CVaR and results are robust to modifications in VaR/CVaR calculation assumptions. Disaggregation of ESG pillars shows that social pillar scores decrease VaR/CVaR in banks while environmental and governance pillars are insignificant. Results primarily lend support to the risk mitigation view and stakeholder theory stating that firms should focus more on stakeholder satisfaction than maximizing shareholder value. Complementing theories such as legitimacy theory and resources-based view are also considered important theories for explaining the results.