Yes / The aim of this research is to synthesise findings from previous studies by employing weight and meta-analysis to reconcile conflicting evidence and draw a “big picture” of eWOM factors influencing consumers’ intention to buy. By using the findings from 69 studies, this research identified best (e.g. argument quality, valence, eWOM usefulness, trust in message), promising (e.g. eWOM credibility, emotional trust, attitude towards website) and least effective (e.g. volume, existing eWOM, source credibility) predictors of intention to buy in eWOM research. Additionally, the effect size of each predictor was calculated by performing meta-analysis. For academics, understanding what influences consumers’ intention to buy will help set the agenda for future research directions; for practitioners, it will provide benefit in terms of practical guidance based on detailed analysis of specific factors influencing consumers’ intention to buy, which could enhance their marketing activities.

This thesis consists of three self-contained papers on defined benefit (DB) pension provision in the United Kingdom (UK). In particular, in the first paper, I examine the effect that labour market incentives, managerial incentives and the adoption of FRS17 by UK firms, have on DB plan retention decisions. In this paper, I also examine the role of insider trustees, defined as trustees that are also company executives, on the firm’s decision to keep DB plans open. I find that firms for which human capital is especially important are more likely to retain their defined benefit plans. In addition, CEO and CFO membership in the same pension plan that is provided for other employees positively influences the retention of defined benefit pension plans. Additional analysis using a sub-sample for which data on pension plan trustees are available suggests that being a CEO and a trustee increases the probability of DB plan retentions. Moreover, being a CEO/CFO trustee and a member of the DB plan offered to all employees increases the likelihood of DB plan retention. However, I do not find any evidence that voluntary adoption of FRS 17 influences DB plan retention. In addition, I find that insider-trustees have a positive influence on the decision to maintain DB plans, especially when they are members of these plans. In the second paper, I look at the effect of DB plan retentions and executive membership in them, on corporate credit ratings and the investment and dividend decisions. Empirical findings suggest that firms which continue to sponsor DB plans are more likely to have lower credit ratings which are exacerbated when these plans are underfunded. Despite the above effect however, I find that if the CEO is a member of the DB plan, it positively affects credit ratings. In addition, I find some evidence that the participation of CEOs in the main DB plans in conjunction with overfunded pension plans, negatively affect investment decisions when these schemes remain open. I do not find any association between CEOs membership in the main DB plan and dividend payments which may be explained by the market signalling effects of dividends. Finally, in the third paper, I provide a thorough analysis of the pension buy-in and buy-out market in the UK, and I empirically examine the determinants of such transactions from a firm and plan perspective. I find that firms that implement buy-ins have larger and more funded pension plans, are more profitable and have higher union densities. Moreover, firms that complete buy-outs have larger pension plans and allocate less pension assets in equity. Moreover, the number of employees is negatively associated with both transactions implying it is costlier for firms to conduct either a buy-in or buy-out transaction. While union density is positively associated with buy-ins, it has a negative effect on the likelihood of buy-outs suggesting that unions support buy-in but not buy-out transactions. This may be potentially explained by the fact that the latter are associated with with plan winding-ups.

<p>Bakgrund: Från och med den 10 mars 2000 är det tillåtet för publika svenska börsföretag att handla i egna aktier. Det är intressant att belysa hur möjligheten att återköpa aktier uppfattas i Sverige. </p><p>Syfte: Syftet med denna uppsats är att klargöra hur möjligheten att återköpa egna aktier påverkar ledningen och aktieägarna i ett aktiebolag. </p><p>Genomförande: Vi har studerat artiklar och litteratur om ämnet återköp. Besöksintervjuer har genomförts på Assa Abloy, Electrolux, Investor, Skanska, Robur Kapitalförvaltning och Handelsbanken Markets. En kombinerad telefon- och e-mailintervju har genomförts med Finansinspektionen. </p><p>Resultat: Det anses positivt att återköp av egna aktier nu är möjligt i Sverige. De främsta motiven till ett återköp är att hantera ett bolags kapitalstruktur och att använda aktierna för att hantera optionsprogram. Återköp anses som ett flexiblare instrument än inlösen och kompletterar utdelningen. Några större risker för missbruk anses det inte föreligga.</p>

Bakgrund: Från och med den 10 mars 2000 är det tillåtet för publika svenska börsföretag att handla i egna aktier. Det är intressant att belysa hur möjligheten att återköpa aktier uppfattas i Sverige. Syfte: Syftet med denna uppsats är att klargöra hur möjligheten att återköpa egna aktier påverkar ledningen och aktieägarna i ett aktiebolag. Genomförande: Vi har studerat artiklar och litteratur om ämnet återköp. Besöksintervjuer har genomförts på Assa Abloy, Electrolux, Investor, Skanska, Robur Kapitalförvaltning och Handelsbanken Markets. En kombinerad telefon- och e-mailintervju har genomförts med Finansinspektionen. Resultat: Det anses positivt att återköp av egna aktier nu är möjligt i Sverige. De främsta motiven till ett återköp är att hantera ett bolags kapitalstruktur och att använda aktierna för att hantera optionsprogram. Återköp anses som ett flexiblare instrument än inlösen och kompletterar utdelningen. Några större risker för missbruk anses det inte föreligga.

Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion. Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag. Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning. Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen. / Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO. Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company. Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order. Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.

<p>Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion.</p><p>Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag.</p><p>Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning.</p><p>Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen.</p> / <p>Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO.</p><p>Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company.</p><p>Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order.</p><p>Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.</p>

Projektarbetet utförs på uppdrag av Virtual Manufacturing AB (VM) där frågor gällande make or buy av specialtillverkade komponenter har undersökts och besvarats. VM tillverkar och säljer Lean Manufacturing Products, vilket är produktionshjälpmedel, som används inom en rad olika industrier. Idag tillverkas detaljer till deras produkter av andra företag både inom och utom Sverige och arbetet går ut på att undersöka om det skulle vara lönsamt för VM att själva börja producera detaljer in-house. Nuläget sammanställdes för att undersöka hur VM arbetar idag och vilka kostnader som finns kopplat till outsourcing. Inköpskostnaderna förspecialkomponenterna samlades in och sorterades utefter tillverkningsteknik. Därefter sammanställdes kostnader för in-housetillverkning så som investeringskostnader och tillverkningskostnader för kalkylering av lönsamheten i att investera i tillverkningsmaskiner för utförandet av förädling av specialkomponenter in-house. Utifrån de lönsamhetsanalyser som utfördes för de inköpta detaljerna valdes laserskärning, CNC-fräsning och 3-D Printing som de tillverkningstekniker som skulle undersökas. Slutsatsen från lönsamhetsanalyserna av laserskärning och CNC-fräsning visar att det ej är lönsamt för Virtual Manufacturing att köpa in maskiner och börja tillverka in-house. Då VM redan har 3D-printers visar lönsamhetsanalysen att kostnaden att producera är likvärdig med att köpa in färdiga detaljer. Detta innebär att Virtual Manufacturing kan välja att fortsätta tillverka in-house eller att outsourca tillverkningen. / The project work is carried out on behalf of Virtual Manufacturing AB (VM), where questions regarding the make or buy decision for special components were to be investigated and answered. VM manufactures and sells Lean Manufacturing Products, which are production aids used in various industries. Currently, the details for their products are manufactured by other companies both within and outside of Sweden. The aim of the work is to examine whether it would be profitable for VM to start producing details in-house. The current situation was compiled to investigate how VM operates today and what costs are associated with outsourcing. The procurement costs for the special components were collected and sorted by manufacturing technology. Subsequently, costs for in-house production were compiled, including investment costs and manufacturing costs, to assess the profitability of investing in manufacturing machines for in-house processing of the special components. The manufacturing technologies chosen to be examined in the work are laser cutting, CNC milling, and 3D printing. The conclusion from the profitability analyses of laser cutting and CNC milling shows that it is not profitable for Virtual Manufacturing to purchase machines and manufacture special components in-house. Since Virtual Manufacturing already has 3D printers, the profitability analysis made for 3D-printing shows that the cost of production in-house is equivalent to purchasing specialcomponents. This means that VM can choose to continue manufacturing in-house or outsource the production.

<p>Cardo AB is an international corporate group that has performed major organizational changes the last few years. These changes utilize possible synergies that exist in a corporate group. One of the initiatives is that Cardo wants to develop a model for make-or-buy decisions. Therefore, the purpose of this thesis is stated as:</p><p><em>The study’s purpose is to develop a generic model for make-or-buy decisions at Cardo.</em></p><p>To develop the model, a theoretical study was conducted, where four main aspects were identified: core capability, risk, cost and relationship. For each aspect, a tool to define what the aspects consist of was identified. The aspects were combined together into a model, called model version 1. To enhance and adjust the model to suit Cardo’s situation, an empirical study was conducted. In the empirical study, it was investigated how different sites within Cardo are currently working with make-or-buy decisions. Moreover, in the empirical study it was also revealed how Cardo is dealing with each of the aspects identified in theory. The combination of theory and empirical study formed the enhanced model, called model version 2. The last step in the procedure was to let several end-users review the model and suggest improvements. After this step, the final model was formed, called model version 3.The model combines the best practices from Cardo with the latest theoretical aspects. Using this model will help Cardo deal with make-or-buy decisions in a structured way. The model highlights the importance of connecting business strategy with the core capabilities of Cardo and provides a tool to identify this connection. Furthermore, the model highlights risks connected to outsourcing and provides tools to identify these risks. The model also applies a total cost approach. To calculate the different costs, a model is presented that functions as a guide when quantifying costs. Lastly, the model shows the importance of developing a proper relationship with the supplier according to the strategic importance of the product.Cardo AB is an international corporate group that has performed major organizational changes the last few years. These changes utilize possible synergies that exist in a corporate group. One of the initiatives is that Cardo wants to develop a model for make-or-buy decisions. Therefore, the purpose of this thesis is stated as:The study’s purpose is to develop a generic model for make-or-buy decisions at Cardo.To develop the model, a theoretical study was conducted, where four main aspects were identified: core capability, risk, cost and relationship. For each aspect, a tool to define what the aspects consist of was identified. The aspects were combined together into a model, called model version 1. To enhance and adjust the model to suit Cardo’s situation, an empirical study was conducted. In the empirical study, it was investigated how different sites within Cardo are currently working with make-or-buy decisions. Moreover, in the empirical study it was also revealed how Cardo is dealing with each of the aspects identified in theory. The combination of theory and empirical study formed the enhanced model, called model version 2. The last step in the procedure was to let several end-users review the model and suggest improvements. After this step, the final model was formed, called model version 3.The model combines the best practices from Cardo with the latest theoretical aspects. Using this model will help Cardo deal with make-or-buy decisions in a structured way. The model highlights the importance of connecting business strategy with the core capabilities of Cardo and provides a tool to identify this connection. Furthermore, the model highlights risks connected to outsourcing and provides tools to identify these risks. The model also applies a total cost approach. To calculate the different costs, a model is presented that functions as a guide when quantifying costs. Lastly, the model shows the importance of developing a proper relationship with the supplier according to the strategic importance of the product.</p>

Cardo AB is an international corporate group that has performed major organizational changes the last few years. These changes utilize possible synergies that exist in a corporate group. One of the initiatives is that Cardo wants to develop a model for make-or-buy decisions. Therefore, the purpose of this thesis is stated as: The study’s purpose is to develop a generic model for make-or-buy decisions at Cardo. To develop the model, a theoretical study was conducted, where four main aspects were identified: core capability, risk, cost and relationship. For each aspect, a tool to define what the aspects consist of was identified. The aspects were combined together into a model, called model version 1. To enhance and adjust the model to suit Cardo’s situation, an empirical study was conducted. In the empirical study, it was investigated how different sites within Cardo are currently working with make-or-buy decisions. Moreover, in the empirical study it was also revealed how Cardo is dealing with each of the aspects identified in theory. The combination of theory and empirical study formed the enhanced model, called model version 2. The last step in the procedure was to let several end-users review the model and suggest improvements. After this step, the final model was formed, called model version 3.The model combines the best practices from Cardo with the latest theoretical aspects. Using this model will help Cardo deal with make-or-buy decisions in a structured way. The model highlights the importance of connecting business strategy with the core capabilities of Cardo and provides a tool to identify this connection. Furthermore, the model highlights risks connected to outsourcing and provides tools to identify these risks. The model also applies a total cost approach. To calculate the different costs, a model is presented that functions as a guide when quantifying costs. Lastly, the model shows the importance of developing a proper relationship with the supplier according to the strategic importance of the product.Cardo AB is an international corporate group that has performed major organizational changes the last few years. These changes utilize possible synergies that exist in a corporate group. One of the initiatives is that Cardo wants to develop a model for make-or-buy decisions. Therefore, the purpose of this thesis is stated as:The study’s purpose is to develop a generic model for make-or-buy decisions at Cardo.To develop the model, a theoretical study was conducted, where four main aspects were identified: core capability, risk, cost and relationship. For each aspect, a tool to define what the aspects consist of was identified. The aspects were combined together into a model, called model version 1. To enhance and adjust the model to suit Cardo’s situation, an empirical study was conducted. In the empirical study, it was investigated how different sites within Cardo are currently working with make-or-buy decisions. Moreover, in the empirical study it was also revealed how Cardo is dealing with each of the aspects identified in theory. The combination of theory and empirical study formed the enhanced model, called model version 2. The last step in the procedure was to let several end-users review the model and suggest improvements. After this step, the final model was formed, called model version 3.The model combines the best practices from Cardo with the latest theoretical aspects. Using this model will help Cardo deal with make-or-buy decisions in a structured way. The model highlights the importance of connecting business strategy with the core capabilities of Cardo and provides a tool to identify this connection. Furthermore, the model highlights risks connected to outsourcing and provides tools to identify these risks. The model also applies a total cost approach. To calculate the different costs, a model is presented that functions as a guide when quantifying costs. Lastly, the model shows the importance of developing a proper relationship with the supplier according to the strategic importance of the product.

Der Anteil der externen Nachfolge bei eigentümergeführten bzw. Familienunternehmen nimmt stetig zu. Eine Möglichkeit ist dabei ein Management-Buy-In, bei dem ein externer Manager die Position des Altinhabers übernimmt. In einer solchen Situation kann die Nachfolge in Form einer Relay Succession erfolgen, eine zeitlich gestaffelte Übergabe vom alten an den neuen Inhaber. In dieser Arbeit werden die Relay Succession, ihre Vor- und Nachteile, relevante Einflussfaktoren und Prozessempfehlungen in qualitativen Fallstudien untersucht.