Background: The question on how to account for goodwill has long been a subject that causes big debates among actors within financial accounting. In 2004, the IASB released a new standard, IFRS 3 – Business Combinations, that changed the accounting for goodwill. The interpretation for goodwill impairments according to IAS 36 has led to findings in studies that show patterns of earnings management and that a possible gap exists between the standard setter’s basic aim of IAS 36 and what actually is done by the practitioners. Purpose: Examine what determines the amount of reported goodwill impairment for firms listed on the Nasdaq OMX Stockholm (OMXS). Method: To fulfil the purpose of the thesis, the authors takes a quantitative research approach by a using a multiple linear regression model. The regression model is based on proxies for economic impairment, earnings management and corporate governance mechanisms from previous literature (Stenheim & Madsen, 2016; AbuGhazaleh, Al-Hares, & Roberts, 2011; Riedl, 2004). The data used for the regression model has been collected from published annual reports of 69 firms listed on the Nasdaq Stockholm OMX (OMXS), between the years 20072016. Conclusion: The findings of the thesis show that the accounting behaviour of “Big Bath” is exercised for firms listed on the Nasdaq Stockholm OMX (OMXS). The proxies for economic impairment have, to some extent, an impact on the amount of reported goodwill impairment, but the majority of the proxies for corporate governance mechanisms does not affect the amount of reported goodwill impairment. These findings might suggest that the standard IAS 36, which regulates the accounting for goodwill, may not entirely fulfil its purpose of creating a more transparent financial reporting.

Submitted by Lilian Costa (lilian.costa1980@gmail.com) on 2018-11-05T13:33:35Z No. of bitstreams: 1 Lilian Costa_335729.pdf: 736429 bytes, checksum: 4b44d68fa3655f5087c50124278f531f (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-11-05T19:51:07Z (GMT) No. of bitstreams: 1 Lilian Costa_335729.pdf: 736429 bytes, checksum: 4b44d68fa3655f5087c50124278f531f (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-11-06T13:02:18Z (GMT) No. of bitstreams: 1 Lilian Costa_335729.pdf: 736429 bytes, checksum: 4b44d68fa3655f5087c50124278f531f (MD5) / Made available in DSpace on 2018-11-06T13:02:18Z (GMT). No. of bitstreams: 1 Lilian Costa_335729.pdf: 736429 bytes, checksum: 4b44d68fa3655f5087c50124278f531f (MD5) Previous issue date: 2018-10-04 / Esta pesquisa investiga a relação entre diversidade de gênero nos conselhos de administração e desempenho financeiro e risco das empresas, através de um modelo econométrico, com o objetivo de contribuir para o entendimento da diversidade de gênero nos conselhos administrativos. Com a chegada da mulher no mercado de trabalho, o tema ganhou relevância na discussão acadêmica e no mundo empresarial. O conceito de diversidade é entendido de forma ampla, e inclui, não só a variedade de gênero e etnia, mas também a diversidade em relação aos aspectos culturais, sociais e profissionais. A população representada nesse trabalho é de 227 empresas, listadas e negociadas na B3. O período analisado compreendeu de 2010 até 2016. Observou-se que a representatividade feminina nos últimos anos cresceu mais de 50%. No entanto, tal participação no Board of Directors das empresas brasileiras ainda é minoritária, próxima de 9% do total pesquisado, e 57% das empresas analisadas não apresentam mulheres em seu conselho de administração. Os resultados encontrados indicam uma relação fraca e positiva da participação feminina sobre o q-Tobin e negativa sobre o risco. / This research investigates the relationship between gender diversity in boards of directors with financial performance and company risk, through an econometric model, with the objective of contributing to the understanding of gender diversity in the board of director. This issue has been discussed in the academic and business world because of the arrival of women in the labor market. The concept of diversity is broadly understood, and includes not only the diversity of gender and ethnicity but also diversity in relation to cultural, social and professional aspects. The sample is 227 companies, published on B3. The analyzed period considers from 2010 until 2016. Female representativeness in the last seven years grew more than 50%. However, its participation in the Board of Directors of Brazilian companies is still low, close to 9% of the total sample, and 57% of the analyzed companies do not have women on their board. The results indicate a weak and positive relationship between female participation on q-Tobin and negative on risk.

La présente étude vise à examiner les facteurs qui déterminent la nomination de femmes au conseil d'administration et à explorer le lien entre la diversité du genre dans le conseil et la performance de l’entreprise. En utilisant des données sur la composition du conseil d'administration et la performance financière des sociétés appartenant à l'indice boursier SBF120 entre 2007 et 2012, nous trouvons que la nomination de femmes administrateurs est fortement associée aux caractéristiques du conseil et à la structure de propriété. En effet, la propriété managériale, la propriété institutionnelle, la propriété familiale, la taille du conseil, et l'indépendance du conseil sont tous fortement corrélés avec la représentation des femmes au sein du conseil d'administration d'une entreprise. En outre, nos résultats montrent que l’impact de la diversité du genre se manifeste dans deux directions contradictoires : elle affecte positivement la performance comptable et influence négativement la performance du marché. Apparemment, les administratrices sont l’objet d’une évaluation biaisée par le marché qui sous-estime leur présence dans les conseils d’administration. Ce qui est encore plus intéressant, c’est que nos analyses montrent une double nature de la représentation des femmes au sein des conseils d’administration des entreprises françaises cotées. Autrement dit, l'effet de la présence de femmes dans le conseil d’administration sur la performance de l’entreprise varie en fonction de l'affiliation des administratrices avec l’actionnaire majoritaire. / The current study aims at examining the factors that determine the appointment of women to the board of directors and at exploring the link between board gender diversity and financial performance. Using data on the board composition and the firm performance of companies belonging to the SBF120 stock market index between 2007 and 2012, we find evidence that the appointment of women directors is strongly associated with ownership structure and board characteristics. Indeed, managerial ownership, institutional ownership, family ownership, board size, and board independence are all strongly correlated with the representation of women directors on a firm's board. Furthermore, our results show that the impact of gender diversity manifests in conflicting directions, positively affecting accounting performance and negatively influencing market performance. Apparently, female directors are subject to a biased evaluation by the market, which undervalues their presence on boards. More surprisingly, our analyses show a twofold nature of female representation in the French market. That is, the effect of female directorship on firm performance varies with the affiliation of women on the board.

Andelen kvinnlig representation i bolagsstyrelser har ökat sedan ett decennium tillbaka vilket rangordnar Sverige som ett av de länder i Europa med högst andel kvinnor i bolagsstyrelserna. Trots positiv utveckling är kvinnor fortfarande underrepresenterade i förhållande till det lagstiftade förslag som den svenska regeringen arbetat fram som förordar att kvinnor ska representeras till 40 procent i bolagsstyrelserna. Tidigare forskning har uppmärksammat på vilket sätt ett ökat kvinnligt perspektiv kan bidra till företagens utveckling och ekonomiska prestation men att finna teoretiska underlag har visat sig vara problematiskt. Forskningen kring hur ett ökat kvinnligt perspektiv kan påverka företagens lönsamhet är tvetydigt. Vår studie ämnar undersöka om det finns ett samband mellan könsdiversifiering i styrelsen och Tobins Q. Tillika undersöks om det finns en samvariation mellan andelen kvinnlig styrelserepresentation med kvinnligt aktieägande samt om styrelsen representerar det kvinnliga aktieägarnas röster. Vår teoretiska referensram grundar sig i teorier som ger en överblick över förståelsen i den underliggande dynamiken i hur bolagsstyrelser agerar samt fungerar. Studiens tillvägagångssätt bygger på en deduktiv forskningsmetodik som sedermera grundar sig i tidigare forskning inom det valda ämnet. Syftet med denna studie är att bidra till den rådande samhällsdebatt kring hur begreppet jämställdhet i bolagsstyrelser har en betydelse för aktieägarvärdet samt att försöka fylla det forskningsgap som påvisar dubbeltydiga resultat. Vår studie visar att det föreligger ett positivt signifikant samband mellan andelen kvinnor i bolagsstyrelser och Tobins Q och att andelen kvinnor i styrelsen kan representera de kvinnliga aktieägarna. Med hänsyn till denna studie föreslås att representationen av kvinnor i bolagsstyrelser kan bidra till ökad ekonomisk prestation, legitimitet samt förbättrad representation av företagets intressenter. / The female representation in swedish corporate boards has increased over the last decades. Despite positive development women are still underrepresented in relation to the statutory proposal the swedish government try to pursuit, which advocates female representation to be defined by 40 percent in corporate boards. In this report, we examine whether there is a coherence between gender diversity in corporate boards and Tobins Q ratio. Also, if there is a co-variation among the proportion of female board members with female shareholders. Our results indicate that there is a positive significant correlation between the proportion of women in corporate boards and Tobins Q ratio and that the proportion of female board members can represent the female shareholders. In view of this study, it is proposed that the representation of women in corporate boards can contribute to increased economic performance, legitimacy and improved representation of the company's stakeholders. The purpose of this study is to contribute to the prevailing social controversy about how the concept of gender equality in corporate governance has a fundamental connotation for the shareholder value and to try to fill the research gap that shows equivocal results.

Hlavním cílém této diplomové práce bylo analyzovat současnou situaci žen ve vyšším managementu ve vybraných společnostech s hlavním zaměřením na Českou republiku. Dále prozkoumat baríery, kterým ženy čelí pří jejich cestě na manažerské pozice a poskytnout doporučení budoucím manažerkám. Tato práce se skládá ze dvou částí a to části teoretické a praktické. V první části jsou analyzovány teoretické pojmy spojené s termínem gender, současná situace žen v managementu a ženský styl vedení. Praktická část diplomové práce je rozdělěna na dvě další části. V první části jsou provedeny rozhovory s ženami z vyššího managementu, které pocházejí z různých společností. V druhé části je tato problematika analyzována z pohledu odborníku ze společnosti Hays Česká republika.

This thesis analyses the Diversity and Inclusion (D&I) practices in international organizations, especially in the Hilti Group with a special focus on the Czech and Slovak market organizations. The goal is to develop recommendations for the improvement of Hilti's existing practice in gender, generational, global diversity and inclusion. The theoretical part provides an overview of the academic background of D&I, its management, evolution and trends with a special focus on gender and generational diversity. It is followed by best case practices for selected D&I benefits. As a next step, in cooperation with Hilti, a thorough analysis of gender, generational, global diversity and inclusion was conducted with the purpose of comparing global, regional and local outcomes. Moreover, this empirical part aims to get a deeper understanding of the current situation regarding D&I for the market organizations in the Czech and Slovak Republics. The hypothesis that Hilti has developed appropriate initiatives to further implement D&I into its culture, has been confirmed. For further improvement, some suggestions have been proposed. The recommendations for each diversity dimension (gender, generations, global) are based on the literature described in the theoretical part of this paper, best case practices, and also the own ideas of the author.

Background - Women are underrepresented in top management positions all over the globe. This also applies to Sweden, despite the country's long progressive and high material prosperity. This situation is particularly evident in the banking sector, where women represent approximately half of the workforce. However, in the four largest banks in Sweden, women only occupy 33,25 percent in the highest management teams and 34,5 percent on the boards. This phenomenon is often referred to as “the glass ceiling,” a set of barriers that hinder women’s accessibility to top management positions. This underrepresentation is, in turn, likely to result in a loss of potential human resources due to organizations not searching for competent candidates in approximately half of the population. Further, banks are associated with a lot of power in the society, where they have a significant impact, with a critical role in the economy, contributing to financial growth. Initiatives by for instance the EU Commission to increase gender diversity are on the high agenda. Consequently, the subject of understanding and overcoming these barriers stands high on the agenda of both politicians and researchers. Purpose - The purpose of this study is to identify barriers among women toward reaching top management positions in the commercial banking sector, as well as how women in top management positions have overcome them. By investigating the barriers and how women overcome them, we will contribute with a deeper understanding and meaningful insights to political and managerial practitioners on how they can identify and help women overcome the barriers. The foundation of the theoretical framework in this study will be based on Becker’s (1957) theory of discrimination, Social role theory, and System justification theory will lay the foundation of the theoretical framework in this study. Method - This study is based on qualitative research with a multiple case study in the banking sector in Sweden. Conclusion - We conclude that the most common barriers are based on stereotypical beliefs, the balance between private life and work, biases and discrimination, and organizational culture and structure. How to overcome these barriers is built on supporting organizations, an equal private life situation, and specifically identified personality traits.

The basic concept of the thesis is an analysis of a TV programme "Q" broadcasted by the Czech Television. The programme surveys queer subculture not only in the Czech Republic but also abroad, deals with searching for identities across the genders and disrupts conventions stemming from values of the heteronormative society. The programme title refers directly to the concept of queer, which represents a social phenomenon bringing about gender and sexual diversity and plurality. The thesis looks at the genesis of the programme from its origins, to its production, its broadcasting and finally its cancellation and replacing with another format. The motivation and reasons of the production team and the management for carrying the programme through and including it in the broadcast programming is discussed here, as well as the related decision-making processes and production mechanisms or the way the authors use feminist theories and gender aspects in the programme. The thesis also takes into consideration the long-term development of the programme's ratings. The main working method is qualitative research in the form of semi-structured interviews with the programme's authors. In terms of media production the thesis deals with organizational practices in the programme's production.

Este trabajo de investigación está orientado a organizar de manera sistemática las diferentes investigaciones que analizan la relación entre la diversidad de género en las juntas de directorio y el impacto que tiene en el desempeño financiero empresarial. El alcance de los argumentos que se exponen se basa en experiencias y datos de las diferentes industrias a nivel global sustentadas en el estudio de conceptos claves sobre diversidad de género, en los estereotipos que lo etiquetan y en las medidas internacionales que cada país adopta para incentivar la cuota femenina en las organizaciones. El estudio de indicadores financieros ayudó a la investigación a medir el impacto de la gestión de las directoras en el desempeño empresarial. En torno a ello, se encontraron posturas controversiales entre autores expertos en el tema, quienes destacan que los atributos, estilos y perfiles de las mujeres son fundamentales para determinar los beneficios o atajos que implica tener líderes mujeres en el directorio más aún en el mundo globalizado actual, pues este fenómeno obliga a las empresas a ser cada vez más competitivas para adaptarse con facilidad a un mercado constantemente cambiante. / This research paper explains the analysis of gender diversity in board of directors and its impact on corporate financial performance. The scope of the arguments presented is based on experiences and data from different industries at a global level based on the study of key concepts on gender diversity, on the stereotypes that label it and on the international measures that each country adopts to encourage the female quota in organizations. The financial indicators study helped the research measure the impact of women directors ' management on business performance. Around it, were found postures controversial among authors experts in the subject, who stand-out attributes, styles, and profiles of women are fundamental to determine the benefits or shortcuts that can bring the having women leaders in the directory even more in the globalized world in which we find ourselves, therefore, this phenomenon requires companies to be increasingly competitive to be easily adapted to a constantly changing market. / Trabajo de Suficiencia Profesional

More companies have responded to the call for action, increasing their attention to the 17 Sustainable Development Goals. Corporate governance structures have proven to have an effect on how well companies are able to facilitate a sustainable trajectory, all influenced by values and norms. Sweden is part of what many views as the ‘next supermodel’ regarding social welfare and sustainability awareness based on a collectivist mindset. In contrast, the US fundamentally believes in the American dream of free enterprise, which has resulted in a more shareholder oriented view.   This study aims to research whether board composition mechanisms such as board gender diversity, board independence, inclusion and CEO duality impact the CSR initiatives, measured through ESG score, of Swedish and US Large Cap companies listed on OMXS and S&P 100. Moreover, it strives to investigate plausible reasons for differences between Sweden with the Nordic corporate governance model and the tier-1 model corporate governance model the US have. Even if ESG is a well-studied area, previous research does not find any consensus since earlier studies find negative, positive and non-significant results. Furthermore, many studies tend not to go beyond firm-level factors and overlook country-level factors such as national culture.   The study consists of 165 Large Cap companies, where 83 are Swedish and 82 are from the US. The chosen research method is quantitative, based on unbalanced panel data from 2020-2022. ESG score is used as the dependent variable, and the independent variables are the proportion of women board of directors, the critical mass of women directors, the proportion of independent directors, inclusion and CEO duality. The control variables consist of board size, asset size, return on assets, leverage, board-specific skills, and the number of employees. To control for country-level factors, GDP is applied. The regression also applies fixed effects for year and sector.   The data analyses are done with two robust and one standard GLS model with random effects, where the regression analyses are divided into two parts. Part I combines Swedish and US Large Cap companies, and Part II separates the two countries. The results for Part I show no significant relationship between ESG score and either board gender diversity, the critical mass, inclusion or CEO duality. The degree of board independence shows a significant positive effect on ESG scores. Part II conveys that there are fundamental differences between Sweden and the US. For example, while board independence shows a significant positive relationship in Sweden, it presents a non-significant negative relationship in the US. In addition, GDP shows significance in both models indicating that country-level factors matter, and it is evident that the explanatory power of the regressions differ. Thus, it is evermore likely that other factors, such as national culture, potentially impact companies’ corporate social responsibility.