Master Thesis in Business Administration, School of Business Administration, Linaeus University, Finance 4FE03E, Spring 2011 Authors: Benni Hansson, Axel Sandquist Tutor: Christopher von Koch Examiner: Sven-Olof Collin Title: Compensation as a means of monitoring or recruiting – a study on ownership structure in Swedish listed companies. Keywords: CEO compensation, compensation structure, ownership structure, ownership types, ownership concentration, agency theory, resource dependence theory, managerial theory Background: There has been extensive research on CEO compensation, however not a lot on Swedish listed firms. Many studies have an agency theoretical perception on CEO compensation. In accordance with this, compensation is used as a means to solve monitoring and incentives problems. Purpose: The aim of this study is to examine the role of CEO compensation, by studying ownership structure. Method: To examine the role of CEO compensation we use a multi-theory approach, based on agency theory, resource dependence theory and managerial theory. The companies examined are Swedish listed firms the in years 2005 to 2009. The data has been gathered from annual reports, Fristedt and Sundqvist’s books “Ägarna och makten i Sveriges börsföretag”, and the Datastream database. The data has been statistically analyzed to reach our conclusions. Conclusions: We find a correlation between ownership structure and compensation and the use of options. Families use the lowest level of compensation and have the lowest use of options.  Institutional investors offer the highest level compensation while foreign investors have the highest propensity to use options. We do not find a relationship between industrial investors and level of compensation. We argue that both compensation and options first and foremost is a result of the level and quality of the monitoring. The compensation policy is used as a means to solve monitoring problems. We also argue that the CEO gains power with absent owners, and can thereby influence the salary.

<p>Denna studie fokuserar på sponsring inom kultursektorn utifrån den sponsrade partens perspektiv. Syftet med studien är att analysera hur aktörer inom kultursektorn går tillväga för att identifiera och attrahera potentiella sponsorer till sina verksamheter. Studien är avgränsad till sponsring inom kultursektorn i Sverige och de aktörer som undersöks är Bonniers Konsthall, Riksteatern, Skansen och Way out West. Undersökningen bygger på en flerfallstudie där intervjuer har genomförts med representanter för varje aktör. Studiens övergripande teoretiska referensram är hämtad från Managerial Theory och de koncept som används är marknadsföringskonceptet och marknadsföringsmixen. Dessa koncept kompletteras med A-ERIK modellen som används för att analysera sponsring genom att dela in detta fenomen i fyra ej ömsesidigt uteslutande variabler; association, exponering, relationer samt integrerad kommunikation.De slutsatser som kan dras utifrån studien är att kulturaktörerna identifierar potentiella sponsorer utifrån sina möjligheter att erbjuda association, relationer, exponering och integrerad kommunikation. Till viss del identifierar kulturaktörerna även sponsorer utifrån sina egna behov, med motiven att sponsorer ska ge ett mervärde till kulturaktörernas verksamhet och att kulturaktörerna vill nå ut till sponsorns intressenter. Aktörerna identifierar branscher, inte specifika företag, och de branscher som anses som mest attraktiva är sådana vars kärnvärden ligger nära kulturaktörernas. För att attrahera sponsorer använder aktörerna främst association och relationer. Sponsorer tillåts associera sig med aktörernas varumärken och specifika teman i föreställningar eller utställningar och aktörerna erbjuder sponsorer en möjlighet att stärka relationen till sina egna intressenter samt att skapa nya relationer till aktörernas intressenter.</p> / <p>This study focuses on sponsorship in the cultural sector from the sponsored party’s perspective. The issues being examined is how organizations in the cultural sector approach to identify, contact and attract potential sponsors to their activities. The study is limited to sponsorship in the cultural sector in Sweden and the organizations surveyed are Bonniers Konsthall, Riksteatern, Skansen and Way out West. The investigation of these organizations is based on multiple case study interviews conducted with representatives of each organization. The study's overall theoretical frame of reference is taken from the Managerial Theory and the concepts used are the marketing concept and the marketing mix. These concepts are supplemented with the A-ERIK model which is used to analyze the sponsorship by dividing it in four not mutually exclusively variables; association, exposure, relationships and integrated communications.The conclusions drawn from this study is that the organizations identify potential sponsors based on their ability to offer the sponsor association, exposure, relationships and integrated communications. To some extent, the organizations also identify sponsors based on their own needs, with the rationale that the sponsor will add value to the cultural activities and to reach out to the sponsor's stakeholders. The organizations identify sectors, not specific companies, and the sectors that are being considered as most attractive are those whose core values are close to the organizations. In order to attract sponsors the organizations use in particular association and relationships. The sponsor is allowed to associate with the organizations brand and specific themes in shows or exhibitions and the organizations offers the sponsor the opportunity to strengthen the relationship with their stakeholders and to create new relationships with the organizations stakeholders.</p>

Denna studie fokuserar på sponsring inom kultursektorn utifrån den sponsrade partens perspektiv. Syftet med studien är att analysera hur aktörer inom kultursektorn går tillväga för att identifiera och attrahera potentiella sponsorer till sina verksamheter. Studien är avgränsad till sponsring inom kultursektorn i Sverige och de aktörer som undersöks är Bonniers Konsthall, Riksteatern, Skansen och Way out West. Undersökningen bygger på en flerfallstudie där intervjuer har genomförts med representanter för varje aktör. Studiens övergripande teoretiska referensram är hämtad från Managerial Theory och de koncept som används är marknadsföringskonceptet och marknadsföringsmixen. Dessa koncept kompletteras med A-ERIK modellen som används för att analysera sponsring genom att dela in detta fenomen i fyra ej ömsesidigt uteslutande variabler; association, exponering, relationer samt integrerad kommunikation.De slutsatser som kan dras utifrån studien är att kulturaktörerna identifierar potentiella sponsorer utifrån sina möjligheter att erbjuda association, relationer, exponering och integrerad kommunikation. Till viss del identifierar kulturaktörerna även sponsorer utifrån sina egna behov, med motiven att sponsorer ska ge ett mervärde till kulturaktörernas verksamhet och att kulturaktörerna vill nå ut till sponsorns intressenter. Aktörerna identifierar branscher, inte specifika företag, och de branscher som anses som mest attraktiva är sådana vars kärnvärden ligger nära kulturaktörernas. För att attrahera sponsorer använder aktörerna främst association och relationer. Sponsorer tillåts associera sig med aktörernas varumärken och specifika teman i föreställningar eller utställningar och aktörerna erbjuder sponsorer en möjlighet att stärka relationen till sina egna intressenter samt att skapa nya relationer till aktörernas intressenter. / This study focuses on sponsorship in the cultural sector from the sponsored party’s perspective. The issues being examined is how organizations in the cultural sector approach to identify, contact and attract potential sponsors to their activities. The study is limited to sponsorship in the cultural sector in Sweden and the organizations surveyed are Bonniers Konsthall, Riksteatern, Skansen and Way out West. The investigation of these organizations is based on multiple case study interviews conducted with representatives of each organization. The study's overall theoretical frame of reference is taken from the Managerial Theory and the concepts used are the marketing concept and the marketing mix. These concepts are supplemented with the A-ERIK model which is used to analyze the sponsorship by dividing it in four not mutually exclusively variables; association, exposure, relationships and integrated communications.The conclusions drawn from this study is that the organizations identify potential sponsors based on their ability to offer the sponsor association, exposure, relationships and integrated communications. To some extent, the organizations also identify sponsors based on their own needs, with the rationale that the sponsor will add value to the cultural activities and to reach out to the sponsor's stakeholders. The organizations identify sectors, not specific companies, and the sectors that are being considered as most attractive are those whose core values are close to the organizations. In order to attract sponsors the organizations use in particular association and relationships. The sponsor is allowed to associate with the organizations brand and specific themes in shows or exhibitions and the organizations offers the sponsor the opportunity to strengthen the relationship with their stakeholders and to create new relationships with the organizations stakeholders.