Non-deal roadshows (NDR) are privately held one-on-one meetings between the buy-side of financial institutions and firm management. Using a novel dataset of these meetings, I examine the effects that NDR meetings have on the outcomes of two important corporate events: seasoned equity offerings (SEOs) and mergers and acquisitions (M&As). I also study the potential implications of the information content in NDRs on the behavior of stock returns following earnings announcements, which has been the subject of much academic work. I structure the dissertation in three essays. In the first essay, I examine the relationship between NDR activity and the underpricing of SEOs. I find that NDRs are associated with lower SEO underpricing. This association is stronger for firms with infrequent NDR activity, for smaller firms, and for firms with higher analysts' forecast errors. These findings suggest that NDRs reduce the level of asymmetric information between firms and investors, which results in a lower cost of raising equity. In Essay 2, I investigate whether the occurrence of NDR meetings affects post-earnings-announcement drift (PEAD). I find that PEAD declines after NDR activity when the most recent NDR meeting occurs within one month before the earnings announcement. This decline is most pronounced among smaller firms, firms with high idiosyncratic volatility, and firms with Friday earnings announcements. These findings suggest that NDRs are mechanisms to convey earnings-specific information about forthcoming earnings. In the third essay I explore the relationship between NDRs, the medium of exchange used in M&As and the value created by this important corporate event. I show that NDR activity is important to understand the cross-sectional variation of the excess returns around M&As, and the bid premium. NDRs are also relevant to understand the medium of exchange. This relevance of NDR is more pronounced when the firms involved have higher levels of asymmetric information. My findings suggest that NDRs convey relevant information about acquiring and target firms, and this information affects the financing of M&As and the value created by these combinations. Taken together, the results reported in this dissertation highlight the relevance of the NDR as a mechanism to reveal information.

This paper-based dissertation comprises five essays dealing with corporate sustainability and digital reporting and is structured in six chapters. The first chapter is the introduction and provides an overview of the structure and aims of the dissertation, lays out the contribution of the work, and introduces the five manuscripts. The second chapter, respectively the first manuscript, deals with the consequences of mandatory sustainability reporting in Europe. Specifically, the study deals with the question whether Directive 2014/95/EU has achieved its objectives of increasing reporting quantity and quality. In the third chapter, the sustainability reports of the largest European firms are analyzed using computer-aided text analysis. This study investigates whether and how external assurance of sustainability reports is beneficial from the viewpoint of report transparency, which is proxied by reporting scope, optimism, and readability. In the fourth chapter, the role of corporate sustainability in the context of M&A transactions is examined, precisely whether sustainability influences the premia paid in M&A transactions. The fifth and the sixth chapters center around the voluntary usage of online financial reporting (OFR) in Europe. While the fifth chapter is concerned with the usage and empirical determinants of OFR, the analysis in the sixth chapter examines the impact of OFR on the financial market, specifically on analyst following and stock liquidity.

Merger and Acquisition (M&A) is a widely adopted strategy in today's corporate landscape for acquiring a competitive edge. Despite its prevalence, M&As frequently encounter setbacks when the integration of existing IT systems is neglected. Therefore, undertaking a digital transformation becomes crucial to ensure the success of M&As. As a result of the merge, digital transformation brings about a significant shift in the way employees work, necessitating their acceptance and adaptation to the change for the transformation to be successful. This research investigates this phenomenon by conducting a case study on a recently merged organization consisting of five countries that employs digital transformation to create a cohesive work environment. From a leadership and communication perspective, this study explores soft factors that, in an early stage, can aggravate a digital transformation in a merged organization according to employees individual understanding and point of view. Specifically, the study identifies soft factors in the early stages that could aggravate the execution of the digital transformation and investigates how management and communication can address the soft factors. The study involved conducting 17 interviews with employees within the chosen organization. The data was analyzed using an analytical framework that was created by the authors called "Three Aspects During a Change Process at an Early Stage". The study identified 12 factors in the shape of soft values that could make the execution of the digital transformation more difficult and demonstrated that these factors can be addressed using the "Three Aspects During a Change Process at an Early Stage" analytical framework from a management and communication perspective. / M&A (Mergers & Acquisitions) är en strategi i dagens företagslandskap för att erhålla konkurrensfördelar. Trots dess utbredning stöter M&As ofta på hinder när integreringen av befintliga IT-system försummas. Därför blir genomförandet av en digital transformation avgörande för att säkerställa en M&As framgång. Som ett resultat av sammanslagningen kan digital transformation innebära en betydande förändring i hur anställda arbetar, vilket kräver deras acceptans och anpassning till förändringen för att transformationen ska bli framgångsrik. Denna studie undersöker detta fenomen genom att genomföra en fallstudie på en nyligen sammanslagen organisation i fem länder som använder digital transformation för att skapa ett enhetligt arbetssätt. Från ett lednings- och kommunikationsperspektiv undersöker denna studie mjuka värden som i ett tidigt skede kan komma att försvåra en digital transformation inom en organisation som genomgått en sammanslagning genom att tolka och förstå anställdas individuella uppfattningar och synsätt. Studien identifierar mjuka värden i ett tidigt skede som kan försvåra genomförandet av den digitala transformationen och undersöker hur ledning och kommunikation möjligtvis kan bemöta dessa faktorer. Studien involverar genomförandet av 17 intervjuer med anställda inom den valda organisationen. Empirin analyserades utifrån analysmodellen “De tre aspekterna under en förändringsprocess i ett tidigt skede", framtagen av författarna. Studien identifierade 12 faktorer, i form av mjuka värden, som kunde försvåra den digitala transformationen och visade att dessa faktorer kan hanteras med hjälp av analysmodellen utifrån ett ledarskaps- och kommunikationsperspektiv.

Cette recherche a eu pour but principal de montrer, à travers l’exemple de l’industrie informatique dans les années 90, que la stratégie de partenariat est aujourd’hui devenue un outil essentiel pour permettre aux entreprises à la tête d’une industrie à forte innovation technologique, confrontée à des changements structurels importants, et en particulier à la désintégration menant au leadership technologique partagé, de maintenir leur position dominante. Les quatre parties du travail constituent une suite logique d’étapes contribuant chacune à valider la thèse: la partie I porte sur la synthèse des principaux courants de la littérature scientifique sur les accords de collaboration et leur relation avec l’évolution des industries. Le but poursuivi dans la partie II est de décrire les changements intervenus dans l’industrie informatique au cours des années 90 et de formuler l’hypothèse d’une relation entre ces changements et la stratégie des firmes dans le domaine des accords de collaboration. Cette hypothèse est vérifiée empiriquement dans les parties III et IV à l’aide d’une banque de données sur les accords de collaboration. La partie III du travail présente les résultats descriptifs et la partie IV les résultats analytiques permettant de valider l’hypothèse.

Les alliances stratégiques et les fusions-acquisitions sont théoriquement considérées aujourd’hui comme de véritables leviers de création de valeur. Cette création de valeur prend différentes formes, à savoir essentiellement une valeur stratégique, une valeur substantielle, une valeur institutionnelle et une valeur financière (notamment actionnariale). C’est cette dernière qui retient spécifiquement notre attention. L’objectif de ce travail de recherche, après avoir analysé les résultats des travaux empiriques réalisés sur l’impact des annonces d’acquisitions portant sur la performance boursière, est de répondre à deux questions fondamentales. La première question est de savoir si à un horizon plus ou moins lointain, la performance boursière des acquisitions coïncide avec la performance réelle, et si par conséquent cette forme de croissance externe peut se justifier par la motivation financière des dirigeants ou actionnaires. La deuxième question est de savoir si cette hypothèse formulée se vérifie également pour le cas des alliances, établissant par la même une comparaison avantageuse en faveur de l’une ou l’autre des options de croissance externe. Nos résultats montrent en définitive que sur le court terme l’annonce d’une alliance a un impact négatif sur la performance contrairement à l’annonce d’une fusion ou d’acquisition, tandis que d’autre part sur le long terme, il n’y a aucun impact positif (impact neutre) sur la performance financière qu’il s’agisse de l’alliance stratégique ou de la fusion-acquisition. Nous expliquons ce résultat par un phénomène de « création de valeur compensatoire » dans le cadre d’une intention stratégico-financière. / Strategic alliances and mergers & acquisitions are theoretically now considered as real levers of value creation. This value creation takes different forms, essentially strategic value, substantial value, institutional value and financial value (including shareholders). This latter holds our attention specifically. The objective of our research, after analyzing the results of empirical works focused on the acquisition announcements impact on the stock market performance, is to answer two fundamental questions. The first question is to know that if, on a more or less distant horizon, the stock market performance of acquisitions coincides with the actual performance and so if this form of acquisitions can be justified by the financial motivation of CEOs or shareholders. The second question is to know that if this hypothesis is also true in the case of alliances, establishing by the way an advantageous comparison in favor of one or other of the external growth options. Our final results show that in the short term the announcement of an alliance has a negative impact on performance as opposed to the announcement of a merger & acquisition, while other hand on the long-term, there is no positive impact (neutral impact) on financial performance whether it be the strategic alliance or merger & acquisition. We explain this result by the phenomenon of "creation of compensatory value" in the context of a strategic and financial plan.

<p>The claims that we have entered a new society, with a new typeof business logic and view on business relationships, are becoming more and more commonplace. In this context it seems appropriate to try and detect signals of change in societal behavior, possibly indicating a transition from one society to another. This essay deals with this very issue. By means of an analysis of the public discourses in 1993 and 1999 respectively, the authors try to establish evidence for or against such a societal shift. The analysis is focused on the discourse, as it was conveyed in the business press, surrounding two separate merger propositions, both including Volvo as one of the parties involved. The results indicate a societal change, albeit a moderate one. Also, no fundamental change in business logic could be detected. This would suggest that the hype around the New Economy might be just that, a hype.</p>

<p>Background: The dependency on knowledge and competence today is more critical than earlier. Today, companies need to put more effort into identifying and filling knowledge gaps, which can be achieved through mergers and acquisitions. It is important that the companies succeed in coordinating their operations after this process of change. Out of a theoretical point of view it can be argued that companies need to balance between different coordination mechanisms that result in standardized and flexible coordination respectively. </p><p>Purpose: The purpose of this Master Thesis is, in the context of a merger, to investigate and analyze which coordination mechanisms that are used in knowledge-intensive companies, how these coordination mechanisms are combined and what explains the chosen combination. </p><p>Scope: The study has been accomplished through qualitative research with interviews within the consultancy firm Cap Gemini Ernst&Young supplemented by interviews with the IT-consultancies WM-data and DataVis as well as the industrial firm SAAB Bofors Dynamics. </p><p>Results: The combination of coordination mechanisms used has been identified, which has given a possibility to study changes in the balance. The balance of coordination in the consultancy firms has relatively moved towards a higher degree of standardized coordination. We believe this is due to the consultancy firms attempts of raising their productivity with reduced customer adaptation and creativity as a consequence. SAAB, on the other hand, is moving towards a more flexible coordination but from a starting-point with a more standardized coordination in an effort of acheiving a higher degree of customer adaptation and creativity.</p>

The claims that we have entered a new society, with a new typeof business logic and view on business relationships, are becoming more and more commonplace. In this context it seems appropriate to try and detect signals of change in societal behavior, possibly indicating a transition from one society to another. This essay deals with this very issue. By means of an analysis of the public discourses in 1993 and 1999 respectively, the authors try to establish evidence for or against such a societal shift. The analysis is focused on the discourse, as it was conveyed in the business press, surrounding two separate merger propositions, both including Volvo as one of the parties involved. The results indicate a societal change, albeit a moderate one. Also, no fundamental change in business logic could be detected. This would suggest that the hype around the New Economy might be just that, a hype.

Background: The dependency on knowledge and competence today is more critical than earlier. Today, companies need to put more effort into identifying and filling knowledge gaps, which can be achieved through mergers and acquisitions. It is important that the companies succeed in coordinating their operations after this process of change. Out of a theoretical point of view it can be argued that companies need to balance between different coordination mechanisms that result in standardized and flexible coordination respectively. Purpose: The purpose of this Master Thesis is, in the context of a merger, to investigate and analyze which coordination mechanisms that are used in knowledge-intensive companies, how these coordination mechanisms are combined and what explains the chosen combination. Scope: The study has been accomplished through qualitative research with interviews within the consultancy firm Cap Gemini Ernst&amp;Young supplemented by interviews with the IT-consultancies WM-data and DataVis as well as the industrial firm SAAB Bofors Dynamics. Results: The combination of coordination mechanisms used has been identified, which has given a possibility to study changes in the balance. The balance of coordination in the consultancy firms has relatively moved towards a higher degree of standardized coordination. We believe this is due to the consultancy firms attempts of raising their productivity with reduced customer adaptation and creativity as a consequence. SAAB, on the other hand, is moving towards a more flexible coordination but from a starting-point with a more standardized coordination in an effort of acheiving a higher degree of customer adaptation and creativity.

Cross-national merger and acquisition (M&amp;A) activity is common and is argued to be a strategic tool for the growth of multinational corporations. Yet, M&amp;A activity has a high failure rate which theorists have explained being due to cultural clashes. Previous research has explained these clashes being due to cultural distance. Other studies have focused on the extent to which the firms are culturally integrated and its relation to cultural clashes. In this study we investigate the relation between cultural distance and the extent to which the firms are culturally integrated as we believe that this relation in turn influences how cultural clashes are perceived by managers. As the human side of M&amp;A has become of great interest within research we stress the importance of understanding what happens with managers in the organization during the post-acquisition process. The purpose of this thesis is therefore to investigate the managers’ perception of cultural clashes, in relation to the perceived extent of cultural integration and perceived cultural distance, in cross-national mergers and acquisitions. In order to achieve an in-depth understanding of a series of cross-national M&amp;As and to answer the purpose of this thesis, a qualitative case study design was used. Semistandardized interviews were made with ten managers from a Swedish firm that has gone through a series of cross-national M&amp;As involving Swiss, French and German managements. The findings show that managers’ perception of cultural clashes differs depending on to what extent two firms are culturally integrated and in relation to the cultural distance between the two firms. No matter if high or low cultural distance managers perceive few cul-tural clashes if the extent to which the firms are integrated is low. If the cultural integration, on the other hand, is high and the cultural distance is high, the cultural clashes are perceived as many. Our findings indicate that cultural clashes are perceived differently depend-ing on how they affect the managerial role and the organizational behaviour. We refer to these clashes as implicit agreements and explicit statements. Clashes in implicit agreements are evolved from behaviour deeply rooted in national culture and corporate culture. These clashes have minor effects on the managerial role and the organizational behaviour. Never-theless, managers need to be aware of the differences and adapt to the preferred behaviour when interacting with the acquiring firm’s management. Explicit statements, on the other hand, affect the managerial role and organizational behaviour and lead to cultural clashes that conduce to frustration, lack of motivation and inefficiency. These clashes are more ap-parent when the extent of culturally integration is high. Therefore, the acquiring firm should not attempt to assimilate its target company in cross-national M&amp;As.