This review summarizes what is known about the Swedish nature conservancy model with voluntary set-asides in the forest industry through mapping out how much forest that already has been set-aside, which quality the set-asides inherent and how long the set-asides are planned to be conserved. To optimize the contribution to formally protected forests the review gives examples of ways forward and how the set-asides can be managed to recreate missing habitats in formally protected forests. The articles in this review cover the model itself, its driving forces, the actors’ opinions about the model or applied management in voluntary set-asides. Results shows that voluntary set-asides is an important complement to formally protected forests to stop the loss of biodiversity. This is because they select different habitats than what is already protected, they also select a larger area of productive forestland than formal protection which is crucial if Sweden should be able to reach the national environmental goals. At the same time, because it’s voluntarily, it’s complicated to follow-up, guarantee and map out the quality, duration and exact distribution of the set-asides. The most important advantage with voluntary set-asides is that it’s a conservancy model which is welcomed by the forest owners’ and companies themselves and if it’s optimized it could help to create a diverse and dynamic network of protected forest that can be customized to where it’s needed the most. With customized management, the set asides should in first place aim to restore and protect deciduous forests in southern Sweden.

Bakgrund: Investeringsbeslut är ett av de viktigaste besluten som tas av chefer i företag. Besluten grundar sig på investeringskalkyler, som ryms inom begreppet kapitalbudgetering. I företagsekonomisk litteratur beskrivs sällan samband mellan kapitalbudgetering och annan ekonomisk styrning, vilket innebär att det finns ett tomrum inom forskningsområdet. Syfte: Syftet med uppsatsen är att beskriva hur företag inom den svenska skogsindustrin utformar och använder kapitalbudgetar som beslutsunderlag samt utreda och förklara sambandet mellan kapitalbudgetering och annan ekonomisk styrning. Metod: I studien har kvalitativ metod och fallstudier använts. Empirin grundas på datainsamling genom fyra semistrukturerade intervjuer av respondenter från fallföretagen SCA, Stora Enso, Holmen och Billerud. Slutsatser: Kapitalbudgetering som det beskrivs i företagsekonomisk litteratur är ingen adekvat definition. Kapitalbudgetering består i själva verket av två delprocesser, vilka är investeringsbudgetering och investeringsprocessen. Det finns tydliga samband mellan kapitalbudgetering och annan ekonomisk styrning genom att ”action controls”, ”results controls”, ”boundary systems” och ”diagnostic control systems” används. Kapitalbudgetering är ett ekonomiskt styrsystem för att skapa och upprätthålla målkongruens inom en organisation. / Background: Investment decisions are among the most important decisions made by managers in companies. These decisions are based upon investment appraisals that are a part of the capital budgeting concept. Within Business administration research relationships between capital budgeting and management control are rarely described and there is a gap in theory. Aim: The purpose of this thesis is to describe how companies within the Swedish Forest Industry perform and use their capital budgets and to investigate and explain relationships between capital budgeting and management control. Method: For this study qualitative method and case studies have been used. The empirical findings were based on four semi structured interviews with respondents from the cases SCA, Stora Enso, Holmen and Billerud. Conclusions: Capital budgeting as it is described in Business administration research is not an adequate definition. As a matter of fact, capital budgeting is divided to two partial processes, which are investment budgeting and the investment process. There exist obvious relationships between capital budgeting and management control in the sense that action controls, results controls, boundary systems and diagnostic control systems are used. Furthermore, capital budgeting is a management control system used in order to maintain goal congruence.