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The development of board independence in Swedish listed companies: A study of the number and disclosure of independent board members between 2003-2011
Jönköping University, Jönköping International Business School.
Jönköping University, Jönköping International Business School.
2013 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Purpose - The aim of this thesis is to analyze the development of disclosure regarding independent directors in Swedish listed companies. The thesis will examine appearance of board independence prior to the implementation of the Swedish corporate governance code and after its introduction in 2005. Further, this thesis will analyze the revisions of the code, in 2008 and 2010, and what impact market capitalization has on the disclosure

Method - Research on market capitalization will be completed by comparing listed companies in three different caps, Small, Mid and Large. The research interest was completed by using quantitative information from financial statements and corporate governance reports of 30 randomly chosen companies, where ten companies represents each cap. The data was then presented in tables with average percentage of board inde- pendence of each cap.

Conclusions - As a result of this study it was found that the average percentage of board independence and disclosure of the concept increased during the analyzed period. Board independence can be seen as an ascending trend and the concept has received ad- ditional attention in the financial statements and corporate governance reports of Swe- dish listed companies. The study indicates that the introduction of the code in 2005 gen- erated in a greater interest for disclosure of board independence. Further, no clear con- nection between the revisions and average percentage of board independence was found. Moreover, the findings indicate an increased transparency regarding the concept, which is seen clearly among smaller companies since many of them decided to disclose information before they were obligated in accordance with the code.

Practical Implications - Our study contributes to demonstrate the importance of board independence on corporate boards in Sweden. The concept has a central role in the Swedish corporate governance code, which have generated in a clear impact on board independence in Swedish listed companies. Further, the research indicates an increased transparency regarding information of governance in Swedish listed companies. 

Place, publisher, year, edition, pages
2013.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-21312OAI: oai:DiVA.org:hj-21312DiVA: diva2:624547
Subject / course
IHH, Business Administration
Supervisors
Examiners
Available from: 2013-06-03 Created: 2013-06-01 Last updated: 2013-06-24Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf