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  • 151.
    Häggberg, Joakim
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Carlsson, Henrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Intern Kontroll: En studie av större svenska företags interna kontroll2009Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

     

     

     

     

     

     

     

     

     

     

     

     

    Magisteruppsats inom Företagsekonomi

    Titel

    Intern kontroll – En studie av större svenska företags interna kontroll

    Författare

    Henrik Carlsson, Joakim Häggberg

    Handledare

    Hossein Pashang

    Datum

    2009-06-09

    Ämnesord

    Intern kontroll, bolagsstyrning, COSO, förskingring

    Sammanfattning

    Bakgrund:

    Under senare år har det i media uppmärksammats flertalet fall av ekonomisk brottslighet i företag. Bland annat har Enron-skandalen lett fram till utveckling av lagar och regelverk inom bolagsstyrning och intern kontroll för att på så sätt motverka ekonomisk brottslighet i företag. Enligt undersökningen Economic Crime Survey utförd av PriceWa-terhouseCoopers där 5400 ledande befattningshavare tillfrågades har majoriteten av svens-ka storbolag utsatts för ekonomisk brottslighet.

    Syfte:

    Uppsatsen syftar till att öka kunskapen om huruvida större svenska företags interna kontroll anses som god eller avvikande. Vidare syftar uppsatsen till att presentera var inom den interna kontrollen risken är störst för förskingring samt var större svenska företag bör utveckla sin interna kontroll.

    Metod:

    I vår studie har vi valt att använda oss av en deskriptiv, kvalitativ studie med en abduktiv metod. Huvudfokus ligger på djupgående semistrukturerade intervjuer.

    Teoretisk referensram:

    Uppsatsen har sin utgångspunkt i bolagsstyrning och intern kon-troll. Bolagsstyrningen beskrivs med ett fokus på agent-principal förhållandet samt de kost-nader som kan uppstå vid detta förhållande. Vidare beskrivs relevanta lagar och regleringar inom bolagsstyrning och intern kontroll med ett fokus på COSO’s ramverk för hur en in-tern kontroll kan struktureras. Vidare presenteras även kritik mot detta ramverk.

    Empiri:

    I empirin sammanställs den information som samlats in genom de djupgående in-tervjuer som genomförts med Sveriges ledande konsult- och revisionsbyråer, Deloitte, Ernst & Young, KPMG samt Öhrlings PriceWaterhouseCoopers.

    Analys:

    I analysen matchas och granskas den empiriska datan med den teoretiska referens-ramen. Företagens interna kontroll analyseras utifrån COSO’s ramverk för att på så sätt be-stämma huruvida den interna kontrollen är god eller avvikande.

    Resultat/Slutsats:

    Vår studie visar att det inte finns någon enskild, universell definition av god intern kontroll samt att (intern) kontroll är ett komplext och paradoxalt ämnesområde. Emellertid utgör kontrollmodellen COSO - vilken tar sin utgång i den amerikanska och anglosaxiska synen på bolagsstyrning - en internationell standard vad det gäller hur en god intern kontroll skall utformas. Studien identifierade fem kriterier i COSO’s modell som in-dikerar god intern kontroll. Vi finner att större svenska företag inte når upp till COSO’s kriterier på tre av fem punkter; riskbedömning, kontrollaktiviteter samt information och kommunikation. Emellertid ser vi att större svenska företag generellt har en god intern kontroll med hänsyn till den goda kontrollmiljön, den svenska företagskulturen, de låga in-citamenten till förskingring samt de kulturella förutsättningar som råder i Sverige. Vi finner att den svenska interna kontrollen är kostnadseffektiv på grund av de höga personalkostna-derna för intern kontroll samt värdemaximerande ur ett företagsperspektiv.

     

  • 152. Härdle, Wolfgang
    et al.
    Lee, Yuh-Jye
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Yeh, Yi-Ren
    Variable Selection and Oversampling in the Use of Smooth Support Vector Machines for Predicting the Default Risk of Companies2009In: Journal of Forecasting, ISSN 0277-6693, E-ISSN 1099-131X, Vol. 28, no 6, p. 512-534Article in journal (Refereed)
  • 153.
    Inwinkl, Petra
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kapitalerhaltung und Spaltung: Ein Leitfaden für Theorie und Praxis2004Book (Other academic)
  • 154.
    Inwinkl, Petra
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Zum geplanten Rechtsrahmen der neuen Europäischen Finanzaufsicht: Eine kritische Analyse zu deren Umsetzung und den Empfehlungen des EU-Report von Jacques de Larosière 20092010In: Zeitschrift für Recht und Rechnungswesen, no 11Article in journal (Refereed)
    Abstract [de]

    Ausgelöst durch den Zusammenbruch der Investmentbank Lehman Brothers im September 2008 hat die EU zur Sicherung der Stabilität des Finanzsystems Dringlichkeitsmaßnahmen ergriffen, die auch Handlungen zur Schaffung eines effizienten einheitlichen Europäischen Finanzaufsichtssystems umfassen. Basierend auf den im Februar 2009 veröffentlichten Empfehlungen des Jacques de Larosière Berichtes, der der Europäischen Kommission seit dieser Zeit als Ausgangspunkt für eine Reihe von gemeinschaftsrechtlichen Reformmaßnahmen dient, ist die Errichtung eines Europäischen Finanzmarktaufsichtssystems mit einem Europäischen Rat für Systemrisiken bis Ende des Jahres 2010 vorgesehen. Ob dieses Konzept in der Praxis handhabbar bzw umsetzbar ist, und ob die Notwendigkeit deren Errichtung nach derzeitigem Stand überhaupt besteht, sind beides Fragen, die der vorliegende Beitrag analysiert.

  • 155.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Aussenegg, Wolfgang
    Vienna University of Technology.
    Jelic, Ranko
    University of Birmingham.
    Schneider, Georg
    University of Paderborn.
    Earnings Management Behavior and Choice of Accounting Standards2011Other (Other academic)
  • 156.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Corporate governance and information asymmetry in an informational environment context2012Conference paper (Other academic)
  • 157.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Corporate governance and information asymmetry in an informational environment context2012Conference paper (Other academic)
  • 158.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Corporate governance effectiveness and information asymmetry2012Conference paper (Refereed)
  • 159.
    Johansson, Anna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Nolander, Marie
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    A Narrative Based Portrayal of the Financial Situation of Women Entrepreneurs: A Socially Constructed Reality2010Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    There has been a rapid increase in the number of women entrepreneurs during the last decade. Yet, the number is still rather low why the Swedish Government is performing encouraging efforts. The encouragement of female‟s entrepreneurship is a necessity since women account for a rather new group of entrepreneurs who contributes to the growth of the economy. For most entrepreneurs, the success or failure depends on the ability to create a network of support and access to external capital. Previous research has shown that women entrepreneurs have a harder time to access external capital. These researchers have, however, mostly focused on individual traits and through these explained the financial situation of women entrepreneurs. This research, on the contrary, adopts a sociological research perspective where the everyday experiences of women entrepreneurs are emphasized.

    The purpose of this study is to understand and describe the financial situations faced by women entrepreneurs within the region of Jönköping. This will be achieved by examining the women‟s experiences in asking for banks‟ capital and the perceptions of the banks in supplying the capital.

    The study takes on an ethnomethodological research approach and applies a narrative data collection method. Due to the adopted ethnomethodological perspective, the study engages in the mapping of the everyday reality of the researched participants. The narrative data collection method allows the participants to express their stories and experiences.

    On the basis of an a priori model, the narratives were systematically studied and the financial situation of women entrepreneurs analyzed. The study applies a micro- and a macro analysis under which narratives of two different structures are examined. The micro analysis takes account of the narratives produced by the researched participants without involving any theory. It is found that the women entrepreneurs‟ narratives are more varied and action-oriented whereas the narratives of banks are more conformative and gen-eral. The macro analysis puts the narratives into a broader framework by in-volving both earlier research and a theory developed by Bourdieu. This analysis contributes to an understanding of that the social setting affects the structure, rules and norms of the entrepreneurial field. This may act as hin-ders for women entrepreneurs in terms of accessing capital, networking and overall feeling exhorted to be entrepreneurs. Hence, the reality of women entrepreneurs can be argued to be socially constructed where the women are unfairly seen through influenced eyes.

  • 160.
    Johansson, Anna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Nolander, Marie
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Waldemar, Petra
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    An Interpretation of the Financial Gap: Practical versus Analytical Reasoning2009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Abstract

    Background: Small businesses are vital for the welfare of a country. Yet, they have trou-ble obtaining external financing and these difficulties are gathered under the umbrella concept the “Financial Gap”. The most common source of fund-ing for small businesses is bank loan, why the availability of bank financing is a critical factor for their success. Today, 31% of all Swedish companies argue that they have finance problems and for half of these, the problem is to obtain a bank loan.

    Purpose: The purpose of the study is to describe and explain the Financial Gap as a relational concept. That is to say that the study will contribute to the understanding of the Financial Gap by focusing on the perspectives of both small businesses and banks interactively.

    Method: The study views the concept of the Financial Gap from a practical stand-point, assuming that it expresses its existence in the interaction between small businesses and banks. To pursue this view, the study takes on an Eth-nomethodological research approach. This approach is necessary in order to come close to and understand small businesses‟ and banks‟ everyday prac-tises. In-depth interviews are used for obtaining this deeper understanding of both parties. In addition, a questionnaire was sent out to small businesses in order to verify the information gathered in the interviews.

    Conclusion: On the basis of the study, the authors have developed an Interactive Model which describes their understanding of the Financial Gap. The members of small businesses and banks deal with information differently, which in turn is a result of how they approach ambiguity. When ambiguity is present, small firms settle with making decisions under uncertainty, whereas banks prefer to calculate on probabilities, why their decisions are considered being made under risk. The differences mentioned become visible in their deci-sion-making process, where small businesses act pursuant to a practical rea-soning whereas banks employ an analytical reasoning. Consequently, it leads to a clash when these two shall interact and function in a transaction as partners. The study concludes that the Financial Gap can be explained by small firms and banks speaking different languages when presenting the same reality.

  • 161.
    Johansson, Christine
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Caldana, Ulrika
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Företagsvärdering2010Independent thesis Basic level (degree of Bachelor), 15 credits / 22,5 HE creditsStudent thesis
    Abstract [sv]

    Denna studie kan ses som en introduktion till ämnet företagsvärdering då vi presenterar en förenklad sammanfattning av hur en värdering går till. Syftet med denna studie är att presentera teori och praktik inom företagsvärdering. Vi vill undersöka om den teoretiska läran inom ämnet följer praktiken. För att kunna genomföra denna undersökning har vi intervjuat personer som i sin yrkesroll sysslar med värdering av företag och gjort en studie av Swedbanks årsredovisningar.

  • 162.
    Jörgensen, Benita
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kärnfalk, Sandra
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Externa styrelseledamöter: En studie över varför små familjeföretag väljer att tillsätta externa styrelseledamöter2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: The need for corporate governance in small family businesses is large since it helps the companies to handle their complex environment. The board of directors has a prominent role of corporate governance in family businesses, where an active board is important for the businesses in order for them to meet the increasing global competition. An outside director can contribute to a more active and efficient board work and thereby give the business competitive advantages. However, there are some problems associated with the appointment of outside directors that can affect the choice of bringing an outsider to the board. Consequently, raises the question; what really affects the decision to appoint an outside director in a small family business?

    Purpose: The purpose of this study is to explain why small family owned limited companies choose to appoint outside directors.

    Method: In order to fulfillthe purpose of the study a qualitative method with a deductive approach hasbeen used. Empirical data was collected trough profound interviews withrepresentatives of three small family businesses, out of which two has outside directors while one business has not appointed an outside director.

    Conclusion: The study shows that the appointment of outside directors is driven by the need for an outside director. The need is affected by the level of family complexity and business complexity. A high level of complexity equals a large need for outside directors. The need will diminish if the business has a well developed structure. Another conclusion is that it takes initiative from outside the company for them to take a decision to appoint an outside director. Furthermore, the study shows that family businesses want to improve the service role of the board by appointing an outside director.

  • 163.
    Karlsson, Gabriel
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Nilsson, Pontus
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Strategy implementation in the construction industry2007Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Background:

    After immense criticism, the Swedish government requested an investigation concerning

    the construction industry. The report concludes that the inactive competition within the

    construction industry entail that the industry continuously delivers the same products, in

    the same way. Gabrielsson & Lutz (2002), states that the market condition and the long

    history of static competition within the construction industry has led to low productivity,

    high consumption of resources, large influences on the environment, higher costs and a

    lack of qualified labour. The construction industry is now dealing with an increasing competition

    and evidently decreasing subsidies from the government, that will continue to influence

    the construction industry, and the companies, which therefore must work hard to

    sustain and increase their competitive advantages.

    Purpose:

    Describe how a construction firm could integrate the strategy with the operative work on

    the project level in order to sustain and develop their competitive advantages in a growing

    competitive environment, by implementing a balanced scorecard (BSC).

    Method:

    Since the problem and the subject are complex and vast, the authors started the research by

    study a wide range of literature, articles and journals. Three interviews were made with a

    project leader working at the site, operative level, and two managers working on the strategic

    level, in the line organization above the project leader. With this selection the authors

    aimed to see whether the three experienced the organization and strategies the same way.

    Conclusions:

    The authors have concluded that NCC needs to go from being a very decentralized organization

    to be more of a centralized one. The centralization concerns purchase, coordination,

    industrialization, and project selection. The strategy has to involve all of these factors. NCC

    needs to coordinate the retention of knowledge and newly found solutions. They also need

    to have continuing processes of development and improvement concerning this retention,

    which in favourability should be located on a national level. This could raise NCC’s

    chances to achieve increased efficiency, decreased costs, better quality and environment.

    The authors further believe that NCC needs to strengthen their focus on industrialization

    on a national level, while letting the project organizations act as its own company. Every

    project is unique and therefore NCC needs to learn from all projects in ability to see the

    possibilities and enlighten the problems in all types of projects. If not, the large-scale production

    benefits could be missed out.

  • 164.
    Kaur, Jasmeet
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kurt, Ninorta
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Voluntary Audits: Motives of Executing Voluntary Audits in Partnership Firms in Jönköping2008Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Abstract

    Purpose: A part of this research is to explore if there are partnership firms that voluntarily get an audit of their business. The purpose is to understand and explain why these partnership firms have chosen to get an audit of their business voluntarily. Additionally, the authors research how external stakeholders, such as creditors, view and assess partnership firms that do not execute an audit of their accounts and reports.

    Method: To initiate this research, the authors conducted a telephone survey as a pre-study, to assure the viability of this research. As a major part of this research study, qualitative interviews with partnership firms, banks and the Swedish Tax Agency have been conducted to obtain professional opinion in the subject of interest. Previous researches are presented to provide a broader perspective of the debate.

    Frame of

    Reference: The authors present an extensive background to auditing and accounting. Stakeholder model and agency theory have been applied to facilitate in understanding the relationship between a partnership firm and its stakeholders. Advantages and disadvantages of auditing, as well as the concept of voluntary auditing are presented to facilitate a discussion of the motives of voluntarily executing an audit firms.

    Conclusion: After extensive research the authors have identified and determined the most probable motives of voluntary audits as well as understood how these external stakeholders view and assess these partnership firms that do not execute an audit of their accounts and reports. The authors can after a broad research conclude that partners’ central motives to voluntary auditing is to seek the value that is added through it, as the firm obtains professional assistance to raise the credibility of the firm’s financial reports. Auditing frees them from additional burden and time to manage the work related to accounting records and enables them to devote more time to the core business.

    Through an audit, partners’ quest for orderliness is fulfilled. Moreover, indications have been seen that partners are open to voluntarily execute an audit to achieve a sense of security in relation to the other partners. Another essential motive to why partners voluntarily execute audits is to be assured that there are no significant inaccuracies or errors in their book-keeping. Overall, partners’ intentions of getting an audit of their accounts and reports are to gain an overview of the business as well to obtain enhanced business image externally.

    Creditors are concerned about a firm’s ability to reimburse the obligation. In a newly started firm, banks require annual reports, forecasts and budgets ensure the firm’s solvency. The Swedish Tax Agency receives audit reports from auditors that guide them with hints and directions on what to assess further. Moreover, the Swedish Tax Agency performs tax audits on firms, whereby they conduct an assessment to ensure that the accounts and other documents are in accordance with what is declared to them.

  • 165. Kemmerling, Achim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    The determinants of regional transport investment across Europe2010In: The Political Economy of Inter-Regional Fiscal Flows: Measurement, Determinants and Effects on Country Stability / [ed] Nuria Bosch / Marta Espasa / Albert Sole Olle, Cheltenham, UK: Edward Elgar , 2010, p. 276-296Chapter in book (Other (popular science, discussion, etc.))
  • 166. Ketzler, Rolf
    et al.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Drohende Finanzierungsklemme bei Innovationen : rechtzeitig entgegensteuern2009In: DIW Wochenbericht, Vol. 76, no 45, p. 772-783Article in journal (Other academic)
  • 167.
    Kraidie, Nivine
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Fransson, Rosita
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Carlson, Lina
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Bankers’ credit assessment2007Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    There exists a wide variety of creditors on the Swedish credit market, commercial banks, savings banks, insurance companies, mortgage companies etc. This thesis focuses on banks as creditors which fundamental business concept concerns granting credits to firms and private persons. Credit assessment is the evaluation of the risk of a debtor not paying back the borrowed amount. For a bank to evaluate the risk of a firm, various sources of infor-mation about the credit applicant need to be obtained and analysed, for example annual re-ports and credit references. To decide whether a bank should grant a credit application or not, the bank uses existing credit guidelines which assist them in their decision-making. The credit management poses an important role since it is up to them to analyse whether the firm is creditworthy or not. Thus the role of the banker is very important.

    There has been a lot of prior research on bankers’ credit assessment of companies and most of this research has been conducted through a qualitative perspective. Previous stud-ies have investigated how creditors combine different factors in their credit assessment and what factors are the most important. The purpose of this thesis is to examine what factors are actually taken into consideration by Swedish bankers in their credit evaluation of firms and to assess the relative importance of these. The authors will also compare whether these factors comply with literature and previous studies. In order to reach our purpose we have used a quantitative approach in the form of a survey sent out to bankers. Our selected sample has consisted of bankers employed at three different banks; Handelsbanken, SEB and Nordea. These banks represent three of the four largest banks in Sweden and we be-lieve they represent a good mix of customers.

    Our study has given us a result that partly confirms and partly differs from previous stud-ies. The ten most important factors of credit assessment our selected sample of bankers consider are; company management, business ratio; cash flow, business idea, personal characteristics, trust, own contributed capital, budgets and calculations, business ratio; profitability, customer relation and business ratio; liquidity. When analysing our data we have found that factors are evaluated dif-ferently between gender of the banker, type of bank, location, position of the banker and years of employment of the banker.

  • 168.
    Kurt, Ninorta
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kristensson, Yulia
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kaur, Jasmeet
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Statutory Audit: Benefits of Maintaining Audits after the Abolishment2008Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    Purpose: The purpose of this research is to explore the reasons behind the abolish-ment of statutory audit in small limited firms in Sweden and to discuss whether it would be beneficial for these firms to still maintain an audit of their business after the abolishment.

    Method: As a major part of this research study, qualitative interviews with auditors have been conducted to obtain professional opinion in the subject of inter-est. Previous research are presented to provide a broader perspective of the debate.

    Frame of Reference: The authors present an extensive background to auditing and accounting. Stakeholder model and agency theory have been applied to aid an under-standing of the relationship between a firm and its stakeholders. Experi-ences from other European Union countries are presented to provide a ba-sis of comparison and discussion. Moreover, advantages and disadvantages of auditing are presented to facilitate a discussion of whether it is beneficial to maintain an audit of small limited firms.

    Conclusion: After extensive research the authors have identified and determined the most probable reasons behind the abolishment of statutory audit. The au-thors can after a broad research conclude that the central reasons behind the abolishment are the costs of auditing. Populism and politics, as well as harmonisation motives of the European Union, are also prominent reasons for the abolishment of statutory audit in small limited firms in Sweden.

    Highlighting the benefits of auditing illustrates that accomplishing an assur-ance of quality is one of the most essential motives of an audit review. Au-diting may facilitate granting of loans, longer credit periods and loyalty, a credible image of the firm, as a result of business owners providing trust-worthy information to their stakeholders. It can be concluded that it is beneficial for small limited firms to maintain an audit of their business, de-spite the abolishment of statutory audit.

  • 169.
    Kåvestam, Pontus
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Nilsson, Pontus
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Larsson, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Financing strategy for an innovative infrastructure project (Sekretessbelagd t om juni 2007) 2006Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [sv]

    Bakgrund: SkyCab är ett innovativt infrastrukturprojekt som siktar på att göra kol-lektivtrafik i städer snabbare, enklare och mer miljövänligt. Konceptet består av ett datastyrt system, utan förare, med vagnar som går på en bana fyra meter upp i luften. Dessa vagnar tar upp till fyra personer och de går på en bana med av- och påstig-ningsplatser. Helt utan tidtabeller kan passagerarna ta sig från en plats till en annan utan att behöva stanna någonstans på vägen. SkyCab projektet har nu nått fasen då det är dags att bygga en testbana. För att kunna bygga en testbana behövs kapital.

    Syfte: Syftet med denna studie är beskriva en möjlig finansieringsstrategi för SkyCab.

    Metod: För att kunna komma fram till en finansieringsstrategi har författarna antagit en kvalitativ metod där de intervjuat sex personer som representerar olika aktörer på den finansiella marknaden. Intervjuerna förberedes genom en grundlig genomgång av relevant literatur och samtal med personer involverade i SkyCabs nätverk. Författarna har även skickat ut enkät till 71 st svenska riskkapitalbolag för att få deras uppfatt-ning om möjligheterna för SkyCab att attrahera riskkapital.

    Slutsats och uppsats i stort kan ej publiceras före juni 2007 pga. sekretess.

  • 170.
    Kübek, Cinna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Mårtensson, Ann
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Foreign Direct Investments: Swedish Corporations Investments in Brazil 1990-20052006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Foreign direct investments are easier today then in the past owing to lower communication costs, improved and new information technology systems. In 1990, Brazil opened up for the global econ-omy and is today one of the tenth largest economies in the world, furthermore one of the largest recipients of foreign direct investments. Many different aspects need to be taken into consideration when investing in a foreign country such as motives, risks, entry modes and financing alternatives.

    The purpose with this thesis is to describe Swedish corporations’ es-tablishment in Brazil, during 1990-2005. The authors aim to illus-trate the motives behind the establishment, choice of entry mode, the perceived risks of operating in Brazil and if these risks affect the financing decisions.

    To answer the purpose of this thesis both quantitative- and qualitative methods have been applied. A quantitative method has been employed when performing the preliminary study, by sending a standardized questionnaire by email to the entire population to as-semble those corporations who established in Brazil during 1990-2005. When designing the interview questionnaire and accomplishing the telephone interviews a combination of qualitative- and quantitative methods have been utilized.

    The most common motives to invest in Brazil are expanding markets and following already existing customers. When deciding upon how to enter the market, the majority of the respondents choose to start up from the ground, a Greenfield investment. The risks which had the largest impact of the corporation during the establishment were the political risk and protectionism. Intercompany financing has been the main financing alternative, though it is very expensive to borrow in Brazil. The risks affecting the financing decisions are the exchange rate, inflation and the interest rate.

  • 171.
    Lago, Johanna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Orvinder, Emma
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Förvaltningsrevision: Ur ledningens perspektiv2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Sammanfattning

     

    Bakgrund: Sedan 1988 har det i Sverige varit lagstadgad revision för alla aktiebolag. Denna revision innefattar både räkenskapsrevision och förvaltningsrevision. Enligt en svensk utredning om den lagstadgade revisionen för alla bolag är det föreslaget att förvlatningsrevisionen skall avskaffas helt. Om denna tas bort försvinner även revisorns uttalande om att bevilja styrelse och vd ansvarsfrihet.

    Syfte: Syftet med denna uppsats är att undersöka ledningens inställning och nytta av förvaltningsrevisionen samt att utreda ifall även ledningen främjas, genom en förbättrad och smidigare relation till ägarna, av förvaltningsrevisionen.

    Metod: För att uppnå syftet med uppsatsen har en internetbaserad enkät med en kvantitativ insamlingsmetod använts. Denna undersökning har skickats via mail till styrelse och vd genom ett tillgänglighetsurval. Utöver detta har även en litteraturstudie gjorts för att inhämta sekundär data.

    Teori och referensram: För att kunna analysera det empiriska materialet har fyra teorier använts. Dessa är principal-agent teorin, teorin om asymmetrisk information, bolagsstyrning samt förtroendeteorin, som presenteras tillsammans med en grundläggande referensram för att innebörden av teorierna lättare ska kunnas förstås

    Slutsats: Förvaltningsrevision värderas enligt respondenterna som något positivt då denna underlättar samspelet mellan ägare och ledning. Således är förvaltningsrevisionen väldigt viktig för ledningen men denna kan även ersättas då det endast är ett verktyg för att minska avståndet mellan ägare och ledning. 

  • 172.
    Larsson, Jonas
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Impact Investment: Is there a need for a standard metrics for reporting social and environmental impact?2013Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose of this thesis is to put light to the industry of impact investment and to find out how players in the field define the industry and if there is a need for a standard metrics for reporting social and environmental impact. The thesis will also examine slogans and visions on companies that participated in a survey by JP Morgan, to see if they have clearly stated incentives for creating social and environmental impact or not.

    The conclusion of the report is that the definition of impact investment is too vague and can be interpreted differently, depending on whom you ask. The experts in the field put more emphasis on the social output and the investors put larger emphasis on financial return. A suggestion has been made to develop sub-sectors of categories, which need to be further defined. These categories could have specific metrics and guidelines on how to report social and environmental impact, included a few benchmark variables for each category.

    Several positive and negative effects of implementing a standard have been recognized. It would lead to an increase of investors and capital and would create a more competitive and transparent market. It would make the industry more reliable and it would add confidence, accuracy and trust to investors. Possible negative consequences could be implementations costs and that specific sectors would be disadvantage of the standard, where investor might go toward easy targets. It could lead to a misrepresentation of information when companies direct could benefit of providing false information, but according to the interviews, the positive effects would easily outnumber the negative effects.

  • 173. Larsson, Lars-Olle
    et al.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Seeking Sustainability2001In: Accountancy, ISSN 0001-4664, Vol. 128, no 1295, p. 155-155Article in journal (Other (popular science, discussion, etc.))
  • 174.
    Lexell, Anna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Lindstedt, Kristina
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    The US Adoption towards IFRS under Special Consideration of LIFO2010Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The United States Securities and Exchange Commission (SEC) issued a Roadmap in 2008 regarding a change in the American accounting standards system. The Roadmap proposes a potential adoption from the United States Generally Accepted Accounting Principles (US GAAP) to the International Financial Reporting Standards (IFRS). The objective with the adoption is to enhance a one-set of accounting standards used in the world in order to increase comparability between public limited companies in different jurisdictions. With the adoption, the valuation of inventories for American companies will change, since the Last-In, First-Out (LIFO) method is allowed under US GAAP, but not under IFRS. A study from 2008 shows that approximately 36 per cent of American public limited companies is using LIFO. They would therefore be forced to use another inventory valuation method, such as First-In, First-Out (FIFO). The LIFO method is normally used by companies exposed to inflation and increases the cost of goods sold (COGS) and consequently lowers the net income and income tax provision. With the potential adoption, these companies would face large increases of income tax provisions, which would affect them severely.

    This thesis is a review study with the objective to connect recent research with the SEC Roadmap in order to answer the following research questions: How will US companies that are using LIFO be affected by the inventory valuation change to FIFO, from an economic and accounting-based approach? What are the positive and negative aspects with a removal of LIFO regarding the IFRS adoption?

    There is a clear benefit for the US companies using LIFO regarding the smaller income tax provisions. Opponents consider that LIFO will disappear with the US adoption to IFRS. At the same time, recent research considers or doubts that the LIFO method will not face its death with the adoption from US GAAP to IFRS. As a conclusion, the negative effect of removing LIFO as a consequence of this adoption, is the implementation time period, which is too optimistic. Even though, the credibility with a shift from LIFO to FIFO will grow stronger and create a more comparable business world.

  • 175.
    Lexell, Anna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Lindstedt, Kristina
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Valkonen-Evertsson, Marina
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Enklare redovisning: Granskning av Statens Offentliga Utredning 2008:672009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    During 2007, the Swedish government issued a group to be in charge of the simplification regarding simpler accounting as a part of the large simplification in Sweden. The goal is to lower the administrative costs that are regulated by law with 25 per cent until 2010. During 2008, one of the Swedish Government Official Reports regarding the simplification was presented named; ”Delbetänkandet om Enklare redovisning – SOU 2008:67”.

    Some of the suggested changes would result in that normative organs, and especially the Swedish Accounting Standard Board, should be given more responsibility through standardsetting. Since the proposal presents several changes that could affect companies, interested parties and auditors, the authors found it interesting to investigate the answers and comments from consultation bodies of the proposal. At the same time, it was interesting to investigate how the auditors perceive the proposal, since they often has another point of view. The purpose is therefore:

    The purpose with this thesis is to investigate how auditing firms and consultation bodies to the Swedish Government Official Report perceive the proposal regarding simplified accounting. (SOU 2008:67)

    The investigation is done from a phenomenographical method, which means that it is only the consultation bodies and the auditors’ perception that is investigated – not how the reality actually is. A large part of the working hours has been distributed to read, interpret and understand the investigation. At the same time, a lot of the content had to be complemented and investigated in literature. The interviews have been done through face-to-face dialogues and via e-mail dialogues.

    The result shows that everyone welcomes the simplification and believes it is important, since Swedish companies should have an even chance towards the rest of Europe when it comes to competition. Some of the aspects, such as the removal of the “ordinary” annual accounts, have been treated positively from the consultation bodies, but not from the auditors. The conclusion from this is that from the interested parties’ point of view, the ordinary annual accounts are not considered to be of great importance. The removal of the management report for smaller companies is perceived as unnecessary, since most of the content will be kept and placed in the notes. Since most of the smaller companies have more or less standardized management reports, will the change not result in a simplification,

    but perhaps instead make it even more difficult.

  • 176.
    Lindvall, Joacim
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Rangert, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Is the Swedish stock market efficient?: Testing the weak form of efficient market hypothesis2012Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper examines the efficiency of the Swedish stock market, by testing if it is possible to create an excess return by the use of technical trading rules. According to the efficient market hypothesis and the random walk theory, in an efficient market it is not possible to predict the future stock prices by analyzing historical stock prices. The profitability of tech-nical analysis and technical trading rules has been researched and debated extensively, but economists have yet to reach a consensus. Because of this we find it useful to continue to study technical trading rules, and in our case we will focus exclusively on the Swedish stock market. We have done this by applying the trading technique moving average on the Swe-dish stock exchange. We have used the OMX Stockholm 30 Index, OMXS30, the 30 most traded stocks on the Stockholm stock exchange. From Nasdaq OMX we have obtained the daily closing prices from 1986-09-30 - 2012-01-27. Our test shows support for technical trading rules. The best performing moving average is the (1,50,0), which substantially beats the buy-and-hold strategy while being statistically confident to 99%. We have also tested our data set for a unit root, if a unit root exists it implies that the data set is following a random walk. We cannot reject that there is a unit root with α = 0.10 in our data set, alt-hough it would be rejected with α = 0.11. Our result forces us to reject that the Swedish stock market is efficient which is consistent with previous research made one the Swedish stock market.

  • 177.
    Lindén, Patrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Lejdelin, Martin
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Insider trading on the Stockholm Stock Exchange: Non reported insider trading prior to profit warnings2007Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Background: Studying insider trading is difficult due to its sensitive and delicate

    nature. Therefore it is hard to gauge the extent of such activities.

    This problem has resulted in a fierce debate whether it should be

    prohibited or not. Using a method where the effect on monopolistic

    information usage can be isolated insider trading can be monitored.

    Such an event is a profit warning.

    Purpose: This paper examines whether insider trading exist for companies

    making a profit warning between year 2003 and 2007 on the Stockholm

    Stock Exchange. Furthermore the aim with the study is to contribute

    to the debate on the insider trading legislation.

    Method: The study’s purpose is achieved through an event study studying the

    cumulative abnormal return as well as average daily returns during

    the thirty days preceding the warning for a sample of thirty companies.

    Since profit warnings should be completely random and as such

    almost impossible for the market to know in advance, a significant

    abnormal return can only be explained with insider trading. The abnormal

    returns were calculated using the Capital Asset Pricing Model

    since it is the most widely used model.

    Conclusion: For the chosen time frame, when testing on a 95% significance level,

    the study found a significant abnormal return during the last 10 days

    of the event window but not for the entire period of thirty days. The

    daily average return for the thirty companies were significant for six

    of the thirty days within the event window. Two of them were included

    in the last ten day period with a confirmed significant abnormal

    return which might suggest that on average insider trading tend

    to occur during these days. The other four was discarded due to

    sample issues. Since the study was limited to a period of four years

    extending the results to a period other than tested should be made

    with great care since conditions may differ over time. Concerning the

    current debate on the insider legislation, the findings can be used by

    both sides. Either to argue for a strengthening of the law or to question its existence.

  • 178.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Corporate Social Responsibility Management and Reporting from an Inside Perspective2006In: European Accounting Association Congress, 2006Conference paper (Refereed)
  • 179.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Explaining the Development and Diffusion of Environmental Reporting1999In: International Congress of Social and Environmental Accounting Research, 1999Conference paper (Refereed)
  • 180.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Exploring Corporate Social Responsibility Mangement and Reporting Change2007In: Asian-Pacific Interdisciplinary Perspectives on Accounting Conference, 2007Conference paper (Refereed)
  • 181.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Factors Influencing Environmental and Social Disclosures2004In: Asian-Pacific Interdisciplinary Perspectives on Accounting Conference, 2004Conference paper (Refereed)
  • 182.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Från risk till värde2008In: CSR - från risk till värde, Lund: Studentlitteratur , 2008, p. 25-40Chapter in book (Other (popular science, discussion, etc.))
  • 183.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Influences on Corporate Environmental Reporters in Sweden2005In: American Accounting Association Congress, 2005Conference paper (Refereed)
  • 184.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Konsten att använda hållbarhetsredovisningar2008In: Röster om transparens och hållbarhetsredovisning, Lund: Studentlitteratur , 2008, p. 27-32Chapter in book (Other (popular science, discussion, etc.))
  • 185.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Miljöhänsyn i fondsparande: Avkastning och risk i nordiska miljöfonder2000Report (Other academic)
  • 186.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Många brister i obligatorisk miljöinformation2005In: Balans, ISSN 0346-8208, Vol. 31, no 8, p. 27-30Article in journal (Other (popular science, discussion, etc.))
  • 187.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Perspectives on Sustainability Assurance – an International Comparison and Swedish Survey2007In: European Accounting Association Congress, 2007Conference paper (Refereed)
  • 188.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    The ‘Transatlantic Divide’: A Survey of European vs. U.S. Corporate Codes of Conduct2004In: Swedish Network for European Studies in Economics and Business Conference, 2004Conference paper (Refereed)
  • 189.
    Ljungdahl, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Vem behöver miljöredovisningarna?2000Report (Other academic)
  • 190.
    Ljungdahl, Fredrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Dahlström, Henrik
    Miljöinformation i förvaltningsberättelsen: erfarenheter och observationer2001In: Balans, ISSN 0346-8208, no 10, p. 39-44Article in journal (Other (popular science, discussion, etc.))
  • 191.
    Ljungdahl, Fredrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Larsson, Lars-Olle
    License to Operate: CSR och hållbarhetsredovisning i praktiken2008Book (Other (popular science, discussion, etc.))
  • 192.
    Ljungdahl, Fredrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Larsson, Lars-Olle
    Miljöredovisningen avskaffas!2005In: Balans, ISSN 0346-8208, Vol. 31, no 4, p. 13-15Article in journal (Other (popular science, discussion, etc.))
  • 193.
    Ljungdahl, Fredrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Thorstensson, Michael
    An Exploratory Study of the Development of Corporate Governance Disclosures in Sweden2004In: Asian-Pacific Interdisciplinary Perspectives on Accounting Conference, 2004Conference paper (Refereed)
  • 194.
    Ljungdahl, Fredrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Thorstensson, Michael
    Corporate Governance Reporting in Sweden2005In: American Accounting Association Congress, 2005Conference paper (Refereed)
  • 195.
    Ljungdahl, Fredrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Thorstensson, Michael
    The Impact of Corporate Failure and Stock Market Turbulence on Voluntary Corporate Disclosure: An Exploratory Study2003In: European Accounting Association Congress, 2003Conference paper (Refereed)
  • 196.
    Mindermann, Torsten
    et al.
    Universität Düsseldorf.
    Hartmann, Berit
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Media, Management and Transformation Centre (MMTC).
    Immaterielles Anlagevermögen2009In: IFRS-Rechnungslegung: Grundlagen, Aufgaben, Fallstudien, Munich: Oldenbourg Wissenschaftsverlag GmbH , 2009, 2, p. 85-100Chapter in book (Other academic)
  • 197.
    Ohlson, Per
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Herd Behavior on the Swedish Stock Exchange 2010Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In this study the Stockholm Stock Exchange in Sweden is examined for herd behavior with a market wide approach. Three models, one created by Christie and Huang (1995) and the others created by Chang, Cheng and Khorana (1999), are applied to detect herd behavior from 1998 to 2009. Herd behavior is found in up-going market days, measuring on daily bases over the entire time frame. When breaking down the test period into annual sub-periods, herd behavior is evident in the bullish markets of 2005 and 2007. In days with the most extreme market movements herd behavior is found in large cap stocks but not in the small cap. The result indicates a tendency of an increasing level of herd behavior over the measured period, which can be attributed to the increased influence of institutional ownership. Moreover, the data was adjusted for thinly traded stocks and the result is contradictive to previous studies. The reduction of thinly traded stocks seems to have an increasing effect on the herd-measure, implying that the presence of thinly traded stocks puts a negative bias on the herd-measures.

  • 198.
    Pamukci, Sara
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Carlsson, Mina
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Qvarnström, Annika
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Hållbarhetsredovisning: Granskningens roll i svenska hållbarhetsredovisningar2008Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [sv]

    Sedan slutet av 1990-talet har det blivit allt vanligare att företag redovisar de icke-finansiella målen såsom social och miljö. Dessa sammanställs ofta i en hållbarhetsredovisning vilken

    är frivillig för företag att upprätta. I Sverige är förekomsten av en extern granskning av den frivilliga hållbarhetsredovisningen inte så utbredd. Endast 8 % av de svenska företagen väljer att låta en extern part granska deras hållbarhetsredovisning.

    Trots att granskning av hållbarhetsredovisning idag är frivillig finns flera orsaker till varför företag ändå väljer att låta en extern part granska redovisningen. I denna uppsats undersöker

    författarna några av orsakerna till varför eller varför inte svenska börsbolag väljer att låta en extern part granska hållbarhetsredovisningen. För att uppnå detta syfte har en kvantitativ

    metodansats antagits och en enkätundersökning via e-post har utförts omfattande 96 svenska börsbolag. Datainsamlingen har sammanställts som beskrivande statistik utfört i Excel.

    Vidare har en omfattande litteraturinsamling gjorts om hållbarhetsredovisning och granskning. Hållbarhetsredovisning förklaras oftast med hjälp av intressent -, legitimitets – och

    agentteorin. Dessa förklarar även att en extern granskning av hållbarhetsredovisning har betydelse för att säkerställa för intressenterna att informationen som de delges är komplett

    och tillförlitlig. Detta ger möjlighet till bedömning om företaget är en bra ”samhällsmedborgare” vilket påverkar företagets legitimitet. För ägarna av företagen bevisar hållbarhetsredovisning

    att företagsledningen tar ansvar för företaget.

    Undersökningen visar att några av orsakerna till varför börsbolagen i undersökningen väljer att granska är på grund av att upprätthålla förtroendet från intressenterna och att öka legitimiteten

    i redovisningen. De främsta anledningarna till varför börsbolagen inte granskar är att de inte upplever att intressenterna efterfrågar det samt att denna information inte behöver kvalitetssäkras. Dessa anledningar kan kopplas till en rad olika faktorer som påverkar

    valet som exempelvis bransch och storlek på företaget. Där de större börsbolagen med verksamheter som har hög miljö- och social påverkan i större utsträckning väljer att granska medan de mindre börsbolagen anser att det är bättre att lägga resurserna på annat som

    att utveckla hållbarhetsredovisningen.

  • 199.
    Persson, Anders
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Olsson, Fredrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Ösmark, Joathan
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Hedging against Inflation: A study of Russian real estate funds2008Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: For an investor inflation has always caused problems since it eatsaway portfolio returns, reducing the purchasing power. Russia hasbeen fighting high inflation for the last two decades primarily due tothe economic restructuring from central planning to a free marketeconomy, raising the price levels. Historically property has been regardedas a good hedge against inflation and multiple research studiessupport this assumption. The Russian market for real estate hasgrown significantly over the last decade and is very interesting froma investor perspective.

    Purpose: The purpose of this thesis is to determine whether Russian Real Estate Funds are an effective investment tool in a portfolio to hedgeagainst inflation.

    Method: To fulfill our purpose for this study a quantitative method with adeductive approach is used. The methodology constitutes as theframe for the thesis. In order to analyze the secondary data, We willmake use of statistical models proven from past research/literaturewithin in the field.

    Conclusion: The empirical findings of this study show that during the time period investigated, there exist no evidence that a portfolio holdingRussian real estate funds could act as an appropriate hedge againstinflation. We believe the results could be explained by the limitationin the Russian market when gathering data due to transparencyproblems. There are also relativity few empirical studies within thefield of study in markets with a high inflation rate. Finally We believethe study could enhance an investor’s choice in markets withsimilar conditions.

  • 200.
    Persson, Elisabet
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kenani, Mahim
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Att tillämpa eller inte?: Svensk kod för bolagsstyrnings effekter på börsnoterade företags årsredovisningar2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Problem: After several corporate scandals concerning accounting around the world a discussion concerning corporate governance arose. The public demanded greater insight and better corporate governance in public companies. The discussions led to the development of codes of corporate governance, codes such as the Sarbanes Oxley Act, the Combined Code and the Swedish Code of Corporate Governance. The Swedish code is a clarifying of the Swedish law, a codification of praxis and in some cases an increase in the demands on reporting of information from the companies.

    Purpose: The purpose of the thesis is to describe what effects the Swedish Code of Corporate Governance has had on the content of annual reports of listed companies and if different types of companies have been affected in different ways.

    Method: The investigation was conducted using both qualitative and quantitative methods. Through a preliminary study knowledge about the subject was gathered. Using this knowledge, the authors could develop a questionnaire which was sent to all companies listed on the Swedish Stock Exchange’s A- and O-lists.

    Conclusions: A large part of the participating companies has chosen to implement the Swedish Code of Corporate Governance in some way. The larger companies have chosen to do this, but not to the extent that could be expected. Among the smaller companies there is also a will to implement the code even though it is not a forcing code for them. However, not as many companies have chosen to print a report of corporate governance and the board’s report on internal control. Instead, the companies seem to have to chosen to give out information which they were forced to give out since earlier. New information according to the code has then been added to this old information. A great deal of the companies feel that the code has a relatively large use and that the demands of the code are accurate. Finally, it can be concluded that the Swedish Code of Corporate Governance has had an effect on the annual reports of listed Swedish companies but to what extent and how varies greatly.

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