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Institutionella investerares påverkan på företags kortsiktighet: En studie om institutionella investerares påverkan på företags investeringar i forskning och utveckling
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
2017 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
Institutional investors influence on corporate short-termism (English)
Abstract [en]

Background: Institutional investors today, own and control a big chunk of the outstanding shares belonging to large Swedish companies that are listed on the Swedish stock exchange. The large ownership means they have influence over the corporate strategy. How this influence is used affects every shareholder. For a long time, especially in the USA, there has been a debate regarding institutional investors and their influence over corporate investmenthorizons. The debate has mainly existed of critics being sceptic of what they see as an unmotivated focus on short-term earnings. As a resultat of the debate, researchers have studied the influence of institutional investors. Studies have reached different conclusions and the the debate is still ongoing.

Purpose: The purpose of the study is to investigate if institutional investors, have influence over, corporations investmenthorizons.

Method: Institutional investors are split into two groups. One group cointaining investors whom are expected to put pressure on companes to invest more long-term and one group with investors expected create a pressure on companies to invest less long-term. To measure short- and long-termism, research and development costs are used as a proxy-variable. A regressionsanalysis is then used on paneldata to test for expected relationships.

Conclusions: The result shows, institutional investors, cathegorized as long-term investors, having a statistically significant relationship with increasing costs for research and development. No statistically significant relationship can be found between the group of investors, cathegorized as short-term institutional investors and costs for research and development.

Abstract [sv]

Bakgrund: Institutionella investerare äger och kontrollerar idag en stor andel av svenska storbolag. Den stora ägarandelen innebär ett ökat inflytande över företagens verksamheter. Hur detta inflytande används påverkar samtliga aktieägare. Det har nu under en längre tid, i framför allt USA, funnits en debatt kring den institutionella investerarens inflytande över företagens investeringshorisonter. Debatten har främst besått av kritik mot ett omotiverat fokus på kortsiktig lönsamhet, undersökningar har genomförts med blandade resultat som inte satt stopp på debatten.

Syfte: Studiens syfte är att undersöka om institutionella investerare har någon påverkan på investeringshorisonter som används av företagen de äger aktier i.

Metod: Institutionella investerare kategoriseras i två grupper. En grupp av institutioner förväntas påverka företag att investera mer långsiktigt och en som förväntas påverka företag att investera mindre långsiktigt. För att mäta företags investeringar för framtiden används proxy-variabeln forskning och utveckling. För att empiriskt testa hypoteserna som formulerats utförs en regression på insamlad paneldata.

Resultat: Studiens resultat visar att institutionella investerare som kategoriserats som långsiktiga har ett statistiskt signifikant samband med ökade kostnader för forskning och utveckling. Inget statistiskt signifikant resultat kan utläsas för att vad vi kategoriserar som kortsiktiga institutionella investerare har någon påverkan på företagens investeringshorisont.

Place, publisher, year, edition, pages
2017. , 105 p.
Keyword [sv]
Kortsiktighet, Långsiktighet, Institutionella investerare, forsknig och utveckling
National Category
Business Administration
Identifiers
URN: urn:nbn:se:lnu:diva-64945OAI: oai:DiVA.org:lnu-64945DiVA: diva2:1106629
Subject / course
Business Administration - Other
Educational program
Business Administration and Economics Programme, 240 credits
Supervisors
Examiners
Available from: 2017-06-09 Created: 2017-06-07 Last updated: 2017-06-09Bibliographically approved

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