Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • 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
Ägarstrukturens påverkan på avkastningen för IPO:s: En studie på den svenska marknaden
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.
2015 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
The ownership structure’s impact on revenue of IPOs : an analysis of the Swedish market (English)
Abstract [sv]

Bakgrund: Thomsen och Pedersen (2007), Abrahamson och De Ridder (2014), Fama och Jensen (1983), Gilson (2006) samt Michel et al. (2013) kommer samtliga fram till att ett bolags ägarstruktur samt att en kontrollägare har en direkt positiv påverkan på ett bolags prestation och dess avkastning. Detta kan förklaras genom den agentproblematik som existerar i ett bolag. Eftersom det vid börsintroduktioner ofta sker stora ägarförändringar är studier av ägarstrukturens påverkan på avkastningen, särskilt intressanta just vid börsintroduktioner samtidigt som det saknas fördjupade studier gällande hur ägarstrukturen påverkar avkastningen i svenska bolag.  

 

Syfte: Syftet med studien är att förklara hur ägarstrukturen påverkar avkastningen för IPO:s.

 

Metod: Studien omfattar ett urval om totalt 47 bolag, som introducerats på den svenska börsen under åren 2006 - 2013. Urvalet har kategoriserats efter intervall avseende ägarandelar och sedan analyserats. Korrelations-tester har använts för att se ifall det existerar ett samband mellan variablerna  samt regressionsanalyser har genomförts för att se hur den riskjusterade avkastningen förhåller sig till ett bolags ägarstruktur.  Med hjälp av buy-and-hold abnormal return (BHAR) har regressionstesterna genomförts, som kontrollerats med inklusive och exklusive företagsspecifika kontrollvariabler.

 

Resultat: Våra resultat visar att ägarstrukturen har en viss men begränsad påverkan på avkastningen. I intervallet 20 – 80 procent finns dock en tydlig positiv påverkan på avkastningen.

Abstract [en]

Title: The ownership structure’s impact on revenue of IPOs – an analysis of the Swedish market

 

Background: Thomsen and Persson (2007), Abrahamson and De Ridder (2014), Fama and Jensen (1983), Gilson (2006) and Michel et al. (2013), all front that company's ownership structure and that a controlling shareholder has a direct positive impact on a company's performance and its returns. This can be explained by the agentproblem that exist in a company. As it often happens big changes in ownership at IPOs (Initial Public Offerings) are studies of ownership structure's impact on performance, particularly interesting just at IPOs. There are also no in-depth studies on how ownership structure affects the return of Swedish companies.

 

Purpose: The purpose of this study is to explain how the ownership structure affects revenue for IPOs.

 

Method: This study looks at a total of 47 corporations, all of which were introduced to the Swedish market between 2006 - 2013. The selection of corporations has been categorised based on a range of ownership shares and then thoroughly analysed. Correlation tests have been completed in order to find a causal link between variables and also regression analysis to see how the risk adjusted return is related to a company's ownership structure. Through a Buy-and-Hold Abnormal Return (BHAR) regressiontests has been made, and verified by including and excluding corporation-specific control variables.

 

Result: Our results suggest that the ownership structure has certain but limited effect on revenue. It does, however, indicate that ownership shares within 20-80 percent will have a positive impact on revenue. 

Place, publisher, year, edition, pages
2015. , p. 75
Keyword [en]
Ownership structure, Agent problem, Portfolio Theory, IPOs, Return
Keyword [sv]
Ägarstruktur, Agentproblematiken, Portföljvalsteori, Börsintroduktioner, Avkastning
National Category
Business Administration
Identifiers
URN: urn:nbn:se:lnu:diva-47028OAI: oai:DiVA.org:lnu-47028DiVA, id: diva2:867102
Subject / course
Business Administration - Management Accounting
Educational program
Business Administration and Economics Programme, 240 credits
Supervisors
Examiners
Available from: 2015-11-05 Created: 2015-11-04 Last updated: 2015-11-05Bibliographically approved

Open Access in DiVA

fulltext(834 kB)225 downloads
File information
File name FULLTEXT01.pdfFile size 834 kBChecksum SHA-512
1c7d857161fa796c2732f5c929166954c9f51c82e792fe2376376ffcb557a7c2d466b965efb633c5552b08154d0d363c89bd07fcfb3de4bbc0611b15b8d2002a
Type fulltextMimetype application/pdf

Search in DiVA

By author/editor
Philip, PahlettMartin, Sandström
By organisation
Department of Management Accounting and Logistics
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
Total: 225 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 546 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • 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