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Earnings management vid VD-byte: En kvantitativ studie i börsnoterade företag på OMX Stockholm Small Cap
University West, School of Business, Economics and IT.
University West, School of Business, Economics and IT.
2022 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Earnings management and change of CEO : A quantitative study of listed companies on the OMX Stockholm Small Cap (English)
Abstract [sv]

Earnings management definieras som ett tillvägagångsätt för företagsledningen att använda sitt informationsövertag och subjektiva omdöme i den finansiella rapporteringen genom att systematiskt strukturera transaktioner för att få resultatet i deras favör. Det innebär att earnings management används i syfte att vilseleda aktieägare och andra intressenter eller för att påverka den finansiella ställningen utifrån personliga incitament. En del forskning styrker tesen om att earnings management ökar vid byte av VD men det finns även forskning som inte finner bevis för att det ökar.

Syftet med denna studie var således att bidra med kunskap huruvida nytillträdda verkställande direktörer använder earnings management i resultatsänkande syfte under sin första tjänstgöringsperiod.

Studien var baserad på de företag som var börsnoterade på OMX Stockholm Small Cap april 2022 med undantag för företag inom den finansiella sektorn på grund av att de har en annan periodiseringsprocess. För att mäta earnings management användes den Modifierade Jones-modellen. Modellen går ut på att identifiera diskretionära periodiseringar som ett mått på earnings management.

Den statistiska analysen resulterade i att ingen skillnad i earnings management under år när det sker ett VD-byte i jämförelse med när det inte sker ett byte kunde statistiskt säkerställas.

Slutsatsen av det är att en nytillträdd VD i ett börsnoterat företag på OMX Stockholm Small Cap inte använder earnings management i syfte att sänka resultatet under sin första tjänstgöringsperiod. Det kan dock konstateras att det förekommer låga nivåer av resultatsänkande earnings management men inte att det beror på ett enskilt VD-byte.

Abstract [en]

Earnings management is defined as an approach for executive management to use their information advantage and subjective judgment in financial reporting by systematically structuring transactions to get the result in their favor. This means that earnings management is used for the purpose of misleading shareholders or to influence the financial reporting based on personal incentives. Some research supports the thesis that earnings management increases when the CEO is changed, but there is also research that does not find evidence that it increases.

The purpose of this study was thus to contribute knowledge about newly appointed CEOs using earnings management for earnings reducing purposes during their first period of service.

The study was based on the companies listed on the OMX Stockholm Small Cap April 2022 except for companies in the financial sector because they have a different accrual process. To measure earnings management, The Modified Jones model was used. The model identifies discretionary accruals as a measure of earnings management.

The statistical analysis resulted in that no difference in earnings management during years when there is a change of CEO in comparison with when there is no change could be statistically ensured.

The conclusion from this is that a newly appointed CEO of a listed company on the OMX Stockholm Small Cap does not use earnings management to reduce earnings during his first period of service. However, it can be stated that there are low levels of earnings reducing earnings management, but not that it is due to a single change of CEO.

Place, publisher, year, edition, pages
2022. , p. 31
Keywords [en]
Earnings management, CEO changes, big bath accounting, income smoothing, goodwill impairment, The Modified Jones model
Keywords [sv]
Earnings management, VD-byte, big bath accounting, resultatutjämning, goodwillnedskrivning, modifierade Jones-modellen.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hv:diva-18697Local ID: EXC517OAI: oai:DiVA.org:hv-18697DiVA, id: diva2:1676694
Subject / course
Business administration
Educational program
Ekonomprogrammet
Supervisors
Examiners
Available from: 2022-07-14 Created: 2022-06-27 Last updated: 2022-07-14Bibliographically approved

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