Browsing by Author "Engelholm, Filip"

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Employee representation on the board of directors and its implications on corporate risk- A quantitative study on diverging stakeholder preferences
(2022-06-30) Engelholm, Filip; Nyström, Lukas; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This study investigates how board-level employee representation (BLER) impacts the risk profile of a firm. More specifically, it investigates whether the binary presence of employees in the board room, or the relative ratio of votes allocated to employees, leads to reduced total, idiosyncratic, or systematic risk. The study extends a small, but growing, body of literature investigating the real economic impacts of the unique form of codetermination that exist in 18 European countries but that is being considered across the world. Hence, the findings have direct political implications. To the authors best knowledge, the study is the first of its kind. The study uses a sample of 3,541 firm-years of Swedish listed firms between 2005 and 2019 to conduct a quantitative analysis. More specifically, the two stage Heckman regression model was used to answer the research question and control for the potential issue of self-selection bias. Based on theoretical arguments from financial risk-return theories, agency theory, and corporate governance mechanisms based on monitoring, information asymmetry and diversity, the study arrived at six testable hypotheses. Firstly, the study hypothesised that the binary presence of BLER would lead to a reduced total (H1) and idiosyncratic (H2) risk but that it would not have an impact on systematic risk (H3). Secondly, the study argued that the marginal effect would be proportional to the ratio of allocated votes. More specifically, it was hypothesised that increased concentration of BLER would lead to lower total (H4) and idiosyncratic (H5) risk, but that it would not impact systematic risk (H6). The study does not find evidence to confirm H1, H2, H4 nor H5. However, it supports H3 and H6. This partially contradicts the most related previous study (Lin et al. (2021)), which has found that employees act as risk-averse bondholders. The authors of this paper provide eight hypotheses that might explain this surprising finding, and argue that the most likely version is that the employee representatives are not given any de facto influence in the board room. Similar arguments have been provided in previous studies, although it is not conclusive nor unanimous. Finally, a word of caution. Although the study rejects the hypothesised BLER-risk relationship, it finds several methodological peculiarities that make the results difficult to interpret objectively. Noteworthy is that polar-opposite results are found when making minor changes to the research design and set of control variables. Hence, the authors suggest several complementary studies that must be carried out before reliable and robust results adequate for political decisions can be derived.
Företags motiv till att använda delningsekonomi vid hantering av matsvinn
(2019-06-20) Ovik, Odette; Engelholm, Filip; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
Bakgrund och problemformulering: Miljöproblem uppstår inom flera olika sektorer och branscher och det behövs nya lösningar för att nå en hållbar framtid. Livsmedelsindustrin ger upphov till flertalet negativa konsekvenser för miljön, såsom övergödning, förändrad markanvändning, vattenbrist och försämrad vattenkvalité. Bättre hantering av livsmedel behövs för att säkra tillgången till mat. Företag kan bidra till en förbättring genom att hantera matsvinn på ett bättre sätt och ta ansvar för verksamheten, genom att ställa om processer och aktiviteter. Genom att skapa mer hållbara affärsmöjligheter där företag ges motiv att anta dessa miljövänliga implementeringar, har företag potential att kunna bidra till ett mer hållbart samhälle. Syfte: Syftet med denna uppsats är att studera vilka motiv som ligger till grund för företags val att förändra verksamheten för att anta ett delningsekonomi-perspektiv med hjälp av digitala plattformar, när de hanterar problem med matsvinn. Metod: Metoden är en kvalitativ studie med abduktiv ansats. Empirin har samlats in genom semistrukturerade intervjuer med 10 företag vilka använder sig av Karma och ResQ. Resultat & slutsats: Utifrån empirin kan det utläsas att företagen är positivt inställda till användandet av delningsekonomi, vidare har fyra motiv hittats vilka återkommer hos flera av respondenterna till varför de använder sig av delningsekonomi. De huvudmotiv som framkommit under denna uppsats är: hållbarhetsfaktorer, Legitimitet, marknadsföring och ekonomiska faktorer. Genom att företag ges motiv att arbeta med delningsekonomi kan fler företag potentiellt lockas till att integrera hållbarhetsarbete i deras verksamhet.
SWEDISH BIDDER´S PERFORMANCE FROM TAKEOVERS - A quantitative event study comparing domestic and cross-border targets
(2020-07-01) Molin, Henrik; Engelholm, Filip; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
We examine Swedish bidder’s shareholder return on a takeover announcement based on a short-period event study. Further, the bidder return is examined based on whether the target is domestic or cross-border. Previous research is contradictory regarding the overall performance, which caused our attention to investigate whether the record differs with another dataset and geographical scope. Moreover, previous studies that have distinguished cross-border- and domestic takeovers indicate that domestic takeovers outperform cross-border takeovers. Our results reveal that Swedish bidders gain a 2,3% significant positive three-day average cumulative abnormal return (CAR). Further, the domestic takeovers outperform the cross-border takeovers with 4%. However, we found no significant difference in the CAR between the domestic and cross-border bidders when controlling for deal characteristics. Our regression analysis shows that size effect and payment type are contributory factors to our result. We reveal that the Swedish market appears to have unique characteristics that potentially explain why our result is contradictory to previous groundwork. Finally, we are two of the first authors that examined the overall, cross-border, and domestic bidder stock performance with a fully Swedish dataset.