Browsing by Author "Hagberg, Andreas"

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Lönsamhet och finansiell flexibilitet. Rederinäringen i Sverige 1997 - 2006
(2012-12-12) Hagberg, Andreas
This study investigates if financial flexibility can explain firm performance in terms of profitability using financial data from all Swedish shipping companies during the period 1997-2006. Financial flexibility is the capacity of a firm to avoid financial distress in times of negative economic change and to take advantage of investment opportunities in times of positive economic change. Financial flexibility is defined as constructed by capital structure and liquidity, and financial performance is measured as return on equity and return on total assets. The firms’ capital structure makes additional financing possible and the cash levels of the firm create financial flexibility. The actions that financial flexibility make possible contribute to firm financial performance. The study shows that financial flexibility has impact on the profitability of Swedish shipping companies. The findings show that profitability is affected negatively by increased leverage and positively by cash holdings. It appears that smaller companies have higher levels of cash holdings, and that larger companies have a higher leverage. One explanation for this is that larger companies have better access to financing through capital markets. Another reason for smaller companies to preserve cash reserves is to use these as a buffer for times of negative economic development. The larger companies use their capital structure and leverage to be able to invest when the opportunity arises. The need for financial flexibility is more determined by investment opportunities than by financing opportunities, which is why it is also possible to conclude that larger companies may have more investment opportunities and that they are more profitable than smaller companies.
Nyckeltal och konkurs: En studie av svenska företag 1998 – 2003
(2006) Hagberg, Andreas; Department of Business Administration
Denna studie visar att de företag som går i konkurs har finansiella nyckeltal som skiljer sig avsevärt från aktiva företag upp till fem år före konkurs. Skillnaderna finns framförallt i balansräkningen avseende kapitalstruktur och skuldsättning, men även i resultaträkningen. Skillnaderna i finansiella nyckeltal märks först beträffande kapitalstruktur, därefter lönsamhet och slutligen likviditet. Studien visar att företagens finansiella redovisning innehåller information som kan göra det möjligt att differentiera mellan företag som kommer att gå i konkurs och de som inte gör det. Det som har prövas är det antagande som görs inom både forskning och läroböcker om att finansiella nyckeltal skiljer sig åt mellan olika företag beroende på finansiellt tillstånd, det vill säga att nyckeltalen avspeglar faktiska förhållanden. I studien undersöks enskilda finansiella nyckeltal beräknade utifrån företagens årsredovisningar, men även en modell utvecklad för konkursprediktion som är baserad på flera nyckeltal. Populationen som utgör underlag för studien är alla svenska aktiebolag med fler än 50 anställda i senaste bokslutet och som försatts i konkurs under perioden 1998-2003, samt alla svenska aktiebolag av samma storlek som inte försatts i konkurs under samma period. Den modell för att förutsäga konkurs som prövats uppvisar signifikanta skillnader mellan grupperna av företag, även om klassificeringsresultaten inte uppnår de nivåer som gjorts i andra studier. Förklaringen kan sökas bland annat i den strikta användningen av det legala begreppet konkurs som variabel för klassificering. De finansiella nyckeltalen uppvisar signifikanta skillnader mellan två grupper av företag; en med aktiva företag och en med företag som kommer att gå i konkurs. Denna skillnad kan visa sig så tidigt som fem år före konkurs. Det har framgått att dessa skillnader är statistiskt signifikanta, vilket innebär att nyckeltalen och redovisningen innehåller information som särskiljer mellan de som kommer att gå i konkurs och de som inte gör det. Att denna information är konstaterad och att den särskiljer mellan grupperna gör nyckeltalen användbara för exempelvis kreditanalys och som underlag för annat beslutsfattande.
The Role of Trust in Accounting Research
(2003) Marton, Jan; Johansson, Kristina; Johansson, Inga-Lill; Hagberg, Andreas; Baldvinsdottir, Gudrun; Department of Business Administration
The purpose of this paper is to present a review of the knowledge about the trust concept and its application within the accounting research context. This is done by examining the different ontological and epistemological assumptions that accounting research are based on, by relating these assumptions to various conceptions of trust used in accounting research, and by revealing the explicit and implicit role that is given to trust in accounting research. The review is based on articles published between 1995 and 2002 in eleven influential accounting journals. The results show that few accounting articles are explicitly related to trust. Our review supports observations regarding the absence of empirical research made in previous research. Our classification of epistemological and ontological assumptions resulted in an even distribution between the mainstream and alternative approaches. The use of trust in the selected articles showed four different types reflecting an increasing role of trust in explaining accounting phenomena. To summarise, our review produces a dissociated impression of the role of trust in accounting research.
Trust Research in Accounting – A Literature Review
(2009-08-24T11:56:28Z) Baldvinsdottir, Gudrun; Hagberg, Andreas; Johansson, Inga-Lill; Jonäll, Kristina; Marton, Jan
Purpose: The purpose of the paper is to provide a structured overview of literature in the nexus of trust and accounting. This can serve as a basis for future research, and thus provide a framework for asking more precise and focused research questions. Design/methodology/approach: All papers published in prominent accounting journals during a 10-year period were scanned. Papers pertaining to the field of trust and accounting were categorized and analyzed in more detail, and qualitatively classified in accordance with selected dimensions. The review was focused on papers explicitly exploring the link between accounting and trust. Findings: The greater part of the papers is in the field of management accounting. The majority of published papers in the field are based on sociological theory, but there are some economics-based papers. Sociologically-based analysis seems to provide more structure, but is also less paradigmatic in nature than economic theory. Only a minority of papers has an explicit definition of the concept of trust. Our conclusion is that the state of research is clearly non-paradigmatic in nature. Origininality/value: This is the only literature review that provides a comprehensive overview of research on trust and accounting. Thus, it is an aid in future research in the area.