Browsing by Author "Johansson, Robin"

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Acid Sulfate Soils in Västra Götaland, Sweden
(2021-07-06) Johansson, Robin; University of Gothenburg/Department of Earth Sciences; Göteborgs universitet/Institutionen för geovetenskaper
Acid sulfate soils can cause significant economic, environmental, and health-related issues due to acidification and metal leaching. This thesis investigates the presence of acid sulfate soils in the county of Västra Götaland – a region in which the presence of acid sulfate soils has been unknown. A literature review was performed which indicated that acid sulfate soils should occur in organic-rich sediment near drained lakes. Soil sampling and pH measurements at 14 sites around western Västra Götaland revealed three potential acid sulfate soils and one active acid sulfate soil. The three potential acid sulfate soils occurred adjacent to drained lakes and the active acid sulfate soil occurred close to a drained wetland. All soils were hosted in, or below, organic-rich sediment. Isotope analysis by ICP-SFMS revealed increased amounts of sulfur in three of the acid sulfate soils. While the presence of acid sulfate soils in Västra Götaland is now confirmed, their extent remains unknown. Future studies are encouraged to delimitate the extent and impact of acid sulfate soils in Västra Götaland.
Navigating Economic Uncertainty: Exploring Financing Preferences and Member Utility in Cooperatives -A Case Study of Nordic Agri-food Cooperatives
(2023-09-01) Hult Berényi, Theodor; Johansson, Robin; Olhede, Karl; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
The economic uncertainty of 2022/2023 has presented several financial challenges. High inflation and rapidly increasing interest rates have caused modern and unaccustomed corporations to experience recessive conditions, challenging them to acquire the skills necessary for effective navigation during an economic downturn. Given this context, this thesis aims to investigate how financing preferences of nordic cooperatively owned agri-food firms are affected by the economic uncertainty of 2022/2023. Even though previous research has shown that economic uncertainty can affect financing preferences, nordic cooperatives are not widely covered in prevailing literature. Hopefully, this novelty can contribute value to existing literature. In order to answer a research question regarding preferences, a rich understanding of firms’ actions and thought processes are important, hence a qualitative method was used. This thesis conducted case studies on four Nordic agri-food firms: Lantmännen, Coop, Arla and Norrmejerier. The results suggest a general preference for internal financing in line with the pecking order theory, and limited agreement with the trade off theory. However, cooperatives are inclined to sidestep preferences and instead exploit debt in order to enhance patronage dividends. Furthermore, in times of economic uncertainty, the results show that cooperatives tend to prioritize short-term needs of members at the expense of the firm’s financial position, if possible. Cooperatives' ability and incentive to prioritize member-utility over own profitability is reliant on strong finances and members’ position in their collective supply chain. The thesis concludes that during uncertain economic market conditions cooperatives still prefer internal financing, but due to members' short-term focus, firms become more reliant on debt to continue their quest of member value maximization.
Strategic Choice or Failed Attempt? Acquisition Consequences of IPO Withdrawals
(2025-08-21) Johansson, Robin; Olhede, Karl; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
Drawing on Nordic IPO filings from 1985 to 2023, this thesis investigates the post-withdrawal pathways of 492 withdrawn offerings, with particular emphasis on subsequent M&A valuation outcomes and acquirer announcement returns. Results indicate that 39% of firms remain private within the designated event window, defined as two years prior to and five years following the planned IPO, 31% are acquired, 8% refile for an IPO with 6% doing so successfully, and 21% become inactive. Across firms involved in M&A, the analysis reveals that withdrawn IPO targets are acquired at valuations approximately 824% higher than comparable pure private targets, highlighting significant valuation benefits associated with IPO filings. This challenges the perception of IPO withdrawals as definitive failures and instead underscores their potential role as deliberate strategic decisions. However, results also indicate that while both withdrawn and completed IPOs experience positive valuation revisions from their pre-IPO valuations to subsequent M&A valuations, the magnitude of the uplift is approximately 21% lower for withdrawn firms. These findings imply the presence of a market-imposed penalty or adverse perception associated with IPO withdrawals, suggesting that the comprehensive valuation benefits derived from completing a public listing generally exceed the signaling value conveyed by the act of filing alone. Despite this, pre-withdrawal acquisitions yield higher valuation revisions for withdrawn IPOs, further underscoring the strategic viability and valuation advantages associated with IPO withdrawals. Notably, pre-initial filing private capital backing does not confer any significant valuation advantages. Event study analysis offers further empirical insight by demonstrating a hierarchical pattern in announcement-day cumulative abnormal returns, with acquisitions of pure private targets yielding the highest acquirer returns, public targets the lowest, and withdrawn IPO targets falling in between. A modest but statistically significant long-run premium is also observed for withdrawn targets, whereas no such effect is found for public or pure private targets. Ultimately, the findings reinforce the view of IPO withdrawals as a legitimate strategic option, revealing considerable value creation opportunities for both acquirers and targets in the Nordic region, thereby contributing to broader economic efficiency and social welfare.