Master theses

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Knowledge beyond borders: A qualitative study of migrant workers' knowledge creation and transfer experience in MNCs.
(2025-09-23) Tchamtieu, Nancy; Iheke, Charles; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
The study seeks to explore the role of migrant workers in creating and transferring knowledge in multinational corporations. The choice of Sweden is motivated by the country's position as a migrant-friendly nation, its innovation-based development, and the recent evolution of its migration policies. The study is primarily based on the literature on the Knowledge-Based View (KBV) of the firm, examining how it reveals the underlying factors that contribute to the processes of knowledge creation and sharing within the firm. The research employed a qualitative research method, involving semi-structured interviews with five skilled migrant employees and four managers across four multinational corporations (MNCs): Volvo Cars, Volvo Trucks, Power Factors, and Northvolt. A thematic analysis approach was adopted to identify key factors that shape knowledge creation and transfer, including organisational integration processes, social inclusion, managerial support, and the extent to which migration policies influence the perception of job security. The findings reveal that knowledge resources brought to work by skilled migrants are hindered by ineffective integration, the absence of migrant-specific onboarding programs, stringent migration policies, and a lack of proper leadership representation further impedes their impact. Additionally, informal social factors, such as language barriers, also hinder migrant workers' full participation in organisational learning processes. This study contributes to the Knowledge-Based View (KBV) by expanding the framework of the theory to include policy-level and social dimensions of the knowledge view. The main takeaways from the research are a number of recommendations for managers in harnessing the skills, experiences and knowledge of skilled migrant workers for the benefit of the firm. Moreover, the study emphasises the importance of diversity but stresses that knowledge creation and transfer require more than diversity. It thrives on the wings of intentional organisational practices, inclusive leadership and fair policies.
INSIDE THE SHARED CONTAINER: THE ROLE OF EXTERNAL FACTORS AND INTERNAL RESOURCES AND CAPABILITIES IN FIRM ADOPTION OF LESS-THAN-CONTAINER LOAD FREIGHT IN INTERNATIONAL TRANSPORT
(2025-09-23) Barregren, Arvid; Wigert, Andrea; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This thesis explores the factors that influence international firms’ adoption of Less than Container Load (LCL) shipping solutions in global trade. While previous research has examined Mode of Transport (MOT) selection broadly, there is limited academic work focusing specifically on LCL. To address this gap, the study investigates how a set of seven predetermined external factors of cost, time, flexibility, reliability, product characteristics, risk management, and regulatory and environmental factors affect LCL adoption and further contributes to research by examining how firms’ internal resources and capabilities mediate the external effects. The analysis is based on interview data coded through thematic analysis. The findings show that while external factors shape LCL adoption, their impact is not uniform. Firms’ internal resources and capabilities, such as planning systems, financial flexibility, packaging routines, and relationship capital, play a decisive role in determining whether LCL is a viable and strategic option. By highlighting the interplay between external conditions and firm-specific resources, the study contributes to international business research by showing that LCL adoption reflects not only market demands but also firms’ capacity to manage logistical complexity and uncertainty.
Internationalisation Approaches - Strategies and Barriers: A comparative multiple case study of Swedish SaaS and Consumer Goods Tech SMEs
(2025-09-08) Koti, Esther Prah; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
Tech SMEs are increasing in number and capacity worldwide, and a key characteristic of these firms is their internationalisation approaches. This study investigates the internationalisation strategies of SaaS and hardware (consumer goods-related) tech SMEs in Sweden. Drawing on SME internationalisation research in international business and entrepreneurship literature, the study aims to understand how Swedish tech SMEs approach foreign market expansion, the strategies they adopt, and the challenges they encounter. An abductive methodology is employed through a comparative multiple case study of SaaS and hardware tech SMEs. Findings reveal that tech SME approaches- strategies and barriers are distinguished by business model and offers practical and policy implications for supporting global expansion.
The Emerging Role of IT in Multinational Enterprises - A multiple case study of how to manage internal IT innovation in multinational enterprises, a comparison between Company X and Microsoft Corporation
(2025-09-03) Dering, Victoria; Larsson, Julia; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
We are living in a world that has never changed this fast and that will never change this slow again. It cannot be denied that the speed of globalization and technological development has and continues to accelerate, which not only has affected social contexts but also the conditions for organizations to survive within their industry. As a result of this, Multinational Enterprises face challenges to modify their innovation strategies to stay relevant within their market due to their international manner. Hence, IT and Innovation has become key drivers for Multinational Enterprises to leverage their resources to generate sustained competitive advantages. Despite the large amount of research within the field of Innovation and IT, researchers still know little of how to manage and foster IT Innovation within a Multinational Enterprise. The purpose of this study is therefore to develop both theoretical and practical knowledge of how managers of IT departments at Multinational Enterprises can implement and manage IT Innovations to generate sustained competitive advantages. This, in order to evaluate if their actions are coherent with existing academic literature and research. Based on our Theoretical Framework, which stems from the Resource-Based View and the Contingency Framework, a multiple case study with a qualitative method and an abductive research approach has been conducted. A total of ten respondents, interviewed at two different Multinational Enterprises, was chosen to gain insights and perspectives in order to answer our research questions. The result of this study exposed that the influence of an IT department within Multinational Enterprises has and continues to grow. Thus, it is recommended that Multinational Enterprises continuously work and develop knowledge capabilities, organizational culture and organizational structure as they are seen to constitute the foundation of information processing and strategic planning that in turn can enable and optimize IT innovations.
Deferred Revenue and Profitability in Tesla’s Software-Integrated Model: A Case Study under ASC 606
(2025-08-28) Li, Liufei; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This thesis examines financial reporting considerations related to the Accounting Standards Codification (ASC) 606, which governs revenue recognition under U.S. GAAP. The study focuses on software-bundled business models in the electric vehicle (EV) sector, with Tesla Inc. as the primary subject of analysis. With growing vehicle software offerings—such as Full Self-Driving (FSD), premium connectivity, and over-the-air updates— traditional revenue recognition under a bundled sale is complicated by the fact that the company’s performance obligation is spread over time. Testing Tesla’s annual reports from 2013 through 2023, I use a quantitative approach to analyze the impact on reported profitability and earnings volatility of deferring revenues. The results reveal that Tesla’s increasing amount of deferred revenue, which primarily comes from software sales, is a short-term obstacle to profit but acts as a smoothing mechanism on earnings between periods. While software-driven revenue is still a small portion of the top line it's vastly out-sized in its strategic influence - contributing to margin expansion as well as financial predictability. Also, this study adds to the body of literature by uniting technical accounting guidelines with industry-specific strategic considerations in new sectors. It also highlights the requirement for ongoing academic and regulatory focus on how emerging business models interface with legacy financial systems.
Impair Me to Heaven: Big Bath Accounting and Market Reactions - A Quantitative Study on Goodwill Impairments and Stock Price Effects in the Swedish Stock Market
(2025-08-28) Västertun, Albin; Pitsinki, William; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This study investigates whether newly appointed Chief Executive Officers (CEOs) in Swedish publicly listed firms engage in big bath accounting by strategically timing goodwill impairments, and how such events influence stock market reactions. Utilizing a panel dataset of 3,354 firm-year observations from 2005 to 2020, we employ a logit model to assess the probability of impairment following CEO turnover, and an event study framework to evaluate cumulative abnormal returns (CARs) around annual report disclosures. The findings reveal that the likelihood of goodwill impairment increases significantly in the first fiscal year after a CEO transition, suggesting managerial discretion persists under IFRS standards. Furthermore, while standalone impairments result in negative abnormal returns, the market reaction is neutral when they coincide with CEO turnover. This interaction is statistically significant in wider event windows, indicating that investors perceive impairments by new CEOs less as opportunistic earnings management and more as credible signals of strategic renewal. These findings offer insights into the application of impairment rules and the interpretation of earnings management in the Swedish institutional setting.
From Data to Value: How BI is used in an organization that has successfully implemented BI
(2025-08-28) Pettersson Fors, Hanna; Rooth, Lovis; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
Title: From Data to Value: How BI is used in an organization that has successfully implemented BI. Background and problematization: Due to the growing interest in innovation and technological development, the demand for information technology is increasing. ERP systems, in particular, have the potential to integrate BI functions, which contribute to analytical solutions and enhanced data processing capabilities that support knowledge development in the decision-making process. However, the majority of organizations continuously struggle to find effective ways to leverage BI systems to ensure successful usage. Purpose: This thesis aims to explore the effects of BI usage in management accounting practices and decision-making. Research question: “How is BI used in an organization that has successfully implemented BI?” Methodology: This study follows a qualitative, interview-based case study approach, in which nine semi-structured interviews were conducted across four different companies. The Gioia methodology was employed, using the Knowledge-Based View as the analytical lens. Conclusion: The study concludes three major findings. Firstly, a BI solution is a method to support management accountants in their daily tasks and develop their analytical capability and decision-making. The findings highlight the importance of a nuanced, context-specific approach when applying BI. The research also reveals that BI should not be seen as a universal solution but as one of many tools that, when integrated with the right resources and knowledge, can enhance decision-making and efficiency. Secondly, the study identified the crucial role of top management when utilizing BI. Top management contributes with both technical expertise and a holistic view of the organization to ensure central control and support management accountants in maximizing system benefits. Thirdly, the study emphasizes the importance of a strong initial strategy to outline expectations, and areas of application to ensure BI supports existing workflows and data environments. The study also contributes to the theory of KBV by finding that BI supports management accountants in knowledge creation, more specifically strategic decision-making. Additionally, similar to previous research the study identified all four attributes for sustained competitive advantage which suggest that BI enhances competitiveness and brings significant value. Lastly, the study contributes to the practical field by requesting further seminars, and forums to discuss examples for how to utilize BI solutions.
The Economic Impact of the COVID-19 Crisis on Debt Maturity and Capital Structure Decisions: Evidence from Swedish Listed Firms
(2025-08-28) Nyström, Moa; Nordin, Julia; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This study investigates how Swedish-listed firms adapted their capital structure in response to economic uncertainty caused by the COVID-19 pandemic. Drawing on previous research, we explored and analyzed shifts in firms’ usage of short- and long-term debt before (2018-2020), during (2020-2022), and after the COVID-19 pandemic (2022-2024), to identify potential structural financial adjustments from the crisis. During and after the crisis, our results showed that while both short-term and long-term debt were affected, firms did not consistently prioritize long-term debt, particularly in the crisis period. Instead, firms appeared to focus on maintaining financial flexibility, favoring internal financing. The findings aimed to provide a deeper understanding of how firms respond to financial crises and the strategic role of debt maturity. The results gave insights into financial decision-making and the strategic role of debt maturity in uncertain times such as the crisis of COVID-19.
Coercive pressures on IFRS S1 development - An investigation on behavioural outcomes of IFRS foundation when encompassing the powerful stakeholder influence during the due process of the sustainability-related standard development
(2025-08-28) Murtadha, Fatema; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
An investigation has been done on the regulatory behavior of IFRS Foundation when facing exerted coercive pressures within comment letters from the powerful stakeholders during the development, or due process of the sustainability-disclosure standard IFRS S1. However, a dimension of the institutional isomorphism is henceforth connected to this research to explore, and create a holistic view of the actual influence that has been exerted from the powerful stakeholder on the first standard of the IFRS Foundation, which namely is the isomorphic coercive pressure. Moreover, three powerful stakeholder groups have therefore been identified, hence international organizations, accounting firms and NGOs, along with three coercive pressure types, conceptual, economic and “others”. The core aim of this examination is therefore to assess whether or not the IFRS Foundation has taken these coercive pressures into account and formed their standard accordingly, which emphasises the creation of the legitimacy issue as an outcome, where the findings view a partial influence on the behavior of the standard setter.
The Process of Sustainability Reporting Assurance: Exploring The Big-4 Firms As Third-Party Assurers - A qualitative interview study of Big-4 accounting firms in Europe
(2025-08-28) Mangieb, Philip Enow; Sarr, Abdoulie; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
Background, Problematization, and Purpose: The pressing need to achieve sustainable development demands significant changes and stronger commitments to sustainability communication. The verification of the sustainability reports of organisations therefore becomes crucial, causing standard-setters to put in place legislations that mandates external assurance of the sustainability reports of organisations. The Big-4 firms as third-party assurance providers can play a pivotal role in this new auditing space as they can leverage their extensive expertise in the traditional financial auditing to assure non-financial information. However, research on the processes employed by the Big-4 firms in sustainability assurance engagement is limited, necessitating further investigation. Sustainability information is qualitative and subjective and demands a lot of professional judgements from the Big-4 assurors, potentially causing tension that requires a deeper empirical research for a comprehensive understanding of the steps employed in the Sustainability reporting assurance process. The purpose of this master thesis project is to get an understanding of the processes employed by Big-4 firms when they provide sustainability assurance services to enhance proper sustainability communication. Research Questions: The study addresses two questions: 1) What are the processes and methodologies employed by the Big-4 accounting firms when carrying out sustainability reporting assurance services? and 2) What are the challenges and opportunities/benefits faced by Big-4 accounting firms in providing third-party assurance for sustainability reporting?. Methodology: The authors performed a qualitative interview study where 9 semi-structured interviews were conducted with respondents from the Big-4 firms operating across European countries. All 9 respondents are working in the audit and assurance departments of their respective accounting firms. The study uses a theoretical thematic analysis with the lens of institutional theory. Conclusion: The results reveal that the process of Sustainability Reporting Assurance in B4s consists of similar but slightly different steps. These differences reflect variations in priorities that can be attributed to local regulations or client type. The most prevalent 7 steps employed are: Engagement acceptance and Planning; Understanding the client and Risk assessment; Evidence gathering and Testing; Evaluation and Analysis; Issue identification and Resolution; Conclusion and Reporting; and Follow-up and Continues improvement. The results further highlight several challenges that the Big-4 firms face in the process of sustainability assurance services. They include a) data quality & standardization issues, assuring qualitative and subjective data, b) internal control & governance structure, c) Gaps in reporting standards and metrics and knowledge gap and resistance to change. To overcome the challenges, B-4s employ early engagement and risk identification, engagements in training and capacity building programs and specialist involvement and continuous learning of sustainability discourse to mitigate the challenges. Lastly, the results shed light on the opportunities/benefits of SRA for Big-4s, such as reinforcing reputation, increasing market share and an opportunity to develop knowledge and expertise.
The Rule of 40 in European Companies: An Empirical Analysis of the Balance Between Growth and Profitability in the SaaS Industry
(2025-08-28) Lindskog, Axel; Löf, Axel; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This study examines the relevance of the Rule of 40, a benchmark that combines revenue growth and profitability, in the valuation of publicly traded European SaaS companies between 2019 and 2023. Using panel data regression with fixed effects, the analysis explores whether firms that meet or exceed the Rule of 40 receive higher valuation multiples compared to those that do not. The results show that from 2021 onward, companies that complied with the Rule of 40 consistently achieved valuation premiums. Revenue growth is found to have a strong and statistically significant positive effect on enterprise value relative to revenue, while most profitability measures show weaker or inconsistent associations. Among the profitability indicators, only gross margin demonstrates a stable and significant link to valuation. These findings suggest that investors in the European SaaS sector continue to emphasize growth. The increasing relevance of profitability may indicate a gradual shift in investor focus as the industry evolves and matures.
Capital Efficiency as a Condition for Value Creation: An Empirical Study of ROIC-WACC spread and Capital Allocation
(2025-08-28) Leitner, Axel; Olofsson, Erik; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This thesis investigates the relationship between capital allocation decisions and shareholder value creation, emphasizing the role of economic profitability as measured by the spread between Return on Invested Capital (ROIC) and the Weighted Average Cost of Capital (WACC). Using a balanced panel of 262 publicly listed Nordic firms from 2004 to 2023, the study examines how capital expenditures (CAPEX), mergers and acquisitions (M&A), and dividend payouts affect stock returns. While these activities are commonly seen as value-enhancing, the analysis finds that they are, on average, negatively associated with shareholder returns when evaluated in isolation. However, when a firm exhibits a positive ROIC-WACC spread, signaling capital efficiency, these same allocation activities are positively related to stock performance. These results underscore that capital allocation is not inherently value-creating; rather, its effectiveness depends on the firm’s ability to generate returns above its cost of capital. The study contributes to the literature on capital allocation and value-based performance measurement by offering empirical support for the ROIC-WACC spread as a meaningful and practical metric. This insight provides an understanding of when investments and payouts enhance shareholder value, with direct implications for managers, investors, and researchers aiming to evaluate or improve capital allocation strategies.
Exploring Double Materiality under CSRD: Early Implementation in Practice and Stakeholder Perceptions - A Case Study of Bulten AB
(2025-08-22) Anjula, Maheeshan; Rajapakshe, Rangila; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
Background and problematization: Since the introduction of the Corporate Sustainability Reporting Directive (CSRD), the concept of double materiality (DM) has become a core concept in corporate sustainability reports. However, there is limited empirical understanding of how DM is construed and operationalized by organizations internally and how external stakeholders value DM. While regulators highlight both financial and impact materiality, early adopters of DM are attempting to reconcile compliance, stakeholder expectations, and organizational readiness hurdles. Understanding how these issues take place in practice is still lacking. Purpose: This study aims to explore how double materiality is perceived from the internal implementation perspective within a Swedish manufacturing company and how it is interpreted by external stakeholders, specifically investors and auditors. Method: The study employs a qualitative single case study analytical approach focused on Bulten. Semi-structured interviews were conducted in the data collection stage with internal employees, investors and auditors, to collect primary data. Thematic analysis was performed to synthesise and understand typical patterns and trends which will reflect over how perspectives, issues and organizational practices of DM implementation were perceived. Conclusion: The research concludes that Bulten uses an iterative and collaborative approach to double materiality implementation. However, there are internal limitations imposed on the implementation by a variety of personnel constraints. There are varied levels of interest among stakeholders and fellow participants; for auditors their interests are in internal controls, while investors choose to ignore non-financial materiality resulting in an interest primarily with financial materiality. The findings highlight DM as a complex reporting framework and strategic management tool, nevertheless there is an expectation of effective policy language and adequate organizational capabilities. Also emphasize that successful integration requires organizational commitment, clear communication, and stakeholder engagement.
Mind the Gap: The role of ESG distance and direction in acquirer returns around M&A announcements
(2025-08-22) Strandh, Henry; Jönsson, Martin; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This thesis examines the financial implications of sustainability performance in the context of M&As, focusing on how ESG factors influence shareholder value. Using a sample of 440 M&As transactions from 2014 to 2024 in Europe and North America, the study investigates the impact of target ESG performance, the magnitude of ESG distance, and the direction of ESG distance between acquirer and target firms on acquirer CARs around the M&A announcement date. An event study methodology combined with cross-sectional regression analysis is employed. The results show that higher ESG scores in target firms are associated with significantly higher acquirer CARs, although the effect size is modest. Furthermore, greater ESG misalignment, both in magnitude and direction, is associated with lower acquirer CARs, indicating that the market reacts negatively to perceived ESG incompatibility. These findings highlight the growing importance of ESG compatibility in M&A transactions and suggest that while ESG can contribute to value creation, misalignment may signal risk and integration challenges. The study contributes to the ongoing debate over whether ESG creates or destroys firm value and offers implications for investors, managers, and policymakers navigating sustainability driven initiatives.
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.
Between the Lines: Investor Responses to Analyst Bias, Firm Guidance, and Credibility Cues
(2025-08-21) Johansson, Elias; Reinbro, Simon; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
While earnings surprises in relation to analyst forecasts are well studied, less is known about how investors react when a firm’s own earnings guidance proves inaccurate. This thesis addresses this by investigating whether the source of a forecast error, firm issued guidance versus analyst consensus, differentially influences investor reactions. Using a sample of annual earnings announcements from publicly listed companies between 2010 and 2019, the study employs an event study methodology to capture short term abnormal stock price reactions to earnings surprises. Panel regression analysis is used to examine patterns in stock price volatility related to persistent guidance behaviors, such as underpromising or overpromising over multiple event windows. Short term price reactions are significantly stronger when analyst forecasts turn out to be wrong compared to the actual EPS, in relation to similar errors in firm guidance. Firms that Underpromise & Beat their own guidance experience increased stock price volatility, which suggest that repeated forecast failures erode management’s credibility. This is reinforced by the extended event windows showing increasing differentiation between guidance behaviors over time. Although the models lack statistical significance, the directional consistency of results aligns with signaling and disclosure theory, suggesting that trust and transparency influence investor responses more than the immediate reaction window. This thesis contributes to finance literature by showing that analyst forecasts have a stronger impact in the short term but also the effects of guidance credibility.
Toward Digitally Integrated Inter-Organizational Control Systems: An Exploration of Barriers - A Qualitative Interview Study
(2025-08-21) Johansson, Josef; Jebsen Setterberg, Oscar; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
Title: Toward Digitally Integrated Inter-Organizational Control Systems: An Exploration of Barriers. A Qualitative Interview Study Background and Problematization: As digital transformation reshapes how firms operate and collaborate, new forms of inter-organizational control are emerging, enabled by shared digital platforms, real-time data, and integrated workflows. Although digitally integrated inter-organizational control systems (IOCS) offer considerable potential for improving collaboration and efficiency, their widespread implementation remains limited. Much of the existing literature has concentrated on internal aspects of digital transformation, with relatively less attention given to the specific challenges that emerge when control mechanisms must span firm boundaries. This study responds to that need by examining the persistent barriers organizations encounter as they attempt to develop digitally integrated control systems within inter-organizational contexts. Purpose: The purpose of this thesis is to explore and explain the common barriers that hinder firms from progressing toward more advanced digitally integrated inter-organizational control systems. The study aims to extend classical control theory by applying a digital transformation lens, while also offering practical guidance to firms engaged in cross-boundary digitalization efforts. Research Question: What barriers hinder the progression towards digitally integrated inter-organizational control systems? Methodology: We adopt a qualitative, inductive research design, grounded in the Gioia methodology. Fifteen semi-structured interviews were conducted with decision-makers from nine different firms engaged in inter-organizational collaborations. Conclusion: This study identifies a set of persistent and interacting barriers that prevent firms from realizing the potential of digitally integrated IOCS. At the intra-organizational level, outdated systems and fragmented capabilities lock organizations into rigid control environments that are difficult to adapt or connect externally. At the inter-organizational level, uneven digital maturity and power imbalances force compromises that dilute the value of integration. Externally, regulatory demands and institutional pressures add uncertainty and slow momentum. These barriers do not act in isolation, they reinforce one another, creating a systemic resistance to change. Our findings suggest that progress toward digital IOCS depends less on technology itself and more on an organization’s ability to align internal practices, partner relationships, and institutional expectations in a coordinated and flexible way.
Unveiling The Nexus Between Intangibles and High Growth - An Analysis of Swedish Gazelle Companies
(2025-08-21) Lundgren, Frida; Jacobs, Timothy; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This study investigates the determinants of intangible asset capitalization behavior among Swedish gazelle firms. Specifically, it examines firm-level characteristics that are associated with the decision to capitalize intangible assets on the balance sheet. Drawing on a sample of 5842 private limited liability Gazelle firms in Sweden from 2005 to 2025, the analysis focuses on characteristics such as profitability, leverage, firm age, and the persistence of high growth. We provide direct evidence that Gazelles exhibiting repeated high growth are significantly more likely to capitalize intangible assets. Our subsample of 742 firms also suggests that capitalization of different types of intangible assets are impacted by different types of firm characteristics. By offering empirical evidence on the accounting behavior of high-growth firms, we offer important insights for the literature on intangible assets and enhance the understanding of how internal firm characteristics influence the probability of intangible asset capitalization. It contributes to the overall ongoing discussion regarding the importance of intangible assets.
Priced for Transparency - Does Mandatory Non-Financial Disclosure Impact the Cost of Debt in Europe?
(2025-08-21) Nordlund, Erik; Hedén Hotti, Philip; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This thesis investigates the impact of mandatory non-financial disclosure on firms’ cost of debt under the European Union’s Non-Financial Reporting Directive (NFRD). Using a difference-in-differences estimation with propensity score matched samples of European and U.S. firms, we analyze whether the introduction of mandated non-financial reporting influences the cost of debt. The findings show that firms subject to the NFRD experience a significant reduction in borrowing costs compared to other firms, suggesting that increased ESG transparency mandated by regulation reduces lenders’ perceived credit risk. Furthermore, firms that engaged in voluntary non-financial reporting prior to the directive experienced an even greater decline in their cost of debt, although the reduction is moderate, it remains consistent with signaling theory. These findings imply that non-financial disclosure regulation not only improves information availability but also generates tangible financial benefits, reinforcing the materiality of non-financial information in debt markets. The results provide policy-relevant insights into the design of future non-financial reporting frameworks, such as the Corporate Sustainability Reporting Directive (CSRD), and highlight for firms the strategic importance of credible and proactive non-financial disclosure.
Firms’ Divestment from the Russian Federation after 2022 Full-Scale Invasion of Ukraine
(2025-08-21) Vangouver, Alexander Oskar Loui; Fredriksson, Samuel; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
This thesis examines investor reactions to the effects of sanctions and regulations on share prices in both the short and long term. Since sanctions can neither be forecasted nor anticipated, they represent an external shock for European firms, forcing them to deal with imploded supply chains and the sudden exclusion of Russia from international capital markets. This perfect storm, in both scale and scope, has never been seen before and could serve as a case study for corporations facing sudden sanctions in a foreign land that their country of domiciliation deems a rogue actor. Using a sample of 373 initial decisions from press releases obtained from the KSE Institute database, covering the period from February 28, 2022, to February 28, 2023, the study investigates the impact of business decisions on stock prices in the context of an unstable economic environment. An event study methodology combined with cross-sectional regression analysis is employed. The results show that, in the short term, it is most beneficial to exit the market entirely, with a corresponding cumulative abnormal return (CAR) of -2.1%. In the long term, the most favourable outcome arises from selling the subsidiary while retaining a buy-back option, resulting in a CAR of 16.9%. Overall, this study contributes to understanding investor reactions to corporate actions under sanctions and rapidly changing economic conditions.

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