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Finansialisering i icke-finansiella företag. - Kan den mätas via årsredovisningar?

Claeson, Lina LU ; Gidö Hedberg, Karin LU and Olsson, Angel LU (2018) FEKH69 20181
Department of Business Administration
Abstract (Swedish)
Syfte: Syftet är att ta fram en modell för att mäta finansialiseringen i icke-finansiella företag via dess årsredovisning.

Metod: Uppsatsen utgörs av en litteraturstudie för att granska tidigare forskning, begrepp, samt begreppens operationalisering till mått inom finansialisering. Med utgångspunkt i detta tas det fram en modell för hur finansialisering kan operationaliseras i icke-finansiella företag. Modellen består av tio nyckeltal och tas fram utifrån en empirisk ansats. Den testas sedan på tre företag inom industrisektorn; Volvo, Saab och Scania. Avslutningsvis utvärderas modellen och slutsatser dras för att kunna presentera en modifierad modell.

Teoretiska perspektiv: Uppsatsens teoretiska bas består av tidigare forskning om... (More)
Syfte: Syftet är att ta fram en modell för att mäta finansialiseringen i icke-finansiella företag via dess årsredovisning.

Metod: Uppsatsen utgörs av en litteraturstudie för att granska tidigare forskning, begrepp, samt begreppens operationalisering till mått inom finansialisering. Med utgångspunkt i detta tas det fram en modell för hur finansialisering kan operationaliseras i icke-finansiella företag. Modellen består av tio nyckeltal och tas fram utifrån en empirisk ansats. Den testas sedan på tre företag inom industrisektorn; Volvo, Saab och Scania. Avslutningsvis utvärderas modellen och slutsatser dras för att kunna presentera en modifierad modell.

Teoretiska perspektiv: Uppsatsens teoretiska bas består av tidigare forskning om finansialisering och aktieägarvärdet.

Empiri: Uppsatsen baseras på litteratur samt finansiell data från företagens årsredovisningar under mätperioden 2000–2016.

Resultat: Slutsatsen är att det inte går att utläsa ur årsredovisningar hos icke-finansiella företag om finansialisering pågår med hjälp av vår förlaga till modell. De tio nyckeltalen som modellen består av utvärderas och det visar sig att endast tre verkar mäta finansialisering, vilka är de enda som därmed behålls till den modifierade modellen. Dessa är portfolio income/cash flow, finansiella tillgångar/totala tillgångar samt utdelningar. Dessa nyckeltal stämmer dessutom överens med vår egen definition av finansialisering, vilken utgår från områdena aktieägarvärde, finansiering och organisatorisk struktur. Nyckeltal från arbetskraft inom området organisatorisk struktur saknas dock, vilket behövs för att skapa en modell som tar hänsyn till alla delar i definitionen. (Less)
Abstract
Purpose: The purpose is to develop a model to measure the financialization of non-financial corporations through its annual report.

Methodology: The essay consists of a literature study to review previous research, concepts, and operationalization of concepts to measures, within financialization. Based on this, a model for how financialization can be operationalized in non-financial corporations is presented. The model consists of ten key figures and is based on an empirical approach. The model is then tested on three companies in the industrial sector; Volvo, Saab and Scania. Lastly, the model is evaluated and conclusions are drawn to present a modified model.

Theoretical perspectives: The theoretical basis of the essay consists of... (More)
Purpose: The purpose is to develop a model to measure the financialization of non-financial corporations through its annual report.

Methodology: The essay consists of a literature study to review previous research, concepts, and operationalization of concepts to measures, within financialization. Based on this, a model for how financialization can be operationalized in non-financial corporations is presented. The model consists of ten key figures and is based on an empirical approach. The model is then tested on three companies in the industrial sector; Volvo, Saab and Scania. Lastly, the model is evaluated and conclusions are drawn to present a modified model.

Theoretical perspectives: The theoretical basis of the essay consists of previous research on financialization and shareholder value.

Empirical foundation: The essay is based on literature and financial data from the corporations annual reports during the measurement period 2000-2016.

Conclusion: The conclusion is that it is not possible to read from annual reports of non-financial corporations if financialization is ongoing using our original model. The ten key figures that the model consists of are evaluated, and it turns out that only three seem to measure financialization, which are the only ones retained for the modified model. These are Portfolio Income/Cash Flow, Financial Assets/Total Assets and Dividends. These key figures are also in line with our own definition of financialization, which is based on the areas of shareholder value, financing and organizational structure. Key figures from labour in the area of organizational structure are, however, missing, which are needed to create a model that takes into account all parts of the definition. (Less)
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author
Claeson, Lina LU ; Gidö Hedberg, Karin LU and Olsson, Angel LU
supervisor
organization
course
FEKH69 20181
year
type
M2 - Bachelor Degree
subject
keywords
Financialization, Shareholder Value, Financing, Organizational Structure, Model
language
Swedish
id
8952536
date added to LUP
2018-06-27 14:52:05
date last changed
2018-06-27 14:52:05
@misc{8952536,
  abstract     = {Purpose: The purpose is to develop a model to measure the financialization of non-financial corporations through its annual report.

Methodology: The essay consists of a literature study to review previous research, concepts, and operationalization of concepts to measures, within financialization. Based on this, a model for how financialization can be operationalized in non-financial corporations is presented. The model consists of ten key figures and is based on an empirical approach. The model is then tested on three companies in the industrial sector; Volvo, Saab and Scania. Lastly, the model is evaluated and conclusions are drawn to present a modified model.

Theoretical perspectives: The theoretical basis of the essay consists of previous research on financialization and shareholder value.
 
Empirical foundation: The essay is based on literature and financial data from the corporations annual reports during the measurement period 2000-2016.
 
Conclusion: The conclusion is that it is not possible to read from annual reports of non-financial corporations if financialization is ongoing using our original model. The ten key figures that the model consists of are evaluated, and it turns out that only three seem to measure financialization, which are the only ones retained for the modified model. These are Portfolio Income/Cash Flow, Financial Assets/Total Assets and Dividends. These key figures are also in line with our own definition of financialization, which is based on the areas of shareholder value, financing and organizational structure. Key figures from labour in the area of organizational structure are, however, missing, which are needed to create a model that takes into account all parts of the definition.},
  author       = {Claeson, Lina and Gidö Hedberg, Karin and Olsson, Angel},
  keyword      = {Financialization,Shareholder Value,Financing,Organizational Structure,Model},
  language     = {swe},
  note         = {Student Paper},
  title        = {Finansialisering i icke-finansiella företag. - Kan den mätas via årsredovisningar?},
  year         = {2018},
}