Utländskt ägande i svenska börsföretag : En kvantitativ studie av det utländska ägandets inverkan på svenska börsföretag
Abstract (Summary)We want to examine if the level of foreign ownership in Swedish public companies affects the companies key indicators. The key indicators we have chosen are earnings, dividend, earnings divided by the stock price, direct return and dividend divided by earnings. We have defined foreign ownership as: the percentage of votes registered on foreign addresses. The time span we will use is between 2002 and 2005.In this paper we will test a hypothesis. The hypothesis is that the key indicators and foreign ownership is correlated. By using the linear regression model in a statistical software program, we will obtain R2, which will tell us if there are any correlation between the key indicator and foreign ownership. We will use the F-test to find out if the correlation, if any correlations occur, is statistically significant. The correlations will be counted separately for each key indicator and the foreign ownership, for the four different years.The theories we are going to use to analyze our regression calculations are Corporate Wealth Maximization Model and Shareholders Wealth Maximization Model along with Corporate Governance theories for the specific ownership situation in Sweden. We are going to use the theories to construct a interpretation model for the result of our survey.The results we obtained where that R2 where very small, but in a couple of cases statistically significant. The conclusion we made from the results of the regressions where that the proportion of foreign owners does not considerable change the key indicators that we chose to test.We believe that many of the foreign owners has the same preferences as Swedish owners and the ones who has different preferences may not want to, or benefit from, working towards a change in Corporate Governance which would lead to a change in the companies key indicators.
Source Type:Master's Thesis
Date of Publication:02/12/2007