Personägandets betydelse för aktieavkastningen

Sammanfattning: The aim of this study is to examine whether publically traded companies that are held by a person who is a major stockholder are performing better than other companies. We also investigate whether companies that are held by a major stockholder who at the same time is the founder perform better than other companies. To measure the performance, we use the stock return and to examine our hypotheses we use Fama and French's three-factor model. We collect data from 347 different Swedish firms in total, listed on Stockholm Stock Exchange between 2002-2009. We find that companies that fulfill these criteria generate substantial abnormal returns that are statistically significant. Our results also hold for industry adjustment of the returns.