Manipulerar riskkapitalisterna? - En studie om redovisningsmanipulation vid börsintroduktioner i Sverige
Sammanfattning: Abstract Title: Manipulerar riskkapitalisterna? - En studie om redovisningsmanipulation vid börsintroduktioner i Sverige Seminar date: 17 January 2019 Course: FEKH69, Bachelor’s Degree Project in Accounting Undergraduate Level, Business Administration Undergraduate Level, 15 University Credits Points Authors: Christian Lüning, Fredrik Östlind, Gustav Nilsson Advisor: Peter W Jönsson Key words: Earning management, Initial Public Offering (IPO), Private equity/Venture capital, Arbitrary accruals, Non-PE backed companies Purpose: The purpose of the study is to examine if private equity-backed companies that lists on the stock exchange uses earning management to a higher degree than companies with different ownership. Methodology: Financial data is retrieved from Bloomberg Terminal. M-score is then calculated using the collected data. A statistical test is performed to see if there are any differences between the two owning conditions and if statistical significance exists. Theoretical perspective: The theoretical frame of reference has studies corporate governance in Sweden, IPOs, earning management and private equity. Empirical foundation: The sample consist of 83 IPOs listed during 2007-2017. Conclusions: The study cannot prove a statistically confirmed relationship between earnings management, private equity ownership and IPOs. The study finds a non-statistically confirmed negative correlation between PE-backed companies and earning management.
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