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The good, the bad and the ugly of risk adjustment in the use of capitalbudgeting techniques among Swedish firms.: En kvalitativ studie baserad på svenska aktiebolag
Kristianstad University, School of Health and Society.
Kristianstad University, School of Health and Society.
2016 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
The good, the bad and the ugly of risk adjustment in the use of capitalbudgeting techniques among Swedish firms (English)
Abstract [sv]

Syftet med forskningen är att skapa förståelse för hur riskjustering tillämpas vid användandet av kapitalbudgeteringstekniker men även varför bolag riskjusterar subjektivt eller objektivt beroende på företagsstorlek och avsaknaden av informationen om investeringens kassaflöden. Således är forskningsfrågan Hur påverkar informationsasymmetrin kring investeringens kassaflöden riskjusteringen vid användandet av kapitalbudgeteringstekniker?

Studiens forskningsstrategi har en induktiv ansats. För att skapa en djupare förståelse är metodvalet för studien av den kvalitativa typen med semistrukturerade intervjuer där åtta tillverkande icke-börsnoterade aktiebolag i Sverige har undersökts. Intervjun bestod av semistrukturerade frågor för att tillåta respondenten tala fritt. De övergripande resultaten för studien är: (1) att den primära kapitalbudgeteringstekniken är Payback, (2) stora företagen i studien använder inte sofistikerade kapitalbudgeteringstekniker, (3) SME- företag har låg precision i investeringens kassaflöden, medan stora företag innehar en hög precision i investeringens kassaflöden, (4) Stora företag riskjusterar subjektivt medan SME-företag riskjusterar objektivt. Avslutningsvis lyfter studien fram förslag på vidare forskning. 

Abstract [en]

The purpose with this study is to create an understanding of how risk adjustment is applied to the use of capital budgeting techniques, but also why companies risk adjust subjectively or objectively, depending on company size and lack of information on investment flows. Thus, the research question How does the information asymmetry in Investment cash flows affect the risk adjustment in the use of capital budgeting techniques? The research strategy in this study has an inductive approach. In order to create a deeper understanding of this study, the choice of method is qualitative with semi-structured interviews where eight non-listed companies within manufacturing in Sweden have been investigated. The interview consisted of semistructured questions to allow the respondent to speak freely. The overall results of the study are: (1) the primary capital budgeting technique is Payback, (2) large companies in the study do not use sophisticated capital budgeting techniques, (3) SME companies have low precision investment flows, while large companies hold a high precision in investment flows, (4) Large companies risk adjusts subjectively while the SMEs risk-adjust objectively. Finally, the study raises proposals on further research.

Place, publisher, year, edition, pages
2016. , p. 66
Keywords [sv]
Kapitalbudgeteringstekniker, stora företag, SMEs, objektiv riskjsutering, subjektiv riskjsutering, informationsasymmetri
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hkr:diva-15785OAI: oai:DiVA.org:hkr-15785DiVA, id: diva2:955671
Educational program
Degree of Bachelor of Science in Business and Economics
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2016-08-26 Created: 2016-08-25 Last updated: 2016-08-26Bibliographically approved

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