NHH Brage (Norges Handelshøyskole)
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Hva rapporterer små aksjeselskaper om fortsatt drift like før konkurs? En kvalitativ studie av innholdet i fortsatt drift-noter til små norske unoterte aksjeselskaper som har gått konkurs
Get PDFDenne masterutredningen har som formål å belyse innholdet i notene om fortsatt drift som
avgis av små norske aksjeselskaper. Tidligere forskning viser at det er stor variasjon internasjonalt
når det kommer til rapportering om fremtidsutsikter. Våre resultater viser at det også
er stor variasjon i fortsatt drift-notene til norske selskaper.
Denne utredningen er basert på de to siste avlagte årsregnskapene til selskaper som har gått
konkurs. Regnskapene er fra perioden 2019 – 2021, og selskaper har gått konkurs i enten 2020
eller i 2021. Analysen baserer seg på notene som selskapene har avgitt i sine offentlige årsregnskaper.
På grunn av den store datamengden som er tatt med i utredningen, har vi kategorisert
notene for å lage et bilde av overordnede forskjeller. I tillegg har vi gjennomgått notene
i detalj for å tematisere disse og presentere ulike observasjoner som går igjen på tvers av årsregnskaper
og noter.
Resultatene fra studien viser at det er stor variasjon, med hensyn til både rapporteringsinnhold
og tidsriktigheten av rapporteringen. Tre fjerdedeler av utvalget har ikke gitt uttrykk for hverken
implisitt eller eksplisitt usikkerhet knyttet til fortsatt drift i det siste avlagte årsregnskapet.
Rapporteringsinnholdet i notene om fortsatt drift knytter seg i stor grad til generell og overordnet
tematikk. Få selskaper utdyper informasjonen i fortsatt drift-notene på en slik måte at
innholdet er selskapsspesifikt og informativt utover det rent generelle.
Ytterligere undersøkelser viser at revisors håndtering av usikkerhet knyttet til fortsatt drift er
på nivå med empiriske resultater fra internasjonale studier. Treffsikkerheten til revisor synes
å være forholdsvis korrekt den første tiden etter balansedagen, sett i sammenheng med konkursåpning,
mens den reduseres betraktelig over noe lengre tid.
Studiens resultater kan tyde på at hverken selskapene selv eller revisor tilstrekkelig håndterer
usikkerheten knyttet til fortsatt drift. Utredningens funn indikerer et behov for å utforme mer
detaljerte retningslinjer for rapportering om usikkerhet knyttet til fortsatt drift i små aksjeselskaper.nhhma
A Comparative Study of Logistic Regression and Machine Learning to Identify Acquirer Success Factors
Get PDFThis paper develops, presents and tests two research questions that contribute to current
explanations of shareholder wealth creation in mergers and acquisitions transactions.
We (l) identify pre-acquisition success factors and (2) evaluate their practical usefulness
for managers seeking to acquire other firms. We build on Cartwright and Schoenberg
(2006)'s framework for understanding the persistent failings of acquisitions. This includes
agency problems, research not reaching practitioners and the need for new methods
to explain M&A success. Our findings indicate that financial ratios play a significant
role in determining the success of acquirers. We develop and validate both a logistic
regression and two machine learning models, revealing significant factors that impact
acqmrer success.
Our results from the logistic regression mirror those from much of existing literature,
identifying several significant factors for acquirer success. Furthermore, we find support for
the prevalence of agency problems in acquisition decisions (Jensen, 1986; Maloney et al.,
1993) and the internal market hypothesis (Stein, 1997; Shin and Stulz, 1998). Yet, our
results also conflict with existing literature on several points. While our logistic regression
reveals statistically significant acquirer success factors, its poor predictive performance
makes it impractical for managers in real-world applications. In contrast, our machine
learning methods identify complex non-linear relationships and discriminates well between
successful and unsuccessful acquirers, resulting in ROC curves with excellent AUC scores.
This supports the argument that the true relationships between acquirer success and the
predictors are too complex for a logistic regression approach, even though much of existing
literature on the subject builds on the logistic regression. We thus provide a possible
explanation for why M&A success rates are still low, despite the extensive research on
the subject. Finally, we argue that the key to enabling managers to use machine learning
models directly lies in the adoption of partial dependence plots, as they facilitate a deeper
understanding of the models and lets managers explain them to stakeholders more easily.nhhma
Exploring the Impact of First-Time ESG Rating on Stock Price Informativeness and Liquidity : A Comparative Study of Rated and Non-Rated Firms 1n the US Stock Market
Get PDFThis thesis examines whether being covered by a ESG rating agency translates into moreinformative
stock prices in the US stock market, and whether this enhancement of stock price informativeness
impacts the stock liquidity of rated firms. By employing price nonsynchronicity as a proxy for
stock price informativeness, our study reveals that ESG-rated firms exhibit a 4.3% higher level of
price informativeness compared to non-rated firms. Additionally, our findings suggest that rated
firms exhibit notable improvements in liquidity, as evidenced by a 3.5% reduction in the relative
bid-ask spread and a 16.5% decrease in the Amihud illiquidity ratio. However, our analysis does
not provide empirical evidence to suggest that the increase in liquidity is driven by the elevation of
stock price informativeness. Overall, our research presents compelling evidence that rating agencies
serve as dependable sources of ESG information in the US stock market, but not that this
information itself plays a direct role in boosting stock liquidity.nhhma
Board of Director’s influence on Innovation in Established Firms : An Exploratory Study
Get PDFThis thesis aims to explore how boards of directors in established firms facilitate innovation through exerting specific activities. We explore this phenomenon by conducting interviews with key informants who serve as board members in various established companies in Norway. Through in-depth semi-structured interviews with 18 informants, we find and present board members’ activities aiming to facilitate innovation within the organization.
Our primary research question is: “Through what activities do board members aim to facilitate innovation within established
firms”?
We identify eleven activities that the board members who are closely involved in innovation adopt to facilitate innovation within the organization. These activities can be grouped into the three pillars of the dynamic capability framework, namely sensing, seizing, and transforming, which according to existing research are necessary organizational-level capabilities for innovation and to sustain competitive advantage. While previous research has focused on the role of top management, our findings show how board members can assist firms to develop these capabilities with their specific activities. Moreover, our research shows that some of the boards of directors have limited involvement in innovation and we identify internal and external factors hindering them from active involvement. We develop two models that show an overview of two types of board involvement with specific activities to foster innovation and contextual factors behind limited involvement.
This study contributes to the existing literature by shedding light on the role of a new set of actors at the very top of the organizational hierarchy – the board of directions. Our study offers a set of empirically based activities practiced by board members that can enable organizational dynamic capabilities, aiming to ultimately result in enhanced innovation. Moreover, the study sheds light on various external and internal factors that can explain limited involvement of boards.
In terms of practical implications, the research puts forth various activities that can be embraced by boards of directors seeking to enhance the established firms’ engagement in innovation. Additionally, the identification of factors behind limited involvement offers practitioners new perspectives to explore, with the aim of investigating and resolving this issue.nhhma
European Sustainability Reporting Standards : En kvalitativ analyse av kommentarbrev publisert av selskaper i revisjonsbransjen mot ISAE 3000-rammeverket og EFRAGs utkast til standard for bærekraftsrapportering
Get PDFToday, there is a great focus and many expectations on how sustainability reporting for the
business sector in Europe will be and how it will be prepared.
The background of the study is EFRAG’s launch of a public publication of the draft of a
European sustainability standard, with various requirements linked to 13 sustainability themes,
with a deadline for feedback in August 2022. A broad variety of different stakeholders
responded to the draft, through a two-part survey. The new sustainability standard is a part of
CSRD and is expected to enter into force from 2024. The set of standards is called the European
Sustainability Reporting Standard (ESRS).
The purpose of this thesis is to investigate how the auditing industry reacted to the draft of
ESRS. Thereafter to investigate the challenges and suggestions for improvement, by analyzing
published comment letters and surveys.
Our research question of this thesis is “what reactions and expectations from the auditing
industry have come as a result of the draft on the sustainability reporting standards, and which
challenges does this entail for the auditors’ assurance of non-financial information?”. In order
to answer this question, we have utilized relevant theory and research as our starting point.
Furthermore, we have used qualitative theory, feedback from the companies within the auditing
industry, the ESRS and ISAE 3000 standards. We find that the feedback can be linked to five
conditions: the use of a materiality assessment, the value chain, the implementation process,
the auditor’s assurance of non-financial information and information overload.nhhma
From Complexity to Clarity : A Case Study of Strategic Player Recruitment in Football Through Integration of Big Data and Complementary Resources
No full textThe thesis examines the growing significance of "Big Data" in strategic decision-making,
explicitly focusing on player recruitment in professional football clubs. Given the inherent
complexity of football as a sport, clubs face a fundamental challenge in identifying key
performance indicators (KPIs) that genuinely reflect player performance. Employing
strategic management theory, this thesis investigates how a Norwegian elite club, competing
in the top two divisions and operating with limited resources, can leverage Big Data and
integrate complementary resources to enhance its recruitment strategy.
To explore this issue, the research encompasses two main analyses. Firstly, an investigation
is conducted to identify the existing data metrics utilised in scouting. Subsequently, relevant
personnel from a top-two-division Norwegian club are interviewed to gain insights into their
scouting and recruitment strategies. The findings reveal several important factors. Firstly, the
organisational culture emerges as a crucial determinant of success. Additionally, the club's
distinctive style of play is identified as an essential internal resource that complements the
recruitment strategy, thereby contributing to the creation of a sustainable team. Furthermore,
it is discovered that the club under investigation heavily relies on intuition during the
recruitment process, suggesting potential benefits in broadening their use of data. While the
research highlights the value of data utilization, it emphasizes the complementary nature of
combining subjective observations with data analysis. Keywords such as contextual data and
psychological traits recur as important themes open to further discussion.
The thesis also explores the practical implications and potential steps towards developing an
effective recruitment strategy. However, it is important to acknowledge the limitations of a
data-driven approach. Although the specific implementation of data-driven approaches is not
extensively addressed, the study briefly mentions the importance of data management
technology. In conclusion, this thesis seeks to address the key elements involved in
formulating a recruitment strategy that takes into account the multifaceted nature of football
and the human element, while integrating data-driven insights.nhhma
Central Bank Sentiment Analysis and Asset Prices : Using Machine Learning and Natural Language Processing to Conduct Sentiment Analysis for Predicting Stock Prices in a Norwegian Financial Context
Get PDFThis thesis seeks to investigate the relationship between text sentiment in central bank
communication and stock market returns in a Norwegian context using a machine learning
approach. We collect textual data from Norges Bank (the Norwegian Central Bank) consisting
of monetary policy evaluations spanning the last 24 years and apply a multinomial inverse
regression (MNIR) to create a positive and negative sentiment dictionary. For performance
comparisons, we employ a set of naïve methods, one of which is developed by Kirkeby and
Larsen (2021) and one developed by ourselves. Results indicate that there is no significant
relationship between the sentiment of Norges Bank and stock returns at Oslo Børs (Oslo Stock
Exchange) using test data. Out-of-sample, significant results were only found using a negative
sentiment dictionary constructed by ourselves. Counterintuitively, these results indicate that a
more negative sentiment leads to higher stock returns. We theorise that not finding significant
results with the MNIR-dictionary can be contributed to a few factors. Loss of generality could
explain parts of our results. Only using single terms to capture sentiment means that some
significance might be lost in the process. We also discuss the possibility that our model mainly
captures attributes in the financial landscape that leads to higher or lower stock returns, rather
than capturing actual sentiment. Future research into this field using variations in data or
methodology can be successful in further investigations of the relationship between central
bank communication and asset prices.nhhma
Det nye gullet: den moderne arbeidsstyrken : Utfordringer og muligheter i demografisk mangfoldig team, og hvordan organisasjoner kan tilrettelegge for å nå potensialet som ligger i slike team
Get PDFØkende globalisering og den teknologiske utviklingen de siste tiårene har gjort at den moderne arbeidsstyrken i stadig større grad kjennetegnes av å være mangfoldig. Formålet med denne oppgaven er å belyse de mulighetene og utfordringene som knytter seg til geografisk mangfoldige team, samt å aktualisere temaet i en norsk kontekst. Videre ønsker vi å bidra med konkrete tiltak som kan forbedre tilrettelegging da eksisterende litteratur fremstår mangelfull på dette området. Vi har gjennomført en kvalitativ studie hvor vi har intervjuet til sammen ti deltakere med erfaring knyttet til mangfold fra bedrifter i forskjellige bransjer. Gjennom semi- strukturerte intervju har vi innhentet informasjon fra både teamledere og teammedlemmer for å belyse hvordan organisasjoner kan lykkes med demografisk mangfold. Studien vår er tredelt, hvor vi identifiserer (1) utfordringer og (2) muligheter knyttet til demografisk mangfold. Videre finner vi forskjellige måter å (3) tilrettelegge på som bidrar til å oppnå potensialet i dette mangfoldet. Våre funn indikerer tre hovedutfordringer. Disse knytter seg til hvordan- og hvilket språk kommunikasjon foregår på, hvordan forskjellige arbeidsmåter i forbindelse med ulike kulturer kan by på problemer, og hvordan iboende bias fører til sub- optimale arbeidsforhold. Funnene peker videre på to store fordeler. Disse er høyere kvalitet på diskusjoner som fører til mer kompleks problemløsing, samt konkurransefortrinn ettersom man bedre speiler kunden og oppfyller eksterne krav til samfunnets stadig utviklende normer. De konkrete tiltakene som har blitt identifisert for å tilrettelegge for å oppnå potensialet innebærer følgende: håndheve engelsk som selskapsspråk, skreddersy kommunikasjon for de enkelte ansatte, samt aktivt bruke workshops for å bryte ned bias og skape kulturell forståelse. Videre tilrettelegging innebærer å utvikle personlige relasjoner innad i teamet, både mellom teammedlemmer og leder(e) samt å fremme psykologisk trygghet. Psykologisk trygghet må være til stede i demografisk mangfold team for at de skal kunne utkonkurrere homogene team og dermed representere det nye gullet i den moderne arbeidsstyrken. Hvorvidt mangfold er bra eller dårlig avhenger av i hvilken grad man lykkes med tilretteleggingen. Ettersom utviklingen i samfunnet tyder på at det å jobbe i mangfoldige team har kommet for å bli, burde man fremover sette søkelyset på hvordan man best mulig kan tilrettelegge for å nå dets iboende potensial. Vi har igjennom dette studiet identifisert at nettopp tilrettelegging fokuseres på i større grad av de representerte bedriftene, noe som dermed taler for at fordelene med det demografiske mangfoldet kan overveie ulempene.nhhma
Dividend Payouts and Government Support during Covid-19 : An empirical analysis of dividend payouts in Norway during Covid-19
Get PDFThe purpose of this master thesis is to investigate whether receiving emergency state aid to
mitigate the negative economic effects of the Covid-19 pandemic impacted the likelihood of
dividends in 2020. Further, we attempt to shed light on whether firms that received more
compensation than necessary to survive were more or less likely than their counterparties to
pay dividends. Through 2020 data on accounting figures and received compensation obtained
from The Norwegian Tax Administration, we analysis the data through a logistic differencein-
difference regression model. We further investigate for heterogeneity in outcome across
region and sector affiliation.
Our results show significant results indicating that receiving compensation decreased the
likelihood of dividends during the pandemic. The results overall hold true despite
heterogeneity in received compensation across sector and region affiliation. Also, we find that
contrary to public criticism of the scheme, firms that received more compensation than
necessary to survive were less likely to pay dividends in 2020, however the impact was not as
negative for these firms as for their counterparties that did not receive more than necessary.
The results imply that while the compensation scheme had its shortcomings during the first
stages of the pandemic, we find no evidence that the scheme contributed to an increase in the
likelihood of dividends in 2020.nhhma
Unraveling the Enigma of Black Swan Events: A Multidisciplinary Examination of Financial and Climatic Extremes : The factors contributing to Black Swan Events and their varying effects
Get PDFBlack Swan events (BSE) are events that are highly improbable, unforeseen, and, many times,
completely unpredictable and unknowable. The term itself was popularized by Nassim Taleb
in his book, The Black Swan: The Impact of the Highly Improbable (2010). The study of
extreme events is something that has gained popularity recently, and we aim to add to the
growing literature by examining cases of extreme financial events and extreme weather events.
We use a Monte Carlo simulation to look at potential extreme weather events in Sindh,
Pakistan, to see if there are any changes in the frequency and severity of certain variables given
small changes in variable means. With a qualitative and quantitative look at Black Swan
events, we find there are some similarities between different systems that can be helpful for
preparation and future study of extreme events.nhhma