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Svenska aktiemarknadens reaktion på VD-byten: En kvantitativ eventstudie om abnormal avkastning på Stockholmsbörsen 2001-2021
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.
2023 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Aim: We find that there is a gap in the current research where the research available tends to focus on a narrower time frame and with performance based variables. This study aims to examine how the stock market has reacted to the announcement of a CEO-change between the years 2001-2021 on the Swedish stock market.

Method: The study is carried out with a positivistic and a deductive approach, which are frequently used in quantitative studies. The study also uses an event study as its research design, where 786 CEO-changes and 358 companies are subject of the study

Results and conclusion: The results show that as a whole, there is no significant abnormal return when CEO-changes are announced on the Swedish stock market. When external CEO:s are appointed, there is a statistically significantly negative abnormal return. When internal CEO:s are appointed, there is a statistically significantly positive abnormal return.

Contributions of the thesis: The descriptive results could possibly give a better understanding of CEO-changes between the years 2001-2021 depending on recruitment-type and the nature of the departure. The results of the event study gives rise to an understanding of the behaviors of the stock market and the reaction to a CEO-change.

Suggestions for future research: To conduct an equivalent study but focusing on company- specific factors to see if there is significant abnormal returns based on the companies performances. One could also study whether it makes a difference if the CEO has been in his position for a long time or if the performance of the CEO makes a difference.

Place, publisher, year, edition, pages
2023. , p. 80
Keywords [en]
Stock market, CEO-change, CEO-turnover, Abnormal return, event study
Keywords [sv]
Aktiemarknaden, VD-byten, Abnormal avkastning, Eventstudie
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hig:diva-42789OAI: oai:DiVA.org:hig-42789DiVA, id: diva2:1784726
Subject / course
Business administration
Educational program
Business administration
Supervisors
Examiners
Available from: 2023-08-17 Created: 2023-07-30 Last updated: 2023-08-17Bibliographically approved

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Svenska aktiemarknadens reaktion på VD-Byten: En kvantitativ eventstudie om abnormal avkastning på Stockholmsbörsen 2001-2021(2762 kB)41 downloads
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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard-cite-them-right
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • sv-SE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • de-DE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf