Svenska aktiemarknadens reaktion på VD-byten: En kvantitativ eventstudie om abnormal avkastning på Stockholmsbörsen 2001-2021
2023 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE credits
Student 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
2023-08-172023-07-302023-08-17Bibliographically approved