Finns det faktorer som särskiljer Stockholmsbörsens sanktionerade bolag från dess övriga bolag - En studie om Nasdaq OMX Stockholms Disciplinnämnd
Abstract: The purpose of this study is to examine whether companies listed at Nasdaq OMX Stockholm (Stockholmsbörsen) sanctioned by the legal unit Nasdaq OMX Disciplinary Committee (Disciplinnämnden), could be distinguished from the remaining companies that have not been sanctioned. As Stockholmsbörsen is the most influential unit when trading shares in Sweden, listed companies need to behave in legal aspects. Actions and decisions that affect investors do also influence the listed companies and their performance. Some companies might be tempted to manipulate financial statements and public information to retain stakeholders; other miss to report properly without being fraudulent. To control this, the legal unit Disciplinnämden is introduced. The method applied is a quantitative analysis of 39 listed sanctioned companies compared with another 39 matching non-sanctioned companies. The findings infer that some factors, related to corporate governance, occur more frequently in sanctioned companies. Compared to non-sanctioned companies, we find indications of that sanctioned companies have: 1) A CEO with less experience in his position measured in years, 2) been listed at Stockholmsbörsen for a longer period, 3) negative, and a smaller return on equity and 4) a board with a smaller quota of directors holding shares in the company. From this, we could say that sanctioned companies can be distinguished from non-sanctioned companies. On the other hand, the evidence is not fully reliable, encouraging future researchers to develop this study.