Oetiskt handlande i skuggan av pengar
Oetiska handlingars påverkan på aktiekursen
Many studies have shown that unethical acting can affect the share price of the company negatively. However, this is not always the case. The aim of this thesis is therefore to examine what it is that can cause the share price to be affected negatively by unethical acting exposed in media. This qualitative study is primarily based on interviews with institutional investors, but also with economic journalists and investor relations managers. Our conclusion is that there are three main reasons why the share price can be affected by unethical acting, namely economic consequences, the management's behaviour and psychological factors. In our study, we have seen that investors' concern for shareholder value makes them interested in solely the economical consequences that can be derived from the unethical acting. The unethical acting in itself does not directly affect the share price. Furthermore, the management's behaviour after a media exposition is of significant importance to the perceived uncertainty of the future of the company. How media chooses to continue with the exposure is greatly influenced by the management's behaviour, which in turn has an effect on how consumers perceive the company. Lost trust in the company, which causes decreased sales, will affect the investors' prognoses of the future, and hence the share price. Thus, institutional investors are indirectly affected by the management's behaviour, but they are also directly affected through mutual dialogue with the management, which can influence their desire to invest in the company. Since investors are humans, they are not only affected by facts but also by feelings. Hence, psychological factors can cause the share price to be affected by unethical acting exposed in media.