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Påverkar goodwill kapitalkostnaden?


Does goodwill affect the cost of capital? Goodwill is an asset which is characterized by much uncertainty regarding both what it is and how much it is really worth. Based on economic theory about information risk and principal-agent problems as well as theory regarding the cost of capital we test for the hypothesis that debt and equity investors perceive goodwill as something risky and hence demand compensation for taking on this extra risk. The proxies used for the cost of capital are cost of debt, beta and the EP-ratio. On a general level we find that increasing the level of goodwill seems to result in higher cost of capital as represented by the three proxies. However, the test results are not so strong that this can be regarded as certain, why further research within this area is needed.

Författare

Patrik Olsson Gustaf Sundlöf

Lärosäte och institution

Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

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