Utlandsetableringar & aktieägares förmögenhetsvärde
En eventstudie om utlandsetableringars påverkan på aktiemarknaden
The aim of this study is to examine the market reaction when information about a company?s foreign direct investment is announced and how that affects the shareholder?s value. Also of interest is whether the market reacts differently depending on which country the investment is established in and which mode of entry is used. This will be achieved by using an event study approach. The selection that was used consisted of 206 companies registered on the Nasdaq OMX Nordic homepage, which had during a time period stretching from 1999 to 2009 established a foreign direct investment in the regions BRIC, Europe or the USA using the mode of organic growth, joint venture or acquisition. The units were submitted to a hypothesis test, this was done to determine if an abnormal return was attained during the event window. The event window consisted of eleven days, five days before the announcement and five days after, which includes the announcement day. The tests were performed on the units as a whole and divided into categories depending on mode of entry, region and country. The event study was accompanied by a questionnaire.The result of the study show no statistically significant abnormal return related to the announcement of a foreign direct investment. There were however some indications of a deviation when the units were divided into region, most noticeably between the regions BRIC, which showed a steady negative development, and Europe, which showed a steady positive development. These results were however not significant.