Ownership Structure, Board Composition and Investment Performance

In this paper the relation between ownership structure, board composition and firm performance is explored. A panel of Swedish listed firms is used to investigate how board composition affects firm performance. Board heterogeneity is measured as board size, age and gender diversity. The results show that Swedish board of directors have become more diversified in terms of gender. Also, fewer firms have the CEO on the board which can be interpreted as a sign of increased independency. The regression analysis shows that gender diversity has a small but negative effect on investment performance, and the same holds for CEO being on the board. The analysis also show that board size has a significant negative effect on investment performance. When incorporating all the explanatory variables into one equation however, the negative effect of larger boards dilutes the effect of gender diversity and having the CEO on the board.Corporate governance; board composition; investments performance; marginal q

Family Ownership and Returns on Investment – Founders, Heirs, and External Managers

This paper investigates how family ownership, control, and management affect firms’ investment performance. We use the identity of Chief Executive Officer (CEO) and Chairman of the Board (COB) to establish under what management the firm is: founder, descendant, or external management. The results show that founder management has no effect on investment performance in family firms, whereas descendant management has a negative impact on returns on investment. Having an externally hired manager significantly improves investment performance. The results also indicate that the separation of voting right from cash flow right has a negative impact on investment performance in both family and non-family firms, but the negative effect is larger in family firms.Ownership; Control; Management; Family Firms; Returns on Investments

Ownership Structure, Control and Firm Performance: The Effects of Vote Differentiated Shares

This paper contributes to the literature on ownership, control and performance by exploring these relationships for Swedish listed companies (1997-2002). We find that firms, on average, are making inferior investment decisions and that the use of dual-class shares have a negative effect on performance. According to our results concentration of ownership has a negative impact on investment performance and firm value when control instruments that separate votes from capital share are used. Marginal q is used as a measure of economic performance. It was presented in an article by Mueller and Reardon in 1993 and has recently been used in empirical studies of ownership and performance by among others Gugler and Yurtoglu (2003). Frequently Tobin’s q is used in studies of this type, but Tobin’s q has a number of disadvantages which can be circumvented by employing a marginal q. This study adds to earlier studies by investigating how the separation of vote and capital shares’ creates a wedge between the incentives and the ability to pursue value maximization. The relationships between the performance measure and different ownership characteristics like ownership concentration and foreign ownership are also investigated.marginal q; ownership structure; firm performance; investments; dual-class shares

Institutional Ownership and the Returns on Investment

By examining a large number of Swedish listed firms, we analyse how institutional and foreign owners affect investment performance. To measure investment performance Mueller and Reardon’s (1993) marginal q is used, although derived directly from Tobin’s average q. Marginal q measures the ratio of the return on investment to the cost of capital. Our findings show that both domestic and foreign institutional owners positively influence firm performance. Furthermore a non-linear relation between institutional ownership concentration and performance is found. This is consistent with positive incentive effects and negative entrenchment effects. During the last decades the ownership structure of Swedish firms has undergone dramatic changes: institutional and foreign investors have been increasing their stakes, whereas Swedish households have decreased in importance. Controlling owners, often founding families, remain in control by resorting to an extensive use of dual-class shares. The practice of dual-class shares which separates cash-flow rights and control rights is also found to be an important determinant of firm performance that eradicates the positive influence of institutional ownership.Corporate governance; institutions; ownership; performance; Tobin’s q; marginal q;

An updated Weichselian chronostratigraphic framework of the Kongsfjorden Trough Mouth Fan and its implications for the glacial history of Svalbard

The Arctic is a climate-sensitive area, responding rapidly to present changes, but for the past changes, the record is still incomplete. For instance, the Weichselian glacial history of the Svalbard–Barents Sea Ice Sheet (SBIS) has largely been reconstructed based on studies of the fragmentary Spitsbergen terrestrial and shelf records. However, the sediments removed from the land and shelf areas during peak glacials were deposited on trough mouth fans located along the continental slope. By studying the stratigraphy and processes of the trough mouth fans, comprising a more complete sediment archive, our new data have allowed gaps in the Weichselian glacial history of the SBIS to be refined and filled. Here we present new lithological and geochronological data from the Kongsfjorden Trough Mouth Fan, closely linked to the advance and decay of the SBIS. High-resolution TOPAS seismic profiles reveal three distinct packages of glacigenic debris flows (GDFs) within its upper stratigraphy, each interpreted to represent an advance of the SBIS to the shelf edge. A radiocarbon dated, 12.6-m-long core from the southern flank of the Kongsfjorden Trough Mouth Fan penetrates trough sediments directly linked to the youngest GDF package and terminates in the second GDF, allowing us to study the last two Kongsfjorden ice-stream advances in greater detail than was previously possible. The age model of core GS10-164-09PC, based on combining 14C-, 18O-stable isotope and magnetic susceptibility data, spans the last ~54 ka. An Early Weichselian glacial advance is tentatively dated to have ended at ~90 ka. A second peak glaciation is estimated at ~70 ka, followed by a deglaciation from ~54 ka. An ice rafted debris-rich unit (U7) dated between 38 and 34 ka, followed by a plumite (U6), indicates an advance of unknown extent. The Last Glacial Maximum advance is dated to before 24 ka BP, followed by a rapid deglaciation at ~15 ka. The presence of coarser-grained sorted sediments at the present seafloor is attributed to the influence of the West-Spitsbergen Current, acting on water depths of at least 846 m, and is thought to have worked in the vicinity of the coring site since ~14 ka BP.publishedVersio

Life Cycle GHG Emissions of Residential Buildings in Humid Subtropical and Tropical Climates: Systematic Review and Analysis

Improving the environmental life cycle performance of buildings by focusing on the reduction of greenhouse gas (GHG) emissions along the building life cycle is considered a crucial step in achieving global climate targets. This paper provides a systematic review and analysis of 75 residential case studies in humid subtropical and tropical climates. The study investigates GHG emissions across the building life cycle, i.e., it analyses both embodied and operational GHG emissions. Furthermore, the influence of various parameters, such as building location, typology, construction materials and energy performance, as well as methodological aspects are investigated. Through comparative analysis, the study identifies promising design strategies for reducing life cycle-related GHG emissions of buildings operating in subtropical and tropical climate zones. The results show that life cycle GHG emissions in the analysed studies are mostly dominated by operational emissions and are the highest for energy-intensive multi-family buildings. Buildings following low or net-zero energy performance targets show potential reductions of 50–80% for total life cycle GHG emissions, compared to buildings with conventional energy performance. Implementation of on-site photovoltaic (PV) systems provides the highest reduction potential for both operational and total life cycle GHG emissions, with potential reductions of 92% to 100% and 48% to 66%, respectively. Strategies related to increased use of timber and other bio-based materials present the highest potential for reduction of embodied GHG emissions, with reductions of 9% to 73

How to define (net) zero greenhouse gas emissions buildings: The results of an international survey as part of IEA EBC annex 72

The concept of (net) zero greenhouse gas (GHG) emission(s) buildings is gaining wide international attention and is considered to be the main pathway for achieving climate neutrality targets in the built environment. However, there is an increasing plethora of differing terms, definitions, and approaches emerging worldwide. To understand the current progress of the ongoing discussion, this study provides an overview of terms, definitions, and key features from a review of 35 building assessment approaches. The investigation identified that 13 voluntary frameworks from 11 countries are particularly characterised by net zero-carbon/GHG emissions performance targets, which are then subject to a more detailed analysis. The review was organised in the context of the project IEA EBC Annex 72 on “Assessing Life Cycle Related Environmental Impacts Caused by Buildings”, which involves researchers from over 25 countries worldwide. In the current dynamic political surroundings and ongoing scientific debate, only an initial overview of this topic can be presented. However, providing typologies and fostering transparency would be instrumental in delivering clarity, limiting misunderstanding, and avoiding potential greenwashing. To this end, this article categorises the most critical methodological options—i.e., system boundaries for both operational and embodied GHG emissions, the type of GHG emission factor for electricity use, the approach to the “time” aspect, and the possibilities of GHG emission compensation—into a comprehensive framework for clarifying or setting (net) zero GHG emission building definitions in a more systematic way. The article concludes that although variations in the existing approaches will continue to exist, certain minimum directions should be considered for the future development of harmonised (net) zero GHG emissions building frameworks. As a minimum, it is recommended to extend the usual scope of the operational energy use balance. At the same time, minimum requirements must also be set for embodied GHG emissions even if they are not considered in the carbon/GHG emissions balance

Hazard screening of contaminants of emerging concern (CECs) in Sweden's three largest lakes and their associated rivers

Persistent, mobile, and toxic (PMT) substances have recently garnered increased attention by environmental researchers, the water sector and environmental protection agencies. In this study, acute and chronic species sensitivity distributions (SSDs) were retrieved from literature data for previously quantified contaminants of emerging concern (CECs) in Swedish surface waters (n = 92) and risk quotients (RQ) were calculated. To better understand the characteristics of the detected CECs in non-urban lake sites (n = 71), these compounds were checked against established criteria for potentially toxic PMs (PM(T)s) and occurrence in the aquatic environment, respectively. For the CECs with missing SSDs (n = 15 [acute], n = 41 [chronic]), ecotoxicity data were extracted for eight taxonomic groups, and if data were sufficient (n >= 3), SSDs were derived. The retrieved and newly developed SSDs were then used in an environmental hazard assessment (EHA) in the investigated Swedish rivers and lakes. In the rivers, 8 CECs had RQ> 1 in at least one location, and 20 CECs posed a moderate risk (0.01 < RQ < 1). In total, 21 of the 71 detected substances had already been identified as PM(T)/vPvM substances. Our study shows the importance of studying field data at large spatial scale to reveal potential environmental hazards far from source areas

Private Equity - Ägarnas roll i den värdeskapande processen

Uppsatsen syfte är att beskriva och analysera Private Equity bolags styrning av portföljbolag, för att därmed implicit studera ägarnas roll i den värdeskapande processen. Metod: Deduktiv ansats och kvalitativ metod. Teori: Teorikapitlet är indelat i tre olika delområden, vilka enligt tidigare forskning visar på värdeskapande i en Buyout transaktion. Empiri: Uppsatsen empiriska underlag består av fyra intervjuer. Slutsats. Private Equity bolagen har i portföljbolagen skapat de rätta förutsättningarna för ledningen att implementera värdeskapande strategier. Detta gäller såväl kapitalstrukturens utformning, som den strategiska inriktningen i portföljbolagen. Private Equity bolagen har därmed kunnat bidra till att skapa en optimal miljö för ledningen att verka inom och har därigenom indirekt medverkat till portföljbolagens värdeutveckling