Att mäta, förvärva och styra: Finansiella prestationsmått i svenska serieförvärvare

Sammanfattning

The purpose of this study is to examine how Swedish compounders use financial performance measures in the evaluation and control of acquisitions. The study applies a qualitative research approach based on semi-structured interviews with respondents who have experience in serial acquisition organizations. The empirical findings are analyzed through the theoretical perspectives of management control systems and the serial acquirer model.The findings indicate that financial performance measures serve different functions throughout the acquisition process. Prior to acquisitions, the measures are primarily used for screening, risk assessment, and evaluation of stability, while following acquisitions they are used for control, follow-up, benchmarking, and operational management. The study further shows that cash flow constitutes the most central performance measure, as stable cash generation is considered essential for long-term ownership and the financing of future acquisitions.The results also demonstrate how overall financial targets are translated into operational key performance indicators following acquisitions, enabling control without extensive operational integration. In addition, the study highlights how decentralized autonomy is combined with centralized financial control within serial acquiring organizations.The study contributes to the literature on Compounders and management control systems by illustrating how financial performance measures change function throughout the acquisition process and how they are integrated into broader control systems. Due to the qualitative design and limited sample, the findings should primarily be interpreted as analytical insights rather than generalizable conclusions.