Finansiell prestation före och efter börsnotering : En Kvantitativ studie av ROE och EBIT i svenska företag

Sammanfattning

The purpose of this study is to examine how firms’ financial performance changes before and after an Initial Public Offering (IPO), focusing on Swedish companies listed on Nasdaq Stockholm between 2014 and 2017. The study adopts a quantitative approach, measuring financial performance using Return on Equity (ROE) and Earnings Before Interest and Taxes (EBIT). By analysing these measures two years before and two years after the IPO, the study provides a comparison of how firm performance evolves during the transition from private to public ownership. The data collection is based on secondary data from Retriever Business and the sample consists of 96 companies, which after deletion became 58. A paired sample t-test is applied to determine whether the changes in financial performance are statistically significant. The study follows a deductive approach and is grounded in theories of information asymmetry, signalling theory, underpricing and agency theory, which are used to explain why financial performance may change in connection with an IPO. The findings show that EBIT shows a statistically significant change, indicating that operational performance is affected by the IPO. In contrast, ROE does not show a significant change, suggesting that returns on equity remain relatively stable. This can be explained by the fact that ROE is influenced by both operational performance and capital structure, meaning that changes in underlying operations are not always reflected clearly in this measure. The study contributes to a deeper understanding of how IPOs affect financial performance in a Swedish context and highlights the importance of using multiple performance measures. From a practical perspective, the results suggest that investors should consider several complementary financial metrics when evaluating IPO firms, as relying on a single measure may provide an incomplete picture of firm performance.