Finansiella drivkrafter för svenska teknikaktier

Sammanfattning

Our study investigates the relevance of profitability, growth and Research and development(R&D) intensity in Swedish technology firms listed on the Stockholm Stock Exchange.Traditional indicators such as profitability may not fully capture value creation in technologyintensive firms, where Research and development-investment plays a central role. The purposeis to analyse whether profitability, growth, and R&D-intensity explain cumulative abnormalreturns (CAR), and to what extent R&D intensity affects how the market interprets thesevariables.Using a quantitative research design, the study examines panel data for 59 Swedish tech firmsfrom 2010–2024 listed on the Sweden Stock Exchange. CAR is measured over a 93-daywindow following each fiscal year-end. Three OLS regressions with fixed effects areestimated, gradually adding profitability, growth, and R&D-intensity.Our findings show no significant correlation between profitability or growth and CAR. Incontrast, when controlling for R&D-intensity, sales growth is positively associated with CAR,while asset growth shows a negative relationship. R&D intensity itself shows a marginal butpositive association with abnormal returns.Overall, the results suggest that investors value growth and innovation intensity more thantraditional profitability measures when pricing Swedish technology firms. The study exploresthe variation in market reaction to profitability, growth and R&D measures and highlights theneed for future research in other classes of tangible, and intangible assets and their impact oncapital markets.