Hur påverkar MPM-rapportering marknadsvärderingen?

Sammanfattning

This paper examines whether Swedish publicly listed fi rms that report Management Performance Measures (MPMs) are valued diff erently by the capital market compared to fi rms that do not. In addition, the study examines whether the quality of MPM reporting is associated with valuation diff erences. The topic is relevant, as MPMs will become subject to enhanced disclosure requirements under IFRS 18 in 2027, which increases the need to understand how such measures are interpreted by investors. Drawing on theories of information asymmetry and signaling, we analyse the association between MPM reporting and market valuation using P/B as the primary valuation multiple, complemented by P/E and EV/EBITDA as robustness measures. The empirical setting consists of a cross-sectional sample of Swedish IFRS-reporting fi rms, based on hand-collected data from annual reports. The results do not provide evidence that fi rms reporting MPMs are valued higher than fi rms without such measures, nor that higher reporting quality is associated with higher valuation. Instead, we identify negative valuation eff ects for certain MPM types, particularly adjusted EBIT. The fi ndings further indicate that the negative eff ects are more pronounced among loss-making fi rms reporting MPMs, suggesting that investors interpret such more skeptically in contexts of weaker performances. Overall, the study contributes to the literature on voluntary disclosure and value relevance by demonstrating that MPMs are not uniformly perceived as value-enhancing information, and that valuation eff ects are context dependent. These insights are particularly relevant in light of the forthcoming implementation of IFRS 18.