Konjunkturlägets inverkan på goodwill och goodwillnedskrivningar: En kvantitativ studie av europeiska noterade bolag

Sammanfattning

Mergers and acquisitions involve large investments and are based on expectations of future economic benefits. In connection with business acquisitions, goodwill frequently arises, making issues related to valuation and goodwill impairments central within accounting under IFRS. Previous research also shows that both business cycle conditions and managerial judgments may influence how goodwill is reported and when goodwill impairments are recognized. The purpose of this study is to analyze how business cycle conditions at the time of business acquisitions affect newly recognized goodwill and subsequent goodwill impairments in listed companies applying IFRS. The study applies a quantitative method based on panel data from European industrial companies during the period 2005-2025. The analysis is based on financial company data from S&P Capital IQ and macroeconomic data from Eurostat and OECD.The results show no statistically significant relationship between contemporaneous economic expansions and the increase in goodwill in relation to total assets. However, a positive relationship is identified between previous economic expansions and later goodwill impairments, where the relationship appears after three years. The findings suggest that business cycle conditions at the time of acquisitions have greater significance for later goodwill impairments than for newly recognized goodwill. The results are also consistent with goodwill impairments being associated with economic conditions, managerial judgments, and the practical application of the impairment model.