Sambandet mellan redovisningsnyckeltal och aktieavkastning

Sammanfattning

Date: [2026-06-03] Level: Bachelor thesis in Business Administration, 15 cr Institution: School of Business, Society and Engineering, Mälardalen University Authors: Haapaoja Johansson, Albin, Himreus, Simon (02/11/10) (98/05/02) Title: The relationship between accounting key ratios and stock returns Supervisor: Janina Hornbach Keywords: Accounting key ratios, Stock returns, Stockholm Stock Exchange, Regression analysis, Panel data Research questions To what extent can accounting key ratios be used to explain stock market returns? Purpose: The purpose of this study is to investigate whether accounting ratios can explain a company’s stock market returns. The ratios employed measure profitability liquidity and leverage. Furthermore, the aim is for these ratios to capture and reflect multiple components of the annual report. Metod: This study was conducted using a quantitative method, with data collected from annual reports covering the period 2020-2024. Stock return data was obtained from stock market terminals. The analysis was performed using a regression analysis, where a model selection process was conducted to determine which model would yield the most reliable results. The selected model was subsequently quality assured to ensure robustness and to prevent for instance the inflation of standard errors. Conclusion: The study showed a significant relationship for one of the three selected key figures. This indicates that accounting-based key figures possess a limited ability to explain the future stock returns. The findings support that ROE has a significant relation with future returns. Of the three selected key figures, two were assessed as lacking any significant predictive ability.