Tonalitet som strategisk signal - En studie av VD-ord i samband med VD-byte i svenska börsbolag

Sammanfattning

Abstract Date: 2026-06-02Level: Bachelor Thesis in Business Administration, 15 creditsInstitution: School of Business, Society and Engineering, Mälardalen UniversityAuthors: Pontus Widegren, Simon Wigren Title: Tone as a Strategic Signal – A Study of CEO Letters in Connection with CEO Turnover in Swedish Listed Companies Supervisor: Oksana Feicher Keywords: CEO turnover, tone, CEO letters, sentiment analysis, agency theory, impression management, signaling theory, narrative reporting, annual reports, Swedish listed companies. Research questions:How does the tone in CEO letters change in connection with CEO turnover? Is there a relationship between changes in tone and companies financial performance? Purpose:The purpose of this study is to examine how the tone in CEO letters changes in connection with CEO turnover in Swedish listed companies and to analyze whether changes in tone can be linked to the companies financial performance. The study also aims to examine whether the tone in CEO letters can be understood as a form of strategic communication based on agency theory, impression management, and signaling theory. Method:This study is based on a quantitative method with a deductive approach. The analysis is conducted through quantitative content analysis, where the tone in CEO letters is measured through the occurrence of positive and negative words. The sample consists of 74 Swedish listed companies in which a permanent CEO turnover was identified during the period 2015–2023. For each company, the CEO letter from the year before and the year after the CEO turnover was analyzed. The tone was calculated based on the relationship between positive and negative words using a word list adapted for financial communication. Descriptive statistics and paired sample t-tests were used to analyze the differences between the periods. Conclusion:The results of the study show that the tone in CEO letters became slightly more positive on average after a CEO turnover, although the change was not statistically significant. At the same time, the results demonstrate clear variations between companies, where some companies showed a more positive tone after the leadership change while others used a more cautious tone. The study also shows that the relationship between tone and financial performance is limited, indicating that the tone in CEO letters does not directly reflect the companies financial development. Instead, the findings suggest that CEO letters may function as a strategic communication tool used to influence external stakeholders perceptions of the company and its future prospects.