Hur mångfald i styrelsen påverkar den finansiella prestationen i svenska tillväxtbolag listade på First North Growth Market
: En kvantitativ studie om tillväxtbolagens mångfald i styrelsen och dess påverkan på den finansiella prestationen

Translated title of the thesis: How board of director diversity impact the firm financial performance on Swedish high growth firmslisted on First North Growth Market
  • Sermed Al-Shakargi
  • Ardit Sakipi

Student thesis: Bachelor


The purpose with this bachelor thesis is to explore how board of director diversity affects the firmfinancial performance for Swedish high growth firms listed in First North Growth Market. High growth firms stand for half of the work employment and production in high income countries and constitute therefore a significant role in society. During the current circumstances with the Covid-19 pandemic, the companies’ finances are affected and risk liquidation. A crucial factor for high growth firms to continue to grow and survive financial difficulties, is the composition of the board. Thereby this study’s focus is on diversity in the board and its effect on the firm financial performance in terms of ROA and Tobins Q for Swedish high growth firms. Furthermore, this study has implemented agent theory and The Upper Echelon Theory to create an understanding about the connection between the board’s composition, the firm financial performance and the decision-making process.The study is based on a quantitative research approach together with a positivist research philosophy, which makes it possible for the result to be generalized. The study’s data collection consists of 40 Swedish high growth firms listed in First North Growth Market. The result in this study shows that ROA was positively correlated with diversity in gender in the board. Further, the study’s results find no significant correlation between ethnicity, education and the firm financial performance.

Date of Award2021-Sep-06
Original languageSwedish
SupervisorElias Bengtsson (Supervisor), Emil Numminen (Examiner) & Heléne Tjärnemo (Examiner)

Educational program

  • Degree of Bachelor of Science in Business and Economics

Courses and Subjects

  • Banking and financing

University credits

  • 15 HE credits

Swedish Standard Keywords

  • Economics and Business (502)


  • high growth firms
  • firm financial performance
  • tobins q
  • roa
  • diversity
  • board of directors
  • first north growth market
  • tillväxtbolag
  • finansiell prestation
  • mångfald
  • styrelse
  • first north growth marke

Cite this