7. Slutsats, bidrag och begränsning
7.4 Förslag till vidare forskning
Eftersom vi inte funnit något samband mellan kvinnor i styrelsen och resultatmanipulering uppmanar vi till mer utförlig forskning kring påpekandet att antalet kvinnor har betydande inverkan på synligheten av de kvinnliga effekterna (Fernandez-Feijoo et al. 2014). Flertalet forskare har visat på en speciell brytpunkt där effekterna framträder (Bear et al., 2010; Fernandez-Feijoo et al., 2014;
Joecks et al., 2013; Torchia et al., 2011) och vårt förslag till vidare forskning är därför att ta större hänsyn till antalet kvinnor i styrelsen vid likadana studier som den vi utfört. Intressant vore även att jämföra styrelser med få kvinnor och styrelser med fler kvinnor för att visa på skillnader.
Vi har sett i tidigare forskning att CSR-arbete inte alltid medför positiva effekter. Strategisk CSR kan användas för att maskera dåliga och oetiska handlingar i företag (Gomez-Carrasco et al., 2016).
Martínez-Ferrero et al. (2016) har utfört en intressant studie gällande strategisk CSR, där vi anser att en vidare forskning skulle kunna tillföra mycket kunskap. Ämnet behöver kompletteras då
64 förekomsten av strategisk CSR inte alls är lika väletablerad som forskning gällande motsatt typ av CSR. Forskning kring strategisk CSR i samband med företagsförvärv vore intressant att belysa eftersom vår studie visat att resultatmanipulering förekommer inför dessa händelser.
Baserat på tidigare forskning som hävdar att CSR-arbete sänker kapitalkostnaderna (Martínez-Ferrero et al., 2016) och att resultatmanipulering initialt har samma effekt (Dechow et al., 1996) så finns utrymme till ytterligare forskning gällande resultatmanipuleringens effekter på kapitalkostnader. Samtidigt hävdar Dechow et al. (1996) att resultatmanipulering bidrar till högre kapitalkostnader vid ett eventuellt avslöjande av oetiska handlingar. Med tanke på de skilda resultat som påvisats så finns ett tydligt gap i befintlig forskning.
Fortsättningsvis så vill vi uppmana till vidare forskning gällande effekter av CSR. Givet de resultat vi funnit i aktuell studie så anser vi att det finns mer att hämta ur forskning på ämnet. Närmare bestämt så hävdar vi att undersökningar av samband mellan CSR och andra opportunistiska beteenden skulle vara intressanta för att se om det föreligger samma negativa samband som för resultatmanipulering.
Eftersom vi saknar kontroller för skillnader mellan olika betalningsmetoder i vår studie finns här utrymme för fortsatta studier. En undersökning med likadana förutsättningar i övrigt men med ytterligare regressioner för förvärv med kontanter som betalning kan belysa skillnader i incitament för de betalningsmetoder som föreligger. Vi anser att sådana regressioner skulle kunna stärka påståendet att incitamenten är högre då företag betalar med aktier till följd av problematiken i aktievärderingen (Dong et al., 2006; Rhodes-Kropf & Viswanathan, 2004; Schleifer & Vishny, 2003).
65
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