Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Sell-side analysts' creation of value: key roles and relational capital
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Business Administration and Industrial Engineering.ORCID iD: 0000-0002-3377-6177
2007 (English)In: Journal of Human Resource Costing and Accounting, ISSN 1401-338X, E-ISSN 1758-745X, Vol. 11, no 1, p. 30-52Article in journal (Refereed) Published
Abstract [en]

Purpose - The purpose of this paper is to increase the transparency of the value-creation chain in the stock market. It aims to: conceptualize the value-added through the relational capital, inductively develop models on how values are created, and discuss the values created for the analyst firm, the clients and investors in the stock market in general.Design/methodology/approach - The paper is based on a case study of sell-side analysts at a big Swedish investment bank and their work with real life situations of changes in recommendations. Findings - The findings of the case study indicate that analysts, through their relational capital, access competitive advantages needed for remaining on a highly competitive market. They get access to value-added information and knowledge and also business for the firm. This helps them to fulfill the three roles played, i.e. as information intermediaries, knowledge builders and businessmen. However, the analysts' dependencies, due to their relational capital and the analysts' conflicting roles, result in ambiguous or even biased information. The values added to clients differ between prioritized clients who receive value-added information through the relational capital with the analysts and non-prioritized clients with limited, or no access, to the analysts' services.Originality/value - Value created through relational capital within organizations has been intensively studied within the area of intellectual capital. However, the sell-side analysts' value-creation chain linked to their relational capital with company representatives and clients, considered in the present study, has been neglected.

Abstract [sv]

Syfte - Syftet med detta papper är att synliggöra den värdeskapande kedjan på aktiemarknaden. I pappret konceptualiseras värdeskapande genom relationskapital, utvecklas en modell över hur värde skapas, samt diskuteras värdet som skapas för analytikerfirman, för kunder och investerare på aktiemarknaden. Design/Metodologi/Tillvägagångssätt - Pappret baserar sig på en fallstudie av säljsidans analytiker på en stor svensk investmentbank och deras arbete med verkliga ändringar i aktierekommendationer till klienter. Resultat: Fallstudiens resultat indikerar att analytikerna genom relationskapitalet får tillgång till konkurrensfördelar som behövs på en konkurrensutsatt marknad. De får tillgång till mervärdesinformation, kunskap och affärer för den egna organisationen. Detta hjälper till att uppfylla analytikernas tre roller som 1. Informationsförmedlare, 2. Kunskapsbyggare och 3. Affärsmän. Intressant är också analytikernas beroende kopplat till relationskapitalet och analytikernas konflikterande roller kan resultera i tvetydig eller tom felaktig information. Vidare så skiljer sig värdeskapande till kunder mellan prioriterade klienter som får mervärdesinformation genom det upparbetade relationskapitalet och analytikernas "mindre prioriterade" klienter med begränsad eller ingen access till analytikerna service.

Place, publisher, year, edition, pages
2007. Vol. 11, no 1, p. 30-52
National Category
Business Administration
Research subject
Accounting and Control
Identifiers
URN: urn:nbn:se:ltu:diva-9226DOI: 10.1108/14013380710746393Local ID: 7c9bd350-5176-11dc-959a-000ea68e967bOAI: oai:DiVA.org:ltu-9226DiVA, id: diva2:982164
Note
Validerad; 2007; Bibliografisk uppgift: Värdeskapande av säljsidans analytiker: nyckelroller och relationskapital; 20070823 (jeaneth)Available from: 2016-09-29 Created: 2016-09-29 Last updated: 2017-11-24Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full text

Authority records BETA

Johansson, Jeaneth

Search in DiVA

By author/editor
Johansson, Jeaneth
By organisation
Business Administration and Industrial Engineering
In the same journal
Journal of Human Resource Costing and Accounting
Business Administration

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 27 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf