Ett företag - flera värden : Om tolkning, bias och bedömning i företagsvärdering

Despite its central role in the global economy, business valuation remains a complex and interpretative process, especially in contexts where objective market prices are lacking. This study aims to deepen the understanding of how valuation professionals manage subjectivity and uncertainty in their assessments. The empirical foundation consists of five semi-structured interviews, supplemented by a text analysis of IFRS 13 and the IPEV guidelines, as well as observational data. The findings show that subjective elements are inherent in the valuation process, particularly when assessing intangible assets and future growth potential. Experience, intuition, and strategic considerations often outweigh purely quantitative models. The study demonstrates that different actors may interpret the same company in divergent ways depending on purpose, available information, and incentives. Prospect Theory and Accounting Theory are used to illustrate how psychological factors influence valuation outcomes. Although frameworks like IFRS 13 and IPEV offer structural guidance, they also allow room for professional judgment. Business valuation is thus portrayed as a process which includes subjective components, with theoretical concepts of bias helping to explain the variation in valuation results.