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Syfte: Utvecklingen av skuldsatta företagsförvärv har genomgått betydande förändringar sedan fenomenet först introducerades på 1980-talet, både vad gäller den totala skuldnivån och val av skuldinstrument. Tidigare forskning erbjuder flera alternativa förklaringar till vad som påverkar skuldsättningen. Syftet med studien är därför att undersöka vilka faktorer som påverkar skuldsättningen vid högbelånade företagsförvärv i Sverige. Metod: Studien tillämpar en kvantitativ deduktiv ansats med utgångspunkt i den positivistiska forskningsfilosofin. Studiens insamlade data av sekundärdata inhämtat från Thomson Reuters datastream Refinitiv Eikon. 89 svenska bolag har blivit uppköpta med högbelåning av riskkapitalbolag bolag mellan 2000–2023. Studiens data har sedan analyserats med hjälp av statistikprogrammet SPSS, där univariat, bivariat och multivariata analyser genomförts. Resultat och slutsats: Resultatet från uppsatsen visar att skuldsättningen i svenska högbelånade företagsförvärv kan förklaras med hjälp av den klassiska hackordningsteorin. Resultatet skiljer sig från forskning från USA och Europa som menar att marknadstajmingsteorin förklarar skuldsättningen bättre vid belånade företagsförvärv. Examensarbetets bidrag: Studien bidrar med kunskap till banker, riskkapitalbolag, företagsledare och investerare. För bankerna innebär arbetet en möjlighet att förbättra riskhanteringen och kreditbedömningen vid långivning. Riskkapitalbolagen kan genomföra bättre investeringsbeslut och skapa hållbara kapitalstrukturer.Förslag till fortsatt forskning: För framtida forskning hade det varit intressant att utvidga urvalet till att studera hela Norden. Det vore också spännande för framtida forskning inom skuldsättning och högbelånade företagsförvärv att göra detta med en kvalitativ ansats., Aim: The development of leveraged buyouts has undergone significant changes since the phenomenon was first introduced in the 1980s, both in terms of the overall debt levels and the choices of debt instruments. Previous research provides several alternative explanations for what influences the indebtedness. Therefore, the purpose of the study is to examine which factors that influence the leverage in leveraged buyouts in Sweden. Method: The study employs a quantitative deductive approach based on the positivist research philosophy. The collected data is derived from secondary sources, specifically Thomson Reuters Datastream Refinitiv Eikon. The sample consists of 89 Swedish companies that have been acquired through leverage buyouts by Swedish private equity firms between 2000 and 2023. The study's data has subsequently been analyzed using the statistical software SPSS, with univariate, bivariate, and multivariate analyses conducted. Results and conclusions: The findings of the thesis indicate that the leverage in Swedish leverage buyouts can be explained by employing the classical Pecking order theory. This result differs from research conducted in the United States and Europe, which suggests that market timing theory provides a better explanation for leverage in leverage buyouts. Contribution of the Thesis: The study contributes knowledge to banks, private equity firms, corporate leaders, and investors. For banks, the thesis presents an opportunity to enhance risk management and credit assessment in lending. Private equity firms can make better investment decisions and establish sustainable capital structures. Suggestions for future research: For future research, it would be interesting to expand the sample to encompass the entire Nordic region. It would also be exciting for future research in debt and leverage buyouts to adopt a qualitative approach

This research aims to determine the effect of profitability and company size on capital structure. This type of research is quantitative and uses secondary data. Then the data analysis technique in this research uses descriptive statistics, classical assumption testing, and hypothesis testing. The sample in this research is state-owned companies listed on the IDX, especially in the infrastructure sector in the 2017–2022 period. The number of samples used in the research was 42. The research results show that profitability has a significant positive effect on capital structure, and company size has a significant positive effect on capital structure.

This research aims to determine the effect of profitability and company size on capital structure. This type of research is quantitative and uses secondary data. Then the data analysis technique in this research uses descriptive statistics, classical assumption testing, and hypothesis testing. The sample in this research is state-owned companies listed on the IDX, especially in the infrastructure sector in the 2017–2022 period. The number of samples used in the research was 42. The research results show that profitability has a significant positive effect on capital structure, and company size has a significant positive effect on capital structure.

The purpose of this study is to examine how the capital structure in swedish listed firms changed during the Corona-crisis. The study focuses on the years 2017-2022 to compare before and during the crisis. The study also uses six control variables to capture changes in capital structure. To compare capital structure, the study uses three types of debt ratios, total, short and long term leverage. The study was conducted by Refinitiv Eikon for sampling financial data from companies listed on Nasdaq Stockholm. T-tests was made to see how the debt ratios have changed during the crisis compared to before. Three regressions was also performed, one for each debt-ratio to see the effect the crisis had on the leverage. A dummy variable was created to capture this effect, where the dummy had a value of 0 for the years 2017-2019 and a value of 1 for the years 2020-2022. The T-test, the regression and tests of assumptions were all made using STATA.The foundation is the most emphatic theories concerning capital structure, the pecking-order, trade-off and market-timing theories. The results showed that the Corona-crisis did have an effect on leverage, however, not the results partly differ from what previous research has shown, which can possibly be a result of how Sweden managed the crisis.

Given that there is a lack of understanding of the effect of behavioral elements on capital structure decisions and in the context of micro, small and medium-sized enterprises in developing countries, this study seeks to understand if it exists, and what role does the bias towards the present in capital structure decisions in that context. With a self-administered survey, information was collected to estimate the relationship of the capital structure with the bias towards the present through discount rates at different terms, and subsequently estimate the effect with a multiple linear regression model. The existence of a bias towards the present was found and, the higher its level, the greater the proportion of debt the company has to finance its assets. Additionally, the preference for long-term debt is also positively related to total debt. The evidence invites decision makers to question whether these choices are motivated by the needs of the company or by impatience; and governments to provide access to the financial system for these companies that are usually informal. In conclusion, it is suggested to evaluate the bias in large companies and in developed countries for their respective comparison, Dado que falta comprensión del efecto de elementos comportamentales en las decisiones de estructuras de capital y en el contexto de las micro, pequeñas y medianas empresas en países en desarrollo, en este estudio se busca entender si existe, y qué papel juega el sesgo hacia el presente en las decisiones de estructura de capital en ese contexto. Con una encuesta autoadministrada, se recolectó la información para estimar la relación de la estructura de capital con el sesgo hacia el presente mediante las tasas de descuento a diferentes plazos, para posteriormente, estimar el efecto con un modelo de regresión lineal múltiple. Se encontró existencia del sesgo hacia el presente y, mientras más alto su nivel, mayor proporción de deuda tiene la compañía para financiar sus activos. Adicionalmente, la preferencia por deudas a largo plazo también se relaciona positivamente con la deuda total. La evidencia invita a los decisores, a cuestionar si esas elecciones son motivadas por las necesidades de la empresa o por la impaciencia; y a los gobiernos, a proveer acceso al sistema financiero para estas empresas que suelen ser informales. En conclusión, se sugiere evaluar el sesgo en empresas grandes y en países desarrollados para su respectiva comparación.

This thesis investigates the impact of sustainable finance on the European construction sector, focussing on the DACH region. Key findings indicate that companies generally prefer the pecking order theory for their capital structure but need to apply the trade-off theory for external financing. Larger corporations exhibit higher sustainability disclosures in their annual reports, correlating with their use of sustainable financial instruments. However, across the sector the implementation of these instruments is still limited. An additional analysis of ESG ratings reveals inconsistencies, as larger companies generally receive better ratings, potentially due to greater resources or rating biases depending on the agency. Following a previous research gap, textual analysis shows a focus on sustainability with more comprehensive reports as total word counts in annual reports and the mentions of sustainability terms correlate. This thesis finds no significant changes in capital structure ratios like the debt/assets-ratio due to the implementation of sustainable financial instruments from 2014 to 2023. Companies with more sustainable debt generally have more debt (higher debt/assets ratio) and extensive disclosures, possibly due to them already being larger corporations before adoption. The findings underscore the need for continuous regulatory adaptations and efforts by market participants to further integrate sustainability into the construction sector's financial practices. Larger companies currently may be leading the way, but a gap remains for smaller companies, visualizing the entry barriers of sustainable finance despite progressions like the EU Taxonomy and SFDR., Diplomarbeit Universität Innsbruck 2024

This study aims to determine the impact of Business Risk, Firm Size, Investment Decisions, Board Size, and Profitability on Capital Structure in property and real estate sector companies listed on the Indonesia Stock Exchange. This study used a sample of 12 companies during the period 2018 - 2022 with a total of 60 data. In this study there are research methods which include Descriptive Statistics, Classical Assumption Test, Multiple linear regression analysis, T test, F test, and Coefficient of determination. Based on the results of the research analysis, it shows that the business risk, investment decision, and profitability variables have a negative and significant effect on the capital structure. Company size variable have no significant influence on capital structure. While the board size variable has a positive and significant effect on capital structure.

This study aims to examine the effects that tax regimes have on firms' capital structure by investigating changes in Swedish firms before and after the Swedish government in 2018 decided upon a new tax regime, with lowered corporate tax and an interest deductibility cap. We used the motives and expectations behind the tax regime and the suggestions from the trade-off theory as the framework for our study, implying that Swedish capital intensive firms would react to the new tax regime by decreasing their leverage. We employ a difference-indifferences approach to compare changes in the capital structure of Swedish firms (treatment group) with a similar group of Finnish firms (control group) during the years 2018-2023. Our results show indications that Swedish firms somewhat decreased their debt to equity ratio as a response to the tax regime, which is in line with previous research; however the results were not statistically significant. The study did find a significant result for the impact of the firmspecific factors, industry of operation, firm size, profitability and tangibility, as well as the macroeconomic factor real GDP growth, which supports the findings of previous research on capital structure determinants.

The purpose of this study was to study how the global events of the last decade have changed and impacted organizations strategies such as, financial structure and placement strategies to prepare for uncertainties within the real estate market. The study was based on the theory of Corporate Strategy, Financial Structure, and Private Placement Strategies. An epistemology methodology was followed. The findings show that businesses want to own the property where they conduct their business since it seems like a less unstable option compared to leasing properties or facilities. Furthermore, banks see investments into real estate as a secure investment therefore the need for changes in capital structures are not necessary. Even if valuation of properties goes up and down according with different economical events, businesses that operate in the real estate market still see their real estate investments as valuable and not as volatile as the market predicts. To conclude, businesses and organizations are today more prepared for future uncertainties and unexpected financial events than prior to 2008. Organizations can use these findings to map, strategize, and prepare for future uncertainties within the real estate market by controlling risks.

Denna uppsats är skriven på svenska och behandlar förändringen av de makroekonomiska variablerna inflation och ränta och dess påverkan på svenska börsnoterade företags kapitalstruktur. Uppsatsen har med hjälp av teorier såsom trade off-teorin, market timing-teorin och pecking order-teorin tagit fram fyra hypoteser för att besvara studiens syfte, vilken påverkan som ränta och inflation har på kapitalstrukturer i företag noterade på Nasdaq Stockholms Mid- och Large Cap-listor. De företag som är med i urvalet i denna uppsats är företag som befinner sig på den svenska börsen och som tillhör Mid- eller Large Cap listorna. Studien använder sig av ett kvantitativt tillvägagångssätt där relevant data hämtas ut från databaser för att sedan användas för statistiska analyser. Den data som använts är hämtad från året 2023. Med hjälp av variabler som skuldsättningsgrad, medelränta, medelinflation och storlek undersöker denna studie de makroekonomiska variablernas påverkan med hjälp av regressionsmodeller samt deskriptiv statistik. Resultatet av undersökningen visade vissa statistiska samband men också vissa svaga och statistiskt insignifikanta samband. Resultatet visade bland annat att det inte finns några starka samband mellan de makroekonomiska variablerna och noterade företags kapitalstruktur men att det finns samband som visar att branschtillhörighet och storlek har en signifikant påverkan på företags kapitalstruktur. Resultatet visar också att det kan finnas stöd för market timing-teorin då det visades vissa tendenser som stöds av market timing-teorin utifrån den data som analyserats. Det finns också resultat som visar att inflationens påverkan på kapitalstrukturen också uppfyller vissa antaganden som trade off-teorin har. Slutsatsen för denna uppsatts är att samtliga av de hypoteser som tagits fram förkastas vilket då leder till slutsatsen att de makroekonomiska variabler som använts i denna studie inte har någon påverkan på kapitalstrukturen hos företag på Mid- och Large, This essay deals with the change in macroeconomic variables such as inflation and interest rates and their impact on the capital structure of Swedish publicly traded companies. Using theories such as the trade-off theory, market timing theory, and pecking order theory, the essay has developed four hypotheses to answer the study's purpose, which is to examine the influence of interest rates and inflation on the capital structures and the moderating role of firm size of companies listed on Nasdaq Stockholm's stock exchange. The companies included in this study are those who are listed on the Swedish stock exchange and are included on the Mid- or Large Cap lists. The data is extracted from databases for statistical analysis and the data used is from the year 2023. Variables such as leverage, average interest rate, average inflation, and size in combination with regression models and descriptive statistics were used to investigate the impact of macroeconomic variables. The results from the regression analysis provide some support to the hypotheses of the study. In specific the results showed that there are no strong correlations between macroeconomic variables and the capital structure of listed companies, but there are correlations indicating that industry and size significantly impact the capital structure of companies. The results also suggest support for the market timing theory. There are also results showing that the impact of inflation on capital structure also meets certain assumptions of the trade-off theory. The conclusion of this essay is that all of the hypotheses developed are rejected, leading to the conclusion that the macroeconomic variables used in this study do not have any impact on the capital structure of companies on the Mid- and Large Cap lists.

Den här studien undersöker hur den senaste finansiella krisen (Covid-19) har motiveratsvenska små och medelstora företags kapitalstruktur, genom att jämföra kapitalstrukturen förekris (2015-2018) och under kris (2019-2022). För att genomföra detta undersöktes fyrabranscher i 328 små och medelstora företag i Sverige och hur deras hävstång har förändratsunder studieperioden. Resultaten av denna studie visar att de undersökta svenska små ochmedelstora företagen sänkte sin hävstång under krisperioden, ökade kortfristiga skuldkvotenoch sänkte långfristiga skuldkvoten., This study examines how the recent financial crisis (Covid-19) has motivated the capitalstructure of Swedish small and medium-sized enterprises, by comparing the capital structurebefore the crisis (2015-2018) and during the crisis (2019-2022). To carry this out, fourindustries in 328 small and medium-sized enterprises in Sweden were investigated and howtheir leverage has changed during the study period. The results of this study show that thesampled Swedish small and medium-sized enterprises lowered their leverage during the crisisperiod, increased the short-term debt ratio and lowered the long-term debt ratio.

Since the publication of Modigliani and Millers original theorem on capital structure, researchers have tried to find explanations to firms’ capital structure decision. The literature has been rather ambiguous, and the two main fields of thought is the predictions of the trade-off theory and the pecking order theory. Previous research finds empirical evidence supporting both theories, which is why the subject is an interesting field for further research. The literature on capital structure in a Swedish context is limited and could therefore benefit from further research in a time plagued by the adverse economic setting which is due to the covid pandemic. That is why this study’s aim were to examine the potential effects the pandemic had on firms’ capital structure decision. The study tests the effects on firms’ total leverage ratio as well as the effects on different debt maturities by including long- and short-term leverage ratios. Due to the characteristics of the pandemic the study aims to show the industry specific effects as well. We adopted a positivistic research paradigm when conducting this quantitative study with a deductive research approach. When collecting data, Refinitiv Eikon provided us with a population of 914 publicly traded Swedish firms. Due to data drop off the final sample that was used in the statistical analysis amounted to 450 firms, which were deemed to be sufficient to provide generalizable results for the population. This study was unsuccessful in proving that the pandemic had any significant effect on public Swedish firms’ capital structure in any of the leverage ratios. We can however prove that the pandemic had a significant effect on individual industry’s capital structure. This thesis can also provide evidence that Swedish firms to some extent follow the pecking order theory. Our results suggest that firms deleverage as they grow, which is in line with said theory. On industry level we find proof for both the trade-off theory and pe

Syftet med denna studie är att analysera eventuella kapitalstruktursförändringar i samband med Covid-19 pandemin hos svenska företag noterade på Stockholmsbörsen, OMXS, inom Large Cap. Urvalet utgörs av företag inom alla sektorer i Large Cap, exklusive finanssektorn. Sambandet mellan bolagens beroende och oberoende variabler analyseras före och under pandemins tidsperiod, 2015–2022. De beroende variablerna utgörs som Proxy för kapitalstruktur och omfattas av totala-, kortfristiga-, och långfristiga skulder i förhållande till totala tillgångar. Medan de oberoende variablerna utgörs av företagsstorlek, lönsamhet samt tillväxt. För att uppnå detta baseras uppsatsens teoretiska ramverk på Modigliani och Miller proposition 1 & 2, Pecking Order teorin och Trade Off teorin tillsammans med tidigare empiriska studier samt undersökningar. Uppsatsens analyser omfattas av en deskriptiv analys av samtliga variabler, en korrelationsanalys av de oberoende variablerna och slutligen flera multivariata regressionsanalyser mellan samtliga variabler. För att erhålla de mest valida och reliabla slutsatserna kommer uppsatsen tillämpa en kvantitativ forskningsmetod och en deduktiv ansats. Uppsatsens resultat fann flest statistiskt signifikanta samband mellan samtliga skuldkvoter och företagsstorlek. Uppsatsens slutsats konstaterade att kapitalstrukturen hos OMXS företag inom Large Cap hade förändrats under pandemin i jämförelse med före pandemin. Sammantaget bidrar denna uppsats till en djupare förståelse för sambandet mellan samtliga analyserade variabler baserat på en historisk bakgrund. Därmed kan svenska bolag inom alla sektorer, exklusive finanssektorn, skapa en bättre uppfattning kring sina kapitalstrukturer inför framtida finanskriser., The purpose of this study is to analyze potential capital structure changes in connection with the Covid-19 pandemic among Swedish publicly traded companies on the Stockholm Stock Exchange, OMXS, within Large Cap. The sample consists of companies across all sectors within Large Cap, excluding the finance sector. Focusing on the relationship between the dependent and independent variables before and during the period of the pandemic, 2015–2022. The dependent variables consist of total-, short- term-, and long- term debt as a proportion to the total assets. These dependent variables constitute as a Proxy for capital structure. The independent variables include size, profitability and growth. To accomplish this, the theoretical framework for this essay is based on Modigliani and Miller proposition 1 & 2, The Pecking Order Theory, The Trade Off Theory along with previous empirical studies. The analyzes contains of a descriptive analysis of all variables, a correlation analysis of the independent variables, and lastly several multivariate regressions analyses between all variables. In order to make it possible to acquire the most valid and reliable conclusions, the study will be based on a quantitative method, applying a deductive approach. The results found the most statistically significant relationships between all debt ratios and company size. The conclusion stated that the capital structure of OMXS companies, within Large Cap, had changed during the pandemic compared to before. In summary the results contribute to a deeper understanding of the relationship between all analyzed variables based on a historical background. Hence Swedish companies within these sectors can gain a better understanding of their capital structure for future financial crises.

Sammanfattning Titel: Bostadsrättsbyggande i en lågkonjunktur Ämne: Kandidatuppsats i företagsekonomi, 15 hp Författare: Ebba Fritz & Emmy Rabe Nyckelord: Lågkonjunktur, kapitalstruktur, bostadsmarknaden, hushållens köpkraft Syfte: Syftet med examensarbetet är att undersöka vilka faktorer som påverkar de privata fastighetsbolagens möjlighet att anskaffa kapital för att bygga och sälja bostadsrätter. Studien kommer även att undersöka vilka faktorer som ligger till grund för att färre bostadsrätter byggs i en lågkonjunktur. Metod: I denna studie användes en abduktiv forskningsansats med en kvalitativ metod. Empiri insamlingen baseras på intervjuer från sex respondenter som representerar olika företag som är aktiva i Göteborg. Den teoretiska referensramen har tagits fram med hjälp av relevanta vetenskapliga artiklar, litteratur samt internetkällor med koppling till fastighets- & byggbranschen. Slutsats: Studiens slutsats visar att den rådande marknadssituationen har gjort det svårt för privata fastighetsbolag att anskaffa kapital för att bygga bostadsrätter. Bankernas restriktivitet har visat sig genom skärpta krav på försäljningsgrad vilket har försvårat fastighetsbolagens finansiering av nya projekt. Överskott av osålda bostadsrätter, den förhöjda räntenivån och minskad efterfrågan på grund av ekonomisk osäkerhet har också bidragit till att företagen bygger mindre. Hushållens försiktighet gällande köp av bostadsrätter på grund av höga räntor och psykologiska faktorer har bidragit till återhållsamhet och begränsad investeringsvilja vilket har varit en bidragande faktor till att fastighetsbolagen har haft svårigheter med sin försäljning. Företagen arbetar med strategisk planering för att överleva lågkonjunkturen och positionera sig för framtiden., Title: Building condominiums in a recession Subject: Master's thesis in business administration, 15 credits Author: Ebba Fritz & Emmy Rabe Keywords: Recession, capital structure, housing market, household purchasing power Purpose: The purpose of the thesis is to investigate which factors affect the private real estate companies' ability to acquire capital to build and sell condominiums. The study will also investigate which factors are the basis for fewer condominiums being built in a recession. Method: This study used an abductive research approach with a qualitative method. The empirical data collection is based on interviews from six respondents who represent different companies that are active in Gothenburg. The theoretical frame of reference has been developed with the help of relevant scientific articles, literature and internet sources connected to the real estate & construction industry. Conclusion: The study's conclusion shows that the current market situation has made it difficult for private real estate companies to acquire capital to build condominiums. The restrictiveness of the banks has been shown through stricter requirements on the sales ratio, which has made it more difficult for the real estate companies to finance new projects. Surplus unsold condominiums, the increased interest rate and reduced demand due to economic uncertainty have also contributed to companies building less. The caution of households due to high interest rates and psychological factors has led to restraint and limited willingness to invest, which has been a contributing factor to the fact that property companies have had difficulties with their sales. The companies work with strategic planning to survive the recession and position themselves for the future.

The world is experiencing a large degree of change and that is no different for the banking industry in Sweden. With a higher level of communication happening through digital channels combined with the lowering of bank offices, questions arise about how advisors are communicating, what the advisors' demands and recommendations are for firms applying for credit as well as who their customers are and their demands. The purpose of this paper is to find out what communication channels advisors are using and how they are used. Based on the demands that they present during this communication, what capital structure theory seems to fit the behavior of both the advisor and the firms. Results from this purpose indicate that advisors use a myriad of different ICTs daily and that the use of them is widespread and growing over time, but there still exist situations where physical meetings and contact occur. Furthermore, the demands and actions of the advisor point them towards communicating in preference for the pecking order theory mainly and the use of internal funds, though exceptions exist of the opposite. The demands observed by firms are more widespread but trade-off theory seems to explain the actions of larger firms better with there being a split in the evidence of support of pecking order theories explanation of firms behavior. Previous work related to this field has previously been done by looking at the firm's behaviors in connection to capital structure theory, but to our knowledge, work related to the observed demands seen from a banking advisor's perspective seems to be lacking. Previous work involved in ICT is also apparent but with the nature of the subject and the rapid advancement of the technologies, new information is always needed. Therefore, how the capital structure theories and ICT explain the behavior and communication of advisors and bank customers are a needed area of research.

Syftet med denna studie var att analysera och beskriva huruvida det föreligger ett samband mellan kapitalstruktur och lönsamhet i små- och medelstora företag inom smycke- och klockbranschen. Valet av denna inriktning grundar sig på avsaknaden av tidigare forskning inom detta specifika område samt detaljhandelns dynamiska natur, vilket bidrog till ett ökat intresse. Studiens teoretiska ramverk baserades på pecking-order teorin. En kvantitativ metod med en deduktiv ansats har använts. Sekundärdata har hämtats från databasen Retriever Business. För att uppnå studiens ändamål har olika dataanalyser genomförts med hjälp av variablerna: lönsamhet (mätt som ROA och ROE), långfristiga skulder, kortfristiga skulder, storlek och ålder. Studien omfattar observationer från 166 mikroföretag inom smycke- och klockbranschen, verksamma under tidsperioden 2018-2022. Resultaten utifrån regressionsanalysen visade ett negativt samband mellan kapitalstruktur och lönsamhet, vilket betonar riskerna med hög skuldsättning. Ett statistiskt signifikant samband visades mellan kortfristiga skulder och lönsamhet och indikerar att höga nivåer av kortfristiga skulder är associerade med lägre lönsamhet. Detta går delvis i linje med pecking order-teorin, men osäkerheten i resultaten kräver ytterligare forskning. Ett statistiskt signifikant samband påvisades mellan långfristiga skulder och lönsamhet vilket stöttas av pecking order-teorin. Resultaten för sambandet mellan företagsstorlek och lönsamhet var tvetydiga. Inga signifikanta samband hittades mellan företagens ålder och lönsamhet, vilket innebär att företagens ålder inte har någon statistiskt signifikant inverkan på lönsamhet i smycke- och klockbranschen. Resultatet har analyserats utifrån tidigare forskning och pecking order-teorin som visar studiens varierande resultat. Vissa resultat stöttades av ställda hypoteser medan andra sa emot dem., The purpose of this study is to analyze and describe the relationship between capital structure and profitability in small and medium- sized enterprises within the retal sector, with a specific focus on the jewelry and watch industry. This particular focus is chosen due to the lack of previous research in this specific area and the dynamic nature of the retail industry, which adds to its interest. The theoretical framework of the study is based on the pecking order theory. A quantitative method with a deductive approach had been utilized. Secondary data has been sourced from the Retriever Business database. To achieve the study's objectives, various data analyses were conducted using the variables: profitability (measured as ROA and ROE), long-term debt, short-term debt, size, and age. The study included observations from 166 micro-enterprises within the jewelry and watch industry, operating during the period 2018-2022. The results from the regression analysis demonstrated a negative relationship between capital structure and profitability, highlighting the risks associated with high levels of debt. A statistically significant relationship was found between short-term debt and profitability, indicating that higher levels of short-term debt are associated with lower profitability. This finding is partially in line with the pecking order theory, but the uncertainty in the results calls for further research. A statistically significant relationship was also observed between long-term debt and profitability, which supported the pecking order theory. The results for the relationship between firm size and profitability were mixed. No significant relationships were found between the age of the firms and profitability, suggesting that firm age does not have a statistically significant impact on profitability in the jewelry and watch industry. The results have been analyzed in the context of previous research and the pecking order theory, showing the study's varying outcomes

This study aims to determine the impact of Business Risk, Firm Size, Investment Decisions, Board Size, and Profitability on Capital Structure in property and real estate sector companies listed on the Indonesia Stock Exchange. This study used a sample of 12 companies during the period 2018 - 2022 with a total of 60 data. In this study there are research methods which include Descriptive Statistics, Classical Assumption Test, Multiple linear regression analysis, T test, F test, and Coefficient of determination. Based on the results of the research analysis, it shows that the business risk, investment decision, and profitability variables have a negative and significant effect on the capital structure. Company size variable have no significant influence on capital structure. While the board size variable has a positive and significant effect on capital structure.

Titel: Kapitalstruktur i en lågkonjunktur – En kvalitativ studie av medelstora tillverkande företags kapitalstruktur. Forskningsfråga: Hur påverkas kapitalstrukturen i medelstora tillverkande företag av en lågkonjunktur? Syfte: Uppsatsens syfte är att få en förståelse för hur medelstora tillverkande företag resonerar gällande att finansiera sig med eget kapital kontra med skuldfinansiering i en lågkonjunktur. Metod: Studien har genomförts genom en kvalitativ metod med en abduktiv ansats, en kombination av deduktiv och induktiv ansats. Genom denna kombination av metoder har vi tagit del av vetenskapliga artiklar och analyserat vår insamlade empiriska data för att undersöka hur verkligheten stämmer överens med teorin. Slutsats: Studien visade på tre resultat. Det första resultatet visade på att det finns en tydlig koppling mellan ägarstruktur och kapitalstruktur i tillverkande medelstora företag. Privatägda företag tenderar att vara mer flexibla i sina finansieringsval medan koncernägda företag föredrar intern finansiering eller lån under gynnsamma marknadsförhållanden. Det andra resultatet visade på att en gemensam nämnare för alla företagen var betydelsen av en god relation med banken, särskilt i tider av lågkonjunktur eftersom bankens tillgång till likviditet och flexibla avbetalningsplaner kunde bli avgörande. Det tredje resultatet visade på att trots företagens medvetenhet om riskhantering så tolkades begreppet finansiell stress på olika sätt, vilket visar att begreppet är subjektivt. Däremot visade de sig att företagen är flexibla i sina finansieringsval och anpassar sig efter marknadsförhållanden i pressade ekonomiska tider., Title: Capital structure in a recession – A qualitative study of medium-sized manufacturing companies' capital structure Problem statement: How is the capital structure of medium-sized manufacturing companies impacted by a recession? Purpose: The purpose of the thesis is to gain an understanding of how medium- sized manufacturing companies’ reason regarding financing the firm with equity versus debt during a recession. Method: The study has been conducted through a qualitative method with an abductive approach, combining deductive and inductive approaches. With this combination of methods, we have reviewed scientific articles and analyzed our collected empirical data to gain an overview of how reality aligns with theory. Conclusion: The study showed three main findings. The first finding showed a clear link between ownership structure and capital structure in medium- sized manufacturing companies. Private-owned firms tend to be more flexible in their financing choices, whereas group-owned firms prefer internal financing or loans under favorable market conditions. The second finding highlighted a common denominator among all companies, emphasizing the importance of a strong relationship with the bank, particularly during economic downturns, as the bank's access to liquidity and flexible payment plans became crucial. The third finding demonstrated that despite companies' awareness of risk management, the concept of financial stress was interpreted differently among them, indicating its subjective nature. However, it was observed that companies are flexible in their financing choices and adapt to market conditions during economically challenging times.

During the period of 2013-2022, there have been many interesting developments in the football industry in Europe. From accumulation of debt to disregarding the regulatory framework put in place by UEFA, football clubs have changed their capital structures to accommodate their financing needs. There has been previous research that has found a relationship between ownership structure and financial performance, but none that has explored how ownership structure affects debt and liquidity given current circumstances. The scope of this study was to ultimately determine how the capital structure and the liquidity is affected. This is a broad topic and the authors have covered several aspects within the field. However, there have been suggestions on further research regarding how one could go about valuating a football club as most of the football clubs in Europe have private ownership structures. In the end, the sample consists of 8,588 firm-year observations and adapts a longitudinal methodology. The tests carried out consist of OLS regressions as well as a multivariate regression. To be able to compare the different ownership structures, several regressions were made to put each ownership structure as the reference group. The authors of this thesis found that ownership affects debt and liquidity both individually and collectively. Therefore, answering the research question “What is the effect of ownership structure of football clubs in Europe on debt and liquidity?”. Football clubs in Europe have experienced low profitability, but rather high liquidity. The capital structures of said football clubs contain more debt than equity, where equity is negative in some cases. By comparing ownership structures, their effects on both debt and liquidity differentiate. This thesis contributes to already existing literature by contradicting Modigliani and Millers' assumption regarding bankruptcy costs. It also contributes practically to managers, investors, stakeholders, and regulat

This thesis investigates the impact of capital structure on the profitability of 58 Savings Banks in Sweden from 2014 to 2020, focusing on the balance between debt and equity. Utilizing panel data regression, the study examines how debt-to-asset ratios and equity ratios affect key profitability metrics such as net interest margin, return on equity, and return on assets. Key findings indicate a negative correlation between debt ratios and both return on assets and equity, suggesting that higher debt levels may impede profitability. Conversely, apositive relationship is observed between equity ratios and return on assets, while return on equity decreases as equity ratios increase. The study also explores the influence of bank size, finding a negative relationship with profitability, which highlights the efficiency of smaller, more regionally-focused banks. Additionally, macroeconomic factors such as GDP growth show a positive correlation with profitability, whereas higher unemployment rates tend to reduce profitability. The study and the results provide valuable insights into the financial strategies that can enhance the performance of Savings Banks, emphasizing the need for a balanced approach to capital structuring within the context of prevailing economic conditions.

Since the publication of Modigliani and Millers original theorem on capital structure, researchers have tried to find explanations to firms’ capital structure decision. The literature has been rather ambiguous, and the two main fields of thought is the predictions of the trade-off theory and the pecking order theory. Previous research finds empirical evidence supporting both theories, which is why the subject is an interesting field for further research. The literature on capital structure in a Swedish context is limited and could therefore benefit from further research in a time plagued by the adverse economic setting which is due to the covid pandemic. That is why this study’s aim were to examine the potential effects the pandemic had on firms’ capital structure decision. The study tests the effects on firms’ total leverage ratio as well as the effects on different debt maturities by including long- and short-term leverage ratios. Due to the characteristics of the pandemic the study aims to show the industry specific effects as well. We adopted a positivistic research paradigm when conducting this quantitative study with a deductive research approach. When collecting data, Refinitiv Eikon provided us with a population of 914 publicly traded Swedish firms. Due to data drop off the final sample that was used in the statistical analysis amounted to 450 firms, which were deemed to be sufficient to provide generalizable results for the population. This study was unsuccessful in proving that the pandemic had any significant effect on public Swedish firms’ capital structure in any of the leverage ratios. We can however prove that the pandemic had a significant effect on individual industry’s capital structure. This thesis can also provide evidence that Swedish firms to some extent follow the pecking order theory. Our results suggest that firms deleverage as they grow, which is in line with said theory. On industry level we find proof for both the trade-off theory and pe

The purpose of this study was to study how the global events of the last decade have changed and impacted organizations strategies such as, financial structure and placement strategies to prepare for uncertainties within the real estate market. The study was based on the theory of Corporate Strategy, Financial Structure, and Private Placement Strategies. An epistemology methodology was followed. The findings show that businesses want to own the property where they conduct their business since it seems like a less unstable option compared to leasing properties or facilities. Furthermore, banks see investments into real estate as a secure investment therefore the need for changes in capital structures are not necessary. Even if valuation of properties goes up and down according with different economical events, businesses that operate in the real estate market still see their real estate investments as valuable and not as volatile as the market predicts. To conclude, businesses and organizations are today more prepared for future uncertainties and unexpected financial events than prior to 2008. Organizations can use these findings to map, strategize, and prepare for future uncertainties within the real estate market by controlling risks.

Den här studien undersöker hur den senaste finansiella krisen (Covid-19) har motiveratsvenska små och medelstora företags kapitalstruktur, genom att jämföra kapitalstrukturen förekris (2015-2018) och under kris (2019-2022). För att genomföra detta undersöktes fyrabranscher i 328 små och medelstora företag i Sverige och hur deras hävstång har förändratsunder studieperioden. Resultaten av denna studie visar att de undersökta svenska små ochmedelstora företagen sänkte sin hävstång under krisperioden, ökade kortfristiga skuldkvotenoch sänkte långfristiga skuldkvoten., This study examines how the recent financial crisis (Covid-19) has motivated the capitalstructure of Swedish small and medium-sized enterprises, by comparing the capital structurebefore the crisis (2015-2018) and during the crisis (2019-2022). To carry this out, fourindustries in 328 small and medium-sized enterprises in Sweden were investigated and howtheir leverage has changed during the study period. The results of this study show that thesampled Swedish small and medium-sized enterprises lowered their leverage during the crisisperiod, increased the short-term debt ratio and lowered the long-term debt ratio.

Syftet med denna studie är att analysera eventuella kapitalstruktursförändringar i samband med Covid-19 pandemin hos svenska företag noterade på Stockholmsbörsen, OMXS, inom Large Cap. Urvalet utgörs av företag inom alla sektorer i Large Cap, exklusive finanssektorn. Sambandet mellan bolagens beroende och oberoende variabler analyseras före och under pandemins tidsperiod, 2015–2022. De beroende variablerna utgörs som Proxy för kapitalstruktur och omfattas av totala-, kortfristiga-, och långfristiga skulder i förhållande till totala tillgångar. Medan de oberoende variablerna utgörs av företagsstorlek, lönsamhet samt tillväxt. För att uppnå detta baseras uppsatsens teoretiska ramverk på Modigliani och Miller proposition 1 & 2, Pecking Order teorin och Trade Off teorin tillsammans med tidigare empiriska studier samt undersökningar. Uppsatsens analyser omfattas av en deskriptiv analys av samtliga variabler, en korrelationsanalys av de oberoende variablerna och slutligen flera multivariata regressionsanalyser mellan samtliga variabler. För att erhålla de mest valida och reliabla slutsatserna kommer uppsatsen tillämpa en kvantitativ forskningsmetod och en deduktiv ansats. Uppsatsens resultat fann flest statistiskt signifikanta samband mellan samtliga skuldkvoter och företagsstorlek. Uppsatsens slutsats konstaterade att kapitalstrukturen hos OMXS företag inom Large Cap hade förändrats under pandemin i jämförelse med före pandemin. Sammantaget bidrar denna uppsats till en djupare förståelse för sambandet mellan samtliga analyserade variabler baserat på en historisk bakgrund. Därmed kan svenska bolag inom alla sektorer, exklusive finanssektorn, skapa en bättre uppfattning kring sina kapitalstrukturer inför framtida finanskriser., The purpose of this study is to analyze potential capital structure changes in connection with the Covid-19 pandemic among Swedish publicly traded companies on the Stockholm Stock Exchange, OMXS, within Large Cap. The sample consists of companies across all sectors within Large Cap, excluding the finance sector. Focusing on the relationship between the dependent and independent variables before and during the period of the pandemic, 2015–2022. The dependent variables consist of total-, short- term-, and long- term debt as a proportion to the total assets. These dependent variables constitute as a Proxy for capital structure. The independent variables include size, profitability and growth. To accomplish this, the theoretical framework for this essay is based on Modigliani and Miller proposition 1 & 2, The Pecking Order Theory, The Trade Off Theory along with previous empirical studies. The analyzes contains of a descriptive analysis of all variables, a correlation analysis of the independent variables, and lastly several multivariate regressions analyses between all variables. In order to make it possible to acquire the most valid and reliable conclusions, the study will be based on a quantitative method, applying a deductive approach. The results found the most statistically significant relationships between all debt ratios and company size. The conclusion stated that the capital structure of OMXS companies, within Large Cap, had changed during the pandemic compared to before. In summary the results contribute to a deeper understanding of the relationship between all analyzed variables based on a historical background. Hence Swedish companies within these sectors can gain a better understanding of their capital structure for future financial crises.

Sammanfattning Titel: Bostadsrättsbyggande i en lågkonjunktur Ämne: Kandidatuppsats i företagsekonomi, 15 hp Författare: Ebba Fritz & Emmy Rabe Nyckelord: Lågkonjunktur, kapitalstruktur, bostadsmarknaden, hushållens köpkraft Syfte: Syftet med examensarbetet är att undersöka vilka faktorer som påverkar de privata fastighetsbolagens möjlighet att anskaffa kapital för att bygga och sälja bostadsrätter. Studien kommer även att undersöka vilka faktorer som ligger till grund för att färre bostadsrätter byggs i en lågkonjunktur. Metod: I denna studie användes en abduktiv forskningsansats med en kvalitativ metod. Empiri insamlingen baseras på intervjuer från sex respondenter som representerar olika företag som är aktiva i Göteborg. Den teoretiska referensramen har tagits fram med hjälp av relevanta vetenskapliga artiklar, litteratur samt internetkällor med koppling till fastighets- & byggbranschen. Slutsats: Studiens slutsats visar att den rådande marknadssituationen har gjort det svårt för privata fastighetsbolag att anskaffa kapital för att bygga bostadsrätter. Bankernas restriktivitet har visat sig genom skärpta krav på försäljningsgrad vilket har försvårat fastighetsbolagens finansiering av nya projekt. Överskott av osålda bostadsrätter, den förhöjda räntenivån och minskad efterfrågan på grund av ekonomisk osäkerhet har också bidragit till att företagen bygger mindre. Hushållens försiktighet gällande köp av bostadsrätter på grund av höga räntor och psykologiska faktorer har bidragit till återhållsamhet och begränsad investeringsvilja vilket har varit en bidragande faktor till att fastighetsbolagen har haft svårigheter med sin försäljning. Företagen arbetar med strategisk planering för att överleva lågkonjunkturen och positionera sig för framtiden., Title: Building condominiums in a recession Subject: Master's thesis in business administration, 15 credits Author: Ebba Fritz & Emmy Rabe Keywords: Recession, capital structure, housing market, household purchasing power Purpose: The purpose of the thesis is to investigate which factors affect the private real estate companies' ability to acquire capital to build and sell condominiums. The study will also investigate which factors are the basis for fewer condominiums being built in a recession. Method: This study used an abductive research approach with a qualitative method. The empirical data collection is based on interviews from six respondents who represent different companies that are active in Gothenburg. The theoretical frame of reference has been developed with the help of relevant scientific articles, literature and internet sources connected to the real estate & construction industry. Conclusion: The study's conclusion shows that the current market situation has made it difficult for private real estate companies to acquire capital to build condominiums. The restrictiveness of the banks has been shown through stricter requirements on the sales ratio, which has made it more difficult for the real estate companies to finance new projects. Surplus unsold condominiums, the increased interest rate and reduced demand due to economic uncertainty have also contributed to companies building less. The caution of households due to high interest rates and psychological factors has led to restraint and limited willingness to invest, which has been a contributing factor to the fact that property companies have had difficulties with their sales. The companies work with strategic planning to survive the recession and position themselves for the future.

The world is experiencing a large degree of change and that is no different for the banking industry in Sweden. With a higher level of communication happening through digital channels combined with the lowering of bank offices, questions arise about how advisors are communicating, what the advisors' demands and recommendations are for firms applying for credit as well as who their customers are and their demands. The purpose of this paper is to find out what communication channels advisors are using and how they are used. Based on the demands that they present during this communication, what capital structure theory seems to fit the behavior of both the advisor and the firms. Results from this purpose indicate that advisors use a myriad of different ICTs daily and that the use of them is widespread and growing over time, but there still exist situations where physical meetings and contact occur. Furthermore, the demands and actions of the advisor point them towards communicating in preference for the pecking order theory mainly and the use of internal funds, though exceptions exist of the opposite. The demands observed by firms are more widespread but trade-off theory seems to explain the actions of larger firms better with there being a split in the evidence of support of pecking order theories explanation of firms behavior. Previous work related to this field has previously been done by looking at the firm's behaviors in connection to capital structure theory, but to our knowledge, work related to the observed demands seen from a banking advisor's perspective seems to be lacking. Previous work involved in ICT is also apparent but with the nature of the subject and the rapid advancement of the technologies, new information is always needed. Therefore, how the capital structure theories and ICT explain the behavior and communication of advisors and bank customers are a needed area of research.

Syftet med denna studie var att analysera och beskriva huruvida det föreligger ett samband mellan kapitalstruktur och lönsamhet i små- och medelstora företag inom smycke- och klockbranschen. Valet av denna inriktning grundar sig på avsaknaden av tidigare forskning inom detta specifika område samt detaljhandelns dynamiska natur, vilket bidrog till ett ökat intresse. Studiens teoretiska ramverk baserades på pecking-order teorin. En kvantitativ metod med en deduktiv ansats har använts. Sekundärdata har hämtats från databasen Retriever Business. För att uppnå studiens ändamål har olika dataanalyser genomförts med hjälp av variablerna: lönsamhet (mätt som ROA och ROE), långfristiga skulder, kortfristiga skulder, storlek och ålder. Studien omfattar observationer från 166 mikroföretag inom smycke- och klockbranschen, verksamma under tidsperioden 2018-2022. Resultaten utifrån regressionsanalysen visade ett negativt samband mellan kapitalstruktur och lönsamhet, vilket betonar riskerna med hög skuldsättning. Ett statistiskt signifikant samband visades mellan kortfristiga skulder och lönsamhet och indikerar att höga nivåer av kortfristiga skulder är associerade med lägre lönsamhet. Detta går delvis i linje med pecking order-teorin, men osäkerheten i resultaten kräver ytterligare forskning. Ett statistiskt signifikant samband påvisades mellan långfristiga skulder och lönsamhet vilket stöttas av pecking order-teorin. Resultaten för sambandet mellan företagsstorlek och lönsamhet var tvetydiga. Inga signifikanta samband hittades mellan företagens ålder och lönsamhet, vilket innebär att företagens ålder inte har någon statistiskt signifikant inverkan på lönsamhet i smycke- och klockbranschen. Resultatet har analyserats utifrån tidigare forskning och pecking order-teorin som visar studiens varierande resultat. Vissa resultat stöttades av ställda hypoteser medan andra sa emot dem., The purpose of this study is to analyze and describe the relationship between capital structure and profitability in small and medium- sized enterprises within the retal sector, with a specific focus on the jewelry and watch industry. This particular focus is chosen due to the lack of previous research in this specific area and the dynamic nature of the retail industry, which adds to its interest. The theoretical framework of the study is based on the pecking order theory. A quantitative method with a deductive approach had been utilized. Secondary data has been sourced from the Retriever Business database. To achieve the study's objectives, various data analyses were conducted using the variables: profitability (measured as ROA and ROE), long-term debt, short-term debt, size, and age. The study included observations from 166 micro-enterprises within the jewelry and watch industry, operating during the period 2018-2022. The results from the regression analysis demonstrated a negative relationship between capital structure and profitability, highlighting the risks associated with high levels of debt. A statistically significant relationship was found between short-term debt and profitability, indicating that higher levels of short-term debt are associated with lower profitability. This finding is partially in line with the pecking order theory, but the uncertainty in the results calls for further research. A statistically significant relationship was also observed between long-term debt and profitability, which supported the pecking order theory. The results for the relationship between firm size and profitability were mixed. No significant relationships were found between the age of the firms and profitability, suggesting that firm age does not have a statistically significant impact on profitability in the jewelry and watch industry. The results have been analyzed in the context of previous research and the pecking order theory, showing the study's varying outcomes

During the period of 2013-2022, there have been many interesting developments in the football industry in Europe. From accumulation of debt to disregarding the regulatory framework put in place by UEFA, football clubs have changed their capital structures to accommodate their financing needs. There has been previous research that has found a relationship between ownership structure and financial performance, but none that has explored how ownership structure affects debt and liquidity given current circumstances. The scope of this study was to ultimately determine how the capital structure and the liquidity is affected. This is a broad topic and the authors have covered several aspects within the field. However, there have been suggestions on further research regarding how one could go about valuating a football club as most of the football clubs in Europe have private ownership structures. In the end, the sample consists of 8,588 firm-year observations and adapts a longitudinal methodology. The tests carried out consist of OLS regressions as well as a multivariate regression. To be able to compare the different ownership structures, several regressions were made to put each ownership structure as the reference group. The authors of this thesis found that ownership affects debt and liquidity both individually and collectively. Therefore, answering the research question “What is the effect of ownership structure of football clubs in Europe on debt and liquidity?”. Football clubs in Europe have experienced low profitability, but rather high liquidity. The capital structures of said football clubs contain more debt than equity, where equity is negative in some cases. By comparing ownership structures, their effects on both debt and liquidity differentiate. This thesis contributes to already existing literature by contradicting Modigliani and Millers' assumption regarding bankruptcy costs. It also contributes practically to managers, investors, stakeholders, and regulat

This thesis investigates the impact of capital structure on the profitability of 58 Savings Banks in Sweden from 2014 to 2020, focusing on the balance between debt and equity. Utilizing panel data regression, the study examines how debt-to-asset ratios and equity ratios affect key profitability metrics such as net interest margin, return on equity, and return on assets. Key findings indicate a negative correlation between debt ratios and both return on assets and equity, suggesting that higher debt levels may impede profitability. Conversely, apositive relationship is observed between equity ratios and return on assets, while return on equity decreases as equity ratios increase. The study also explores the influence of bank size, finding a negative relationship with profitability, which highlights the efficiency of smaller, more regionally-focused banks. Additionally, macroeconomic factors such as GDP growth show a positive correlation with profitability, whereas higher unemployment rates tend to reduce profitability. The study and the results provide valuable insights into the financial strategies that can enhance the performance of Savings Banks, emphasizing the need for a balanced approach to capital structuring within the context of prevailing economic conditions.

Titel: Kapitalstruktur i en lågkonjunktur – En kvalitativ studie av medelstora tillverkande företags kapitalstruktur. Forskningsfråga: Hur påverkas kapitalstrukturen i medelstora tillverkande företag av en lågkonjunktur? Syfte: Uppsatsens syfte är att få en förståelse för hur medelstora tillverkande företag resonerar gällande att finansiera sig med eget kapital kontra med skuldfinansiering i en lågkonjunktur. Metod: Studien har genomförts genom en kvalitativ metod med en abduktiv ansats, en kombination av deduktiv och induktiv ansats. Genom denna kombination av metoder har vi tagit del av vetenskapliga artiklar och analyserat vår insamlade empiriska data för att undersöka hur verkligheten stämmer överens med teorin. Slutsats: Studien visade på tre resultat. Det första resultatet visade på att det finns en tydlig koppling mellan ägarstruktur och kapitalstruktur i tillverkande medelstora företag. Privatägda företag tenderar att vara mer flexibla i sina finansieringsval medan koncernägda företag föredrar intern finansiering eller lån under gynnsamma marknadsförhållanden. Det andra resultatet visade på att en gemensam nämnare för alla företagen var betydelsen av en god relation med banken, särskilt i tider av lågkonjunktur eftersom bankens tillgång till likviditet och flexibla avbetalningsplaner kunde bli avgörande. Det tredje resultatet visade på att trots företagens medvetenhet om riskhantering så tolkades begreppet finansiell stress på olika sätt, vilket visar att begreppet är subjektivt. Däremot visade de sig att företagen är flexibla i sina finansieringsval och anpassar sig efter marknadsförhållanden i pressade ekonomiska tider., Title: Capital structure in a recession – A qualitative study of medium-sized manufacturing companies' capital structure Problem statement: How is the capital structure of medium-sized manufacturing companies impacted by a recession? Purpose: The purpose of the thesis is to gain an understanding of how medium- sized manufacturing companies’ reason regarding financing the firm with equity versus debt during a recession. Method: The study has been conducted through a qualitative method with an abductive approach, combining deductive and inductive approaches. With this combination of methods, we have reviewed scientific articles and analyzed our collected empirical data to gain an overview of how reality aligns with theory. Conclusion: The study showed three main findings. The first finding showed a clear link between ownership structure and capital structure in medium- sized manufacturing companies. Private-owned firms tend to be more flexible in their financing choices, whereas group-owned firms prefer internal financing or loans under favorable market conditions. The second finding highlighted a common denominator among all companies, emphasizing the importance of a strong relationship with the bank, particularly during economic downturns, as the bank's access to liquidity and flexible payment plans became crucial. The third finding demonstrated that despite companies' awareness of risk management, the concept of financial stress was interpreted differently among them, indicating its subjective nature. However, it was observed that companies are flexible in their financing choices and adapt to market conditions during economically challenging times.

Syfte: Utvecklingen av skuldsatta företagsförvärv har genomgått betydande förändringar sedan fenomenet först introducerades på 1980-talet, både vad gäller den totala skuldnivån och val av skuldinstrument. Tidigare forskning erbjuder flera alternativa förklaringar till vad som påverkar skuldsättningen. Syftet med studien är därför att undersöka vilka faktorer som påverkar skuldsättningen vid högbelånade företagsförvärv i Sverige. Metod: Studien tillämpar en kvantitativ deduktiv ansats med utgångspunkt i den positivistiska forskningsfilosofin. Studiens insamlade data av sekundärdata inhämtat från Thomson Reuters datastream Refinitiv Eikon. 89 svenska bolag har blivit uppköpta med högbelåning av riskkapitalbolag bolag mellan 2000–2023. Studiens data har sedan analyserats med hjälp av statistikprogrammet SPSS, där univariat, bivariat och multivariata analyser genomförts. Resultat och slutsats: Resultatet från uppsatsen visar att skuldsättningen i svenska högbelånade företagsförvärv kan förklaras med hjälp av den klassiska hackordningsteorin. Resultatet skiljer sig från forskning från USA och Europa som menar att marknadstajmingsteorin förklarar skuldsättningen bättre vid belånade företagsförvärv. Examensarbetets bidrag: Studien bidrar med kunskap till banker, riskkapitalbolag, företagsledare och investerare. För bankerna innebär arbetet en möjlighet att förbättra riskhanteringen och kreditbedömningen vid långivning. Riskkapitalbolagen kan genomföra bättre investeringsbeslut och skapa hållbara kapitalstrukturer.Förslag till fortsatt forskning: För framtida forskning hade det varit intressant att utvidga urvalet till att studera hela Norden. Det vore också spännande för framtida forskning inom skuldsättning och högbelånade företagsförvärv att göra detta med en kvalitativ ansats., Aim: The development of leveraged buyouts has undergone significant changes since the phenomenon was first introduced in the 1980s, both in terms of the overall debt levels and the choices of debt instruments. Previous research provides several alternative explanations for what influences the indebtedness. Therefore, the purpose of the study is to examine which factors that influence the leverage in leveraged buyouts in Sweden. Method: The study employs a quantitative deductive approach based on the positivist research philosophy. The collected data is derived from secondary sources, specifically Thomson Reuters Datastream Refinitiv Eikon. The sample consists of 89 Swedish companies that have been acquired through leverage buyouts by Swedish private equity firms between 2000 and 2023. The study's data has subsequently been analyzed using the statistical software SPSS, with univariate, bivariate, and multivariate analyses conducted. Results and conclusions: The findings of the thesis indicate that the leverage in Swedish leverage buyouts can be explained by employing the classical Pecking order theory. This result differs from research conducted in the United States and Europe, which suggests that market timing theory provides a better explanation for leverage in leverage buyouts. Contribution of the Thesis: The study contributes knowledge to banks, private equity firms, corporate leaders, and investors. For banks, the thesis presents an opportunity to enhance risk management and credit assessment in lending. Private equity firms can make better investment decisions and establish sustainable capital structures. Suggestions for future research: For future research, it would be interesting to expand the sample to encompass the entire Nordic region. It would also be exciting for future research in debt and leverage buyouts to adopt a qualitative approach

The identified problem in financial cooperatives is the need to increase their capital through external financing. In this context, securitization is a minimally explored option to improve liquidity. The study aims to propose a securitization process for the mortgage credit portfolio of the San Francisco Ltda. Savings and Credit Cooperative and to analyze its impact on the cooperative’s capital structure. The applied method is quantitative, based on financial analysis that includes the use of factorial analysis technique for the period 2017-2021. The findings indicate that the securitization of the mortgage credit portfolio has a positive impact on the cooperative’s capital structure. An improvement was observed in indicators such as liquidity, profitability, and Economic Value Added (EVA), particularly in situations following securitization. The study concludes that securitization indeed induces positive changes in the capital structure of savings and credit cooperatives. This is reflected in improvements in financial responsiveness and market competitiveness, offering an efficient financing alternative without the need to generate additional liabilities for the institution., O problema identificado nas cooperativas financeiras é a necessidade de aumentar o capital dessas cooperativas por meio de financiamento externo, e a securitização é uma opção pouco explorada para melhorar a liquidez. O objetivo do estudo é propor um processo de securitização para a carteira de crédito imobiliário da Cooperativa de Ahorro y Crédito San Francisco Ltda. e analisar seu impacto na estrutura de capital da cooperativa. O método aplicado é quantitativo, com base em uma análise financeira que inclui o uso da técnica estatística de análise fatorial no período de 2017 a 2021. Os resultados indicam que a securitização da carteira de empréstimos hipotecários tem um impacto positivo na estrutura de capital da cooperativa. Foi observada uma melhoria em indicadores como liquidez, lucratividade e Valor Econômico Agregado (EVA) em ambos os cenários pós-securitização. A conclusão do estudo é que a securitização de fato induz a mudanças positivas na estrutura de capital das cooperativas de crédito. Isso se reflete em melhorias na capacidade de resposta financeira e na competitividade do mercado, oferecendo uma alternativa de financiamento eficiente sem gerar passivos adicionais para a instituição., El problema identificado en las cooperativas financieras es la necesidad de aumentar el capital de estas cooperativas mediante financiamiento externo, ante ello, la titulización es una opción mínimamente explorada para mejorar la liquidez. El objetivo del estudio es proponer un proceso de titulización para la cartera de crédito hipotecario de la Cooperativa de Ahorro y Crédito San Francisco Ltda., y analizar su impacto en la estructura de capital de la cooperativa. El método aplicado es cuantitativo, basado en un análisis financiero que incluye el uso de la técnica estadística de análisis factorial en el período 2017-2021. Los hallazgos indican que la titulización de la cartera de créditos hipotecarios tiene un impacto positivo en la estructura de capital de la cooperativa. Se observó una mejora en indicadores como liquidez, rentabilidad y Valor Económico Agregado (EVA), tanto en situaciones posteriores a la titulización. La conclusión del estudio es que la titulización efectivamente induce cambios positivos en la estructura de capital de las cooperativas de ahorro y crédito. Esto se refleja en mejoras en la capacidad de respuesta financiera y la competitividad en el mercado, al ofrecerle una alternativa de financiamiento eficiente sin necesidad de generar pasivos adicionales para la institución.

Economic growth signifies a period marked by an increase in real national income or real gross national product. This study aims to assess the effects of accounting profits, economic growth, interest rates, and capital structure on share prices within the financial statements of property and real estate firms listed on the Indonesia Stock Exchange. Utilizing secondary data, the sample comprises 11 property and real estate firms listed on the Indonesia Stock Exchange over a five-year period. Employing purposive sampling, the research period spans five years. Multiple regression analysis is employed as the analytical method. The findings reveal a positive correlation between capital structure and accounting profits with stock prices, whereas economic growth and interest rates do not significantly influence stock prices. This research underscores the importance for companies to prioritize factors influencing stock prices

The aim of this research is to find out how capital structure, sales volatility and debt levels affect profit persistence. Infrastructure companies listed on the Indonesia Stock Exchange from 2018 to 2021 are the subject of this research. In this research, the purposive sampling method was used to select 16 companies with 4 periods, or the equivalent of 64 samples used. This research uses multiple linear regression data analysis. Based on the results of hypothesis testing, it can be concluded that, while company size influences earnings persistence, debt levels partially influence earnings persistence. In addition, sales volatility shows a negative correlation, which means that sales volatility does not affect profit persistence.

The aim of this research is to find out how capital structure, sales volatility and debt levels affect profit persistence. Infrastructure companies listed on the Indonesia Stock Exchange from 2018 to 2021 are the subject of this research. In this research, the purposive sampling method was used to select 16 companies with 4 periods, or the equivalent of 64 samples used. This research uses multiple linear regression data analysis. Based on the results of hypothesis testing, it can be concluded that, while company size influences earnings persistence, debt levels partially influence earnings persistence. In addition, sales volatility shows a negative correlation, which means that sales volatility does not affect profit persistence.

Purpose: The paper investigates if the process that led to the birth of the Euro Area had a significant impact in homogenizing the capital structure decisions of European firms since the first introduction of the common currency. Design/methodology/approach: A large sample of firms was constructed, and a Tobit-censored regression model was utilized to investigate the determinants of firms' observed capital structures. The Black-Scholes-Merton model was used to infer market values of assets, as well as the volatility of those values, from the observed market values of equity and the corresponding volatility. The existing differences in national tax rules were considered for estimating firm-specific marginal tax rates. Findings: It was found that, despite the currency union and the institutional harmonization process, certain factors still play a different role. In particular, the impact of profitability is consistent with the pecking order view in some countries, and with the trade-off theory in others. Assets risk, measured as the annualized volatility of the market enterprise value, is the best predictor of observed leverage ratios. The sector of activity is significant in determining leverage decisions even when assets' risk is taken into account. Despite the monetary union and the increased financial and institutional integration in the Euro Area, the country of origin still plays a significant role in capital structure decisions, suggesting that other country-level factors may affect firms' financing behaviour. Practical implications: The paper indicates that, despite the long harmonization process of institutions, regulations and public budget required to join the Euro, firms' financing decisions are still affected by country-specific factors once the common currency is introduced. Therefore, new entrant countries in the Euro area should not expect their companies to immediately conform with those located in other countries within the common currency area.Origi

The equilibrium that occurs between long-term debt and equity is referred to as the capital structure, and it is a component of the financial structure. The financial structure includes the capital structure as one of its components. When attempting to determine the optimal composition of a company's capital structure, it is absolutely necessary to take into consideration the presence of variables that have an effect on the capacity of the capital structure. This study's objective is to explore the impact that company size, company value, and liquidity have on the capital structure of the company so that appropriate action can be taken. Panel data are utilized in the research that was carried out, which is quantitative in nature. For the purposes of this investigation, the population is comprised of all Food and Beverage companies that were listed on the Indonesia Stock Exchange between the years 2019 and 2023. One form of sampling method that is utilized for the selection of samples is known as purposeful sampling. Thirteen businesses were chosen to serve as research samples after being chosen according to a set of criteria that had been established beforehand. The data that was utilized in this investigation was secondary data, which was gathered from the IDX in the form of financial reports of businesses that are involved in the provision of food and beverages throughout the period of 2019-2023. The approach of multiple linear regression analysis was utilized for the aim of conducting data analysis in this particular investigation. The results show that, at least partially and concurrently, the size, value, and liquidity of a company have a major impact on its capital structure.

The Liquidity Risk in Small and Medium Enterprises - SMEs in the City of Cartagena-Colombia is analyzed, based on the determination of their Capital Structure. The variables, liquidity risk (dependent) and capital structure (independent), were analyzed, based on a quantitative investigation with a correlational approach. The hypothesis was, H1: There is a positive relationship between the capital structure and liquidity risk. The population came from the accounting database as of December 31, 2016 of the Superintendencia de Sociedades, with a sample of 260 companies. It is concluded that the higher the level of indebtedness, the greater the liquidity risk of the company tends to increase, thus accepting the hypothesis established in the investigation. Derived from the analysis presented, recommendations are offered on the formulation of projects that can contribute to the improvement of the liquidity conditions of the companies analyzed., Se analiza el Riesgo de Liquidez en las Pequeñas y Medianas Empresas - PYMES de la Ciudad de Cartagena-Colombia, a partir de la determinación de su Estructura de Capital. Se analizaron las variables, riesgo de liquidez (dependiente) y estructura de capital(independiente), a partir de una investigación cuantitativa con enfoque correlacional. La hipótesis fue, H1: Existe una relación positiva entre la estructura de capital y el riesgo de liquidez. La población provino de la base de datos contable a 31 de diciembre de 2016 de la Superintendencia de Sociedades, con una muestra 260 empresas. Se concluye que cuanto mayor es el nivel de endeudamiento, mayor tiende a aumentar el riesgo de liquidez de la empresa, aceptándose así la hipótesis establecida en la investigación. Derivado del análisis presentado se ofrecen recomendaciones sobre la formulación de proyectos que pueden aportar al mejoramiento de las condiciones de liquidez de las empresas analizadas.

Intellectual capital is a challenge in the age of knowledge for the new generations of administrators and managers of the administration. Therefore, the objective of the research was to analyze the influence of intellectual capital on the organizational structure of companies in the commercial sector in the province of Tungurahua. The method that was used had a quantitative approach, since data was collected and analyzed, the same that was obtained through the application of digital surveys to 90 collaborators of commercial companies. The investigative scope was correlational, since two variables are measured. Similarly, the statistical method of exploratory factor analysis was used. The statistical technique of factorial analysis was applied through the use of SPSS software. The research hypotheses were accepted and finally it was concluded that the dimensions of intellectual capital operate synergistically by analyzing the influence of the determinants in the organizational structure of companies in the commercial sector of the province of Tungurahua., El capital intelectual es un desafío en la era del conocimiento para las nuevas generaciones de administradores y gestores de la administración. Por ello, el objetivo de la investigación fue analizar la influencia del capital intelectual en la estructura organizacional de empresas del sector comercial de la provincia de Tungurahua. El método que se utilizó tuvo un enfoque cuantitativo, ya que, se recolectó y se analizó datos, los mismo que fueron obtenidos a través de la aplicación de encuestas digitales a 90 colaboradores de las empresas comerciales. El alcance investigativo fue correlacional, ya que, se miden don variables. Del mismo modo, se utilizó el método estadístico de análisis factorial exploratorio. Se aplicó la técnica estadística de análisis factorial mediante la utilización del software SPSS. Las hipótesis de la investigación fueron aceptadas y finalmente su concluyó que las dimensiones del capital intelectual operan de manera sinérgica analizando la influencia de los determinantes en la estructura organizacional de las empresas del sector comercial de la provincia de Tungurahua.

New ventures, which are essential in driving economic development, face a universal challenge of accessing finance and deciding on a suitable capital structure. In developing countries such as Trinidad and Tobago, studying the impact of capital structure on profitability levels of new ventures is especially critical, given that current literature has primarily focused on established firms. To fill this gap, this study examined the existing capital structure of 43 new ventures in Trinidad and Tobago, testing the effects of different financing sources on net profit margins. The findings revealed that owners’ savings and retained earnings had a positive impact on net profit margins, while short-term loans, long-term loans, and informal investor finance had no significant effect. Moreover, this study expanded upon existing theories, particularly the pecking order theory, by testing it in the context of new ventures, rather than mature firms. The implications of this study are significant to financial managers in charge of decision-making for new ventures. It suggests the importance of owners’ savings and retained earnings in financing new ventures. Moreover, the findings suggest that new ventures in Trinidad and Tobago may benefit from pursuing funding options that align with the pecking order theory. Overall, this research emphasizes the need to consider the unique financial challenges facing new ventures when making decisions regarding their capital structure., Las nuevas empresas, esenciales para impulsar el desarrollo económico, se enfrentan a un desafío universal: acceder a financiamiento y decidir sobre una estructura de capital adecuada. En países en desarrollo como Trinidad y Tobago, estudiar el impacto de la estructura de capital en los niveles de rentabilidad de las nuevas empresas es especialmente crítico, dado que la literatura actual se ha centrado principalmente en empresas establecidas. Para llenar este vacío, este estudio examinó la estructura de capital existente de 43 nuevas empresas en Trinidad y Tobago, evaluando los efectos de diferentes fuentes de financiamiento en los márgenes de beneficio neto. Los hallazgos revelaron que los ahorros de los propietarios y las utilidades retenidas tenían un impacto positivo en los márgenes de beneficio neto, mientras que los préstamos a corto plazo, los préstamos a largo plazo y la financiación de inversores informales no tenían un efecto significativo. Además, este estudio amplió las teorías existentes, especialmente la teoría del orden jerárquico, al probarla en el contexto de nuevas empresas en lugar de empresas maduras. Las implicaciones de este estudio son significativas para los responsables financieros encargados de la toma de decisiones para las nuevas empresas. Sugiere la importancia de los ahorros de los propietarios y las utilidades retenidas en la financiación de nuevas empresas. Además, los hallazgos sugieren que las nuevas empresas en Trinidad y Tobago pueden beneficiarse de la búsqueda de opciones de financiamiento que se alineen con la teoría del orden jerárquico. En general, esta investigación enfatiza la necesidad de considerar los desafíos financieros únicos que enfrentan las nuevas empresas al tomar decisiones sobre su estructura de capital.

Obligation and Owners fund are combined in the organization’s capital structure, which is utilized for the business. The organization’s assets should be managed correctly with debt and equity. Corporate finance continues to have difficulties determining the extent to which Capital Structure influences firm value and profitability. Hence, the current study is conducted. The article focuses on the “Impact of capital structure on profitability and firm value of top 50 companies listed in BSE” for ten years from 2012-2013 to 2021-2022 based on the market capitalization. Statistical tools like Descriptive statistics, Correlation, and Panel data analysis were used. The present study indicates that ROA and PBR have a negative effect on DER. The Tobin’s Q has an optimistic influence on DER.

Obligation and Owners fund are combined in the organization’s capital structure, which is utilized for the business. The organization’s assets should be managed correctly with debt and equity. Corporate finance continues to have difficulties determining the extent to which Capital Structure influences firm value and profitability. Hence, the current study is conducted. The article focuses on the “Impact of capital structure on profitability and firm value of top 50 companies listed in BSE” for ten years from 2012-2013 to 2021-2022 based on the market capitalization. Statistical tools like Descriptive statistics, Correlation, and Panel data analysis were used. The present study indicates that ROA and PBR have a negative effect on DER. The Tobin’s Q has an optimistic influence on DER.

The aim of this paper is to examine the effect of the capital structure on the financial development of Islamic banks. To measure Islamic financial development, we use the country-level Refinitiv Islamic Finance Development Indicator® (IFDI) during the years 2014 to 2019. The global or combined IFDI score is made up of five performance dimensions that are considered by Islamic investors: Quantitative Development, Governance, Corporate Social Responsibility, Awareness and Knowledge. Using a sample of 105 banks, covering banking systems in 19 Muslim-majority countries, the study uses a Two-Stage least squares (2SLS) regression to examine the banks' financial development determinants to control IFDI's reverse causality for capital structure. Aftercontrolling the macroeconomic environment, financial market structure and taxation, the results indicate that the development of banks responds positively to an increase in equity (capital ratio). The result is consistent with the signaling theory, which predicts that the best performing banks will reliably transmit this information through higher capital. The non-monotonic relationship found between financial development on shareholders 'equity and banks' capital ratios suggests that issues of shares with low capital ratios (less than 48.42%) are expensive and have a negative effect on their equity indicator. development.On the other hand, well-capitalized bank managers are advised to trust equity when faced with the decision to raise capital, as the capital ratio begins to positively affect their financial development. This study aimed to fill the gap between the capital structure of Islamic banks and their relationship with a five-dimensional indicator. Future research, however, could confront the capital structure of banks with their profitability or profitability (conventional measures and used by Western banks), as well as analyze the effect of each of the dimensions that make up the IFDI, by bank or by country on decisi

We study the long-term financing choice between syndicated loans and Mexican firms' issuance of public debt. We restrict our attention to those firms that issue securities in capital markets. Our findings suggest that the firm's size, the quality of its collateral, and credit quality play an important role in the outcome of choice. We also find that the marginal effects of these three characteristics are not consistent along their range of values. In particular, we found evidence that the credit quality of firms has a non-monotonic effect in the choice., En este trabajo estudiamos la elección de financiamiento a largo plazo entre créditos sindicados y la emisión de bonos de las empresas mexicanas. Restringimos nuestra atención a aquellas empresas que emiten títulos financieros en los mercados de capitales. Nuestros hallazgos sugieren que el tamaño de la empresa, la calidad de sus garantías, y su calidad crediticia, juegan un papel importante en el resultado de la elección. También encontramos que los efectos marginales de estas tres características no son consistentes a lo largo de su rango de valores. En particular, encontramos evidencia de que la calidad crediticia de las empresas tiene un efecto no monótono en la elección

In the origin and evolution of finance, it is shown that it is appropriate to align theory with practice, in order to promote solid arguments. However, this perspective is far from being applied, i.e., the practical aspects are used without considering in their interpretation the theoretical hypotheses on the influence, relationship and associativity of terms. In this sense, the objective of this study is to evaluate whether the Modigliani-Miller theorem and its assumptions have incidence in the SMEs belonging to the commercial sector in Ecuador. For this, two methodological stages are used. The first is the use of unsupervised models through Partitioning Around Medoids, in order to classify and increase the homogeneity in the interpretation of models. The second, consequently, is the use of classified linear interpretation models in order to explain the underlying relationship of the various indicators with the capital structure. With the iterations it can be concluded that the theory that has the highest adaptability in this group of companies is the trade-off theory, which suggests that there is an adequate structure, resulting from the combination of financial factors., En el origen y evolución de las finanzas ha resultado oportuno alinear la teoría con la práctica, con el fin de promover argumentos sólidos. Sin embargo, esta perspectiva está lejos de ser aplicada, ya que es común que se empleen los aspectos prácticos sin adherir a su interpretación las hipótesis teóricas sobre la influencia, relación y asociatividad de los términos. En este sentido, este estudio se plantea como objetivo evaluar si el teorema Modigliani-Miller y sus supuestos son aplicables a las pymes pertenecientes al sector comercio del Ecuador. Para ello se usan dos etapas metodológicas. En primer lugar, se utilizan con modelos no supervisados mediante Partitioning Around Medoids, con el fin de clasificar y aumentar la homogeneidad en la interpretación de modelos. Y, en segundo lugar, se emplean modelos de interpretación lineal clasificados con el objeto de explicar la relación subyacente de los diversos indicadores con la estructura de capital. Con las iteraciones se puede concluir que la teoría que mayor adaptabilidad posee en este grupo de empresas es la del trade-off, la cual sugiere que sí existe una estructura adecuada, que resulta de la combinación de factores financieros.

Purpose: The aim of this study is to examine the relationship between capital structure and performance of securities brokerage firms. Theoretical framework: The study inherits previous studies on the relationship between capital structure and performance to reason, test and determine the optimal capital structure. Design/methodology/approach: Using Qualitative Research (Synthetic Methods; Statistical methods, description; Inductive and interpretive methods) and quantitative research methods (linear regression methods). Findings: The results identified an inherent structure that significantly affects performance through the variables: (1) Financial leverage of a stockbroker (FL) and (2) Brokerage company size (Siz). Research, Practical & Social implications: The study provides a number of discussions and evaluations on the important role of decision making on optimal capital structure for securities brokerage service companies, in addition to recommendations on financial solutions to improve operational efficiency for companies. Originality/value: Through the study of 105 securities brokerage companies, corresponding to 1,314 observations in the period 2003 - 2021.

Purpose: The study aimed to analyse the impact of capital structure on the profitability of plastic and packaging companies listed on the Vietnam Stock Exchange - VNX (HNX, HoSE and Upcom). Theoretical framework: The study inherits previous studies on the relationship between capital structure and profitability to determine the capital structure that affects profitability. Design/methodology/approach: Using Qualitative Research (Synthetic Methods; Statistical methods, description; Inductive and interpretive methods) and quantitative research methods (linear regression methods). Findings: The author has identified two independent variables that represent a capital structure that strongly affects the profitability of enterprises, including: (1) Short-term debt ratio (STD); (2) Long-term debt ratio (LTL). Research, practical and social implications: Based on the research results, the author offers several discussions and assessments on the critical role of adjusting the optimal capital structure for plastic and packaging companies, in addition to financial solution recommendations aimed at improving profitability for companies. Originality/value: Through a study of 30 plastic and packaging manufacturing companies, corresponding to 360 observations in the period of 2010 – 2021.

This doctoral thesis comprises one essay on the risk management of momentum strategies and three essays on the implications of skewness preferences on financial markets. Chapter 1 provides an extensive summary and links all projects within the framework of behavioral finance. In Chapter 2 (co-authored with Maik Dierkes), we investigate momentum in stock returns and propose a novel approach to manage the downside risk of momentum strategies. Across markets, momentum is one of the most prominent anomalies and leads to high risk-adjusted returns. However, these returns come at the cost of substantial tail risk as there are short but persistent periods of highly negative returns. Momentum crashes occur in rebounding bear markets, when the momentum portfolio exhibits a negative beta and momentum volatility is high. Based on ex-ante estimates of these risk measures, we construct a crash indicator that effectively isolates momentum crashes. Subsequently, we propose an implementable trading strategy that combines both systematic and momentum-specific risk and more than doubles the Sharpe ratio of the original momentum strategy. Moreover, it outperforms existing risk management approaches over the 1928-2020 period, in sub-samples, and internationally. In Chapter 3 (co-authored with Maik Dierkes and Sebastian Schroen), we address the effects of time-varying skewness preference, referred to as lottery demand, on first-day returns and the long-term performance of initial public offerings (IPOs). Following the identification approach of Dierkes (2013), we measure lottery demand in terms of option-implied probability weighting functions and find a significantly positive impact on first-day returns, tantamount to higher IPO underpricing and more money left on the table. Furthermore, disentangling the effects of lottery demand and cross-sectional expected skewness reveals that IPO returns are particularly driven by the interaction of market-wide lottery demand and asset-specific lo, Diese Dissertation umfasst einen Aufsatz zum Risikomanagement von Momentum-Strategien und drei Aufsätze über die Auswirkungen von Schiefepräferenzen auf Finanzmärkte. Kapitel 1 enthält eine ausführliche Zusammenfassung und ordnet die Forschungsprojekte in den Rahmen der verhaltensorientierten Finanztheorie ein. In Kapitel 2 (gemeinsam mit Maik Dierkes verfasst) untersuchen wir das Momentum von Aktienrenditen und entwickeln einen neuartigen Ansatz zur Risikosteuerung von Momentum-Strategien. Die Momentum- Anomalie ist eine der bekanntesten Finanzmarkt-Anomalien und erzielt hohe risikobereinigte Renditen. Diese sind jedoch mit einem erheblichen Verlustrisiko verbunden, da sich wiederholt mehrmonatige Phasen stark negativer Renditen ereignen. Momentum-Crashes treten insbesondere in sich erholenden Bärenmärkten auf, wenn das Momentum-Portfolio zeitgleich ein negatives Beta und eine hohe Momentum-Volatilität aufweist. Auf Grundlage von ex-ante Schätzungen dieser Risikomaße konstruieren wir einen Crash-Indikator, welcher Momentum-Crashes erfolgreich isoliert. Infolgedessen stellen wir eine implementierbare Handelsstrategie vor, die systematisches und momentumspezifisches Risiko kombiniert und die Sharpe-Ratio der ursprünglichen Momentum-Strategie mehr als verdoppelt. Darüber hinaus übertrifft sie bestehende Risikomanagement- Strategien im Zeitraum von 1928-2020 sowie in Subperioden und im internationalen Kontext. In Kapitel 3 (gemeinsam mit Maik Dierkes und Sebastian Schrön verfasst) untersuchen wir die Auswirkungen von zeitlich variierenden Schiefepräferenzen, im Folgenden als Lotterienachfrage bezeichnet, auf kurz- und langfristige Renditen nach Börsengängen (IPOs). Aufbauend auf der Identifikationsstrategie von Dierkes (2013) messen wir die Lotterienachfrage anhand optionsimplizierter Wahrscheinlichkeitsgewichtungsfunktionen und stellen einen signifikant positiven Einfluss auf die Renditen am ersten Handelstag fest. Dieses Resultat ist gleichbedeutend mit einer stärker

Kommersiella fastigheter har setts som en inflationsskyddad tillgång och en viktig del i densvenska ekonomin. Stigande fastighetspriser och låga finansieringskostnader har varitfördelaktigt för de kommersiella fastighetsbolagen i Sverige. Många bolag har under periodenvarit aktiva på kapitalmarknaden och emitterat skuld till en låg kostnad. Under år 2022–2023har inflationen ökat vilket har genererat i penningpolitiska åtgärder som i sin tur ha genereraten ökad riskfri ränta. Finansieringskostnaden för svenska fastighetssektorn har ökat vilket harbidragit till att många fastighetsbolag har varit tvungna att se över sin finansiering. Obligationersom har emitterats under en period när räntan har varit låg är påväg att löpa ut och detmakroekonomiska händelserna kräver åtgärder från fastighetsbolagens sida. Under det senasteåret har fastighetsbolag genomfört obligationsåterköp som en åtgärd i att stärka den finansiellahälsan. Syftet med uppsatsen är att utvärdera incitamenten och effekterna av obligationsåterköpen somhar genomförts av svenska kommersiella fastighetsbolag. Uppsatsen baseras på branschinsattapersoner som genom sin kunskap och expertis anses ge perspektiv i studien. Utöver intervjuerbaseras uppsatsen på bolag av som har genomfört återköp. I studien framgår attobligationsåterköp genomförs som en rad bland andra åtgärder för att stärka bolagetsfinansieringssituation. Effekterna är starkt beroende av finansieringskällan och incitamenten ärbolagsspecifika., Commercial real estate has long been regarded as an inflation-safe asset and a crucialcomponent in the Swedish economy. Raising real estate values and low financing costs hasbeen beneficial for Swedish commercial real estate companies. Several companies have beenactive on the capital market and issued bonds at a low cost. The inflation has been rising duringthe year 2022-2023, leading to monetary policy measures that have increased risk-free interestrates. As a result, Swedish commercial real estate has been forced to look over its financingside due to increasing financing costs. Bonds issued during a period of low interest are nowexpiring and the macroeconomic events require measures from the companies side. In the pastyear, several real estate companies have made bond repurchases as a measure to strengthen thefinancing side. This thesis aims to study the incentives and effects of the bond repurchases which have beenmade by Swedish real estate companies. The thesis is based on interviews with persons ofexperience from the commercial real estate and bond market to give perspective to this thesis.Additionally, the thesis is also based on companies that have made bond repurchases. Thefindings reveal that bond repurchases are made as one of other measures to strengthencompanies' financing side. The effects of these repurchases closely tied to the financing formof the repurchases and the incitements are company specific.