Дисертації з теми "Pecking theory"
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Visentin, Lisa <1996>. "POLITICHE FINANZIARIE AZIENDALI: TRADE-OFF THEORY E PECKING ORDER THEORY A CONFRONTO." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/18868.
Повний текст джерелаZurigat, Ziad. "Pecking order theory, trade-off theory and determinants of capital structure : empirical evidence from Jordan." Thesis, Heriot-Watt University, 2009. http://hdl.handle.net/10399/2244.
Повний текст джерелаSabino, Marisa da Luz Clérigo. "Pecking order theory: evidência das 100 maiores empresas da região de Leiria." Master's thesis, Universidade de Évora, 2010. http://hdl.handle.net/10174/21045.
Повний текст джерелаIasonidou, Sofia. "Determinants of Capital Structure of Swedish limited companies : Testing Trade-off Theory Against Pecking Order Theory." Thesis, Högskolan Dalarna, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:du-21886.
Повний текст джерелаDedes, Vasilis. "Reconciling capital structure theories: How pecking order and tradeoff theories can be equated." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34930.
Повний текст джерелаIn this paper we study the pecking order and tradeoff theories of capital structure on a sample of 121 Swedish, non-financial, listed firms over the period between 2000 - 2009. We find that the Swedish firms’ financing behavior appears to have features consistent with the predictions of both theories. The evidence shows a preference for a financing behavior consistent with the tradeoff theory for the whole sample and for a sample of small firms, whereas large firms appear to follow a pecking order on their financing decisions. We show that under sufficient conditions both theories might be seen as “reconciled” and not mutually exclusive, and we find evidence for the large firms of our sample consistent with this notion.
Ek, Henrik, and Sofia Fjelkestam. "Determinants of Capital Structure - Testing the Pecking Order Theory on the Swedish Construction Industry." Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276745.
Повний текст джерелаAtt bygga nya bostäder och kontor är avgörande för välfärden i ett land ur både ekonomisk mening och ur en synvinkel att en växande befolkning behöver fler bostäder. För att byggföretag ska kunna nå sina mål är valet av kapitalstruktur en viktig fråga. Diskussionen om kapitalstruktur och företagsvärde blev ett av de mest debatterade områdena inom finansiell ekonomi under årtiondena efter den berömda publiceringen av Modigliani och Miller. Sedan dess har det gjorts mycket arbete med att utforska den optimala kapitalstrukturen för företag i olika situationer, däremot är forskningen något begränsat i Sverige. Denna studie testade pecking order teorin om kapitalstruktur hos börsnoterade svenska byggföretag mellan 1995 och 2019. Studien hade ett fokus på hur väl pecking order teorin kan förklara ekonomiska beslut som fattats av svenska byggföretag genom en serie av tester. Syftet är att förstå vilka faktorer som är de viktigaste med avseende på kapitalstrukturen för börsnoterade företag i den svenska byggbranschen. Resultatet av testerna visade att pecking order teorin inte överträ˙ade den konventionella modellen av finansiell hävstång. Därmed hittades inte stöd för hypotesen att pecking order teorin skulle vara den dominerande finansiella teorin för att förklara beslut av kapitalstruktur.
Richards, Paul Howard. "Pecking order and trade-off explanations of capital structure and the maturity structure of corporate debt obligations." Thesis, University of Birmingham, 2018. http://etheses.bham.ac.uk//id/eprint/8429/.
Повний текст джерелаWeinberg, Viktor, and Johan Hellmér. "Ägande och kontroll : En kvantitativ studie om sambandet mellan ägar- och kapitalstruktur i bolag noterade på NASDAQ OMX Stockholm." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-96690.
Повний текст джерелаIara, Renielly Nascimento. "Análise da estrutura de capital em empresas brasileiras com diferentes níveis de endividamento: um estudo comparativo entre as teorias pecking order e trade off." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-23012014-105642/.
Повний текст джерелаDecisions related to the configuration of the capital structure of companies drive research for over fifty years. Although it is recurrent and current in academia, it remains quite controversial. This paper explored directly two different theoretical bases: the Static Trade off Theory (STT), from the model proposed by Frank and Goyal (2003) and the Pecking Order Theory (POT), from the model proposed by Shyam-Sunder and Myers (1999). The results of these tests are compared to the models proposed by Qiu and Smith (2007) and Bahng and Jeong (2012) to analyze the debt structure of firms at different levels of leverage. The sample consists of Brazilian companies traded, non-financial and non-regulated, listed on the Securities Exchange of São Paulo (BM & FBovespa) between 2002 and 2011. It was used as a methodology techniques Multiple Regression by the method of Ordinary Least Squares (OLS) compared to Quantile Regression. The results pointed to a speed of adjustment to target capital structure between 6% and 14% per year, the trade off theory test. As for testing the pecking order theory, it was found that Brazilian companies are oriented according to this theory in decision making on capital structure, financing itself largely with debt capital.
Lew, Sung Hee. "Investigation of the most appropriate capital structure theory and leverage level determinants." Thesis, University of Edinburgh, 2012. http://hdl.handle.net/1842/7909.
Повний текст джерелаAmaral, Paulo Ferreira. "Decisões de financiamento em empresas brasileiras: uma comparação entre a static tradeoff e a pecking order theory no Brasil." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-26092011-152130/.
Повний текст джерелаThe comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.
Olmers, Ida, and Nordin Ikaika. "Finansiell Bootstrapping : en kvalitativ studie om entreprenörens möjlighet att kringgå extern finansiering." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-27893.
Повний текст джерелаPurpose: The purpose of this study is to identify what financial bootstrapping methods small Swedish enterprises exercise and also how they exercise these methods. Furthermore, this study will seek to map which of the identified bootstrapping categories are the most effective at relieving the company’s need of capital. Theoretical Framework: The theoretical framework in this study compiles theories of The Financial Gap and asymmetrical information. Furthermore, it consists of theories about entrepreneurs and their preferences of capital in The Pecking Order Theory, as well as theories about Financial Bootstrapping and its different methods. Methodology: This thesis has a positivistic and an iterative approach. Furthermore, this thesis consists of a survey research and applies semi-structured interviews as a method to generate data. The sample in this study consists of owners of small enterprises that meet the criteria for a small business according to the EU. The primary data used in this thesis has been generated through interviews with the selected business owners. Result: The empirical findings in this thesis consist of a presentation of the data generated from the interviews with ten different business owners from various enterprises. Conclusion: The most frequently-used bootstrapping methods are: Withhold managers salary, share equipment with other businesses, use own credit cards to finance the enterprise, cooperate with other businesses, lease equipment and seek out best conditions with suppliers. Furthermore the findings in this thesis show that relationship-oriented and private owner-financed financial bootstrapping categories are the most effective at relieving the company’s need of capital.
Palkar, Darshana. "Reconciling capital structure theories in predicting the firm's decisions." Thesis, University of North Texas, 2006. https://digital.library.unt.edu/ark:/67531/metadc5403/.
Повний текст джерелаPoulová, Lucie. "Kapitálová struktura českých akciových společností a její determinanty." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-262201.
Повний текст джерелаAlbanez, Tatiana. "Impactos da assimetria de informação na estrutura de capital de empresas brasileiras de capital aberto." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-12052009-155316/.
Повний текст джерелаSeveral theories try to explain what determines the financing policy adopted by the firms. One of the existent approaches, Pecking Order Theory, focuses on the information asymmetry as an important determinant of the capital structure. In the present work, we try to analyze the central presumption of the referred theory and to verify if the information asymmetry influences the financing decisions of Brazilian open capital firms in the period 1997-2007. In order to do so, proxies variables are used for information asymmetry, besides control variables which represent of firms characteristics. Panel data analysis is the methodology used. As main result, it was found that companies considered to have the lowest degree of information asymmetry are higher leveraged than the others analyzing the level of total debt, the result is contrary to the pecking order theory, where these companies would have the opportunity to raise resources by emitting shares due to the low probability of occurring problems derived from information asymmetry. However, this result supports the expected alternative relation, where companies with lower asymmetric information make it easier to their debt holders to evaluate their risk, what could increase the credit offer, favoring the use of debts by reducing the adverse selection costs and increasing the debt capacity of these companies. In doing so, it becomes important to also analyze the role of the risk when establishing a hierarchy of preferences adopted by Brazilian firms regarding alternative financing sources.
Farhat, Joseph. "Essays on the Dynamics of Capital Structure." ScholarWorks@UNO, 2003. http://scholarworks.uno.edu/td/468.
Повний текст джерелаAlbarrak, Mansour Saleh. "Determinants of capital structure : the case of MENA countries." Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/3764.
Повний текст джерелаBjörklund, Jacob. "Corporate Strategy & Capital Structure : An analysis of their relationship within SMEs inthe Swedish manufacturing industry." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-189537.
Повний текст джерелаEtt företags behov av en effektiv och passande företagsstrategi är högre än någonsin på grund avhård och ökande konkurrens på den nuvarande marknaden. För att ett företag skall kunnafinansiera sin valda företagsstrategi, som exempelvis att genomföra investeringar för tillväxt,krävs det en väl avvägd finansiering. Vidare definierar och beskriver kapitalstrukturen ettföretags tillgänglighet gällande dess mix av skulder och eget kapital. Samtidigt visar finansiellteori och studier på området att det är av största vikt för företag att de förstår sambandet mellandess företagsstrategi och kapitalstruktur för att de skall kunna förbli konkurrenskraftiga. Dock ärantalet studier som är gjorda på området mycket begränsade. Således har denna studie analyseratoch undersökt sambandet mellan företagsstrategin och kapitalstrukturen för små och medelstoraföretag (SMEs) inom den svenska tillverkningsindustrin. Studien har utförts genom att genomföra fem fallstudier där fem olika små och medelstoraföretag inom den svenska tillverkningsindustrin har analyserats. Företagen representerar bådefamiljeägda företag samt företag ägda av externa investerare. De fem fallstudierna bestod avsemistrukturerade intervjuer med VDn för respektive bolag. Ett frågeformulär distribueradesockså till de fem respondenterna för att kunna möjliggöra en jämförelse av resultaten från bolagen. Resultaten av studien indikerar att sambandet mellan företagsstrategin och kapitalstrukturenvarierar beroende på typ av ägarskap av ett bolag. Sammanfattningsvis så tenderar valet avföretagsstrategi att driva valet av kapitalstruktur för bolag ägda av externa investerare(exempelvis bolag ägda av private equity-företag). Å andra sidan tenderar förhållandet snararevara inverterat för företag ägda av sina grundarfamiljer, där kapitalstrukturen snarare driver valetav företagsstrategi.
Pacheco, Ana Filipa Romão. "The impact of free cash flow and agency costs on firm’s performance : european evidence." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17713.
Повний текст джерелаO objetivo deste artigo é investigar como os Free Cash Flows (FCF) e os custos de agência se relacionam e afetam o desempenho da empresa. Em particular, reexaminar a hipótese do FCF e a teoria da agência. Os dados utilizados nesta pesquisa são empresas cotadas em bolsa, da Zona Euro, para o período de 2009-2017. Este estudo contribui para a literatura existente, porque examina a relação entre FCF, custos de agência e desempenho da empresa sob três abordagens diferentes: através da análise da amostra global, do impacto da crise e, finalmente, através de testes de robustez, procurando relações não lineares. Dada a falta de provas para a hipótese do FCF, este artigo defende que as empresas com maior FCF não mostram a presença de comportamentos prejudiciais por parte dos gestores e apresentam melhor desempenho, e a teoria de Pecking Order e o motivo de precaução permanecem válidos na justificação da acumulação de FCF. Ainda, durante uma crise financeira, as empresas com maior nível de liquidez apresentam um aumento no desempenho e valor. Em relação aos custos de agência, as variáveis proxy mostram diferentes efeitos no desempenho da empresa. Assim, este estudo apresenta uma investigação completa que nos oferece uma melhor compreensão da relação entre FCF, custos de agência e o desempenho da empresa.
The purpose of this paper is to investigate how Free Cash Flows (FCF) and agency costs are linked, and how they impact firm's performance. In particular, to revisit the FCF hypothesis and the agency theory. The data used for this research are publicly listed firms, from the Euro Area, for the period of 2009-2017. This study contributes to the existing literature, because it examines the relationship between FCF, agency costs and firm's performance under three different approaches: analysing the overall sample, the impact of the crisis, and finally performing robustness checks, looking for non-linear relationships. Given the lack of evidence for the FCF hypothesis, this paper supports that firms with higher FCF show no presence of managers' shirking behaviour and have better performance, and the Pecking Order theory and the precautionary motive as reasons for hoarding FCF remain valid. Moreover, during a financial crisis, firms with higher level of liquidity still have an increase in performance and firm value. Regarding agency costs, the proxy variables show different effects on firm's performance. So, this study presents a thorough investigation that offers us a better understanding of the relationship between FCF, agency costs and firm's performance.
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Chuairuang, Suranai. "Relational Networks and Family Firm Capital Structure in Thailand : Theory and Practice." Doctoral thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-79317.
Повний текст джерелаNaidu, Wesley. "The implications of capital structure theory and regulation for South African banking institutions." Diss., University of Pretoria, 2011. http://hdl.handle.net/2263/25512.
Повний текст джерелаDissertation (MCom)--University of Pretoria, 2011.
Financial Management
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Bromé, Niklas, and Marie Rasmussen. "KAPITALSTRUKTUR I SVENSKA BÖRSBOLAG : en analys av målkapitalstruktur och finansiellt underskotts inverkan på kapitalstruktursförändring." Thesis, Uppsala University, Department of Business Studies, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-106338.
Повний текст джерелаVi undersöker huruvida de två teorierna Pecking order och Trade-off gemensamt kan förklara utformning av kapitalstruktur och hur beslut gällande denna ser ut hos svenska börsnoterade företag. Vi menar att den aktuella kapitalstrukturen är en konsekvens av den historiska utvecklingen inom företag, där tidigare års finansiella över-/underskott leder till dagens kapitalstruktur och att asymmetrisk information och transaktionskostnader gör att intern finansiering är att föredra framför extern. Företag ser dock fördelar med viss skuldsättning, vilket bidrar till att företag sätter upp en målkapitalstruktur i början av aktuell period. Företags benägenhet att justera sin kapitalstruktur mot denna målkapitalstruktur varierar beroende på vilken situation företaget befinner sig i och olika anpassningshastigheter uppstår till följd av att vissa situationer föredras framför andra. Vi undersöker sambandet mellan målkapitalstruktur och finansiella över-/underskott och hur detta påverkar företags förändring i kapitalstruktur. Våra resultat visar att företag är som mest benägna att förändra sin kapitalstruktur när de har ett finansiellt underskott med en kapitalstruktur över sin målkapitalstruktur och minst benägna att förändra sin kapitalstruktur när de har ett finansiellt överskott och en kapitalstruktur under sin målkapitalstruktur. Både Pecking order och Trade-off har inflytande vid förklaring av företags kapitalstruktursförändring, dock har den ena teorin större betydelse än den andra beroende på vilken situation företag befinner sig i.
Correa, Glauber Marques. "Verificação do modelo da Pecking Order Theory na estrutura de capital das empresas listadas brasileiras através das componentes do déficit financeiro." Universidade Presbiteriana Mackenzie, 2011. http://tede.mackenzie.br/jspui/handle/tede/548.
Повний текст джерелаFundo Mackenzie de Pesquisa
The way companies are financed has been an object of study, mainly after the 1958 theorem from Modigliani e Miller was published, in wich the authors stated that,under certain circumstances, a company´s value is unaffected by how it is financed capital structure irrelevance hypothesis. Thereafter, there have been many studies on the subject, enabling the emergence of several theories that intend to explain how companies search for their optimal capital structure.Among those theories, there is the very influential Pecking Order, also called Hierarchy of Sources Structure. It is an important proposal that aims to explain the decisions concerning funding and the capital structures of companies. Assuming the asymmetry of information between managers and investors (since managers know more about the prospects, risks, and values of their respective companies than external investors). Myers and Majluf (1984) claim that the formation of capital structure by companies is based on a hierarchy of sources called Pecking Order Theory, in wich the investment is financed primarily by internally generated funds (mainly reinvested); then for new issues of debt securities; and finally, for new issues of shares.This paper, by using a data template in which companies are grouped according to their size, profitability and growth, aims to verify if in financing the financial debt of Brazilian companies listed on BMF&BOVESPA the expected results of the Pecking Order Theory will be present.The results show that none of the samples showed adherence to the predictions of theory, and the sample of large companies was the one closest to this condition. There was also a low level of a secondary emission of shares, indicating that may be other ways of funding the financial shortfall that not only debt and equity.
A forma de financiamento das empresas tem sido objeto de estudo, com maior enfoque, desde a publicação do artigo de Modigliani e Miller em 1958, no qual afirmavam que, sob determinadas circunstâncias, o valor da empresa não era afetado pela sua estrutura de capital. A partir desse artigo pioneiro, muitos estudos foram efetuados, permitindo o surgimento de diversas teorias que pretendem explicar como as empresas buscam o seu nível adequado de financiamento. Dentre essas teorias, destaca-se a Pecking Order, também denominada Hierarquia das Fontes. Trata-se de uma importante proposta que visa explicar as decisões de financiamento e as estruturas de capital das empresas. Pressupondo-se a assimetria de informação entre gestores e investidores (uma vez que os gestores sabem mais acerca das perspectivas, riscos e valores das suas respectivas empresas do que os investidores externos), Myers e Majluf (1984) afirmam que a formação da estrutura de capital por parte das empresas está baseada em uma hierarquia de fontes denominada como Pecking Order Theory, na qual o investimento é financiado, em primeiro lugar, por fundos gerados internamente (principalmente lucros reinvestidos); em seguida, por novas emissões de títulos de dívida; e finalmente, por novas emissões de ações.Utilizando um Modelo de Dados em Painel, através do agrupamento das empresas segundo seu tamanho, rentabilidade e crescimento, esse artigo propõe-se a verificar se o financiamento do déficit financeiro das empresas brasileiras listadas na BMF&BOVESPA segue as previsões da Pecking Order Theory.Os resultados obtidos demonstram que nenhuma das amostras apresentou aderência às previsões da Teoria, sendo que a amostra de grandes empresas foi a que mais se aproximou dessa condição. Também se verificou um nível baixo de emissão secundária de ações, indicando que pode haver outras formas de financiamento do déficit financeiro que não apenas dívida e emissão de ações.
Mukuasa, Johanna, and Sahar Yousef. "Kapitalstrukturens avgörande faktorer : En studie om de faktorer som påverkar valet av kapitalstruktur i svenska bolag." Thesis, Södertörns högskola, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-37431.
Повний текст джерелаSyfte: Uppsatsens syfte är att utifrån relevanta teorier förklara hur variablerna lönsamhet, branschtillhörighet, tillväxt, unikhet och tillgångsstruktur påverkar svenska bolags kapitalstruktur. Metod: En kvantitativ metod med deduktiv ansats har använts för att möjliggöra denna studie. Multipel regressionsanalys har tillämpats för att statistiskt kunna identifiera samband mellan olika variabler. Slutsats: Resultatet stämmer nästan genomgående med teoriernas antaganden. Sambandet mellan tillväxt, lönsamhet, unikhet mot skuldsättningen är negativt. Det visade sig dessutom att det finns ett positivt samband mellan tillgångsstruktur och skuldsättningsgrad, vilket stämmer med vad teorierna hävdar.
Sucasas, Gottfridson David Peter, and Tomas Alexander Neumüller. "Finansiell teori i praktiken : En studie om finansiell teori och dess förmåga att förklara skuldsättningsgraden i små börsnoterade bolag." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-203240.
Повний текст джерелаThis study tests ten hypotheses related to financial theory in order to determine how well the theory can explain capital structure in small public SMEs. The tested theories are trade-off theory, pecking order theory and theories related to asymmetric information and agent-principal costs. Multiple linear regression analysis is used to test the theories on SMEs with fewer than 200 employees listed on three of Sweden’s smaller stock-exchange lists. The results show statistical significant support for eight out of ten hypotheses, and these results are in many aspects clearer than in studies that test unlisted SMEs as well as studies with broader samples of listed firms.
Olofsson, Emil, and Fredrik Henriksson. "Schablonintäkt på periodiseringsfonder inom småföretag : Finansieringsformens utveckling och rådgivarnas roll." Thesis, Umeå University, Umeå School of Business, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1420.
Повний текст джерелаFör ett litet företag kan det vara svårt att få in kapital till verksamheten. Långivare och riskkapitalister kan vara skeptiska till småföretag och kräva stor utdelning på det investerade kapitalet. Med bakgrund i detta är skattekrediter, som en billig finansieringsform, en väl använd möjlighet för småföretagare i behov av ett litet kapitaltillskott i verksamheten. Periodiseringsfonden är den viktigaste formen av skattekredit och studien syftar till att besvara vad som händer när denna från att ha varit räntefri går till att bli räntebelagd.
Pecking order theory (POT) beskriver hur företag väljer sitt kapital där det internt genererade kapitalet föredras framför externt genererat kapital såsom lån och aktietillskott. Författarna föreslår i studien att periodiseringsfonden genom förändringen förflyttas i POT:s hierarki från att ses som internt genererat kapital till externt kapital. Ett finansieringsperspektiv på periodiseringsfonderna kan dock inte beskriva instrumentet fullt ut. Det krävs ett kompletterande resultatutjämningsperspektiv för att beskriva periodiseringsfondernas utveckling. Frågan hur förändringen av användandet går till, förklaras genom teorin om småföretagarnas beroende av redovisningsbyråer.
Studien använder dels en kvantitativ och dels en kvalitativ metod för att på ett allsidigt sätt belysa frågeställningen. Den kvantitativa delen undersöker främst den faktiska förändringen i periodiseringsfondernas användning genom undersökning av bokslut hos småföretag. Den kvalitativa delen utreder främst om och hur redovisningskonsulterna har påverkat småföretagens process i arbetet med periodiseringsfonder. De olika metoderna går givetvis in i och kompletterar varandra för att ge svar på frågeställningen.
Slutsatserna av studierna är att undersökningen styrker teorin om att periodiseringsfonder efter räntebeläggningen har förflyttat i POT-hierarkin. Denna slutsats begränsar sig dock till de företag som ser på periodiseringsfonder som en finansieringsform. Studien visar också på att man måste ta med den resultatutjämnande effekten i beräkningar.
Småföretagarnas beroende av redovisningskonsulter visas också i studien. Samtidigt dras slutsatsen att småföretagens förtroende för redovisningskonsulterna inte är befogat. Redovisningskonsulterna har inte i tid agerat för att undvika onödiga kostnader för småföretagen.
Duarte, Maria Rita de Almeida Fernandes Valentim. "Determinants of cash holdings on start-ups." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11411.
Повний текст джерелаEste estudo tem como objectivo analisar os determinantes da gestão de tesouraria, bem como as suas implicações ao nível das start-ups portuguesas. Recorrendo a uma base de dados que conjuga informação financeira com dados sobre empregado-empregador, para o período entre 2004 e 2009, ficando com uma amostra de 15,693 observações. Ao contrário de estudos anteriores, avaliámos a importância que a gestão de tesouraria assume nas start-ups, examinando como as características educacionais e demográficas dos fundadores estão associadas à sua gestão. Em termos da metodologia, iremos recorrer a uma análise Tobit, onde controlamos a nossa estimação através do ano de referência, industria e NUTS. É possível observar que a gestão de tesouraria nas start-ups é afectada positivamente pelas oportunidades de investimento, dívida de longo prazo e caracteristicas sócio-demográficas e educacionais do fundador. Por outro lado, a gestão de tesouraria nas star-ups é negativamente afectado pela dimensão, activos líquidos e dívida bancária. Para a análise ao nível das NUTS, é possível observar que as região de Lisboa, Centro e Açores apresentam as mesmas caracteristicas. Ao nível da análise por industria, temos que, a dimensão, os activos liquídos e a estrutura da dívida das start-ups está negativamente relacionado com a gestão de tesouraria. Para as caracteristicas do fundador, os níveis educacionais abaixo do nível educacional mais elevado apresentam um impacto negativo na gestão de tesouraria das start-ups. Podemos esperar que o Pecking Order, e a teoria do Trade-off, expliquem os determinantes da gestão de tesouraria das start-ups.
The purpose of this study is to examine the determinants and the implications of cash holding on start-ups for a sample of Portuguese firms. We use a database that combines firm-level financial data with a matched employer-employee database, for the period between 2004 and 2009, presenting a sample of 15,693 observations. Unlike previous studies, we examine which start-ups and founders' educational and social-demographic characteristics are more likely to be associated with cash holdings. In terms of methodology, it is conducted a Tobit analysis where we control for year, industry and NUTS in the estimation of our model. It is possible to observe that start-ups cash holding levels are positively affected by investment opportunities, long term debt and founder's characteristics and the contrary for start-ups size, liquid assets substitutes and bank debt. When analyzing by NUTS, it is possible to see that the regions of Lisbon, Center and Azores present the same characteristics. Finally, at the industry level: size, liquid assets and debt maturity structure are negatively related with cash holdings across industries. While for founder's characteristics, the educational levels below the higher level of education have a negative impact over start-ups cash holding levels. We can conclude that the Trade-off Theory and the Pecking Order Theory are the ones that play the most important role in explaining the determinants of Portuguese firm's cash holdings.
Öman, Erik, and Daniel Vikström. "IPO och finansiell prestation : En kvantitativ studie om börsnoteringars inverkan på företags lönsamhet och tillväxt." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-150981.
Повний текст джерелаStorlöpare, Mia, and Lundgren Rudström Sara. "Capital Structure Determinants in Large Real Estate Firms : A Panel Data Study of Post-Crisis Sweden (2009-2017)." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160119.
Повний текст джерелаPersson, Bodén Nathalie, and John Meyer. "Kapitalstruktur i svenska aktiebolag : En studie om påvisade faktorers egentliga påverkan på kapitalstruktur." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-24481.
Повний текст джерелаNiklasson, Johan, and Erik Milan. "The financing of Small Swedish companies established in China." Thesis, Halmstad University, School of Business and Engineering (SET), 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-1802.
Повний текст джерелаThis dissertation intends to describe how small Swedish companies experience the handling of financing in China. Which include describing how small Swedish companies have chosen to finance their establishment, and whether Myers Pecking order theory is applicable. Further more, to show the inquired companies attitude towards external equity, and if any problems are experienced, connected to reaching long-term external finance. The specifikation of the problem for this dissertation is, How do small Swedish companies established in China experience the handling of financing? And to answer the specification of the problem a quantitative approach has been used. The data was gathered through a survey sent out to a number of small Swedish companies established in China. The definition of small Swedish companies has been set to less than 100 employees, and furthermore, established in China under any of the entry modes WFOE, FICE, Joint Venture or Rep/Sales Office.
The over all conclusions for this dissertation, are that internal finance is preferred, and in general is the use of external finance insignificant among small Swedish companies established in China. What can be concluded from this is that Myers Pecking order theory is applicable. Further more, there are strong indications that the inquired companies do not experience any financial gap, or in general any imminent problems surrounding reaching external finance. Important to add to the conclusion is that just because there are no imminent problems, does this not signify that companies do not experience any problems at all reaching external finance.
Lindkvist, Lovisa, and Olle Saric. "Sustainability Performance and Capital Structure : An analysis of the relationship between ESG rating and debt ratio." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172993.
Повний текст джерелаKrukovski, Lukas, and Marcus Belsby. "Capital Structure In Swedish Real Estate Companies : A qualitative study on factors determining the capital structure choices in large cap Swedish real estate companies." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-43943.
Повний текст джерелаGomes, Ana Sofia Monteiro. "The determinants of leverage: evidence from utility firms of eleven european countries." Master's thesis, Instituto Superior de Economia e Gestão, 2010. http://hdl.handle.net/10400.5/2427.
Повний текст джерелаThis study analysis the explanatory power of some variables (that have been proposed in the literature) on the financing decisions of companies. In particular, this study investigates the determinants of leverage of firms in eleven countries, all members of Organization for Economic Co-operation and Development (OECD), based on a robust regression set from 2004 to 2008 comprising about 3.320 firms on the utilities industry. The statistical information was performed with the support of the statistical program STATA 10. Since the analysis of the determinants of leverage based only on the total debt could conceal significant differences in the determinants of long and short-term forms of leverage, the study use determinants of total debt ratios as well as determinants of long-term and short-term debt ratios. The results indicate that most of the determinants of leverage suggested by capital structure theories appear to be relevant for the firms used in the sample. The results also show that firms in these countries seem to determine their financing decisions in similar ways as it is evident by the signs of the statistically significant regression coefficients.
Este trabalho pretende analisar o poder explicativo de algumas variáveis (que têm sido propostos na literatura) nas decisões de financiamento das empresas. Em particular, este estudo investiga os determinantes do endividamento das empresas em onze países, todos membros da Organização para a Cooperação Económica e Desenvolvimento (OCDE). A amostra conta com cerca de 3,320 empresas na indústria de Utilities, com referência ao período de 2004 a 2008. Para a análise empírica recorreu-se a modelos de regressão robusta que foram aplicados com o apoio do programa estatístico STATA 10. Visto que a análise dos determinantes do endividamento baseada apenas no rácio da dívida total poderia esconder diferenças significativas nos factores determinantes das formas de longo e curto prazo do financiamento, este estudo irá utilizar como variáveis dependentes os rácios da dívida total, bem como os rácios de dívida de longo e de curto prazo. Os resultados indicam que para a maioria dos determinantes do endividamento, sugeridos pelas teorias de estrutura de capital, são relevantes para as empresas da amostra. Adicionalmente, os resultados também mostram que as empresas em análise parecem determinar as suas decisões de financiamento de forma similar, isto é os sinais dos coeficientes de regressão estatisticamente significativos são semelhantes entre países.
Cziszewska, Anna, and Renia Haddad. "Tillämpning av finansiella metoder i mikroföretag inom detaljhandeln : Kvalitativ studie." Thesis, Södertörns högskola, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-38405.
Повний текст джерелаThe role of microenterprises is of significance for the Swedish economy, however statistics show that every third microenterprise goes bankrupt shortly after the startup. The retail sector is proving to be the second most exposed sector for competition in Sweden. One of the reasons for this may be because of the entrepreneur’s lack of knowledge about existing financial options. The purpose of this study is to investigate the choice of financing methods for microenterprises within the retail sector and how other financing methods can be used to increase a company’s capital. The study was conducted through a qualitative research method with semistructured interviews as a collection method. The study has been based on theories such as pecking order-theory, trade-off theory, financial gap and various financing methods. The empiricism in the study consists of three semistructured interviews with respondents from three microenterprises within the retail sector. The study’s conclusion shows that microenterprises within the retail sector choose to finance their operations mainly with equity. The study’s investigated microenterprises perceive difficulties with bankloans as a financing method due to information asymmetry between entrepreneurs and financiers. All investigated microenterprises experience high competition in the retail sector.
Romsäter, Tara, and Åsa Matti. "Den mytomspunna effekten av IPO : En analys av IPO och dess påverkan på svenska bolags finansiella prestation." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-43650.
Повний текст джерелаSyfte: Studien avser att analysera effekter av en börsnotering innan och efter, samt om ett bolags ålder vid noteringsdagen kan associeras med en förbättrad finansiell prestation genom olika antaganden. Teori: Denna studie utgår från tre teorier, Pecking Order Theory, Agency Cost Theory och Window-Dressing Theory, men även en referensram av tidigare forskning. Metod: Studien utgår från en kvantitativ ansats med inslag av deduktiv- och teoriprövande ansatser. Empiri: Ett urval bestående av 54 bolag studerades utifrån deras börsnotering som skedde år 2014 och 2015. Urvalet av 54 bolag delades upp i två grupper beroende på vilken marknadsplats som de var listade på. Därefter gjordes en vidare undersökning baserat på tre forskningsfrågor. Leder en börsnotering till tillväxt i bolaget? Påverkar valet av handelsplats ett bolags tillväxt vid börsnotering? Är bolagets ålder vid noteringsdagen associerat med förbättrad finansiell prestation? Slutsats: IPO har generellt sett en påverkan på bolags finansiella prestation. Beroende på val av handelsplats gav den finansiella prestationen olika utslag. Samband mellan ett bolags ålder vid en IPO verkade även ha en inverkan på den ekonomiska tillväxten.
Singh, Sumitpal. "Mikroföretags kreditpreferenser beroende på bransch och företagsstorlek : periodiseringsfonder kontra externa lån." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-18915.
Повний текст джерелаRebolledo, Montecinos Daniela, and Powell Vallared. "Kapitalstrukturens påverkande variabler : en kvantitativ undersökning på svenska börsnoterade bolag." Thesis, Högskolan i Borås, Akademin för textil, teknik och ekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-21632.
Повний текст джерелаCompanies are constantly faced with making decisions regarding their choice of financing and these decisions result in the company’s capital structure. The capital structure has been studied for a long time and several theories have emerged. Still to this day there’s no theory that can explain the capital structure in a satisfying way. Since there are no clear signs that an optimal capital structure exists nor how one would look, the capital structure can vary. This study has its foundation in two of the most well-known theories that try to explain capital structures, the trade-off theory and the pecking order theory. This cross-sectional study examines how profitability, growth, size, tangible assets, liquidity, non-debt tax shield and industry affect capital structure. The focus lies on the Swedish market and intends to generalize about listed Swedish companies. The result of this paper contributes to an increased understanding of capital structure but we are far from a complete comprehension of the subject. The conclusion of this study partially differs from previous research as it finds support for both theories. However none of the theories are applicable on the Swedish market as a whole which suggests that further research is required along with the addition of new ideas. This paper is written in Swedish.
Yuksel, Tansu, and Elin Persson. "Preferensaktier : Påverkas ett bolags börsvärde när de offentliggör en preferensaktieemission?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-216539.
Повний текст джерелаWeigl, Johannes. "Market-Timing of Capital Structure and Factors Influencing the Leverage Decision of Firms." Doctoral thesis, Universitätsbibliothek Chemnitz, 2012. http://nbn-resolving.de/urn:nbn:de:bsz:ch1-qucosa-81088.
Повний текст джерелаSantos, Marco Aurélio dos. "Determinantes da estrutura de capital de empresas em diferentes cenários econômicos e institucionais: um estudo comparativo." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-24012014-115909/.
Повний текст джерелаSeveral theories over time present explanations of the capital structures of organizations. The main theories are the Pecking Order Theory, Trade Off and Free Cash-Flow Theory, based on the Agency Theory. All these theories have some theoretical relationships between determinants of capital structures linked to firm that could interfere in the financing decision. A second line of studies, linked to this, shows that determinants outside the firm also interfere in capital structure, but the firm variables behave similarly in different economic scenarios (RAJAN and ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO and KIMURA, 2011). Considering previous researches, we developed an investigation to confirm this hypothesis, identifying which variables are the most important in financial decision-making and there is variability in temporal scenarios and different economic environments. To this end, we analyzed 10,243 companies based in 61 different countries in the period 2002-2011, a total number of 58,423 firm year observations, through a hierarchical linear regression model of three levels with repeated measures, checking the importance of the variables firm and country in debt, if there is variation in the same countries with different economic contexts and periods of growth and downturn. We analyzed five firm classical determinants ( profitability , tangibility, non-debt tax shield , size and growth opportunities) , and eleven variables that are related to country debt ( GDP , inflation, taxes , trading volume in shares , stock liquidity , capitalization of listed companies, country risk index , interest rate , law enforcement , level of investor protection and disclosure level) . From the analysis, it was identified the debt is linked to a greater degree the characteristics of firms and time, and on a lesser degree, but significant, with characteristics of the environment. It wasn\'t identified very significant changes in the behavior of firm variables between developed and developing countries, as well as between pre-and post- 2008 financial crisis. Regarding the determinants of country analyzed, it is observed that they present adverse behavior due to the 2008 crisis, losing explanatory power, and have no behavior change in sign of the coefficients when comparing countries with different economic development. Characteristics of economic development become more evident in the funding process, such as access to resources in less developed economies. The results show convergence with previous studies such as Moore (1986) , Rajan and Zingales (1995) Booth et al. al. (2001) Kayo and Kimura (2011) , Bebzcuk and Galindo (2011) , Akbar et al. al (2012 ), among others
Silva, Marcos Roberto Alves da. "Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial." Universidade Presbiteriana Mackenzie, 2015. http://tede.mackenzie.br/jspui/handle/tede/833.
Повний текст джерелаUniversidade Presbiteriana Mackenzie
The aim of this study is to verify the influence of the sector of activities, economic and market factors and business performance in the definition of capital structure. It uses data from Economática with 415 Brazilian companies that operated in the capital market (BM&FBOVESPA), between 2001 and 2014, to examine the behavior to such dimensions and their adherence to the wider theoretical set today. Inappropriate decisions of capital structure raises the cost of capital, hindering acceptable investments that maximize the wealth of the owners. Many studies regarding the indebtedness of companies were made in recent decades, but so far has no obvious response of relevance or lack thereof. In this sense, one can conclude that we do not have a theory fully accepted on the capital structure. It is difficult to generalize about funding policies because they differ widely from company to company and in the various sectors of activity. The specific variables to business performance continue to be used exhaustively to seek underpin a theoretical framework on the subject. Other studies, on a smaller scale, mainly in Brazil, investigate a possible influence of the sectors of activity and the economics and market conditions / restrictions in the choice of capital structure. In this sense, realizing the gap of capital structure studies in Brazil, that address sectors of activity and economic and market variables, it opens up the opportunity for this research project. As a result it appears that, after robust regression problems correct order autocorrelation of errors and heteroscedasticity, the variables average leverage of sector, investment of sector, Ibovespa, GDP, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations dependent variable, ie, leverage the market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. As a result it appears that, after robust regression correct order autocorrelation problems of errors and heteroscedasticity, the average leverage variables sector, industry investment, Ibovespa, gdp, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations of the dependent variable, ie, leverage at market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance.
O objetivo principal deste estudo é verificar a influência do setor de atividades, dos fatores econômicos e de mercado e do desempenho empresarial na definição da estrutura de capital. Utiliza-se de dados da Economática com 415 empresas brasileiras que atuaram no mercado de capitais (BM&FBOVESPA), no período entre 2001 e 2014, buscando examinar o comportamento de tais dimensões e sua aderência ao conjunto teórico mais difundido atualmente. Decisões inadequadas de estrutura de capital eleva o custo de capital, dificultando investimentos aceitáveis que maximize a riqueza dos proprietários. Muitos estudos em relação ao endividamento das empresas foram realizados nas últimas décadas, mas, até agora, não foi encontrada uma resposta de relevância ou falta dela. Neste sentido, pode-se concluir que não temos ainda uma teoria totalmente aceita sobre a estrutura de capital. É difícil generalizar sobre políticas de financiamento, pois elas diferem bastante de empresa para empresa e nos diversos setores de atividades. As variáveis específicas de desempenho empresarial continuam sendo usadas de forma exaustiva para buscar alicerçar um arcabouço teórico a respeito do tema. Outros estudos, em menor escala, principalmente no Brasil, investigam uma possível influência do setor de atividade e das condições/restrições econômicas e de mercado na escolha da estrutura de capital. Neste sentido, percebendo a lacuna de estudos de estrutura de capital no Brasil, que contemplem setor de atividades e variáveis econômicas e de mercado, abre-se a oportunidade para a contribuição deste projeto de pesquisa. Como resultado constata-se que, após regressão robusta visando corrigir problemas de autocorrelação dos erros e heterocedasticidade, que as variáveis alavancagem média do setor, investimentos do setor, Ibovespa, pib, inflação, market-to-book, Q de Tobin, lucratividade, liquidez, crescimento e risco do negócio apresentaram significância estatística, no sentido de explicar as variações da variável dependente, ou seja, a alavancagem a valor de mercado. Outras variáveis, como concentração do setor, taxa de juros, tamanho e tangibilidade, não apresentaram, depois da regressão robusta, significância estatística.
Rose, Sebastian, and Daniel Kamali. "Does Property Segment Distribution Affect the Capital Structure of Real Estate Companies? : An Investigative Study of the Operational Risk within Different Property Segments and its Effect on the Debt Ratio in a Company." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298079.
Повний текст джерелаFastighetssektorn är en kapitalintensiv bransch där kombinationen av skuld och eget kapital används för att finansiera fastighetsinvesteringar. Företag tenderar att öka belåningsgraden för att använda finansiell hävstång. Däremot på grund av att bankerna på senare år blivit mer restriktiva med sin utlåning och att de har olika sätt att bedöma risker på i olika fastighetsbolag, finn fog att förutsätta att belåningsgraden påverkas av fördelningen av fastighetssegment i ett företag. Baserat på tidigare forskning finns det många faktorer som kan påverka belåningsgraden (LTV) i ett företag, såsom storlek, lönsamhet, intäktsökning och kostnad för lånat kapital. Denna uppsats syftar till att undersöka dessa faktorer samt den operativa risk som kan synliggöras i fördelningen av fastighetssegment. Studien gjordes via ett kvantitativt tillvägagångssätt genom att undersöka de största fastighetsbolagen i alla Sveriges kommuner. 614 svenska fastighetsbolag undersöktes och analyserades i en OLS- regressionsmodell. Baserat på regressionen finns det tillräckligt med bevis i denna uppsats på att faktorer som storlek, lönsamhet, inkomsttillväxt och kostnad för lånat kapital har en betydande inverkan på LTV. Vidare hittades ingen allmän slutsats angående sambandet mellan fördelning av fastighetssegment och LTV i denna uppsats. Det finns dock bevis för att bostäder och småhusenheter påverkar LTV positivt medan industriella enheter påverkar LTV negativt.
Correa, Carlos Alberto. "A estrutura de capital das maiores empresas brasileiras: análise empírica usando Panel Data." Universidade Presbiteriana Mackenzie, 2006. http://tede.mackenzie.br/jspui/handle/tede/517.
Повний текст джерелаTheories about capital structure suggest several variables that might determinate financing decisions. In general, the studies use cross-section or time series analysis to test these determinants. This study aimed to analyze some of the supposed determinants of capital structure of the larger Brazilian firms, under the lights of the two main theories, the Trade-Off Theory and the Pecking Order Theory, testing the validity of their assumption in the local market. This is an adaptation of the paper of Gaud et al., (2005) developed with Swiss firms, which was used to choose some variables and the Panel Data methodology. Dynamic tests were performed in order to analyze the adjustment process toward a supposed optimal target debit-to-equity ratio, as suggested by other studies that focused on the dynamics of the capital structure decisions. The results show that leverage is negatively associated with the level of tangible assets and profitability, while risk is positively associated with leverage. It was found also that foreign companies present higher debit level than Brazilian owned companies. In general, results suggest that the Pecking Order Theory is more consistent than the Trade-Off Theory to explain the capital structure of the larger Brazilian firms. The dynamic analysis showed a slow adjustment process toward the supposed target debit ratio, suggesting the existence of high transactional costs and giving more evidences to a Pecking Order behavior of managers.
As teorias que versam sobre a estrutura de capital das empresas, sugerem diversas variáveis que poderiam determinar as decisões de financiamento. Em geral, os principais estudos utilizam testes em cross-section ou em séries temporais como metodologia de análise. Este estudo buscou analisar alguns fatores que supostamente determinariam o nível de endividamento das maiores empresas brasileiras, à luz das duas principais teorias que versam sobre o assunto, a teoria de Pecking Order e a teoria de Trade-Off, testando a validade empírica dessas teorias na realidade nacional. O estudo é uma adaptação do artigo desenvolvido por Gaud et al., (2005) na Suíça, cujo trabalho serviu como base para escolha de algumas variáveis e dos testes econométricos realizados, e utiliza a metodologia de Panel Data. Além de testes estáticos, foram feitos testes dinâmicos, com o objetivo de analisar o processo de ajuste da estrutura de capital ao longo do tempo, em direção a um suposto nível-alvo ótimo, como sugerido em outros estudos que abordaram a natureza dinâmica das decisões sobre estrutura de capital. Os resultados demonstraram relação negativa entre o nível de endividamento das empresas, o grau de tangibilidade dos ativos e a rentabilidade, bem como relação positiva do endividamento com o risco. Demonstraram ainda que empresas de capital estrangeiro são mais endividadas que empresas nacionais. De um modo geral, os resultados sugerem que a teoria de Pecking Order é mais consistente do que a teoria de Trade-Off para explicar a estrutura de capital das maiores empresas brasileiras. A análise dinâmica demonstrou baixa velocidade do processo de ajuste da estrutura de capital em direção ao nívelalvo, sugerindo a existência de elevados custos de transação e confirmando o comportamento de Pecking Order dos administradores.
Herek, Daniel, and Elena Spiroska. "Kapitalstruktur i konjunktursvängningar : En kvantitativ studie på lönsamheten och tillväxtens påverkan på svenska börsnoterade företag." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-43720.
Повний текст джерелаDet är länge känt att företag kan finansiera sig med hjälp av eget kapital eller belåning. Sedan Modigliani och Miller teorier om kapitalstruktur och dess påverkan på resultatet har flertal studier fortsatt undersökt fenomenet kapitalstruktur. Med hjälp av tidigare forskning om irrelevansteorin, trade-off teorin och pecking order teorin undersöker forskarna ständigt om hur kapitalstruktur påverkar företagen, vad som påverkar kapitalstrukturen, samt vilken finansieringsmetod som är bäst lämpad för sitt specifika företag.Denna studie avser att undersöka hur kapitalstrukturen påverkas av företagens lönsamhet, tillväxt, samt konjunktursvängningarna i Sverige. Studien undersöker svenska företag noterade på Nasdaq Main Market Stockholm i branscherna industri, råvaror och fastighet. Studiens urval består av 109 företag som undersöks under en tioårsperiod mellan 2010-2019. Studien genomför regressionsanalyser på nyckeltalen skuldsättningsgrad som beroende variabel, samt ROE, ROA, vinstmarginal, omsättningstillväxt, anställningstillväxt och BNP-gap som oberoende variabler.Studien kommer fram till att konjunktursvängningar påverkar företagens kapitalstruktur i industribranschen. Det kunde inte säkerställas att konjunktursvängningar påverkar företag i råvarubranschen eller fastighetsbranschen. Studien uppmätte att ROA korrelerar negativt med industri- och fastighetsbranschens kapitalstruktur. Det kunde inte uppvisas signifikans för lönsamhetsvariablerna för ROA. ROE var enbart signifikant för fastighetsbranschen och korrelerade positivt med skuldsättningsgraden. Vinstmarginal var signifikant och positiv korrelerade för industribranschen, det identifierades även att vinstmarginalen var signifikant för fastighetsbranschen, men resultat var försumbart. Samma försumbarhet upptäcktes för den signifikanta tillväxtvariabeln för omsättningstillväxt för råvarubranschen, medan det inte uppnåddes signifikans för industribranschen och fastighetsbranschen. Slutligen var tillväxtvariabeln för anställningstillväxt enbart signifikant för fastighetsbranschen där det uppvisades en positiv korrelation med skuldsättningsgraden.
Friis-Liby, Victor, and Narina Bengtsson. "Fastighetsbolagens finansiering : En studie om fastighetsbolagens nya finansieringsalternativ." Thesis, Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-28819.
Повний текст джерелаREIS, RENATA TOLEDO. "ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO." Universidade Metodista de Sao Paulo, 2015. http://tede.metodista.br/jspui/handle/tede/1472.
Повний текст джерелаMade available in DSpace on 2016-08-08T17:58:28Z (GMT). No. of bitstreams: 1 Renata Toledo Reis.pdf: 1609716 bytes, checksum: 0ef0b359086f968f893067961f41419d (MD5) Previous issue date: 2015-08-26
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The several theories about the capital structure motivate many studies on this subject, however without meeting a consensus. Other topic not much explored refers to the organization’s life cycle, and how it can influence in the capital structure. This study had as main objective to verify which determinants are the most relevant for the borrowing process in the companies and understand if these determinants change depending on the life cycle, supported by the theories Trade off, Pecking order and Agency’s Theory. In order to achieve the objective was used the analysis of fixed effect panel and Brazilian listed companies have been chosen as sample, finally the study was also based in secondary data available in the Economatica® between 2005 and 2013 using sections from BM&F and BOVESPA. The main result stands the same behavior among the general sample, high and low growth for accounting debt for determining Profitability presenting a negative relationship, and the determinants Growth Opportunity and size, with such a positive relationship. For high groups and some low growth determinants showed different results, such as the uniqueness resulting significance in these two groups, with positive growth in low and negative in the high growth, the collateral value of assets and non-debt tax relief were significant only in low-growth group. For the debt at market value was observed significance for the tax benefit not debt and Singularity. This result reinforces the argument that the life cycle influence the capital structure
As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital
Andersson, Linus, and Jonas Elofsson. "Finansiering av strategiska investeringar : - en fallstudie av Home Properties." Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8445.
Повний текст джерелаEtt företags kapitalstruktur och i förlängningen dess val av finansiering för strategiska
investeringar omgärdas av motstridiga uppfattningar och teorier. Vi har genomfört en
fallstudie av Home Properties AB, ett renodlat hotellfastighetsägarbolag noterat på
Stockholmsbörsens lista för medelstora bolag.
Uppsatsens syfte är att beskriva hur Home Properties agerar och resonerar vid finansiering av
strategiska investeringar och jämföra beskrivningen med Åkerbloms hypotes om sär- och
samfinansiering, pecking order teorin och static trade-off modellen. I syftet ingår också att ge
förslag på vidare forskning.
Enligt pecking order teorin prioriterar företag internt kapital framför externt. Vid finansiering
av strategiska investeringar väljer Home Properties emellertid inteckningslån först. I Home
Properties fall förklaras företagets val av finansieringskällor bättre av static trade-off
modellen och Åkerbloms hypotes om sär- och samfinansiering. Anledningen är delvis att
Home Properties strävar efter ett soliditetsmål för att åstadkomma en optimal kapitalstruktur
vilket inte överensstämmer med pecking order teorin.
Home Properties val av finansiering kan inte helt och hållet förklaras av vare sig pecking
order teorin, static trade-off modellen eller Åkerbloms hypotes om sär- och samfinansiering.
Efter utförd fallstudie kan vi konstatera att Home Properties vid finansiering av strategiska
investeringar i regel vänder sig till (1) särfinansiering (2) internt kapital (3) gemensamt
låneutrymme och (4) nytt eget kapital/ lån/ hybrid. En viktig förutsättning för denna ordnings
giltighet är att soliditetsmålet inte störs långsiktigt.
Boij, Ida, and Nikola Albinowska. "Empiriska samband mellan Skuldsättning och Lönsamhet : - Hur skuldsättning kan användas i ekonomistyrning." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96748.
Повний текст джерелаPurpose: This study aims to; from theories of capital structure and empirical relations between debt and profitability discuss how debt can be used in management control. Method: This study follow quantitative research method. Secondary data is retrieved and analyzed by statistical methods. The results are discussed with the theoretical framework. Conclusion: Empirical results indicate a significant negative relationship between debt (TSK ) and profitability (ROA ), followed by a significant positive relationship between debt (TSK ) and profitability (ROE ). Empirical results further suggest that the measure of profitability is crucial for how debt can be used in management control.
Persson, Cecilia, and Stephanie Karp. "Financing choices in the first funding round : The case of swedish tech entrepreneurs." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254057.
Повний текст джерелаEntreprenörskap och vilken inverkan entreprenörer har på utvecklingen av ett lands samhälle är ett väl diskuterat ämne idag. Under de senaste åren har entreprenörer karakteriserats som ett lands framtida tillväxt eftersom de är av yttersta vikt för både innovation, sysselsättning och konkurrens. En av de största begränsningarna för entreprenörer idag är dock att få tillgång till externt kapital i den inledande fasen av dess verksamhet. Vår avhandling kommer därför att lyfta fram de olika finansieringsalternativ som entreprenörerna har i deras uppstartsfas och varför de väljer en särskild finansieringsmetod för deras verksamhet. Fokus kommer vara på den första finansieringsrundan samt på entreprenörer inom den tekniska industrin och inom den svenska marknaden. Vår uppsats kommer även att vara baserad på en kvalitativ studie som innehåller intervjuer med sex olika nystartade företag för att kunna analysera hur de har finansierat sin verksamhet i uppstartsfasen samt vilken finansieringsmetod de föredrag och varför. Från vår studie har vi dragit slutsatsen att intern finansiering är något som respondenterna föredrar överextern finansiering. Detta ligger i linje med en av åra finansieringsprinciper som vi har använt för denna studie. Vår avhandling förväntas bidra med en djupare förståelse av entreprenörens perspektiv rörande finansieringsfrågor med fokus på teknikindustrin, vilket vi anser vara en extra viktig industri för den globala utvecklingen.