The aim of this study is to examine the dividend policy behavior of firms listed at Stockholm Stock Exchange from 2005-2011. We examine the behavior from a Market Cap (firm size) and industry classification (group characteristics) perspective due to the structure of Stockholm Stock Exchange, by using non-parametric methods and Lintner`s model. The conclusions are as follows: (i) Market Cap listing and industry classification matters for the propensity to pay dividends and we observe that firms in Mid Cap and Small Cap were more likely to pay dividends in 2011 than in 2005. (ii) Neither Market Cap listing nor industry classification affects the firms’ payout ratio. (iii) Market Cap listing affects the firms´ level of paid DPS (dividend per share) but not significantly when we compared firms in Large Cap to firms in Mid Cap. Industry classification affects the firms´ level of paid DPS. (iv) Current EPS (earnings per share) and past DPS are important factors for deciding current DPS when firms were classified into Market Caps, but not for all firms when they were classified into industries. (v) Firms follow regular but unstable dividend policies despite Market Cap listing. Firms in the Health Care industry follow irregular and unstable dividend policies while the firms in the other industries follow regular but unstable dividend policies.

The purpose of this thesis is to investigate the life cycle stages of the chosen gazelles in Sweden and identify their effectiveness related to the stages. Furthermore, we study whether the given characteristic of the gazelle companies correspond to the suggested characteristics of the given theoretical framework. Gazelles, as the outstanding performers of both financial profits and job creators of our society, they are always struggling to sustain growth and satisfy market needs in order to maintain their prestigious status. Therefore, it is critical for them to access their abilities as well as constraints of the current organizational structures and we seek the solutions to these problems through the organizational life cycle theory perspective. Our study focuses on the Dagens Industri’s gazelle award winners that are carefully evaluated by the strict criteria it provides. Also, we revisit the various previous studies in the field of the organizational life cycle and effectiveness in order to provide the foundation for our analysis. In order to serve our purpose, we study 26 gazelles from Sweden in dept by reviewing their annual reports and official websites and provide the reader with quantities data research that are self-administrated concerning the different attributes of the life cycle stages and effectiveness. In conclusion, we find that the majority of the Swedish gazelle companies we have studied correspond to the second stage of the life cycle model which focuses on human relations model as an effectiveness area. However, these firms demonstrate unique effectiveness that genuine SMEs do not have, such as high focus on R&D and harmony between flexibility and control in their organizational structure.

In the mid-1920s L. Albert Hahn's Economic Theory of Bank Credit (1920) had become one of the most influential and certainly the most controversial book on monetary theory in the German language area. Hahn wanted to overcome the orthodox view that every credit has to be financed by means of savings deposited by the banks. Banks are producers of credit which is not limited by the amount of saving. Capital was seen by Hahn as the result of credit creation and not of saving. Over time Hahn moderated some exaggerations of the first two editions of The Economic Theory of Bank Credit, such as the idea of a permanent boom. The paper also compares Hahn's views on the role and effects of credit with those of Schumpeter and investigates Hahn's claim to have anticipated essential ideas of Keynes' General Theory. (author's abstract) / Series: Department of Economics Working Paper Series

This study examines the relationship between cash flow rights and dividend payout policy of listed family firms in Taiwan, an economy characterized by a predominance of family-controlled firms. Dividend payout levels are important because they are crucial to governing the firm and managing its investments. The empirical results show that at a low level of controlling families¡¦ cash flow rights, the threat to lose control any time makes controlling families claim more in dividends. This yields a positive relationship between dividend payout and the cash flow rights of controlling families. Meanwhile, at a moderate level of controlling families¡¦ cash flow rights, the entrenchment effect creates a negative relationship. Finally, at the very highest level of controlling families¡¦ cash flow rights, excessive firm-specific risk again yields a positive relationship. This nonmonotonic relationship between controlling family cash flow rights and dividend payout also holds for financially mature firms that have high earned to contributed capital mix.

Over the past decade, the rapid developments and growth of information and communication technology (ICT) have triggered a new wave of customer service. This study utilizes the net-enable business innovation cycle theory with secondary data analysis to analyze the process and outcomes of the implementation of emerging technology, i.e., web-based application and voice over internet protocol (VoIP) for the case company, i.e., A Company. We investigate the characteristics and feature of the emerging technology including the web-based application and VoIP, identify the potential economic opportunity for the A Company, analyze the needed business innovation for its growth, and assess the potential value for its customer. The findings have the potential to contribute to the understanding of impacts occurring in the innovation associated with the implementation of the emerging technology for the A Company and offer rich insights for the company to exploit the economic opportunities, the needed business innovation, and the potential value for the customer. This approach also provides a systematic template that helps an organization to decide whether an emerging technology is worthy to implement.

<p>The  Austrian  Business  Cycle  Theory  (ABC)  provides  a  qualitative  explanation  of  why economies go through ups and downs in terms of national income, production output and labor employment. The theory states that interest and money supply policy distort the time preferences of economic agents. If the monetary authority reduces the interest rate through artificial credit expansion the new economic conditions induce both increased production and consumption. The  framework of  the Austrian  theory depends on  savings  to  fuel  investments, i.e. reduced consumption in order to create increased future consumption. Artificially  induced  expansions  create  a wedge between  these producer  and  consumer preferences, and prolonging of the process widens the gap between the economic state and the free market  equilibrium which  is  long-term  sustainable. When  the  financial  system  eventually is unable to maintain inflation of credit to uphold the economy, there will be abandonment of capital investments, resulting in an unavoidable recession. The purpose of this thesis is to analyze the theory from a short run perspective, using data from  the United Kingdom  economy. The  theory has previously primarily been  tested  in long run perspectives and mainly on the American economy. To achieve the noted a model was constructed based on the description of the theory by economists Hayek and Garrison, members of the Austrian school of economics. To empirically model the ABC theory the ratio between consumption and investment, the intertemporal  resource allocation, was  calculated and used as a dependent variable  in  regressions with money aggregates, credit and interest rate gap as independent variables. The empirical findings give some support to the theory, with a number of those findings directly in favor of the theory. Credit was shown to better explain changes in the C/I ratio than money aggregates, indicating that credit is more directly suited for investments. The coefficient for the interest rate gap, the difference between the natural interest rate and the market interest rate, showed strong significance. Overall differences between economic expansions and recessions were found statistically significant, which lends support to the model.</p>

<p>This paper provides support for the view that there should be a close link between inno-vation and export performance. In essence it is argued that successful exporting requires penetration of a market through an innovation process. For a small country like Sweden depending on production of knowledge intensive goods and product competition, to re-tain its international competitiveness, this notion is likely to hold true. Against this background an analysis aimed at testing to what extent Swedish export capacity can be determined by innovation is presented. In addition the factors perceived as influencing this capacity are identified and their relative importance is assessed. Specifically patent and R&D data are treated as the main proxies for innovation activity. Moreover the rela-tive export and innovation performance among the Swedish municipalities is analyzed. A spatial version of the product cycle model is introduced as it explicitly captures the process of innovation, relocation and export dynamics and forms a link to the succeed-ing theorizing. In particular it suggests that certain regions are more likely to be the lo-cation for innovative exporting firms due to advantageous intrinsic favorable attributes specific to these locations. In the specified model such attributes that are assumed to in-fluence export capacity in the Swedish municipalities are defined as local, intra- and in-terregional accessibility to research, average number of patents and density of employ-ment. Regression results suggest that accessibility to research from within the munici-pality exerts the principal effect on export and innovation capacity. Moreover the influ-ence of accessibility to industry R&D dominates over the university variable in both re-gressions, with total and per kilogram export value as dependents. In addition regional size exerts a rather strong positive effect on total export value.</p>

<p>Syftet med denna magisteruppsats är att studera huruvida en hög tillgänglighet till FoU vid företag respektive universitet genererar exporttillväxt. Denna tankegång grundar sig i produktcykelteorin varför även denna uppsats är en analys i dess validi-tet. Företag i en region som har stor tillgång till kunskap och forskning bör även vara i en frontposition inom export. Denna tillgänglighet har grupperats i forskning vi universitet och högskolor eller forskning inom företag. Därtill kan även denna till-gänglighet indelas vid dess geografiska lokalisering.</p><p>På grund av data som använts vid analysen och dess komplexitet är resultaten troliga-re en indikation än exakta. Tillgängligheten är tveklöst av vikt för exporttillväxten men de olika underavdelningarna skiljer sig från varandra. Företagsforskning tycks påverka exporttillväxten positivt oavsett lokalisering. Därtill följer resultaten teorin eftersom den externa tillgängligheten till företagsforskningen har en betydligt större inverkan än den externa.</p><p>Tillgängligheten till universitetsforskning ger de mest anmärkningsvärda resultaten. Utan en statistisk säkerhet kan endast en tendens utrönas. Universitetsforskningen ter sig svårare för företag att absorbera oavsett om den utförs inom regionen eller ex-ternt. Relationen mellan företag och universitet kan antas vara av dubbel natur där de å ena sidan påverkar varandra positivt samtidigt som de konkurrerar om samma ut-rymme i en region.</p> / <p>The purpose of this master thesis is to study whether a high accessibility to R&D performed by firms and universities respectively generate export growth. This sug-gestion is founded in the theory of the product cycle why this thesis also scrutinizes its validity. Firms in a region which have a high access to knowledge and research should have a front position within export. This access can be sub-divided into the unit of performance or with respect to the geographical location.</p><p>Due to the data used in the analysis and its complexity, the final result is an indica-tion rather than precise. The accessibility is doubtlessly of major importance for the export growth but the subdivisions give different results. Research performed by firms seems to affect the export growth positively irrespective of the localisation. Also, the external accessibility to firm research has a larger impact on the export growth than if it is performed internally.</p><p>The access to research performed by universities gives the most notable results. Without statistical significance a tendency can only be distinguished. The research performed by universities seems more difficult to absorb by firms irrespective of geographical location. The relation between firms and universities may be two folded where it is positive as well as competitive.</p>

<p>Syftet med uppsatsen är att analysera utlokaliseringen av tekoindustrin i EU15. Man finner svaren i följande frågor: Vilka faktorer bidrar till omflyttning av produktionen till låglöne-länder? Vilka är vinnarna och förlorarna på denna omstrukturering? Hur klarar den Euro-peiska tekoindustrin av dessa utmaningar? Att redogöra för varje EU-land är för omfattan-de därför valdes Sverige och Portugal beroende på att respektive land har en utvecklad och mindre utvecklad ekonomi. Därutöver riktas deras produktion mot olika sektorer av teko-industrin vilket möjliggjorde landsjämförelsen. Största delen av datan har samlats från SourceOECD’s hemsida då den innehåller information som är viktigast for uppsatsen. Re-sultatet visar att när industrin utvecklas och marknaden till slut blir överhettad börjar indu-strilandet att flytta produktionen utomlands, fokuseringen ändras och impörten blir allt vik-tigare. Denna process sker gradvis med hjälp av liberalisering av världshandel och EU ut-ökning.</p> / <p>The purpose of this paper is to analyze the location dynamics of textile and clothing industries in the EU15. Specifically, it seeks to answer the following questions: What are the factors that contribute to the relocation of European production to low-wage countries? Who are hurt by these changes and who gain? How does the European textile and clothing industry cope with these challenges? It is beyond the scope of this paper to analyze the T/C industry of each EU15 member state. Instead, it specifically investigates Sweden and Portugal’s textile and clothing sectors simply because the former represents Europe’s old economy while the latter the most recent one. In addition, each country devotes its production to the different sectors of the industry, hence this cross-country comparison. Majority of the data is gathered from SourceOECD as the webpage contains information of most value to this paper. The result of this study shows that as an industry matures and competition heats up pricing measures, the developed country moves production operations overseas, ends up as a net importer of the good and shifts focus toward other activities. This process takes effect gradually but the liberalisation of world trade and European enlargement are a few contributing factors which helped anchor relocation decisions.</p>

Presented here are consumption and production related asset pricing models which seek to explain stock market behaviour through the stock premium over risk-free bonds and to do so using parameter values consistent with theory. Our results show that there are models capable of explaining stock market behaviour. For the consumption-based model, we avoid many of the suggestions to artificially boost the predicted stock premium such as modelling consumption as leverage claims; instead we use the notion of surplus consumption. We find that with surplus consumption, there are models including the much-maligned power utility model, capable of yielding theory consistent estimates for the discount rate, risk-free rate as well as the coefficient of relative risk aversion, y. Since real business cycle theory assumes a risk aversion coefficient of 1, we conclude that our model which gives a value close to but not equal to 1, provides an indication of the impact of market imperfections. For production, we present many of the existing models which seek to explain stock market behaviour using production data which we find to be generally incapable of explaining stock market behaviour. We conclude by presenting a profit based formulation which uses deviations of actual from expected profits and dividends via stock price reaction parameters to successfully explain stock market behaviour. We also conclude that the use of a profit based formulation allows for a link to investment, output and pricing decisions and hence link consumption and production.