La thèse étudie les effets du projet européen de taxation des transactions financières. Elle en analyse les conséquences sur la volatilité, la liquidité, les volumes des marchés d’actions et d’options, ainsi que sur le prix des actions et des obligations. Le Chapitre I, analyse les réactions des teneurs de marché d’option et conclut à un impact non significatif pour les marchés d’options très liquides, et un impact significatif pour les marchés d’options peu liquides, qui est maximal lorsque les positions des teneurs de marché sont détenues jusqu'à leur échéance. Le Chapitre II conclut à une hausse du coût du capital pour les entreprises européennes qui serait défavorisées vis à vis de leurs concurrents situés en dehors de l’EU. C’est la non liquidité des marchés d’options à maturité longue, et l’arbitrage entre dérivés de crédit et actions, qui conduit à cette hausse, d’après le Chapitre I. Le Chapitre III modélise simultanément les prix des actions et des obligations des entreprises. Il conclut à une baisse du prix de ces actifs due à l' introduction de la FTT. Les entreprises à fort levier et taxées à des taux faibles verraient une dépréciation du prix des actions plus élevée que leur concurrentes soumises à des taux plus élevés. Ceci suggère une harmonisation des taux de taxes dans l’EU préalablement à la mise en place de la FTT. Enfin, la FTT, qui déprime le prix des actifs émis par les entreprises, est en conflit avec la règlementation BASEL III qui vise à renforcer leurs fonds propres.En conclusion, notre approche par les options permet de formaliser l’impact sur la volatilité et de trouver une justification à la baisse du prix des actifs mise en évidence par plusieurs études empiriques portant sur des introductions passées de telles taxes au Royaume-Uni et en Suède. / The dissertation reviews the effects, on capital markets, of implementing, within the EU, an excise tax (the FTT) on all financial transactions. We review the effects on the volatility, the liquidity, trading volumes and the price of assets. In Chapter I, we analyze the option market-makers hedging strategies. We conclude to an insignificant effect of the FTT in highly liquid options markets, as opposed to a significant effect in low liquid option markets, the maximum being reached when market makers hold positions until their expiration date. Chapter II evidences a negative impact of the FTT on the corporate cost of capital due to the illiquidity of long dated option markets, and the arbitrage between equity and credit derivatives. The FTT would increase considerably the cost of capital of European companies whose main competitors are outside the EU.In Chapter III, we model both stocks and bonds theoretical prices and conduct simulations of their reaction to the introduction of the FTT. We find that both shares and bond prices will be negatively affected by the FTT, increasing the cost of capital, in the short and long run. Companies with high leverage and a low tax rate will see the price of their shares fall further than the price of shares of comparable, high-tax, leveraged companies. This suggests that EU should level all corporation tax rates, within the EU, prior to the introduction of the FTT. Finally, the FTT has an antagonistic effect to the Basel III regulation which seeks to increase the capital of banks, because at the same time it lowers the prices of securities issued by Banks. In conclusion, our original approach focusing on options, is fruitful. It makes possible to quantify the impact of FTT on volatility and allows a theoretical justification of the negative impact on asset prices found in empirical reviews of past experience of the introduction of a FTT.

Introducirse a la estructura de capital idónea que optimice la política de financiamiento de una empresa constituye probablemente uno de los espacios académicos menos consuetudinarios; sin embargo, la línea investigativa ha sido abordada desde 1950 hasta la actualidad. El presente trabajo recoge evidencias desde su fundamentación histórica y académica, para luego abrirse paso entre las primeras teorías como el modelo de equilibrio parcial hasta colegirse en posturas más sofisticadas como el método de préstamos basado en activos o la influencia de factores macroeconómicos. Esta evolución ha mantenido en algunos casos minúscula gradualidad con ínfulas de avance circular; sin embargo, otras posturas se han ramificado en distintas vertientes aperturando nuevos espacios de conocimiento; conectando al lector a posibles conclusiones o posiblemente convenciéndolo a abrazar cada propuesta sin que ello implique una receta certera y única. / Getting into the ideal capital structure that optimizes the financing policy of a company is probably one of the least customary academic spaces; however, the research line has been approached from 1950 to the present. The present work collects evidence from its historical and academic foundations, to then make its way between the first theories such as the partial equilibrium model to join more sophisticated positions such as the asset-based loan method or the influence of macroeconomic factors. In some cases, this evolution has maintained a tiny gradualness with airs of circular advance; However, other positions have branched out in different aspects, opening up new spaces of knowledge; connecting the reader to possible conclusions or possibly convincing him to embrace each proposal without implying an accurate and unique recipe. / Trabajo de Suficiencia Profesional

Este estudio se centra en analizar el ciclo de conversión de efectivo y su relación con la liquidez y la rentabilidad de las empresas. Para ello, se ha sistematizado la información obtenida en artículos de reciente publicación en revistas prestigiosas (en su mayoría cuartiles 1 y 2) y referidos a economías y periodos diversos, lo cual permite estructurar una visión rigurosa, actualizada y amplia sobre el tema. La información ha sido estructurada de la siguiente manera. En primer lugar, se explica qué es el capital de trabajo y cuál es su importancia. Luego, se explican los dos enfoques existentes para gestionar el capital de trabajo: el enfoque agresivo y el conservador. Se presenta al ciclo de conversión de efectivo como una herramienta de la gestión del capital de trabajo. Se estudia después una de las formas de financiamiento del capital de trabajo: el crédito con proveedores. En segundo lugar, se analiza cómo la rentabilidad influye en la duración y en los componentes del ciclo de conversión de efectivo, así como su relación con ratios que miden la rentabilidad. En último lugar, se analiza la relación del ciclo de conversión de efectivo con el apalancamiento, los factores macroeconómicos y con el valor de las empresas. Contar con esta síntesis permitirá que gerentes y administradores puedan gestionar adecuadamente su capital de trabajo y, a la vez, tomar decisiones financieras adecuadas que contribuyan a obtener mejores y mayores beneficios para sus organizaciones. Se espera, asimismo, que la comunidad académica incluya este tema en su agenda de investigación y desarrolle estudios específicos para nuestra realidad. / This study focuses on analyzing the cash conversion cycle and its relationship with the liquidity and profitability of companies. To this end, the information obtained from recently published articles in prestigious journals (mostly quartiles 1 and 2) and referring to different economies and periods has been systematized, which allows structuring a rigorous, updated and broad view on the subject. The information has been structured as follows. First, it explains what working capital is and its importance. Then, the two existing approaches to managing working capital are explained: the aggressive and the conservative approach. The cash conversion cycle is presented as a working capital management tool. Then, one of the forms of working capital financing is studied: supplier credit. Secondly, how profitability influences the length and components of the cash conversion cycle is analyzed, as well as its relationship with ratios that measure profitability. Finally, the relationship of the cash conversion cycle to leverage, macroeconomic factors and firm value is analyzed. This synthesis will enable managers and administrators to adequately manage their working capital and, at the same time, make appropriate financial decisions that contribute to obtaining better and greater benefits for their organizations. It is also expected that the academic community will include this topic in its research agenda and develop specific studies for our reality. / Trabajo de Suficiencia Profesional

A nivel global, las empresas con alto crecimiento son generadores directos de nuevos puestos de trabajo, pero ¿Qué tan bien mantienen este crecimiento sostenido a lo largo del tiempo? En la literatura, existen varios modelos de tasa de crecimiento sostenible (TCS) propuestos por Higgins (1977) y Van Horne (1987), el primero indicó que el crecimiento rápido puede ejercer una gran presión sobre los recursos de la empresa, e incluso, llevarla a la quiebra, debido a que un aumento en las ventas requiere un incremento de los activos que genera nuevas necesidades financieras, asimismo, el segundo colocó mayor énfasis al desarrollar un modelo en el que incluyó el margen de beneficio neto, la rotación de activos, la tasa de retención de rendimiento y el patrimonio. Sin embargo, el tema de la TCS ha tomado mayor relevancia en los últimos años, pues las variables señalas no serían suficientes para determinar un adecuado índice de crecimiento que sea perdurable a través de los años. Por ello, el presente trabajo se centra en la TCS y las diversas variables que influyen en su comportamiento, esto a partir de la literatura y las investigaciones encontradas. / Globally, high-growth companies are direct generators of new jobs but how well they maintain this sustained growth over time. In the literature, there are several models of sustainable growth rate proposed by Higgins (1977) and Van Horne (1987) to mention the most relevant. The first indicated that rapid growth can put great pressure on the resources of the company and can even lead to bankruptcy because an increase in sales requires an increase in assets that generates new financial needs. The second placed greater emphasis on developing a model that included profit margin, asset turnover, retention rate of return, and equity. However, the issue of the sustainable growth rate has taken on greater relevance in recent years because the variables mentioned above would not be sufficient to determine an adequate growth rate that lasts over the years. This work focuses on the sustainable growth rate and the various variables that influence its behavior based on the literature and research found. / Trabajo de Suficiencia Profesional

Circular fashion has become a favoured option for the fashion industry to transition toward as the fast fashion industry becomes unsustainable. Current research within academia, business and policy focuses on the lifecycle stages of the garments, with the designer and design phase in focus. Research on circular economy predominantly looks at material flows and the lifecycle. This however fails to acknowledge potential innovation and the capacity for this change to occur. This study uncovers the perspectives of the designer, who are largely absent from the current research agenda, in order to identify leverage points in the current system which would allow accelerated transition toward a circular fashion system. Using workshops as a method to involve designers, paired together with critical systems theory; the study first highlights a large gap between academia and reality, and reveals that there is a large misconception between designers from fast fashion and designers from luxury fashion and the power influences they allow, while, underlying internal organizational structures pose as an obstacle minimizing capacities for change. Finally, using a three horizons framework as a technique, six leverage points are identified: cultural norm, strong teams, digitalization, leadership for sustainability, education & knowledge and reducing intergenerational conflicts. Overall, the study provides a holistic view of the current environment and the transition toward circular fashion, how lifecycle phases connect to circular economy frameworks and highlights innovation and the ways in which the designer can be re-empowered. The study bridges fashion business with sustainability science in a straightforward way and sets and refines the future research on solutions and challenges.

Building new homes and oÿces are vital for the well-being in a country from both an economic sense and from a viewpoint that a growing population needs more housing. For construction companies to be able to meet their objectives, an important issue is the capital structure choice. The discussion of capital structure and company value became one of the most contentious areas in finance in the decades following the publication of the famous paper by Modigliani and Miller. Since then, there has been a lot of work exploring the optimal capital structure for firms in di˙erent situations, however the work has been rather limited in Sweden. This study tested the pecking order theory of capital structure on publicly traded Swedish construction firms between 1995 to 2019. The study had a focus on how well the pecking order theory can account for financial decisions made by Swedish construction firms through a series of tests. The purpose is to understand what factors are the most important, with regards to the capital structure, for listed firms in the Swedish construction industry. The result of the tests showed that the pecking order theory failed to outperform the conventional leverage model. Therefore, the study was unsuccessful in finding support for the hypothesis that the pecking order theory would be the dominant financial theory to explain capital structure decisions. / Att 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.

Aktieägare investerar kapital med avsikt att få en avkastning, vilket är direkt kopplat till bolagets lönsamhet. För en kapitalintensiv sektor som fastighetsbranschen, är det av stor betydelse att ha en kapitalstruktur väl anpassad till bolagets förutsättningar och behov eftersom detta påverkar resultatet och därmed lönsamheten. Kapitalstrukturen inom bolag beror av flera faktorer, men något som är tydligt enligt tidigare studier är att ägarstrukturen har en koppling till bolagsfinansieringen. De senaste åren har möjligheten till finansiering ändrats drastiskt, med både striktare kapitalkrav från bankerna, men även nya finansieringsalternativ såsom obligationer och certifikat. Detta innebär att kapitalstrukturen har förändrats under de senaste åren, och vi vill därför undersöka hur ägarstrukturen kan kopplas till kapitalstrukturens utveckling och utformning.  Vi utreder denna kopplingen genom en kvantitativ ansats där vi samlar information från bolagens årsredovisningar under en femårig period. Vi studerar ägarstrukturen utifrån ägarfördelning samt ägarkoncentration medan kapitalstrukturen utreds baserat på skuldsättningsgrad och skuldfördelning. Studien bidrar till en ökad förståelse för vad ägarstrukturen kan säga om ett bolags kapitalstruktur. Resultaten kan användas av bolagsledningar vid beslutsfattandet rörande kapitalanskaffning, för att på så sätt kunna agera i ägarnas intresse. Vi finner att privata ägare samt ägande från försäkrings- och pensionsbolag samt AP-fonder har en koppling till en minskad användning av bankfinansiering och istället en ökad användning av finansiering genom obligationer och certifikat. Vi finner även att en koncentrerat ägande har en koppling till en lägre andel bankfinansiering samtidigt som de generellt sett har en högre skuldsättningsgrad. / Shareholders invest capital with the intention of yielding a return, which is determined by the company's profitability. The real estate industry requires a large amount of capital, and the capital structure therefore has a major impact on the companies’ profitability. Capital structure depend on a number of factors, but one thing that is clear according to previous studies is that ownership structure is connected to financing. In recent years, the capital market has seen drastic changes, with both stricter requirements from the banks, but also new financing options such as bonds and certificates. Therefore, we want to investigate how the ownership structure can be linked to the capital structure in terms of both the development as well as the average allocation.  Our study uses a quantitative approach, where we gather information from the companies' annual reports over a five-year period. We study the ownership structure based on ownership distribution and ownership concentration, and the capital structure is investigated based on leverage ratio and debt distribution. The study contributes with an increased understanding of how the ownership structure is connected to the capital structure. The results can be helpful for management in decision-making when raising capital, in order to act in the owners’ interests. Our findings suggest that private owners as well as ownership from insurance and pension companies as well as the AP-funds is connected to a reduced use of bank financing and instead an increased use of bonds and certificates in order to raise capital. We also find that a concentrated ownership is linked to a lower proportion of bank financing, while generally having a higher leverage ratio.

The global challenges of our time are unprecedented and urgent action is needed. Transformational learning and leadership development are key leverage points for supporting society’s transition towards sustainability. Many even claim that learning on an individual, organisational and societal scale is required for society’s successful transitioning towards sustainability. However, in this relatively new field, practitioners, scholars and educators grapple with what best promotes transformational learning and with how to best design and operate learning experiences that truly build capacity for leadership for sustainability. The aim of this work was to establish an improved understanding of this and to find recommendations for practitioners and educators with ambitions to create systems change for sustainability by building the capacity of people to be sustainability leaders. As an educator and facilitator of sustainability work for over a decade, working at the crossroads of local government and community change, lecturing on leadership for sustainability in Australia and currently being embedded within the faculty of the Master’s in Strategic Leadership towards Sustainability (MSLS) program in Sweden, I have rested this thesis firmly within an action-oriented transformations research paradigm in which the only way to understand a system is through a comprehensive collaborative attempt to change it. One case of action research explored an organisational change for sustainability program that spanned over five years in a local government in Perth, Western Australia and the learning and policy interventions that supported this change. Participant observation with field notes, interviews, surveys and document analysis were particular methods used in this case. Two further cases focused on the MSLS program and its practices and specific components that support such leadership development and transformational learning. Feedback surveys from students and an open question survey to alumni were key methods used in these cases. The findings suggest that community and relationships are essential for supporting and growing sustainability leadership capacity; that hope and agency are irreplaceable components for leading sustainability change; that self-reflection and dialogue are skills that will help sustainability leaders navigate complex and uncertain futures and that these can be learned. Findings also indicate that creating a shared language for sustainability work helps bridge disciplinary divides and practitioner silos, and that skills of dialogue are required to capitalise on participation. Also, the integration of the components of community, place, content, pedagogy and disorientation with hope and agency can help support transformation in sustainability leadership education and provide synergistic reinforcement of the sustainability transformation required. This thesis provides added evidence that learning can be a key leverage point for sustainability transformations in an organisation and suggests how such learning can be most effectively achieved through a conscious design of learning environments, including the use and integration of the mentioned components to improve sustainability leadership for impact in society.

This thesis investigates the applications and implications of Generative Pretrained Transformer (GPT) technology in international entrepreneurship. The research questions focus on how GPT can serve as a strategic tool, communication tool, and knowledge leverage tool, and how these applications influence decision-making, enhance performance, The findings from the analysis chapters highlights that GPT significantly contributes to strategic planning, market analysis, and operational management, thereby enhancing decision-making and performance. GPT technology, acting as a potent communication tool, nurtures more robust client relationships and eases cross-cultural interactions, courtesy of its superior language processing capabilities. The thesis discusses how these capabilities of GPT can lead to reduced miscommunications and enhanced client satisfaction. This, in turn, contributes to cost savings by retaining existing customers and attracting new ones, thereby enhancing profits. Moreover, The main theoretical implications that this  thesis has resulted in will showcase the time efficiency brought by automated, high-quality communication that reduces man-hours spent on routine interactions, freeing resources for strategic tasks for international entrepreneurship.  Furthermore, this study enriches the literature on generative AI exemplified by models like GPT in the world of international business, particularly within the context of international entrepreneurship. It offers essential insights that can guide international entrepreneurs in understanding the potential advantages of integrating GPT technology into their business operations.

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