Submitted by Timbo Noeme (noeme.timbo@metodista.br) on 2016-08-08T17:58:28Z No. of bitstreams: 1 Renata Toledo Reis.pdf: 1609716 bytes, checksum: 0ef0b359086f968f893067961f41419d (MD5) / Made 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 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / 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

A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The 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.

Submitted by Neusa Fagundes (neusa.fagundes@unioeste.br) on 2018-02-27T14:38:05Z No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-27T14:38:05Z (GMT). No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-07-18 / The capital structure has been studied since the mid-1950s, especially since Durand (1952), and the subject has been explored by Modigliani and Miller (1958), Myers and Majluf (1984), and others, always with different approaches over time. One of the theoretical fronts is the pecking order theory, led by Myers (1984) and Myers and Majluf (1984), which analyzes the influence of information asymmetry on the capital structure of organizations. Therefore, in order to verify the influence of the asymmetry on the capital structure of Brazilian and North American companies from 2011 to 2015, a panel data analysis was carried out, modeling variables linked to information asymmetry to verify if they influenced, or not, the indebtedness of the companies analyzed, in order to respond to the following research problem: "What is the influence of information asymmetry in determining the capital structure of Brazilian and US publicly traded companies in the period from 2011 to 2015?". Thus, it is expected that the study will contribute, in particular, to the accomplishment of the comparative analysis between the mentioned countries, identifying the behavior of the data and the adequacy of the companies to the precepts of the financial theories mentioned, emphasizing that the comparative analysis undertaken is the main gap in the study, given the scarcity of comparative studies within the capital structure. As for main findings, it was verified that the existence of lower information asymmetry indexes led to lower indebtedness in both Brazilian and North American companies, which is recommended by pecking order, that is, it was verified that in fact, the information asymmetry has an influence on corporate indebtedness. However, the beha vior of the variables in Brazilian and North American companies diverges, and not always the variables showed the expected behavior, according to what the theory suggested. In addition, differences in the economic environment, market structure, cost of credit and others may cause a result initially contrary to that predicted by the theory is not necessarily a divergent result. As a practical contribution of the study, when analyzing data from two different countries, a broader view is given, especially for the investor (as an external user of the accounting information) and the administrator (as internal user), about the debt behavior, and on which variables are able to affect this behavior, in particular to assess the influence of the variables related to the asymmetry of information in this theme. With this, it can be verified empirically as relevant business issues, such as corporate governance, influence the directions taken by companies. Finally, although the subject is widely studied, it remains available and with research gaps, with ample space for studies that contribute to the better understanding of the issue. / A estrutura de capital vem sendo estudada desde meados dos anos 1950, em especial a partir de Durand (1952), tendo o tema sido explorado ainda por Modigliani e Miller (1958), Myers e Majluf (1984), e outros, sempre com diferentes abordagens ao longo do tempo. Uma das frentes teóricas que se dedica ao tema é a pecking order theory, encabeçada por Myers (1984) e Myers e Majluf (1984), que analisa a influência da assimetria de informação na estrutura de capital das organizações. Diante disso, e visando verificar a influência da assimetria na estrutura de capital das empresas brasileiras e norte-americanas de 2011 a 2015, realizou-se uma análise com dados em painel, modelando-se variáveis ligadas à assimetria de informação para verificação se elas influenciaram, ou não, o endividamento das empresas analisadas, para responder ao seguinte problema de pesquisa: “Qual a influência da assimetria de informação na determinação da estrutura de capital de empresas brasileiras e americanas de capital aberto no período de 2011 a 2015?”. Com isso, espera-se que o estudo contribua, em especial, no sentido da realização da análise comparativa entre os países mencionados, identificando o comportamento dos dados e a adequação das empresas aos preceitos das teorias financeiras, salientando que a análise comparativa empreendida se apresenta como a principal lacuna do estudo, dada a escassez de estudos comparativos dentro da temática da estrutura de capital. Como principais resultados, verificou-se que a existência de menores índices de assimetria de informação conduziu a um menor endividamento tanto nas empresas brasileiras quanto nas norte-americanas, o que é preconizado pela teoria pecking order, ou seja, constatou-se que de fato a assimetria de informação exerce influência no endividamento empresarial. Contudo, o comportamento das variáveis nas empresas brasileiras e norte-americanas diverge, e nem sempre as variáveis apresentaram o comportamento esperado, de acordo com o sugerido pela teoria, além de que diferenças de ambiente econômico, de estrutura de mercado, de custo de crédito e outros podem fazer com que um resultado inicialmente contrário ao previsto pela teoria não seja, necessariamente, um resultado divergente. Como contribuição prática do estudo, ao analisar dados de dois países distintos, tem-se uma visão mais ampla, em especial para o investidor (como usuário externo da informação contábil) e do administrador (como usuário interno), sobre o comportamento da dívida e sobre quais variáveis são capazes de afetar esse comportamento, em especial de aferir qual a influência das variáveis ligadas à assimetria de informação nessa temática. Com isso, pode-se verificar empiricamente como questões empresariais relevantes, como a governança corporativa, influenciam nos rumos tomados pelas companhias. Por fim, embora o tema seja amplamente estudado, continua aberto e com lacunas de pesquisa, com amplo espaço para realização de estudos que contribuam com a explicação da questão.

Made available in DSpace on 2016-03-15T19:26:35Z (GMT). No. of bitstreams: 1 Marcelino David.pdf: 600485 bytes, checksum: 69798a82027dd1c9b687b393132dfdcc (MD5) Previous issue date: 2008-02-15 / The structure of financing of the companies has been studied since the publication in 1958 of the famous article in that Modigliani and Miller defended that, under certain conditions, the level of leverage used by the companies would not have impact on its value. Of there for the current days, a significant number of academic works was published, allowing the development of several theories that try to explain that forms the companies look for its optimal level of indebtedness. Among those theories, they stand out pecking order and trade-off. The theory of the trade-off makes possible to discuss the counterbalancing of the effects of the taxes, deducible events and effects of costs of the financial difficulties in the capital structure. The theory of the pecking order proposes a hierarchization of the capital sources. This study has as reference the works accomplished by Fama and French (2002) accomplished with data of North American companies and by Brito and Silva (2003) accomplished with data of Brazilian companies. This work tested the forecasts of the trade-off and pecking order theories on indebtedness and payout, using the methodology of Fama and McBeth (1973). This work demonstrated that the Brazilian companies increased the remuneration goal, however they still distribute a small proportion of the profits, if compared to the American pattern, in spite of the Brazilian legislation to be quite favorable. The results indicate that the payout is negatively related with the investment opportunities and that the dividends don t suffer variation of short period to accommodate the investments, as it defends the theory of the pecking order. The profitability demonstrated to be relevant in the determination of the indebtedness politics, what indicates that the most lucrative companies are less indebted confirming the pecking order. Besides, the variable size showed to be significant in the indebtedness politics, what confirms the theories of the pecking order and trade-off. / A estrutura de financiamento das empresas tem sido estudada desde a publicação em 1958 do famoso artigo em que Modigliani e Miller defendiam que, sob certas circunstâncias, o índice de alavancagem utilizado pelas empresas não teria impacto sobre o seu valor. De lá para os dias atuais, um número significativo de trabalhos acadêmicos foi publicado, permitindo o desenvolvimento de diversas teorias que procuram explicar de que forma as empresas buscam o seu nível ótimo de endividamento. Dentre essas teorias, destacam-se pecking order e trade-off. A teoria do trade-off possibilita discutir o balanceamento dos efeitos dos impostos, eventos dedutíveis e efeitos de custos das dificuldades financeiras na estrutura de capital. A teoria do pecking order propõe uma hierarquização das fontes de capital. Este estudo tem como referência os trabalhos realizados por: Fama e French (2002), desenvolvido com dados de empresas norte-americanas e por Brito e Silva (2003), elaborado com dados de empresas brasileiras. Este estudo testou as previsões das teorias de trade-off e pecking order sobre endividamento e payout, utilizando a metodologia de Fama e McBeth (1973). Os resultados indicam que as empresas brasileiras aumentaram a meta de remuneração, porém ainda distribuem uma proporção pequena dos lucros, se comparados ao padrão americano, apesar da legislação brasileira ser bastante favorável. Os resultados sinalizam que o payout é negativamente relacionado com as oportunidades de investimento e que os dividendos não sofrem variação de curto prazo para acomodar os investimentos, conforme defende a teoria do pecking order. A lucratividade demonstrou ser relevante na determinação da política de endividamento, o que indica que as empresas mais lucrativas são menos endividadas, confirmando a pecking order Além disso, a variável tamanho mostrou ser significativa na política de endividamento, o que corrobora as teorias do pecking order e trade-off.

Made available in DSpace on 2016-03-15T19:26:41Z (GMT). No. of bitstreams: 1 Claudio Campos.pdf: 616754 bytes, checksum: 460e9f837eac7a814ae3967a63fbc3f7 (MD5) Previous issue date: 2009-02-03 / Fundo Mackenzie de Pesquisa / Two theoretical currents, which have been developed in the context of the North American economy, compete with each other to explain the Capital Structure of organizations. The first one called Static Trade-off Theory shows that the enterprises pursue a pre-established capital structure, whereas the second, called Pecking Order Theory" states that what determines the debt-ratio of the enterprises is the difference between the cash-flow generated internally and the financial deficit. It is the scope of this study to test the hypothesis of Trade-off and Pecking Order in the Corporate decisions concerning Finance using the Cross-Section Method to analyze the data of a sample of 214 Brazilian firms listed in Bovespa Stock Exchange. This study took into consideration the structure of research by Tong and Green (2005) which had been performed with a sample of 50 Chinese companies, due to the characteristics of the Chinese economy and the recommendation on the part of the authors to apply these models in countries under development or economies in transition. The studies carried out by Allen (1993), Baskin (1989) and Adedeji (1998) were also used to define three models in which the Pecking Order Theory and the Trade-off Theory present very different predictions:- (1) The determinants of financial leverage, (2) the relationship between financial leverage and dividends, (3)The determinants of the Corporate investment. As a relevant result, it was confirmed through the first model that there is indeed a negative and significant relation between financial leverage and profitability; the second model showed a positive and significant relation between financial leverage and index of dividends paid; whereas the third model, like in the studies by Tom and Green, did not lead to any conclusions; pointing out that the overall results tend to the Pecking Order Theory. Therefore, this work brings new empirical evidences for the theories by Tong and Green showing that the behavior of financing of the Brazilian companies follow the conventional model of Corporate Capital Structure. / Duas correntes teóricas, que foram desenvolvidas no contexto da economia norte-americana, competem entre si pela explicação da estrutura de capital das empresas. A primeira, chamada de Static Trade-off Theory, indica que as empresas perseguem uma estrutura de capital pré-estabelecida, e, a segunda, denominada Pecking Order Theory, corrobora que o que determina o endividamento das empresas é a diferença entre o fluxo de caixa gerado internamente e o déficit financeiro. Visando a testar as hipóteses de Trade-off e Pecking Order nas decisões corporativas de finanças e usando a metodologia de análise de dados em corte transversal cross-section" para uma amostra de 214 das maiores empresas brasileiras listadas na bolsa de valores Bovespa, este estudo considerou a estrutura da pesquisa de Tong e Green (2005) elaborada com uma amostra de 50 empresas chinesas, dadas as características da economia chinesa e a indicação dos autores para se trabalhar esses modelos em países em desenvolvimento ou economias em transição. Também foram utilizados, como base, os estudos de Allen (1993), Baskin (1989) e Adedeji (1998) para estabelecer os três modelos nos quais as teorias de Pecking Order e Trade-off apresentam previsões claramente diferentes: (1) os determinantes da alavancagem financeira; (2) a relação entre alavancagem financeira e dividendos; e (3) os determinantes dos investimentos corporativos. Como resultado expressivo, confirmamos, por meio do modelo (1), que há , de fato, uma relação negativa e significante entre alavancagem financeira e rentabilidade das empresas; e, no modelo (2), uma relação positiva e significante entre alavancagem financeira e os índices de dividendos pagos. Entretanto, o modelo (3), a exemplo do resultado do trabalho de Tong e Green (2005), mostrou-se inconclusivo, apontando, no final, que os resultados tendem para a teoria de Packing Order. Esses resultados acrescentam novas experiências empíricas para as teorias de Trade-off e Pecking Order, demonstrando que o modelo convencional de estrutura de capital corporativo pode explicar o comportamento de financiamento das empresas brasileiras.

The aim of this thesis is to perform an analysis of capital structure of joint stock companies based in the Czech Republic. The first part of the thesis introduces modern theories and main determinants of capital structure. Further it stakes out basic models used for testing the validity of mentioned theories and the methodology used. The second part of the thesis focuses on practical results of the analysis. The first chapter summarises descriptive analysis of the passive structure, the level of leverage, the composition of equity and liabilities of the joint stock companies. These ratios are judged mainly according to industry classification and the type of ownership. In the next step, the relationship between leverage and profitability is closely explored since it is thought to be one of the main determinants. In the last chapter, the models are applied to the sample of Czech companies with the effort to judge the validity of capital structure theories and to evaluate the effect of determinants on capital structure.

Bakgrund och problemdiskussion: Årligen sker uppstarter av nya företag men flera av dem läggs ned kort därefter. En faktor är svårigheterna till finansiering då externa finansiärer inte är benägna att ta risker och flera företag har dålig insikt om alternativen som finns när det kommer till val av finansiering. Därför anses det väsentligt att studera gapet genom ett antal mikro- och småföretag och diskutera finansieringsmetoder som de valt till sin verksamhet och hur det har påverkat företaget utifrån ägarfördelning och företagslivscykel.   Syfte: Uppsatsens syfte är att skapa en djupare förståelse och kunskap om mikro- och småföretags möjligheter att skaffa kapital för att säkerställa verksamhetens fortlevnad och tillväxt. Genom ökad förståelse ges ett bidrag till att underlätta val av finansieringsmetod och ge värdefulla kunskaper inom ämnet.   Metod: Uppsatsen är en kvalitativ studie där materialinsamling sker genom semistrukturerade intervjuer för att skapa en djupare förståelse från respondenterna. Med en komparativ studie sammanvävs faktorerna finansiering, företagslivcykel och ägarfördelning då det saknas forskning som behandlar ämnena tillsammans. Undersökningen är en flerfallstudie där 12 företag har valts ut för empirisk materialinsamling.   Slutsats: Anledningar till företagens olika finansieringssätt beroende på olika stadier i livscykeln beror snarare av aktiva val som företagen gjort. Då ingen tydlig koppling mellan vissa finansieringssätt och stadier i livscykeln, upptäcktes istället ett teoretiskt gap i livscykelmodellen. Ägarfördelning gjorde stor påverkan vid val av finansiering för studiens deltagande företag där tydlig koppling ges mellan vad varje ägare anser om ägarandelar och vilken finansiering som då väljs. / Background and problem discussion: Every year, new companies start up, several of them are shut down shortly thereafter. One factor is the difficulty of financing as external financiers are not inclined to take risks and several companies have poor insight about the alternatives that exist when it comes to the choice of funding. Therefore, it is considered essential to study the gap through a number of micro and small companies and discuss funding methods that they have chosen for their business and how it has affected the company based on ownership distribution and business life cycle.   Purpose: The purpose of the thesis is to create a deeper understanding and knowledge of the possibilities of micro and small companies to acquire capital in order to ensure the continuity and growth of the business. Through increased understanding, a contribution is made to facilitate the choice of financing method and provide valuable knowledge in the subject.   Method: The essay is a qualitative study in which material collection takes place through semi-structured interviews to create a deeper understanding of the respondents. With a comparative study, the factors financing, business life cycle and ownership distribution are combined where there is no research that deals with the topics together. The survey is a multiple-case study in which 12 companies have been selected for empirical material collection.   Conclusion: Reasons for the companies different funding methods depending on different stages of the life cycle are due rather to active choices made by the companies. Since no clear link between certain funding methods and stages in the life cycle, a theoretical gap was instead discovered in the life cycle model. Ownership distribution made a large impact on the choice of funding for the study's participating companies, where a clear connection is given between what each owner considers about ownership interests and what funding is then chosen.

A company's need for an effective and suitable corporate strategy is higher than ever due tofierce and increasing competition in the current business landscape. In order for companies tofinance their chosen corporate strategy, as for instance conduct investments for growth, theyneed proper funding. Moreover, the capital structure defines and outlines a company’s availablemix of debt and equity. Financial theories and studies further conclude that it is paramount forcompanies to understand the relationship between the corporate strategy and the capital structurein order to remain competitive. However, the current amount of empirical studies that have beenconducted in this area is very limited. Therefore, this study has analysed and examined therelationship between the corporate strategy and the capital structure for small and medium-sizedenterprises (SMEs) in the Swedish manufacturing industry. Indeed, the purpose of the study is toexamine this relationship. The study has been executed by conducting five case studies where five different SMEs in theSwedish manufacturing industry have been analysed. The companies represent both familyownership as well as ownerships via external investors. The five case studies consisted of semistructuredinterviews with the CEO of each firm. A questionnaire was also provided to the fiverespondents, which enhanced the possibility to benchmark the results from the companies. The results of the study indicate that the relationship between the corporate strategy and thecapital structure differs depending on a company’s type of ownership. In conclusion, forexternally owned companies (e.g. owned by private equity companies), the corporate strategytends to drive the choice of capital structure. On the other hand, for companies owned by thefounding families, the relationship seems to be inverted where the capital structure rather drivesthe choice of corporate strategy. / Ett 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.

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.

Background: SME constitutes to 99,9% of business in Sweden. A central aspect of running a business is to grow, Previous research shows that access to external funds is a limitation for SMEs ability to create growth and therefore capital structure can vary between companies.  Purpose: The purpose of this study is to examine the financial sources that are of greatest significance for SMEs with positive and negative growth. The purpose is also to investigate whether there are micro and macroeconomic factors that affect the growth of Swedish SMEs. Method: This study has been conducted using a quantitative approach and a random sample of 121 SME from all of Sweden’s stock markets. The research period lasted for 6 years, from 2017 to 2022. In operationalizing the variables, previous research was used, were as the dependent variable was growth in net sales. Multiple regression analysis has been conducted to see if any independent variables had any effect on the growth in net sales.  Results: The result from this study indicates that the percentage of debt and equity are almost the same for SME:s with positive and negative growth. Similar to previous studies this result indicates that the internal cashflow is not enough to finance growth. External finance is therefore crucial to create growth. The external finance with the biggest positive impact on SME:s with positive growth are equity and long-term debt. The external finance with the biggest positive impact on SME:s with negative growth is short-term debt. The conclusion from this study is that the internal cashflow has the biggest impact in determining whether the external finance have a positive or negative impact on net revenue.  This study also found that micro-economic factors affect SME:s. The present study found that younger SME:s has a higher growth rate. Size has a positive effect on SME:s. Out of the macro-economic factors that were used in the study, only business cycle had a significant effect on growth rate.  The result from this study found that pecking order theory is better to describe the capital structure of SME than trade off theory, but both theories are relevant in explaining SMEs options of financial sources. / Bakgrund: Små- och medelstora företag (SME) utgör 99,9% av företagen i Sverige. En central del för företag är att växa. Tidigare forskning visar att tillgången till externt kapital är en begränsande faktor för SMEs tillväxt. Det kan därför variera hur företag strukturerar sin finansiering. Syfte: Syftet med denna studie är att undersöka vilka finansieringskällor som är av störst betydelse för SME med positiv- och negativ tillväxt. Syftet är också att undersöka om det finns mikro- och makroekonomiska faktorer som påverkar tillväxten i svenska SME. Metod: Studien har genomförts med ett kvantitativt angreppssätt. Urvalet har skett slumpmässigt, där det slutgiltiga urvalet av populationen bestod av 121 SME från samtliga svenska börser. Undersökningsperioden sträcker sig över 6 år från 2017 till 2022. I operationaliseringen av variablerna har forskarna använt sig av tidigare forskning där den beroende variabeln är nettoomsättningstillväxt. Flertalet regressionsanalyser har genomförts för att kontrollera de oberoende variablernas påverkan på nettoomsättningstillväxt. Resultat: Resultatet från studien visar att andelen skulder och eget kapital för de båda undersökningsgrupperna är relativt lika. Likt tidigare studier indikerar resultatet på att det interna kassaflödet inte räcker för att finansiera tillväxt. Extern finansiering blir därför avgörande för att skapa tillväxt. För företag med positiv tillväxt är de externa finansieringskällorna med störst positiv betydelse eget kapital och långfristiga skulder. För företag med negativ tillväxt är kortfristiga skulder den externa finansieringskällan med störst positiv betydelse. Slutsatsen är att det interna kassaflödet är av störst betydelse för huruvida externa finansieringskällor har en positiv eller negativ påverkan på nettoomsättningstillväxt. Denna studie fann att mikroekonomiska faktorer påverkar SME. Den aktuella studien fann att yngre SME har högre tillväxt. Storleken påverkar tillväxten positivt. Av de makroekonomiska faktorerna som användes i studien är det enbart konjunktur som är signifikant. Resultatet från studien indikerar på att pecking order-teorin bättre kan tolka resultatet än trade off-teorin, men det går att argumentera för att båda teorierna är relevanta för att förklara SMEs finansieringskällor.