Firms must access capital to remain in business.  Small firms have greater difficulty accessing financial resources than have large firms because of their limited access to capital markets.  These difficulties are exacerbated by information asymmetries between a small firm’ s management and capital providers.  It has been theorized that many information asymmetries can be reduced through networks that link those in need of capital with those who can supply it. This research is about these relationships and their impact on the firms’ capital structure. This research has been limited to a sub-set of small firms, family firms.  I have collected data through a survey using a systematic sampling procedure. Both self-administered questionnaires and semi-structured interviews were utilized. The data analysis was based on the responses from two-hundred-and-fifty-six small manufacturing firms in Thailand. Seemingly unrelated regression (SUR), logistic regression, multiple discriminant analysis and Mann-Whitney U test were employed in the analysis. The hypothesis that firms apply a pecking order in their capital raising was confirmed although the generally accepted rationale based on poor access (and information asymmetries) was rejected.  Instead, at least for family firms, the desire to maintain family control had a significant impact on the use of retained earnings and owner’s savings. My results also indicated that while the depth of relationships had a positive effect on direct funding from family and friends, networks did not facilitate capital access from external providers of funds. Instead direct communications between owner-managers and their capital providers (particularly bank officials) mattered. A comparative analysisof small manufacturing firms in general and small family manufacturing firms revealed that there were differences between them in regard to their financial preferences, suggesting that family firms should be considered separately in small firm research. Further, the results of this research raise some questions about the appropriateness of applying theories directly from one research context to another without due consideration for  the impact of cultural influences. Through this research I have added evidence to the dialogue about small firms from a non-English speaking country by investigating the impact of networks on capital structure and the rationale behind family firm capital structure decisions.

Skuldsättningsgraden ökar värdet på ett företags aktier genom skatteskölden, samtidigt som den ökar sannolikheten för finansiella problem och dess kostnader. För att uppnå en optimal kapitalstruktur måste skatteskölden balanseras mot de potentiella kostnaderna för finansiella problem. Det finns ingen matematiskt formel som förklarar hur denna optimering bör ske, det finns dock fyra viktiga faktorer som ledningen på ett företag bör ta hänsyn till när de bestämmer skuldsättningsgraden –företagets lönsamhet, storlek, tillgångsstruktur och affärsrisk. Syftet med denna studie är att testa vilka oberoende variabler som påverkar skuldsättningsgraden hos de största svenska börsnoterade företagen och genom detta kunna dra slutsatser om huruvida de tillämpar en optimal kapitalstruktur enligt Trade off teorin. Korrelation-samt den multipla regressionsanalysen visar att det inte finns något samband mellan skuldsättningsgraden och de oberoende variablerna. Vi kan därmed dra slutsatsen att företagen i populationen inte har en optimal kapitalstruktur.

Syftet med vår studie var att undersöka hur faktorerna tillgångsstruktur, lönsamhet, företagsstorlek och tillväxt kan förklara variationer i svenska företags skuldsättning. Studien syftade också till att undersöka skillnader i faktorernas förklaringskapacitet mellan olika sektorer. Utifrån tidigare studier och teorier om faktorernas förväntade relation till företags skuldsättning utarbetade vi egna arbetshypoteser över våra förväntade samband. För att analysera hur våra valda faktorer kan förklara variationen i företags skuldsättning utförde vi regressionsanalyser med två definitioner av skuldsättning som beroende variabel. Sammanlagt samlades data från 59 företag in för en tidsperiod på fem år som legat till grund för de utförda regressionsanalyserna. De slutsatser vi har dragit från vårt resultat är att studiens faktorer i högre grad förklarar företags andel långfristiga skulder än deras totala skulder. Vidare drog vi slutsatsen att studiens fyra faktorer uppnår liknande förklaringsgrader för variationen i skuldsättning som tidigare studier genomförda i andra länder. Det här innebär att faktorerna har en generell betydelse för företags val av kapitalstruktur även i Sverige. Av vårt resultat från regressionerna kunde vi även konstatera att faktorernas förklaringsgrad varierar kraftigt mellan de olika sektorerna. Det här gjorde att vi drog slutsatsen att sektorspecifika förutsättningar har stor betydelse, både för skillnaderna i faktorernas förklaringskapacitet men också för företags val av kapitalstruktur generellt.

This study examines the market reaction to rights offering announcements in Turkey. Even though the topic is extensively studied in the finance literature, there is still research going on for emerging markets. The first part of this study measures market reaction to rights offering announcements for six different information arrival dates. The results are significantly negative except for the case of the announcement of the rights offering period. Additionally, the sample is divided into two sub-periods as before and after the 2001 crisis. The results show that there is a significant difference in market reaction and this difference is attributed to the change in economic policy after the 2001 crisis. The second part of the study examines the determinants of this market reaction and the findings suggest that bonus issues are positively related and there is also evidence that firms time their equity issues. The third part analyzes the long term performance of equity issuing firms in two subgroups as financial and non-financial firms. The results provide evidence of a negative performance and this finding is consistent with the results of previous studies.

<p>Background: In Sweden, only 652 companies have managed to reach the criterions stated by Dagens Industri in their ranking of the Swedish gazelle compa-nies. Rapidly growing companies are very important for the creation of job opportunities and economic wealth. Growth is associated with significant costs, especially for a manufacturing company, and capital is therefore vital for a company’s prosperity. Capital can be either internally generated or externally provided. Previous research has shown that companies firstly prefer internally generated funds, then debt and last new equity.</p><p>Purpose: The purpose of this thesis is to describe, analyze and provide examples on how Swedish gazelle companies have financed their growth, what financing options they have and for what purposes they needed finance. The thesis will also examine the importance of external financer’s contribution with financial and human capital for the growth of the gazelles.</p><p>Method: A qualitative approach has been used to meet the purpose of the thesis. 12 in-depth, unstructured phone interviews have been conducted with some of the fastest growing gazelle companies in Sweden.</p><p>Conclusions: A company can finance its growth using owner’s equity, retained earnings, leasing, factoring, public subsidies and loans, bank loans, venture capital and business angels. All these sources of finance are represented in the empirical findings except for factoring. Internally generated capital has mainly been used to cover working capital and to some extent smaller in-vestments. The externally provided capital has mainly been invested in larger investments like machines, property and product development. The financial capital has been the main contribution by external financers except for business angels, where the human capital was most important.</p>

<p>In Sweden, only 652 companies have managed to reach the criterions stated by Dagens Industri in their ranking of the Swedish gazelle companies. Rapidly growing companies are very important for the creation of job opportunities and economic wealth. Growth is associated with significant costs, especially for a manufacturing company, and capital is therefore vital for a company’s prosperity. Capital can be either internally generated or externally provided. Previous research has shown that companies firstly prefer internally generated funds, then debt and last new equity.</p><p>The purpose of this thesis is to describe, analyze and provide examples on how Swedish gazelle companies have financed their growth, what financing options they have and for what purposes they needed finance. The thesis will also examine the importance of external financer’s contribution with financial and human capital for the growth of the gazelles.</p><p>A qualitative approach has been used to meet the purpose of the thesis. 12 in-depth, unstructured phone interviews have been conducted with some of the fastest growing gazelle companies in Sweden.</p><p>A company can finance its growth using owner’s equity, retained earnings, leasing, factoring, public subsidies and loans, bank loans, venture capital and business angels. All these sources of finance are represented in the empirical findings except for factoring. Internally generated capital has mainly been used to cover working capital and to some extent smaller investments. The externally provided capital has mainly been invested in larger investments like machines, property and product development. The financial capital has been the main contribution by external financers except for business angels, where the human capital was most important.</p>

Pecking order theory is an important theory in explaining companies’ financing policies. Most previous research works focused on individual country. In our research, we compared the degree to which the pecking order theory is followed in countries worldwide and determined the main macro factors that cause the difference. We use the pecking order coefficient, an indicator meaning that how much of one dollar of external fund will be financed by issuing debt, to measure the degree how firms follow the pecking order in each country. The evidence shows that law enforcement and accounting quality are important determining factors. That is, firms in countries with a stricter law enforcement and higher accounting quality can use more equity because the problems of information asymmetry are less evident. Besides, development of stock market also determines firms’ financing decisions. The stock market serves as a source of fund and facilitates the obtaining of information. Thus, firms in a well-development stock market will use more equity and follow the pecking order to a lesser extent.

I samband med lågkonjunkturen 2008 har det skett en ökning av preferensaktieemissioner på den svenska marknaden. Då detta är ett relativt nytt fenomen på den svenska börsen har få studier genomförts om hur bolagets börsvärde påverkas av offentliggörandet av en preferensaktieemission. För att undersöka hur börsvärdet förändras genomför vi en eventstudie där vi testar den svenska marknadens effektivitet vid offentliggörandena. Vi studerar om det uppkommer avvikelseavkastningar i samband med offentliggörandet av bolagens beslut. Dagen för offentliggörandet visar resultatet i vår studie en genomsnittlig negativ signifikant reaktion med 1,25 %. Dagen efter offentliggörandet finner vi positiva signifikanta avvikelseavkastningar vilket indikerar att marknaden är ineffektiv och att bolagets börsvärde efter offentliggörandet påverkas positivt.

In order for companies to be competetive on the market, there’s a need of capital. If a company is in a need of capital to make major investments and isn’t able to prioritize internal funding, the priority will be external financing with safe securities; loans. How companies should prioritize the allocation between equity and debt, which together form value, leads us to the subject of capital structure. The purpose of the study is to examine what possible relationship; P/E-ratio, tangible assets, size, profitability and inflation have on leverage, for listed companies on the Stockholm Stock Exchange between the years 2008-2012. The study use a quantitative method of a collection of annual report data. The conclution shows that P/E ratio, tangible assets and inflation have no relationship with leverage. Size showed the strongest positive relationship and profitability of the strongest negative relationship. The authors conclude that the trade-off theory, both contradict and support the results of the study and the authors find support for the Pecking order theory.

Denna uppsats undersöker hur ett företags skuldsättningsgrad påverkar dess lönsamhet och hur detta samband påverkas av en ekonomisk nedgång. En ekonomisk nedgång har studien likställt med finanskrisen 2008-2009. För att undersöka sambandet används en regressionsmodell som tar hänsyn till att ett potentiellt omvänt samband föreligger mellan skuldsättningsgrad och lönsamhet. Resultatet visar att det är ett positivt samband mellan skuldsättningsgrad och lönsamhet före och under finanskrisen, men att sambandet inte är signifikant efter finanskrisen. Förhållandet mellan skuldsättningsgrad och lönsamhet förändras under de tre undersökningsperioderna och blir starkare under krisen och svagare efter krisen. Det funna positiva sambandet mellan skuldsättningsgrad och lönsamhet ger stöd för trade-off teorin och agentteorin och inget stöd för pecking order teorin.