Bakgrund: Oberoende av konjunktur måste ett företag finansiera sin verksamhet med kapital. Kapitalstruktur är ett omdebatterat forskningsområde där det inte råder någon generell gångbar teori som är applicerbar för majoriteten av företag. Detta tillsammans med att kapitalstruktur i konjunkturvändningar är ett relativt outforskat område möjliggör ett intressant kunskapsbidrag. Att företag inom samma bransch visat på större likheter i kapitalstruktur aktualiserar en avgränsning till en specifik sektor. Hur påverkades Sveriges största exportsektor, industriföretagen, med deras relativt höga skuldsättning av den större konjunkturnedgången som rådde år 2006–2009? Syfte: Studien syftar till att analysera hanteringen av, samt vad som påverkade kapitalstrukturen utifrån skuldsättning i de svenska industriföretagen för konjunkturnedgången under åren 2006–2009. Genomförande: I syfte att analysera skuldsättning utifrån konjunkturnedgången användes en kvantitativ strategi med finansiella nyckeltal och värderingsmultiplar från samtliga industriföretag som förklaringsvariabler. I syfte att göra studien mer verklighetsförankrad genomfördes intervjuer med åtta bolag om hanteringen och arbetet med kapitalstrukturen över tiden. Tidigare forskning inom kapitalstruktur, tillsammans med studiens empiri, har legat till grund för analys och jämförelse med konjunkturnedgången år 2006–2009. Resultat: De flesta sambanden vilka påverkade skuldsättningen under åren 2006–2009 gäller oavsett konjunkturläge. Dock råder större inverkan av konjunkturnedgången vid analys av förklaringar till sambanden där lönsamhet, tillväxt och risk är bidragande orsaker. Industriföretagen gör ingen direkt anpassning av strukturen vid en konjunkturvändning då de anses kategoriseras som ”överlevare” utifrån verksamhet och flexibilitet i kapitalstruktursammansättning. / Background: Regardless of the economy, a company must finance its operations with capital. Capital structure is a controversial area of research without any general applicable theory for the majority of companies. This, together with the relatively unexplored area of capital structure in economic turnarounds enables an interesting contribution to knowledge. The fact that companies within the same industry has proven greater similarities in capital structure raises a delimitation into a specific sector. How was Sweden’s largest export sector, industrial companies, affected by the major economic downturn that prevailed during the years 2006–2009, considering their relatively high leverage ratio? Purpose: The aim is to analyse the management of, and what affected the indebtedness in the Swedish industrial companies during the economic downturn the years 2006– 2009. Completion: In order to analyse the indebtedness during an economic downturn the study used a quantitative approach based on financial ratios and valuation multiples as explanatory variables. Interviews were conducted in order to make the study more reality-based regarding management of capital structure over time. Previous research in capital structure, together with the empirical results, has been the basis for analysis and comparisons to the economic downturn during 2006–2009. Results: Most correlations, which affected the indebtedness during 2006–2009, prevails regardless of the economic climate. However, there is a greater impact by the economic downturn when analysing the explanations of the correlations whereby profitability, growth and risk are seen as contributing factors. Furthermore, industrial companies make no direct adaption in structure at economic turnarounds since they are considered “survivors” in their strategy based on their business and flexibility in the composition of capital structure.

The real estate sector has been heavily impacted by rising inflation and subsequent interest rate increases. This is placing pressure on all real estate companies with higher levels of debt. The rising interest rates are leading to increased costs and making it more challenging for these companies to refinance their loans. As a result, real estate companies are facing greater financial strategy challenges compared to the previous era of low interest rates.  The aim of this paper is to explore how Swedish real estate companies navigate in a financial perspective during economic cycles, investigating their strategies during and prior to an economic downturn. Previous research has explored the risk management strategies used by real estate companies to prepare for a potential upcoming recession during the Covid-19 pandemic. Additional research has addressed real estate strategies during the 2008 crisis. However, this study specifically focuses on the current market situation characterized by increasing inflation and interest rates. A qualitative research method is utilized to explore real estate companies' financial strategies during and prior to an economic downturn in the current market. The study commenced by selecting real estate companies of various sizes, representing different market segments, and encompassing both privately owned and publicly traded firms. This approach provided a comprehensive perspective and allowed for the identification of differences and similarities among the companies. 15 semi-structured interviews were then conducted with representatives from these companies, primarily CEOs and CFOs. The findings highlighted variations in strategies and preparations prior to an economic downturn. One significant finding from the study is the divergence in approaches among companies when facing an impending crisis. Only a few companies attempt to predict market trends, while others adjust their strategies only after an economic downturn has occurred. Many companies underscore the importance of stable cash flows, diversified financing, and careful monitoring of the interest coverage ratio, particularly in the current market environment. The relationship with banks and rating agencies also becomes increasingly crucial. While real estate companies share similarities in adapting to market conditions, their specific approaches and strategiesdiffer based on factors such as portfolio composition, financing preferences, tenant considerations, and acquisition strategies. / Fastighetssektorn har påverkats kraftigt av stigande inflation och följande räntehöjningar. Nuvarande konjunkturnedgång sätter press på fastighetsbolag med högre belåningsgrad eftersom räntehöjningarna skapar ökade kostnader samt gör refinansiering av lån till en störreutmaning. Detta har gjort att fastighetsbolagen har blivit mer pressade i sina finansiella strategier, till skillnad från under den tidigare nollräntemiljön. Syftet med denna studie är att undersöka hur svenska fastighetsbolag navigerar ur ett finansiellt perspektiv under konjunkturcykeln, samt att undersöka deras strategier under och inför en konjunkturnedgång. Tidigare forskning har utforskat riskhanteringsstrategier som fastighetsbolag använder för att förbereda sig för en potentiellt kommande recession under Covid-19-pandemin. Ytterligare forskning har behandlat fastighetsstrategier under 2008- krisen. Denna studie fokuserar specifikt på den nuvarande marknadssituationen som kännetecknas av stigande inflation och räntor. En kvalitativ forskningsmetod används för att utforska fastighetsbolagens finansiella strategier under och före en ekonomisk nedgång i den nuvarande marknaden. Studien inleddes med att välja fastighetsbolag av olika storlekar, som representerar olika marknadssegment, och innefattar både privatägda och börsnoterade företag. Detta tillvägagångssätt gav ett omfattande perspektiv och möjliggjorde identifiering av skillnader och likheter bland företagen. 15 semi-strukturerade intervjuer genomfördes med representanter från dessa företag, främst VD:s och CFO:s. Resultatet belyser variationer i strategier och förberedelser inför en konjunkturnedgång. En upptäckt från studien är skillnaderna i tillvägagångssätt bland företagen när de står inför en kommande kris. Endast ett fåtal företag försöker förutse marknadstrender, medan andra justerar sina strategier endast efter att en ekonomisk nedgång har inträffat. Många företag betonar vikten av stabila kassaflöden, diversifierad finansiering och noggrann övervakning av räntetäckningsgraden, särskilt i den nuvarande marknadsmiljön. Relationen med banker och ratinginstitut blir också viktigare. Medan fastighetsbolag delar likheter i anpassningen till marknadsförhållanden, skiljer sig deras specifika tillvägagångssätt och strategier baserat på faktorer som portföljsammansättning, finansieringspreferenser, hyresgästöverväganden och förvärv.

Business process reengineering (BPR) was analyzed as one of the approaches to considerably improve the performance of the enterprise. The actuality of BPR in times of economic downturn was evaluated. The historic evolution of the concept was examined and findings about the economic nature of BPR emergence were made. The dependence of BPR actuality and simplicity of BPR usage on the level of enterprise business process maturity was shown. A conclusion about optimal point was made via depicting the interrelations graphically. Advantages of BPR usage for enterprises of different sizes were proved and specified. Benefits of BPR were compared with benefits of other related methods like ERP, JIT, TQM and Continuous Improvement. The future possible development of the BPR was analyzed. There offered possible further directions of research in the area of BPR based on current limitations of the concept. Results of the research may be used in companies of maturity level one to three, taking into account size of the company and current state of business process maturity.

For the past years, there has been an absence of economic crisis on a global level. The unexpected COVID-19 pandemic caused by the SARS-CoV-2 virus led to a significant disruption in economies across the globe, followed by a decrease in economic activity. The decline in economic activity caused market shocks which eventually increased unemployment. This paper aims to analyse unemployment between the years 2018 to 2021 to measure pre- and post-pandemic unemployment rate among Swedish municipalities. The research question is, was the COVID-19 affected significantly related to an increase in unemployment rates across the 290 municipalities in Sweden? Data collection is from several agencies, including the Swedish Public Employment Service (Arbetsförmedlingen), The Public Health Agency of Sweden (Folkhälsomyndigheten), and Statistic Sweden (SCB). The regression model used to analyse the variables are series of fixed effects regression. The aim of this paper is to contribute to the understanding of the pandemic and economic downturn. By examining variables such as COVID-19 affected, immigrants, education, and disposable income in municipalities, this paper was able to conclude that COVID-19 affected are significantly related to unemployment increase in all 290 municipalities.

Syfte & frågeställning: Syftet med detta arbete är att analysera hur fastighetsbolag anpassar sin ekonomiska strategi, det vill säga hur de navigerar i investeringsbeslut, ser på sitt finansiella upplägg samt hur de arbetar med utmaningar och riskhantering. - Hur anpassar fastighetsbolag sin ekonomiska strategi för att hantera utmaningarna i rådande kostnadsökningar? Bakgrund: Tidigare har forskning genomförts inom olika branscher för att utforska olika aspekter av företagens strategiska beteende under perioder av ekonomisk osäkerhet, inklusive deras hantering av kostnadsökningar. Dock finns ett kunskapsgap när det gäller studier inom detta ämne i den svenska fastighetsbranschen idag. För närvarande råder en utmanande situation på fastighetsmarknaden, där kombinationen av låg avkastning på fastigheter och höga finansieringskostnader har resulterat i ett begränsat intresse för fastighetsköp. Metod: Denna uppsats omfattar en forskningsstrategi som präglas av abduktiv metodik. Litteraturstudien gjordes genom att samla in teorier och kunskap från tidigare forskning. Vidare genomfördes en kvalitativ studie där nio individer med varierande roller inom fastighetssektorn intervjuades. Slutsats: Oavsett företagets storlek har de företag med kommersiellt bestånd indexreglerat sina hyror för att kompensera för inflationen. Generellt anser respondenterna att den stora förändringen är att man är mer försiktig vid nya investeringar. Det är dock viktigt att notera att det inte finns någon allmän lösning som passar alla företag. / Aim & Research Question: The purpose of this study is to analyze how real estate companies adjust their financial strategy, namely how they navigate investment decisions, manage their financial structure, and address challenges and risk management. - How do real estate companies adapt their financial strategy to address the challengesof current cost increases? Background: Previous research has been conducted across various industries to explore different aspects of firms’ strategic behavior during periods of economic uncertainty, including their handling of cost increases. However, there is a knowledge gap regarding studies within this subject in the Swedish real estate industry today. Currently, there is a challenging situation in the real estate market, where the combination of low property yields and high financing costs has resulted in limited interest in property purchases. Method: This essay encompasses a research strategy characterized by abductive methodology. The literature review was conducted by gathering theories and insights from previous research. Furthermore, a qualitative study was carried out, interviewing nine individuals with diverse roles within the real estate sector. Conclusion: Regardless of the company size, commercial portfolio companies have indexed their rents to compensate for inflation. Overall, respondents believe that the major change is being more cautious in new investments. However, it is important to note that there is no onesize-fits-all solution for all companies.

Viešojo sektoriaus ekonomikos magistro darbo tema yra ypatingai aktuali tiek valstybei, tiek šalies gyventojams. Kiekvienoje valstybėje yra labai svarbu garantuoti socialinę apsaugą kiekvienam jos piliečiui, todėl socialinio draudimo fondo biudžetas turi būti planuojamas itin atidžiai. Įvairiais ekonomikos vystymosi etapais atsiranda socialinio draudimo fondo biudžeto sudarymo problemų, kurios ypatingai aktualios esant ekonominiam nuosmukiui, nes susidaro didžiausia problema – Valstybinio socialinio draudimo deficitas. Socialinės išmokos ir užtikrintas jų gavimas, kai netenkama pajamų yra labai svarbus, tačiau esant dideliam biudžetui deficitui atsiranda pavojus, kad išmokų mokėjimas gali sutrikti arba išmokos mažėti. 2008 m. atsiradęs didžiulis biudžeto deficitas kelia nerimą net tik socialinio draudimo valdybai, kuri atsakinga yra už jo vykdymą, bet ir gyventojams, nes tai gali paliesti kiekvieną iš jų. Dėl šios priežastys svarbu tirti Valstybinio socialinio draudimo biudžetą ir pateikti rekomendacijas, kaip jį subalansuoti. Pagrindinė tyrime analizuojama problema – VSDF biudžeto deficitas, kuris susidaro ekonomikai vystantis cikliškai. Tyrimo objektas – Valstybinio socialinio draudimo fondo biudžetas. Tyrimo tikslas – atkleisti Valstybinio socialinio draudimo fondo priklausomybę nuo ekonominių ciklų ir pateikti siūlymus kaip sumažinti jų neigiamą poveikį socialinio draudimo biudžetui. Šiame moksliniame darbe iškeltam tikslui pasiekti yra nustatomi šie uždaviniai:... [toliau žr. visą tekstą] / This master's thesis in Public Sector Economics is particularly relevant to both the state and the country's residents. Ensuring social protection is very important for each citizen so the Social Insurance Fund budget must be planned very carefully. During the economic development various problems of the social insurance fund budget appear which are particularly relevant during economic downturn. In this period the main problem is the state social security fund budget deficit. To ensure benefits when there is the loss of income is very important, but when the budget has deficit the social payments can be irregular, o social benefits may go down. The budget deficit in 2008 is a matter of concern not only for State social Insurance Fund border but also for every citizen, because reduction of benefits can affect everyone. For this reasons it is important to investigate the state social insurance fund budget and set recommendations on how to balance it. Deficit in State social Security Fund budget resulting from the cyclical economy is the main problem analyzed in the study. The object of investigation - the State Social Insurance Fund budget. The goal of this research – to discover State Social Insurance Fund's dependence on economic cycles and provide advice to minimize negative impact due to cyclical fluctuations on the social security budget. The objectives of the research: to describe the concept of social security its history, social policy Lithuania, to describe and... [to full text]

Submitted by Nicolas da Silva Borsoi (borsoi.nicolas@gmail.com) on 2018-05-18T15:32:26Z No. of bitstreams: 1 dissertacao_nicolas_borsoi.pdf: 620042 bytes, checksum: 26036c11b76bba089651e5a5c63a39a5 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2018-05-18T16:25:51Z (GMT) No. of bitstreams: 1 dissertacao_nicolas_borsoi.pdf: 620042 bytes, checksum: 26036c11b76bba089651e5a5c63a39a5 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-18T17:05:36Z (GMT) No. of bitstreams: 1 dissertacao_nicolas_borsoi.pdf: 620042 bytes, checksum: 26036c11b76bba089651e5a5c63a39a5 (MD5) / Made available in DSpace on 2018-05-18T17:05:36Z (GMT). No. of bitstreams: 1 dissertacao_nicolas_borsoi.pdf: 620042 bytes, checksum: 26036c11b76bba089651e5a5c63a39a5 (MD5) Previous issue date: 2018-04-24 / The existing literature measuring the magnitude of the fiscal multiplier has a considerable consensus that the stimulative effects of fiscal instruments depends on the current state of economic activity, whether it is expanding or facing a recession. However, none of the previous works studied how the source of an economic downturn, if the economy is facing an adverse supply/demand shock, affects the effectiveness of fiscal expansions. We introduce in a simple New Keynesian model with a rich description of fiscal policy, the assumption of imperfectly informed policymakers (fiscal and monetary) to approach the question. Our results point out the existence of disparate effects of fiscal policy depending on whether the economy is facing a demand or a supply recession. Yet, we find out that cuts in taxes are an effective tool to counter the effects of adverse shocks on economic activity and aggregate consumption. / A atual literatura mensurando a magnitude do multiplicador fiscal apresenta um consenso considerável de que os efeitos estimulativos de instrumentos fiscais dependem do estado atual da atividade econômica, isto é, se o estímulo fiscal ocorre em uma recessão ou expansão econômica. Entretanto, nenhum dos trabalhos anteriores analisou a questão de se fonte da recessão, isto é, se o choque adverso tem uma natureza de demanda ou oferta, afeta a efetividade de expansões fiscais. Introduzimos em um modelo Novo Keynesiano com uma rica descrição de política fiscal, a hipótese de formuladores de política (fiscal e monetária) sujeitos à informação imperfeita, e quantificamos o multiplicador fiscal para responder a questão. Nossos resultados demonstram efeitos dispares da política fiscal dependendo da natureza do choque adverso. Entretanto, encontramos que cortes em tributos são efetivos para contrabalancear os efeitos recessivos desses choques sobre atividade econômica e consumo agregado.

I dagens samhälle ser vi att kvantiteten av kriser ökar. Små och medelstora företag är den kategori av företag som drabbas värst och därav har intresset för entreprenöriell resiliens inom forskning ökat. Kunskapen kring entreprenöriell resiliens i små och medelstora företag är fragmenterad och illa definierad. Syftet med denna studie är att utveckla förståelsen om entreprenöriell resiliens genom att studera de aktiviteter små och medelstora företag inom detaljhandeln i Skaraborg genomför på grund av en finansiell konjunkturnedgång. Studien ämnar bidra med förståelse och förklaring av de aktiviteter företag arbetar med för att skapa entreprenöriell resiliens i små och medelstora företag inför och under en finansiell konjunkturnedgång. Studien har genomförts genom ostrukturerade intervjuer med företagsledare i små och medelstora företag inom detaljhandeln. Studien visar vikten av både preventivt och adaptivt arbete för att stärka motståndskraften i små och medelstora företag inför och under en konjunkturnedgång. Studien belyser också vikten av erfarenhet och lärande inom organisationen vilket utgör en grund för företagens arbete med entreprenöriell resiliens. Studien indikerar hur erfarenhet av tidigare hantering av konjunkturnedgångar påverkar dagens aktiviteter i företaget. Undersökningens resultat visar att entreprenöriell resiliens är en ständigt pågående process. / In today's society, we observe an increasing number of crises. Small and medium-sized enterprises are the business category most adversely affected, which is why interest in researching entrepreneurial resilience has grown. However, knowledge about entrepreneurial resilience in small and medium-sized enterprise remains fragmented and poorly defined. The purpose of this study is to enhance our understanding of entrepreneurial resilience by studying the activities of small and medium-sized enterprises within the retail sector in Skaraborg due to a financial economic downturn. The study aims to contribute to our comprehension and explanation of the strategies employed by companies to foster entrepreneurial resilience before and during such downturns. The study employed unstructured interviews with business leaders from small and medium-sized enterprises in the retail sector. The findings underscore the significance of both preventive and adaptive measures in strengthening the resilience of enterprises prior to and during economic downturns. Additionally, the study emphasizes the value of experience and organizational learning as foundations for companies' efforts to cultivate entrepreneurial resilience. The study indicates that past experiences of managing economic downturns influence present-day activities within companies. The survey results demonstrate that entrepreneurial resilience is an ongoing process.

The property market has experienced rising property values over a long period, resulting in lower yield requirements. In the spring of 2022, a war in Ukraine began that would unbalance the global financial system, resulting in high inflation and rising interest rates that significantly impacted the property market, the transaction volume fell, and prices began to fall. As a result, we wanted to understand better how directly owned real estate funds operating in Sweden are acting in their investment strategies in the face of a coming economic downturn. The report mainly used qualitative data collection, where 16 semi-structured interviews were conducted over five weeks. The results were collected and summarised together with the theory and literature review. The conclusion clarified that directly owned real estate funds operating in Sweden do not change their investment strategies significantly in the face of an upcoming economic downturn. The same applies to their investment parameters. The majority had raised capital before the shift in the market and thus committed to investing the capital according to the strategy set at that time. In contrast, real estate funds consider property segments that follow macroeconomic trends with a defensive nature as most desirable in the face of a coming economic downturn. / Fastighetsmarknaden har under en lång period upplevt stigande fastighetsvärden som resulterat i lägre avkastningskrav. Under våren 2022 inleddes ett krig i Ukraina som skulle sätta det globala finansiella systemet ur balans, vilket resulterade i hög inflation och stigande räntor som satte stor prägel på fastighetsmarknaden, transaktionsvolymen föll och fastighetspriserna började falla. Det resulterade i att vi ville få en större förståelse över hur direktägande fastighetsfonder med verksamhet i Sverige agerar i sina investeringsstrategier inför en kommande lågkonjunktur. Rapporten använde främst kvalitativ informationsinsamling där det genomfördes 16 semistrukturerade intervjuer under en femveckorsperiod. Resultaten samlades in och sammanställdes tillsammans med framförda teorier från litteraturgenomgången. Slutsatsen klargjorde att direktägande fastighetsfonder med verksamhet i Sverige inte ändrar sina investeringsstrategier avsevärt inför en kommande lågkonjunktur, detsamma gäller för deras investerings parametrar. Majoriteten har rest kapital innan skiftet på marknaden och därav ålagt sig att investera kapitalet utifrån strategin som sattes då. Däremot är det tydligt att fastighetsfonderna i sin helhet anser fastighetssegment som följer makroekonomiska trender med defensiv karaktär som mest önskvärda inför en kommande lågkonjunktur.

The length and depth of the Great Recession of 2008 provides an opportunity to examine the policy behavior of local governments unlike any window since the 1930's post Depression era. Utilizing Peterson's (1981) City Limits typology as a framework for local government policy allows for an evaluation of whether or not the economic downturn caused local governments to change their relative expenditures between policy categories. The City Limits typology has been widely used in the literature to explain how expenditures define a local government's role in economic development. The typology has had limited use in a pre-post natural experimental research design to determine if a local government has 'shifted' policy priorities as measured by changes in expenditures among and between policy categories. This research design and the use Peterson's framework combine for a study that has not yet been conducted under similar conditions. Most of the existing literature, including the research from the 1980's, failed to account for inter-state differences that directly affect local government expenditures and policy. Concentrating solely on Florida local governments, this study eliminates the confounding nature of a national study and ensures that the unit of analysis is comparable for research purposes. The study utilizes actual expenditure data for all cities and counties in Florida from FY2006 through FY2011. The research tests for the relationships between changes in policy priorities from pre- to post-recession, and the type of government, form of government, and various socio-economic factors. The research contributes to a new body of knowledge that is just beginning to emerge in the literature about how local governments respond to periods of extreme fiscal stress. The findings suggest that cities and counties had an inverse response from pre- to post-recession with cities shifting toward developmental expenditures and counties prioritizing allocational spending. Differences were also found between forms of government. In addition, the density of population was found to contribute differently to shifts in expenditures for cities and counties. The study identifies emerging patterns that can help local governments understand past behavior and better anticipate future economic downturns.