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Lönsamhet och dess påverkan på kapitalstruktur i en finansiell industri : En kvantitativ studie som undersöker Sveriges fyra största banker under perioden 2000 - 2015Axelsson, Sara, Öhman, Emelie January 2018 (has links)
No description available.
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Projeto de amplificadores de baixo ruído usando algoritmos metaheurísticos / Amplifier design low noise using algorithms metaheuristicCésar William Vera Casañas 27 May 2013 (has links)
O projeto de amplificadores de baixo ruído (LNA) aparenta ser um trabalho simples pelos poucos componentes ativos e passivos que o compõe, porém a alta correlação entre os seus parâmetros de projeto dificulta muito esse trabalho. Esta dissertação apresenta uma proposta para contornar essa dificuldade: o uso de algoritmos metaheurísticos, em particular algoritmos genéticos e simulated annealing. Algoritmos metaheurísticos são técnicas avançadas que emulam princípios físicos ou naturais para resolver problemas com alto grau de complexidade. Esses algoritmos estão emergindo nos últimos anos porque têm mostrado eficiência e eficácia. São feitos neste trabalho os projetos de três LNAs, dois (LNA1 e LNA2) para sistemas com arquitetura homódine (LNA com carga capacitiva) e um (LNA3) para sistemas com arquitetura heteródine (LNA com carga resistiva) utilizando-se algoritmos genéticos e simulated annealing (recozimento simulado). Apresenta-se inicialmente a análise detalhada da configuração escolhida para os projetos (fonte comum cascode com degeneração indutiva FCCDI). A frequência de operação dos LNAs é 1,8 GHz e a fonte de alimentação de 2,0 V. Para o LNA1 e o LNA2 se atingiu uma figura de ruído de 2,8 dB e 3,2 dB, consumo de potência de 6,8 mW e 2,7 mW e ganho de tensão de 22 dB e 24 dB, respectivamente. Para LNA3 se atingiu uma figura de ruído de 3,5 dB, consumo de potência de 7,8 mW e ganho de tensão de 15,5 dB. Os resultados obtidos e comparações feitas com LNAs da literatura demonstram viabilidade e eficácia da aplicação de algoritmos metaheurísticos no projeto de LNA. Neste trabalho utilizaram-se as ferramentas ELDO (simulador de circuitos elétricos), versão 2009.1 patch1 64 bits, ASITIC (para projetar e simular os indutores), versão 03.19.00.0.0.0 e MATLAB (o toolbox fornece os algoritmos metaheurísticos), versão 7.9.0.529 R2009b. Além disso, os projetos foram desenvolvidos na tecnologia CMOS 0,35 m da AMS (Austria Micro Systems). / The design of low noise amplifiers (LNA) seems to be a simple work because the small number of active and passive device that they are composes, nevertheless the high trade off of LNA parameters complicates very much the work. This research presents a proposal to contour act the obstacle: to use metaheuristic algorithms, in special genetic algorithms and simulated annealing. The metaheuristic algorithms are advanced techniques that emulate physics or natural principles to solve problems with high grade of complexity. They have been emerging in the last years because they have shown effectiveness and efficiency. In this dissertation were designed three LNAs using genetic algorithms and simulated annealing: two (LNA1 and LNA2) to homódine architecture (LNA with capacitive load) and one (LNA3) to heteródine architecture (LNA with resistive load). First it is show the detailed analysis of configuration chosen to the designs (common source cascode with inductive degeneration). The operation frequency is 1.8 GHz and power supply is 2.0 V for all LNAs. LNA1 and LNA2 reached a noise figure of 2.8 dB and 3.2 dB, a dissipation power of 6.8 mW and 2.7 mW, and a voltage gain of 22 dB and 24 dB respectively. LNA3 reached 3.5 dB of noise figure, 7.8 mW of dissipation power, and 15.5 dB of voltage gain. The results obtained and the comparisons with LNAs from the literature demonstrate that the metaheuristic algorithms show efficiency and effectiveness in the design of LNA. This study was developed with the help of the tools ELDO (electric circuit simulator) version 2009.1 patch1 64 bits, ASITIC (to design and simulate the inductors) version 03.19.00.0.0.0, and MATLAB (the toolbox provides the metaheuristic algorithms) version 7.9.0.529 R2009b. Furthermore, the designs were developed on CMOS 0.35 AMS (Austria Micro Systems) technology.
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Controle ótimo de sistemas lineares com saltos Markovianos e ruídos multiplicativos sob o critério de média variância ao longo do tempo. / Optimal control of linear systems with Markov jumps and multiplicative noises under a multiperiod mean-variance criterion.Alexandre de Oliveira 16 November 2011 (has links)
Este estudo considera o modelo de controle ótimo estocástico sob um critério de média-variância para sistemas lineares a tempo discreto sujeitos a saltos Markovianos e ruídos multiplicativos sob dois critérios. Inicialmente, consideramos como critério de desempenho a minimização multiperíodo de uma combinação entre a média e a variância da saída do sistema sem restrições. Em seguida, consideramos o critério de minimização multiperíodo da variância da saída do sistema ao longo do tempo com restrições sobre o valor esperado mínimo. Condições necessárias e suficientes explícitas para a existência de um controle ótimo são determinadas generalizando resultados anteriores existentes na literatura. O controle ótimo é escrito como uma realimentação de estado adicionado de um termo constante. Esta solução é obtida através de um conjunto de equações generalizadas a diferenças de Riccati interconectadas com um conjunto de equações lineares recursivas. Como aplicação, apresentamos alguns exemplos numéricos práticos para um problema de seleção de portfólio multiperíodo com mudança de regime, incluindo uma estratégia de ALM (Asset and Liability Management). Neste problema, deseja-se obter a melhor alocação de portfólio de forma a otimizar seu desempenho entre risco e retorno em cada passo de tempo até o nal do horizonte de investimento e sob um dos dois critérios citados acima. / In this work we consider the stochastic optimal control problem of discrete-time linear systems subject to Markov jumps and multiplicative noise under two criterions. First, we consider an unconstrained multiperiod mean-variance trade-off performance criterion. In the sequence, we consider a multiperiod minimum variance criterion subject to constraints on the minimum expected output along the time. We present explicit necessary and sufficient conditions for the existence of an optimal control strategy for the problems, generalizing previous results in the literature. The optimal control law is written as a state feedback added with a deterministic sequence. This solution is derived from a set of coupled generalized Riccati difference equations interconnected with a set of coupled linear recursive equations. As an application, we present some practical numerical examples on a multiperiod portfolio selection problem with regime switching, including an Asset and Liability Management strategy. In this problem it is desired to nd the best portfolio allocation in order to optimize its risk-return performance in every time step along the investment horizon, under one of the two criterions stated above.In this work we consider the stochastic optimal control problem of discrete-time linear systems subject to Markov jumps and multiplicative noise under two criterions. First, we consider an unconstrained multiperiod mean-variance trade-off performance criterion. In the sequence, we consider a multiperiod minimum variance criterion subject to constraints on the minimum expected output along the time. We present explicit necessary and sufficient conditions for the existence of an optimal control strategy for the problems, generalizing previous results in the literature. The optimal control law is written as a state feedback added with a deterministic sequence. This solution is derived from a set of coupled generalized Riccati difference equations interconnected with a set of coupled linear recursive equations. As an application, we present some practical numerical examples on a multiperiod portfolio selection problem with regime switching, including an Asset and Liability Management strategy. In this problem it is desired to nd the best portfolio allocation in order to optimize its risk-return performance in every time step along the investment horizon, under one of the two criterions stated above.
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Políticas de cash holdings: uma abordagem dinâmica das empresas brasileirasDahrouge, Fadwa Muhieddine Omairi 04 October 2012 (has links)
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Previous issue date: 2012-10-04 / Essa dissertação investiga como as empresas brasileiras ajustaram o nível de cash holdings durante o período da crise 2008-2009 em que o crédito de curto prazo é escasso. Utilizamos um modelo dinâmico de caixa para avaliar os principais determinantes da velocidade de ajuste do nível de cash holdings em direção ao nível ótimo, principalmente em períodos de crise quando há um aumento dos custos de ajustes em decorrência da dificuldade de acesso ao crédito bancário. Encontramos evidências empíricas que: a) o comportamento dinâmico de caixa é significativo e os custos de ajustes das empresas brasileiras são altos, impedindo o ajuste imediato para o nível ideal de caixa; b) a baixa velocidade de ajuste da estrutura de caixa é decorrente da pouca disponibilidade de crédito e do alto custo da dívida bancária; c) durante a crise, o capital de giro está positivamente relacionado ao nível de cash holdings, mas como esse recurso é escasso, há retração no capital de giro líquido; d) A falta de linha de crédito bancário que financie o crescimento das empresas, estimula a utilização da dívida de longo prazo para reter caixa e implica em uma relação negativa entre investimentos e cash holdings.
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Compromis entre productivité et biodiversité sur un gradient d'intensité de gestion de systèmes agroforestiers à base de cacaoyers de Talamanca, Costa Rica / Trade-offs between productivity and biodiversity on a management intensity gradient of cocoa-based agroforestry systems in Talamanca, Costa RicaDeheuvels, Olivier 28 November 2011 (has links)
Le cacaoyer (Theobroma cacao, L.) est cultivé dans les tropiques humides d'Amérique latine, d'Afrique et d'Asie. Principale source de revenus d'une agriculture essentiellement familiale, les systèmes agroforestiers à base de cacaoyers fournissent de nombreux services écologiques et contribuent à la conservation de la biodiversité. Ces systèmes associent plantes ligneuses et cultures de manière simultanée, dans une gamme importante et peu décrite de richesses et de structures botaniques. Les connaissances actuelles sur leur productivité se limitent à des essais en milieu contrôlé associant un petit nombre d'espèces. Nos travaux testent l'hypothèse d'une relation de compromis entre le niveau de productivité des cacaoyers et le niveau de biodiversité hébergée par les agroforêts à base de cacaoyers. Nous caractérisons ces compromis sur un gradient de situations de production paysannes, reposant sur la structure verticale, l'intensité de gestion de la composante végétale et le contexte bio-physique des agro-systèmes étudiés. Sur un dispositif de 36 cacaoyères paysannes situées dans la région de Talamanca, Costa Rica, nous montrons que des variations significatives de la structure végétale reflètent les modes de gestion de la parcelle et affectent le rendement par cacaoyer (295 à 667g/arbre/an) mais pas le rendement en cacao (136 kg/ha/an), ni le volume végétal global (400 m3/ha). Ces variations de la structure végétale affectent peu la diversité α des peuplements de plantes associées, d'épiphytes, d'amphibiens, de reptiles, de mamifères, d'invertébrés du sol et de la litière, mais leur diversité β répond de manière contrastée à ces variations d'habitat. Les relations de compromis que nous mettons finalement en évidence entre la productivité en cacao marchand à l'hectare ou à l'arbre et les niveaux de biodiversité atteints sont de nature (linéaire, cubique, quadratique) et de tendances (négative, postive) contrastées selon le taxon considéré et remettent en cause les résultats de certains travaux récents. Nos travaux dévoilent également des situations de compromis optimales, offrant des perspectives positives pour l'intensification écologique des systèmes agroforestiers tropicaux. / Cacao (Theobroma cacao, L.) is cultivated in the humid tropics of Latin America, Africa and Asia. Cocoa-based agroforestry systems are the main source of income for smallholders' families and provide numerous ecological services and contribute to biodiversity conservation. These systems associate trees with crops simultaneously, in a wide and poorly described range of botanical and structural plant diversity. The current knowledge about their productivity is restricted to controlled trials with a low numer of associated plant species. Our work tests the hypothesis of a trade-off relationship between the level of cocoa productivity and the level of biodiversity hosted in cocoa-based agroforests. We characterize these trade-offs on a gradient of production situations, based on the vertical structure, the management intensity of the vegetal component and the bio-physical context of cocoa-based agroforests. On the base of a 36 on farm cocoa plots network located in Talamanca, Costa Rica, we show that significant variations in the vegetation vertical structure reflect farmer's management strategies and affect the cocoa yield per tree (295 to 667g/tree/year) but neither the cocoa yield per plot (136 kg/ha/year), nor the global plant volume (400 m3/ha). The variations in vegetation structure poorly affected the α-diversity of 7 plant and animal taxa, but their β-diversity gave contrasted and significant responses to habitat variations. Finally, the trade-offs relationships we display between dry cocoa productivity per hectare or per tree and the observed biodiversity levels showed contrasted forms (cubic, quadratic, linear) and tendances (positive, negative) according to the taxa considered and question results from recent publications. Our work also revealed optimal trade-off situations which offer positive prospects for the ecological intensification of tropical agroforestry systems.
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Relations entre services écosystémiques dans un agroécosystème à base de plantes pérennes : compromis entre rendement de la vigne et régulation de l'oïdium / Relationships between ecosystem services provided by an agroecosystem with a perennial crop : trade-off between grapevine yield and powdery mildew regulationGuilpart, Nicolas 27 February 2014 (has links)
Comment concilier productivité et réduction de l'usage des pesticides ? Le développement de l'oïdium, maladie majeure en viticulture, peut être limité (service de régulation de l'oïdium) par un faible niveau de développement végétatif de la vigne associé à une forte porosité du couvert. Or, de telles caractéristiques limitent également la quantité de rayonnement intercepté par la vigne, et donc la production de biomasse par photosynthèse, et finalement le rendement (service d'approvisionnement). Peut-on augmenter la régulation de l'oïdium sans diminuer le rendement de la vigne ? Autrement dit, existe-t-il une relation de compromis entre ces deux services ? Pour répondre à cette question, deux expérimentations ont été mobilisées : une expérimentation au champ réalisée près de Montpellier de 2010 à 2012 (Syrah), et un réseau de témoins non traités suivis par l'IFV dans la région de Bordeaux de 2007 à 2013. L'analyse des données issues de ces expérimentations a permis de montrer (i) que l'effet des stress hydrique et azoté sur la formation des inflorescences dans les bourgeons latents à la floraison de l'année n-1 détermine 65 à 70 \% du rendement de la vigne lors de l'année n ; (ii) que l'effet du développement végétatif de la vigne sur le développement de l'oïdium n'est significatif que dans le cas d'épidémies de précocité moyenne, dont les premiers symptômes ont été détectés sur feuilles entre la floraison et la fermeture de la grappe. Le développement végétatif de la vigne à la floraison est donc un indicateur pertinent du service de régulation de l'oïdium. Ces résultats ont ensuite permis de confirmer expérimentalement l'hypothèse de l'existence d'un compromis entre rendement de la vigne et régulation de l'oïdium et d'identifier le stress hydrique à la floraison comme un déterminant partagé de ces deux services. Ce dernier point a alors été transcrit dans un modèle simple dans lequel le rendement de la vigne de l'année n dépend principalement de l'année n-1, et le développement végétatif dépend seulement de l'année n. L'analyse des propriétés mathématiques de ce modèle a permis de montrer que la réalisation de compromis favorables entre ces deux services (i.e. un fort niveau des deux services) est possible mais déterminée par l'occurrence de séquences climatiques particulières (une année humide suivie d'une année sèche). Ainsi, les compromis favorables ne peuvent être atteints deux années consécutives et ne sont donc pas stables dans le temps. Les règles de décisions d'application des traitements phytosanitaires pourraient ainsi être adaptées en fonction de la variabilité climatique inter-annuelle et de ses conséquences sur les compromis entre le rendement de la vigne et la régulation des maladies cryptogamiques. / How to combine crop productivity and reduction in pesticide use ? A reduction in plant growth and an increase in crop canopy porosity has been shown to limit the development of the grapevine powdery mildew (powdery mildew regulation service), which is a major disease in viticulture. However, this could also limit grapevine yield through a reduction in light interception and biomass production through photosynthesis. Can regulation of powdery mildew be increased without grapevine yield impairment ? In other words, do these two services trade off ? To address this question, two experiments were used. A field experiment was conducted in Montpellier from 2010 to 2012 on Shiraz, and a network of non-sprayed vineyard plots was monitored by the French Institute of Vine and wine in the Bordeaux region from 2007 to 2013. Data analyses showed that: (i) 65 to 70 \% of grapevine yield in year n were determined by the effect of water and nitrogen stresses on inflorescence formation in the latent buds at flowering in year n-1; (ii) the effect of grapevine vegetative development on powdery mildew depended on epidemic earliness and was significant only when first symptoms were detected on leaves between flowering and bunch closure. Grapevine vegetative development at flowering was therefore a relevant indicator of the powdery mildew regulation service. Based on these results, the hypothesis of a trade-off between grapevine yield and powdery mildew regulation was experimentally confirmed and water stress at flowering was identified as a shared driver of these two services. Then, a simple model was built that accounted for the effect of water stress at flowering on the two services, where grapevine yield depended mostly on year n-1 and grapevine vegetative development depended only on year n conditions. Analysis of the model's mathematical properties showed that "win-win" scenarios (high level of both services) did exist and were reached when specific climatic sequences occured (a wet year followed by a dry year). The "win-win" scenarios could not be reached two consecutive years and were therefore temporally unstable. Decision rules for pesticides application may be adapted in function of the inter-annual climatic variability and its effect on the trade-off between grapevine yield and regulation powdery mildew.
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Condition physique, immunocompétence et parasitisme dans des populations naturelles de chevreuils (Capreolus capreolus) / Body condition, immunocompetence and parasitism in natural populations of roe deer (Capreolus capreolus)Jégo, Maël 08 December 2014 (has links)
L'émergence de l'éco-immunologie a permis une approche intégrative de l'étude des interactions hôtes-parasites allant des mécanismes moléculaires de la réponse immunitaire au rôle de l'immunocompétence dans l'évolution des traits d'histoire de vie. Dans ce contexte, cette thèse a pour but d'étudier les variations de l'immunocompétence dans deux populations naturelles de chevreuils vivant en milieux contrastés. Cependant, les méthodes disponibles pour caractériser le système immunitaire dans les populations naturelles sont peu nombreuses et peu adaptées. Aussi les objectifs de cette thèse étaient i) d'identifier et mettre au point des méthodes permettant de caractériser le système immunitaire du chevreuil, ii) d'étudier le lien entre les différents déterminants de l'immunocompétence, et iii) d'étudier les variations de l'immunocompétence en lien avec la condition physique d'une part, et avec un caractère sexuel secondaire d'autre part. Nous avons mesuré plusieurs composantes de l'immunité prenant en compte les aspects descriptifs, comme la numération des leucocytes, et fonctionnels, avec le test d'hémagglutination-hémolyse, la prolifération lymphocytaire ou la phagocytose. Nous avons mis en évidence une corrélation négative entre les deux déterminants de l'immunité, la condition physique et le parasitisme. Nous avons également montré un déclin des paramètres hématologiques et biochimiques avec l'âge (sénescence). Ensuite, nous avons montré des relations entre l'immunocompétence et la condition physique ou la taille des bois. Ces travaux corroborent différentes hypothèses de l'écologie évolutive / Ecoimmunology focuses on an integrative approach of host-pathogens interactions from the molecular mechanics of immune responses to the role of immunity in shaping the evolution of life history traits. Here, we proposed to study the variation of immunocompetence in two natural contrasted populations of roe deer. However, available methods to characterize immune system in wild populations are still limited. Consequently, in this context, the goals of this work were i) to identify methods to investigate the roe deer immune system and to adapt these methods developed for other species to roe deer, ii) to study the relationships between potential drivers of immunocomptence, including body condition and parasitism, and iii) to study variation of immunocompetence with body condition on one hand, and in the context of sexual selection, with secondary sexual characters on the other hand. We measured simultaneously several components of immunity including descriptive measures, as numeration of leucocytes subsets, and functional measures with hemagglutination-hemolysis, lymphocyte proliferation by mitogens stimulation or phagocytosis. We found a negative correlation between body condition and parasitism and senescence patterns in haematological and biochemical parameters. Moreover, we showed variations of immunocompetence with body condition and secondary sexual characters. This work corroborates some hypotheses of evolutionary biology
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Sustainability Performance and Capital Structure : An analysis of the relationship between ESG rating and debt ratioLindkvist, Lovisa, Saric, Olle January 2020 (has links)
This thesis investigates the relationship between sustainability performance and capital structure, measured using the ESG (environmental, social and governance) rating and the debt ratio. In the pursuit of analysing the relationship between the ESG rating and the debt ratio, this study investigates publicly listed companies within the EU/EEA due to its mutual legislative framework on sustainable finance. This research has the intention of shedding light upon if a company can use sustainability ratings to alter their optimal debt levels, operate at higher efficiency with access to cheaper capital, and help the manager maximize firm value. This could help them in decision making processes of financing their business through receiving a better understanding of how the ESG rating affects the capital structure. This knowledge would allow management to better understand how the investments necessary in acquiring the ESG rating affect firm value as well as how they affect the dynamics of financing the firm. This is a deductive and quantitative research based on secondary data, gathered using Thomson Reuters (Eikon) database. Furthermore, this research is a cross-sectional study analysing companies in year 2019. No clear relationship between the two concepts has been found, arriving at the conclusion that the optimal capital structure is not influenced by sustainability initiatives. However, sustainability initiatives should always be encouraged since these generate other beneficial effects. Finally, this research contributes to the current field of knowledge on the topic through analysing the results using the Trade-off Theory, Pecking Order Theory, Agency Theory, Legitimacy Theory and Stakeholder Theory. The results are somewhat aligned with the Trade-off Theory of capital structure and the Pecking Order Theory as well as other more traditional financial theories. One can conclude that sustainability performance is not of importance when it comes to the firm's ability to raise capital or the firm’s capital structure. This tells us that there is still a long way to go and that action needs to be taken before sustainability becomes an essential and well-integrated factor considered in investment decisions. The results may be undesirable, but they also give a fair picture of the financial sector’s priorities as of now and highlight the need for sustainable objectives to align with financial profitability.
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Trade-off mezi velikostí a počtem vajec ve snůšce na úrovni čeledí ptáků / Trade-off between egg size and number at the level of bird familiesŠpaldoňová, Alexandra January 2010 (has links)
Trade-off between offspring size and number belongs to the most discussed concepts in the life history theory. The aim of this study was to elucidate the relationship between egg size, clutch size and female body mass at the family level in bird's and to examine whether there is the relationship between offspring size and number and life history traits specific for particular bird families. From published sources, I collected data about 5.073 species belong in 146 families. Most species of birds lay smaller clutches, on average three eggs. In 112 families from 130 tested eggs size was positively correlated with female body mass. There is evidence that egg size and clutch size are inversely related in 83 families from 130 tested but only for 34 families was significant. The relationship exists independently of female body mass across bird families and this suggests a trade-off between these traits. The relationship between the strength and shape of egg size-number correlations and life history characteristics of bird families was not frequent. According to results, the strength of correlation seems to be related to development mode and diet type. The negative egg size-number correlation is stronger when incubation period and fledging time is longer and in birds with longer lifespan. The...
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Corporate Strategy & Capital Structure : An analysis of their relationship within SMEs inthe Swedish manufacturing industry / Företagsstrategi & kapitalstruktur : En analys av deras relation inom SMEs i densvenska tillverkningsindustrinBjörklund, Jacob January 2016 (has links)
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.
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