Diversas teorias ao longo do tempo apresentam explicações sobre as estruturas de capital das organizações. As principais são a teoria Pecking Order, Teoria Trade Off e Teoria Free Cash-Flow, com base na teoria de Agência. Todas essas teorias apresentam relações teóricas entre alguns determinantes de estruturas de capital vinculadas a firma que poderiam interferir na decisão de financiamento. Uma segunda linha de estudos, vinculada a esta, apresenta que determinantes externas a firma também interferem nesta estrutura de capital, porém as variáveis de firma comportam-se de forma semelhante em diferentes cenários econômicos. (RAJAN e ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO e KIMURA, 2011). Considerando as pesquisas anteriores, desenvolveu-se uma investigação para a confirmação desta hipótese, com o objetivo de identificar quais variáveis são mais importantes na tomada de decisão financeira e se há variabilidade em cenários temporais e ambientes econômicos distintos. Para tal foram analisadas 10.243 empresas sediadas em 61 países distintos no período de 2002-2011, totalizando o número de 58.423 observações firma ano, por meio de um modelo de regressão linear hierárquica de três níveis com medidas repetidas, verificando qual a importância das variáveis de firma e país no endividamento, se há variação das mesmas em países com diferentes contextos econômicos e em períodos de crescimento e retração econômica. Foram analisadas cinco determinantes clássicas de firma (lucratividade, tangibilidade, proteção fiscal não advinda da dívida, tamanho e oportunidades de crescimento), e onze variáveis de país que possuem relação com o endividamento (PIB, inflação, taxa de impostos, volume negociado em ações, liquidez de bolsa, capitalização das empresas listadas, índice risco país, taxa de juros, enforcement jurídico, nível de proteção ao investidor e nível de disclosure de negócios). A partir das análises realizadas, foi identificado que o endividamento está ligado em maior grau a características das firmas e ao tempo, e em menor grau, porém significante, às características do ambiente. Foi identificado que não há mudanças extremamente significativas no comportamento das variáveis de firma entre economias desenvolvidas e em desenvolvimento, assim como entre períodos pré e pós-crise financeira de 2008. Em relação as determinantes de país analisadas, observa-se que as mesmas apresentam comportamento adverso em função da crise de 2008, perdendo capacidade explicativa, e não apresentam comportamento de mudança de sinal dos coeficientes quando comparados países com desenvolvimento econômico distinto. Identifica-se que características do desenvolvimento econômico ficam mais evidentes no processo de financiamento, como acesso a recursos em economias com menor desenvolvimento. Os resultados apresentam convergência com os estudos anteriores como os de Moore (1986), Rajan e Zingales (1995), Booth et. al. (2001), Kayo e Kimura (2011), Bebzcuk e Galindo (2011), Akbar et. al (2012), entre outros. / Several theories over time present explanations of the capital structures of organizations. The main theories are the Pecking Order Theory, Trade Off and Free Cash-Flow Theory, based on the Agency Theory. All these theories have some theoretical relationships between determinants of capital structures linked to firm that could interfere in the financing decision. A second line of studies, linked to this, shows that determinants outside the firm also interfere in capital structure, but the firm variables behave similarly in different economic scenarios (RAJAN and ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO and KIMURA, 2011). Considering previous researches, we developed an investigation to confirm this hypothesis, identifying which variables are the most important in financial decision-making and there is variability in temporal scenarios and different economic environments. To this end, we analyzed 10,243 companies based in 61 different countries in the period 2002-2011, a total number of 58,423 firm year observations, through a hierarchical linear regression model of three levels with repeated measures, checking the importance of the variables firm and country in debt, if there is variation in the same countries with different economic contexts and periods of growth and downturn. We analyzed five firm classical determinants ( profitability , tangibility, non-debt tax shield , size and growth opportunities) , and eleven variables that are related to country debt ( GDP , inflation, taxes , trading volume in shares , stock liquidity , capitalization of listed companies, country risk index , interest rate , law enforcement , level of investor protection and disclosure level) . From the analysis, it was identified the debt is linked to a greater degree the characteristics of firms and time, and on a lesser degree, but significant, with characteristics of the environment. It wasn\'t identified very significant changes in the behavior of firm variables between developed and developing countries, as well as between pre-and post- 2008 financial crisis. Regarding the determinants of country analyzed, it is observed that they present adverse behavior due to the 2008 crisis, losing explanatory power, and have no behavior change in sign of the coefficients when comparing countries with different economic development. Characteristics of economic development become more evident in the funding process, such as access to resources in less developed economies. The results show convergence with previous studies such as Moore (1986) , Rajan and Zingales (1995) Booth et al. al. (2001) Kayo and Kimura (2011) , Bebzcuk and Galindo (2011) , Akbar et al. al (2012 ), among others

Diversas teorias ao longo do tempo apresentam explicações sobre as estruturas de capital das organizações. As principais são a teoria Pecking Order, Teoria Trade Off e Teoria Free Cash-Flow, com base na teoria de Agência. Todas essas teorias apresentam relações teóricas entre alguns determinantes de estruturas de capital vinculadas a firma que poderiam interferir na decisão de financiamento. Uma segunda linha de estudos, vinculada a esta, apresenta que determinantes externas a firma também interferem nesta estrutura de capital, porém as variáveis de firma comportam-se de forma semelhante em diferentes cenários econômicos. (RAJAN e ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO e KIMURA, 2011). Considerando as pesquisas anteriores, desenvolveu-se uma investigação para a confirmação desta hipótese, com o objetivo de identificar quais variáveis são mais importantes na tomada de decisão financeira e se há variabilidade em cenários temporais e ambientes econômicos distintos. Para tal foram analisadas 10.243 empresas sediadas em 61 países distintos no período de 2002-2011, totalizando o número de 58.423 observações firma ano, por meio de um modelo de regressão linear hierárquica de três níveis com medidas repetidas, verificando qual a importância das variáveis de firma e país no endividamento, se há variação das mesmas em países com diferentes contextos econômicos e em períodos de crescimento e retração econômica. Foram analisadas cinco determinantes clássicas de firma (lucratividade, tangibilidade, proteção fiscal não advinda da dívida, tamanho e oportunidades de crescimento), e onze variáveis de país que possuem relação com o endividamento (PIB, inflação, taxa de impostos, volume negociado em ações, liquidez de bolsa, capitalização das empresas listadas, índice risco país, taxa de juros, enforcement jurídico, nível de proteção ao investidor e nível de disclosure de negócios). A partir das análises realizadas, foi identificado que o endividamento está ligado em maior grau a características das firmas e ao tempo, e em menor grau, porém significante, às características do ambiente. Foi identificado que não há mudanças extremamente significativas no comportamento das variáveis de firma entre economias desenvolvidas e em desenvolvimento, assim como entre períodos pré e pós-crise financeira de 2008. Em relação as determinantes de país analisadas, observa-se que as mesmas apresentam comportamento adverso em função da crise de 2008, perdendo capacidade explicativa, e não apresentam comportamento de mudança de sinal dos coeficientes quando comparados países com desenvolvimento econômico distinto. Identifica-se que características do desenvolvimento econômico ficam mais evidentes no processo de financiamento, como acesso a recursos em economias com menor desenvolvimento. Os resultados apresentam convergência com os estudos anteriores como os de Moore (1986), Rajan e Zingales (1995), Booth et. al. (2001), Kayo e Kimura (2011), Bebzcuk e Galindo (2011), Akbar et. al (2012), entre outros. / Several theories over time present explanations of the capital structures of organizations. The main theories are the Pecking Order Theory, Trade Off and Free Cash-Flow Theory, based on the Agency Theory. All these theories have some theoretical relationships between determinants of capital structures linked to firm that could interfere in the financing decision. A second line of studies, linked to this, shows that determinants outside the firm also interfere in capital structure, but the firm variables behave similarly in different economic scenarios (RAJAN and ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO and KIMURA, 2011). Considering previous researches, we developed an investigation to confirm this hypothesis, identifying which variables are the most important in financial decision-making and there is variability in temporal scenarios and different economic environments. To this end, we analyzed 10,243 companies based in 61 different countries in the period 2002-2011, a total number of 58,423 firm year observations, through a hierarchical linear regression model of three levels with repeated measures, checking the importance of the variables firm and country in debt, if there is variation in the same countries with different economic contexts and periods of growth and downturn. We analyzed five firm classical determinants ( profitability , tangibility, non-debt tax shield , size and growth opportunities) , and eleven variables that are related to country debt ( GDP , inflation, taxes , trading volume in shares , stock liquidity , capitalization of listed companies, country risk index , interest rate , law enforcement , level of investor protection and disclosure level) . From the analysis, it was identified the debt is linked to a greater degree the characteristics of firms and time, and on a lesser degree, but significant, with characteristics of the environment. It wasn\'t identified very significant changes in the behavior of firm variables between developed and developing countries, as well as between pre-and post- 2008 financial crisis. Regarding the determinants of country analyzed, it is observed that they present adverse behavior due to the 2008 crisis, losing explanatory power, and have no behavior change in sign of the coefficients when comparing countries with different economic development. Characteristics of economic development become more evident in the funding process, such as access to resources in less developed economies. The results show convergence with previous studies such as Moore (1986) , Rajan and Zingales (1995) Booth et al. al. (2001) Kayo and Kimura (2011) , Bebzcuk and Galindo (2011) , Akbar et al. al (2012 ), among others

Made available in DSpace on 2016-03-15T19:25:31Z (GMT). No. of bitstreams: 1 Carlos Alberto Correa.pdf: 691557 bytes, checksum: 7aab270e1cd39cc1f5decdd3b66d2541 (MD5) Previous issue date: 2006-10-16 / Theories about capital structure suggest several variables that might determinate financing decisions. In general, the studies use cross-section or time series analysis to test these determinants. This study aimed to analyze some of the supposed determinants of capital structure of the larger Brazilian firms, under the lights of the two main theories, the Trade-Off Theory and the Pecking Order Theory, testing the validity of their assumption in the local market. This is an adaptation of the paper of Gaud et al., (2005) developed with Swiss firms, which was used to choose some variables and the Panel Data methodology. Dynamic tests were performed in order to analyze the adjustment process toward a supposed optimal target debit-to-equity ratio, as suggested by other studies that focused on the dynamics of the capital structure decisions. The results show that leverage is negatively associated with the level of tangible assets and profitability, while risk is positively associated with leverage. It was found also that foreign companies present higher debit level than Brazilian owned companies. In general, results suggest that the Pecking Order Theory is more consistent than the Trade-Off Theory to explain the capital structure of the larger Brazilian firms. The dynamic analysis showed a slow adjustment process toward the supposed target debit ratio, suggesting the existence of high transactional costs and giving more evidences to a Pecking Order behavior of managers. / As teorias que versam sobre a estrutura de capital das empresas, sugerem diversas variáveis que poderiam determinar as decisões de financiamento. Em geral, os principais estudos utilizam testes em cross-section ou em séries temporais como metodologia de análise. Este estudo buscou analisar alguns fatores que supostamente determinariam o nível de endividamento das maiores empresas brasileiras, à luz das duas principais teorias que versam sobre o assunto, a teoria de Pecking Order e a teoria de Trade-Off, testando a validade empírica dessas teorias na realidade nacional. O estudo é uma adaptação do artigo desenvolvido por Gaud et al., (2005) na Suíça, cujo trabalho serviu como base para escolha de algumas variáveis e dos testes econométricos realizados, e utiliza a metodologia de Panel Data. Além de testes estáticos, foram feitos testes dinâmicos, com o objetivo de analisar o processo de ajuste da estrutura de capital ao longo do tempo, em direção a um suposto nível-alvo ótimo, como sugerido em outros estudos que abordaram a natureza dinâmica das decisões sobre estrutura de capital. Os resultados demonstraram relação negativa entre o nível de endividamento das empresas, o grau de tangibilidade dos ativos e a rentabilidade, bem como relação positiva do endividamento com o risco. Demonstraram ainda que empresas de capital estrangeiro são mais endividadas que empresas nacionais. De um modo geral, os resultados sugerem que a teoria de Pecking Order é mais consistente do que a teoria de Trade-Off para explicar a estrutura de capital das maiores empresas brasileiras. A análise dinâmica demonstrou baixa velocidade do processo de ajuste da estrutura de capital em direção ao nívelalvo, sugerindo a existência de elevados custos de transação e confirmando o comportamento de Pecking Order dos administradores.

Det här är en kvantitativ studie av hur kreditpreferenser hos mikrobolag med en årsomsättning om mindre än 10 miljoner SEK beror av branschtillhörighet och företagsstorlek. Mikrobolag är små bolag med mindre än 10 personer anställda och en årsomsättning på mindre än 2 miljoner euro. Det teoretiska ramverket utgår från asymmetrisk informationsteori och mer specifikt från pecking order theory, POT samt trade off-teorin. Kreditpreferenserna mäts genom två olika parametrar, dels genom mikrobolagens avsättning till periodiseringsfonder vilket kan ses som ett mellanting mellan extern och intern finansiering, dels genom förekomsten av externa lån från kreditinstitut. Branscherna som undersöks är tillverkning samt tjänster vilka anses skilja sig åt vad gäller kreditpreferenser. Tillverkningsbranschen har större anläggningstillgångar vilket anses göra det lättare för dem att få extern kredit enligt trade off-teorin. Tjänstebranschen däremot, med mer immateriella tillgångar skulle då föredra periodiseringsfonder eftersom enligt POT så föredrar mindre företag internt genererat kapital. Ett antal hypoteser ställs upp som sedan testas med chi-två. Resultatet motsäger delvis teorierna. Från studien framgår dock att de undersökta företagen i tjänstebranschen har större preferenser för användning av periodiseringsfond än tillverkningsbranschen. En slutsats från studien är alltså att branschtillhörighet har betydelse för kreditpreferenserna. För företagsstorlek går inte att dra några säkra slutsatser.

This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators. / <p>Diss. Stockholm :  Stockholm School of Economics, 2015. Introduction together with 3 papers</p>

It has long been known that companies can finance themselves with the help of equity or debt. Since Modigliani and Miller’s theories of capital structure and its impact on performance, several studies have continued to investigate the phenomenon of capital structure. Using previous research on capital structure as well as the irrelevance theory, trade-off theory and pecking order theory, researchers are constantly examining how capital structure affects companies, what affects the capital structure, and which financing is best suited for their specific company.This study intends to investigate how the capital structure is affected by companies’ profitability, growth, and economical cycle fluctuations in Sweden. The study examines Swedish companies listed on the Nasdaq Main Market Stockholm in the branch of industry, raw materials and real estate. The study sample consists of 109 companies that are examined over a ten-year period between 2010-2019. The study conducts regression analyzes of key ratios’ debt / equity ratios as a dependent variable, as well as ROE, ROA, profit margin, turnover growth, employment growth and GDP gaps as independent variables.The study concludes that cyclical fluctuations affect companies’ capital structure in the branch of industry. However, it could not be ensured that cyclical fluctuations affect companies in the raw materials industry or the real estate industry. The study measured that ROA correlates negatively with the capital structure of the branch of industry, as well as the real estate industry. Significance for the variable profitability measured with ROA could not be demonstrated. The variable ROE was only significant for the real estate, industry and positively correlated with the debt-equity ratio. Profit margin was significant and positively correlated for the branch of industry, and it was also identified that the profit margin was significant for the real estate industry, but the results were negligible. The same negligence was discovered for the significant variable for sales growth for the raw materials industry, while no significance was achieved for the branch of industry and the real estate industry. Finally, the variable employment growth was only significant for the real estate industry, where a positive correlation was shown with the debt-equity ratio. / Det är länge känt att företag kan finansiera sig med hjälp av eget kapital eller belåning.  Sedan Modigliani och Miller teorier om kapitalstruktur och dess påverkan på resultatet har flertal studier fortsatt undersökt fenomenet kapitalstruktur. Med hjälp av tidigare forskning om irrelevansteorin, trade-off teorin och pecking order teorin undersöker forskarna ständigt om hur kapitalstruktur påverkar företagen, vad som påverkar kapitalstrukturen, samt vilken finansieringsmetod som är bäst lämpad för sitt specifika företag.Denna studie avser att undersöka hur kapitalstrukturen påverkas av företagens lönsamhet, tillväxt, samt konjunktursvängningarna i Sverige. Studien undersöker svenska företag noterade på Nasdaq Main Market Stockholm i branscherna industri, råvaror och fastighet. Studiens urval består av 109 företag som undersöks under en tioårsperiod mellan 2010-2019. Studien genomför regressionsanalyser på nyckeltalen skuldsättningsgrad som beroende variabel, samt ROE, ROA, vinstmarginal, omsättningstillväxt, anställningstillväxt och BNP-gap som oberoende variabler.Studien kommer fram till att konjunktursvängningar påverkar företagens kapitalstruktur i industribranschen. Det kunde inte säkerställas att konjunktursvängningar påverkar företag i råvarubranschen eller fastighetsbranschen. Studien uppmätte att ROA korrelerar negativt med industri- och fastighetsbranschens kapitalstruktur. Det kunde inte uppvisas signifikans för lönsamhetsvariablerna för ROA. ROE var enbart signifikant för fastighetsbranschen och korrelerade positivt med skuldsättningsgraden. Vinstmarginal var signifikant och positiv korrelerade för industribranschen, det identifierades även att vinstmarginalen var signifikant för fastighetsbranschen, men resultat var försumbart. Samma försumbarhet upptäcktes för den signifikanta tillväxtvariabeln för omsättningstillväxt för råvarubranschen, medan det inte uppnåddes signifikans för industribranschen och fastighetsbranschen. Slutligen var tillväxtvariabeln för anställningstillväxt enbart signifikant för fastighetsbranschen där det uppvisades en positiv korrelation med skuldsättningsgraden.

The corona pandemic has had a major impact on the whole world to different degrees. The Swedish companies have been affected and forced to review their capital structure. A good result for the companies is essential to be able to compete in a vulnerable market. During a crisis, companies need to be active in their financing decisions and how they choose to finance themselves. Macroeconomic factors have a significant impact on the capital structure, as crises can make firms more constrained. The impact of the crisis on society and specifically on companies is therefore interesting to study. With this as a starting point, the main purpose of the study is to investigate how the capital structure has changed during the transition to covid-19, 2019 and 2021. To be able to analyze the purpose, the study explores what has an impact on the company's liabilities in relation to assets. The study has a quantitative research method with a deductive approach. The sample consists of 150 Swedish listed companies where the data set is made up of the companies annual reports. Six hypotheses have been developed to be tested through regression analyses. The dependent variables tested are total liabilities, current liabilities and long-term liabilities relative to total assets. The independent variables consist of age, size, profitability and growth. The result shows that marginal differences exist for the debt ratios between the period before and during the pandemic. Some of the independent factors have had a greater impact than others on the company's debt ratio, including size. Age is the factor that has no influence on the companies' leverage ratio. The study’s findings contribute to better understanding of how the corona pandemic affects the capital structure of Swedish companies. / Coronapandemin har påverkat hela världen i olika grad. De svenska företagen har blivit drabbade och behovet av att se över kapitalstrukturen har varit ett faktum. Ett gott resultat för företagen är väsentligt för att kunna konkurrera på en utsatt marknad. Företagen behöver under en kris vara aktiva i sina finansieringsbeslut och hur de väljer att finansiera sig. De makroekonomiska faktorerna har stor betydelse på kapitalstrukturen, eftersom kriser kan ledatill att företagen blir mer begränsade. Krisens påverkan på samhället och specifikt på företagen blir därav intressant att studera. Med detta som utgångspunkt är studiens huvudsyfte att undersöka hur kapitalstrukturen har förändrats vid övergång till covid-19, år 2019 och 2021.För att kunna analysera syftet utforskas vad som har en påverkan på företagets skulder i förhållande till tillgångar. Studien har en kvantitativ forskningsmetod med en deduktiv ansats. Urvalet består av 150 svenska börsnoterade företag där datamaterialet utgörs av företagensårsredovisningar. Sex hypoteser har framställts för att testas genom regressionsanalyser. De beroende variablerna som testas är totala skulder, kortfristiga skulder och långfristiga skulder i förhållande till totala tillgångar. De oberoende variablerna består av ålder, storlek, lönsamhet och tillväxt. Resultatet visar att marginella skillnader finns för skuldkvoterna mellan perioden före och under pandemin. Några av de oberoende faktorerna har haft större påverkan än andra på företagens skuldkvot, bland annat storlek. Ålder är den faktorn som inte har någon påverkan på företagens skuldsättningsgrad. Studiens resultat bidrar till ökad förståelse kring hur coronapandemin påverkar svenska företags kapitalstruktur.

Den här studien undersöker sambandet mellan lönsamhet och skuldsättning på transportsektorn i Sverige under 2021, med avgränsningen små och medelstora företag och bygger vidare på tidigare studier inom kapitalstruktur. Forskningen inom ämnet har visat på mångtydiga resultat i hur förhållandet mellan lönsamhet och skulder ser ut i praktiken. Denna studie tar vid i den pågående forskningen och har utifrån tidigare studier valt ut fyra teorier nära kopplade till den aktiva diskussionen om kapitalstrukturens utformning. Med utgångspunkt i MM proposition I och II, agentteorin, pecking order teorin och trade-off teorin granskar den här kvantitativa studien de beroende variablerna ROA och ROE i förhållande till de oberoende variablerna skuldsättningsgrad, storlek, samt kortfristiga, långfristiga och totala skulder. Med syfte att undersöka ifall det finns ett samband mellan skulder och lönsamhet samlades data in via Retriever Business på 1 412 företag, med ett totalt antal företag efter bortfall på 1 317. Studien fann att skulder hade en negativ påverkan på lönsamhet. Där ROA som lönsamhetsmått visade på en negativ korrelation mellan långfristiga och kortfristiga skulder, samt en positiv korrelation mellan lönsamhet och storlek. ROE som lönsamhetsmått visade på negativ korrelation till skuldsättningsgrad. Kopplat till de använda teorierna fann studien stöd för pecking order teorin. / This study examines the relationship between profitability and indebtedness in the transportation sector in Sweden during 2021, delimited to small and medium-sized enterprises, and continues to build on the previous research of capital structure. Previous research in the field of capital structure shows ambiguous results regarding the relation. between profitability and debt. This study has its starting point in the active research debate and has based on previous research selected four theories closely linked to capital structure. Based on MM proposition I and II, the agency theory, the pecking order theory, and the trade-off theory, this quantitative study examines the dependent variables ROA and ROE in relation to the independent variable’s debt ratio, size, as well as short-term, long-term, and total liabilities. With the purpose of investigating if there is a correlation between profitability and debt, data has been collected via Retriever Business on 1 412 companies with a total number of companies after attrition of 1 317. The study found that there was an overall negative correlation between profitability and debt. The study found that ROA as a measure of profitability shows a negative correlation between long-term and short-term liabilities, as well as a positive correlation between profitability and size. ROE as a measure of profitability showed a negative correlation to the debt ratio. Linked to the theories used, the study found support for the pecking order theory.

This study aims to investigate how Sweidish large companies' capital structure is affected by business cycles and which factors affect the capital structure. The impact of the capital structure on companies is described through the two central theories trade-off theory and the pecking order theory. The hypotheses were designed based on the theories and previous studies and tested through multiple regression analysis. The study is based on a quantitative approach because the empirical data is based on numbers. The empirical data is taken from Retriever Business based on the study's sample, which was companies with a turnover of over SEK 500 million, more than 250 employees, active before 2006 and all financial companies were excluded. Based on this selection, 1201 companies emerged from which a cluster sample was made. The sample amounted to 383 companies during the period 2006–2011. This study examines four intervals which are before the financial crisis (2006–2007), during the financial crisis (2008–2009), and after the financial crisis (2010–2011) as well as the total period (2006–2011). In the analysis, a dependent variable (leverage) and three independent variables (size, profitability, and tangibility), and a dummy variable (financial crisis) were used. To carry out the study, a univariate analysis, a bivariate analysis, and a regression analysis were used, the results of which showed that the tangibility and the financial crisis had a positive correlation with the leverage of large companies at a 99 percent significance level. Size and profitability had a negative impact on leverage, however, only profitability demonstrated a statistically significant relationship at the 98 percent level. Based on the result, this study can reject H0b, H0c, and H0d and keep H0a. Based on the results, it’s possible to conclude that the pecking order theory and the trade-off theory explain how large companies finance their operation and how the financial crisis impacted their capital structure. Where the capital structure can be explained based on how profitable a company is and what the asset structure looks like. Where profitable companies have a lower level of leverage, while a company with a high asset structure has a higher level of leverage. The results of this study are in line with previous research. Which is that the financial crisis had an impact on the capital structure where the debt ratio increased during the period of the financial crisis (2008–2009) and then returned to lower levels after the financial crisis (2010–2011). / Syftet med denna studie var att undersöka hur stora bolags kapitalstruktur i Sverige påverkas av konjunkturcykler samt vilka faktorer som påverkar kapitalstrukturen. Genom de två centrala teorierna trade-off och pecking order teorin beskrivs kapitalstrukturens påverkan på företagen. Hypoteserna utformades utifrån teorierna samt tidigare studier och testades genom en multipel regressionsanalys. Studien utgick ifrån en kvantitativ ansats eftersom studien baserades på siffror samt att tidigare studier applicerad en kvantitativ ansats. Empirin hämtades från Retriever Business utifrån studiens urval, vilket var företag med en omsättning över 500 miljoner kr, fler än 250 anställda, aktiva före 2006 samt att alla finansiella bolag uteslöts. Utifrån detta urval framkom det 1201 företag vilket ett slumpmässigt stickprov gjordes ifrån. Stickprovet uppgick till 383 företag under perioden 2006–2011. Studien undersökte fyra tidsintervall före finanskrisen (2006–2007), under finanskrisen (2008–2009) och efter finanskrisen (2010–2011) samt den totala perioden (2006–2011). I analysen användes en beroende variabel (skuldsättningsgrad) samt tre oberoende variabler (storlek, lönsamhet och tillgångsstruktur) samt en dummyvariabel (krisperioden). För att genomföra studien tillämpades en univariat analys, bivariat analys och regressionsanalys, vars resultat visade att tillgångsstruktur och finanskrisen hade ett positivt samband med skuldsättningen hos stora företag på en 99 procentig signifikansnivå. Storlek och lönsamhet hade en negativ påverkan på skuldsättningen, dock var det endast lönsamhet som påvisade ett statistiskt signifikant samband på 98 signifikansnivå. Utifrån resultatet kunde denna studie förkasta H0b, H0c och H0d samt behålla H0a. Studien kunde även dra slutsatserna att pecking-order teorin samt trade-off teorin förklarar hur stora företag finansierar sin verksamhet samt att finanskrisen hade en påverkan på företagens kapitalstruktur. Studien fann att kapitalstrukturen kan förklaras utifrån hur lönsamt ett företag är samt hur tillgångsstrukturen ser ut. Där lönsamma företag innehar en lägre skuldsättning medan ett företag med en hög tillgångsstruktur innehar en högre skuldsättningsgrad. Resultatet som framkommit i denna studie låg i linje med tidigare forskning, vilket är att finanskrisen hade en påverkan på kapitalstrukturen där skuldsättningsgraden ökade under perioden under finanskrisen (2008–2009) för att sedan återgå till lägre nivåer efter finanskrisen (2010–2011).

The main objective of this study was to test if the applicability of known capital structure theories holds water in abnormal economic environments, in particular, in Zimbabwe. Using secondary data collected for listed manufacturing firms from 2009-2018, results from a fixed effects regression model concluded that profitability, company size, non-debt tax shields, firm liquidity, inflation and GDP were significant in explaining capital structure decisions in Zimbabwe. In the context of South Africa, company size, asset tangibility, firm liquidity and inflation were found to be significant. The pecking order and trade-off theories were the only two theories that were found to be applicable in the Zimbabwean context, and the application of both theories indicated the use of internally generated funds as opposed to external finance sources, such as debt and equity. These results attribute to the abnormality and instability of the Zimbabwean economy, especially with regards to limited access to capital. / Business Management / M. Com. (Business Management)