<p><strong>Syfte</strong> Syftet med uppsatsen är att ta undersöka huruvida det finns någon skillnad mellan skuldsättningsgraden inom produkt- och tjänstebranschen. Ett delsyfte till uppsatsen är att undersöka hur räntekostnaden ser ut och huruvida det finns signifikanta samband mellan de olika branschernas gällande ovanstående faktorer.</p><p><strong>Metod</strong> Undersökningen är en fallstudie med en abduktiv kvantitativ ansats. Empirin består av sekundärdata i form av årsredovisningar.</p><p><strong>Teori</strong> Teorin har utgått ifrån genrens klassiker i form av Modigliani & Millers två teorem, Pecking order teorin samt Trade-off teorin.  Även Hallgrens modell om risk har tillämpats.</p><p><strong>Empiri</strong> Data är insamlad från sex byggföretag samt från sex revisionsföretag. Skuldsättningsgrad, räntekostnader samt omsättning är granskad dels inom branschen och dels jämförande mellan branscherna. Empirin är testad genom signifikansanalyser.</p><p><strong>Resultat </strong></p><ul><li>Det finns inga signifikanta samband mellan bygg- och revisionsbranschens skuldsättning</li><li>Det finns inga signifikanta samband mellan bygg- och revisionsbranschens räntekostnad</li><li>Det finns inga signifikanta samband i byggbranschens skuldsättning</li><li>Det finns inga signifikanta samband i revisionsbranschens skuldsättning</li></ul> / <p><strong>Purpose</strong> The purpose of the assay is to inquire contingent difference between the debt ratio in the businesses of product and service. Another part of the purpose is to inquire what the interest cost looks like and if there are any significant relationships between the different businesses regarding above factors.</p><p><strong>Method</strong> The enquire is a case study with an abductive qualitative approach. The empiric consists of secondary data origin from annual reports.  <strong></strong></p><p><strong>Theory</strong> The theory of the assay emanates from the classics of the genre with the theorems of Modigliani & Millers, the pecking order theory and the trade-off theory. Another theory that as been used is Hallgrens model concerning risk.</p><p><strong>Empirics</strong> Data is collected from six building companies and from six revision companies. Debt ratio, interest cost and turnover are all parameters that are reviewed, partly in its own business, partly compared between the businesses. The empirics are tested through significant analysis.</p><p><strong>Result</strong></p><ul><li>There is no significant correlation concerning the debt ratio of the business of building and revision. </li><li>There is no significant correlation concerning the interest costs of the business of building and revision </li><li>There is no significant correlation concerning the debt ratio of the business of building.</li><li>There is no significant correlation concerning the debt ratio of the business of revision</li></ul>

Problem: High wage countries depend on SME's to lower unemployment, to trigger economic growth and to utilize the 'knowledge waste' created by large investments in human capital. However, due to their limited access to capital markets SME's are seen as unfavourably dependent on their own generation of internal funds to grow. Among SME's, IT firms are seen as most representative for this struggle, since they have i) a bad reputation within the public and institutional sector due to the dot-com era, and ii) assets with low collateral value (e.g. immaterial assets, human capital, knowledge, prototypes and ideas that all have unknown, unsecure and hard to predict second-hand or future values). Despite these unfavorable characteristics, some IT firms are growing considerably fast. What can we learn from them?  Purpose: Describe the financial situation of IT SME's. Investigate how those IT firms that are fast growing have grown and financed their growth, and how they have managed the effects of growth. Method: Due to the nature of the purpose a mixed method research approach was adopted. The quantitative investigation aimed at describing their fi-nancial situation and took the form of a statistical analysis of the entire IT firm population, using data from the Swedish database 'Affärsdata'. The qualitative approach took the form of telephone interviews with a sample of fast growing IT firms, to get closer to the reasoning behind their growth and it’s financing. This research approach enabled cross referencing, strengthening some of the empirical evidence found. Conclusion: Evidence was found on IT firms growing with assets of less collateral value resulting in low amounts of long term debt. Indications were found on the traditional life cycle perspective regarding SME finance has to be changed to fit IT firms; after surviving the first years of internal funding and years of overdependence on short term debt, they reach a stage (e.g. in a financial crisis, facing international expansion, or substantial R&amp;D costs) when financial assistance is needed. Indications were also found on IT firms operating in a highly unpredictable environment demanding advanced cash management routines that today are not prioritized in favor of growth. To handle this, and to reach financial assistance when needed (most likely by involving a risk capitalist in exchange for firm ownership), those firms showing stability (i.e. through low personnel turnover, high profitability or a large cash buffer) seem to have been more successful.

Bakgrund: De svenska börsbolagen gör större vinster än någonsin tidigare, men har fått stor kritik för att vara för långsamma i sin vinstallokering. Företag med överkapitaliserade balansräkningar utan investeringsbehov är potentiella måltavlor för riskkapitalisternas affärsidé om finansiell effektivisering och en aggressivare kapitalstruktur. Debatten i media har skapat kritik kring dessa så kallade kortsiktiga och giriga bolagsplundrare som påstås förstöra finansiella värden och kreditvärdigheten i företagen. I tidigare fall har marknaden svarat positivt på riskkapitalisternas investeringar, något som har reflekterats i ett kraftigt ökande aktiepris. Skeptiker hävdar dock att spekulationer är anledningen till att marknadsvärdet drivs upp, inte fundamentala aspekter. Syfte: Syftet med denna magisteruppsats är att fastställa en bild av fenomenet riskkapital och hur dess aktiva ägande inverkar på svenska börsbolags kreditbetyg, kapitalstruktur och värdering. Metod: För att uppnå syftet med vår magisteruppsats har en kvalitativ ansats till-lämpats baserad på tre börsbolag där riskkapitalisters aktiva ägande spelat en betydande roll. Det empiriska materialet har insamlats genom personliga intervjuer med aktie- och kreditanalytiker, och studien förlitar sig även på markandsdata, artiklar och nyhetssändningar i media, samt respektive bolags kvartals- och årsrapporter. Slutsats: Studien har gjorts over den tidsperiod som varit riskkapitalisternas inve-steringshorisont – explicit och implicit. Genom att analysera det aktiva ägarskapet i tre svenska börsbolag kan slutsatsen dras att det inverkat positivt i form av högre prestanda och marknadsvärdering. De finansiella förändringarna har, till skillnad från kritiken, styrkt kreditbetyget i fallen Lindex och Volvo. En analys av Skandia/Old Mutual visade dock en marginellt ökad kreditrisk. Slutsatsen visar härmed att riskkapitalisternas inverkan på svenska börsbolag är värdeförädlande utan att äventyra den finansiella statusen. / Background: The Swedish blue chip companies are performing better than ever, but have been strongly criticised for being too slow in their excess fund allocation. Companies with overcapitalised balance sheets and no investment needs are potential targets for activist funds’ business idea of more aggressive capital structures and financial restructuring. In media, this debate has raised criticism against these so called short-sighted, greedy asset-strippers that destroy company values and increase the companies’ risk of default. In prior cases where activist funds have taken actions, the market has responded positively through increasing the share price. However, sceptics argue that the higher share price is merely a response to a speculative reaction with no fundamental argument supporting the upgrade in market capitalisation. Purpose: The purpose of this thesis is to establish a view of the phenomenon of activist funds and their impact on blue chip companies’, listed on the Stockholm Stock Exchange, credit rating, capital structure and valuation. Method: To fulfil the purpose of our master thesis, a qualitative approach has been applied based on three cases involving the activities of activist funds. The empirical findings have been retrieved via personal communications with stock- and credit analysts, and the study also relies on articles and news coverage from media, stock market data and annual reports from each of the chosen companies respectively. Conclusion: The study has regarded the period of time which has been the investment horizon of the activist funds – explicitly and implicitly. Analysing their active ownership, the conclusion can be drawn that these activist funds have clearly had a positive impact on each of the blue chip companies’ performance and intrinsic value respectively. The financial restructuring has - contrarily to the criticism – strengthened the credit ratings in the cases of Lindex and Volvo. In the Skandia/Old Mutual-case, a marginally higher default risk was detected. Thus, the study has concluded that activist funds indeed add significant shareholder value without jeopardising the companies’ financial statuses.

This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure. Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden. Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study. Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate. Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.

Corporate failures pose a problem for banks, investors, customers, employees andinsurers. With a multivariate discrimination method, the study aims to find the specificfinancial ratios that most accurate reveals a company's financial health, which is ofinterest to all of the above parties. The data consist of 1042 Swedish small enterprisesand 30 different financial ratios between the years 2005‐2007. The result shows thatbankrupt firms three years before bankruptcy have a disadvantaged capital structurewith poor solvency and high debt. The year before bankruptcy, profitability and liquiditydeclined for bankruptcy group, and rates vary considerably in comparison with thesurviving companies. Our model can correctly classify 91,2 % of the total sample one yearbefore bankruptcy. / Företagskonkurser är dyrt för samhället och utgör ett problem för bland annat banker,investerare, kunder, anställda, försäkringsbolag och leverantörer. Studien syftar till attfinna de specifika nyckeltal vilka avslöjar ett företags finansiella hälsa, vilket är av intresseför alla ovanstående parter. Med en kvantitativ multivariat analysmetod har 30 olikanyckeltal från sammanlagt 1042 svenska mindre aktiebolag mellan åren 2005 och 2007studerats.Resultatet visar att konkursföretagen tre år innan konkurs har en missgynnandekapitalstruktur med svag soliditet och hög skuldsättning. Året innan konkurs harlönsamheten och likviditeten minskat för konkursgruppen och talen uppvisar storaskillnader i jämförelse med de överlevande företagen. Modellen klassificerar 91,2 % avföretagen korrekt ett år innan konkurs.

Syfte Syftet med uppsatsen är att ta undersöka huruvida det finns någon skillnad mellan skuldsättningsgraden inom produkt- och tjänstebranschen. Ett delsyfte till uppsatsen är att undersöka hur räntekostnaden ser ut och huruvida det finns signifikanta samband mellan de olika branschernas gällande ovanstående faktorer. Metod Undersökningen är en fallstudie med en abduktiv kvantitativ ansats. Empirin består av sekundärdata i form av årsredovisningar. Teori Teorin har utgått ifrån genrens klassiker i form av Modigliani &amp; Millers två teorem, Pecking order teorin samt Trade-off teorin.  Även Hallgrens modell om risk har tillämpats. Empiri Data är insamlad från sex byggföretag samt från sex revisionsföretag. Skuldsättningsgrad, räntekostnader samt omsättning är granskad dels inom branschen och dels jämförande mellan branscherna. Empirin är testad genom signifikansanalyser. Resultat Det finns inga signifikanta samband mellan bygg- och revisionsbranschens skuldsättning Det finns inga signifikanta samband mellan bygg- och revisionsbranschens räntekostnad Det finns inga signifikanta samband i byggbranschens skuldsättning Det finns inga signifikanta samband i revisionsbranschens skuldsättning / Purpose The purpose of the assay is to inquire contingent difference between the debt ratio in the businesses of product and service. Another part of the purpose is to inquire what the interest cost looks like and if there are any significant relationships between the different businesses regarding above factors. Method The enquire is a case study with an abductive qualitative approach. The empiric consists of secondary data origin from annual reports.  Theory The theory of the assay emanates from the classics of the genre with the theorems of Modigliani &amp; Millers, the pecking order theory and the trade-off theory. Another theory that as been used is Hallgrens model concerning risk. Empirics Data is collected from six building companies and from six revision companies. Debt ratio, interest cost and turnover are all parameters that are reviewed, partly in its own business, partly compared between the businesses. The empirics are tested through significant analysis. Result There is no significant correlation concerning the debt ratio of the business of building and revision. There is no significant correlation concerning the interest costs of the business of building and revision There is no significant correlation concerning the debt ratio of the business of building. There is no significant correlation concerning the debt ratio of the business of revision

Utilizzando un campione di imprese non finanziarie quotate appartenenti all'area euro, analizzo le determinanti della struttura finanziaria aziendale. Coerentemente con il tradizionale approccio teorico, utilizzo una misura dell'indebitamento a valori di mercato, stimato col modello di Black-scholes-merton. alcune variabili analizzate hanno effetti simili nei vari paesi, mentre altre cambiano: il rischio, misurato con la volatilità del valore di mercato dell'attivo, è la variabile più rilevante. Il rischio e l'asimmetria informativa su di esso rendono il debito meno attraente, a causa di maggior costi attesi di fallimento, minore vantaggio fiscale e maggiori costi di agenzia. La nazionalità influenza le scelte finanziarie. l'integrazione dei mercati finanziari nell'area euro cambia significativamente a seconda dei segmenti di mercato considerati: il mercato monetario ed interbancario sono fortemente integrati, il mercato obbligazionario ed azionario mostrano di essere su un percorso di integrazione, il mercato del credito bancario è ancora molto frammentato. le normative fiscali e fallimentari differiscono nei dodici paesi, come anche il contesto economico. / Using a sample of non-financial listed firms located in the Euro area, I investigate the determinants of capital structure choices. In line with the traditional theoretical approach, I use a market-value measure of leverage, estimated with the Black-Scholes-Merton model. I find that some variables have similar effects across countries, while others may play a different role; risk, measured as the volatility of the market enterprise value, is the best predictor of observed leverage ratios. Risk, and asymmetric information about risk, make debt less attractive, because of higher expected bankruptcy costs, lower expected debt tax shield and higher agency costs. National environments are an important determinant of observed ratios. The integration of Euro-area financial markets varies significantly depending on the market segment considered: money and inter-bank markets are highly integrated, corporate bond and equity markets show a clear path of increasing integration, retail banking markets are much less integrated. Fiscal and bankruptcy rules differ across the twelve countries; the economic background varies as well.

Background: In the current labor and business policy debate in Sweden there is a major focus on the need for it to become easier to set up small firms, and that it needs to become easier for small firms to hire staff. In order to set up and run a business, funding is required. Firms can choose to work more or less actively with this issue, but they all need to relate to it. There are basically two ways to fund a business, either through equity or through debt. The ratio between these two sources is called the firm’s capital structure. Purpose: To chart the capital structure of small firms in Sweden. Furthermore, the study aims to compare theories of corporate finance with how small businesses reason about, and work with finance in practice. Method: The thesis consists of both a quantitative and a qualitative study. Furthermore, these studies are compared with financial and entrepreneurial theories. Conclusion: The quantitative study shows that the differences between small firms and larger firms are small in terms of average debt ratio. However, the debt ratio varies a lot among individual companies. The qualitative study mainly shows that the pecking-order theory comport with the financing preferences of the companies included in the study. This is not true for the trade-off theory as the companies do not calculate their optimal capital structures. On the contrary, it is shown by the study that enterprisers do not always act in an economically rational way. Instead, the choices of capital structure within the firms are often affected by personal preferences. Keywords: Small firms, Financing, Capital structure, Debt ratio, Capital

Background: During extreme market conditions like the period during fall 2008 the discussion of what affects company value becomes apparent. The capital structure is the relation between borrowed capital and equity in a company´s financing mix. What impact changes in capital structure have on company value is a widely debated subject within the theory of finance. If a relationship between capital structure and company value exists the implication is that an optimal capital structure where company value is maximized also exists. Aim: The aim of the thesis is to study whether a certain relationship between capital structure and company value exists among selected stocks and companies listed on Stockholmsbörsens OMXS30. Implementation: With aim to fulfill the purpose of the thesis regression analysis has been performed among chosen stocks and companies. The empirical results eventuating from this have been analyzed from the view of elected relevant theory. Completion and results: We find that during normal market conditions a positive relationship between debt ratio and enterprise value (EV) can be established. During more turbulent periods the results is more scattered. The results of this thesis is more evidence that the debt´s gear on equity is what mainly impacts price movements on the stock market and affects value, where high debt will pay off during favorable conditions and be costly during bad conditions, rather than a specific capital structure. A certain relationship between capital structure and company value cannot be established. The results of this thesis is also evidence pointing out the difficulties in measuring the relationship between two variables where one is the daily quoted market price of equity, which is greatly affected by market psychology et cetera, and the other, capital structure, is only to be measured during interim- and annual reports.

<p>I examine how employing workers with specific human capital affects capital structure decisions by employers. Based on plant-level data from the U.S. Census Bureau, I use the opening of new plants as an exogenous reduction in human capital specificity-- the inability to transfer specific skill sets across employers--for incumbent workers in a local labor market. My results indicate that the opening of a new manufacturing plant in a given county leads to a 2.6-3.9% increase in the leverage of existing manufacturing firms in the county, relative to the leverage of manufacturing firms in an otherwise comparable county. Moreover, plant openings have a larger impact on firms that are more likely to share labor with the new plant, that have high labor intensity, and that have high marginal tax benefits of debt. Alternative explanations concerning productivity spillovers, product market competition, and county-wide shocks do not appear to account for the results. I find consistent evidence in a separate sample that contains a broad panel of firms. Overall, these results suggest that human capital specificity raises the cost of debt and thus decreases optimal leverage.</p> / Dissertation