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Ur svårigheterna att förklara företags kapitalstruktur och hur den är förknippad med olika risker för olika ägartyper, är syftet att undersöka vilken av Trade-off-teorin och Pecking order-teorin som bäst kan förklara skuldsättningen hos svenska familjeägda företag på Stockholmsbörsen. Med hjälp av en modell för respektive teori har vi genomfört regressionsanalyser för att besvara vårt syfte. Med grund i tidigare forskning kring familjeägda företag och teoriernas grundläggande synsätt på förändring i skuldsättning, har studien utgått från hypotesen att familjeägda företag i högre utsträckning kommer att finansiera sig med internt genererade medel än extern belåning, vilket ligger i linje med Pecking order-teorin. Studien utgår från både finansiell- och ägardata gällande tidsperioden 2004-2013. Resultaten pekar likt hypotesen förutspått mot ett större stöd för Pecking order-teorin hos svenska familjeägda företag. Studiens slutsats är att Pecking order-teorin, i högre utsträckning än Trade-off-teorin, kan förklara skuldsättningen hos svenska familjeägda företag.

The aim of this work was to investigate the effects of feather availability and imprinting to loose feathers in the litter on the incidence of feather pecking behaviour (FP), condition of the integument and fear reactions in two genotypes of laying hens. Hens that were deprived from loose feathers in the litter (feathers were collected 4 times/week) exhibited a significantly less rate of feather pecking, less number of severe FP and showed a better feather score in the laying period compared to the control groups (no feather treatment) in both Lohmann Tradition (LT) & Lohmann Silver (LS) genotypes. Addition of brown feathers to the floor in LT hens (feathers were added once/week) was associated with a reduction in feather pecking rate, the severe form of this behaviour and improved plumage and skin conditions. Contrary, the addition of white feathers to the floor in LS was associated with the highest rate of feather pecking, the highest severe form of this behaviour as well as the worst feather and skin conditions in the laying period compared to other groups of the same genotype. The LT birds in all feather treatments had a better feather cover than the LS birds. Hens that were imprinted to loose feathers in the litter in the rearing period exhibited a higher rate of FP, higher number of severe FP and showed the worst feather and skin conditions when feathers were collected from the floor during the laying period. Also, these hens reacted more fearful during the tonic immobility test. It is concluded that loose feathers may play a role in the development of feather pecking behaviour in laying hens. Large differences between genotypes were found in respect to the availability of loose feathers, feather pecking and plumage and integument condition. Imprinting of chicks to loose feathers from the floor may affect the incidence of feather pecking later on. Ziel dieser Arbeit war es, die Einflüsse des Federangebotes und der Prägung auf lose Federn in der Einstreu auf die Häufigkeit des Auftretens von Federpicken (FP), den Zustand des Integuments und die Furchtreaktionen an zwei Legehennengenotypen zu untersuchen. Hühnern beider untersuchter Genotypen (Lohmann Tradition (LT) und Lohmann Silber (LS)), denen die losen Federn 4 mal/ Woche aus der Einstreu abgesammelt wurden, zeigten eine geringere Federpickrate, eine geringere Anzahl der schweren Form des FP und eine bessere Gefiederbeschaffenheit in der Legeperiode verglichen mit der Kontrollgruppe (keine Federbehandlung). Das Hinzufügen brauner Federn zur Einstreu bewirkte bei LT Hennen eine Reduktion der FP-Rate, der schweren Form des Federpickens und verbesserte die Gefieder- und Hautbeschaffenheit. Dagegen führte das Hinzufügen weißer Federn in die Einstreu während der Legeperiode bei LS Hennen zur höchsten Federpickrate und Anzahl der schweren Form des Federpickens sowie zur schlechtesten Gefieder- und Hautbeschaffenheit im Vergleich zu anderen Gruppen des gleichen Genotyps. Hühner der LT Linie wiesen in allen Federbehandlungen eine bessere Befiederung als die LS Hühner auf. Hennen, die während der Aufzuchtsperiode auf lose Federn in der Einstreu geprägt wurden, zeigten nach Absammeln der Federn während der Legeperiode eine erhöhte FP-Rate mit einer erhöhten Anzahl der schweren Form des FP und die schlechteste Gefieder- und Hautbeschaffenheit. Außerdem reagierten diese Hühner ängstlicher während des Tests auf tonische Immobilität. Es kann geschlussfolgert werden, dass lose Federn in der Einstreu eine Rolle bei der Entwicklung des Federpickverhaltens von Legehennen spielen und dass Federpicken als Futtersuchverhalten interpretiert werden kann. Grosse Unterschiede zwischen den Genotypen bestanden hinsichtlich der Verfügbarkeit von losen Federn in der Einstreu, des Federpickens sowie der Gefieder- und Integumentbeschaffenheit. Eine Prägung der Junghennen auf lose Federn in der Einstreu könnte das Auftreten von Federpicken zu einem späteren Zeitpunkt beeinflussen.

Submitted by Suethene Souza (suethene.souza@ufpe.br) on 2015-03-12T18:55:58Z No. of bitstreams: 2 TESE Edilson dos Santos.pdf: 2187385 bytes, checksum: 63c9e7b94a952fcecca5019849672b1a (MD5) license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) / Made available in DSpace on 2015-03-12T18:55:58Z (GMT). No. of bitstreams: 2 TESE Edilson dos Santos.pdf: 2187385 bytes, checksum: 63c9e7b94a952fcecca5019849672b1a (MD5) license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Previous issue date: 2014-08-13 / CAPES / Aproximadamente meio século de pesquisas após os trabalhos de Modigliani e Miller (1958), ainda há um amplo debate sobre a composição da estrutura de capital das empresas. Neste contexto, nas últimas décadas os estudos cross-country se destacaram por tentar verificar os determinantes da estrutura de capital nos mais diversos países. Entretanto, vale ressaltar que, em tempos de crise e recessão as decisões de financiamento ganham uma maior importância, visto que os recursos no mercado financeiro podem ficar mais escassos, e assim impactar nos possíveis investimentos e nas atividades de produção das empresas, portanto será que os determinantes da estrutura de capital das empresas que fazem parte dos países emergentes podem ser explicadas por uma das principais teorias de estrutura de capital – trade-off e pecking order? Será que as empresas de Brasil, Rússia, Índia e China mantem suas estruturas de capital mediante o cenário de crise? E as estratégias de financiamento são semelhantes àquelas apresentadas por empresas de países desenvolvidos (países integrantes do G7)? Deste modo, o presente trabalho tem como objetivo principal verificar se as principais teorias sobre estrutura de capital conseguem explicar as estruturas das empresas dos principais países emergentes, mediante o cenário de crise iniciado em 2007, e analisar se elas estão alinhadas ao padrão adotado pelas empresas dos países desenvolvidos. Para tanto foram analisados dados de empresas listadas nas Bolsas de valores do Brasil, Rússia, Índia, China e países representantes do G7, no período de 2003 a 2011. A técnica econométrica chamada regressão quantílica foi utilizada como principal ferramenta de análise, uma vez que suas características permitem uma leitura mais detalhada dos dados, considerando a heterogeneidade das empresas. Os principais resultados obtidos sugerem que entre os países emergentes, as empresas sinalizam mudanças na intensidade dos determinantes clássicos da estrutura de capital, bem como estratégias de financiamento distintas para as empresas de Brasil, Rússia, Índia e China. Com relação às possíveis semelhanças nas estruturas de capital dos países emergentes e desenvolvidos, os resultados sinalizaram estratégias distintas. Por fim, os efeitos da crise das hipotecas subprime proporcionaram uma perspectiva diferente daqueles observados em momentos de menor turbulência econômica mundial.

This research project set out to determine whether there is a relationship between the observed leverage levels of South African companies, their profitability, earnings volatility and the probability of financial distress. The relevant body of knowledge against which to execute this research project is known as capital structure theory. Capital structure theory deals with the way in which firms finance themselves. It is concerned with the relationship between the structure of debt, equity and hybrid securities found on the right hand side of the firm’s balance sheet. It is believed that the 2007/8 global financial crisis offers researchers a unique opportunity to gain insight into how the observed leverage levels of firms and their earnings volatility interact to form their probability of financial distress. This area of research is of particular interest since it is commonly believed and frequently stated that South African firms are underleveraged and secondly because there is contrarian research beginning to be published indicating that firms with very little or no debt (commonly referred to as lazy balance sheets) are outperforming their more indebted peers and are being rewarded by investors for their prudence. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Titel: Hur finansierar företagaren sig i en högriskbransch. En studie om hur krögare finansierar sin verksamhet  Författare: Hannes Herlin, Kevin Jaeger Handledare: Per-Ola Ulvenblad Examinator: Hans Landström  Nivå: Civilekonomuppsats, 30hp   Nyckelord: Pecking order, Trade-off, Bootstrapping, Restaurang, Entreprenörskap.   Problemformulering: Hur finansierar krögare sin verksamhet och hur kan det förstås?   Syfte: Studiens syfte är att beskriva hur krögare finansierar sin verksamhet. Studien skall även analysera vad som påverkar finansieringsvalen. Slutligen ska studien resultera i utveckling av ett begrepp eller påbyggnad av redan existerande teorier gällande finansiering.  Litteraturgenomgång och teoretisk referensram: Litteraturgenomgången och den teoretiska referensramen ger en förståelse för hur tidigare forskning har behandlat hur krögare finansierar verksamheten och vad det beror på.   Metod: Studien är induktiv med deduktiva steg genom en kvalitativ forskningsstrategi varpå empirin har insamlats med semistrukturerade intervjuer. En tematisk analysmetod har tillämpats.   Slutsats: Resultatet visar att krögarna väljer det finansieringssätt som minst inskränker på deras kontroll av bolaget samt dess vision för bolaget. Om en delägare skall göra tillträde väljs hellre en delägare som kan bidra i den dagliga verksamheten via komplimenterande kompetenser än att ta in en ren finansiär. / Title: How does the business owner finance their enterprise in a high-risk industry. A study about how restauranteurs finance their business.  Author: Hannes Herlin, Kevin Jaeger   Supervisor: Per-Ola Ulvenblad Examiner: Hans Landström  Key words: Pecking order, Trade-off, Bootstrapping, Restaurant, Entrepreneurship  Research questions: How do restauranteurs finance their enterprise and how can it be understood?  Purpose: The purpose of this study is to describe how restauranteurs finance their enterprises. The study shall also analyze what affects the restauranteurs choices of finance. The study will result in the development of a term or a further development of an existing theory.   Literary review and Theoretical framework:  The literary review and the theoretical framework will give an understanding of how the earlier research has treated how restauranteurs have financed their enterprise and what it depends on.   Method: The study is inductive with deductive steps through a qualitative research strategy hence the empirical data has been collected through semi-structured interviews. A thematic method of analysis has been used. Conclusion: The result shows that restauranteurs choose the type of finance that will impact their control of the company and their vision of it the least. If a partner makes an entrance the restauranteur will choose the partner which will provide more competence in the daily operations than the one who will provide more capital.

As decisões relacionadas à configuração da estrutura de capital das empresas impulsionam as pesquisas há mais de cinqüenta anos. Muito embora o assunto seja recorrente e atual no meio acadêmico, ele se mantém bastante controverso. Neste trabalho são exploradas diretamente duas bases teóricas distintas: a Static Trade off Theory (STT), a partir do modelo proposto por Frank e Goyal (2003) e a Pecking Order Theory (POT), a partir do modelo proposto por Shyam-Sunder e Myers (1999). Os resultados destes testes são comparados aos modelos propostos por Qiu e Smith (2007) e Bahng e Jeong (2012) para analisar a estrutura de endividamento das empresas a níveis diferentes de alavancagem. A amostra selecionada consiste de empresas brasileiras de capital aberto, não-financeiras e não-regulamentadas, listadas na Bolsa de Valores Mobiliários de São Paulo (BM&FBovespa) no período entre 2002 e 2011. Utilizou-se como metodologia as técnicas Regressão Múltipla por meio do método dos Mínimos Quadrados Ordinários (MQO) comparativamente à Regressão Quantílica. Como resultados destacou-se uma velocidade de ajuste à estrutura de capital alvo entre 6% e 14% ao ano, nos teste da teoria trade off. Quanto aos testes da teoria pecking order, constatou-se que as empresas brasileiras se orientam conforme esta teoria na tomada de decisão sobre estrutura de capital, financiando-se em grande parte com capital de terceiros. / Decisions related to the configuration of the capital structure of companies drive research for over fifty years. Although it is recurrent and current in academia, it remains quite controversial. This paper explored directly two different theoretical bases: the Static Trade off Theory (STT), from the model proposed by Frank and Goyal (2003) and the Pecking Order Theory (POT), from the model proposed by Shyam-Sunder and Myers (1999). The results of these tests are compared to the models proposed by Qiu and Smith (2007) and Bahng and Jeong (2012) to analyze the debt structure of firms at different levels of leverage. The sample consists of Brazilian companies traded, non-financial and non-regulated, listed on the Securities Exchange of São Paulo (BM & FBovespa) between 2002 and 2011. It was used as a methodology techniques Multiple Regression by the method of Ordinary Least Squares (OLS) compared to Quantile Regression. The results pointed to a speed of adjustment to target capital structure between 6% and 14% per year, the trade off theory test. As for testing the pecking order theory, it was found that Brazilian companies are oriented according to this theory in decision making on capital structure, financing itself largely with debt capital.

<p>The bachelor's thesis is to examine the explanatory factors affecting the choice of capital structure in real estate companies. The analysis is based on data collected from the main financial reporting from 2007; all listed real estate companies listed on Swedish, Norwegian, Danish and Finnish stock market. Based on previous research and theories, we have defined five independent variables that are linked to the debt ratio, which are: profitability, growth, firm size, cost of debt and operational risk. The statistical tests have resulted in that we can say with certainty that profitable firms tend to have a lower debt to equity ratio. We can also say with certainty that property companies with high interest costs have a high level of indebtedness.</p> / <p>Kandidatuppsatsen har i syfte att undersöka de förklarande faktorer som påverkar valet av kapitalstruktur inom fastighetsbranschen. Analysen grundar sig på data insamlad från i huvudsak 2007 års bokslutsrapporter från alla börsnoterade fastighetsbolag som finns på den svenska, norska, danska och finska börsen. Utifrån tidigare forskning och teorier har vi definierat fem oberoende variabler som har en koppling till skuldsättningsgraden vilka är: lönsamhet, tillväxt, företagsstorlek, räntekostnad och operativ risk. De statistiska undersökningarna har resulterat i att vi kan med säkerhet säga att lönsamma företag tenderar att ha en lägre skuldsättningsgrad. Vi kan även med säkerhet säga att fastighetsbolag med låga räntekostnader har en högre skuldsättningsgrad och vice versa.</p>

Sammanfattning   Titel:                            Externt kapital i samband med investeringar                             - En studie om framgångsrika företag i Gästrikland   Nivå:                     C-uppsats i ämnet företagsekonomi   Författare:            Madelene Bergström                             Mikael Pettersson   Handledare:           Per-Arne Wikström   Datum:                       2012 – 06   Syfte: Syftet är att undersöka vilken inställning framgångsrika företag har till olika externa kapitalkällor vid en investering samt hur dessa företag har finansierat tidigare investeringar.   Metod: Datainsamling har skett dels via en egen webbenkät till 229 stycken framgångsrika företag i Gästrikland samt genom en sammanställning av redan insamlat material från åren 2005 – 2011. Materialet har sammanställts och redovisas i diagramform. Analysen har sedan gjorts genom att jämföra empiri och teori vilket sedan är utgångspunkt för diskussion.   Resultat &amp; slutsats: Studien visar att företagen prioriterar internt kapital framför externt kapital samt att deras inställning till externt kapital varierar med marknadens konjunktursvängningar. Det finns även en skillnad mellan företagens inställning till olika kapitalkällor och de kapitalkällor de faktiskt använt när de har genomfört investeringar.   Förslag till fortsatt forskning: En studie som på ett djupare plan belyser bakomliggande orsaker till skillnaderna i inställning till olika kapitalkällor och vilka källor som faktiskt har använts vid en investering.   Uppsatsens bidrag: Studien bidrar till en ökad förståelse för hur företag finansierar investeringar.   Nyckelord: Pecking order, finansiering, kapitalkällor, externt kapital, internt kapital / Abstract   Title:                               External capital for investments                                       - A study of successful firms in Gästrikland   Level:                             Bachelor-essay in business science   Author:                          Madelene Bergström                                      Mikael Pettersson   Supervisor:                     Per-Arne Wikström   Date:                             2012 - 06   Objective: The aim is to examine successful companies and their attitude towards different sources of external capital in an investment situation, we also exam how these companies have funded previous investments.   Method: Data collection has been made in two steps, we have conducted a web survey to 229 successful companies in Gästrikland and we have used already existing data from the years 2005 - 2011. This data is then compiled and presented in graphical format. The analysis has been done by comparing the empirical evidence and theory which then forms the basis for discussion.   Results &amp; conclusion: This study shows that the companies prioritize internal capital rather than external and that their attitude towards external capital varies with market fluctuations. There is also a difference between the companies attitude to different sources of capital and the capital sources they actually have used for investments.   Suggestions for future research: A study on a deeper level that highlights the underlying causes of differences in attitudes towards different sources of capital and which sources who actually been used for an investment.   Essay contributions: The study contributes to a better understanding of how companies finance investments.   Keywords: pecking order, funding, capital sources, external capital, internal capital

The bachelor's thesis is to examine the explanatory factors affecting the choice of capital structure in real estate companies. The analysis is based on data collected from the main financial reporting from 2007; all listed real estate companies listed on Swedish, Norwegian, Danish and Finnish stock market. Based on previous research and theories, we have defined five independent variables that are linked to the debt ratio, which are: profitability, growth, firm size, cost of debt and operational risk. The statistical tests have resulted in that we can say with certainty that profitable firms tend to have a lower debt to equity ratio. We can also say with certainty that property companies with high interest costs have a high level of indebtedness. / Kandidatuppsatsen har i syfte att undersöka de förklarande faktorer som påverkar valet av kapitalstruktur inom fastighetsbranschen. Analysen grundar sig på data insamlad från i huvudsak 2007 års bokslutsrapporter från alla börsnoterade fastighetsbolag som finns på den svenska, norska, danska och finska börsen. Utifrån tidigare forskning och teorier har vi definierat fem oberoende variabler som har en koppling till skuldsättningsgraden vilka är: lönsamhet, tillväxt, företagsstorlek, räntekostnad och operativ risk. De statistiska undersökningarna har resulterat i att vi kan med säkerhet säga att lönsamma företag tenderar att ha en lägre skuldsättningsgrad. Vi kan även med säkerhet säga att fastighetsbolag med låga räntekostnader har en högre skuldsättningsgrad och vice versa.