A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.

Purpose: The thesis purpose is to, with regards to relevant theories, explain how the variables industry affiliation, growth, uniqueness and tangiability affect modern, swedish firms capital structure. Method: A quantitative method along with a deductive approach has been used to make this study. Multiple regression analysis has been applied in order to identify statistical relationships between various variables. Conclusion: The empirical results can only to a certain degree confirm what the theories are claiming. The statistical relationship the growth, profitability, uniqueness in a firm has with leverage is negative. Moreover, tangibility turned out to have a positive relationship to leverage, which coincides with said theories. / Syfte: Uppsatsens syfte är att utifrån relevanta teorier förklara hur variablerna lönsamhet, branschtillhörighet, tillväxt, unikhet och tillgångsstruktur påverkar svenska bolags kapitalstruktur. Metod: En kvantitativ metod med deduktiv ansats har använts för att möjliggöra denna studie. Multipel regressionsanalys har tillämpats för att statistiskt kunna identifiera samband mellan olika variabler. Slutsats: Resultatet stämmer nästan genomgående med teoriernas antaganden. Sambandet mellan tillväxt, lönsamhet, unikhet mot skuldsättningen är negativt. Det visade sig dessutom att det finns ett positivt samband mellan tillgångsstruktur och skuldsättningsgrad, vilket stämmer med vad teorierna hävdar.

Bakgrund Forskningen kring kapitalstrukturens påverkan på lönsamhet har fått vitt skilda resultat, en del resultat pekar på att en högre andel lån är fördelaktigt och andra resultat tyder på det motsatta. Orsaker till detta kan bero på exempelvis olika förutsättningar i olika länder, branscher och företagsstorlekar. Medelstora företag har ofta ingått i undersökningar tillsammans med små, men forskning har sällan skett koncentrerat på medelstora företag. Studien har valt att göra en undersökning fokuserat på medelstora företag eftersom de är relativt outforskade. Syfte Syftet med denna studie är att dels beskriva sambandet mellan kapitalstruktur och lönsamhet bland svenska medelstora kapitalintensiva företag och dels förklara sambandet utifrån pecking order och trade off theory. Metod En kapitalintensiv bransch valdes ut dels för att göra företagen i urvalet mer jämförbara med varandra och dels för att kapitalintensiva företag möter finansieringsfrågor i större grad. Metallindustri valdes ut som en representant för kapitalintensiva företag. Årsredovisningar från samtliga företag som uppfyllde kriterierna kring företagsstorlek undersöktes. Linjär regressionsanalys användes för att studera sambanden mellan kapitalstruktur och lönsamhet. Resultat och Slutsats Resultatet av studien visade att ROA är negativt korrelerat med total skuldandel och kortfristig skuldandel, dock kunde inget samband påvisas mellan ROA och långfristig skuldandel. Det kunde inte påvisas något samband mellan ROE och total skuldandel, kortfristig skuldandel eller långfristig skuldandel. Studiens resultat visar att företag med högre andel lån tenderar prestera sämre mätt i ROA, men ROE påverkas inte. / Background Research on the impact of capital structure on profitability has shown very different results, some results show that a higher ratio of debt is beneficial and other results suggests the opposite. The reasons for this may be due, for example, to different conditions in different countries, industries and company sizes. Medium-sized companies have often been involved in surveys together with small ones, but research has rarely been concentrated on medium-sized companies. The study focused on medium-sized companies because they are relatively unexplored. Purpose The purpose of the study is to describe the relationship between capital structure and profitability among Swedish medium-sized capital-intensive companies and explain the relationship with pecking order and trade off theory. Method A capital intensive industry was chosen partly to make the companies in the sample more comparable to each other and partly because capital intensive companies encounters more financing decisions. Metal-industry was chosen as a representative of capital intensive companies. Annual reports from all companies that met the criteria for company size were examined. Linear regression analysis was used to study relationships between capital structure and profitability. Result and Conclusion The result of the study showed that ROA is negatively correlated with total debt ratio and shortterm debt ratio, but no correlation between ROA and long-term debt ratio could be found. There was no correlation between ROE and long-term debt ratio, short-term debt ratio or long-term debt ratio. The results show that companies with higher debt ratio tend to perform worse when measured in ROA. However, ROE was not affected by debt ratio.

Submitted by Timbo Noeme (noeme.timbo@metodista.br) on 2016-08-08T17:58:28Z No. of bitstreams: 1 Renata Toledo Reis.pdf: 1609716 bytes, checksum: 0ef0b359086f968f893067961f41419d (MD5) / Made available in DSpace on 2016-08-08T17:58:28Z (GMT). No. of bitstreams: 1 Renata Toledo Reis.pdf: 1609716 bytes, checksum: 0ef0b359086f968f893067961f41419d (MD5) Previous issue date: 2015-08-26 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The several theories about the capital structure motivate many studies on this subject, however without meeting a consensus. Other topic not much explored refers to the organization’s life cycle, and how it can influence in the capital structure. This study had as main objective to verify which determinants are the most relevant for the borrowing process in the companies and understand if these determinants change depending on the life cycle, supported by the theories Trade off, Pecking order and Agency’s Theory. In order to achieve the objective was used the analysis of fixed effect panel and Brazilian listed companies have been chosen as sample, finally the study was also based in secondary data available in the Economatica® between 2005 and 2013 using sections from BM&F and BOVESPA. The main result stands the same behavior among the general sample, high and low growth for accounting debt for determining Profitability presenting a negative relationship, and the determinants Growth Opportunity and size, with such a positive relationship. For high groups and some low growth determinants showed different results, such as the uniqueness resulting significance in these two groups, with positive growth in low and negative in the high growth, the collateral value of assets and non-debt tax relief were significant only in low-growth group. For the debt at market value was observed significance for the tax benefit not debt and Singularity. This result reinforces the argument that the life cycle influence the capital structure / As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.

Submitted by Neusa Fagundes (neusa.fagundes@unioeste.br) on 2018-02-27T14:38:05Z No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-27T14:38:05Z (GMT). No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-07-18 / The capital structure has been studied since the mid-1950s, especially since Durand (1952), and the subject has been explored by Modigliani and Miller (1958), Myers and Majluf (1984), and others, always with different approaches over time. One of the theoretical fronts is the pecking order theory, led by Myers (1984) and Myers and Majluf (1984), which analyzes the influence of information asymmetry on the capital structure of organizations. Therefore, in order to verify the influence of the asymmetry on the capital structure of Brazilian and North American companies from 2011 to 2015, a panel data analysis was carried out, modeling variables linked to information asymmetry to verify if they influenced, or not, the indebtedness of the companies analyzed, in order to respond to the following research problem: "What is the influence of information asymmetry in determining the capital structure of Brazilian and US publicly traded companies in the period from 2011 to 2015?". Thus, it is expected that the study will contribute, in particular, to the accomplishment of the comparative analysis between the mentioned countries, identifying the behavior of the data and the adequacy of the companies to the precepts of the financial theories mentioned, emphasizing that the comparative analysis undertaken is the main gap in the study, given the scarcity of comparative studies within the capital structure. As for main findings, it was verified that the existence of lower information asymmetry indexes led to lower indebtedness in both Brazilian and North American companies, which is recommended by pecking order, that is, it was verified that in fact, the information asymmetry has an influence on corporate indebtedness. However, the beha vior of the variables in Brazilian and North American companies diverges, and not always the variables showed the expected behavior, according to what the theory suggested. In addition, differences in the economic environment, market structure, cost of credit and others may cause a result initially contrary to that predicted by the theory is not necessarily a divergent result. As a practical contribution of the study, when analyzing data from two different countries, a broader view is given, especially for the investor (as an external user of the accounting information) and the administrator (as internal user), about the debt behavior, and on which variables are able to affect this behavior, in particular to assess the influence of the variables related to the asymmetry of information in this theme. With this, it can be verified empirically as relevant business issues, such as corporate governance, influence the directions taken by companies. Finally, although the subject is widely studied, it remains available and with research gaps, with ample space for studies that contribute to the better understanding of the issue. / A estrutura de capital vem sendo estudada desde meados dos anos 1950, em especial a partir de Durand (1952), tendo o tema sido explorado ainda por Modigliani e Miller (1958), Myers e Majluf (1984), e outros, sempre com diferentes abordagens ao longo do tempo. Uma das frentes teóricas que se dedica ao tema é a pecking order theory, encabeçada por Myers (1984) e Myers e Majluf (1984), que analisa a influência da assimetria de informação na estrutura de capital das organizações. Diante disso, e visando verificar a influência da assimetria na estrutura de capital das empresas brasileiras e norte-americanas de 2011 a 2015, realizou-se uma análise com dados em painel, modelando-se variáveis ligadas à assimetria de informação para verificação se elas influenciaram, ou não, o endividamento das empresas analisadas, para responder ao seguinte problema de pesquisa: “Qual a influência da assimetria de informação na determinação da estrutura de capital de empresas brasileiras e americanas de capital aberto no período de 2011 a 2015?”. Com isso, espera-se que o estudo contribua, em especial, no sentido da realização da análise comparativa entre os países mencionados, identificando o comportamento dos dados e a adequação das empresas aos preceitos das teorias financeiras, salientando que a análise comparativa empreendida se apresenta como a principal lacuna do estudo, dada a escassez de estudos comparativos dentro da temática da estrutura de capital. Como principais resultados, verificou-se que a existência de menores índices de assimetria de informação conduziu a um menor endividamento tanto nas empresas brasileiras quanto nas norte-americanas, o que é preconizado pela teoria pecking order, ou seja, constatou-se que de fato a assimetria de informação exerce influência no endividamento empresarial. Contudo, o comportamento das variáveis nas empresas brasileiras e norte-americanas diverge, e nem sempre as variáveis apresentaram o comportamento esperado, de acordo com o sugerido pela teoria, além de que diferenças de ambiente econômico, de estrutura de mercado, de custo de crédito e outros podem fazer com que um resultado inicialmente contrário ao previsto pela teoria não seja, necessariamente, um resultado divergente. Como contribuição prática do estudo, ao analisar dados de dois países distintos, tem-se uma visão mais ampla, em especial para o investidor (como usuário externo da informação contábil) e do administrador (como usuário interno), sobre o comportamento da dívida e sobre quais variáveis são capazes de afetar esse comportamento, em especial de aferir qual a influência das variáveis ligadas à assimetria de informação nessa temática. Com isso, pode-se verificar empiricamente como questões empresariais relevantes, como a governança corporativa, influenciam nos rumos tomados pelas companhias. Por fim, embora o tema seja amplamente estudado, continua aberto e com lacunas de pesquisa, com amplo espaço para realização de estudos que contribuam com a explicação da questão.

Made available in DSpace on 2016-03-15T19:26:35Z (GMT). No. of bitstreams: 1 Marcelino David.pdf: 600485 bytes, checksum: 69798a82027dd1c9b687b393132dfdcc (MD5) Previous issue date: 2008-02-15 / The structure of financing of the companies has been studied since the publication in 1958 of the famous article in that Modigliani and Miller defended that, under certain conditions, the level of leverage used by the companies would not have impact on its value. Of there for the current days, a significant number of academic works was published, allowing the development of several theories that try to explain that forms the companies look for its optimal level of indebtedness. Among those theories, they stand out pecking order and trade-off. The theory of the trade-off makes possible to discuss the counterbalancing of the effects of the taxes, deducible events and effects of costs of the financial difficulties in the capital structure. The theory of the pecking order proposes a hierarchization of the capital sources. This study has as reference the works accomplished by Fama and French (2002) accomplished with data of North American companies and by Brito and Silva (2003) accomplished with data of Brazilian companies. This work tested the forecasts of the trade-off and pecking order theories on indebtedness and payout, using the methodology of Fama and McBeth (1973). This work demonstrated that the Brazilian companies increased the remuneration goal, however they still distribute a small proportion of the profits, if compared to the American pattern, in spite of the Brazilian legislation to be quite favorable. The results indicate that the payout is negatively related with the investment opportunities and that the dividends don t suffer variation of short period to accommodate the investments, as it defends the theory of the pecking order. The profitability demonstrated to be relevant in the determination of the indebtedness politics, what indicates that the most lucrative companies are less indebted confirming the pecking order. Besides, the variable size showed to be significant in the indebtedness politics, what confirms the theories of the pecking order and trade-off. / A estrutura de financiamento das empresas tem sido estudada desde a publicação em 1958 do famoso artigo em que Modigliani e Miller defendiam que, sob certas circunstâncias, o índice de alavancagem utilizado pelas empresas não teria impacto sobre o seu valor. De lá para os dias atuais, um número significativo de trabalhos acadêmicos foi publicado, permitindo o desenvolvimento de diversas teorias que procuram explicar de que forma as empresas buscam o seu nível ótimo de endividamento. Dentre essas teorias, destacam-se pecking order e trade-off. A teoria do trade-off possibilita discutir o balanceamento dos efeitos dos impostos, eventos dedutíveis e efeitos de custos das dificuldades financeiras na estrutura de capital. A teoria do pecking order propõe uma hierarquização das fontes de capital. Este estudo tem como referência os trabalhos realizados por: Fama e French (2002), desenvolvido com dados de empresas norte-americanas e por Brito e Silva (2003), elaborado com dados de empresas brasileiras. Este estudo testou as previsões das teorias de trade-off e pecking order sobre endividamento e payout, utilizando a metodologia de Fama e McBeth (1973). Os resultados indicam que as empresas brasileiras aumentaram a meta de remuneração, porém ainda distribuem uma proporção pequena dos lucros, se comparados ao padrão americano, apesar da legislação brasileira ser bastante favorável. Os resultados sinalizam que o payout é negativamente relacionado com as oportunidades de investimento e que os dividendos não sofrem variação de curto prazo para acomodar os investimentos, conforme defende a teoria do pecking order. A lucratividade demonstrou ser relevante na determinação da política de endividamento, o que indica que as empresas mais lucrativas são menos endividadas, confirmando a pecking order Além disso, a variável tamanho mostrou ser significativa na política de endividamento, o que corrobora as teorias do pecking order e trade-off.

Made available in DSpace on 2016-03-15T19:26:41Z (GMT). No. of bitstreams: 1 Claudio Campos.pdf: 616754 bytes, checksum: 460e9f837eac7a814ae3967a63fbc3f7 (MD5) Previous issue date: 2009-02-03 / Fundo Mackenzie de Pesquisa / Two theoretical currents, which have been developed in the context of the North American economy, compete with each other to explain the Capital Structure of organizations. The first one called Static Trade-off Theory shows that the enterprises pursue a pre-established capital structure, whereas the second, called Pecking Order Theory" states that what determines the debt-ratio of the enterprises is the difference between the cash-flow generated internally and the financial deficit. It is the scope of this study to test the hypothesis of Trade-off and Pecking Order in the Corporate decisions concerning Finance using the Cross-Section Method to analyze the data of a sample of 214 Brazilian firms listed in Bovespa Stock Exchange. This study took into consideration the structure of research by Tong and Green (2005) which had been performed with a sample of 50 Chinese companies, due to the characteristics of the Chinese economy and the recommendation on the part of the authors to apply these models in countries under development or economies in transition. The studies carried out by Allen (1993), Baskin (1989) and Adedeji (1998) were also used to define three models in which the Pecking Order Theory and the Trade-off Theory present very different predictions:- (1) The determinants of financial leverage, (2) the relationship between financial leverage and dividends, (3)The determinants of the Corporate investment. As a relevant result, it was confirmed through the first model that there is indeed a negative and significant relation between financial leverage and profitability; the second model showed a positive and significant relation between financial leverage and index of dividends paid; whereas the third model, like in the studies by Tom and Green, did not lead to any conclusions; pointing out that the overall results tend to the Pecking Order Theory. Therefore, this work brings new empirical evidences for the theories by Tong and Green showing that the behavior of financing of the Brazilian companies follow the conventional model of Corporate Capital Structure. / Duas correntes teóricas, que foram desenvolvidas no contexto da economia norte-americana, competem entre si pela explicação da estrutura de capital das empresas. A primeira, chamada de Static Trade-off Theory, indica que as empresas perseguem uma estrutura de capital pré-estabelecida, e, a segunda, denominada Pecking Order Theory, corrobora que o que determina o endividamento das empresas é a diferença entre o fluxo de caixa gerado internamente e o déficit financeiro. Visando a testar as hipóteses de Trade-off e Pecking Order nas decisões corporativas de finanças e usando a metodologia de análise de dados em corte transversal cross-section" para uma amostra de 214 das maiores empresas brasileiras listadas na bolsa de valores Bovespa, este estudo considerou a estrutura da pesquisa de Tong e Green (2005) elaborada com uma amostra de 50 empresas chinesas, dadas as características da economia chinesa e a indicação dos autores para se trabalhar esses modelos em países em desenvolvimento ou economias em transição. Também foram utilizados, como base, os estudos de Allen (1993), Baskin (1989) e Adedeji (1998) para estabelecer os três modelos nos quais as teorias de Pecking Order e Trade-off apresentam previsões claramente diferentes: (1) os determinantes da alavancagem financeira; (2) a relação entre alavancagem financeira e dividendos; e (3) os determinantes dos investimentos corporativos. Como resultado expressivo, confirmamos, por meio do modelo (1), que há , de fato, uma relação negativa e significante entre alavancagem financeira e rentabilidade das empresas; e, no modelo (2), uma relação positiva e significante entre alavancagem financeira e os índices de dividendos pagos. Entretanto, o modelo (3), a exemplo do resultado do trabalho de Tong e Green (2005), mostrou-se inconclusivo, apontando, no final, que os resultados tendem para a teoria de Packing Order. Esses resultados acrescentam novas experiências empíricas para as teorias de Trade-off e Pecking Order, demonstrando que o modelo convencional de estrutura de capital corporativo pode explicar o comportamento de financiamento das empresas brasileiras.

The aim of this thesis is to perform an analysis of capital structure of joint stock companies based in the Czech Republic. The first part of the thesis introduces modern theories and main determinants of capital structure. Further it stakes out basic models used for testing the validity of mentioned theories and the methodology used. The second part of the thesis focuses on practical results of the analysis. The first chapter summarises descriptive analysis of the passive structure, the level of leverage, the composition of equity and liabilities of the joint stock companies. These ratios are judged mainly according to industry classification and the type of ownership. In the next step, the relationship between leverage and profitability is closely explored since it is thought to be one of the main determinants. In the last chapter, the models are applied to the sample of Czech companies with the effort to judge the validity of capital structure theories and to evaluate the effect of determinants on capital structure.

Bakgrund och problemdiskussion: Årligen sker uppstarter av nya företag men flera av dem läggs ned kort därefter. En faktor är svårigheterna till finansiering då externa finansiärer inte är benägna att ta risker och flera företag har dålig insikt om alternativen som finns när det kommer till val av finansiering. Därför anses det väsentligt att studera gapet genom ett antal mikro- och småföretag och diskutera finansieringsmetoder som de valt till sin verksamhet och hur det har påverkat företaget utifrån ägarfördelning och företagslivscykel.   Syfte: Uppsatsens syfte är att skapa en djupare förståelse och kunskap om mikro- och småföretags möjligheter att skaffa kapital för att säkerställa verksamhetens fortlevnad och tillväxt. Genom ökad förståelse ges ett bidrag till att underlätta val av finansieringsmetod och ge värdefulla kunskaper inom ämnet.   Metod: Uppsatsen är en kvalitativ studie där materialinsamling sker genom semistrukturerade intervjuer för att skapa en djupare förståelse från respondenterna. Med en komparativ studie sammanvävs faktorerna finansiering, företagslivcykel och ägarfördelning då det saknas forskning som behandlar ämnena tillsammans. Undersökningen är en flerfallstudie där 12 företag har valts ut för empirisk materialinsamling.   Slutsats: Anledningar till företagens olika finansieringssätt beroende på olika stadier i livscykeln beror snarare av aktiva val som företagen gjort. Då ingen tydlig koppling mellan vissa finansieringssätt och stadier i livscykeln, upptäcktes istället ett teoretiskt gap i livscykelmodellen. Ägarfördelning gjorde stor påverkan vid val av finansiering för studiens deltagande företag där tydlig koppling ges mellan vad varje ägare anser om ägarandelar och vilken finansiering som då väljs. / Background and problem discussion: Every year, new companies start up, several of them are shut down shortly thereafter. One factor is the difficulty of financing as external financiers are not inclined to take risks and several companies have poor insight about the alternatives that exist when it comes to the choice of funding. Therefore, it is considered essential to study the gap through a number of micro and small companies and discuss funding methods that they have chosen for their business and how it has affected the company based on ownership distribution and business life cycle.   Purpose: The purpose of the thesis is to create a deeper understanding and knowledge of the possibilities of micro and small companies to acquire capital in order to ensure the continuity and growth of the business. Through increased understanding, a contribution is made to facilitate the choice of financing method and provide valuable knowledge in the subject.   Method: The essay is a qualitative study in which material collection takes place through semi-structured interviews to create a deeper understanding of the respondents. With a comparative study, the factors financing, business life cycle and ownership distribution are combined where there is no research that deals with the topics together. The survey is a multiple-case study in which 12 companies have been selected for empirical material collection.   Conclusion: Reasons for the companies different funding methods depending on different stages of the life cycle are due rather to active choices made by the companies. Since no clear link between certain funding methods and stages in the life cycle, a theoretical gap was instead discovered in the life cycle model. Ownership distribution made a large impact on the choice of funding for the study's participating companies, where a clear connection is given between what each owner considers about ownership interests and what funding is then chosen.