Covid-19-pandemin ändrade snabbt förutsättningarna på kapitalmarknaden och företagen tvingades fort att anpassa sig efter rådande restriktioner och rekommendationer. Denna studie undersöker hur kapitalstrukturen i bolag noterade på Stockholmsbörsen förändrades under pandemiåren 2020–2021 jämfört med före pandemin (2016–2019). Med hjälp av teorier för kapitalstruktur och tidigare studier identifierades fem centrala mått som hjälper till att förklara skuldsättningsgraden. Genom multivariat analys studeras och analyseras vilka variabler och samband som har påverkat kapitalstrukturen under perioden. Studiens resultat visar, i likhet med tidigare studier kring agerande under krissituationer, att företagens skuldsättningsgrad minskade under jämfört med före pandemin.

Plumage damage (PD) as a result of severe feather pecking (SFP) and skin lesions (SL) due to cannibalism (CA) is serious welfare, performance, and economic problems in commercial layer farms. Genetics, nutrition, and housing conditions are central complexes that contribute to the multifactorial causes of these behavioral disorders. Practical recommendations consider the quality of litter as an important criterion for the prevention of SFP, although systematic longitudinal studies providing evidence-based findings are lacking. Therefore, the aim of this study was to investigate the effects of litter condition on the occurrence of PD and SL in the field using a longitudinal design. Integument scoring (PD and SL; 7 times), litter scoring (structure, cake formation, litter quality, and litter height; 12 times), and laboratory litter analysis (dry matter (DM), nitrogen (N), phosphorus (P) and pH value; 12 times) were performed in 28 laying hen flocks with a median flock size of 12,357 birds, in barn (n = 21) or free-range systems (n = 7), during the first laying period. Binary logistic regression (BLR) models showed the association of housing type and animal age on PD and SL (P < 0.001), and of the hybrid type on PD (P < 0.001). Furthermore, a significant association with PD and SL was observed for several litter traits. An increase in litter height, DM, and P was associated with lower PD (P ≤ 0.022) and SL (P < 0.001). In contrast, a higher N content of the litter was associated with an increase in SL (P = 0.007). Cake formation (P < 0.001) and a low structure (P = 0.025) of the litter showed an association with higher PD. In conclusion, this study identified caked litter with less structure, low height, and low contents of DM and P as risk factors for behavioral disorders in commercial laying flocks.

Denna uppsats utforskar och analyserar kapitalstrukturen hos börsnoterade fastighetsbolag på Nasdaq Stockholm under åren 2017–2022. Studien fokuserar på att identifiera eventuella samband mellan bolagens skuldsättningsgrad och en rad faktorer: storlek, lönsamhet, tillväxt, samt styrräntans inverkan under den valda tidsperioden. Genom att analysera dessa faktorer i relation till den rådande ekonomiska miljön, avser studien att ge insikter i hur fastighetsbolagen kan utforma sina strategier inför framtida finansiella fluktuationer. Den teoretiska ramen inkluderar grundläggande kapitalstrukturteorier som Modigliani-Miller, Trade-off Theory, Pecking order Theory och Market Timing Theory. Med dessa teorier som grund, har studien utfört kvantitativ dataanalys för att testa hypoteser om sambanden mellan de oberoende variablerna (storlek, lönsamhet, tillväxt, styrränta och TestEtt), och den beroende variabeln (skuldsättningsgrad). Dessa insikter är inte bara relevanta för akademiska ändamål utan också värdefulla för investerare och företagsledare i beslutsprocessen om investeringar. Studien bidrar till den befintliga forskningen genom att ge en djupare förståelse för hur externa ekonomiska förhållanden, som förändrade styrräntor, påverkar kapitalstrukturer inom fastighetssektorn. Slutligen presenterar uppsatsen förslag för framtida forskning för att bygga vidare på de upptäckta trenderna och relationerna. / This essay explores and analyzes the capital structure of publicly traded real estate companies on Nasdaq Stockholm during the years 2017–2022. The study focuses on identifying potential correlations between the companies' leverage ratios and a range of factors: size, profitability, growth, as well as the impact of the policy rate during the chosen period. By analyzing these factors in relation to the prevailing economic environment, the study aims to provide insights into how real estate companies can shape their strategies in anticipation of future financial fluctuations. The theoretical framework includes fundamental capital structure theories such as Modigliani-Miller, Trade-off Theory, Pecking order Theory, and Market Timing Theory. Building on these theories, the study conducted quantitative data analysis to test hypotheses regarding the relationships between the independent variables (size, profitability, growth, policy rate and TestEtt) and the dependent variable (leverage ratio).  These insights are not only relevant for academic purposes but also valuable for investors and corporate decision-makers in the investment decision-making process. The study contributes to existing research by providing a deeper understanding of how external economic conditions, such as changing policy rates, affect capital structures within the real estate sector. Finally, the essay presents suggestions for future research to build upon the discovered trends and relationships.

The world is experiencing a large degree of change and that is no different for the banking industry in Sweden. With a higher level of communication happening through digital channels combined with the lowering of bank offices, questions arise about how advisors are communicating, what the advisors' demands and recommendations are for firms applying for credit as well as who their customers are and their demands.  The purpose of this paper is to find out what communication channels advisors are using and how they are used. Based on the demands that they present during this communication, what capital structure theory seems to fit the behavior of both the advisor and the firms. Results from this purpose indicate that advisors use a myriad of different ICTs daily and that the use of them is widespread and growing over time, but there still exist situations where physical meetings and contact occur. Furthermore, the demands and actions of the advisor point them towards communicating in preference for the pecking order theory mainly and the use of internal funds, though exceptions exist of the opposite. The demands observed by firms are more widespread but trade-off theory seems to explain the actions of larger firms better with there being a split in the evidence of support of pecking order theories explanation of firms behavior. Previous work related to this field has previously been done by looking at the firm's behaviors in connection to capital structure theory, but to our knowledge, work related to the observed demands seen from a banking advisor's perspective seems to be lacking. Previous work involved in ICT is also apparent but with the nature of the subject and the rapid advancement of the technologies, new information is always needed. Therefore, how the capital structure theories and ICT explain the behavior and communication of advisors and bank customers are a needed area of research.

Mikroföretagens roll är av stor betydelse för den svenska ekonomin. Dock visar statistik att var tredje mikroföretag går i konkurs kort efter uppstarten. Detaljhandelsbranschen visar sig vara den näst mest konkurrensutsatta branschen i Sverige samt att mikroföretag upplever finansieringsproblematik. En orsak till detta kan bero på företagares bristande kunskap om vilka finansieringalternativ som finns. Syftet med studien är att undersöka vilka val av finansieringsmetoder mikroföretag inom detaljhandeln väljer, samt hur andra finansieringsmetoder kan användas för att öka ett företags kapitalbehov. Studien har genomförts med en kvalitativ forskningsmetod och semistrukturerade intervjuer som insamlingsmetod. Studien har utgått från teorierna pecking order-teorin, trade-off teorin, det finansiella gapet samt olika finansieringsmetoder. Det insamlade materialet består av tre stycken semistrukturerade intervjuer med respondenter från tre mikroföretag inom detaljhandelsbranschen. Studiens slutsatser visar på att mikroföretag inom detaljhandelsbranschen väljer att finansiera sin verksamhet främst genom eget kapital. De undersökta mikroföretagen uppfattar svårigheter med banklån som finansieringsmetod på grund av informationsasymmetrin som råder mellan företagare och finansiärer. Samtliga mikroföretag upplever att det råder hög konkurrens inom detaljhandelsbranschen. / The role of microenterprises is of significance for the Swedish economy, however statistics show that every third microenterprise goes bankrupt shortly after the startup. The retail sector is proving to be the second most exposed sector for competition in Sweden. One of the reasons for this may be because of the entrepreneur’s lack of knowledge about existing financial options. The purpose of this study is to investigate the choice of financing methods for microenterprises within the retail sector and how other financing methods can be used to increase a company’s capital. The study was conducted through a qualitative research method with semistructured interviews as a collection method. The study has been based on theories such as pecking order-theory, trade-off theory, financial gap and various financing methods. The empiricism in the study consists of three semistructured interviews with respondents from three microenterprises within the retail sector. The study’s conclusion shows that microenterprises within the retail sector choose to finance their operations mainly with equity. The study’s investigated microenterprises perceive difficulties with bankloans as a financing method due to information asymmetry between entrepreneurs and financiers. All investigated microenterprises experience high competition in the retail sector.

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 2016-04-25T16:45:21Z (GMT). No. of bitstreams: 1 Carlos Adriano Rocha.pdf: 1409553 bytes, checksum: 8e3ee9e874be7d196f3160b5f85b3c20 (MD5) Previous issue date: 2009-09-02 / This study examines the capital structure of small and medium-sized enterprises in Brazil, specifically the determinants of total, short and long term debt ratios as well as determinants of onerous debt ratios. It used a database composed of 22,000 small businesses and 19,000 medium-sized enterprises, evaluated in a time frame of eight years (2000 to 2007) and compared the macroeconomic variable of the evolution of real GDP with the variable of time measured in years. Moreover, several factors were validated in the specialized literature as determinants of capital structure of companies. The technique used was econometrics models for panel data. The determinants of debt found in common was the profitability, the growth rate of assets, non-debt tax shields, age of firms and the risk of liquidity. On the other hand, vertical integration, capital source and partner risk did not seem to have an effect on the level of debt in small and medium firms. The rating variation and internationalization activity factors were introduced as capital structure determinants of these firms. In general terms, the results suggested that the Pecking Order Theory is more consistent to explain the capital structure of the Brazilian small and medium enterprises / O presente trabalho analisa a estrutura de capital das pequenas e médias empresas brasileiras, mais especificamente os determinantes do endividamento de curto e longo prazo, total e oneroso. Utilizou-se de uma base de dados composta por 22.000 pequenas empresas e 19.000 médias empresas, avaliadas em um horizonte de tempo de oito anos (2000 a 2007) e comparou a variável macroeconômica da evolução do PIB real verificada em função da variável de tempo. Além disso, foram validados vários fatores considerados na bibliografia especializada como determinantes da estrutura de capitais das empresas. A técnica utilizada foi a de modelos econométricos para dados em painel. As determinantes de endividamento encontradas em comum foram a rentabilidade, a taxa de crescimento do ativo, os outros benefícios fiscais (nondebt tax shields), a idade da empresa e índice de liquidez. Enquanto que a integração vertical, origem de capital e risco societário não apresentaram como determinante da estrutura de capital dessas empresas. Introduziu o fator variação do rating de crédito e atividade de internacionalização como determinantes da estrutura de capital. De um modo geral, os resultados sugeriram que a teoria de Pecking Order é mais consistente para explicar a estrutura de capital de pequenas e médias empresas brasileiras

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.