Feather pecking is a serious problem in laying hen husbandry, which can lead to feather damage, performance losses and economic disadvantages. In this context, feed has been identified as an important factor, whereby scientific knowledge is primarily available on the effect of ingredients but hardly on the feed structure. In this study, feed samples from feather pecking and non-feather pecking herds from production farms were analyzed for their nutrient contents and feed particle sizes. More coarser (>2.00 mm) and fewer medium and finer feed particles (≤1.60 mm) were found in the feed of the flocks affected by feather pecking. The coarser components contained lower levels of nutrients important for preventing feather pecking (e.g., methionine, sodium). The study demonstrated that a feed structure that is too coarse can be considered a risk factor for feather pecking. / Die Studie untersucht die Zusammensetzung der Futterpartikelfraktionen und deren Nährstoffgehalte in Legehennenfutter. Hierfür wurden 103 Futterproben von federpickenden (AH, n=37) und nicht-federpickenden Herden (CH, n=66) von Produktionsbetrieben mittels trockener Siebanalyse und Nährstoffanalytik untersucht. In den AH zeigten sich in der Futterstruktur im Vergleich zu den CH höhere Anteile an Partikeln >2,50 mm (MW ± STW: CH: 11,0 ± 8,5 %, AH: 24,9 ± 14,3 %) und 2,00-2,50 mm (CH: 11,2 ± 5,3 %, AH: 15,7 ± 5,7 %) bei niedrigeren Anteilen der Fraktionen 1,01-1,60 mm (CH: 22,9 ± 4,9 %, AH: 17,8 ± 5,7 %), 0,51-1,00 mm (CH: 25,5 ± 8,2 %, AH: 16,0 ± 6,8 %) und ≤0,50 mm (CH: 15,4 ± 5,0 %, AH: 11,0 ± 4,8 %) (p<0,001). Die Futter der AH (1470,8 ± 343,9 μm) wiesen dabei auch einen höheren geometrischen Durchmesser aus (GMD) im Vergleich zu den CH (1113,3 ± 225,7 μm) auf (p<0,001). Die vorgefundenen Anteile der Partikelgrößenfraktionen 1,01-1,60 mm und ≥2,50 mm lagen außerhalb des empfohlenen Referenzbereichs (p<0,001). Die Gehalte an Rohasche (CH: 130,3 ± 18,8 g/kg, AH: 115,9 ± 24,3 g/kg), Lysin (CH: 8,2 ± 1,0 g/kg, AH: 7,7 ± 1,2 g/kg), Methionin (CH: 3,4 ± 0,5 g/kg, AH: 3,2 ± 0,6 g/kg) und Natrium (CH: 1,7 ± 0,4 g/kg, AH: 1,3 ± 0,4 g/kg) waren bei den AH niedriger als in den CH (p≤0,041). Im Modell der logistischen Regression zeigten sich das Tieralter (p=0,041) und der GMD (p<0,001) als signifikante Einflussfaktoren auf das Auftreten von Federpicken. Anhand der Studie konnte gezeigt werden, dass eine zu grobe Futterstruktur als Risikofaktor für Federpicken zu betrachten ist.

Bakgrund och problematisering: Här diskuteras bakgrunden till studien och en problematisering kring chefers karaktärsdrag och dess påverkan på kapitalstruktur samt vad som menas med dessa begrepp. Vidare tar detta kapitel upp det underliggande intresset att förklara sambandet mellan tre chefers karaktärsdrag (CEO, CFO och COO) och kapitalstruktur. Syfte: Syftet med denna studie är att förklara effekten av individuella chefers karaktärsdrag på svenska börsnoterade företags kapitalstruktur.  Metod: Företagens kapitalstruktur undersöks genom att använda en kvantitativ forskningsmetod med en deduktiv forskningsansats för att identifiera förhållanden mellan chefernas karaktärsdrag och hävstång. Paneldata används från 114 svenska börsnoterade företag över en femårsperiod (2014-2018). Studien fann totalt 179 chefer varav 87 CEO:s, 73 CFO:s och 19 COO:s. Den insamlade datan testas genom regressionsanalyser där paneldata regressioner med random effects-modellen och robusta standardfel utförs.  Slutsats: Resultaten från testerna visar på både signifikanta och icke-signifikanta förhållanden mellan de tre chefernas karaktärsdrag och företagens kapitalstruktur, mätt som hävstång. Det finns därmed bevis som tyder på att olika karaktärsdrag hos individuella chefer påverkar företags kapitalstruktur. / Background and problematization: This chapter presents a discussion of the background for the study and a problematization about top managers’ characteristics impact on capital structure as well as the meaning of the terms. Furthermore this chapter discusses the underlying interest to explain the relationship between three top managers characteristics (CEO, CFO and COO) and capital structure. Purpose: The purpose of this study is to explain the effect of individual managers’ characteristics on Swedish publicly traded companies’ capital structure. Method: Panel data is used from 114 different Swedish publicly traded companies over a period of five years (2014-2018). The study found a total of 179 top managers in the 114 companies, including 87 CEO:s, 73 CFO:s and 19 COO:s. The companies’ capital structure is investigated using a quantitative research method with a deductive approach to explain the relationship between the top managers’ characteristics and leverage. The data is tested through regression analyses using panel data regressions with random effects model and robust standard errors. Conclusion: The results of the study shows both significant and insignificant relationships between the three top managers’ characteristics and the companies’ capital structure. There are hence some evidence suggesting that different characteristics of individual top managers do impact companies’ capital structure in terms of leverage.

This thesis explores if Scandinavian publicly listed firms’ financial leverage was affected by the Covid-19 pandemic. Whilst theory suggests that financial leverage is positively affected by uncertainty and reduced profitability, previous empirical research finds weak evidence of listed firms reducing financial leverage during crises. We follow the work by Demirgüç-Kunt, Martinez Peria and Tressel (2020) and D’Amato (2020) and run fixed effect panel data regression analyses. Our results are in line with the previous empirical studies regarding the financial crisis as we do not find significant change in means in financial leverage between the pre-pandemic period and the pandemic for listed firms. For our complete sample, we find that the pandemic had no significant impact on total debt to total assets but a significant impact on long-term debt to total assets. However, the results are varying amongst the countries. Therefore, further research is advised. We also find that, increases in growth opportunities, and profitability affect financial leverage negatively, whilst asset structure and firm size have positive effects on financial leverage. The results for liquidity are mixed. Overall, the findings are in line with previous research.

Bakgrund/Problem Likviditeten är viktig för att företagen ska kunna betala för sina utgifter. Om företaget drabbas av likviditetsbrist kan det påverka kapitalstrukturen som är en viktig fråga inom företagsfinansiering. Resultat från tidigare studier har visat att kapitalstrukturen förändrats vid kriser då dessa har påverkan på den finansiella marknaden, medan andra studier har kommit fram till att kapitalstrukturen justeras försiktigare när det råder sämre makroekonomiska förhållanden i jämförelse med bättre tider. Tidigare studier har även visat på positiva och negativa samband mellan skuldsättningsgraden som Proxy för kapitalstrukturen och lönsamhet, realatillgångar, företagsstorlek och likviditet. Syfte Syftet med studien är att undersöka kapitalstrukturen hos företag noterade på OMXS Large Cap före och under covid-19. Metod Då studiens syfte var undersöka kapitalstrukturen hos företag noterade på OMXS Large Cap före och under covid-19 baseras studien på en kvantitativ metod. Studien har undersökt om påverkan är signifikant genom parvisa t-tester och har även studerat samband genom multipel regressionsanalys. Resultat och slutsats Resultatet i studien visar att kapitalstrukturen har förändrats signifikant under covid-19 i jämförelse med innan. Detta då skuldsättningsgraden som är Proxy för kapitalstrukturen minskat signifikant under covid-19 i jämförelse med innan. Utifrån detta finner studien stöd för trade off teorin som anser att företagen bör minska sin skuldsättning vid osäkra tider för att minska risken för konkurs. Gällande sambanden mellan skuldsättningsgraden och lönsamhet, reala tillgångar, företagsstorlek samt likviditet har studien funnit stöd för både trade off teorin och pecking order teorin.

Syfte: Utvecklingen av skuldsatta företagsförvärv har genomgått betydande förändringar sedan fenomenet först introducerades på 1980-talet, både vad gäller den totala skuldnivån och val av skuldinstrument. Tidigare forskning erbjuder flera alternativa förklaringar till vad som påverkar skuldsättningen. Syftet med studien är därför att undersöka vilka faktorer som påverkar skuldsättningen vid högbelånade företagsförvärv i Sverige. Metod: Studien tillämpar en kvantitativ deduktiv ansats med utgångspunkt i den positivistiska forskningsfilosofin. Studiens insamlade data av sekundärdata inhämtat från Thomson Reuters datastream Refinitiv Eikon. 89 svenska bolag har blivit uppköpta med högbelåning av riskkapitalbolag bolag mellan 2000–2023. Studiens data har sedan analyserats med hjälp av statistikprogrammet SPSS, där univariat, bivariat och multivariata analyser genomförts.  Resultat och slutsats: Resultatet från uppsatsen visar att skuldsättningen i svenska högbelånade företagsförvärv kan förklaras med hjälp av den klassiska hackordningsteorin. Resultatet skiljer sig från forskning från USA och Europa som menar att marknadstajmingsteorin förklarar skuldsättningen bättre vid belånade företagsförvärv. Examensarbetets bidrag: Studien bidrar med kunskap till banker, riskkapitalbolag, företagsledare och investerare. För bankerna innebär arbetet en möjlighet att förbättra riskhanteringen och kreditbedömningen vid långivning. Riskkapitalbolagen kan genomföra bättre investeringsbeslut och skapa hållbara kapitalstrukturer.Förslag till fortsatt forskning: För framtida forskning hade det varit intressant att utvidga urvalet till att studera hela Norden. Det vore också spännande för framtida forskning inom skuldsättning och högbelånade företagsförvärv att göra detta med en kvalitativ ansats. / Aim: The development of leveraged buyouts has undergone significant changes since the phenomenon was first introduced in the 1980s, both in terms of the overall debt levels and the choices of debt instruments. Previous research provides several alternative explanations for what influences the indebtedness. Therefore, the purpose of the study is to examine which factors that influence the leverage in leveraged buyouts in Sweden.  Method: The study employs a quantitative deductive approach based on the positivist research philosophy. The collected data is derived from secondary sources, specifically Thomson Reuters Datastream Refinitiv Eikon. The sample consists of 89 Swedish companies that have been acquired through leverage buyouts by Swedish private equity firms between 2000 and 2023. The study's data has subsequently been analyzed using the statistical software SPSS, with univariate, bivariate, and multivariate analyses conducted. Results and conclusions: The findings of the thesis indicate that the leverage in Swedish leverage buyouts can be explained by employing the classical Pecking order theory. This result differs from research conducted in the United States and Europe, which suggests that market timing theory provides a better explanation for leverage in leverage buyouts. Contribution of the Thesis: The study contributes knowledge to banks, private equity firms, corporate leaders, and investors. For banks, the thesis presents an opportunity to enhance risk management and credit assessment in lending. Private equity firms can make better investment decisions and establish sustainable capital structures. Suggestions for future research: For future research, it would be interesting to expand the sample to encompass the entire Nordic region. It would also be exciting for future research in debt and leverage buyouts to adopt a qualitative approach

This thesis investigates the impact of capital structure on the profitability of 58 Savings Banks in Sweden from 2014 to 2020, focusing on the balance between debt and equity. Utilizing panel data regression, the study examines how debt-to-asset ratios and equity ratios affect key profitability metrics such as net interest margin, return on equity, and return on assets. Key findings indicate a negative correlation between debt ratios and both return on assets and equity, suggesting that higher debt levels may impede profitability. Conversely, apositive relationship is observed between equity ratios and return on assets, while return on equity decreases as equity ratios increase. The study also explores the influence of bank size, finding a negative relationship with profitability, which highlights the efficiency of smaller, more regionally-focused banks. Additionally, macroeconomic factors such as GDP growth show a positive correlation with profitability, whereas higher unemployment rates tend to reduce profitability. The study and the results provide valuable insights into the financial strategies that can enhance the performance of Savings Banks, emphasizing the need for a balanced approach to capital structuring within the context of prevailing economic conditions.

During the period of 2013-2022, there have been many interesting developments in the football industry in Europe. From accumulation of debt to disregarding the regulatory framework put in place by UEFA, football clubs have changed their capital structures to accommodate their financing needs. There has been previous research that has found a relationship between ownership structure and financial performance, but none that has explored how ownership structure affects debt and liquidity given current circumstances. The scope of this study was to ultimately determine how the capital structure and the liquidity is affected. This is a broad topic and the authors have covered several aspects within the field. However, there have been suggestions on further research regarding how one could go about valuating a football club as most of the football clubs in Europe have private ownership structures. In the end, the sample consists of 8,588 firm-year observations and adapts a longitudinal methodology. The tests carried out consist of OLS regressions as well as a multivariate regression. To be able to compare the different ownership structures, several regressions were made to put each ownership structure as the reference group. The authors of this thesis found that ownership affects debt and liquidity both individually and collectively. Therefore, answering the research question “What is the effect of ownership structure of football clubs in Europe on debt and liquidity?”. Football clubs in Europe have experienced low profitability, but rather high liquidity. The capital structures of said football clubs contain more debt than equity, where equity is negative in some cases. By comparing ownership structures, their effects on both debt and liquidity differentiate. This thesis contributes to already existing literature by contradicting Modigliani and Millers' assumption regarding bankruptcy costs. It also contributes practically to managers, investors, stakeholders, and regulators by providing context to different key financial metrics.

Denna studie syftar till att förbättra förståelsen av hur kapitalstrukturen påverkar tillväxten hos svenska företag som anammar cirkulär ekonomi. Genom en kvantitativ forskningsstrategi, som inkluderar både en korrelationsanalys och multipel linjär regressionsanalys, analyseras data från 449 företag inom sektorerna återvinning, återtillverkning och återanvändning som antagit cirkulära principer. Studien finner att intern finansiering, såsom kvarhållna vinster och eget kapital, har en stark och signifikant positiv inverkan på företagstillväxten, vilket stödjer The Pecking Order Theory. Resultatet visar även på att extern finansiering, i form av banklån och nyemissioner, bidrar positivt till tillväxt, särskilt inom dessa sektorer och som därmed stödjer Trade-off theory. Vidare analyserar studien hur företagsstorlek och ålder påverkar tillväxten. Resultaten indikerar att större och äldre företag tenderar att ha en stabilare tillväxt när de använder en balanserad kapitalstruktur. Studien identifierar även utmaningar och möjligheter kopplade till finansieringen av cirkulära företag, inklusive bristen på anpassade finansieringskällor. Genom att fylla existerande forskningsgap, bidrar studien till en förbättrad förståelse för hur företag kan hantera finansieringsutmaningar inom cirkulär ekonomi och därmed främja en hållbar ekonomiskt tillväxt. Därmed kan studiens resultat vägleda företag och offentliga organisationer i att optimera kapitalstrukturen för att främja hållbar tillväxt inom cirkulär ekonomi. Studien kommer även att förbättra förståelsen för både investerare och forskare.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-02-12T12:16:55Z No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-02-26T12:11:14Z (GMT) No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) / Made available in DSpace on 2016-02-26T12:11:14Z (GMT). No. of bitstreams: 1 diogosennacanongia.pdf: 2323385 bytes, checksum: a99ec9ad446059cd7c7ca2917bcf56d5 (MD5) Previous issue date: 2014-09-26 / FAPEMIG - Fundação de Amparo à Pesquisa do Estado de Minas Gerais / A partir de Modigliani e Miller (1958) foi iniciada uma vasta discussão sobre a estrutura de capital das empresas. Entre as teorias que emergiram ao longo dos anos, destacase aquelas baseadas no equilíbrio (trade-off) entre benefícios e custos da dívida e a Pecking Order Theory, cuja criação é atribuída a Myers e Majluf (1984). Por outro lado, Almeida e Campelo (2010) apontam o fato de que as teorias até então abordadas negligenciavam o papel da restrição financeira na decisão dos gestores, afirmando que o comportamento das empresas financeiramente restritas poderia ser substancialmente distinto das demais. Shyam- Sunders e Myers (1999) mostram ainda que a maioria dos testes empíricos que confirmam, ora uma teoria, ora outra, carecem de poder estatístico, visto que uma teoria poderia mostrarse correta, ainda que as empresas se comportem de acordo com a teoria alternativa. Dessa forma, propõem um novo teste baseado em simulações para confrontá-las. A partir de uma base de dados com empresas brasileiras de capital aberto, entre 2000 e 2013, é proposto um teste amplo, que visa avaliar simultaneamente as principais proposições teóricas sobre trade-off. Num segundo momento, é proposto um novo teste para a Pecking Order Theory, que incorpora em sua forma funcional a questão da restrição financeira, levantada por Almeida e Campelo (2010). Posteriormente, objetiva-se confrontálas a luz do teste do poder estatístico proposto por Shyam-Sunders e Myers (1999). As teorias baseadas em trade-off apontam para a presença de custos de ajustamento, havendo ainda uma folga financeira de 7% para realocação de dívida em direção a um ponto ótimo, de acordo com suas características. A Pecking Order Theory com restrição financeira também é confirmada, de modo que as empresas que não sofrem restrição assumem dívida exatamente na proporção de seu déficit (incluído o investimento pretendido) enquanto nas demais empresas, sob restrição, o endividamento não se mostra correlacionado com o referido déficit. Por fim, entretanto, ambas as teorias falham para o teste do poder estatístico, mostrando-se “corretas” mesmo sob bases de dados simuladas pela teoria alternativa. Ademais, é proposto um teste para a determinação da estrutura da dívida per si, considerando a determinação simultânea entre o curto e o longo prazo, assim como a opção entre a dívida privada e a emissão pública de títulos. / Modigliani and Miller (1958) has initiated a wide discussion on the capital structure of companies. Among the theories that have emerged over the years, there are the theories base on equilibrium (trade-off) between debt costs and benefits. Also the Pecking Order Theory, which creation is attributed to Myers and Majluf (1984). According to Almeida and Campelo (2010) these theories have neglected the role of financial constraints on decision makers, concluding that the behavior of financially constrained firms could be substantially different from others. Yet, Shyam-Sunders and Myers (1999) demonstrate most empirical tests have, confirming this or that theory lack on statistic power, due to the fact that a theory coud be confirmed even if companies behave according to the alternative theory. The authors propose a new test, using simulations, to confront both theories. Using a data base of Brazilian publicly traded companies, between 2000 and 2013, an extensive test is proposed to simultaneously evaluate the main theoretical proposals about trade-off. Afterwards, a new test is proposed to the pecking order theory, with a formula that incorporates financial constraint, brought up by Almeida and Campelo (2010). Finally, both theories are confronted with the statistic power test proposed by Shyam-Sunders and Myers. Trade-off theories suggests adjustment costs and a financial slack of 7% for debt relocation towards optimal point, according to its characteristics. Pecking Order Theory with financial constraint is also confirmed and suggests that companies witch do not suffer from constraint undertake debt exactly in proportion of its deficit (including pretended investment) while in the other companies, under constraint, debt ratio is not correlated with deficit. Finnaly, both theories fail the statistic power test, because they are confirmed even when the database is simulated from the alternative theory. Moreover, another test is proposed, regarding the structure of de debt itself, considering the short term and long term debt are chosen simultaneously. Same logic applies for the simultaneous choice between private debt and issuing public debt.

Made available in DSpace on 2016-03-15T19:30:54Z (GMT). No. of bitstreams: 1 Jose Matias Filho.pdf: 2247216 bytes, checksum: 9f58a8acab229af1da81ea011f6e8bd0 (MD5) Previous issue date: 2012-08-14 / The economic growth is close linked with the growth of the companies. There is a great expectation that the countries of the supposed block BRIC: Brazil, Russia, India and China presented a vigorous growth in the coming decades. The capital structure of these companies will have a key role in providing more financial resources for the increased activity, necessary for this expected growth. The present study investigated the capital structure of the companies in this supposed economic block, in order to identify its determinants, the influence of governmental policies in their training and the alignment with the main theories of capital structure currently discussed in the literature: agency costs, trade-off, asymmetric information and pecking order. Made a comparison with U.S. companies, the leading country in the world economy, and calculate the level of debt off of the sample. The results identified several variables as determinants of capital structure of companies of the sample, with predominance for the variables at the firm level, and to a lesser degree in the macro-economic level. Strongly corroborated the assumptions of the theories discussed, and provided robust evidence of being aligned with U.S. companies. They also showed a reasonable debt off for countries in the sample, which can be applied to increase de activity of enterprises, except Russia. / O crescimento econômico está intimamente ligado com o crescimento das empresas. Existe uma grande expectativa que os países do BRIC: Brasil, Rússia, Índia e China apresentem um crescimento vigoroso nas próximas décadas. A estrutura de capital dessas empresas terá um papel fundamental na oferta de mais recursos financeiros para o aumento da atividade, necessário a esse crescimento esperado. O presente estudo investigou a estrutura de capital das empresas desse suposto bloco econômico, buscando identificar suas determinantes, a influência das políticas governamentais na sua formação e o alinhamento com as principais teorias de estrutura de capital discutidas atualmente na literatura: custos de agência, trade-off, assimetria de informação e pecking order. Efetuou uma comparação com empresas dos EUA, país líder da economia mundial, além de calcular o nível de folga de endividamento das empresas da amostra. Os resultados identificaram diversas variáveis como determinantes da estrutura de capital das empresas da amostra, com predominância para as variáveis no nível da empresa, e em menor grau no nível macro-econômico. Corroboraram fortemente as premissas das teorias discutidas, e forneceram indícios robustos de estarem alinhadas com as empresas dos EUA. Mostraram também uma folga de endividamento razoável para os países da amostra, que pode ser aplicada no aumento da atividade das empresas, com exceção da Rússia.