Background: SME constitutes to 99,9% of business in Sweden. A central aspect of running a business is to grow, Previous research shows that access to external funds is a limitation for SMEs ability to create growth and therefore capital structure can vary between companies.  Purpose: The purpose of this study is to examine the financial sources that are of greatest significance for SMEs with positive and negative growth. The purpose is also to investigate whether there are micro and macroeconomic factors that affect the growth of Swedish SMEs. Method: This study has been conducted using a quantitative approach and a random sample of 121 SME from all of Sweden’s stock markets. The research period lasted for 6 years, from 2017 to 2022. In operationalizing the variables, previous research was used, were as the dependent variable was growth in net sales. Multiple regression analysis has been conducted to see if any independent variables had any effect on the growth in net sales.  Results: The result from this study indicates that the percentage of debt and equity are almost the same for SME:s with positive and negative growth. Similar to previous studies this result indicates that the internal cashflow is not enough to finance growth. External finance is therefore crucial to create growth. The external finance with the biggest positive impact on SME:s with positive growth are equity and long-term debt. The external finance with the biggest positive impact on SME:s with negative growth is short-term debt. The conclusion from this study is that the internal cashflow has the biggest impact in determining whether the external finance have a positive or negative impact on net revenue.  This study also found that micro-economic factors affect SME:s. The present study found that younger SME:s has a higher growth rate. Size has a positive effect on SME:s. Out of the macro-economic factors that were used in the study, only business cycle had a significant effect on growth rate.  The result from this study found that pecking order theory is better to describe the capital structure of SME than trade off theory, but both theories are relevant in explaining SMEs options of financial sources. / Bakgrund: Små- och medelstora företag (SME) utgör 99,9% av företagen i Sverige. En central del för företag är att växa. Tidigare forskning visar att tillgången till externt kapital är en begränsande faktor för SMEs tillväxt. Det kan därför variera hur företag strukturerar sin finansiering. Syfte: Syftet med denna studie är att undersöka vilka finansieringskällor som är av störst betydelse för SME med positiv- och negativ tillväxt. Syftet är också att undersöka om det finns mikro- och makroekonomiska faktorer som påverkar tillväxten i svenska SME. Metod: Studien har genomförts med ett kvantitativt angreppssätt. Urvalet har skett slumpmässigt, där det slutgiltiga urvalet av populationen bestod av 121 SME från samtliga svenska börser. Undersökningsperioden sträcker sig över 6 år från 2017 till 2022. I operationaliseringen av variablerna har forskarna använt sig av tidigare forskning där den beroende variabeln är nettoomsättningstillväxt. Flertalet regressionsanalyser har genomförts för att kontrollera de oberoende variablernas påverkan på nettoomsättningstillväxt. Resultat: Resultatet från studien visar att andelen skulder och eget kapital för de båda undersökningsgrupperna är relativt lika. Likt tidigare studier indikerar resultatet på att det interna kassaflödet inte räcker för att finansiera tillväxt. Extern finansiering blir därför avgörande för att skapa tillväxt. För företag med positiv tillväxt är de externa finansieringskällorna med störst positiv betydelse eget kapital och långfristiga skulder. För företag med negativ tillväxt är kortfristiga skulder den externa finansieringskällan med störst positiv betydelse. Slutsatsen är att det interna kassaflödet är av störst betydelse för huruvida externa finansieringskällor har en positiv eller negativ påverkan på nettoomsättningstillväxt. Denna studie fann att mikroekonomiska faktorer påverkar SME. Den aktuella studien fann att yngre SME har högre tillväxt. Storleken påverkar tillväxten positivt. Av de makroekonomiska faktorerna som användes i studien är det enbart konjunktur som är signifikant. Resultatet från studien indikerar på att pecking order-teorin bättre kan tolka resultatet än trade off-teorin, men det går att argumentera för att båda teorierna är relevanta för att förklara SMEs finansieringskällor.

Titel: Sambandet mellan finansiell kris och bolags kapitalstruktur Författare: Nancy Nasrat och Valentina Daoud Bakgrund: Den finansiella krisen 2008 hade stor effekt på små och medelstora bolags kapitalstruktur och dess förändring inom den finansiella branschen. Orsaken till krisen var investeringsbanken Lehman Brothers kollaps. Under krisen var det egna kapitalet lågt bland finansiella bolag. Bolagen förlorade kapital och det egna kapitalet de hade var inte tillräckligt att täcka förlusterna. Detta bidrog till att bolagens externa kapital ökade och innebar att bolagens sårbarhet ökade i den finansiella branschen. Syfte: Beskriva och analysera om det finns ett samband mellan den finansiella krisen 2008 och kapitalstrukturen hos ett urval onoterade bolag. Metod: En kvantitativ metod tillämpades som innebär en mätning av variabler. Studien bygger på ett deduktivt tillvägagångsätt som analyserar kapitalstrukturen hos onoterade små och medelstora bolag inom bank-, finans- och försäkringsbranschen. Den analytiska metoden som användes var regressionsanalys. Analysen utfördes med hjälp av databaserna Retriever Business och SPSS. För att utföra regressionsanalysen valdes en beroende variabel och tre oberoende variabler. Den beroende variabeln som valdes var skuldsättningsgrad. De oberoende variablerna var soliditet, eget kapital och avkastning på total kapital. Resultat och slutsats: Resultatet visar att medelvärdet på skuldsättningsgraden var högre under den globala finansiella krisen än efter krisen. Skuldsättningsgraden minskade efter krisen vilket gjorde att de finansiella riskerna minskade, detta kunde ses som en positiv förändring. I förhållande till skuldsättningsgraden hade soliditet störst inflytande på kapitalstrukturen. I enlighet med regressionsanalysen hade soliditet störst varians gentemot skuldsättningsgraden i jämförelse med resterande studerade variabler. / Title: The relationship between a financial crisis and a company's capital structure. Author: Nancy Nasrat and Valentina Daoud Background: The financial crisis of 2008 had a major effect on the capital structure of small and medium-sized companies and its change within the financial industry. The cause of the crisis was the collapse of the investment bank Lehman Brothers. During the crisis, equity was low among financial companies. The companies lost capital and the equity they had was not enough to cover the losses. This contributed to the companies' external capital increasing and meant that the companies' vulnerability increased in the financial industry. Purpose: The aim of the study is to escribe and analyze whether there is a connection between the financial crisis of 2008 and the capital structure of a selection of unlisted companies. Method: A quantitative method was applied which involves a measurement of variables. The study is based on a deductive approach that analyzes the capital structure of unlisted small and medium-sized companies in the banking, finance, and insurance industries. The analytical method used was regression analysis. The analysis was performed using the databases Retriever Business and SPSS. To perform the regression analysis, one dependent variable and three independent variables were selected. The dependent variable chosen was debt-to-equity ratio. The independent variables were equity ratio, equity and return on total capital. Results and conclusion: The result shows that the average value of the leverage ratio was higher during the global financial crisis than after the crisis. The leverage ratio decreased after the crisis, which meant that the financial risks decreased, this could be seen as a positive change. In relation to the debt-to-equity ratio, the equity ratio had the greatest influence on the capital structure. In accordance with the regression analysis, solvency had the largest variance compared to the debt ratio in comparison with the remaining studied variables.

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.

Under de senaste årtiondena har ansvarfullt företagande (CSR) varit ett ämne som erhållit allt mer fokus inom forskning och således även för företag och samhället i stort. CSR är ett ämne som är högst aktuellt då globalisering är ett faktum och medför att de företag som är verksamma idag bär ett globalt ansvar, då dessa är stora aktörer i en värld som kantas av ekonomiska kriser, miljöproblem och humanitär försummelse. Det ökade intresset från samhället för CSR har medfört att företagen idag ser detta som en strategisk investering och företags satsning i hållbarhetsaktiviteter har kommit att erhålla en allt större del av företags verksamhet. Frågan kvarstår om detta endast är en investering som ökar företagets etik och moral eller om det faktiskt är lönsamt, och även om lönsamma företag ökar sin investering i hållbarhetsarbete. En stor mängd forskning har utförts för att undersöka förhållandena mellan hållbarhet och lönsamhet, dock utan att konsensus i forskningsgrenen har uppkommit.       Grundat på den nuvarande forskningssituationen syftade denna studie till att undersöka vilken effekt ansvarsfullt företagande har på olika lönsamhetsmått, samt vilken effekt de olika lönsamhetsmåtten har på ansvarsfullt företagande, i företag registrerade på large cap och mid cap på Nasdaq OMX Stockholm. För att besvara studiens problemformulering och uppfylla studiens syfte har en kvantitativ forskningsansats brukats och ett urval av företag listade på large och mid cap Nasdaq OMX Stockholm har undersökts. För att sätta ett mått på ansvarsfullt företagande (CSP) har en innehållsanalys av företags årsrapporter och hållbarhetsrapporter genomförts, lönsamhetsmåtten (CFP) har utgått från redovisningsbaserade mått (ROE och ROA) samt ett marknadsbaserat mått (total avkastning). Vidare undersöks även relationen mellan variablerna, CSP och CFP, med en tidsaspekt och kontrollvariablerna storlek, risk, FoU och industritillhörighet har brukats. De teorier som har använts för att förklara CFP:s effekt på CSP är slappa resurser och direktörsopportunism, och effekten CSP har på CFP har teorierna intressentteorin, resursbaserad synvinkel och kompromissteorin använts.  Det resultat som framkommit genom de multipla regressionerna som testat studiens hypoteser visar att ROE:s effekt på CSP är positiv, medan både ROA:s och avkastningens effekt på CSP är neutral. Slutsatsen blir således delad då lönsamhetsmåttet ROE visar att företag som har en högre lönsamhet kommer investera mer i hållbarhet, denna effekt knyts samman med teorin om slappa resurser. Å andra sidan visar både ROA och avkastning på en neutral effekt på CSP vilket ej kan knytas till varken slappa resurser eller direktöropportunism. Vidare när istället CSP:s effekt på ROE, ROA och avkastning undersökts visar samtliga på en neutral påverkan. Den slutsats som kan dras från detta resultat är att hållbarhetsarbete ej empiriskt kan säkerställa en högre eller lägre lönsamhet, och varken intressentteorin, resursbaserad synvinkel eller kompromissteorin kan förklara resultatet. Med icke-konklusiva resultat föreslår författarna för vidare forskning inom området där mer forskning i den svenska kontexten är nödvändig.

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

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.