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Can macroeconomic factors explain the choice of capital structure? - A study of listed non-financial firms in Sweden

This study investigates the impact macroeconomic factors have on corporate capital structure in Sweden. We use a panel data analysis of unbalanced data for the sample period, 2005-2014. While previous research has shown that key factors internal to the firm are highly correlated with leverage, such as profitability, asset tangibility and firm size, we add external factors and test for economic growth, inflation, interest rates, corporate tax rates, and exchange rates. Our models do not present any substantial explanatory power for the relationship between the macroeconomic environment and different leverage ratios. This study finds some support for certain indicators, although not consistent across ratios.

Identiferoai:union.ndltd.org:UPSALLA1/oai:DiVA.org:uu-302858
Date January 2016
CreatorsM.Zein, Aida, Ångström, Per
PublisherUppsala universitet, Företagsekonomiska institutionen, Uppsala universitet, Företagsekonomiska institutionen
Source SetsDiVA Archive at Upsalla University
LanguageEnglish
Detected LanguageEnglish
TypeStudent thesis, info:eu-repo/semantics/bachelorThesis, text
Formatapplication/pdf
Rightsinfo:eu-repo/semantics/openAccess

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