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  • 1.
    Nyström, Alexander
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Strandlund, Fredrik
    Små och medelstora företags val av kapitalstruktur under ekonomisk kris2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Capital structure is how a business selects their mixture of debt and equity, and the financial theories that touches upon this subject is mostly developed from the larger corporations point of view. Small and medium sized enterprises (SME) constitutes approximately 99 % of all enterprises in Sweden, and therefore it’s important to understand how these businesses selects their capital structure. A period of economic crisis is problematic for enterprises to achieve capital in several aspects. The population in that said country is likely to be restrictive with their transactions, which implies a lesser flow of capital to the businesses. The lenders of capital tend to be more conservative in regards to the lending of credit. To this extent, SMEs will have less access to capital, and this is more problematic for small firms due to their relationship with lenders are often connected to larger agency costs and information asymmetry. How the capital structure for these small and medium sized firms affects during a period of economic crisis is a research area that is relatively uncharted – specially in the context of Sweden. Thus, the focus of this study is to examine how a period of crisis affects the capital structure of these small and medium sized enterprises during a period of crisis.The study involved 79 916 SMEs in Sweden during the period 2007 to 2015, and the examined period of crisis was the financial crisis that lasted through 2008 and 2009. To be able to determine how the crisis affected the capital structure several determinants that has a relationship with capital structure was problematized. The capital structure contains the firms total debt, which was divided into short- and long term debt. The determinants relationship with the short- and long term debt were the basis to study possible changes during economic crisis. The total debts were used to give support to the analysis. The determinates that were included in this study was: liquidity, profitability, asset structure, growth opportunities, size, the non-debt tax shield, term spread and finally the primary interest of this study – economic crisis. To test this empiricly, models were created using two different methods of linear regression, and one of these had fixed effects. The models with the fixed effects was the decisive models for the outcome. The study empirically shows that the crisis affected the capital structure of SME’s in regards to that they exhibited a higher debt ratio though the crisis. More specific, the results indicated that SME’s had a higher short-term debt ratio during the crisis than the rest of the macroeconomic periods. Furthermore, the results shows that several of the capital structure determinants had an effect on both short- and long-term debt.Keywords: Industry, economic crisis, determinants, capital structure, liquidity, profitability, term spread, SME, tax-sheild, size, asset structure, growth opportunities.

  • 2.
    Nyström, Alexander
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Strandlund, Fredrik
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Små och medelstora företags val av kapitalstruktur under ekonomisk kris2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Capital structure is how a business selects their mixture of debt and equity, and the financial theories that touches upon this subject is mostly developed from the larger corporations point of view. Small and medium sized enterprises (SME) constitutes approximately 99 % of all enterprises in Sweden, and therefore it’s important to understand how these businesses selects their capital structure. A period of economic crisis is problematic for enterprises to achieve capital in several aspects. The population in that said country is likely to be restrictive with their transactions, which implies a lesser flow of capital to the businesses. The lenders of capital tend to be more conservative in regards to the lending of credit. To this extent, SMEs will have less access to capital, and this is more problematic for small firms due to their relationship with lenders are often connected to larger agency costs and information asymmetry. How the capital structure for these small and medium sized firms affects during a period of economic crisis is a research area that is relatively uncharted – specially in the context of Sweden. Thus, the focus of this study is to examine how a period of crisis affects the capital structure of these small and medium sized enterprises during a period of crisis.The study involved 79 916 SMEs in Sweden during the period 2007 to 2015, and the examined period of crisis was the financial crisis that lasted through 2008 and 2009. To be able to determine how the crisis affected the capital structure several determinants that has a relationship with capital structure was problematized. The capital structure contains the firms total debt, which was divided into short- and long term debt. The determinants relationship with the short- and long term debt were the basis to study possible changes during economic crisis. The total debts were used to give support to the analysis. The determinates that were included in this study was: liquidity, profitability, asset structure, growth opportunities, size, the non-debt tax shield, term spread and finally the primary interest of this study – economic crisis. To test this empiricly, models were created using two different methods of linear regression, and one of these had fixed effects. The models with the fixed effects was the decisive models for the outcome. The study empirically shows that the crisis affected the capital structure of SME’s in regards to that they exhibited a higher debt ratio though the crisis. More specific, the results indicated that SME’s had a higher short-term debt ratio during the crisis than the rest of the macroeconomic periods. Furthermore, the results shows that several of the capital structure determinants had an effect on both short- and long-term debt.

  • 3.
    Nyström, Alexander
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Strandlund, Fredrik
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Små och medelstora företags val av kapitalstruktur under ekonomisk kris2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Capital structure is how a business selects their mixture of debt and equity, and the financial theories that touches upon this subject is mostly developed from the larger corporations point of view. Small and medium sized enterprises (SME) constitutes approximately 99 % of all enterprises in Sweden, and therefore it’s important to understand how these businesses selects their capital structure. A period of economic crisis is problematic for enterprises to achieve capital in several aspects. The population in that said country is likely to be restrictive with their transactions, which implies a lesser flow of capital to the businesses. The lenders of capital tend to be more conservative in regards to the lending of credit. To this extent, SMEs will have less access to capital, and this is more problematic for small firms due to their relationship with lenders are often connected to larger agency costs and information asymmetry. How the capital structure for these small and medium sized firms affects during a period of economic crisis is a research area that is relatively uncharted – specially in the context of Sweden. Thus, the focus of this study is to examine how a period of crisis affects the capital structure of these small and medium sized enterprises during a period of crisis.The study involved 79 916 SMEs in Sweden during the period 2007 to 2015, and the examined period of crisis was the financial crisis that lasted through 2008 and 2009. To be able to determine how the crisis affected the capital structure several determinants that has a relationship with capital structure was problematized. The capital structure contains the firms total debt, which was divided into short- and long term debt. The determinants relationship with the short- and long term debt were the basis to study possible changes during economic crisis. The total debts were used to give support to the analysis. The determinates that were included in this study was: liquidity, profitability, asset structure, growth opportunities, size, the non-debt tax shield, term spread and finally the primary interest of this study – economic crisis. To test this empiricly, models were created using two different methods of linear regression, and one of these had fixed effects. The models with the fixed effects was the decisive models for the outcome. The study empirically shows that the crisis affected the capital structure of SME’s in regards to that they exhibited a higher debt ratio though the crisis. More specific, the results indicated that SME’s had a higher short-term debt ratio during the crisis than the rest of the macroeconomic periods. Furthermore, the results shows that several of the capital structure determinants had an effect on both short- and long-term debt.

1 - 3 of 3
CiteExportLink to result list
Permanent link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf