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  • 51.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Affärskrediter i små och medelstora företag2016Report (Other academic)
  • 52.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Capital structure dynamics among SMEs: Swedish empirical evidence2016In: The Journal of Risk Finance, ISSN 1526-5943, Vol. 17, no 2, p. 245-260Article in journal (Refereed)
    Abstract [en]

    Purpose

    This paper aims to empirically investigate the existence of dynamic capital structure among small and medium-sized enterprises (SMEs) across their life cycle stages.

    Design/methodology/approach

    The analysis examined a sample of 15,952 SMEs across five industry sectors for the 2009-2012 period. Several techniques, including ANOVA and multivariate regressions, were used to analyse firm-level data.

    Findings

    The findings suggest that start-up SMEs, on average, rely on equity capital, and that the level of equity capital increases as firms age. The short-term debt level is particularly high in early life cycle stages, decreasing later on. The long-term debt ratio is positively related to firm age, although it is low in all life cycle stages investigated.

    Practical implications

    The findings may help several parties, including firm owners, to better understand how capital structure can be related to various life cycle stages. Such an understanding may help these actors use financial resources efficiently.

    Originality/value

    To the authors’ best knowledge, little research has addressed whether there are any differences in financing patterns over the firm life cycle.

  • 53.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Debt financing among new birth and young small businesses2015Conference paper (Refereed)
  • 54.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Debt financing and firm performance: an empirical study based on Swedish data2015In: The Journal of Risk Finance, ISSN 1526-5943, Vol. 16, no 1, p. 102-118Article in journal (Refereed)
    Abstract [en]

    The purpose of this study is to examine the relationship between debt level and performance among small and medium-sized enterprises (SMEs). Design/methodology/approach– Unlike the vast majority of previous research, this study uses three-stage least squares (3SLS) and fixed-effects models to analyse a comprehensive, cross-sectoral sample of 15,897 Swedish SMEs operating in five industry sectors during the 2009-2012 period. Findings– This study confirms that debt ratios, in terms of trade credit, short-term debt and long-term debt, negatively affect firm performance in terms of profitability. As a high debt ratio seems to increase the agency costs and the risk of losing control of the firm, SME owners and managers tend to finance their businesses with equity capital to a fairly high degree.

  • 55.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Determinants of capital structure of Swedish SMEs2015Conference paper (Refereed)
  • 56.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Firm level determinants of labor demand2013Conference paper (Refereed)
  • 57.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Firm-level determinants of job creation by SMEs: Swedish empirical evidence2015In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 22, no 4, p. 666-679Article in journal (Refereed)
    Abstract [en]

    Purpose – Using a resource-based approach, the purpose of this paper is to examine the effects of the firm-level determinants financial leverage and liquidity on job creation at small and medium-sized enterprises (SMEs) in six industry sectors in Sweden. Design/methodology/approach – The generalized method of moments system model was used to analyse an extensive panel data set of 26,721 Swedish SMEs over the 2008-2011 period. Findings – The empirical results indicate that job creation is positively related to SMEs’ financial leverage and liquidity, and to their size and age. SMEs’ financial leverage and size are the most important firm-level determinants of job creation. Although there are differences between industry sectors, the results confirm the general pattern of the effect of financial leverage and liquidity on job creation. Research limitations/implications – Due to the importance of job creation for economic growth, the relationship between SMEs’ capital structure and job creation should be of interest to researchers, practitioners, and policymakers. In investigating the importance of financial leverage and liquidity to labour demand dynamics, this study analyses the firm-level factors that influence job creation by SMEs. Originality/value – Since there is limited empirical research focusing on this relationship at firm level in the context of SME, the current research aims at investigating the determinants of job creation at the firm level empirically.

  • 58.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Firm-level determinants of trade credit demand: Empirical evidence from Swedish SMEs,2015Conference paper (Refereed)
  • 59.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Growth and job creation at the firm level: Empirical evidence from Sweden2016Conference paper (Refereed)
  • 60.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Growth and job creation at the firm level: Swedish SME data2018In: Management Research Review, ISSN 2040-8269, E-ISSN 2040-8277, Vol. 41, no 3, p. 345-358Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of this study is to investigate the association between firm sales growth and employment level as a proxy for job creation among small and medium-sized enterprises (SMEs). Design/methodology/approach: The hypotheses were empirically examined by performing several univariate and multivariate regressions to investigate a large panel data set of 13,548 Swedish SMEs in four industry sectors in the four-year period from 2009 to 2012. Findings: The results indicate that growth, in terms of sales, as a competitive advantage is positively related to the number of employees hired by the sampled firms. In addition, the size and age variables are also positively associated with the number of employees hired. The results support the suitability of implementing the resource-based view to explain job creation by SMEs. Originality/value: While previous studies have mostly ignored the impact of these firm-level variables on job creation, the current study highlights the effect of firm-specific characteristics such as sales growth, size, age and industry. The authors use a combination of models to analyse a large cross-sectoral data set regarding the association, in SMEs, between the firms’ sales growth and job creation.

  • 61.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Life cycle and performance among SMEs: Swedish empirical evidence2014In: The Journal of Risk Finance, ISSN 1526-5943, Vol. 15, no 5, p. 555-571Article in journal (Refereed)
    Abstract [en]

    Purpose – This study aims to empirically examine the applicability of the life cycle model of firm performance to growth and profitability among Swedish small- and medium-sized enterprises (SMEs). Design/methodology/approach – Using analysis of variance, multiple analysis of variance and three-stage least square modelling, this study analyses a longitudinal data set covering 26,721 Swedish SMEs in six industries from 2008 to 2011. Findings – The empirical results indicate a clear life cycle performance pattern among the sampled SMEs, and that a six-stage life cycle model is applicable in predicting the performance pattern in terms of growth and profitability. On average, younger SMEs tend to display better performance in terms of growth and profitability than do their older and larger counterparts; moreover, larger SMEs tend to achieve better performance than do smaller ones. Practical implications – The findings help SME managers understand how their decision-making style, strategy and structure can be related to various life cycle stages. Such an understanding may help them improve firm performance over time. Policymakers may find the results useful in coordinating SME support in line with various life cycle stages. Originality/value – To the authors' knowledge, this study is one of only a few using two performance variables to test the applicability of the life cycle model in a longitudinal and cross-industrial sample

  • 62.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Lönsamhet och tillväxt i små och medelstora företag2015Report (Other (popular science, discussion, etc.))
  • 63.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Sambandet mellan rörelsekapitalcykel och lönsamhet2015Report (Other (popular science, discussion, etc.))
  • 64.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Skuldfinansiering och företags lönsamhet2015Report (Other (popular science, discussion, etc.))
  • 65.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Substitute or complement?: The use of trade credit as a financing source among SMEs2017In: Management Research Review, ISSN 2040-8269, E-ISSN 2040-8277, Vol. 40, no 1, p. 10-27Article in journal (Refereed)
    Abstract [en]

    Purpose: This study aims to investigate trade credit as a financing source among small- and medium-sized enterprises (SMEs), particularly the influence of short-term debt, long-term debt and profitability on the use of such credit. Design/methodology/approach: Ordinary least squares (OLS), fixed-effects and generalized method of moments (GMM) system models were used to analyze a large cross-sectional panel data set of 15,897 Swedish SMEs in five industry sectors for the 2009-2012 period. Findings: The study provides empirical evidence that long-term debt and profitability each significantly and negatively influence trade credit (i.e. accounts payable) and that short-term debt positively influences trade credit. Notably, while trade credit seems to complement other short-term debt, it replaces long-term debt. Moreover, firm size in terms of sales is positively related and firm age is negatively related to accounts payable. Industry affiliation is another significant explanatory variable. Practical implications: The results provide debt holders, potential investors, policymakers and academic researchers with insights into the relationship between trade credit demand, on the one hand, and external financing (i.e. short- and long-term debt) and internal retained earnings (i.e. profit), on the other. From a manager’s perspective, the findings may be important for decision-making regarding trade credit use. Originality/value: When investigating trade credit determinants, the literature has seldom distinguished between short- and long-term debt and considered that they may influence the use of trade credit in different ways. The present study adds to the literature by using OLS, fixed-effects and GMM system models to analyze a large cross-sectoral sample in a high-tax country where both bank loans and trade credit are considered important financing instruments.

  • 66.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Sysselsättningen i små och medelstora företag2018Report (Other academic)
  • 67.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The growth–profitability nexus among Swedish SMEs2014Conference paper (Refereed)
    Abstract [en]

    This study empirically examines the growth–profitability nexus among small and medium-sized enterprises (SMEs). The data comprise 11,572 observations covering 26,721 Swedish SMEs in six industry sectors over the 2008–2011 period. The data were analysed using the three-stage least square model (3SLS model). Consistent with the hypotheses derived from the resource-based approach, the results indicate that current profitability significantly and positively affect firm growth. The firm-level control variable size significantly and positively affects firm growth, though firm age significantly and negatively affects growth. Furthermore, also the firms’ industry affiliation affects firm growth. Unlike the most of previous studies, the current study contributes to the literature by employing the 3SLS model to analyse a comprehensive, cross-sectoral sample including of non-financial, independent, and unlisted active SMEs in six industry. Since this study focuses explicitly on SMEs which play a fundamental role in Swedish economy, the findings of this study added to literature. The findings could help policy makers and SME owners and managers to gain a better understanding of the relation between profitability and growth. Governments can support SMEs by reducing taxation pressure, thereby providing better motivation for reinvestment and growth. Firm owners and managers can accomplish sustainable growth by unique combination of resource, adapting competitive and invocative development projects focusing on continuous upgrading of human capital that improve firm profitability.

  • 68.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The growth-profitability nexus among Swedish SMEs2015In: International Journal of Managerial Finance, ISSN 1743-9132, E-ISSN 1758-6569, Vol. 11, no 4, p. 531-547Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to examine the growth-profitability nexus among small- and medium-sized enterprises (SMEs). Design/methodology/approach – The data comprise 106,884 observations covering 26,721 Swedish SMEs in six industry sectors over the 2008-2011 period. The data were analysed using several statistical techniques, including two-stage least squares regression, fixed-effects and random regressions, and bootstrapped quantile regression. Findings – Consistent with the hypotheses derived from the resource-based approach, the results indicate that current profitability significantly and positively affects firm growth. The firm-level control variable size significantly and positively affects firm growth, though firm age significantly and negatively affects growth. Firm industry affiliation also affects firm growth. Research limitations/implications – Since SME performance is commonly equated with access to knowledge, consultancy services or business training programmes sponsored by governmental organizations can help SMEs improve their management skills and thereby their performance. Moreover, adopting advanced financial management practices can improve the use of financial resources, leading to higher profitability and thereby sustainable growth. This implies that managers should change their strategy from “growth now, profitability later” to “profitable growth now”. Originality/value – Unlike most previous studies, this study employs several multivariate methods to analyse a comprehensive, cross-sectoral sample comprising non-financial, independent, and active SMEs in several industries. This study focuses explicitly on SMEs, which play a fundamental role in the Swedish economy. © 2015, Emerald Group Publishing Limited.

  • 69.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The impact of cash conversion cycle on firm profitability: An empirical study based on Swedish data2014In: International Journal of Managerial Finance, ISSN 1743-9132, E-ISSN 1758-6569, Vol. 10, no 4, p. 442-452Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle

    (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over

    the 2008-2011 period.

    Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to

    analyse cross-sectional panel data covering 13,797 SMEs operating in four industries.

    Findings – The study provides empirical evidence that CCC significantly affects profitability.

    In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm

    profitability. These findings imply that managers could increase firm profitability by improving their

    working capital management.

    Research limitations/implications – The present study is limited to a sample of Swedish SMEs in

    four industries; further research could examine the generalizability of these findings to other countries

    and industries.

    Practical implications – Improved working capital policy could improve firm profitability by

    reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for

    other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders.

    Originality/value – The present study contributes to the literature by employing a SUR model to

    analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge,

    this is the first empirical study to address this issue in the Swedish context based on a large data set

    covering SMEs in various industries.

    Keywords Small and medium-sized enterprises, Cash conversion cycle,

    Working capital management, Firm profitability

    Paper type Research paper

  • 70.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The impact of credit supply on sales growth: Swedish evidence2015In: International Journal of Managerial Finance, ISSN 1743-9132, E-ISSN 1758-6569, Vol. 11, no 3, p. 329-340Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to empirically investigate the impact of credit supply on sales growth among small- and medium-sized enterprises (SMEs). Design/methodology/approach – The three-stage least square (3SLS) method was used to analyse a cross-sectional panel data set covering 13,548 Swedish SMEs across four industry sectors from 2009 to 2012. Findings – The study provides empirical evidence that trade credit in terms of accounts receivable significantly and positively affects sales growth, indicating that SMEs investing more in accounts receivable are more likely to achieve growth. Furthermore, lagged sales growth and firm size are positively, while firm age is negatively, related to growth. Practical implications – Managers can increase firm growth by efficiently managing the supply of credit to their customers, especially liquidity-constrained firms, thereby increasing sales growth. Originality/value – To the authors’ best knowledge, this is one of the first empirical studies of the impact of credit supply in terms of accounts receivable on sales growth. The study applies the 3SLS method to a comprehensive cross-sectoral sample. ©Emerald Group Publishing Limited

  • 71.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The impact of trade credit use on firm profitability: Empirical evidence from Sweden2016In: Journal of Advances in Management Research, ISSN 0972-7981, E-ISSN 2049-3207, Vol. 13, no 2, p. 116-129Article in journal (Refereed)
    Abstract [en]

    Purpose– The purpose of this paper is to examine the impact of trade credit as a funding source on profitability among small and medium-sized enterprises (SMEs).

    Design/methodology/approach– A large cross-sectional panel data set covering 15,897 Swedish SMEs in five industry sectors from 2009 to 2012 was analysed using several statistical techniques.

    Findings– The study provides empirical evidence that the use of trade credit significantly and negatively affects firm profitability, indicating that SMEs with lower accounts payable are more profitable. Furthermore, liquidity level and firm size are positively related to profitability, while firm age is negatively related to profitability.

    Practical implications– If firms rely, or are forced to rely, too heavily on accounts payable as a funding source, their long-term profitability could be jeopardized. An efficient financing policy should make the costs related to the use of trade credit more transparent. Thus, firm managers could explicitly use trade credit agreements with their suppliers to control the costs related to this particular financial source.

    Originality/value– To the authors’ knowledge, this study is the first to focus on the impact of trade credit on profitability in the Swedish context, where SMEs are encouraged to use trade credit as a funding source. In addition, the study is based on an extensive sample of SMEs across several industry sectors.

  • 72.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The life cycle of performance path: Empirical study based on Swedish data2014Conference paper (Refereed)
    Abstract [en]

    The purpose of this study is to empirically examine whether the implications of the life cycle model hold on the firm performance path in term of growth and profitability of a sample of Swedish small and medium-sized enterprise. The study is composed of a sample containing 26721 Swedish SMEs across six industries for the period 2008-2011. The empirical results confirm a clear pattern of the performance life-cycle process among Swedish SMEs. Young SMEs, generally, tend to have smaller size but on average a higher performance than their older and larger counterparts and as they age and grow in term of size, their performance rate decreases in parallel with life stage. Accordingly, the performance path of Swedish SMEs included in the sample follows a systematic and predictable pattern associated mainly with the life stage.

  • 73.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Bank lending and housing prices in Sweden2018In: International Journal of Housing Markets and Analysis, ISSN 1753-8270, E-ISSN 1753-8289, Vol. 11, no 3, p. 498-519Article in journal (Refereed)
    Abstract [en]

    Purpose The purpose of this study is to investigate the Granger causal link between bank lending and housing prices.

    Design/methodology/approach Several econometric methods, including Granger causality tests based on a vector error correction model, were applied to analyse monthly time series data in the Swedish context. The data cover bank lending, apartment prices, villa prices, mortgage rates and the consumer price index from September 2005 to October 2013.

    Findings The results indicate that bank lending and housing prices are cointegrated. According to Granger causality tests, bidirectional relationships exist between bank lending and each of apartment and villa prices, confirming the financial accelerator mechanism. However, earlier shocks arising from housing prices themselves account for the greatest variation in future prices.

    Originality/value To the authors' knowledge, this study represents the first analysis of the causal link between bank lending and the housing market in terms of apartment and villa prices in the Swedish context.

  • 74.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Bank lending and property prices in Sweden2017In: Book of Proceedings: 6th Malmö Real Estate Research Conference / [ed] Magnus Andersson, Peter Palm, Malmö University , 2017Conference paper (Refereed)
    Abstract [en]

    Purpose – The purpose of this study is to investigate the Granger causal link between bank lending and house prices. Design/methodology/approach – Several econometric methods, including Granger causality tests based on a vector error-correction model, were applied to analyse monthly time series data in the Swedish context. The data includes apartment prices, villa prices, bank lending, mortgage rates, and consumer price index for the period September 2005 to October 2013. Findings – The results show that bank lending and house prices are co-integrated. According to the Granger causality tests, bidirectional relationships exist between bank lending and each of apartment and villa prices, confirming the financial accelerator mechanism. Originality/value – As far as the authors know, this study represents the first analysis of the causal link between bank lending and the housing market in terms of apartment and villa prices in the Swedish context. 

  • 75.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Kapitalstrukturen i små och medelstora företag2017Report (Other academic)
    Abstract [en]

    Hur kapitalstrukturen ser ut i små och medelstora företag och vad som påverkar denna är frågor av både teoretiskt och praktiskt intresse. Peter Öhman och Darush Yazdanfar vid CER har fördjupat sig i dessa båda frågor och presenterar i denna kortrapport analyser av data från ett stort antal små och medelstora företag verksamma i flera branscher. Resultaten visar bl.a. att dessa företag, i genomsnitt, finansierar sina verksamheter med en stor andel egna medel, en viktig finansieringskälla redan i uppstartsfasen som ökar i betydelse ju äldre företagen blir. Även kortfristiga skulder används i relativt stor utsträckning i tidiga livsstadier, men de minskar allt eftersom. Långfristiga skulder ökar i takt med att företagen blir äldre, men andelen är låg oavsett ålder. Apropå frågan vad som påverkar små och medelstora företags kapitalstruktur har alla undersökta variabler – storlek, ålder, lönsamhet, tillväxt, likviditet, andelen säkerhetsbaserade tillgångar, andelen avskrivningsbaserade tillgångar och branschtillhörighet – en koppling till företagens skuldsättning och därmed till deras finansieringspolitik. Forskningsresultaten har tidigare publicerats i de internationella tidskriftsartiklarna ”Capital structure dynamics among SMEs: Swedish empirical evidence” (Yazdanfar och Öhman, 2016) och ”Short- and long-term debt determinants in Swedish SMEs” (Öhman och Yazdanfar, 2017).

  • 76.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Lägenhets- och villapriser, börsindex och banklån2018Report (Other academic)
  • 77.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Organizational-level profitability determinants in commercial banks: Swedish evidence2018In: Journal of economic studies, ISSN 0144-3585, E-ISSN 1758-7387, Vol. 45, no 6, p. 1175-1191Article in journal (Refereed)
    Abstract [en]

    Purpose The purpose of this paper is to examine organizational-level determinants of commercial bank profitability. Design/methodology/approach Using bank-level longitudinal panel data for the 2005-2014 period, this study conducts univariate and multivariate statistical analyses, i.e. ordinary least squares (OLS), fixed-effects and feasible generalized least-squares (FGLS) regressions, to analyze profitability variables in Swedish commercial banks. Findings The findings indicate that the organizational-level determinants growth, lagged profitability and capital adequacy are positively related to banks' current profitability. No relationship was found between banks' size and their profitability. Moreover, no relationship was found between the macroeconomic control variable gross domestic product (GDP) and bank profitability. Practical implications Given that organizational-level determinants explain sustainable bank profitability, the findings can be used by bank managers as a basis for low-risk bank policy formulation, and by regulators in monitoring banks relative to international standards (i.e. the Basel Accords). Originality/value To the best of the authors' knowledge, this is the first study to investigate determinants of bank profitability in Sweden, a country with a strong tradition of bank-based financing, with previous experience of a domestic bank crisis in the 1990s, and where the recent global financial crisis had relatively little impact on domestic banks.

  • 78.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Short- and long-term debt determinants in Swedish SMEs2017In: Review of Accounting and Finance, ISSN 1475-7702, E-ISSN 1758-7700, Vol. 16, no 1, p. 106-124Article in journal (Refereed)
    Abstract [en]

    Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt.

    Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period.

    Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods.

    Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways.

    Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

  • 79.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The nexus between stock market index and apartment and villa prices: Granger causality test of Swedish data2017In: International Journal of Housing Markets and Analysis, ISSN 1753-8270, E-ISSN 1753-8289, Vol. 10, no 3, p. 450-467Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of this study is to investigate the Granger causal link between the stock market index and housing prices in terms of apartment and villa prices. Design/methodology/approach: Monthly data from September 2005 to October 2013 on apartment prices, villa prices, the stock market index, mortgage rates and the consumer price index were used. Statistical methods were applied to explore the long-run co-integration and Granger causal link between the stock market index and apartment and villa prices in Sweden. Findings: The results indicate that the stock market index and housing prices are co-integrated and that a long-run equilibrium relationship exists between them. According to the Granger causality tests, bidirectional relationships exist between the stock market index and apartment and villa prices, respectively, supporting the wealth and credit-price effects. Moreover, variations in apartment and villa prices are primarily caused by endogenous shocks. Originality/value: To the authors’ best knowledge, this study represents a first analysis of the causal nexus between the stock market and the housing market in terms of apartment and villa prices in the Swedish context using a vector error-correction model to analyze monthly data.

  • 80.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The nexus between stock market index and apartment and villa prices: Granger causality test of Swedish data2016Conference paper (Refereed)
    Abstract [en]

    Purpose - The purpose of this study is to investigate the Granger causality link between the stockmarket index and housing prices in terms of prices of apartments and prices of villas.

    Design/methodology/approach – Monthly data over the period September 2005 to October 2013 ofprices of apartments, prices of villas, stock market index, mortgage rates, and consumer price indexwere used. Statistical methods were applied to explore the long-run equilibrium relationship betweenthe stock market index and the prices of apartments and villas.

    Findings - The results indicate that the stock market index and house prices are co-integrated andthat a long-run equilibrium relationship exists between them. However, regarding their relationshipto the stock market index there are significant differences between prices of apartments and prices ofvillas. According to the Granger causality test, there is a unidirectional relationship between thestock market index and prices of apartments, supporting the wealth effect hypothesis. At the sametime, the results indicate a bidirectional Granger causality between the stock market index andprices of villas.

    Originality/value - To the authors’ best knowledge, this study represents a first attempt to focus onthe causal nexus between stocks and house prices in terms of apartment and villa prices in theSwedish context using a vector error correction model to analyse monthly data.

  • 81.
    Öhman, Peter
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Vad påverkar bankers lönsamhet?2018Report (Other academic)
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