Branschspecifika finansiella likheter mellan tillväxtbolag : En kvantitativ studie baserad på svenska börsnoterade företag

Sammanfattning: Background: Wu and Yeung have studied growth type with US companies to analyze capital structure and various financial behaviors of growth companies. The author believes that these companies have distinct capital structure and tend to follow this structure in the long run. Given the differences in financial systems between Sweden and the United States, a study with Swedish companies may be interesting with the industry variable added to the equation. Purpose: The purpose of the dissertation is to identify economic similarities between growth companies and then compare the results at industry level. Method: This study is based on a deductive approach and quantitative method where annual reports have been studied for 87 companies that were introduced on the spotlight stock market and Nasdaq Stockholm between 2008–2013, and still listed today. The annual reports were examined for a 5-year period from the initial public offering. Conclusions: For growth companies in the pharmaceutical industry, the results showed that growth type is persistent, and these companies choose to finance themselves primarily by issuing equity. Their debt is below 10% and no dividend is paid to shareholders. The absence of a dividend is not seen as a deficiency by its shareholders, they see the possibilities of the company for the future. In the first two years, profitability is negative, and the majority of their assets are in intangible form. Cash holdings are also high for these companies and, in contrast, the information asymmetry is low between the shareholders and the management.