Kapitalstruktur i konjunktursvängningar : En kvantitativ studie på lönsamheten och tillväxtens påverkan på svenska börsnoterade företag

Detta är en Kandidat-uppsats från Södertörns högskola/Företagsekonomi

Sammanfattning: It has long been known that companies can finance themselves with the help of equity or debt. Since Modigliani and Miller’s theories of capital structure and its impact on performance, several studies have continued to investigate the phenomenon of capital structure. Using previous research on capital structure as well as the irrelevance theory, trade-off theory and pecking order theory, researchers are constantly examining how capital structure affects companies, what affects the capital structure, and which financing is best suited for their specific company.This study intends to investigate how the capital structure is affected by companies’ profitability, growth, and economical cycle fluctuations in Sweden. The study examines Swedish companies listed on the Nasdaq Main Market Stockholm in the branch of industry, raw materials and real estate. The study sample consists of 109 companies that are examined over a ten-year period between 2010-2019. The study conducts regression analyzes of key ratios’ debt / equity ratios as a dependent variable, as well as ROE, ROA, profit margin, turnover growth, employment growth and GDP gaps as independent variables.The study concludes that cyclical fluctuations affect companies’ capital structure in the branch of industry. However, it could not be ensured that cyclical fluctuations affect companies in the raw materials industry or the real estate industry. The study measured that ROA correlates negatively with the capital structure of the branch of industry, as well as the real estate industry. Significance for the variable profitability measured with ROA could not be demonstrated. The variable ROE was only significant for the real estate, industry and positively correlated with the debt-equity ratio. Profit margin was significant and positively correlated for the branch of industry, and it was also identified that the profit margin was significant for the real estate industry, but the results were negligible. The same negligence was discovered for the significant variable for sales growth for the raw materials industry, while no significance was achieved for the branch of industry and the real estate industry. Finally, the variable employment growth was only significant for the real estate industry, where a positive correlation was shown with the debt-equity ratio.

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