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Finansiell teori i praktiken: En studie om finansiell teori och dess förmåga att förklara skuldsättningsgraden i små börsnoterade bolag
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2013 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Testing Financial Theory : A study of the ability of financial theory to predict capital structure in public SMEs (English)
Abstract [sv]

I denna studie testas tio hypoteser som relaterar till finansiell teori för att se hur väl teorin kan förklara skuldsättningsgraden i små börsnoterade bolag. De teorier som testas är avvägningsteorin (trade-off theory), hackordningsteorin (pecking order theory) samt teorier relaterade till asymmetrisk information och agentkostnader. Testen genomförs med multipel linjär regressionsanalys och de undersökta bolagen är samtliga bolag med färre än 200 anställda på tre av de mindre börslistorna i Sverige. Resultatet visar stöd för åtta av de tio undersökta hypoteserna och är i flera avseenden tydligare än i tidigare studier som testar onoterade små bolag eller ett bredare urval av bolag.

Abstract [en]

This study tests ten hypotheses related to financial theory in order to determine how well the theory can explain capital structure in small public SMEs. The tested theories are trade-off theory, pecking order theory and theories related to asymmetric information and agent-principal costs. Multiple linear regression analysis is used to test the theories on SMEs with fewer than 200 employees listed on three of Sweden’s smaller stock-exchange lists. The results show statistical significant support for eight out of ten hypotheses, and these results are in many aspects clearer than in studies that test unlisted SMEs as well as studies with broader samples of listed firms.

Place, publisher, year, edition, pages
2013. , 26 p.
Keyword [en]
financial theory, capital structure, trade-off theory, pecking order theory, asymmetric information, agent-principal costs, Sweden
Keyword [sv]
finansiell teori, skuldsättningsgrad, avvägningsteorin, hackordningsteorin, asymmetrisk information, agentkostnader, små börsnoterade bolag, trade-off theory, pecking order theory
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-203240OAI: oai:DiVA.org:uu-203240DiVA: diva2:635838
Subject / course
Economics
Educational program
Programme of Graduate Business Administration (HGO)
Supervisors
Examiners
Available from: 2013-07-31 Created: 2013-07-05 Last updated: 2013-07-31Bibliographically approved

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Neumüller & Sucasas-Gottfridson 2013(573 kB)379 downloads
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Type fulltextMimetype application/pdf

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CiteExportLink to record
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  • apa
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