The Capital Structure Puzzle of SME's - Evidence from the Swedish Security Industry
(2008)Department of Business Administration
- Abstract
- The purpose of this thesis is to ascertain the main determinable factors of Swedish SMEs capital structure decisions and to investigate whether existing capital structure theories are applicable on Swedish SME financing. We have used panel data to run regressions of various capital structure determinants on three measures of capital structure; short- term debt, long-term debt and total debt. We found that growth opportunities, profitability and age are the most important capital
structures determinants for our sample. Firm size shows a small explanatory result but the effective tax rate and the asset tangibility do not seem to explain the capital structure at all. The
maturity matching principle is considered significant.
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/1346863
- author
- Andree, Caroline and Källberg, Christoffer
- supervisor
- organization
- year
- 2008
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- Capital Structure, SME, Swedish Security Industry, Leverage, Management of enterprises, Företagsledning, management
- language
- Swedish
- id
- 1346863
- date added to LUP
- 2008-06-05 00:00:00
- date last changed
- 2012-04-02 17:12:24
@misc{1346863, abstract = {{The purpose of this thesis is to ascertain the main determinable factors of Swedish SMEs capital structure decisions and to investigate whether existing capital structure theories are applicable on Swedish SME financing. We have used panel data to run regressions of various capital structure determinants on three measures of capital structure; short- term debt, long-term debt and total debt. We found that growth opportunities, profitability and age are the most important capital structures determinants for our sample. Firm size shows a small explanatory result but the effective tax rate and the asset tangibility do not seem to explain the capital structure at all. The maturity matching principle is considered significant.}}, author = {{Andree, Caroline and Källberg, Christoffer}}, language = {{swe}}, note = {{Student Paper}}, title = {{The Capital Structure Puzzle of SME's - Evidence from the Swedish Security Industry}}, year = {{2008}}, }