En jämförelse av kapitalstrukturen mellan allmännyttiga och börsnoterade fastighetsbolag på den svenska marknaden
(2021) FEKH89 20202Department of Business Administration
- Abstract
- Purpose: Investigate and clarify differences in the capital structure between non-profit and listed real estate companies on the Swedish market. Furthermore, the study intends to test how previous theories about capital structure with leverage as a dependent variable are able to explain the causal relationship between the studied forms of company and their capital structure.
Method: A quantitative study with a deductive method for examining statistical differences between nonprofit and listed real estate companies on the Swedish market.
Theoretical framework: The study's theoretical framework is based on traditional theories of capital structure, trade-off theory and pecking order theory. A presentation of previous research has been... (More) - Purpose: Investigate and clarify differences in the capital structure between non-profit and listed real estate companies on the Swedish market. Furthermore, the study intends to test how previous theories about capital structure with leverage as a dependent variable are able to explain the causal relationship between the studied forms of company and their capital structure.
Method: A quantitative study with a deductive method for examining statistical differences between nonprofit and listed real estate companies on the Swedish market.
Theoretical framework: The study's theoretical framework is based on traditional theories of capital structure, trade-off theory and pecking order theory. A presentation of previous research has been designed, partly with a focus on research on capital structure as a general phenomenon and a clarification of its role in real estate companies. The investigated variables of the study are presented.
Empirical evidence: The sample consists of 74 companies, evenly distributed between the forms of company. The statistical data has been made possible through the programs Retriever and Eviews. The time horizon is set between the years 2014-2019.
Conclusion: The results show that Tangible assets and Age are statistically significant variables of the leverage of listed real estate companies. Furthermore, the results show that Profitability, Age and Size are significant variables of leverage in non-profit real estate companies. There are also differences regarding the leverage of the company forms. The result does not answer which of the relevant theories about capital structure best explains and clarifies the differences between nonprofit and listed real estate companies. (Less) - Popular Abstract (Swedish)
- Syfte: Undersöka och tydliggöra skillnader i kapitalstrukturen mellan allmännyttiga och börsnoterade fastighetsbolag på den svenska marknaden. Vidare avser studien att testa hur tidigare teorier kring kapitalstruktur med Hävstång som beroende variabel förmår att förklara orsakssamband mellan de studerade bolagsformer och deras kapitalstruktur.
Metod: En kvantitativ undersökning med deduktiv metod för att undersöka statistiska skillnader mellan allmännyttiga och börsnoterade fastighetsbolag på den svenska marknaden.
Teoretiskt ramverk: Studiens teoretiska ramverk grundar sig i traditionella teorier kring kapitalstruktur, Trade-off teorin och Pecking order teorin. En presentation av tidigare forskning har utformats, dels med fokus på... (More) - Syfte: Undersöka och tydliggöra skillnader i kapitalstrukturen mellan allmännyttiga och börsnoterade fastighetsbolag på den svenska marknaden. Vidare avser studien att testa hur tidigare teorier kring kapitalstruktur med Hävstång som beroende variabel förmår att förklara orsakssamband mellan de studerade bolagsformer och deras kapitalstruktur.
Metod: En kvantitativ undersökning med deduktiv metod för att undersöka statistiska skillnader mellan allmännyttiga och börsnoterade fastighetsbolag på den svenska marknaden.
Teoretiskt ramverk: Studiens teoretiska ramverk grundar sig i traditionella teorier kring kapitalstruktur, Trade-off teorin och Pecking order teorin. En presentation av tidigare forskning har utformats, dels med fokus på forskningen kring kapitalstruktur som ett generellt fenomen samt ett tydliggörande kring dess roll i fastighetsbolag. Studiens undersökta variabler presenteras.
Empiriskt underlag: Studiens urval består av 74 bolag, jämnt fördelat mellan studiens valda bolagsformer. Det statistiska underlaget har möjliggjorts genom programmen Retriever samt Eviews. Tidshorisonten är satt mellan åren 2014-2019.
Slutsats: Resultatet påvisar att Materiella anläggningstillgångar och ålder är statistiskt signifikanta variabler för hävstången hos Börsnoterade fastighetsbolag. Vidare visar resultatet att Lönsamhet, Ålder och Storlek är signifikanta variabler för hävstången i allmännyttiga fastighetsbolag. Det föreligger dessutom skillnader i hävstången mellan de allmännyttiga och börsnoterade fastighetsbolagen. Resultatet besvarar inte vilken av de berörda teorierna kring kapitalstruktur som på bästa sätt förklarar och tydliggör skillnaderna mellan allmännyttiga och börsnoterade fastighetsbolag. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9040676
- author
- Runnberg, Nils LU ; Sorte, Alexander and Myrenfors, Erik
- supervisor
- organization
- course
- FEKH89 20202
- year
- 2021
- type
- M2 - Bachelor Degree
- subject
- keywords
- Keywords: Non-profit real estate companies, Listed real estate companies, Capital structure, Trade-off theory, Pecking order theory, Leverage, Sweden
- language
- Swedish
- id
- 9040676
- date added to LUP
- 2021-06-28 11:00:21
- date last changed
- 2021-06-28 11:00:21
@misc{9040676,
abstract = {{Purpose: Investigate and clarify differences in the capital structure between non-profit and listed real estate companies on the Swedish market. Furthermore, the study intends to test how previous theories about capital structure with leverage as a dependent variable are able to explain the causal relationship between the studied forms of company and their capital structure.
Method: A quantitative study with a deductive method for examining statistical differences between nonprofit and listed real estate companies on the Swedish market.
Theoretical framework: The study's theoretical framework is based on traditional theories of capital structure, trade-off theory and pecking order theory. A presentation of previous research has been designed, partly with a focus on research on capital structure as a general phenomenon and a clarification of its role in real estate companies. The investigated variables of the study are presented.
Empirical evidence: The sample consists of 74 companies, evenly distributed between the forms of company. The statistical data has been made possible through the programs Retriever and Eviews. The time horizon is set between the years 2014-2019.
Conclusion: The results show that Tangible assets and Age are statistically significant variables of the leverage of listed real estate companies. Furthermore, the results show that Profitability, Age and Size are significant variables of leverage in non-profit real estate companies. There are also differences regarding the leverage of the company forms. The result does not answer which of the relevant theories about capital structure best explains and clarifies the differences between nonprofit and listed real estate companies.}},
author = {{Runnberg, Nils and Sorte, Alexander and Myrenfors, Erik}},
language = {{swe}},
note = {{Student Paper}},
title = {{En jämförelse av kapitalstrukturen mellan allmännyttiga och börsnoterade fastighetsbolag på den svenska marknaden}},
year = {{2021}},
}