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Fastigheter, ränta och kapitalstruktur - En empirisk studie om kapitalstrukturens inverkan på fastighetsbolags lönsamhet under en period av ränteförändringar

Lundström, Erik LU ; Hallros, John LU and Lind, Simon LU (2023) FEKH89 20231
Department of Business Administration
Abstract (Swedish)
Forskningsfrågor: Är tidigare studiers förklaringsmodeller för fastighetsföretags kapitalstruktur applicerbara på den svenska marknaden? Hur påverkar kapitalstrukturen hos svenska fastighetsbolag deras lönsamhet över en period av ränteförändringar?
Syfte: Studiens syfte är att undersöka om de förklaringsmodeller för fastighetsföretags kapitalstruktur som presenteras i tidigare studier även kan appliceras på den svenska fastighetsmarknaden. Vidare är syftet med studien även att i närmare utsträckning studera sambandet mellan ränteförändringar, kapitalstruktur och lönsamhet på den svenska fastighetsmarknaden.
Metod: Studien utgår från en kvantitativ metod med deduktiv ansats där regressionsanalyser med paneldata har genomförts. Paneldatan... (More)
Forskningsfrågor: Är tidigare studiers förklaringsmodeller för fastighetsföretags kapitalstruktur applicerbara på den svenska marknaden? Hur påverkar kapitalstrukturen hos svenska fastighetsbolag deras lönsamhet över en period av ränteförändringar?
Syfte: Studiens syfte är att undersöka om de förklaringsmodeller för fastighetsföretags kapitalstruktur som presenteras i tidigare studier även kan appliceras på den svenska fastighetsmarknaden. Vidare är syftet med studien även att i närmare utsträckning studera sambandet mellan ränteförändringar, kapitalstruktur och lönsamhet på den svenska fastighetsmarknaden.
Metod: Studien utgår från en kvantitativ metod med deduktiv ansats där regressionsanalyser med paneldata har genomförts. Paneldatan består av data från 14 olika fastighetsbolag. Teoretiskt perspektiv: Studiens teoretiska ramverk utgår ifrån Miller och Modiglianis teorem samt teorierna Pecking order, Trade off samt Market timing. Olika bestämmande faktorer för kapitalstruktur från tidigare forskning presenteras och kopplas till fastighetsföretag.
Resultat: Resultatet visar att tidigare studiers förklaringsmodeller av kapitalstruktur för fastighetsbolag har en begränsad applicerbarhet på den svenska fastighetsmarknaden. Det visar även att skuldandel, ränta samt räntetäckningsgrad har en statistiskt signfikant påverkan på fastighetsföretags lönsamhet. Då dataurvalet inte kunnat uppfylla vissa grundläggande statistiska antaganden kan resultatet enbart tolkas med försiktighet, vilket begränsar generalisering.
Slutsats: Studiens slutsats är att den valda marknaden till stor sannolikhet har färgat det framtagna resultatet. Det presenterade resultatet bekräftar däremot att det inte finns en enskild förklaringsmodell som går att använda för att förklara fastighetsbolagens kapitalstruktur. (Less)
Abstract
Research questions: Are previous studies’ explanatory models for real estate companies’ capital structure applicable on the Swedish market? How does the capital structure of Swedish real estate companies affect their profitability over a period of interest rate chnages?
Purpose: The purpose of this study is to examine whether the explanatory models for the capital structure of real estate companies presented in previous studies can be applied to the Swedish real estate market. Furthermore, the purpose of this study is also to study in more detail the connection between interest rate changes, capital structure and profitability in the Swedish real estate market.
Methodology: The study uses a quantitative methodology with a deductive... (More)
Research questions: Are previous studies’ explanatory models for real estate companies’ capital structure applicable on the Swedish market? How does the capital structure of Swedish real estate companies affect their profitability over a period of interest rate chnages?
Purpose: The purpose of this study is to examine whether the explanatory models for the capital structure of real estate companies presented in previous studies can be applied to the Swedish real estate market. Furthermore, the purpose of this study is also to study in more detail the connection between interest rate changes, capital structure and profitability in the Swedish real estate market.
Methodology: The study uses a quantitative methodology with a deductive approach conducting regressions analysis using panel data. The panel data consists of information from 14 different real estate companies.
Theoretical perspective: The study's theoretical framework originates from the Miller and Modigliani theorem as well as the theories of Pecking order, Trade off and Market timing, which are based on the theorem. Different determinants of capital structure from previous research are presented and connected to real estate companies.
Result: The result shows that previous studies' explanatory models of capital structure for real estate companies have limited applicability on the Swedish real estate market. It also shows that debt ratio, interest rate and interest coverage rate have a statistically significant impact on real estate companies' profitability. Since the data sample could not fulfill certain basic statistical assumptions, the results can only be interpreted with caution, which limits generalization.
Conclusion: The study's conclusion is that the chosen market most likely has affected the result. The results presented, however, confirm that there is no single explanatory model that can be used to explain the real estate companies' capital structure. (Less)
Please use this url to cite or link to this publication:
author
Lundström, Erik LU ; Hallros, John LU and Lind, Simon LU
supervisor
organization
course
FEKH89 20231
year
type
M2 - Bachelor Degree
subject
keywords
Fastighetsföretag, Kapitalstruktur, Ränta, Lönsamhet, Sverige
language
Swedish
id
9130313
date added to LUP
2023-07-04 12:54:21
date last changed
2023-07-04 12:54:21
@misc{9130313,
  abstract     = {{Research questions: Are previous studies’ explanatory models for real estate companies’ capital structure applicable on the Swedish market? How does the capital structure of Swedish real estate companies affect their profitability over a period of interest rate chnages?
Purpose: The purpose of this study is to examine whether the explanatory models for the capital structure of real estate companies presented in previous studies can be applied to the Swedish real estate market. Furthermore, the purpose of this study is also to study in more detail the connection between interest rate changes, capital structure and profitability in the Swedish real estate market.
Methodology: The study uses a quantitative methodology with a deductive approach conducting regressions analysis using panel data. The panel data consists of information from 14 different real estate companies.
Theoretical perspective: The study's theoretical framework originates from the Miller and Modigliani theorem as well as the theories of Pecking order, Trade off and Market timing, which are based on the theorem. Different determinants of capital structure from previous research are presented and connected to real estate companies.
Result: The result shows that previous studies' explanatory models of capital structure for real estate companies have limited applicability on the Swedish real estate market. It also shows that debt ratio, interest rate and interest coverage rate have a statistically significant impact on real estate companies' profitability. Since the data sample could not fulfill certain basic statistical assumptions, the results can only be interpreted with caution, which limits generalization.
Conclusion: The study's conclusion is that the chosen market most likely has affected the result. The results presented, however, confirm that there is no single explanatory model that can be used to explain the real estate companies' capital structure.}},
  author       = {{Lundström, Erik and Hallros, John and Lind, Simon}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Fastigheter, ränta och kapitalstruktur - En empirisk studie om kapitalstrukturens inverkan på fastighetsbolags lönsamhet under en period av ränteförändringar}},
  year         = {{2023}},
}