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Sambandet mellan finansiell kris och bolags kapitalstruktur: En kvantitativ studie om kapitalstruktur i mindre onoterade bolag på finansmarknaden under och efter den internationella finansiella krisen 2008–2009
Södertörn University, School of Social Sciences, Business Studies.
Södertörn University, School of Social Sciences, Business Studies.
2022 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Titel: Sambandet mellan finansiell kris och bolags kapitalstruktur

Författare: Nancy Nasrat och Valentina Daoud

Bakgrund: Den finansiella krisen 2008 hade stor effekt på små och medelstora bolags kapitalstruktur och dess förändring inom den finansiella branschen. Orsaken till krisen var investeringsbanken Lehman Brothers kollaps. Under krisen var det egna kapitalet lågt bland finansiella bolag. Bolagen förlorade kapital och det egna kapitalet de hade var inte tillräckligt att täcka förlusterna. Detta bidrog till att bolagens externa kapital ökade och innebar att bolagens sårbarhet ökade i den finansiella branschen.

Syfte: Beskriva och analysera om det finns ett samband mellan den finansiella krisen 2008 och kapitalstrukturen hos ett urval onoterade bolag.

Metod: En kvantitativ metod tillämpades som innebär en mätning av variabler. Studien bygger på ett deduktivt tillvägagångsätt som analyserar kapitalstrukturen hos onoterade små och medelstora bolag inom bank-, finans- och försäkringsbranschen. Den analytiska metoden som användes var regressionsanalys. Analysen utfördes med hjälp av databaserna Retriever Business och SPSS. För att utföra regressionsanalysen valdes en beroende variabel och tre oberoende variabler. Den beroende variabeln som valdes var skuldsättningsgrad. De oberoende variablerna var soliditet, eget kapital och avkastning på total kapital.

Resultat och slutsats: Resultatet visar att medelvärdet på skuldsättningsgraden var högre under den globala finansiella krisen än efter krisen. Skuldsättningsgraden minskade efter krisen vilket gjorde att de finansiella riskerna minskade, detta kunde ses som en positiv förändring. I förhållande till skuldsättningsgraden hade soliditet störst inflytande på kapitalstrukturen. I enlighet med regressionsanalysen hade soliditet störst varians gentemot skuldsättningsgraden i jämförelse med resterande studerade variabler.

Abstract [en]

Title: The relationship between a financial crisis and a company's capital structure.

Author: Nancy Nasrat and Valentina Daoud

Background: The financial crisis of 2008 had a major effect on the capital structure of small and medium-sized companies and its change within the financial industry. The cause of the crisis was the collapse of the investment bank Lehman Brothers. During the crisis, equity was low among financial companies. The companies lost capital and the equity they had was not enough to cover the losses. This contributed to the companies' external capital increasing and meant that the companies' vulnerability increased in the financial industry.

Purpose: The aim of the study is to escribe and analyze whether there is a connection between the financial crisis of 2008 and the capital structure of a selection of unlisted companies.

Method: A quantitative method was applied which involves a measurement of variables. The study is based on a deductive approach that analyzes the capital structure of unlisted small and medium-sized companies in the banking, finance, and insurance industries. The analytical method used was regression analysis. The analysis was performed using the databases Retriever Business and SPSS. To perform the regression analysis, one dependent variable and three independent variables were selected. The dependent variable chosen was debt-to-equity ratio. The independent variables were equity ratio, equity and return on total capital.

Results and conclusion: The result shows that the average value of the leverage ratio was higher during the global financial crisis than after the crisis. The leverage ratio decreased after the crisis, which meant that the financial risks decreased, this could be seen as a positive change. In relation to the debt-to-equity ratio, the equity ratio had the greatest influence on the capital structure. In accordance with the regression analysis, solvency had the largest variance compared to the debt ratio in comparison with the remaining studied variables.

Place, publisher, year, edition, pages
2022. , p. 39
Keywords [en]
Global financial crisis, capital structure, pecking order theory, trade-off theory
Keywords [sv]
Globala finansiella krisen, kapitalstruktur, pecking order teorin, trade-off teorin
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-50337OAI: oai:DiVA.org:sh-50337DiVA, id: diva2:1716412
Subject / course
Business Studies
Supervisors
Examiners
Available from: 2022-12-08 Created: 2022-12-05 Last updated: 2022-12-08Bibliographically approved

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Citation style
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