| dc.description.abstract | Problem
discussion:
The
choice
of
capital
structure
and
its
dependencies
on
ownership
and
other
determinants
has
been
discussed
intensively
for
a
couple
of
decades.
Many
opinions
concerning
the
subject
have
been
raised
in
several
directions
and
many
variables
have
been
considered
to
have
an
impact
on
capital
structure.
Since
family
business
make
up
for
a
large
share
of
the
world
economy,
it
is
interesting
to
study
whether
ownership
has
an
effect
on
leverage
levels.
Myers
(1984)
presented
two
of
the
largest
theories
regarding
capital
structure:
the
static
trade-‐off
theory
and
the
pecking
order
theory,
but
none
of
these
points
out
ownership
structure
as
an
important
variable
when
determining
capital
structure.
Contradictory,
the
third
of
the
major
theories,
agency
theory,
states
that
family
businesses
will
have
less
debt
since
none
or
only
a
small
agency
cost
will
exist
(Jensen,
Meckling,
1976).
Studies
made
on
foreign
market
have
supported
the
agency
theory
Purpose:
Since
most
previous
research
is
made
outside
of
the
Swedish
market,
the
purpose
of
this
thesis
is
to
investigate
and
present
an
analysis
of
the
possible
correlation
between
capital
structure
and
ownership
structure
in
Swedish
companies.
Delimitations:
This
study
is
limited
to
be
valid
to
the
Swedish
market
and
to
companies
that
are
listed,
or
equal
in
size
to
firms
listed,
on
the
Small-‐
and
Mid-‐Cap
of
the
Nasdaq
OMX
Stockholm
Stock
Exchange.
Further,
the
study
is
limited
to
comment
on
ownership,
liquidity,
return
on
assets
and
return
on
capital
employed
as
variables
that
affect
capital
structure.
Methodology:
With
a
cross-‐sectional
quantitative
study
we
have
researched
private
family
businesses
and
listed
not
family-‐owned
firms.
Empirical
data
was
collected
from
annual
reports
covering
a
five-‐year
period
between
2006
and
2010
and
thereafter
statistical
testing
was
performed.
Conclusion:
No
statistically
significant
difference
in
capital
structure
can
be
found
between
family-‐owned
private
and
not
family-‐owned
listed
firms.
This
result
is
not
in
accordance
with
most
theories
but
could
be
explained
by
the
fact
that
Sweden
is
a
bank-‐oriented
economy
(Lööf,
2004).
According
to
Antoniou,
Guney
and
Paudyal
(2008),
this
fact
implies
a
high
leverage
level
independent
from
ownership.
Proposals
for
further
research:
Since
the
study
behind
this
thesis
was
not
in
line
with
what
the
theories
would
suggest,
it
becomes
even
more
interesting
to
investigate
the
field
further.
There
is
a
lack
of
research
performed
on
the
Swedish
market
and
therefore,
additional
research
is
needed.
We
suggest
that
both
additional
quantitative
and
qualitative
research
is
performed. | sv |
