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 capitalstructures 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. Thematurity matching principle is considered significant..

The aim of this study is two folded. We wish to investigate if there is a value premium from hedging jet fuel exposure for American and European airlines. We also seek to answer if airlines can affect their probability to default by using Risk Management. During the period 2003 ? 2006 there existed a value premium for airlines that hedged their expected future consumption of jet fuel.

This paper investigates the determinants of corporate cash holdings for a broad sample of Swedish non-financial firms in the 1999 - 2009 period. Using a fixed effect regression model, we find that firms with riskier cash flow hold relatively high ratios of cash to total assets. This is in line with both the precautionary motive and agency motive for cash holdings. Net working capital is found to be negatively related to corporate cash holdings. A result commonly interpreted as support for a negative substitution effect between net working capital and cash.

This study is on how small companies can use the Internet as a part of their marketing strategy to gain a Leverage on their competitors with small means to survive and expand in the global market. Many Swedish small companies still don?t have a sufficient knowledge on how to use the communication channel despite the various advantages the Internet offers.Case studies were conducted of how AdLibris, A-lotterierna AB and SF-bokhandeln perceived the importance of using the Internet as a part of their communications strategy.This new communication channel demand new ways of applying traditional marketing principals. Careful analysis of the interviews and how the answers relate to new and old marketing theories makes the bulk of this study. The conclusion is that the Internet solely is not enough, a combination with traditional marketing tools is the way to succeed in their marketing efforts.

There is an increased pressure for firms to provide the financial market with additional information. Such disclosure is attached with different kinds of costs. In spite of these costs, and in spite of increased mandatory disclosures, firms choose to voluntary disclosure financial information to analysts and others. This indicates that firms also benefit from providing additional information. The subjects of this study is 431 annual reports from firms listed at the Stockholm Stock Exchange for 2002 and 2005 and the objective is to survey factors that can explain variations in firms? voluntary disclosure.

Social intranets are based on the Enterprise 2.0 expression and create a new way for organizations to communicate and work. It brings possibilities to Leverage user generated content and engage in cooperation across organizational borders where users can get to know each other and share knowledge.This thesis aims to explore what expectations motivate decision makers in implementing social intranets. It is interesting to discover what is expected to happen in an organization that implements a social intranet and chiefly what the actual effects are. Through interviews of both management executives and intranet users at a consulting company called Ninetech, we have plotted out managers? expectations and effects experienced by users.We have categorized managements? expected effects in two themes; expected effects on corporate culture and expected effects on informational work.

During recent years, financial innovation has given rise to numerous structured investment opportunities aimed towards the general public. These have enabled private investors to engage in high-risk investments offering as much as 400 per cent Leverage while oftentimes not fully having grasped the risk involved. The issuers of these securities have been criticized for using advertising of a too aggressive and misleading nature.By presenting 819 potential investors with two different investment opportunities yielding the same return over a six day period, we have aimed to assess whether the inclination of being affected by judegmental heuristics varies with factors such as knowledge, overall attitude towards the asset class, risk appetite and experience from previous investments.We have observed that investors' perception of the attractiveness of an investment can be distorted by altering the information presented to the investor. However, our findings show that this tendency decreases with an increased level of knowledge, experience and risk appetite..

This study's interest area loops around how it is possible to understand texts' Leverage over human thinking and acting. Focus lies on understanding which forces that form people?s views around men and women's relationships and relations in the public room. From this perspective our interest is to explore how the phenomenon rape is expressed in texts and how we can understand how rape through these texts are to be shaped in individuals' thoughts awareness and. Finally, it is also relevant to create understanding for how rape as a discoursive practice can have effects on individuals and society.

Mezzanine is a collective term for hybrid instruments on the Leverage finance market, offered as an alternative to traditional debt. As a hybrid, mezzanine combines elements of debt and equity financing. Mezzanine appears, in its most common shape, as subordinated to the senior debt, but ranks higher than pure equity. Reminiscent of security interests, the main importance of subordination is upon the default of the borrower. Therefore, the aim of the thesis is partly to investigate the legal prerequisites for a solid subordination of mezzanine financing, and partly to explain the consequences of subordination in a default.

This paper examines if European integration has had an impact on national political parties by looking at the stances of the Swedish Green Party and the Left Party on the issue of the European Community and the European Union over time. With the development of the European Community and the European Union, national political parties face the challenge of an emerging political arena. European integration research has recently become more involved with what is called europeanization and political integration within the member states them self, this paper aims to provide further Leverage to the thesis that national political actors undergo some degree of europeanization and are politically integrated in the EU, by examining manifestos of two historically eurosceptic Swedish political parties. The theoretical framework provided by neo-functional integration theory as well as europeanization is used to examine the empirical material in order to see if the political parties at the focal point of this study can be said to have undergone a change in political policy regarding the EC and EU, both in quantity and content. The analysis show that indeed both parties has undergone a change and what might be considered a europeanization, considering that the presence of the EU as a political issue seem to have risen in prominence and importance in the examined manifestos.

The aim of this thesis is to examine the occurrence of Cosmetic Earnings Management (CEM) among Swedish companies. CEM refers to the small upward rounding of reported net income to reach cognitive reference points. Important cognitive reference points are multiples of ten (N*10^x) of reported net income and rounding towards these has been documented in other markets around the world over the last 20 years. The occurrence of CEM on the Swedish market is studied using digital analysis, frequency testing and Benford's law. Firstly, reported net income of publicly traded companies between 1996 and 2010 is examined.

It is a common view that companies should focus on building brands to increase profitability and stabilize cash flows. However, building and keeping brands alive is costly. Many firms spend large sums on branding only because they are supposed to, without knowing if they will actually gain from it. Up to date, there is limited convincing evidence that branding actually contributes to shareholder value creation. This thesis aims to investigate the relationship between brand strength and profitability and shareholder value.

This paper analyzes the auditor choices for a sample of 300 predominantly small Swedish firms, all located in Umeå. Our hypothesis was based on the complexity of a firm, the need of external financing, Leverage, and the need of extra consultance from the auditfirm. Our definition of auditor quality is based on prior studies, and is frequently used by authors in this area. The assumption is based on that the auditor quality increases with the size of the auditfirm and the degree of the auditor. The auditor quality is therefor depending on the choice between an auditor from the group ?Big 5? or not, and the choice of an auditor with an higher degree.

International expansion has long been associated with a positive trend that many companies, regardless of industry, choosing to realize mainly to expand its market share and hence its profitability. Various theories describe differentiated strategies to promote corporate expansion. Either they shall be financed by internal funds, or balancing equity with debt, or only increase Leverage in order to achieve the desired results. This study focuses on the Swedish fashion market and its degree of internationalization. The purpose is to attempt to discern whether there exists a correlation between the degree of internationalization and its financial performance.The study was based on a quantitative approach where secondary data was collected so that we then would be able to perform regression calculations.

Calculations of net present value are based on a discount rate, which requires knowledge about the company?s cost of debt. A common way to do this is by observing the company?s credit rating, when no credit rating is given it?s possible to use a synthetic rating model based on quantitative data to estimate a credit rating. Thus, the aim of this study is to increase the understanding of which quantitative data, in terms of key figures, that can be used to explain the given credit ratings for companies from the Nordic countries.In developing the model, key figures found significant in previous studies are being tested for whether or not they are applicable for companies from the Nordic countries.