This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms? optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate.

The increasing significance of social economy as a concept is linked to general global processes such as the crisis of the welfare state, neoliberal globalization, anti-bureaucracy tendencies and decentralization, but also to a growing political interest in human rights and social development. In Sweden the idea of the social economy generates wide support within civil society as well as within the government and across party political boundaries. Furthermore, what is problematic in this context is the fact that the discussions on the subject tend to be relatively uncritical and often it seems as if though the expansion itself is the main objective. The emphasis on cooperation and the third sector in terms of welfare production implies a set of risks in relation to state responsibility, democracy and the autonomy of civil society. This paper aims to explore those risks and how they can be dealt with within the Swedish context..

Innovation has been identified as one of the key factors for economic growth long ago. However, the emergence of ?knowledge century? further strengthened the role of the concept since proper management of the knowledge is essential to make the best out of the innovative capacity of the companies as well as the countries. This necessitates a balanced intellectual property rights (IPR) systems, since these rights provide the basis to solve the market failures faced by innovating firms by creating property rights over knowledge. There is an inherent dilemma between invention and diffusion.

Leaders have many tools in their toolbox when it comes to managing their firms, assuring that they are moving in the right direction. One of these tools is vision. Vision can be a powerful tool for steering a company. But to be able to use it fully, you must also understand how vision is best conveyed to employees and followers. If you understand the vision as a tool, you can fully utilize it.

This paper discusses the strategy and strategic change in the Swedish freight forwarding business and analysis factors that influence the forces of the business. Three companies of various sizes are chosen to be investigated as a case study, outline that cost leadership and differentiation are both important strategies for companies to compete in the market. However, companies outpacing competition do not only pursue either of the two strategies, the need the ability to add one (cost leadership) to the other (differentiation) in relationship to environmental change over time..

This paper investigates whether the traditional accrual based trading strategy first documented by Sloan (1996) can be refined using fundamental analysis. Specifically, this is done by implementing the composite signal F_SCORE introduced by Piotroski (2000) to identify financially strong or weak firms. We find that by applying both investment models simultaneously, in a model we call P_KOMB, the mean market-adjusted return earned by an investor exploiting the accrual anomaly can be increased by 14.8% annually. This is achieved by taking a long position in strong firms (as defined by the composite signal) in the lowest accrual portfolio, while an offsetting short position is taken in weak firms in the highest accrual portfolio, repeated annually between 1997 and 2007. Consistent with prior studies, positive market-adjusted returns can be attained through assessment of accruals as well as key value drivers found in historical financial data.

Den här uppsatsen är skriven för att ge en bra insyn över hur Las Vegas drygt hundraåriga historia har sett ut genom ett Experience Economy perspektiv med inriktning THEME:ing. Uppsatsen kommer granska vilka viktiga historiska händelser staden varit med om och undersöka dem via ett THEME:ing perspektiv. Information som har samlats in till denna uppsats kommer från litteratur och filmdokumentärer om Las Vegas historia och The Experience Economy. Vad bidrog till att den lilla ökenstaden kom att bli en av USA:s mest besökta städer och idag har en population på över två miljoner? Hur har staden agerat när det dykt upp möjligheter för tillväxt? Resultatet av denna uppsats visar att Las Vegas har haft flera stora händelser att jobba med genom åren och anpassat sig och sett dessa som möjligheter till tillväxt istället för hinder.

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.

Today?s political debate on environmental issues and environmental thinking, alongside the Swedish presidency of the EU and Climate Conferences shows that the environment is an important topic. Environment is important, not only in politics, but also for companies and the demand of environmental strategies and environmental reports has increased. This leads to an increased pressure on firms to begin to report on environmental concerns and to create active systems for environmental thinking.The aim of the present study is to examine why firms in the transport sector, mainly lorry transports, reports environmental aspects and what drives these companies to create these reports.Based on stakeholder and institutional theory we aim to examine to which extent stakeholders affects the environmental accounting and reporting. We also aim to explain how the organization is influenced to incorporate external and societal environmental procedures.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.

It is important for firms to continually develop their offerings as the business landscape develops in order to sustain their competitiveness (e.g. Schumpeter, 1934; Ansoff, 1979; Porter, 1985; Trott, 2012). In a context of globalization, rapid technology development and changing customer needs, the paper packaging industry is urged to enhance its product development activities (Hansen & Niskanen, 2007; Björkdahl & Börjesson, 2011). However, there is little research about paper packaging firms? product development processes (ibid).

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.

Background: The growth of the venture capital industry has given birth to new relations between investors and entrepreneurial firms. Venture capital firms are by definition investors serving as an active partner which implies a deeper relation between investors and entrepreneurs than has been the case previously. This new situation leads to a number of questions. Do venture capitalists really act as active partners with a long term interest in the venture? Do they add any value besides capital? How important is their influence in the portfolio company's decision making process? Purpose: The purpose of this study is to give a deeper understanding of the relation between venture capital firms and IT companies in the start-up phase.

Our thesis focus on how retirees perceive Tv4s news casts of economy news where we focused on five different aspects: What is the relationship between the news cast and the viewer and how does the viewer express their understanding of the news cast and the way it is constructed? What are the viewers attitude towards the news content and how do they find the news cast useful for them personally?We choosed retirees as our target group due to their vulnerable economic position in today?s society and TV as an important medium for them due to the digital divide. The study was performed with twelve qualitative interviews and one group interview where six retirees took part.We discovered a big interest for economic news in the target group. The majority had a sympathetic view of the news cast they saw but they also expressed skepticism toward the economy segment and/or news castings. The majority expressed a lack of trust for the journalists and the experts brought in to share observations and make announcements, and the financial business overall.

Context: During the 21st century several alarming reports have been published that deals with the depletion and pollutant of the earth by human interference. The earth is an ending resource and so are the mountains and bedrocks which are continuously mined in order to harvest its minerals. The idea behind Urban Mining is to (re)invent processes enabling further purpose for materials both from old deposits and new products providing secondary raw materials and energy. This thesis aims to investigate the challenges and opportunities of how firms and organizations can and will be able to strike a better balance between product-/service systems, economic growth and environmental stewardship in the context of Urban Mining as an approach. With the innovation of processes, technology, business- planning and creation in focus.Objective: How to future proof a business model for Urban Mining by the usage of business model design.Method: This thesis will be conducted using a case study approach, meaning that it will incorporate qualitative, exploratory and descriptive characteristics - aiming towards enabling both applied and fundamental research.Results: The result evaluates the business model element differences between traditional C&D industry and Urban Mining industry.