Kapitalstruktur i fastighetsbranschen
En studie av svenska noterade fastighetsbolag 2005-2010
Recent studies made by Margaritis and Psillaki,have shown that a lower debt ratio and higher efficiency are correlated in their studies performed oncompanies in New Zeeland. Other researchers have been able to show a connection between other industries than the one used in our studies,among these are Titman and Wessler. These studies have been done with a great selection of companies in different industries and time periods. However most of these researchers have used traditional ratios and variables.This study aims to find and analyze connections between returns and lower debt ratios in real estate companies listed on the Stockholm stock exchange. Instead of the traditional debt-equity ratio we will construct our own taking long term debts and property assets. We also aim to find which form of financed capital that is being used in the best performing companies, and if companies that in theory should be more risky have been so. We will also test if these companies have been deliberately run as to create a higher stock price.The study involves Swedish listed real-estate companies between the years 2005-2010. The research is done with a quantative analyze and data collected from our observed companiesrespective annual reports. The statistical analyze have been done in SPSS, creating scatter plot diagrams, simple and multiple regression analysis. The variables incorporated are our own modified ratios and measurements.The empirical results show that a correlation has been found between returns and debt ratio in companies operating in the Swedish real-estate market. There were no other significant correlations found in the other questions made by this study.