Kapitalstruktur i svenska små och medelstora företag
The purpose of this study is to investigate the determinants of capital structure in Swedish small and medium sized firms. The study includes 24.859 Swedish firms which are further analyzed with regards to their financial characteristics. These characteristics consist of short term debt, long term debt and total leverage. The study compares the relationship between these characteristics and six independent variables.The result shows that profitability is the greatest determinant for capital structure in Swedish small and medium sized firms with regards to total leverage. When profitability increases the total leverage of the firm decreases. With regards to short term debt and long term debt the study finds that asset structure is the biggest determinant. If fixed assets are increased the short term debt decreases and the long term debt increases.The variables of age, growth, size and industry seem to have little or no effect on neither the total leverage, the long term debt nor short term debt.