Vilka faktorer påverkar framtagandet av kapitalstrukturen i svenska gasellföretag?

Abstract

Capital structure is a central part of entrepreneurship, especially in young companies. This study has researched how well the traditional capital structure theories (Modigliani & Miller, Trade-off and Pecking order theory) can explain the capital structure of the fast growing gasell-companies along with other factors that could. The purpose of this study is to contribute to an increased understanding of what factors gasell-companies consider and to what extent traditional theories in the subject are relevant in the design of capital structure. The study was conducted through a survey where 33 gasell-companies participated. The survey was conducted with mainly open-ended questions, inspired by theories in the subject. This was then supplemented by internet research. The empirical evidence suggests that the capital structure of the gasell-companies can not be explained by the traditional theories. Instead factors like the size and age of the company, the owners personal will to keep control of the company and the company's connection to the family income, explain how the capital structure was preceded.