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Essays of Financial Performance and Capital Structure
Umeå University, Faculty of Social Sciences, Business Administration.
2003 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure.

Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden.

Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study.

Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate.

Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.

Place, publisher, year, edition, pages
Umeå: Umeå universitet , 2003. , 46 p.
Series
Studier i företagsekonomi. Serie B, ISSN 0346-8291 ; 51
Keyword [en]
Business studies, financial accounting, financial statements, financial performance, capital structure, tax allowances, comparative studies
Keyword [sv]
Företagsekonomi
National Category
Business Administration
Identifiers
URN: urn:nbn:se:umu:diva-213ISBN: 91-7305-558-1 (print)OAI: oai:DiVA.org:umu-213DiVA: diva2:142673
Public defence
2003-12-12, Hörsal G, Humanisthuset, Umeå universitet, 901 87 Umeå, Umeå, 13:15 (English)
Opponent
Supervisors
Available from: 2004-03-16 Created: 2004-03-16 Last updated: 2009-06-11Bibliographically approved
List of papers
1. A Comparative Study of Industrial Services in the U.S. and Sweden: Profitability, Productivity and Pricing
Open this publication in new window or tab >>A Comparative Study of Industrial Services in the U.S. and Sweden: Profitability, Productivity and Pricing
2001 (English)In: Journal of Global Marketing, ISSN 0891-1762, E-ISSN 1528-6975, Vol. 14, no 4, 67-87 p.Article in journal (Refereed) Published
Abstract [en]

Industrialized countries now depend on the service sector, especially industrial services, for a significant portion of employment and GDP. Despite this importance, there has been little attention given to comparative studies in this area. Cross-sectional, financial data from Swedish and U.S. industrial service sectors were used to assess the dependence of profitability on four strategic factors--relative market share, revenue/employee, investment intensity, and segment growth rate. Both market share and revenue/employee were statistically significant in U.S. performance. Swedish results suggested that market share was not a significant contributor to a profitable strategy. Investment intensity and revenue/ employee, however, were significant contributions to profitability. These results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems.

Keyword
Industrial services, profitability, cross-sectional study, comparative
Identifiers
urn:nbn:se:umu:diva-3795 (URN)10.1300/J042v14n04_05 (DOI)
Available from: 2004-03-16 Created: 2004-03-16 Last updated: 2017-12-14Bibliographically approved
2. Cost Control and Revenue Generation: The Case of Public Housing Companies Experiences in Sweden
Open this publication in new window or tab >>Cost Control and Revenue Generation: The Case of Public Housing Companies Experiences in Sweden
2004 (English)In: Regional studies, ISSN 0034-3404, E-ISSN 1360-0591, Vol. 38, no 7, 803-815 p.Article in journal (Refereed) Published
Abstract [en]

Increased competition for funds associated with the provision of public-sector housing, stock privatization, and attempts to introduce more tenant-centred and effective housing management services are trends seen in social housing throughout the European Union. Consequently, studies have been done that compare programmes worldwide and in Europe, or analyse changes in single countries. The Swedish system has received attention because of its long-term viability. An ordinary least-squares analysis of financial information from providers in this system has been made with special regard to revenue generation capabilities, the ability to remain profitable, and the retention of asset values for both level and first difference approaches. If one general lesson can be drawn from the empirical results, it would be that expenditures on consolidated maintenance are associated not only with short- term rental revenues, but also undoubtedly with long-term viability. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over that period of the study. The results should be especially relevant to the interests of a wide range of local governments where public housing is of concern. In particular, those individuals bearing greater responsibility for running self-sufficient systems and also policy-makers interested in running efficient, effective systems should be interested in these observations.

Identifiers
urn:nbn:se:umu:diva-3796 (URN)10.1080/0034340042000265278 (DOI)
Available from: 2004-03-16 Created: 2004-03-16 Last updated: 2017-12-14Bibliographically approved
3. An Assessment of the Impact of Financial and Contextual Variables on Managers Decisions to Utilize Tax Allowances in Small Swedish Firms
Open this publication in new window or tab >>An Assessment of the Impact of Financial and Contextual Variables on Managers Decisions to Utilize Tax Allowances in Small Swedish Firms
(English)Article in journal (Refereed) Submitted
Identifiers
urn:nbn:se:umu:diva-3797 (URN)
Available from: 2004-03-16 Created: 2004-03-16 Last updated: 2009-06-11Bibliographically approved
4. The Association between Investment and Finance Decisions: A Canonical Correlation Analysis on Swedish data
Open this publication in new window or tab >>The Association between Investment and Finance Decisions: A Canonical Correlation Analysis on Swedish data
(English)Article in journal (Refereed) Submitted
Identifiers
urn:nbn:se:umu:diva-3798 (URN)
Available from: 2004-03-16 Created: 2004-03-16 Last updated: 2009-06-11Bibliographically approved

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