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Valet och kvalet kring kapitalstrukturen: om kognitionens inverkan på finansieringspolitiken
Linköping University, Department of Management and Economics.
Linköping University, Department of Management and Economics.
2002 (Swedish)Independent thesis Advanced level (degree of Magister)Student thesisAlternative title
The capital-structure dilemma : debt policy from a cognitive perspective (English)
Abstract [en]

Background: A company’s choice of capital structure is influenced by the access to internal and external capital but also by the opportunities and threats that the management perceives in the environment and the management’s attitude towards risk. How an individual perceives and interpret the environment depends on the cognitive structures, which are shaped by personality, background and earlier experiences. Accordingly cognitive structures can be expected to influence the choice of capital structure.

Purpose: Out of a cognitive perspective we intend to study the relationship between the way a company views it’s environment and what capital structure it chooses to have, in order to contribute to an increased understanding about what lies behind a company’s capital structure policy.

Delimitations: Debt policy refers to the choice of capital structure. Cognition is briefly presented as a phenomena and in relation to risk judgement in decision processes.

Realization: Our empirical studies are based on information from the annual reports of H&M, JC and Lindex from the period of 1989-2000.

Results: The studied companies have a very similar view on the environment and their capital structures are relatively similar since all of them have a high share of equity. Consequently the choice of capital structure can be said to be influenced by the company’s view on the environment even though this is not the only influencing factor.

Place, publisher, year, edition, pages
Ekonomiska institutionen , 2002. , 197 p.
Series
Master Thesis in Business Administration (Magisteruppsats från Internationella ekonomprogrammet), 2002:28
Keyword [en]
Business and economics, Capital structure, cognition, debt policy, risk judgement
Keyword [sv]
Ekonomi
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:liu:diva-1049OAI: oai:DiVA.org:liu-1049DiVA: diva2:17238
Uppsok
samhälle/juridik
Available from: 2002-02-08 Created: 2002-02-08

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • oxford
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf