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Pecking-order i små tillverkande företag
Halmstad University, School of Business and Engineering (SET).
Halmstad University, School of Business and Engineering (SET).
2010 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Title:

Pecking-order i små tillverkande företag

Level of thesis:

Master´s dissertation in banking and auditing

Authors:

Mathias Klasén and Maria Waderoth

Advisor:

Joakim Winborg

Background:

The area of business financing has been well studied during the 1900´s. Many studies and theories are made with big corporations in mind, and the importance of small businesses wasn’t enlightened until the end of the 1900´s. Business financing has created a number of theories, among them Myers pecking-order theory. This theory implies that business managers prefer internal equity in front of debt and external equity. This theory has been developed through studies, hence Myers three steps are considered undeveloped, and therefore the theory still needs further investigation.

Question of issue:

How do small business managers prefer different long-term financing options and which variables can explain the ranking?

Purpose:

The purpose of the study is to create a developed pecking-order in small manufacturing businesses and to investigate which variables explain their ranking.

Method:

The study is deductive with elements of induction. We have created knowledge in the subject through investigation of existing literature in order to examine the reality. The theory has also evolved through the developed pecking-order theory. The data has been collected through phone interviews where the respondents generated both quantitative and qualitative data.

Results:

The result of the study shows that managers in small manufacturing businesses prefer internal profit first. Thereafter they prefer bank loans, grants, leasing, indirect contribution from existing owners, direct contribution from existing owners, business collaboration, informal equity, formal equity and family and friend loans. The ranking can partly be explained by the managers risk aversion, control aversion, growth, financial knowledge, industry experience and gender.

Keywords:

Pecking-order, small business, managers, explanatory variables, financial sources.

Place, publisher, year, edition, pages
2010.
Keyword [sv]
pecking-order, små företag, företagsledare, förklaringsvariabler, finansieringskällor
Identifiers
URN: urn:nbn:se:hh:diva-5052OAI: oai:DiVA.org:hh-5052DiVA: diva2:327403
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2010-06-30 Created: 2010-06-29 Last updated: 2010-06-30Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • 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
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  • asciidoc
  • rtf