Kapitalstruktur i svenska detaljhandelsföretag –En kvantitativ studie om variabler som förklarar kapitalstruktur

Bakgrund och problem: En central fråga för alla företag är hur verksamheten ska finansieras. Detta leder till att frågan om hur företags kapitalstruktur bör se ut ständigt är aktuell, och trots mycket tidigare forskning finns inget enigt svar kring varken vad som förklarar kapitalstrukturen eller hur det förklarar. Detaljhandeln är en stor och viktig bransch för Sverige, men även en bransch som står inför stora förändringar. Det är därför av intresse att undersöka kapitalstrukturen inom denna bransch för att ge beslutsfattare på företag inom detaljhandeln ökad förståelse för kapitalstruktur och dess påverkan på verksamheten. Syfte: Syftet med denna studie är att empiriskt undersöka hur de företagsspecifika variablerna ålder, storlek, lönsamhet, tillväxt och tillgångsstruktur kan förklara kapitalstrukturen hos svenska företag inom detaljhandeln. Metod: Studien har upprättats genom en kvantitativ metod där data från 205 svenska detaljhandelsföretag har hämtats för åren 2009–2017 i syfte att finna signifikanta samband mellan den beroende variabeln och förklaringsvariablerna. För att undersöka dessa samband används en statistisk analysmodell i form av en multipel regressionsmodell. För att tolka och analysera de samband som studien finner görs kopplingar till studiens referensram, vilken består av teori och tidigare forskning inom kapitalstruktur. Resultat och slutsatser: Resultatet i studien visar att två av fem mothypoteser kan accepteras. Dessa är lönsamhet och tillväxt och visar att det existerar signifikanta samband som innebär att skuldsättningen minskar med ökad lönsamhet samt att skuldsättningen ökar med ökad tillväxt i svenska detaljhandelsföretag. Nollhypotesen för tillgångsstruktur accepteras då den visar på ett signifikant negativt samband, vilket innebär att variabeln delvis förklarar kapitalstrukturen men i motsatt riktning. Den multipla regressionsanalysen visar på en liten, men dock signifikant förklaringsgrad, vilket indikerar att den valda modellen endast kan förklara kapitalstrukturen i svenska detaljhandelsföretag till viss del. Utifrån dessa resultat kan slutsatsen dras att förklaringsvariablerna lönsamhet, tillväxt och tillgångsstruktur med statistisk signifikans kan sägas bidra till att förklara kapitalstrukturen i svenska detaljhandelsföretag. Förslag till fortsatt forskning: Med anledning av den låga förklaringsgraden är vidare studier inom området önskvärda. Ett alternativ är att inkludera ytterligare variabler i denna studies modell för att se om starkare samband kan finnas. Andra riktningar är att undersöka om den heterogenitet som finns i detaljhandelsbranschen påverkar, vilket kan hanteras genom att dela in branschen i underbranscher som undersöks. En tredje riktning är att försöka särskilja de företag som är fristående alternativt moderbolag för att se om detta har någon påverkan då dotterbolag inte har full kontroll över sin kapitalstruktur

A new dawn for buried garbage? : An investigation of the marketability of previously disposed shredder waste

This paper examines the market potential of disposed shredder waste, a resource that is increasingly emphasized as a future mine. A framework with gate requirements of various outlets was developed and contrasted with a pilot project focusing on excavated waste from a shredder landfill, sorted in an advanced recycling facility. Only the smallest fraction by percentage had an outlet, the metals (8%), which were sold according to a lower quality class. The other fractions (92%) were not accepted for incineration, as construction materials or even for re-deposition. Previous studies have shown similar lack of marketability. This means that even if one fraction can be recovered, the outlet of the other material is often unpredictable, resulting in a waste disposal problem, which easily prevents a landfill mining project altogether. This calls for marketability and usability of deposited waste to become a central issue for landfill mining research. The paper concludes by discussing how concerned actors can enhance the marketability, for example by pre-treating the disposed waste to acclimatize it to existing sorting methods. However, for concerned actors to become interested in approaching unconventional resources such as deposited waste, greater regulatory flexibility is needed in which, for example, re-deposition could be allowed as long as the environmental benefits of the projects outweigh the disadvantages.Funding agencies: Swedish Innovation Agency, VINNOVA</p

A NEW DAWN FOR THE BURIED GARBAGE? : AN INVESTIGATION OF THE MARKETABILITY FOR PREVIOUSLY DISPOSED WASTE

This paper examines the market potential of disposed waste, a resource that is increasingly emphasized as a future mine. A framework with gate requirements of various outlets was developed and contrasted with excavated waste sorted in an advanced recycling facility. Only the smallest fraction by percentage had an outlet, the metals (8%), which were sold according a lower quality class. The other fractions (92%) were not accepted for incineration, construction materials or even re-deposition. Previous studies have shown similar lack of marketability. This means that even if one fraction can be recovered, the outlet of the other material is often unpredictable, resulting in a waste disposal problem, which easily prevents a landfill mining project altogether. However, the potential in landfills could better be exploited if technology and regulations adapts to disposed garbage.Deponier som gruvo

Resource and Climate Implications of Landfill Mining A Case Study of Sweden

This study analyzes the amount of material deposited in Swedish municipal solid waste landfills, how much is extractable and recyclable, and what the resource and climate implications are if landfill mining coupled with resource recovery were to be implemented in Sweden. The analysis is based on two scenarios with different conventional separation technologies, one scenario using a mobile separation plant and the other using a more advanced stationary separation plant. Further, the approach uses Monte Carlo simulation to address the uncertainties attached to each of the different processes in the scenarios. Results show that Swedens several thousand municipal landfills contain more than 350 million tonnes (t) of material. If landfill mining combined with resource recovery is implemented using a contemporary stationary separation plant, it would be possible to extract about 7 million t of ferrous metals and 2 million t of nonferrous metals, enough to meet the demand of Swedish industry for ferrous and nonferrous metals for three and eight years, respectively. This study further shows that landfill mining could potentially lead to the equivalent of a one-time reduction of about 50 million t of greenhouse gas emissions (carbon-dioxide equivalents), corresponding to 75% of Swedens annual emissions

A NEW DAWN FOR THE BURIED GARBAGE? : AN INVESTIGATION OF THE MARKETABILITY FOR PREVIOUSLY DISPOSED WASTE

This paper examines the market potential of disposed waste, a resource that is increasingly emphasized as a future mine. A framework with gate requirements of various outlets was developed and contrasted with excavated waste sorted in an advanced recycling facility. Only the smallest fraction by percentage had an outlet, the metals (8%), which were sold according a lower quality class. The other fractions (92%) were not accepted for incineration, construction materials or even re-deposition. Previous studies have shown similar lack of marketability. This means that even if one fraction can be recovered, the outlet of the other material is often unpredictable, resulting in a waste disposal problem, which easily prevents a landfill mining project altogether. However, the potential in landfills could better be exploited if technology and regulations adapts to disposed garbage.Deponier som gruvo

Landfill mining : a review of three decades of research

Landfills have historically been seen as the ultimate solution for storing waste at minimum cost. It is now a well-established fact however that such deposits have related implications such as long-term methane emissions, local pollution concerns and limitations on urban development. Landfill mining has been suggested as a strategy to address such resource and pollution problems and in principle means the excavation, processing, treatment and/or recycling of deposited materials. This study involves a literature review on landfill mining covering an analysis of trends, objectives and research topics in 39 papers published during the period 1988–2008. The results show that so far landfill mining has primarily been seen as a way to solve traditional waste management issues such as lack of landfill space or facilitation of final closure and remediation of waste deposits. Although most initiatives also have involved some effort to recover deposited resources (primarily cover soil material), such constituents have been largely secondary. Typically, simple soil excavation and screening equipment have therefore been applied, often demonstrating moderate performance in obtaining marketable recyclables. Several worldwide changes and recent research findings however indicate the emergence of a new perspective on landfills as future reservoirs for resource extraction. Although the potential of this approach appears gigantic, it is argued that facilitating implementation also involves a number of challenges in terms of technology innovation, concepts for realization and frameworks for evaluating economic and environmental performance

Relationship Between Adolescents Frequency of Delinquent Behaviour, Externalized and Internalized Behaviour

Šī pētījuma mērķis ir noskaidrot delinkventas uzvedības biežuma, eksternalizētas un internalizētas uzvedības saistību un šo saistību ar attiecību viedošanas problēmām vienaudžu vidū. Pētījuma izlasi veido 62 pusaudži vecumā no 15-18 gadiem (vidējais vecums = 16,5). Izlase sastāv no 31 meitenes un 31 zēna . Lai noskaidrotu pusaudžu uzvedības problēmas tika pielietota Ahenbaha Jauniešu Pašnovērtējuma aptauja (Youth Self Report; YSR; Achenbach & Rescorla, 2001). Delinkventas uzvedības biežuma noteikšanai tika izmantota Delinkventas Uzvedības Biežuma aptauja (Frequency of Delinquent Behavior, Dahlberg, Toal & Behrens, 1998). Pētījuma rezultāti atklāj, ka delinkventas uzvedības biežums pozitīvi saistās gan ar internalizētām gan eksternalizētām uzvedības problēmām gan ar vienaudžu attiecību veidošanas problēmām.The aim of this study is to determine whether there is a relationship between the frequency of delinquent behavior, internalized and externalized behavioral problems, and relationship building problems among young people. The sample of the study consists of 62 adolescents aged 15-18 (mean age 16,5). The sample consists of 31 girls and 31 boys. The Ahenbach Youth Self Report questionnaire (YSR; Achenbach & Rescorla, 2001) was used to identify adolescent behavioral problems. The Frequency of Delinquent Behavior Survey (Dahlberg, Toal & Behrens, 1998) was used to determine the frequency of delinquent behavior. The results of the study reveal that the frequency of delinquent behavior is positively related to both internalized and externalized behavioral problems and peer-relationship building problems