Essays of Financial Performance and Capital Structure

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

Capacity of public-private collaborations to incorporate sustainable business models for housing development in Sweden : a resilience perspective

Moving toward social and ecological sustainable business models requires collaborations in housing development. However, collaborations today between public and private housing developers are often the subject of criticism in terms of their sustainability efforts. One way of moving forward for these collaborations is to consider resilience as a desired property for sustainable business models. Thus, guided by a resilience perspective, semi-structured interviews have been conducted and secondary data has been collected to depict the barriers and enablers for public-private collaborations to move toward resilience and truly sustainable business models. The results reveal that barriers are development costs, knowledge, stepwise processes, and different perspectives, meanwhile enablers are knowledge transfer, trust, clear roles and agendas, win-win, instruments/incentives, and sustainability leadership. To overcome the barriers and leverage the enablers identified, resilience attributes such as knowledge transfer, social capital, space for disturbance, diverse forms of governance, and knowledge about sustainability need to be understood and applied to achieve sustainable business models in public-private collaborations

Cost Control and Revenue Generation: The Case of Public-housing Companies' Experiences in Sweden

Lindbergh L., Larsson C.-G. and Wilson T. L. (2004) Cost control and revenue generation: the case of public-housing companies' experiences in Sweden, Regional Studies38, 803-815. 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. Lindbergh L., Larsson C.-G. et Wilson T. L. (2004) La maitrise des couts et la production des revenus: etude de cas des logements sociaux en Suede, Regional Studies38, 803-815. La competition accrue pour les fonds associes a l'offre des logements sociaux, la privatisation du parc de logements, et les tentatives de fournir des services logement et de gestion plus efficaces et plus centres sur le locataire, representent des tendances qui sont evidentes partout dans l'Union europeenne. Par consequent, des etudes ont ete menees qui comparent des programmes d'action elabores sur le plan mondial aux programmes d'action d'envergure europeenne, ou bien qui analysent des changements dans des pays individuels. Le systeme suedois a attire beaucoup d'attention a cause de sa validite a long terme. On fait une estimation par les moindres carres ordinaire a partir des donnees financieres provenant des prestataires de services dans ce systeme, avec un egard particulier pour la capacite a produire des revenus, a assurer la rentabilite, et a maintenir la valeur des actifs immobiliers quant aux approches qui portent sur le niveau et sur la difference d'ordre premier. Une lecon a tirer potentiellement des resultats empiriques c'est la suivante. Les depenses pour l'entretien consolide s'associent non seulement aux revenus locatifs a court terme, mais aussi a la validite a long terme. En outre, les resultats provenant de l'approche qui porte sur la difference d'ordre premier laissent supposer que les loyers negocies produisent des resultats d'exploitation qui arrivent a suivre les revenus sur la periode etudiee. Ces resultats devraient avoir un rapport tres etroit aux interets de tout un eventail d'administrations ou les logements sociaux laissent a inquieter. En particulier, ceux qui sont charges de la direction des systemes autosuffisants ainsi que les decideurs interesses par la mise en oeuvre des systemes efficaces, devraient noter ces remarques. Lindbergh L., Larsson C.-G. und Wilson T. L. (2004) Kostenregulierung und Schaffung von Steuereinkommen: Erfahrungen der Gesellschaften fur Wohnungsfursorge in Schweden, Regional Studies38, 803-815. Zunehmende Konkurenz bei der Vergebung von Mitteln fur die Schaffung von Wohnraum durch die offentliche Hand, Verkauf bestehenden Wohnraums an private Eigentumer und Versuche, vermehrt auf Mieter zugeschnittene und effektive Hausverwaltungsdienste sind Tendenzen, die in der ganzen Europaischen Union auf dem Gebiet der Bereitstellung von Sozialwohnungen zu beobachten sind. Infolgedessen hat man Untersuchungen durchgefuhrt, die Programme auf der ganzen Welt und in Europa miteinander vegleichen, oder anderungen in einzelnen Landern. Dank seiner langfristigen Durchfuhrbarkeit hat das schwedische System Aufmerksamkeit erregt. Eine Analyse der gewohnlichen Methode der kleinsten Quadrate der Finanzinformation von Mittel zur Verfugung stellenden Korperschaften in diesem System wurde bei besonderer Berucksichtigung seiner Fahigkeiten der Steuerbeschaffung, der Fahigkeit wirtschaftlich zu bleiben, und der Erhaltung von Vermogungswerten fur gleichbleibende Ansatze wie auch erstmals abweichende Ansatze durchgefuhrt. Wenn eine allgemeingultige Lehre aus den empirischen Ergebnissen gezogen werden kann, so ware es die, dass Ausgaben fur Dauerpflege nicht nur mit kurzfristigen Mieteinkommen, sondern zweifellos auch mit langfristiger Lebensfahigkeit zu tun haben. Weiterhin legen erstmalig abweichende Ergebnisse nahe, dass vereinbarte Mieten laufend Gewinne abwerfen, die im fur diese Studie angesetzten Zeitraum mit den Steuern Schritt hielten. Diese Ergebnisse sollten besonders den Interessen der sehr verschiedenartigen Ortsverwaltungen sachdienlich sein, die sich mit offentlichem Wohnungsbau und - verwaltung befassen, insbesondere diejenigen, die fur Bereitstellung und Erhaltung eines sich selbst tragenden Systems hauptverantwortlich sind, wie auch Sozialpolitiker, die an gut funktionierenden, effektiven Systemen interessiert sind, diesen Befunden Aufmerksamkeit schenken durften. Lindbergh L., Larsson C.-G. y Wilson T. L. (2004) Control de costes y generacion de beneficios: el caso de las experiencias de las 'empresas constructoras de vivienda social' en Suecia, Regional Studies38, 803-815. El incremento de la competicion por fondos asociados con la provision de vivienda social, la privatizacion de capital y los intentos destinados a introducir servicios de administracion de la vivienda mas orientados hacia el arrendatario y mas eficaces son tendencias que se observan en la vivienda social a traves de la Union Europea. Consecuentemente, se han llevado a cabo estudios que comparan programas en todo el mundo y en Europa, o que analizan los cambios en paises individuales. El sistema sueco ha recibido atencion debido a su viabilidad a largo plazo. Se ha realizado un analisis ordinary least squares de la informacion financiera de los proveedores en este sistema especialmente con respecto a las capacidades de generacion de beneficios, la habilidad de permacer rentable, y la retencion de valor de los activos tanto para enfoques de nivel y de primera diferencia. Si se puediera derivar una leccion general de estos resultados empiricos, esta seria que los gastos en el mantenimiento consolidado no estan solamente asociados con los beneficios derivados de la renta a corto-plazo, pero sin duda tambien con la viabilidad a largo plazo. Ademas, los resultados de primera diferencia sugirieron que las rentas negociadas producieron beneficios de operacion que siguieron el ritmo de los beneficios a lo largo del periodo de estudio. Estos resultados deberian ser especialmente relevantes para los intereses de un amplio grupo de gobiernos locales donde la vivienda social es una causa de preocupacion. Particularmente, aquellos individuos que soportan una mayor responsabilidad en la direccion de sistemas autosuficientes y tambien los disenadores de politicas que estan interesados en dirigir sistemas efectivos y eficaces deberian estar interesados en estas observaciones.Public housing, Swedish system, Ordinary least squares, Quantitative analyses, Professional efficiency,

Project Ålidhem : a case study of a sustainable Swedish municipal public housing installation

A refurbishment project conducted within a municipal public housing complex is described and discussed through Project Ålidhem in northern Sweden. The overall energy efficiency goal within the project was a 40-50% reduction in the supplied energy for domestic hot water, building electricity and space heating. In the pilot study, a 43% improvement was observed. This paper focuses on the performance of four buildings constructed under a Delegation for Sustainable Cities program that specified an energy efficiency goal of 65 kWh/m2. This goal was approached, but not attained. Observations of utilization in four free-standing buildings were 68.3, 76.8, 87.2 and 87.6 kWh/m2 per year respectively, which are described and discussed herein