Företagsstrategi och kapitalstruktur
: en kvantitativ studie om hur företagets strategiorientering påverkar dess kapitalstruktur, med fokus på svensk hälsovårdssektor

Translated title of the thesis: Corporate strategy and capital structure: a quantitative study about how a firm’s strategic orientation affects its capital structure, with focus on the Swedish Healthcare industry
  • Hai Nguyen
  • Dejan Spasovic

Student thesis: Bachelor


Corporate finance is a well-debated subject over the last decades. All the decisions that are made by corporate managers have financial implications. One of the most important issues in corporate finance is capital structure, which refers to the proportion of total debt a company has compared to its total equity. There are many factors that affect the capital structure of a firm, namely profitability, size, and many other factors. Based on The pecking order theory, and Miles and Snows typology, this bachelor thesis aims to explore how strategy orientations influence the choice of capital structure. Firms are categorized in different strategies based on how much they spend on R&D activities. Our sample consists of 54 Swedish Healthcare companies that are listed on NASDAQ Stockholm. Out of those 54 firms, we could find 12 firms with defender strategy, 36 firms with prospector strategy, and 6 firms with analyzer strategy. Finally, the results of the study show that defenders are significantly and positively related to the use of debt financing. In contrast, prospectors are significantly and negatively related to the use of debt. And lastly, we could not find any statistically significant relationship between analyzers and the use of debt financing. This study contributes to the knowledge about the link between organizational strategy and capital structure.

Date of Award2021-Sep-06
Original languageSwedish
SupervisorMartin Abrahamson (Supervisor) & Emil Numminen (Examiner)

Educational program

  • Degree of Bachelor of Science in Business and Economics

Courses and Subjects

  • Banking and financing

University credits

  • 15 HE credits

Swedish Standard Keywords

  • Business Administration (50202)


  • capital structure
  • strategy
  • miles and snows
  • debt financing
  • equity financing
  • leverage

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