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Financing rapid, organic growth in Sweden: A study of manufacturing gazelle companies
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
2006 (English)Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
Abstract [en]

Background: In Sweden, only 652 companies have managed to reach the criterions stated by Dagens Industri in their ranking of the Swedish gazelle compa-nies. Rapidly growing companies are very important for the creation of job opportunities and economic wealth. Growth is associated with significant costs, especially for a manufacturing company, and capital is therefore vital for a company’s prosperity. Capital can be either internally generated or externally provided. Previous research has shown that companies firstly prefer internally generated funds, then debt and last new equity.

Purpose: The purpose of this thesis is to describe, analyze and provide examples on how Swedish gazelle companies have financed their growth, what financing options they have and for what purposes they needed finance. The thesis will also examine the importance of external financer’s contribution with financial and human capital for the growth of the gazelles.

Method: A qualitative approach has been used to meet the purpose of the thesis. 12 in-depth, unstructured phone interviews have been conducted with some of the fastest growing gazelle companies in Sweden.

Conclusions: A company can finance its growth using owner’s equity, retained earnings, leasing, factoring, public subsidies and loans, bank loans, venture capital and business angels. All these sources of finance are represented in the empirical findings except for factoring. Internally generated capital has mainly been used to cover working capital and to some extent smaller in-vestments. The externally provided capital has mainly been invested in larger investments like machines, property and product development. The financial capital has been the main contribution by external financers except for business angels, where the human capital was most important.

Place, publisher, year, edition, pages
2006. , p. 48
Keywords [en]
Rapid organic growth, financing, internal capital, external capital, gazelle companies, Pecking order theory.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-510OAI: oai:DiVA.org:hj-510DiVA, id: diva2:4220
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samhälle/juridik
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Available from: 2006-08-09 Created: 2006-08-09

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CiteExportLink to record
Permanent link

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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
  • html
  • text
  • asciidoc
  • rtf