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Johansson, D., Karlsson, J. & Malm, A. (2020). Family business: A missing link in economics?. The Journal of Family Business Strategy, 11(1), Article ID 100306.
Open this publication in new window or tab >>Family business: A missing link in economics?
2020 (English)In: The Journal of Family Business Strategy, ISSN 1877-8585, E-ISSN 1877-8593, Vol. 11, no 1, article id 100306Article in journal (Refereed) Published
Abstract [en]

Family firms account for a substantial share of economic activity and deviate from standard economic assumptions on firmbehavior. However, little is known about how these firms are represented in economic theory. This article examines the inclusion of family business in the curricula of economics doctoral programs in the United States and Sweden as well as professors’ and textbook authors’ views and research on family business. Textbooks, articles and course offerings used in doctoral programs are considered to indicate the state of established knowledge in the field. The findings show that family business is not included in the examined curricula. Furthermore, professors and authors do not publish research on family business and generally do not see a need to incorporate it into economic theory. This article concludes that family business is excluded from ‘core’ economic theory due to a lack of paradigmatic pluralism, axiomatic incompatibility, path dependency, institutional bias and data constraints. Lastly, it is speculated that integration of family business theory into standard economic modeling is likely to occur outside prestigious universities due to path dependency in research.

Place, publisher, year, edition, pages
Elsevier, 2020
Keywords
entrepreneurship, family business, family control, family firm, economics, teaching
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-79162 (URN)10.1016/j.jfbs.2019.100306 (DOI)000523660500003 ()2-s2.0-85076568655 (Scopus ID)
Funder
Swedish Agency for Economic and Regional Growth
Available from: 2020-01-14 Created: 2020-04-08 Last updated: 2020-04-20Bibliographically approved
Henrekson, M., Johansson, D. & Stenkula, M. (2020). The Rise and Decline of Industrial Foundations as Controlling Owners of Swedish Listed Firms: The Role of Tax Incentives. Scandinavian Economic History Review
Open this publication in new window or tab >>The Rise and Decline of Industrial Foundations as Controlling Owners of Swedish Listed Firms: The Role of Tax Incentives
2020 (English)In: Scandinavian Economic History Review, ISSN 0358-5522, E-ISSN 1750-2837Article in journal (Refereed) Epub ahead of print
Abstract [en]

Beginning in the interwar period, industrial foundations became a vehicle for the corporate control of large listed firms in Sweden, but in the 1990s they were replaced by wealthy individuals who either directly own controlling blocks or who own them through holding companies. We study potential explanations for this change and propose two taxation-related candidates: shifts in the relative effective taxation across owner types and the dismantling of the inheritance taxation that prevented the generational transfer of the ownership of large controlling blocks. Our analysis exploits newly computed marginal effective capital income tax rates across capital owners, accounting for all relevant factors, including rules governing tax exemptions. We show that the 1990–91 tax reform, abolition of the wealth tax for controlling owners in 1997, 2003 tax exemption of dividends and capital gains on listed stock for holding companies with a voting or equity share of at least 10 percent, and abolition of the inheritance and gift taxes in 2004 reversed the rules of the game. Recently, control has largely been wielded through direct ownership, and the role of foundations is rapidly declining. These findings point to the importance of tax incentives for the use of foundations as the control vehicles of listed firms.

Place, publisher, year, edition, pages
Taylor & Francis Group, 2020
Keywords
Corporate governance, Entrepreneurship, Family firms, Foundations, Owner-level taxation
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-79158 (URN)10.1080/03585522.2020.1730234 (DOI)000519890800001 ()2-s2.0-85081746384 (Scopus ID)
Funder
Marianne and Marcus Wallenberg FoundationThe Jan Wallander and Tom Hedelius Foundation
Available from: 2020-01-14 Created: 2020-01-14 Last updated: 2020-04-01Bibliographically approved
Johansson, D., Stenkula, M. & Wykman, N. (2020). The Taxation of Industrial Foundations in Sweden (1862–2018). Nordic Tax Journal
Open this publication in new window or tab >>The Taxation of Industrial Foundations in Sweden (1862–2018)
2020 (English)In: Nordic Tax Journal, ISSN 0904-6380, E-ISSN 2246-1809Article in journal (Refereed) Accepted
Abstract [en]

It has been argued that the Swedish tax system has favored firm control through industrial foundations, which should have inhibited entrepreneurship and economic growth. However, research has been hampered due to a lack of systematic historical tax data. The purpose of this study is to describe the evolution of tax rules for industrial foundations in Sweden between 1862 and 2018 and to calculate the marginal effective tax rate on capital income (METR). The results show that the METR for an equity financed investment is below 20 percent most of the time and occasionally peak at about 40 percent. Treating the requirement that industrial foundations have to donate the bulk of capital income (less capital gains) to charitable purposes as a tax, the METR seldom is below 50 percent when financing investments with new share issues, and often exceeds 100 percent.

Place, publisher, year, edition, pages
De Gruyter Open, 2020
Keywords
business groups, entrepreneurs, family firms, foundations, taxation
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-82097 (URN)
Available from: 2020-05-27 Created: 2020-05-27 Last updated: 2020-05-28Bibliographically approved
Henrekson, M., Johansson, D. & Stenkula, M. (2019). The Rise and Decline of Industrial Foundations as Controlling Owners of Swedish Listed Firms: The Role of Tax Incentives. Stockholm: Research Institute of Industrial Economics (IFN)
Open this publication in new window or tab >>The Rise and Decline of Industrial Foundations as Controlling Owners of Swedish Listed Firms: The Role of Tax Incentives
2019 (English)Report (Other academic)
Abstract [en]

Beginning in the interwar period, industrial foundations became a vehicle for the corporate control of large listed firms in Sweden, but in the 1990s they were replaced by wealthy individuals who either directly own controlling blocks or who own them through holding companies. We study potential explanations for this change and propose two taxation-related candidates: shifts in the relative effective taxation across owner types and the dismantling of the inheritance taxation that prevented the generational transfer of the ownership of large controlling blocks. Our analysis exploits newly computed marginal effective capital income tax rates across capital owners, accounting for all relevant factors, including rules governing tax exemptions. We show that the 1990–91 tax reform, abolition of the wealth tax for controlling owners in 1997, 2003 tax exemption of dividends and capital gains on listed stock for holding companies with a voting or equity share of at least 10 percent, and abolition of the inheritance and gift taxes in 2004 reversed the rules of the game. Recently, control has largely been wielded through direct ownership, and the role of foundations is rapidly declining. These findings point to the importance of tax incentives for the use of foundations as the control vehicles of listed firms.

Place, publisher, year, edition, pages
Stockholm: Research Institute of Industrial Economics (IFN), 2019. p. 30
Series
IFN Working Paper ; 1279
Keywords
Corporate governance, Entrepreneurship, Family firms, Foundations, Owner-level taxation
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-80335 (URN)
Note

JEL codes: H20; K34; L26; N44.

Available from: 2020-03-03 Created: 2020-03-03 Last updated: 2020-03-10
Daunfeldt, S.-O., Johansson, D. & Westerberg, H. (2019). Which firms provide jobs for unemployed non-Western immigrants?. Service Industries Journal, 39(9-10), 762-778
Open this publication in new window or tab >>Which firms provide jobs for unemployed non-Western immigrants?
2019 (English)In: Service Industries Journal, ISSN 0264-2069, E-ISSN 1743-9507, Vol. 39, no 9-10, p. 762-778Article in journal (Refereed) Published
Abstract [en]

Although the refugee immigration crisis is one of the major socio-economic challenges in Europe, we still lack knowledge on what characterizes firms that provide jobs for unemployed immigrants. We provide an answer by investigating firms that recruit unemployed non-Western immigrants using matched employer-employee data from Statistics Sweden. We find large industry differences; firms active in the service sectors, such as the hospitality, transport, and healthcare industries, are much more likely to hire unemployed non-Western immigrants than firms in high-tech and manufacturing industries. In addition, after controlling for educational attainment and industry of occupation, firms with at least one non-Western immigrant manager hire more than four times as many unemployed non-Western immigrants than firms without any non-Western immigrant managers. Public policies that target industries might thus also influence job opportunities for immigrants and, thereby, the possibility of their integration into society. 

Place, publisher, year, edition, pages
Routledge, 2019
Keywords
Immigration, labor market, unemployment, networks, segregation, skill-sortin
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-69288 (URN)10.1080/02642069.2018.1534961 (DOI)000469991000007 ()
Funder
Swedish Retail and Wholesale Development Council
Available from: 2018-10-04 Created: 2018-10-04 Last updated: 2019-06-20Bibliographically approved
Anyadike-Danes, M., Bjuggren, C. M., Dumont, M., Gottschalk, S., Hölzl, W., Johansson, D., . . . Zheng, G. (2018). An International Comparison of the Contribution to Job Creation by High-growth Firms. Research Institute of Industrial Economics (IFN)
Open this publication in new window or tab >>An International Comparison of the Contribution to Job Creation by High-growth Firms
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2018 (English)Report (Other academic)
Abstract [en]

This paper addresses three simple questions: how should the contribution of HGFs to job creation be measured? how much does this contribution vary across countries? to what extent does the cross-country variation depend on variation in the proportion of HGFs in the business population? The first is a methodological question which we answer using a more highly articulated version of the standard job creation and destruction accounts. The other two are empirical questions which we answer using a purpose-built dataset assembled from national firm-level sources and covering nine countries, spanning the ten three year periods from 2000/03 to 2009/12. The basic principle governing the development of the accounting framework is the choice of appropriate comparators. Firstly, when measuring contributions to job creation, we should focus on just job creating firms, otherwise we are summing over contributions from firms with positive, zero, and negative job creation numbers. Secondly, because we know growth depends in part on size, the ’natural’ comparison for HGFs is with job creation by similar-sized firms which simply did not grow as fast as HGFs. However, we also show how the measurement framework can be further extended to include, for example, a consistent measure of the contribution of small job creating firms. On the empirical side, we find that the HGF share of job creation by large job creating firms varies across countries by a factor of two, from around one third to two thirds. A relatively small proportion of this cross-country variation is accounted for by variations in the influence of HGFs on job creation. On average HGFs generated between three or four times as many jobs as large non-HGF job creating firms, but this ratio is relatively similar across countries. The bulk of the cross-country variation in HGF contribution to job creation is accounted for by the relative abundance (or rarity) of HGFs. Moreover, we also show that the measurement of abundance depends upon the choice of measurement framework: the ’winner’ of a cross-national HGF ’beauty context’ on one measure will not necessarily be the winner on another.

Place, publisher, year, edition, pages
Research Institute of Industrial Economics (IFN), 2018. p. 32
Series
HUI Working Papers ; 1216
Keywords
High-growth firmsh, firm growth, job creation
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-76037 (URN)
Note

JEL codes: D22; E24; L11; L25; L26; M13

Available from: 2019-09-03 Created: 2019-09-03 Last updated: 2019-09-12Bibliographically approved
Andersson, F., Johansson, D., Karlsson, J., Lodefalk, M. & Poldahl, A. (2018). Female Top Management in Family Firms and Non-family Firms: Evidence from Total Population Data. International Journal of Entrepreneurship and Small Business, 35(3), 303-326
Open this publication in new window or tab >>Female Top Management in Family Firms and Non-family Firms: Evidence from Total Population Data
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2018 (English)In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 35, no 3, p. 303-326Article in journal (Refereed) Published
Abstract [en]

We exploit information on ownership, management and kinship to study the representation of women in top management teams in Swedish family and non-family firms among domiciled limited liability firms over the years 2004 to 2010. The share of female top managers is analysed across listed and non-listed firms as well as across industries. We then estimate the likelihood that a woman is elected into the top management team in family and non-family firms using a probit regression model where we control for firm- and individual-level characteristics, including the gender distribution of the firm and kinship relations to existing board members and firm owners. We find that non-listed family firms are more likely to appoint female top managers, whereas we find no differences among listed firms. Moreover, we find that the gender composition and kinship structures of firms influence the appointment of female top managers.

Place, publisher, year, edition, pages
InderScience Publishers, 2018
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-57683 (URN)10.1504/IJESB.2018.095903 (DOI)2-s2.0-85055855794 (Scopus ID)
Projects
Tillväxthinder i små och medelstora företag
Funder
Swedish Agency for Economic and Regional GrowthThe Jan Wallander and Tom Hedelius Foundation
Available from: 2017-05-16 Created: 2017-05-16 Last updated: 2020-04-08Bibliographically approved
Andersson, F., Johansson, D., Karlsson, J., Lodefalk, M. & Poldahl, A. (2018). The Characteristics of Family Firms: Exploiting Information on Ownership, Kinship and Governance Using Total Population Data. Small Business Economics, 51(3), 539-556
Open this publication in new window or tab >>The Characteristics of Family Firms: Exploiting Information on Ownership, Kinship and Governance Using Total Population Data
Show others...
2018 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 51, no 3, p. 539-556Article in journal (Refereed) Published
Abstract [en]

Family firms are often considered characteristically different from non-family firms. However, our understanding of family firms suffers from an inability to identify them in total population data; information is rarely available regarding owners, their kinship, and their involvement in firm governance. We present a method for identifying domiciled family firms using register data; this method offers greater accuracy than previous methods. We apply this method to Swedish data concerning firm ownership, governance, and kinship from 2004 to 2010. We find that the family firm is a significant organizational form, contributing over one third of all employment and gross domestic product (GDP). Family firms are common in most industries and range in size. Furthermore, we find that, compared to private non-family firms, family firms have fewer total assets, employment, and sales and carry higher solidity, although family firms are more profitable. These differences diminish with firm size. We conclude that the term “family firm” includes a large variety of firms, and we call for increased attention to their heterogeneity.

Place, publisher, year, edition, pages
Kluwer Academic/Plenum Publishers, 2018
Keywords
Entrepreneur, Family firms, Employment, GDP, Register data
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-61172 (URN)10.1007/s11187-017-9947-6 (DOI)000443439100003 ()2-s2.0-85030325971 (Scopus ID)
Projects
Familjeföretagandets betydelse
Funder
The Jan Wallander and Tom Hedelius FoundationSwedish Agency for Economic and Regional Growth
Available from: 2017-09-28 Created: 2017-09-28 Last updated: 2020-04-08Bibliographically approved
Johansson, D., Stenkula, M. & Wykman, N. (2018). The Rise of Private Foundations as Owners of Swedish Industry: The Role of Tax Incentives 1862–2018. Örebro: Örebro University
Open this publication in new window or tab >>The Rise of Private Foundations as Owners of Swedish Industry: The Role of Tax Incentives 1862–2018
2018 (English)Report (Other academic)
Abstract [en]

The tax system has at times favoured firm control through private foundations, which has been argued to inhibit high-impact entrepreneurship and economic growth. However, research has been hampered due to a lack of systematic historical tax data. The purpose of this study is threefold. First, we describe the evolution of tax rules for private foundations in Sweden between 1862 and 2018. Second, we calculate the marginal effective tax rate on capital income. Third, we examine the incentives to use private foundations as a means for corporate control by comparing the taxation of private foundations and of high-impact entrepreneurs. Tax incentives help explain why economically significant private foundations were founded between World War I and the 1960s.

Place, publisher, year, edition, pages
Örebro: Örebro University, 2018. p. 75
Series
Working Papers, School of Business, ISSN 1403-0586 ; 10
Keywords
Family firms, foundations, high-impact entrepreneurship, owner, taxation
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-76039 (URN)
Note

JEL codes: H20; K34; L26; N44

Available from: 2019-09-03 Created: 2019-09-03 Last updated: 2019-09-11Bibliographically approved
Johansson, D., Stenkula, M. & Wykman, N. (2018). The Rise of Private Foundations as Owners of Swedish Industry: The Role of Tax Incentives 1862–2018. Research Institute of Industrial Economics (IFN)
Open this publication in new window or tab >>The Rise of Private Foundations as Owners of Swedish Industry: The Role of Tax Incentives 1862–2018
2018 (English)Report (Other academic)
Abstract [en]

The tax system has at times favoured firm control through private foundations, which has been argued to inhibit high-impact entrepreneurship and economic growth. However, research has been hampered due to a lack of systematic historical tax data. The purpose of this study is threefold. First, we describe the evolution of tax rules for private foundations in Sweden between 1862 and 2018. Second, we calculate the marginal effective tax rate on capital income. Third, we examine the incentives to use private foundations as a means for corporate control by comparing the taxation of private foundations and of high-impact entrepreneurs. Tax incentives help explain why economically significant private foundations were founded between World War I and the 1960s.

Place, publisher, year, edition, pages
Research Institute of Industrial Economics (IFN), 2018. p. 75
Series
IFN Working Paper ; 1245
Keywords
Family firms, foundations, high-impact entrepreneurship, owner, taxation
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-76038 (URN)10.2139/ssrn.3279580 (DOI)
Note

JEL Classification: D31; H32; K34; L26; N23; O43; P12; P14

Available from: 2019-09-03 Created: 2019-09-03 Last updated: 2019-09-11Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0002-5610-8526

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