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  • 1.
    Andersson, Fredrik
    et al.
    Statistics Sweden, Örebro, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Karlsson, Johan
    Örebro University, Örebro University School of Business.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Ratio, Stockholm, Sweden.
    Poldahl, Andreas
    Örebro University, Örebro University School of Business.
    Female Top Management in Family Firms and Non-family Firms: Evidence from Total Population Data2017In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054Article in journal (Refereed)
    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.

  • 2.
    Andersson, Fredrik
    et al.
    Statistics Sweden, Örebro, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Research, Stockholm, Sweden.
    Karlsson, Johan
    Örebro University, Örebro University School of Business.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business.
    Poldahl, Andreas
    Statistics Sweden, Örebro, Sweden.
    The Characteristics and Performance of Family Firms: Exploiting information on ownership, governance and kinship using total population data2017Report (Refereed)
    Abstract [en]

    Family firms are often considered characteristically different from non-family firms, and the economic implications of these differences have generated significant academic debate. However, our understanding of family firms suffers from an inability to identify them in total population data, as this requires information on owners, their kinship and involvement in firm governance, which is rarely available. We present a method for identifying domiciled family firms using register data that offers greater accuracy than previous methods. We then apply it to data from Statistics Sweden concerning firm ownership, governance and kinship over the years 2004-2010. Next, we use Swedish data to estimate these firms’ economic contribution to total employment and gross domestic product (GDP) and compare them to private domiciled non-family firms in terms of their characteristics and economic performance. We find that the family firm is the prevalent organizational form, contributing to over one-third of all employment and GDP. Family firms are common across industries and sizes, ranging from the smallest producers to the largest multinational firms. However, their characteristics differ across sizes and legal forms, thereby indicating that the seemingly contradictory findings among previous studies on family firms may be due to unobserved heterogeneity. We furthermore find that they are smaller than private non-family firms in employment and sales and carry higher solidity, although they are more profitable. These differences diminish with firm size, however. We conclude that the term ‘family firm’ contains great diversity and call for increased attention to their heterogeneity.

  • 3.
    Andersson, Fredrik
    et al.
    Örebro University, Örebro University School of Business. SCB, Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Research, Stockholm, Sweden.
    Karlsson, Johan
    Örebro University, Örebro University School of Business.
    Lodefalk, Magnus
    Örebro University, Örebro University School of Business. Ratio, Stockholm, Sweden.
    Poldahl, Andreas
    Örebro University, Örebro University School of Business. SCB, Stockholm, Sweden.
    The Characteristics of Family Firms: Exploiting Information on Ownership, Kinship and Governance Using Total Population Data2018In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 51, no 3, p. 539-556Article in journal (Refereed)
    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.

  • 4.
    Anyadike-Danes, Michael
    et al.
    Aston Business School, Birmingham, United Kingdom; Enterprise Research Centre, Birmingham, United Kingdom.
    Bjuggren, Carl Magnus
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Gottschalk, Sandra
    Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim, Germany.
    Hölzl, Werner
    Österreichisches Institut für Wirtschaftsforschung ( WIFO), Wien, Austria.
    Johansson, Dan
    Örebro University, Örebro University School of Business. Handelns Utredningsinstitut (HUI) Research, Stockholm, Sweden.
    Maliranta, Mika
    Research Institute of the Finnish Economy (ETLA), Helsinki, Finland; University of Jyväskylä, Jyväskylä, Finland.
    Myrann, Anja
    Ragnar Frisch Centre for Economic Research, Oslo, Norway.
    An international cohort comparison of size effects on job growth2015In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 44, no 4, p. 821-844Article in journal (Refereed)
    Abstract [en]

    The contribution of different-sized businesses to job creation continues to attract policymakers’ attention; however, it has recently been recognised that conclusions about size were confounded with the effect of age. We probe the role of size, controlling for age, by comparing the cohorts of firms born in 1998 over their first decade of life, using variation across half a dozen northern European countries Austria, Finland, Germany, Norway, Sweden and the UK to pin down size effects. We find that a very small proportion of the smallest firms play a crucial role in accounting for cross-country differences in job growth. A closer analysis reveals that the initial size distribution and survival rates do not seem to explain job growth differences between countries, rather it is a small number of rapidly growing firms that are driving this result.

  • 5. Bergström, Fredrik
    et al.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Företagaren som upptäckare: om konkurrens som en upptäckts- och läroprocess och konkurrensens betydelse för den ekonomiska utvecklingen2004Report (Other (popular science, discussion, etc.))
  • 6.
    Bjuggren, Carl Magnus
    et al.
    The Swedish Ratio Institute (HUI), Stockholm, Sweden.
    Daundfeldt, Sven-Olov
    The Swedish Ratio Institute (HUI), Stockholm, Sweden.
    Johansson, Dan
    The Swedish Ratio Institute (HUI), Stockholm, Sweden.
    Ownership and High Growth Firms2010Conference paper (Refereed)
    Abstract [en]

    Empirical studies demonstrate that most net job-growth originates from a small number of high-growth firms (HGFs). The purpose of this paper is to analyze whether firm ownership – family, or private non-family – matters for being a HGF, using data covering all firms in Sweden during 1993-2006. Firm growth is measured in terms of absolute employment growth, relative employment growth and as a combination of absolute and relative employment growth (the so-called Birch-index). We find that family ownership decreases the probability of exhibiting high growth. Changing ownership from family to private non family increases the probability of being a HGF, whereas a change from private non-family to family ownership decreases the probability of being a HGF. The results are robust, irrespective of measurement of firm growth, suggesting that ownership and changes in ownership are important determinants of rapid firm growth.

  • 7.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Linköping, Sweden; Stockholm School of Economics, Stockholm, Sweden.
    Daunfeldt, Sven-Olov
    HUI Research, Stockholm, Sweden; Dalarna University, Dalarna, Sweden.
    Johansson, Dan
    HUI Research, Stockholm, Sweden; Dalarna University, Dalarna, Sweden.
    High-Growth Firms and Family Ownership2013In: Journal of Small Business and Entrepreneurship, ISSN 0827-6331, E-ISSN 2169-2610, Vol. 26, no 4, p. 365-385Article in journal (Refereed)
  • 8.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Linköping, Sweden; Stockholm School of Economics/EHFF, Stockholm, Sweden.
    Daunfeldt, Sven-Olov
    The Swedish Ratio Institute (HUI), Stockholm, Sweden; Dalarna University, Borlänge, Sweden.
    Johansson, Dan
    The Swedish Ratio Institute (HUI), Stockholm, Sweden.
    Ownership and high-growth firms2010Report (Other academic)
    Abstract [en]

    Empirical studies demonstrate that most net job-growth  originates from a small number of high-growth firms (HGFs). The purpose of  this paper is to analyze whether firm ownership – family, or private  non-family – matters for being a HGF, using data covering all firms in  Sweden during 1993-2006. Firm growth is measured in terms of absolute  employment growth, relative employment growth and as a combination of  absolute and relative employment growth (the so-called Birch-index). We  find that family ownership decreases the probability of exhibiting high  growth. Changing ownership from family to private non family increases the  probability of being a HGF, whereas a change from private non-family to  family ownership decreases the probability of being a HGF. The results are  robust, irrespective of measurement of firm growth, suggesting that  ownership and changes in ownership are important determinants of rapid firm  growth.

  • 9.
    Bjuggren, Carl Magnus
    et al.
    Ratioinstitutet, Stockholm, Sweden.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Privat och offentlig sysselsättning i Sverige 1950-20052009In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 37, no 1, p. 41-53Article in journal (Other academic)
    Abstract [sv]

    Ny statistik gör det möjligt att analysera den privata och offentliga sysselsätt-ningsutvecklingen utifrån fler ägarkategorier samt verksamheters branschtillhörighet och storlek. Jämfört med tidigare har den privata sysselsättningen utvecklats svagare. Privata företag utan koncerntillhörighet uppvisar en sjunkande sysselsättning. Hade deras sysselsättning som andel av den arbetsföra befolkningen varit oförändrad skulle ytterligare 225 000 personer ha varit sysselsatta år 2005. Sysselsättningen i stora industrikoncerner har fallit kraftigt. Minskningarna förklaras rimligtvis till viss del av strukturomvandling, men också av utslagning. Den ekonomiska politikens effekter på privatpersoners incitament att starta och expandera företag bör tas upp till diskussion.

  • 10.
    Bjuggren, Carl Magnus
    et al.
    Linköping University, Linköping, Sweden; Stockholm School of Economics/EHFF, Stockholm, Sweden.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Using Self-employment as Proxy for Entrepreneurship: Some Empirical Caveats2010Report (Other academic)
    Abstract [en]

    Research on entrepreneurship has received an increased amount of interest inrecent years, with self-employment being used as the most common proxy for“entrepreneurship” in empirical studies. However, there are various ways of defining selfemployment,making it a somewhat dubious proxy. This may flaw the analysis, especially incross-country studies, since the documentation of data often is insufficient and difficult toaccess due to language barriers. We present an analysis of Swedish self-employment data. Weshow that the measurement of self-employment has changed over time to noticeably affect thereported number of self-employed in the two major statistical sources on self-employment.The reported development of self-employment sometimes differs diametrically depending onsource. Sweden is occasionally erroneously reported to show the largest increase in self-employment in cross-country studies. Our study mimics the results of other country-specificanalyses and we conclude that well-grounded conclusions require that the advantages anddisadvantages of different statistical sources are recognized.

  • 11.
    Bjuggren, Carl Magnus
    et al.
    Linköpings universitet, Linköping, Sweden.
    Johansson, Dan
    Högskolan Dalarna, Borlänge, Sweden.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Using self–employment as proxy for entrepreneurship: some empirical caveats2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 17, no 3, p. 290-303Article in journal (Refereed)
    Abstract [en]

    Self–employment is the most frequently used measure of entrepreneurship. However, its definition varies between countries, which makes comparisons difficult. We present an analysis of Swedish self–employment data and show that even within one country, the depicted development differs greatly depending on the source used. Unlike previous claims in cross–country studies, we find that there is no basis for categorising Sweden as having increased its self–employment rate more than others. This demonstrates a need to carefully specify the characteristics of the data, and their advantages and disadvantages, before drawing conclusions about the frequency of entrepreneurship in different countries.

  • 12.
    Bjuggren, Per-Olof
    et al.
    Internationella Handelshögskolan, Jönköping, Sweden.
    Du Rietz, Gunnar
    Ratioinstitutet, Stockholm, Sweden.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    3:12-reglerna: en ekonomisk analys2007In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 35, no 7, p. 18-30Article in journal (Other academic)
    Abstract [sv]

    3:12-reglerna, vilka reglerar beskattningen av ett fåmansföretags överskott som förvärvs- respektive kapitalinkomst, har kritiserats för att de är krångliga och ger felaktiga incitament. Vi ansluter till denna kritik från en annorlunda infallsvinkel. Reglernas utformning står i strid med slutsatserna i beprövade teorier om hur politiken ska utformas för att uppnå sysselsättning och tillväxt, exempelvis behandlas inte ersättningen till kapital som en residual. 3:12-reglerna skapar olikformigheter i beskattningen, öppnar möjligheter till skatteplanering och orsakar snedvridningar. Reglernas komplexitet torde i sig fungera som ett etablerings- och tillväxthinder för produktivt entreprenörskap. Lagstiftaren har underskattat de negativa konsekvenserna av 3:12-reglerna, främst för snabbväxande entreprenörsföretag.

  • 13.
    Bjuggren, Per-Olof
    et al.
    Internationella Handelshögskolan, Jönköping, Sweden.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Svar till Edin och Lodin angående 3:12-reglerna2008In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 36, no 5, p. 57-59Article in journal (Other academic)
  • 14.
    Bornhäll, Anders
    et al.
    Högskolan Dalarna, Borlänge, Sweden.
    Johansson, Dan
    Högskolan Dalarna, Borlänge, Sweden.
    Förstudie angående enkät av riskkapitalförsörjning i små och medelstora företag2012Report (Other (popular science, discussion, etc.))
  • 15.
    Bornhäll, Anders
    et al.
    Örebro University, Örebro University School of Business. HUI Research, Stockholm, Sweden; Department of Economics, Dalarna University, Borlänge, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Research, Stockholm, Sweden.
    Palmberg, Johanna
    Swedish Entrepreneurship Forum, Stockholm, Sweden; CESIS, KTH Royal Institute of Technology, Stockholm, Sweden.
    The capital constraint paradox in micro and small family and nonfamily firms2016In: Journal of Entrepreneurship and Public Policy, ISSN 2045-2101, E-ISSN 2045-211X, Vol. 5, no 1, p. 38-62Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to investigate the importance of the entrepreneur’s quest for independence and control over the firm for governance and financing strategies with a special focus on family firms and how they differ from nonfamily firms.

    Design/methodology/approach – The analysis is based on 1,000 telephone interviews with Swedish micro and small firms. The survey data are matched with firm-level data from the Bureau van Dijks database ORBIS.

    Findings – The analysis shows that independence is a prime motive for enterprises, statistically significantly more so for family owners. Family owners are more prone to use either their own savings or loans from family and are more reluctant to resort to external equity capital. Our results indicate a potential “capital constraint paradox”; there might be an abundance of external capital while firm growth is simultaneously constrained by a lack of internal funds.

    Research limitations/implications – The main limitation is that the study is based on cross-section data. Future studies could thus be based on longitudinal data.

    Practical implications – The authors argue that policy makers must recognize independence and control aversion as strong norms that guide entrepreneurial action and that micro- and small-firm growth would profit more from lower personal and corporate income taxes compared to policy schemes intended to increase the supply of external capital.

    Originality/value – The paper offers new insights regarding the value of independence and how it affects strategic decisions within the firm.

  • 16.
    Braunerhejlm, Pontus
    et al.
    Linköping University, Linköping, Sweden; Center for Business and Policy Studies (SNS) , Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. Ratio Institute , Stockholm, Sweden.
    The Determinants of Spatial Concentration: The Manufacturing and Service Sectors in an International Perspective2003In: Industry and Innovation, ISSN 1366-2716, E-ISSN 1469-8390, Vol. 10, no 1, p. 41-63Article in journal (Refereed)
    Abstract [en]

    This study is concerned with determinants of spatial concentration in both the manufacturing and service sectors in Sweden during the period 1975-93. By implementing a detailed data-set on the regional distribution of production, the study is addressed first to the degree of regional concentration in Sweden through Ellison-Glaeser indexes and regional Ginicoefficients. It is shown that concentration is considerably stronger in the manufacturing sector than in the service sector. Moreover, the differences have widened over time. In services, knowledge intensity seems to promote concentration to a larger extent than in manufacturing. An econometric examination is then conducted of the determinants of spatially concentrated industries in the manufacturing sector. Results indicate that production technology and the historical distribution of production seem to exert a stronger influence on location than non-pecuniary knowledge externalities. Finally, the degree of regional concentration in Sweden is compared with France and the USA. We find that concentration in production is more pronounced in Sweden than in these other countries.

  • 17. Braunerhjelm, P.
    et al.
    Çetindamar, D.
    Johansson, Dan
    Kungliga Tekniska Högskolan (KTH), Stockholm, Sweden.
    The Support Structure of the Biomedical Cluster: Research, Intermediary and Financial Organizations2001In: New Technological Systems in the Bio Industries: An International Study / [ed] Bo Carlsson, Dordrecht: Kluwer Academic Publishers, 2001, p. 123-144Chapter in book (Refereed)
  • 18.
    Braunerhjelm, Pontus
    et al.
    Center for Business and Policy Studies (SNS), Stockholm, Sweden.
    Carlsson, Bo
    Case Western Reserve University, Cleveland Ohio, USA.
    Cetindamar, Dilek
    Sabanci University, Istanbul, Turkey .
    Johansson, Dan
    Örebro University, Örebro University School of Business. Royal Institute of Technology, Industrial Organization and Management, Stockholm, Sweden.
    The Old and the New: The Evolution of Polymer and Biomedical Clusters in Ohio and in Sweden2000In: Journal of evolutionary economics, ISSN 0936-9937, E-ISSN 1432-1386, Vol. 10, no 5, p. 471-488Article in journal (Refereed)
    Abstract [en]

    This paper examines the rapid growth of the polymer-based and biomedical clusters in Ohio and Sweden – two regions of similar size and with similar traditions undergoing similar industrial restructuring.

    Two issues are addressed: First, why has growth been so strong in these particular clusters, i.e., can we identify the sources of the growth and dynamics in these sectors? Second, why do these two clusters differ in Ohio and Sweden in terms of size, level and type of activity, number and composition of actors, size structure of firms and growth patterns over the last couple of decades? In particular, what is the role of public policies as well as cultural, historical, and geographic factors?

    Our main conclusions are (1) that there is strong path dependence in both clusters in both countries, and (2) that the key to rapid development is a high absorptive capacity combined with rapid diffusion to new potential users. Our policy discussion addresses these issues.

  • 19. Braunerhjelm, Pontus
    et al.
    Carlsson, Bo
    Case Western Reserve University, Ohio, USA.
    Johansson, Dan
    Kungliga Tekniska Högskolan (KTH), Stockholm, Sweden.
    Industriella kluster, tillväxt och ekonomisk politik1998In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 26, no 6, p. 419-430Article in journal (Other academic)
    Abstract [sv]

    Sedan 1970-talets mitt har tillväxten i svensk ekonomi legat under OECDs genomsnitt, andelen sysselsättning i den privata sektorn minskat och den industriella förnyelsen varit svag. Viktiga orsaker till skillnader i tillväxttakter och industriell dynamik som lyfts fram i senare års forskning är dels kunskapsackumulering, dels sättet att organisera industriell produktion med betoning på decentraliserade strukturer och klusterformationer. I föreliggande artikel analyseras i vilken utsträckning skillnader i industriell dynamik i USA och Sverige kan hänföras till förekomsten av sådana klusterbildningar, samt hur dessa klusters kunskapsintensitet och sammansättning skiljer sig mellan länderna.

  • 20.
    Braunerhjelm, Pontus
    et al.
    The Industrial Institute for Economic and Social Research (IUI), Stockholm, Sweden.
    Johansson, Dan
    Research Institute of Industrial Economics, Stockholm, Sweden.
    Förstudie kring svenskt näringslivs anpassningsförmåga vid säkerhetspolitiskt betingade kriser1998In: Civil beredskap: Risk, kris, säkerhet och sårbarhet i samhället – sammanställning av 1997 års forskardagar / [ed] Löfstrand, Carola, Stockholm: Överstyrelsen för civil beredskap , 1998, p. 158-192Chapter in book (Refereed)
  • 21.
    Coad, Alex
    et al.
    Science and Technology Policy Research (SPRU), Freeman Centre, University of Sussex, Brighton, United Kingdom.
    Daunfeldt, Sven-Olof
    The Swedish Retail Institute (HUI), Stockholm, Sweden; Dalarna University, Falun, Sweden.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Wennberg, Karl
    Stockholm School of Economics, Stockholm, Sweden; The Ratio Institute, Stockholm, Sweden.
    Who do High-growth Firms Employ, and Who do they Hire?2011Report (Refereed)
    Abstract [en]

    The purpose of this paper is to study who high-growth firms (HGFs) hire using a matched employer-employee dataset for all knowledge intensive industries in Sweden, where high growth is measured over the period 1999- 2002. The results indicate that HGFs to a larger extent employ young people, immigrants, and individuals with longer unemployment periods. However, these patterns seem contingent on the stage of firm evolution. HGFs that have already realized rapid growth seem to start focusing on hiring individuals from other companies, even though immigrants are still overrepresented among new employees.

  • 22.
    Coad, Alex
    et al.
    Sci & Technol Policy Res SPRU, Univ Sussex, Brighton, England; Dept Business & Management, Aalborg Univ, Aalborg, Denmark; Ratio Inst, Stockholm, Sweden.
    Daunfeldt, Sven-Olov
    HUI Res, Stockholm, Sweden ; Dalarna Univ, Falun, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Res, Stockholm, Sweden.
    Wennbergz, Karl
    Stockholm Sch Econ, Stockholm, Sweden; Ratio Inst, Stockholm, Sweden.
    Whom do high-growth firms hire?2014In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 23, no 1, p. 293-327Article in journal (Refereed)
    Abstract [en]

    We study employment and new hires among high-growth firms (HGFs) in the Swedish knowledge-intensive sectors 1999-2002. Using matched employer-employee data, we find that HGFs are more likely to employ young people, poorly educated workers, immigrants, and individuals who experienced longer unemployment periods. However, these patterns seem contingent on the stage of the firm's evolution. HGFs that have already realized some rapid growth are more likely to hire individuals from other firms, even though immigrants are still overrepresented among new hires. In the case of both HGF employees and HGF new hires, employment opportunities in HGFs are provided by young and small firms.

  • 23.
    Coad, Alexander
    et al.
    University of Sussex, Brighton, UK.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Daunfeldt, Sven-Olov
    Högskolan Dalarna, Falun, Sweden.
    Hölzl, Werner
    Austrian Institute of Economic Research, Vienna, Austria.
    Nightingale, Paul
    University of Sussex, Brighton, UK.
    High-growth firms: Introduction to the special section2014In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 23, no 1, p. 91-112Article in journal (Refereed)
    Abstract [en]

    High-growth firms (HGFs) have attracted considerable attention recently, as academics and policymakers have increasingly recognized the highly skewed nature of many metrics of firm performance. A small number of HGFs drives a disproportionately large amount of job creation, while the average firm has a limited impact on the economy. This article explores the reasons for this increased interest, summarizes the existing literature, and highlights the methodological considerations that constrain and bias research. This special section draws attention to the importance of HGFs for future industrial performance, explores their unusual growth trajectories and strategies, and highlights the lack of persistence of high growth. Consequently, while HGFs are important for understanding the economy and developing public policy, they are unlikely to be useful vehicles for public policy given the difficulties involved in predicting which firms will grow, the lack of persistence in high growth levels, and the complex and often indirect relationship between firm capability, high growth, and macro-economic performance.

  • 24.
    Daunfeldt, Sven-Olof
    et al.
    HUI Research, Stockholm, Sweden; Department of Economics, Dalarna University, Borlänge, Sweden.
    Halvarsson, Daniel
    The Ratio Institute, Stockholm, Sweden; Department of Industrial Economics and Management, The Royal Institute of Technology, Stockholm, Sweden.
    Johansson, Dan
    HUI Research, Stockholm, Sweden; Department of Economics, Dalarna University, Borlänge, Sweden.
    A cautionary note on using the Eurostat-OECD definition of high-growth firms2012Report (Refereed)
    Abstract [en]

    Recent studies have suggested that most firms do not grow, and that a small number of high-growth firms create most new jobs. High-growth firms have therefore attracted an increasing amount of attention from researchers and policymakers. However, there is no uniform definition of what constitutes a high-growth firm in the literature. Eurostat and the Organisation for Economic Co-operation and Development (OECD) recently recommended that highgrowth firms should be defined as firms with at least ten employees in the startyear and annualized employment (or sales) growth exceeding 20% during a 3- year period. This definition would exclude almost 95% of surviving firms in Sweden and about 40% of new private jobs during 2005-2008. We therefore advise caution in using this definition.

  • 25. Daunfeldt, Sven-Olov
    et al.
    Elert, Niklas
    Örebro University, School of Health and Medical Sciences, Örebro University, Sweden.
    Johansson, Dan
    Örebro University, School of Health and Medical Sciences, Örebro University, Sweden.
    Are high growth firms overrepresented in tech industries?Manuscript (preprint) (Other academic)
    Abstract [en]

    See jpg-file below

  • 26.
    Daunfeldt, Sven-Olov
    et al.
    HUI Research, Stockholm, Sweden.
    Elert, Niklas
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    HUI Research, Stockholm, Sweden.
    Are high-growth firms overrepresented in high-tech industries?2016In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 25, no 1, p. 1-21Article in journal (Refereed)
    Abstract [en]

    It is frequently argued that policymakers should target high-tech firms, i.e., firms with high R&D intensity, because such firms are considered more innovative and therefore potential fast-growers. This argument relies on the assumption that the association among high-tech status, innovativeness, and growth is actually positive. We examine this assumption by studying the industry distribution of high-growth firms (HGFs) across all four-digit NACE industries, using data covering all limited liability firms in Sweden during the period 1997-2008. The results of fractional logit regressions indicate that industries with high R&D intensity, ceteris paribus, can be expected to have a lower share of HGFs than can industries with lower R&D intensity. The findings cast doubt on the wisdom of targeting R&D industries or subsidizing R&D to promote firm growth. In contrast, we find that HGFs are overrepresented in knowledge-intensive service industries, i.e., service industries with a high share of human capital.

  • 27.
    Daunfeldt, Sven-Olov
    et al.
    The Ratio Institute, Stockholm, Sweden; Dalarna University, Falun, Sweden.
    Elert, Niklas
    The Ratio Institute, Stockholm, Sweden.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    The economic contribution of high-growth firms: Do definitions matter?2010Report (Other academic)
    Abstract [en]

    Prior studies have defined high-growth firms (HGFs) in terms of sales or employment, and analyzed their contribution to employment growth. We define HGFs by employment and sales and add definitions of value added and productivity. We examine the contribution of HGFs to employment growth, economic growth, productivity growth, and sales growth. All HGFs give a disproportionately large positive contribution to economic growth and most also give large positive contributions to growth in employment, productivity and sales. Although HGFs of different definitions are usually not the same firms, young firms are more likely to be HGFs irrespective of definition

  • 28.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, Falun, Sweden; HUI Research, Stockholm, Sweden.
    Elert, Niklas
    Örebro University, Örebro University School of Business. The Ratio Institute, Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    The economic contribution of high-growth firms: do policy implications depend on the choice of growth indicator?2014In: Journal of Industry, Competition and Trade, ISSN 1566-1679, E-ISSN 1573-7012, Vol. 14, no 3, p. 337-365Article in journal (Refereed)
    Abstract [en]

    Prior studies have defined high-growth firms (HGFs) in terms of growth in firm employment or firm sales, and primarily analyzed their contribution to overall employment growth. In this paper we define HGFs using the commonly applied growth indicators (employment and sales), but also add definitions based on growth in value added and productivity. Our results indicate that HGFs in terms of employment are not the same firms as HGFs in terms of productivity, and that their economic contributions differ significantly. Economic policy promoting fast growth in employment may therefore come at the cost of reduced productivity growth. Although HGFs of different definitions may not be the same firms, young firms are more likely to be HGFs irrespective of definition. This suggests that economic policy should focus on the conditions for new firm formation and early growth of firms, rather than target a particular type of HGFs.

  • 29. Daunfeldt, Sven-Olov
    et al.
    Halvarsson, Daniel
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Snabbväxande företag: en fördjupad analys av mått och definitioner2011Report (Other (popular science, discussion, etc.))
  • 30.
    Daunfeldt, Sven-Olov
    et al.
    HUI Research, Stockholm, Sweden.
    Johansson, Dan
    HUI Research, Stockholm, Sweden.
    Halvarsson, Daniel
    The Ratio Institute, Stockholm, Sweden.
    Using the Eurostat-OECD Definition of High-Growth Firms: A Cautionary Note2015In: Journal of Entrepreneurship and Public Policy, ISSN 2045-2101, E-ISSN 2045-211X, Vol. 4, no 1, p. 50-56Article in journal (Refereed)
    Abstract [en]

    Purpose – High-growth firms (HGFs) have attracted an increasing amount of attention from researchers and policymakers, and the Eurostat-Organisation for Economic Co-operation and Development (OECD) definition of HGFs has become increasingly popular. The paper aims to discuss this issue.

    Design/methodology/approach – The authors use a longitudinal firm-level data set to analyze the implications of using the Eurostat-OECD definition.

    Findings – The results indicate that this definition excluded almost 95 percent of surviving firms in Sweden, and about 40 percent of new private jobs during 2005-2008.

    Research limitations/implications – The proportion of small firms and their growth patterns differ across countries, and the authors therefore advise caution in using this definition in future studies.

    Practical implications – Policy based on the Eurostat-OECD definition of HGFs might be misleading or even counterproductive.

    Originality/value – No previous studies have analyzed the implications of using the Eurostat-OECD definition of HGFs.

  • 31.
    Du Rietz, Gunnar
    et al.
    Ratioinstitutet, Stockholm, Sweden.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Skatterna, företagandet och tillväxten2003In: Ekonomiska samfundets tidskrift, ISSN 0013-3183, E-ISSN 2323-1378, Vol. 56, no 2, p. 75-86Article in journal (Refereed)
    Abstract [sv]

    I artikeln studeras de samlade skatteeffekterna på lönsamheten för en entreprenör avatt äga, driva och ärva ett företag i Sverige under perioden 1970–2002. De totala skatteeffekterna har gjort det olönsamt att äga och driva ett entreprenörslett företag under enstor del av perioden. Under lång tid har skatteeffekterna också varit av konfiskatorisk karaktär vid generationsskiften. Vi ser skattesystemets kraftigt negativa effekter pålönsamheten av entreprenöriellt företagande som en tänkbart viktig förklaring till bristen på nya, små och snabbt växande företag i Sverige och därmed också som en möjlig betydelsefull delorsak till den låga svenska ekonomiska tillväxten.

  • 32.
    Du Rietz, Gunnar
    et al.
    The Ratio Institute, Stockholm, Sweden.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Skatterna, företagandet och tillväxten2003Report (Other academic)
    Abstract [sv]

    I artikeln studeras de samlade skatteeffekterna på lönsamheten för en entreprenör av att äga och driva, samt ärva, ett företag under perioden 1970-2002. De totala skatteeffekterna har gjort det olönsamt att äga och driva ett entreprenörslett företag under en stor del av perioden. Under lång tid har skatteeffekterna också varit av konfiskatorisk karaktär vid generationsskiften. Vi ser skattesystemets kraftigt negativa effekter på lönsamheten av att äga, driva och ärva ett entreprenörslett företag som en huvudförklaring till bristen på nya, små och snabbt växande företag i Sverige och därmed också som en huvudorsak till den låga svenska ekonomiska tillväxten.

  • 33. Du Rietz, Gunnar
    et al.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Svenska skatter i en föränderlig värld2009Report (Other (popular science, discussion, etc.))
  • 34. Du Rietz, Gunnar
    et al.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden..
    Karlson, Nils
    Ett enkelt skatteförslag för arbete och värdighet2004In: Skatter och värdighet / [ed] Karlson, Nils; Johansson, Dan; Johnsson, Richard, Stockholm: Ratio , 2004, p. 266-298Chapter in book (Other academic)
  • 35. Du Rietz, Gunnar
    et al.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Karlson, Nils
    Skatterna och företagarverksamheten2007In: Erik Dahmén och det industriella företagandet / [ed] Karlson, Nils; Storm, Per; Johansson, Dan; Mölleryd, Bengt, Stockholm: Ratio , 2007, p. 72-98Chapter in book (Other academic)
  • 36. Du Rietz, Gunnar
    et al.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Stadin, Karolina
    Stenkula, Mikael
    Skatterna och tjänstebranschernas utvecklingskraft: en ekonomisk analys2008Report (Other (popular science, discussion, etc.))
  • 37.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    A 150-year Perspective on Swedish Capital Income Taxation2014Report (Refereed)
    Abstract [en]

    This paper describes the evolution of capital income taxation, including corporate, dividend, interest, capital gains and wealth taxation, in Sweden between 1862 and 2010. To illustrate the evolution, we present annual time-series data on the marginal effective tax rates on capital income (METR) for a marginal investment financed with new share issues, retained earnings or debt. Tax tables covering the period are presented. These data are unique in their consistency, thoroughness and time span covered. The METR is low, is stable and does not exceed five percent until World War I, when it starts to drift somewhat upward and vary depending on the source of finance. The outbreak of World War II starts a period when the magnitude and variation of the METR sharply increases. The METR peaks during the 1970s and 1980s and often exceeds 100 percent. The 1990–1991 tax reform and lower inflation reduce the magnitude and variation of the METR. The METR varies between 15 and 40 percent at the end of the examined period.

  • 38.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Swedish capital income taxation (1862–2013)2015In: Swedish taxation: developments since 1862 / [ed] Magnus Henrekson and Mikael Stenkula, Basingstoke: Palgrave Macmillan, 2015, p. 123-178Chapter in book (Refereed)
  • 39.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Research AB, Stockholm, Sweden.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Swedish Capital Income Taxation (1862–2013)2014Report (Other academic)
    Abstract [en]

    This paper describes the evolution of capital income taxation in Sweden between1862 and 2013, including the taxation of corporate profits, dividends, capital gains, interestincome, and wealth taxation. To illustrate this evolution, we present annual time-series dataregarding the marginal effective tax rates on capital income (METR) for a marginalinvestment financed with new share issues, retained earnings or debt. The METR is low andstable and does not exceed five percent until World War I, when it begins to drift somewhatupward and vary depending on the source of finance. The outbreak of World War II begins aperiod during which the magnitude and variation of the METR sharply increase. The METRpeaks during the 1970s and 1980s and often exceeds 100 percent. The 1990–1991 tax reformand lower rates of inflation reduce the magnitude and variation of the METR, which variesbetween 15 and 35 percent at the end of the period examined.

  • 40.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. HUI Research, Stockholm, Sweden.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Swedish Labor Income Taxation (1862–2013)2013Report (Other academic)
    Abstract [en]

    This paper presents annual Swedish time-series data on the top marginal tax wedgeand marginal tax wedges on labor income for a low-, average- and high-income earners forthe period 1862 to 2013. The tax wedges were initially low and the tax system proportional.The tax wedges began to increase during World War I. The increase accelerated during WorldWar II and through the post-war period. In the 1970s, the top marginal tax wedge wasoccasionally as high as 90 percent. The main explanations for this development weretemporary crises that led to permanent tax increases, the expansion of the public sector anddistributional ambitions, bracket creep and the introduction of employer-paid social securitycontributions. The 1990–1991 tax reform represents the beginning of a new and continuingperiod of decreasing marginal tax wedges.

  • 41.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Stenkula, Mikael
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Swedish labor income taxation (1862–2013)2015In: Swedish taxation: developments since 1862 / [ed] Magnus Henrekson and Mikael Stenkula, Basingstoke: Palgrave Macmillan, 2015, p. 35-122Chapter in book (Refereed)
  • 42. Eliasson, Gunnar
    et al.
    Johansson, Dan
    Kungliga Tekniska Högskolan (KTH), Stockholm, Sweden.
    Dynamik och flexibilitet i svensk IT-industri1999Book (Other academic)
  • 43.
    Eliasson, Gunnar
    et al.
    Royal Institute of Technology (KTH), Stockholm, Sweden.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Firm Tunrover and the Rate of Macroeconomic Growth: Simulating the Macroeconomic Effects of Schumpeterian Creative Destruction2005Report (Other academic)
    Abstract [en]

    The positive effects of new innovative entry and fast and efficient allocation of resources are balanced against the efficiency of price signaling in markets in a non-linear micro based simulation model of an Experimentally Organized Economy (EOE). In this model increasingly rapid reallocation of resources over markets, moved by innovative new entry and competitive exit (the rate of firm turnover) generates faster growth in output, but eventually, if too fast, is shown to affect the reliability of price signaling in markets and to raise the frequency of investment mistakes. Beyond a certain level of the rate of firm turnover the aggregate effects at the macro level, therefore, turn negative. This optimal growth trajectory depends on the balance between the rates of entry and exit and on the performance of new firms compared to incumbents, their size compared to incumbents and the variation in the same characteristics.

  • 44.
    Eliasson, Gunnar
    et al.
    The Royal Institute of Technology (KTH), Stockholm, Sweden.
    Johansson, Dan
    Örebro University, Örebro University School of Business. The Ratio Institute, P.O. Box 5095, Stockholm, Sweden.
    Taymaz, Erol
    Middle East Technical University (METU), Ankara, Turkey.
    Simulating the New Economy2004In: Structural Change and Economic Dynamics, ISSN 0954-349X, E-ISSN 1873-6017, Vol. 15, no 3, p. 289-314Article in journal (Refereed)
    Abstract [en]

    The IT, the Internet, or the Computing & Communications (C&C) technology revolution has been central to the economic discussion for several decades. Before the mid-1990s the catchword was the “productivity paradox” coined by Robert Solow, who stated in 1987 that “computers are everywhere visible, except in the productivity statistics”. Then the New Economy and fast productivity growth fueled by C&C technology suddenly became the catchword of the very late 1990s. Its luster however, faded almost as fast as it arrived with the dot.com deaths of the first years of the new millennium. With this paper we demonstrate that the two paradoxes above are perfectly compatible within a consistent micro (firm) based macro theoretical framework of endogenous growth. Within the same model framework also a third paradox can be resolved, namely the fact that the previous major New Industry creation, the Industrial Revolution, only involved a handful of Western nations that had got their institutions in order. If the New Economy is a potential reality, one cannot take for granted that all industrial economies will participate successfully in its introduction. It all depends on the local receiver competence to build industry on the new technology. We, hence, also demonstrate within the same model the existence of the risk of failing altogether to capture the opportunities of a New Economy.

  • 45.
    Eliasson, Gunnar
    et al.
    The Royal Institute of Technology (KTH), Stockholm, Sweden.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Taymaz, Erol
    Middle East Technical University (METU), Ankara, Turkey.
    Simulating the New Economy2004Report (Other academic)
    Abstract [en]

    The IT, the Internet, or the Computing & Communications (C&C) technology revolution has been central to the economic discussion for several decades. Before the mid-1990s the catchword was the “productivity paradox” coined by Robert Solow, who stated in 1987 that “computers are everywhere visible, except in the productivity statistics”. Then the New Economy and fast productivity growth fueled by C&C technology suddenly became the catchword of the very late 1990s. Its luster however, faded almost as fast as it arrived with the dot.com deaths of the first years of the new millennium. With this paper we demonstrate that the two paradoxes above are perfectly compatible within a consistent micro (firm) based macro theoretical framework of endogenous growth. Within the same model framework also a third paradox can be resolved, namely the fact that the previous major New Industry creation, the Industrial Revolution, only involved a handful of Western nations that had got their institutions in order. If the New Economy is a potential reality, one cannot take for granted that all industrial economies will participate successfully in its introduction. It all depends on the local receiver competence to build industry on the new technology. We, hence, also demonstrate within the same model the existence of the risk of failing altogether to capture the opportunities of a New Economy.

  • 46. Falkenhall, Björn
    et al.
    Gabrielsson, Elin
    Johansson, Dan
    Högskolan Dalarna, Borlänge, Sweden.
    Country Specific Findings: Sweden2012In: The Nordic Growth Entrepreneurship Review 2012: Final report, Oslo: Nordic Innovation , 2012, p. 71-77Chapter in book (Other (popular science, discussion, etc.))
  • 47.
    Falkenhall, Björn
    et al.
    Tillväxtanalys, Östersund, Sverige.
    Johansson, Dan
    Nationalekonomi, Högskolan Dalarna, Borlänge, Sweden.
    Regelbörda och växande företag – Sverige i internationell jämförelse2012Report (Other (popular science, discussion, etc.))
  • 48. Falkenhall, Björn
    et al.
    Johansson, Dan
    Örebro University, Örebro University School of Business.
    Svenskt företagsklimat i internationell jämförelse: slutsatser och lärdomar2013In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 41, no 6, p. 5-16Article in journal (Refereed)
    Abstract [sv]

    Företagsklimatet i olika länder har på senare år mätts genom olika index. Vi redogör för några av de vanligaste och undersöker särskilt vad de indikerar angående det svenska företagsklimatet. De tyder på att förutsättningarna i Sverige för entreprenörskap och växande företag är i världsklass på många områden. Om ett ytterligare stärkt företagsklimat önskas, förefaller det viktigt att försöka begränsa det offentliga företagsägandet, sänka vissa skatter och avreglera arbetsmarknaden. Forskning tyder på att sådana reformer har potential att stärka såväl tillväxt- som sysselsättningsutveckling.

  • 49.
    Henrekson, Magnus
    et al.
    Nationalekonomiska institutionen, Handelshögskolan i Stockholm, Sweden.
    Johansson, Dan
    Ratioinstitutet, Stockholm, Sweden.
    Beskattningen och tillväxtens aktörer2006In: Ekonomiska samfundets tidskrift, ISSN 0013-3183, E-ISSN 2323-1378, Vol. 59, no 3, p. 133-144Article in journal (Refereed)
    Abstract [sv]

    Vilka effekter kan skattesystemets utformning och nivån på det totala skatteuttaget få på den ekonomiska tillväxten och jobbskapandet i ekonomin? Denna fråga analyseras med utgångspunkt från teorin om kompetensblock, enligt vilken tillväxt är ett resultat av att aktörer med olika men kompletterande kompetenser bygger upp och nyttjar produktiv kunskap. Då denna i hög grad är icke-kodifierbar och decentraliserad gynnas tillväxten av att skattesystemet utformas så att aktörerna förvärvar produktiv kunskap och att deras användning av sina respektive kunskaper harmonierar till en effektiv helhet.

  • 50.
    Henrekson, Magnus
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Competencies and Institutions Fostering High-growth Firms2009In: Foundations and Trends in Entrepreneurship, Vol. 5, no 1, p. 1-80Article in journal (Refereed)
    Abstract [sv]

    High-growth firms (HGFs) are critical for net job creation and economic growth. We analyze HGFs using the theory of competence blocs, linking firm growth to property rights and the interaction of complementary expertise. Specifically, we discuss how the institutional framework affects the prevalence and performance of HGFs. Firm growth is viewed as resulting from the perpetual discovery and use of productive knowledge. A key element in this process is the competence bloc, a nexus of economic actors with complementary competencies that are vital in order to generate and commercialize novel ideas. The institutional framework determines the incentives for these individuals to acquire and utilize knowledge. We identify a number of institutions that foster the emergence of competence blocs and the creation of HGFs. In particular, our analysis points to the pivotal roles played by tax structures, labor market regulation, and the contestability of currently closed service markets. Finally, we characterize institutions beneficial for sclerotic or dynamic capitalism, respectively, depending on whether they provide a favorable environment for the emergence of competence blocs and the creation of HGFs.

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