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- Almlöf, Hanna, et al.
(författare)
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A regulation and transaction cost perspective on the design of corporate law
- 2019
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Ingår i: European Journal of Law and Economics. - : Springer. - 0929-1261 .- 1572-9990. ; 47:3, s. 407-433
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Tidskriftsartikel (refereegranskat)abstract
- For the corporate business model to be successful, it is important to align the interests of those who control and finance the firm. Corporate law has here an important task to fulfill. It offers a legal framework that can facilitate parties to conclude mutually preferable agreements at low transaction costs. The purpose of this paper is to show how to design corporate law to fulfill this task and apply this knowledge to a Swedish case. A two-dimension model that simultaneously considers both the regulation intensity and the level of default of corporate law is presented. The earlier literature treats these dimensions separately. By adding a transaction cost perspective to our model, we assess different regulatory techniques and examine how the Swedish legislation can be amended to help corporations by offering a standard contract that lowers the transaction costs of contracting. This can be achieved if default rules or standards of opt-out character are combined with other regulatory techniques with lower transaction costs such as opt-in alternatives and menus. We also show how our model can be used in other studies as a tool to analyze the design of legal rules.
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| 2. |
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| 3. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Are female leaders more efficient in family firms than in non-family firms?
- 2018
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Ingår i: Corporate Governance. - : Emerald Group Publishing Limited. - 1472-0701 .- 1758-6054. ; 18:2, s. 185-205
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Tidskriftsartikel (refereegranskat)abstract
- Purpose: The aim of this study is to investigate whether female leaders are more efficient in family firms than in non-family firms. Design/methodology/approach: This paper uses a unique database of ownership and leadership in private Swedish firms that makes it possible to analyze differences in firm performance due to female leadership in family and non-family firms. The analysis is based on survey data merged with micro-level data on Swedish firms. Only firms with five or more employees are included in the analysis. The sample contains more than 1,000 firms. Findings: The descriptive statistics show that there are many more male than female corporate leaders. However, the regression analysis indicates that female leadership has a much more positive impact on the performance of family firms than on that for non-family firms, where the effect is ambiguous. Originality/value: Comparative studies examining the impact of female leadership on firm-level performance in family and non-family firms are rare, and those that exist are most often either qualitative or focused on large, listed firms. By investigating the role of female directors in family and non-family firms, the study adds to the literature on management, corporate governance and family firms.
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| 4. |
- Bjuggren, Per-Olof, 1948-
(författare)
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Book review of Innovation, economic growth and the firm: Theory and evidence of industrial dynamics, Jean-luc Gaffard and Evens Salies (eds.), Edward Elgar, 2010
- 2013
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Ingår i: Papers in regional science (Print). - : John Wiley & Sons. - 1056-8190 .- 1435-5957. ; 92:1, s. 238-239
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Recension (övrigt vetenskapligt/konstnärligt)abstract
- Innovation, economic growth and the firm is an edited book containing a selection of papers from a Schumpeter conference in 2006. How economic growth is created in a dynamic interplay between firm and industry is the subject matter. Knowledge, innovation and competition are the dynamic forces considered. The different essays in the book are both of theoretical and empirical econometric nature. The book can be said to belong to fields of industrial organization, theory of the firm, and entrepreneurship. The purpose of the book is to study the determinants of economic growth from a firm perspective.
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| 5. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Ownership Dispersion and Capital Structures in Family Firms : A Study of Closed Medium-Sized Enterprises
- 2012
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Ingår i: Journal of Small Business and Entrepreneurship. - : Taylor & Francis. - 0827-6331 .- 2169-2610. ; 25:2, s. 185-200
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Tidskriftsartikel (refereegranskat)abstract
- Family firms are entities contribute greatly to all economies worldwide. In the following study we investigate capital structures and ownership dispersion among Swedish family firms. In order to find concluding results, we proceed with a regression between leverage and family business, leverage and family firm age, and leverage and ownership dispersion. Our regression outcomes support a U-shaped relationship between family ownership dispersion and leverage, but do not confirm a relation between leverage and family business. Earlier studies made in the field have generated differing results; however, there are some studies that are actually in line with our findings. A unique database developed at Jönköping University is used that enables us to obtain access to firm-level data. Earlier studies in the same genre have only had access to industry-level data.
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| 6. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Ownership Restrictions, Risk and Team Considerations in Family-owned Businesses
- 2011
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Ingår i: European Business Law Review. - 0959-6941 .- 1875-841X. ; 22:1, s. 93-105
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Tidskriftsartikel (refereegranskat)abstract
- At the start of a new business both team and risk aspects have to be considered in the choice of business form. The partnership form offers advantages in terms of team considerations while the corporate form provides limited liability which provides a way to handle the risk problems associated with owning a firm. The advantage of having a well synchronized team is important for many new firms and especially for cases where family relations are considered important. Seen from that angle the partnership form should be opted for. But risk is high up in the mind of founders. Events might unfold in an unexpected way and in the process the economy and well being of the family is at stake. The corporate form with limited liability is in this sense a very attractive choice that is commonly chosen. But with the corporate form comes transferability of ownership of shares without consent of other owners. The shareholder team might therefore change in an unexpected and unwelcome way. Therefore it is important to consider different types of transfer restrictions when a new corporate form of business is started. This aspect has not been much considered in practice and in the entrepreneurship literature. An accountant or a lawyer often has to remind an entrepreneur of the importance of stability in ownership positions.
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| 7. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Property rights and the cost of capital
- 2015
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Ingår i: European Journal of Law and Economics. - : Springer Science and Business Media LLC. - 0929-1261 .- 1572-9990. ; 39:3, s. 523-537
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Tidskriftsartikel (refereegranskat)abstract
- In countries with more secure property rights, the cost of capital is lower, suggesting higher investment rates. Using data from 49 countries we extend the conventional capital-asset pricing model (CAPM) to include a property rights risk-factor. In the conventional CAPM model only a single risk factor—systemic risk—is considered. However, when using a world market portfolio to estimate systemic risk in national portfolios, little of the required rate of return is explained in less developed as compared to more developed countries. Adding a factor representing institutional risk increases predictive power substantially. Further, we find that property rights affect the transmission of information, which suggests that markets price information differently, and allocate resources less efficiently, in countries with less secure property rights. We find that the CAPM model performs better in countries with more secure property rights.
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