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- Braunerhjelm, Pontus, 1953-, et al.
(författare)
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Born globals – presence, performance and prospects
- 2019
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Ingår i: International Business Review. - : Elsevier. - 0969-5931 .- 1873-6149. ; 28:1, s. 60-73
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Tidskriftsartikel (refereegranskat)abstract
- The concept born global firms has gained a spectacular increase in interest from both academic and political circles. Rigorous quantitative treatment of born global firms are however rare in the international business/economics literature. Implementing unique data on all Swedish start-ups during 1998–2008 in the manufacturing sector, we conclude that born global firms are a very rare event, that their prevalence seems invariant to time, and that they perform similar to other matched “twin” firms with regard to profitability and productivity but report a considerably higher growth in employment and sales. These results are robust to a wider definition of born global firms and to the timing of performance measurements.
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- Braunerhjelm, Pontus, 1953-, et al.
(författare)
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Does Born Global Survival Differ From Other Start-Ups? : Employee- versus Firm-level Resources
- 2022
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Ingår i: International Review of Entrepreneurship. - : Senate Hall Academic Publishing. - 2009-2822. ; 20:2, s. 197-226
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Tidskriftsartikel (refereegranskat)abstract
- In this paper we embark from a resource-based view to explain hazard rates among new firms. Whereas previous research primarily has approximated firms’ resource bases with size and performance variables (e.g., productivity), we differentiate between employee- and firm-level components, analyzing firm survival. We focus on born global firms within both the manufacturing and knowledge-intensive services (KIBS) industries while implementing three broader control groups. Using longitudinal data we implement a Cox proportional hazard model to estimate the hazard ratios of the included employee- and firm-level variables. Both industry- and firm-level differences are identified, even though the results vary with the specification of the estimations and the particular group being examined. The results should be relevant for both managers and policymakers.
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- Braunerhjelm, Pontus, et al.
(författare)
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Large firm dynamics on the Nordic-Baltic scene : Implications for innovation and growth
- 2010
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper investigates the role of the 30 largest firms in the respective Nordic country and in Estonia over the last decade and for some variables between 1975 to 2006. The analysis confirms that the largest firms play a critically important role for industrial dynamics in the Nordic countries. Statistics are presented with regard to e.g. ownership, the distribution of employment between home country and foreign units, internationalization, R&D, the share of overall employment and value-added, and the dynamics over time. Both firms in the manufacturing and the service sectors are included. Even though large firms differ in terms of size and industry distribution, they do still play a dominant in all Nordic countries, albeit somewhat diminished over the investigated time period. From a policy point of view it seems of vital concern for the Nordic countries to retain their increasingly foot-loose and globally oriented large firms.
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- Halldin, Torbjörn
(författare)
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Born global firms : do they perform differently?
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper investigates whether born global firms perform differently compared to other newly founded manufacturing firms. A rigorous quantitative treatment of born global firms has been absent in the international entrepreneurship literature. The quantitative focus of the paper adds to this literature. To a simple OLS estimation is added a matching approach in order to circumvent the absence of counterfactual for born global firms had they not chosen to pursue a born global strategy. Measuring performance five years after firm foundation, born global firms are found to have higher growth in employment and sales per employee but no such effect is found when performance is measured by profitability or labor productivity. For robustness purposes, similar results are found when the analysis is augmented to include a wider spread of born global firm definitions and having performance measured three to seven years subsequent to firm foundation.
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- Halldin, Torbjörn
(författare)
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Born global firms in knowledge intensive business services (KIBS) : what do we know of their performance?
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Annan publikation (populärvet., debatt m.m.)abstract
- This paper studies the performance of KIBS firms that are aimed for global markets from inception. Despite the increasing importance of KIBS, no previous study has investigated born global firms in this sector of the economy. Three definitions are used to categorize firms as born global. Both OLS and a nearest neighbor matching approach are implemented to find evidence of higher growth in employment and sales per employee five years after firm foundation. Finally, the findings are robust to a finer array of born global definitions and time horizons of firm performance.
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- Halldin, Torbjörn
(författare)
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External finance, collateralizable assets and export market entry
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper examines the relationship between collateralizable assets and export market entry. The ability to finance the sunk entry costs associated with an international expansion is one of the factors determining whether or not a firm starts engaging in export activities. Using a large panel of Swedish manufacturing firms over the 1997-2006 period, a firm’s access to external finance is proxied by its degree of collateralizable assets. The main finding of the paper is that tangible assets, which can be pledged as collateral in loan applications, constitute an important determinant of export market entry. However, accounts receivable and inventories as an alternative means of facilitating the access to external finance, is not found to influence the entry decision. Previous literature has made little attempt in explaining why future exporters might encounter difficulties in obtaining external finance. Therefore, the novelty of the paper and its contribution to the existing literature on financially constrained exporters is that it investigates an underlying reason to why firms might experience difficulties in financing an export market entry through external finance.
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- Halldin, Torbjörn, 1978-
(författare)
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Firm internationalization and born global firms : On the causes and consequences of export market entry
- 2012
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The thesis consists of four self-contained essays on the topic of small firm internationalization. In the first essay I study the relationship between collateralizable assets and export market entry. There are often large sunk costs associated with export market entry, which firms have to finance somehow. A firm‘s access to external finance is therefore proxied by its collateralizable assets. These collateralizable assets are used as securitization in the firm‘s loan applications. The main finding of the paper is that tangible assets, i.e. assets with high collateralizable value, are an important determinant of export market entry. The remaining three essays study born global firms. The thesis‘s second essay is on the performance of manufacturing born global firms. Born global firms have previously been studied predominantly using qualitative methods instead of a quantitative approach as is done in this essay. Four different performance measures are used and evidence is found that born global firms perform superior five years subsequent to firm foundation when performance is measured by employment and sales per employee. However, for profitability and labor productivity no such effect can be identified. The OLS results are confirmed by a nearest neighbor matching approach, which shows similar results. The focus of the third essay is on a subset of KIBS firms that can be categorized as born global firms. In many economies, the role of KIBS has increased over the past couple of decades. Despite this fact, there has been little attempt to describe the sector‘s export activities. This paper studies the performance of born global KIBS firms. The paper is very similar to the second essay, but due to the heavy focus on manufacturing firms in studies of born global firms, KIBS firms deserve a separate treatment. The findings indicate that born global KIBS firms perform better in terms of employment growth and sales per employee. These findings are robust to different born global definitions and time horizons of firm performance. The fourth essay investigates whether employee characteristics matter for firm survival. The focus of the paper is on born global firms both within the manufacturing and KIBS industries. The methodology of choice in studying firm survival is the Cox proportional hazard models. The results show little significance of individual employee characteristics as determinant for survival rates when born global firms are investigated. Furthermore, neither spinouts nor firms categorized as future exporters show much significance on individual characteristics. However, when the sample is extended to include the total amount of new firms, we see that individual employee characteristics do matter for survival.
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- Halldin, Torbjörn
(författare)
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Survival of born global firms : do employee characteristics matter for survival?
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper investigates whether employee characteristics matter for firm survival. The focus of the paper is on born global firms both within the manufacturing and KIBS industries. A Cox proportional hazard model is implemented to find hazard ratios of the included employee and control variables. The results show little significance of individual employee characteristics as determinant for survival rates when born global firms are investigated. Furthermore, neither spinouts nor firms categorized as future exporters show much significance on individual characteristics. However, when the sample is extended to include the total amount of new firms, we see that individual employee characteristics matter for survival. This is especially true for measurements of education levels, which affect survival rates positively.
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