| 1. |
- 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. |
- Almlöf, Hanna
(författare)
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Bolagsorganens reglering och dess ändamålsenlighet : En aktiebolagsrättslig studie om ägarledda bolag
- 2014
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This dissertation discusses the regulation of organisation in limited companies from a closely held company perspective. The overall aim of the study is to evaluate whether the goals of the Swedish Companies Act are fulfilled by the current regulation on company organisation and decision taking organs when applied to closely held owner managed companies. The study is carried out in the field of Company Law, but the analysis also includes contributions from Regulation Theory and Law and Economics.To fulfil the overall aim, the study sets up two main research tasks. The first research task is to identify the goals of the Swedish Companies Act and what regulative tools that are available to achieve these goals. The second research task is to investigate the current regulation of organization and decision taking organs of a company. Focus is placed on how owner managed companies can be flexible in their decision taking activity, both within the company organs and in other arenas outside the firm such an owners meeting or family council. When these two main research tasks have been performed, the overall aim of this study can be fulfilled. The evaluation of the Companies Act reveals that the legislator’s prioritisation of legislative goal can be challenged. It may be argued that the goal to lower the transaction costs of the parties can be enhanced without diminishing any other goals. In accordance with this conclusion, the final research task of this study is to give recommendations de lege ferenda on how the regulation can be developed in order to achieve a higher degree of reaching the goals of the Companies Act.The conclusions argued for in this study are related to future regulation of the organisation of companies limited by shares. Therefore, the conclusions are aimed towards policy makers. However, the analysis within the second research task is of relevance for owner managers and their advisors on the subject of how they can be flexible in their decision taking activity, both within the company organs and in other arenas such as an owner’s meeting or a family council.
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| 3. |
- Almlöf, Hanna, Lektor, 1981-, et al.
(författare)
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What Matters in Design of Corporate Law
- 2017
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- For the corporate business model to be successful, it is important to align the interests of thosewho control and finance the firm. Corporate law has here an important task to fulfill. It offers alegal framework that can facilitate for parties to conclude mutually preferable agreements atlow transaction costs. The purpose of the paper is to show how to design corporate law to fulfillthis task. A two-dimension model that simultaneously considers both regulation intensity andthe level of default of the corporate law is presented. Earlier literature treats these dimensionsseparately. By adding a transaction cost perspective to our model, we assess different regulatorytechniques and examine how legislation can help corporations by offering a standard contractthat lowers transaction costs of contracting. This can be achieved through a legislation thatcovers most contingencies and take the heterogeneity of firms into consideration. Furthermore,default rules or standards of opt-out character should be combined with other regulatorytechniques with lower transaction costs such as opt-in alternatives and menus.
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| 4. |
- Anderson, Arne M., 1925, et al.
(författare)
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Industriell ekonomi
- 2003
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Bok (övrigt vetenskapligt/konstnärligt)
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| 5. |
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| 6. |
- Bjuggren, Per-Olof, et al.
(författare)
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3.12-reglerna : en ekonomisk analys
- 2007
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Ingår i: Ekonomisk Debatt. - 0345-2646. ; :7, s. 18-30
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)
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| 7. |
- Bjuggren, Per-Olof, et al.
(författare)
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3:12-reglerna : en ekonomisk analys
- 2007
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Ingår i: Ekonomisk Debatt. - Stockholm : Nationalekonomiska föreningen. - 0345-2646. ; 35:7, s. 18-30
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- 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.
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| 8. |
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| 9. |
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| 10. |
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| 11. |
- Bjuggren, Per-Olof, et al.
(författare)
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A contractual perspective on succession in family firms: a stakeholder view
- 2014
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Ingår i: European Journal of Law and Economics. - : Springer. - 0929-1261 .- 1572-9990. ; 38:2, s. 211-225
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyses succession in family firms from a contractual perspective. A firm is regarded as a nexus of contractual relations with owners, employees, suppliers of goods and services and customers. These contractual parties are in differing degrees tied to the firm through asset specificities. Succession can affect the value of such assets. In this sense they become stakeholders with vested interests in the succession process. The theoretical discussion of affected stakeholdersis backed up by a survey study of 143 Swedish family-owned businesses that have been subject to succession. The results show that the opinions of close shareholders such as family members and incumbent mangers as well as those of other stakeholders such as suppliers and customers are important.
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| 12. |
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| 13. |
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| 14. |
- 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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| 15. |
- 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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| 16. |
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| 17. |
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| 18. |
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| 19. |
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| 20. |
- Bjuggren, Per-Olof, et al.
(författare)
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Institutional ownership and returns on investment
- 2016
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Ingår i: Corporate Ownership & Control. - 1727-9232 .- 1810-3057. ; 13:4Cont3, s. 419-430
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Tidskriftsartikel (refereegranskat)abstract
- This paper examines how institutional investors influence investment decisions and returns on investment. To measure investment performance, we use marginal q, which measures the ratio of the return on investment to the cost of capital. Institutional owners are found to have a positive but marginally diminishing effect on performance. Our paper uses longitudinal data on Swedish firms from 1999 to 2005; during this period, the ownership structure of Swedish firms underwent dramatic changes as institutional investors increased their ownership shares, while ownership by Swedish households decreased. However, controlling owners - who were often founding families - maintained their control of firms by resorting to extensive use of dual-class shares. This was an important determinant of firm performance that eradicated the positive influence of institutional ownership.
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| 21. |
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| 22. |
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| 23. |
- Bjuggren, Per-Olof, et al.
(författare)
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Kommunal markskatt är mycket bättre
- 2006
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Ingår i: Svenska Dagbladet. - 1101-2412. ; 22 september
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Tidskriftsartikel (populärvet., debatt m.m.)
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| 24. |
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| 25. |
- Bjuggren, Per-Olof
(författare)
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Marginal q revisited
- 2016
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Ingår i: Applied Economics. - : Taylor & Francis. - 0003-6846 .- 1466-4283. ; 48:1, s. 52-58
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Tidskriftsartikel (refereegranskat)abstract
- Two measures of firm investment behaviour used in the empirical research are Tobin's q (average q) and marginal q. The marginal q is a more recently introduced measure than Tobin's q and is not as well known. This article aims to demonstrate the advantages of using marginal q as a performance measure and is a response to an earlier critical article (Berglund, 2011) claiming an elusiveness bias. The pro arguments made in response are that the claimed elusiveness is not a problem. Furthermore, many of the evaluation problems inherent in the empirical use of Tobin's q, like estimation of replacement cost of assets, can be avoided. From a pure theoretical standpoint, it has long been recognized that marginal q is superior to an average measure of investment behaviour such as Tobin's q.
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| 26. |
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| 27. |
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| 28. |
- Bjuggren, Per-Olof, et al.
(författare)
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Ownership, Control and Performance in Swedish Listed Companies
- 2004
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Ingår i: The Annual Conference of the International Society for New Institutional Economics.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- This paper contributes to the literature of ownership, control and performance by exploring these relationships for Swedish listed companies (1997-2002). A marginal q will be used as measures of economic performance. Marginal q was presented in an article by Mueller and Reardon in 1993 and has recently been used in empirical studies of ownership and performance by among others Gugler and Yurtoglu (2003). Frequently an average Tobin’s q is used in studies of this type, but Tobin’s q has a number of disadvantages which can be circumvented by employing a marginal q. In addition to marginal q estimations have been made with the valuation ratio as performance measure. The valuation ratio is interesting from a theoretical viewpoint, as it is an efficiency measure that plays a central role in Marris (1964) growth model of the firm. It is also easy to compute and is related to Tobin´s q. This study adds to earlier studies by using Swedish data with its specificities in form of pyramid ownership and a vote differential. The relationships between the two performance measures and different ownership characteristics like ownership concentration and foreign ownership is investigated. We find that firms, on average, are making inferior investment decisions and that the Swedish corporate governance system have some efficiency drawbacks.
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| 29. |
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| 30. |
- 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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| 31. |
- 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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| 32. |
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| 33. |
- 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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| 34. |
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| 35. |
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| 36. |
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| 37. |
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| 38. |
- Bjuggren, Per-Olof, et al.
(författare)
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Strategic Decision Making in Intergenerational Successions of Small- and Medium-Size Family-Owned Businesses
- 2001
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Ingår i: Family Business Review. - : SAGE Publications. - 0894-4865 .- 1741-6248. ; 14:1, s. 11-23
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Tidskriftsartikel (refereegranskat)abstract
- This paper deals with intergenerational successions of small and medium-size enterprises (SMEs). Entrepreneurs face an unavoidable succession dilemma: they must make either explicit or implicit strategic decisions about transitioning ownership of the family business. The main alternatives are to sell the company to someone outside the family or to make arrangements for an interfamily succession. In the latter case, there are many transition modes, e.g., through a gift of shares or a will. This paper uses decision trees to analyze intergenerational successions problems. One conclusion of the paper is that it is important for a society to provide a legal system that facilitates transitions of family companies within the family because the legal system will, among other positive factors connected with family businesses, preserve idiosyncratic knowledge of family character.
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| 39. |
- Bjuggren, Per-Olof, et al.
(författare)
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Svar till Edin och Lodin angående 3:12-reglerna
- 2008
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Ingår i: Ekonomisk Debatt. - Stockholm : Nationalekonomiska föreningen. - 0345-2646. ; 36:5, s. 57-59
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)
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| 40. |
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| 41. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Sverige måste hantera patent snabbare
- 2015
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Ingår i: Svenska dagbladet. - Stockholm : Svenska Dagbladet AB & Co.. - 1101-2412. ; 13 november
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Tidskriftsartikel (populärvet., debatt m.m.)
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| 42. |
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| 43. |
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| 44. |
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| 45. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Swedish Patent Litigation Survey of Small and Medium-sized Enterprises
- 2017
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Ingår i: Nordic Intellectual Property Review. - Stockholm : Nordiskt Immateriellt Rättsskydd. - 0027-6723. ; :3, s. 234-248
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- What are the opinions of small and medium-sized enterprises with experience of Swedish patent litigation? We offer description and analysis from a 2016 inter-view survey of nine small and medium-sized enterprises that had been involved in Swedish patent litigation on infringement and/or invalidity. Our results show that the companies are of the opinion that the proceedings were too slow and costly. They financed the litigation mainly with their own resources. Insur-ance played only a minor role. We also find that the proceedings seem to have affected their position in the market in terms of customers, suppliers and banks. Half the small and medium sized companies after the litigation had a reduced propensity to patent and almost all are less inclined to engage in future Swedish patent litigation.
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| 46. |
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| 47. |
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| 48. |
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| 49. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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The Impact of Vote Differentiation on Investment Performance in Listed Family Firms
- 2010
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Ingår i: Family Business Review. - : Sage Publications. - 0894-4865 .- 1741-6248. ; 23:4, s. 327-340
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Tidskriftsartikel (refereegranskat)abstract
- This article investigates the effects of separation of ownership and control because of vote differentiation on listed family firms’ investment performance. The authors study the question of whether family-controlled firms have better investment performance than nonfamily firms and whether this investment performance is negatively affected by a separation of ownership and control because of vote differentiation. Marginal q is used as a performance measure. The empirical analysis shows that family control has a positive impact on investment performance when ownership and control are aligned, whereas separation of ownership and control in terms of vote-differentiated shares reduce investment performance.
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| 50. |
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