| 1. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Taxation, dividend payments and ex-day price-changes
- 2009
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Ingår i: Multinational Finance Journal. - : EBSCO Industries, Inc.. - 1096-1879. ; 13:1/2, s. 141-160
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Tidskriftsartikel (refereegranskat)abstract
- The purpose of the paper is to study the effect of taxation on dividend payments and ex-dividend price-changes in Sweden during 1991-1995. Tax changes in Sweden during the 1990s were implemented in such a way that they provide an opportunity to include direct measures of the tax-treatment of dividends and capital gains in the empirical analysis, in contrast to previous studies. The results indicate that tax-reforms can have large effects on dividend payments, while the effects on ex-dividend price-changes are less conclusive.
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| 2. |
- Hellström, Jörgen, 1970-, et al.
(författare)
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Social trust and central-bank independence
- 2014
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Ingår i: European Journal of Political Economy. - : Elsevier. - 0176-2680 .- 1873-5703. ; 34, s. 425-439
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Tidskriftsartikel (refereegranskat)abstract
- Central banks have become more independent in many countries. A common rationale has been the existence of a credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social trust and central-bank independence. Our empirical findings, based on data from 149 countries, confirm such a link, in the form of a u-shaped relationship. We suggest that two factors help explain this finding: the need for this kind of reform and the ability with which it can be implemented. At low trust, the need for central-bank independence is strong enough to dominate the low ability; at high trust the ability for reform is high and dominates the low need; at intermediate trust levels there is neither need nor ability strong enough to generate very independent central banks.
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| 3. |
- Berggren, Niclas, et al.
(författare)
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Does social trust speed up reforms? : The case of central-bank independence
- 2016
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Ingår i: Journal of Institutional Economics. - : Cambridge University Press. - 1744-1374 .- 1744-1382. ; 12:2, s. 395-415
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Tidskriftsartikel (refereegranskat)abstract
- Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set of potential determinants, both economic and political, but put special focus on a cultural factor, i.e. social trust. We find empirical support for an inverse u-shape: Countries with low and high social trust implemented their reforms earlier than countries with intermediate levels. We make use of two factors to explain this pattern: the need to undertake reform (which is more urgent in countries with low social trust) and the ability to undertake reform (which is greater in countries with high social trust). Overall, our findings imply that culture matters for institutional change.
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| 4. |
- Bornhäll, Anders, et al.
(författare)
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Sleeping gazelles : High profits but no growth
- 2014
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Ingår i: Frontiers of Entrepreneurship Research. - 0740-7416. ; 34:17, s. 1-16
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Tidskriftsartikel (refereegranskat)abstract
- Among 104,231 limited liability firms in Sweden with at least two employees during 1997- 2010, almost 10% did not hire new employees in any given 3-year period despite having high profits. Nearly half of these firms continued to have high or medium profits in the next threeyear period, but still no growth. Regression analysis indicates that these firms were not randomly distributed; rather they were small and young, did not belong to an enterprise group, and operated in local markets with high profit-opportunities. We conclude that it might be more beneficial to focus policy towards these firms instead of towards a few high-growth firms that, having just grown exponentially, may not be best positioned to grow further.
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| 5. |
- Bornhäll, Anders, et al.
(författare)
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Sleeping gazelles : The unseen job creators?
- 2015
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Ingår i: Entrepreneurial growth. - : Emerald Group Publishing Limited. - 9781785600470 - 9781785600463 ; , s. 161-185
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Bokkapitel (refereegranskat)abstract
- High-growth firms have recently received considerable attention in the firm growth literature. These firms might have grown despite the existence of growth barriers, and evidence also suggests that, having already grown exponentially, they may not be in the best position to grow further. Policies targeting high-growth firms may therefore be misdirected. We argue that entrepreneurship researchers should concentrate more on firms that are not hiring, despite having high profits. We call these firms “sleeping gazelles,” and demonstrate that they represented almost 10% of all limited liability firms in Sweden from 1997 to 2010. Nearly half of these firms continued to earn high or moderate profits in subsequent three-year periods, while still displaying no growth. Regression analyses indicate that these firms were significantly smaller, older, more likely to be active in industries with high profit uncertainty, and more likely to be located in less densely populated municipalities than were corresponding growing firms.
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| 6. |
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| 7. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Are High-Growth Firms One-Hit Wonders? : Evidence from Sweden
- 2015
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Ingår i: Small Business Economics. - : Springer Science and Business Media LLC. - 0921-898X .- 1573-0913. ; 44:2, s. 361-383
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Tidskriftsartikel (refereegranskat)abstract
- Most firms do not grow, and a small number of high-growth firms seem to create most new jobs. These firms have therefore received increasing attention among policymakers. The question is whether high-growth tends to persist? We investigate this question using data on 432,689 observa-ions in Sweden during 1998-2008. We find that high-growth firms had declining growth rates in the previous 3-year period, and their probability of repeating high growth rates was very low. HGFs are essentially one-hit wonders, and it is thus doubtful whether policymakers can improve economic outcomes by targeting them.
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| 8. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Are high-growth firms overrepresented in high-tech industries?
- 2016
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Ingår i: Industrial and Corporate Change. - : Oxford University Press. - 0960-6491 .- 1464-3650. ; 25:1, s. 1-21
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Tidskriftsartikel (refereegranskat)abstract
- 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.
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| 9. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Does Gibrat's law hold for retailing? : evidence from Sweden
- 2012
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Ingår i: Journal of Retailing and Consumer Services. - : Elsevier BV. - 0969-6989 .- 1873-1384. ; 19:5, s. 464-469
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Tidskriftsartikel (refereegranskat)abstract
- Gibrat's Law predicts that firm growth is a purely random effect and therefore should be independent of firm size. The purpose of this paper is to test Gibrat's law within the retail industry, using a novel data-set comprising all surviving Swedish limited liability companies active at some point between 1998 and 2004. Very few studies have previously investigated whether Gibrat's Law seems to hold for retailing, and they are based on highly aggregated data. Our results indicate that Gibrat's Law can be rejected for a large majority of five-digit retail industries in Sweden, since small retail firms tend to grow faster than large ones.
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| 10. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Does Shelf-Labeling of Organic Foods Increase Sales? : Results from a Natural Experiment
- 2014
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Ingår i: Journal of Retailing and Consumer Services. - London : Elsevier. - 0969-6989 .- 1873-1384. ; 21:5, s. 804-811
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Tidskriftsartikel (refereegranskat)abstract
- Can a simple point-of-purchase (POP) shelf-label increase sales of organic foods? We use a random-effects׳, random-coefficients׳ model, including a time adjustment variable, to test data from a natural experiment in a hypermarket in Gävle, Sweden. Our model incorporates both product specific heterogeneity in the effects of labeling and consumer adjustment to the labels over time. We find that the introduction of POP displays leads to an increase in sales of organic coffee and olive oil, but a reduction in sales of organic flour. All targeted products became less price-sensitive. The results reveal that product specific differences have to be accounted for, and in some cases consumers adjusted to labeling over time.
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| 11. |
- Daunfeldt, Sven-Olov, et al.
(författare)
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Effects of employees’ opportunities to influence in-store music on sales : Evidence from a field experiment
- 2019
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The effects of in-store music on consumer behavior have attracted much attention in the marketing literature, but surprisingly few studies have investigated in-store music in relation to employees. Conducting a large-scale field experiment in eight Filippa K fashion stores in Stockholm, Sweden, we investigate whether it is beneficial for store owners to give employees more opportunities to influence the in-store music. The experiment lasted 56 weeks, and the stores were randomly assigned into a treatment group and a control group, with the employees in the treatment stores having the opportunity to influence the in-store music through an app developed by Soundtrack Your Brand (SYB). The results from the experiment show that sales decreased by, on average, 6% in treatment stores when employees had the opportunity to influence the music played in the store. Interviews revealed that employees frequently changed songs, preferred to play high-intensity songs, and had diverse music preferences that were not congruent with the brand values of the company. Our results thus imply that employees choose music that suits their preferences rather than based on what is optimal for the store, suggesting that store owners might want to limit their opportunities to influence the background music in stores.
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| 12. |
- Daunfeldt, Sven-Olov, et al.
(författare)
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Effects of employees' opportunities to influence in-store music on sales : Evidence from a field experiment
- 2021
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Ingår i: Journal of Retailing and Consumer Services. - : Elsevier. - 0969-6989 .- 1873-1384. ; 59
-
Tidskriftsartikel (refereegranskat)abstract
- The effects of in-store music on consumer behavior have attracted much attention in the marketing literature, but surprisingly few studies have investigated in-store music in relation to employees. By conducting a field experiment in eight Filippa K fashion stores in Stockholm, Sweden, we investigate whether it is beneficial for store owners to give employees more opportunities to influence the in-store music. We randomly assigned the stores into a treatment group and a control group, with the employees in the treatment stores having the opportunity to influence the in-store music through an app developed by Soundtrack Your Brand (SYB). The experiment lasted 56 weeks and sales data were also gathered 22 weeks before the experiment, resulting in a total of 4626 observations. Our results show that sales decreased by 6% when the employees had the opportunity to influence the music played in the store, and the effect is driven by a reduction in sales of women's clothing. Interviews with the employees revealed that they had diverse music preferences, frequently changed songs, and preferred to play high-intensity songs. Employees thus seem to make choices regarding the in-store music that reduce sales, implying that store owners might want to limit their opportunities to influence the background music.
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| 13. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Experiment med välfärden
- 2013
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Ingår i: Ekonomisk Debatt. - : Nationalekonomiska föreningen. - 0345-2646. ; :2, s. 16-27
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Tidskriftsartikel (populärvet., debatt m.m.)
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| 14. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Habit formation in food consumption
- 2012
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Ingår i: The Oxford Handbook of the Economics of Food Consumption and Policy. - : Oxford Handbooks Online.
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- This article summarizes the empirical literature on habit formation in food consumption in order to analyze the hypothesis that food consumption is habit forming. It reviews the main econometric models used to study habits in food consumption and describes the most commonly used demand models and departs from the static version of the models. It describes how these models can be extended to dynamic versions incorporating habit formation. The focus is on the functional form of the models rather than estimation. The empirical studies reviewed in this article generally find habit formation in food consumption, implying that dynamics is an important factor in food demand analysis. Finally, it summarizes the results and discusses fruitful areas for future research. © Oxford University Press 2011. All rights reserved.
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| 15. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Habit Persistence in Food Consumption
- 2011
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Ingår i: Oxford Handbook on the Economics of Food Consumption and Policy. - Oxford : Oxford University Press. - 9780199569441 ; , s. 770-790
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Bokkapitel (refereegranskat)
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| 16. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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High-growth firms : Not so vital after all?
- 2015
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- High-growth firms have received considerable interest recently since they create most of the new jobs in the economy. The purpose of our paper is to investigate the characteristics of high-growth firms prior to their growth period, and whether these characteristics differ across industries. Using data on a large sample of limited liability firms in Sweden for the period 2007-2010, we find that high-growth firms do not have the characteristics that we typically associate with successful firms. On the contrary, our results indicate that high-growth firms have low profits and a weak financial position. This might explain why studies have found that high-growth firms are seldom capable of sustaining their high growth rates in subsequent periods, and thus question policies that are targeted towards these companies.
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| 17. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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High-growth Firms and the Labor Market Entry of First-generation Immigrants
- 2020
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Ingår i: International Review of Entrepreneurship. - : Senate Hall Academic Publishing. - 2009-2822. ; 18:2, s. 181-202
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Tidskriftsartikel (refereegranskat)abstract
- The number of refugees in Europe has increased dramatically in recent years, and many countries are facing great challenges to integrating these refugees into their societies. A small group of high-growth firms have at the same time attracted attention because they create the most jobs at any given point in time. Using matched employer-employee data from Statistics Sweden, we find that these high-growth firms in general are more likely to recruit first-generation immigrants that are unemployed. This provides support for the hypothesis that managers in high-growth firms, to greater extents, recruit marginalized individuals because they want to take advantage of their growth opportunities. Rapidly growing firms are thus less selective in their hiring decisions, and policies that are focused on increasing the number of high-growth firms might also help immigrants who face difficulties entering the labor market.
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| 18. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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How Do Firms Respond to Reduced Labor Costs? Evidence from the 2007 Swedish Payroll Tax Reform
- 2021
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Ingår i: Journal of Industry, Competition and Trade. - : Springer. - 1566-1679 .- 1573-7012. ; 21:3, s. 315-338
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Tidskriftsartikel (refereegranskat)abstract
- One way for policymakers to reduce labor costs and stimulate the recruitment of marginalized groups of labor in a highly unionized economy is to lower payroll taxes. However, the efficiency of this policy instrument has been questioned, and previous evaluations have mostly found small employment effects for such reforms. We investigate the effects of a payroll tax cut in Sweden that decreased firms' labor costs in relation to the number of young employees that they had employed when the reform was implemented in 2007. We find that most firms received small labor cost savings as a result of the reform, but those that received larger cost savings increased their number of employees significantly more than firms that received no, or minor, labor cost savings. Our findings also suggest that the payroll tax cut increased the total wages paid to incumbent workers, but the wage effect was too small to offset the positive extensive-margin employment effect of the reform. In total, we find that the Swedish payroll tax reform created 18,100 jobs over the period 2006-2008; most of these jobs were within the targeted group of young employees.
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| 19. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Retail and Place Attractiveness : The Effects of Big-Box Entry on Property Values
- 2021
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Ingår i: Geographical Analysis. - : John Wiley and Sons Inc. - 0016-7363 .- 1538-4632. ; 53:3, s. 467-498
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Tidskriftsartikel (refereegranskat)abstract
- The opponents of big-box entry argue that large retail establishments generate a variety of negative externalities. The advocates, on the contrary, argue that access to a large retail market not only delivers direct economic benefits, but also a variety of positive spill-over effects, and therefore, can be considered a consumer amenity that increases the attractiveness of the entry location. To test the validity of these competing arguments, we use the entry of IKEA in Sweden as a quasi-experiment and investigate if increased access to retail is associated with place attractiveness, where attractiveness is proxied by residential property values. We find that entry by IKEA increases prices of the properties sold in the entry cities by, on average, 4.2% or 62,980 SEK (approximately 6,600 USD), but such an effect is statistically insignificant for the properties in the immediate vicinity of the new IKEA retail trade area. We also observe an attenuation of the effect with distance from the new IKEA store, where the properties located 10 km away experience a 2% price increase. Our results indicate that large retailers have the potential to increase place attractiveness, but perhaps not in the immediate vicinity of the new establishment.
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| 20. |
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| 21. |
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| 22. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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The economic contribution of high-growth firms : do policy implications depend on the choice of growth indicator?
- 2014
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Ingår i: Journal of Industry, Competition and Trade. - : Springer Science and Business Media LLC. - 1566-1679 .- 1573-7012. ; 14:3, s. 337-365
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Tidskriftsartikel (refereegranskat)abstract
- 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.
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| 23. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Using the Eurostat-OECD Definition of High-Growth Firms : A Cautionary Note
- 2015
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Ingår i: Journal of Entrepreneurship and Public Policy. - : Emerald Group Publishing Limited. - 2045-2101 .- 2045-211X. ; 4:1, s. 50-56
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Tidskriftsartikel (refereegranskat)abstract
- 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.
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| 24. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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What happens when IKEA comes to town?
- 2017
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Ingår i: Regional studies. - : Taylor & Francis. - 0034-3404 .- 1360-0591. ; 51:2, s. 313-323
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Tidskriftsartikel (refereegranskat)abstract
- The effects of a new IKEA store on retail revenues, employment and inflow of purchasing power in the entry municipalities as well as in neighbouring municipalities were investigated using data from 2000–11. A propensity score-matching method was used to find non-IKEA entry municipalities that were as similar as possible to the entry municipalities based on the situation before entry. The results indicate that IKEA entry increased entry municipality durable goods revenues by about 20% and employment by about 17%. Only small and, in most cases, statistically insignificant effects were found in neighbouring municipalities.
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| 25. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(författare)
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Which firms provide jobs for unemployed non-Western immigrants?
- 2019
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Ingår i: Service Industries Journal. - : Routledge. - 0264-2069 .- 1743-9507. ; 39:9-10, s. 762-778
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Tidskriftsartikel (refereegranskat)abstract
- Although the refugee immigration crisis is one of the major socio-economic challenges in Europe, we still lack knowledge on what characterizes firms that provide jobs for unemployed immigrants. We provide an answer by investigating firms that recruit unemployed non-Western immigrants using matched employer-employee data from Statistics Sweden. We find large industry differences; firms active in the service sectors, such as the hospitality, transport, and healthcare industries, are much more likely to hire unemployed non-Western immigrants than firms in high-tech and manufacturing industries. In addition, after controlling for educational attainment and industry of occupation, firms with at least one non-Western immigrant manager hire more than four times as many unemployed non-Western immigrants than firms without any non-Western immigrant managers. Public policies that target industries might thus also influence job opportunities for immigrants and, thereby, the possibility of their integration into society.
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| 26. |
- Huq, Asif M, et al.
(författare)
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Free to choose : Do voluntary audit reforms increase employment growth?
- 2018
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Rapport (refereegranskat)abstract
- Many European countries have abolished mandatory audits for small firms to reduce the regulatory and administrative burden for these firms. However, we still lack knowledge on whether such legislative changes affect employment growth for those firms that become free to choose to have external audits. We investigate this question using a Swedish reform that made audits voluntary for small firms fulfilling certain requirements. The reform created an almost ideal natural experiment, which we use to evaluate the effects of voluntary audits on employment growth for small firms using a difference-in-difference estimator. We find that firms which fulfilled the requirements for voluntary auditing, compared to a control group of similar firms that did not, increased their employment growth rate by 0.39%. This corresponds to 1,830 jobs being created in the year following the reform, suggesting that mandatory audits act as a growth barrier for small firms.
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| 27. |
- Huq, Asif M, et al.
(författare)
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Free to choose: Do voluntary audit reforms increase employment growth?
- 2021
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Ingår i: International Journal of the Economics of Business. - : Taylor & Francis. - 1357-1516 .- 1466-1829. ; 28:1, s. 163-178
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Tidskriftsartikel (refereegranskat)abstract
- Many European countries have abolished mandatory audits for small firms to reduce the regulatory and administrative burden for these firms. However, we still lack knowledge on whether such legislative changes affect employment growth for those firms that become free to choose to have external audits. We investigate this question using a Swedish reform that made audits voluntary for small firms fulfilling certain requirements. The reform created an almost ideal natural experiment, which we use to evaluate the effects of voluntary audits on employment growth for small firms using a difference-in-difference estimator. We find that firms which fulfilled the requirements for voluntary auditing, compared to a control group of similar firms that did not, increased their employment growth rate by 0.59%. This corresponds to 2,770 jobs being created in the year following the reform, suggesting that mandatory audits act as a growth barrier for small firms.
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| 28. |
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| 29. |
- Lindgren, Charlie, et al.
(författare)
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Pricing in retail markets with low search costs : Evidence from a price comparison website
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Price comparison websites, where consumers can compare prices at a search cost that is close to zero, have become increasingly common around the world. Using daily information on prices, click-throughs, and the number of retailers for a sample of consumer electronics and durable goods over a period of 62 months, we investigate the effects of the increased use of the Swedish price comparison website PriceSpy on prices and price dispersion. We find that increased use by consumers created potential savings of 290 million SEK in 2016, while increased use by retailers created potential savings of approximately 2.9 billion SEK. Reduced prices due to increased use of the price comparison website thus resulted in total potential consumer savings of nearly 3.2 billion SEK (289 million EUR) for the year 2016 alone. Price comparison websites thus place downward pressure on prices, thereby increasing economic efficiency. We also find that the increased use of the price comparison website by retailers resulted in increased price dispersion, while the effect of more consumers using the website was mixed.
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