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- Bjuggren, Per-Olof, et al.
(author)
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Institutional ownership and returns on investment
- 2016
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In: Corporate Ownership & Control. - 1727-9232 .- 1810-3057. ; 13:4Cont3, s. 419-430
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Journal article (peer-reviewed)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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- Bjuggren, Per-Olof, et al.
(author)
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Ownership, Control and Performance in Swedish Listed Companies
- 2004
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In: The Annual Conference of the International Society for New Institutional Economics.
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Conference paper (other academic/artistic)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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- di Summa, Pietro G, et al.
(author)
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Adipose-derived stem cells enhance peripheral nerve regeneration
- 2010
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In: Journal of plastic, reconstructive and aesthetic surgery. - : Elsevier. - 1878-0539 .- 1748-6815. ; 63:9, s. 1544-1552
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Journal article (peer-reviewed)abstract
- Traumatic injuries resulting in peripheral nerve lesions often require a graft to bridge the gap. Although autologous nerve auto-graft is still the first-choice strategy in reconstructions, it has the severe disadvantage of the sacrifice of a functional nerve. Cell transplantation in a bioartificial conduit is an alternative strategy to create a favourable environment for nerve regeneration. We decided to test new fibrin nerve conduits seeded with various cell types (primary Schwann cells and adult stem cells differentiated to a Schwann cell-like phenotype) for repair of sciatic nerve injury. Two weeks after implantation, the conduits were removed and examined by immunohistochemistry for axonal regeneration (evaluated by PGP 9.5 expression) and Schwann cell presence (detected by S100 expression). The results show a significant increase in axonal regeneration in the group of fibrin seeded with Schwann cells compared with the empty fibrin conduit. Differentiated adipose-derived stem cells also enhanced regeneration distance in a similar manner to differentiated bone marrow mesenchymal stem cells. These observations suggest that adipose-derived stem cells may provide an effective cell population, without the limitations of the donor-site morbidity associated with isolation of Schwann cells, and could be a clinically translatable route towards new methods to enhance peripheral nerve repair.
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- Eklund, Johan, 1977-, et al.
(author)
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Inherited Corporate Control and Returns on Investment
- 2013
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In: Small Business Economics. - : Springer Science and Business Media LLC. - 0921-898X .- 1573-0913. ; 41:2, s. 419-431
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Journal article (peer-reviewed)abstract
- This paper contributes to the literature on management in family firms by investigating how succession in family firms affects returns on investment. The identities of the chief executive officer (CEO) and the chairman of the board (COB) were used to establish whether the management of the firm can be characterized as founder, descendant, or external management. A unique, unbalanced panel data set on listed Swedish firms covering the period from 1990 to 2005 was used in the analysis. The results show that founder management has a positive effect on the returns on investment in family firms, whereas descendant management has a negative impact. An external CEO as a successor in family firms leads to more efficient investment policies with increased firm value as a result. That is, when studying corporate governance in family firms it is important to account for what type of management the firm has. Further studies are required to understand the relationship between ownership, control, management, and firm performance.
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