| 1. |
- Andersson, Martin, et al.
(author)
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Betydelsen av unga och växande företag : En politikför ett mer dynamiskt näringsliv
- 2024
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Reports (pop. science, debate, etc.)abstract
- Syftet med denna rapport är att studera betydelsen av unga växande företag i Sverige underperioden 2003 till 2022. Vi studerar relationen mellan tillväxt i antal anställda och företagensålder och storlek med hjälp av registerdata över svenska privata aktiebolag. Mer specifiktbesvarar vi följande frågeställningar: Vilken betydelse har de unga företagen för jobbtillväxten i Sverige? Hur har nyföretagande och unga snabbväxande företag utvecklats över tid? Bör politiken fokusera på att stimulera framväxt av nya företag i Sverige och vilkareformer är effektiva för att utveckla ett dynamiskt näringsliv i Sverige med fler ungaväxande företag?
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| 2. |
- Ankarhem, Mattias, et al.
(author)
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Do Regional Investment Grants Improve Firm Performance? : Evidence from Sweden
- 2010
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In: Technology and Investment. - Irvine, USA : Scientific Research Publishing. - 2150-4059. ; 1:3, s. 221-227
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Journal article (peer-reviewed)abstract
- The effect of Swedish regional investment grants during 1990-1999 on firm performance, in terms of returns on equity and number of employees, were studied using a propensity-score matching-method to control for sample selection. Firms that received grants did not perform better in terms of returns on equity when compared to matched firms in the control group. In most years, recipient firms also did not hire more employees. The results thus cast doubt on the use of regional investment grants as a general policy instrument to improve firm performance.
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| 3. |
- Aronsson, Tomas, et al.
(author)
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Estimating Intrahousehold Allocation in a Collective Model with Houasehold Production
- 2001
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In: Journal of Population Economics. - : Springer Science and Business Media LLC. - 0933-1433 .- 1432-1475. ; 14:4, s. 569-584
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Journal article (peer-reviewed)abstract
- The purpose of this paper is to estimate the intra-family distribution of income and the individual demand for leisure and household production from Swedish cross-sectional household data. As a basis for the analysis, we use a collective model where each individual is characterized by his or her own utility function and divides total time between leisure, household production and market work. For the purpose of comparison, we also estimate a version that is consistent with a more traditional model of labor supply, the unitary model.
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| 4. |
- Berggren, Niclas, et al.
(author)
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Does social trust speed up reforms? : The case of central-bank independence
- 2016
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In: Journal of Institutional Economics. - : Cambridge University Press. - 1744-1374 .- 1744-1382. ; 12:2, s. 395-415
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Journal article (peer-reviewed)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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| 5. |
- Bjuggren, Carl Magnus, 1979-, et al.
(author)
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Ownership and high-growth firms
- 2010
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Reports (other academic/artistic)abstract
- Empirical studies demonstrate that most net job-growth originates from a small number of high-growth firms (HGFs). The purpose of this paper is to analyze whether firm ownership – family, or private non-family – matters for being a HGF, using data covering all firms in Sweden during 1993-2006. Firm growth is measured in terms of absolute employment growth, relative employment growth and as a combination of absolute and relative employment growth (the so-called Birch-index). We find that family ownership decreases the probability of exhibiting high growth. Changing ownership from family to private non family increases the probability of being a HGF, whereas a change from private non-family to family ownership decreases the probability of being a HGF. The results are robust, irrespective of measurement of firm growth, suggesting that ownership and changes in ownership are important determinants of rapid firm growth.
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| 6. |
- Bornhäll, Anders, 1984-, et al.
(author)
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Employment Protection Legislation and Firm Growth : Evidence from a Natural Experiment
- 2014
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Reports (other academic/artistic)abstract
- A natural experiment is used to identify the causal relationship between employment protection legislation and fi…rm growth. The natural experiment occurred in Sweden in 2001, when an exemption made it possible for fi…rms with less than eleven employees to exclude two workers from the last-in-fi…rst-out principle when dismissing personnel. The estimated average treatment effect of the reform show that the number of employees increased with 0.135 percent in fi…rms with 5-9 employees relative to fi…rms with 10-15 employees, which corresponds to over 5,000 additional jobs per year created by the reform. Firms with ten employees, just below the size threshold, became 3.4 percent less likely to increase their workforce to a level surpassing the threshold, indicating that the last-in-…first-out rule prevented these …firms from growing. Thus, employment protection legislation seems to act as a growth barrier for small fi…rms.
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| 7. |
- Bornhäll, Anders, 1984-, et al.
(author)
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Employment protection legislation and firm growth : evidence from a natural experiment
- 2017
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In: Industrial and Corporate Change. - : Oxford University Press. - 0960-6491 .- 1464-3650. ; 26:1, s. 169-185
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Journal article (peer-reviewed)abstract
- A Swedish reform in 2001 made it possible for firms with less than 11 employees to exclude two from the last-in-first-out principle in case of layoffs. The reform increased employment growth with over 4000 additional jobs per year among firms with five to nine employees. Firms with 10 employees became 3.4 percentage points less likely to increase their workforce, indicating that the introduced threshold kept them from growing. Thus, employment protection legislation seems to act as a growth barrier for small firms.
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| 8. |
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| 9. |
- Bornhäll, Anders, et al.
(author)
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Osynliga jobbskapare : En tillväxtpotential för svensk detaljhandel?
- 2015
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Reports (other academic/artistic)abstract
- Den stora merparten av alla detaljhandelsföretag karakteriseras av ingen eller en marginell tillväxt av antalet anställda. Dessa företag betraktas ofta som en homogen grupp bestående av företag med inga tillväxtambitioner och som näringspolitiken inte bör inriktas gentemot. I denna rapport visar vi dock att de företag som inte växer i själva verket är mycket heterogena. Mer än tio procent av alla detaljhandelsföretag som inte växer under en treårsperiod kännetecknas av en relativt hög lönsamhet. Dessa företag kallar vi för de sovande gasellerna eftersom tidigare studier har visat att hög lönsamhet är en viktig faktor för en långsiktigt hållbar framtida tillväxt av antalet anställda. Andelen sovande gaseller inom detaljhandeln är cirka 1,5 till 2,35 procentenheter fler än i ekonomin som helhet. Hälften av dessa detaljhandelsföretag kommer inte heller att öka antalet anställda i kommande perioder, trots att de fortsätter att ha en hög lönsamhet eller en lönsamhet i paritet med det genomsnittliga företaget. Detta visar att det finns en dold tillväxtpotential inom detaljhandeln i Sverige som inte har realiserat. Resultaten från studien visar också att de sovande gasellerna inom detaljhandeln inte är slumpmässigt dragna ur företagspopulationen, utan att det framförallt är små företag som väljer att inte expandera verksamheten mellan två treårsperioder. De sovande gasellerna är inte heller slumpmässigt fördelade geografiskt i Sverige. De kommuner som har en hög andel sovande gaseller inom detaljhandeln under en tidsperiod tenderar att även ha det i kommande tidsperioder, vilket indikerar att det finns geografiska förklaringar till varför vissa företag inte växer trots att de har en god lönsamhet. Avsaknaden av tillväxt hos dessa företag kan antingen förklaras av att de inte har några tillväxtambitioner, oavsett villkoren för företagande; alternativt att de vill växa, men inte under rådande förutsättningar. Om den senare förklaringen är giltig kan reformer som minskar tillväxtbarriärer för detaljhandelsföretagen generera många nya arbetstillfällen.
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| 10. |
- Bornhäll, Anders, et al.
(author)
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Sleeping gazelles : High profits but no growth
- 2014
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In: Frontiers of Entrepreneurship Research. - 0740-7416. ; 34:17, s. 1-16
-
Journal article (peer-reviewed)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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| 11. |
- Bornhäll, Anders, et al.
(author)
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Sleeping gazelles : The unseen job creators?
- 2015
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In: Entrepreneurial growth. - : Emerald Group Publishing Limited. - 9781785600470 - 9781785600463 ; , s. 161-185
-
Book chapter (peer-reviewed)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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| 12. |
- Bornhäll, Anders, 1984-, et al.
(author)
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The unseen job creators : Growth potential among non-growing …firms
- 2014
-
Reports (other academic/artistic)abstract
- Among 104,231 limited liability fi…rms 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 profi…ts. Nearly half of these …firms continued to have high or medium pro…fits in the next three-year period, but still no growth. Regression analysis indicates that these fi…rms were not randomly distributed; rather they were small and young, did not belong to an enterprise group, and operated in local markets with high profi…t-opportunities. We conclude that it might be more benefi…cial to focus policy towards these …firms instead of towards a few high-growth fi…rms that, having just grown exponentially, may not be best positioned to grow further.
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| 13. |
- Bornhäll, Anders, 1984-
(author)
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Unseen job creators and firm growth barriers : the role of capital constraints and seniority rules
- 2017
-
Doctoral thesis (other academic/artistic)abstract
- The topic of this thesis is to provide a deeper understanding of how the institutional framework affects firms’ hiring decisions.The first article focuses on a group of firms, called sleeping gazelles, that do not grow despite having high profits. Sleeping gazelles constitute a much larger share of the firm population than that of high-growth firms. If it is growth barriers that are hindering these firms from hiring more employees, many new jobs could be created if these barriers were removed. To investigate the effects of one of the suggested growth barriers in the literature, the second article, focuses on whether small-firm growth is hampered by lack of capital. Using survey data from business owners matched with register data, we find that firms may face a capital constraint paradox, whereby the supply of external capital might be sufficient, but firm owners might refrain from accessing it due to fear of losing control of their companies. The third article investigates whether employment protection acts as a growth barrier in Sweden. Using a reform of the Swedish last-in-first-out (LIFO) rule, we estimate the causal effects from a liberalization of the employment protection. We find that firm growth increased because of the reform and that a more expansive reform could provide new job opportunities and increase overall employment. The LIFO rule was introduced to protect older workers. The fourth article investigates whether the reform weakened the labor market position of these workers. It is found that more young individuals who were unemployed or previously not in the workforce were hired as a consequence of the reform, showing that the reform lowered youth unemployment. There is no indication of older workers leaving the workforce or becoming unemployed to any greater extent after the reform. The fifth article show that the positive effects of the reform were limited to native workers, with no effects on the labor market position of immigrants. The effects depend on the relative insider-status of employees, so that groups of employees who are closer to being insiders benefit more from less-strict employment protection legislation than groups that are further from being insiders.
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| 14. |
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| 15. |
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| 16. |
- Coad, Alex, et al.
(author)
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High-growth firms : introduction to the special section
- 2014
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In: Industrial and Corporate Change. - : Oxford University Press (OUP). - 0960-6491 .- 1464-3650. ; 23:1, s. 91-112
-
Journal article (peer-reviewed)abstract
- High-growth firms (HGFs) have attracted considerable attention recently, as academics and policymakers have increasingly recognized the highly skewed nature of many metrics of firm performance. A small number of HGFs drives a disproportionately large amount of job creation, while the average firm has a limited impact on the economy. This article explores the reasons for this increased interest, summarizes the existing literature, and highlights the methodological considerations that constrain and bias research. This special section draws attention to the importance of HGFs for future industrial performance, explores their unusual growth trajectories and strategies, and highlights the lack of persistence of high growth. Consequently, while HGFs are important for understanding the economy and developing public policy, they are unlikely to be useful vehicles for public policy given the difficulties involved in predicting which firms will grow, the lack of persistence in high growth levels, and the complex and often indirect relationship between firm capability, high growth, and macro-economic performance.
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| 17. |
- Coad, Alex, et al.
(author)
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Whom do high-growth firms hire?
- 2014
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In: Industrial and Corporate Change. - : Oxford University Press (OUP). - 0960-6491 .- 1464-3650. ; 23:1, s. 293-327
-
Journal article (peer-reviewed)abstract
- We study employment and new hires among high-growth firms (HGFs) in the Swedish knowledge-intensive sectors 1999-2002. Using matched employer-employee data, we find that HGFs are more likely to employ young people, poorly educated workers, immigrants, and individuals who experienced longer unemployment periods. However, these patterns seem contingent on the stage of the firm's evolution. HGFs that have already realized some rapid growth are more likely to hire individuals from other firms, even though immigrants are still overrepresented among new hires. In the case of both HGF employees and HGF new hires, employment opportunities in HGFs are provided by young and small firms.
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| 18. |
- Daunfeldt, Sven-Olov, et al.
(author)
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Are central bank independence reforms necessary for achieving low and stable inflation?
- 2013
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Reports (other academic/artistic)abstract
- Using data on the occurence of central bank independence (CBI) reforms in 131 countries during 1980-2005, we test whether they were important in reducing inflation and maintaining price stability. CBI reforms are found to have reduced inflation on average 3.31% when countries with historically high inflation rates are included. But countries with lower inflation have reduced it without institutional reforms granting central banks more independence, undermining the theoretical time-inconsistency case for CBI. There is furthermore no evidence that CBI reforms have helped reduce inflation variability.
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| 19. |
- Daunfeldt, Sven-Olov, et al.
(author)
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Are Central Bank Independence Reforms Necessary for Achieving Low and Stable Inflation?
-
Other publication (other academic/artistic)abstract
- Using data on the occurence of central bank independence (CBI) reforms in 131 countries during 1980-2005, we test whether they were important in reducing inflation and maintaining price stability. CBI reforms are found to have reduced inflation on average 3.31% when countries with historically high inflation rates are included. But countries with lower inflation have reduced it without institutional reforms granting central banks more independence, undermining the theoretical time-inconsistency case for CBI. There is furthermore no evidence that CBI reforms have helped reduce inflation variability.
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| 20. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(author)
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Are High-Growth Firms One-Hit Wonders? : Evidence from Sweden
- 2015
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In: Small Business Economics. - : Springer Science and Business Media LLC. - 0921-898X .- 1573-0913. ; 44:2, s. 361-383
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Journal article (peer-reviewed)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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| 21. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(author)
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Are high-growth firms overrepresented in high-tech industries?
- 2016
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In: Industrial and Corporate Change. - : Oxford University Press. - 0960-6491 .- 1464-3650. ; 25:1, s. 1-21
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Journal article (peer-reviewed)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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| 22. |
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| 23. |
- Daunfeldt, Sven-Olov, et al.
(author)
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Betydelsen av internt genererat kapital för en långsiktigt hållbar företagstillväxt
- 2017. - 1
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In: Perspektiv på kapitalförsörjning – en antologi om företagens finansiering och statens roll. - Stockholm : Tillväxtanalys. - 9789163930096 ; , s. 31-49
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Book chapter (other academic/artistic)abstract
- Ett företags expansion kan finansieras med internt genererat kapital eller med hjälp av extern finansiering. Vi undersöker här hur omsättningstillväxten och överlevnadssannolikheten påverkas av företagets internt uppbyggda kapital. Undersökningen baseras på data över alla Sveriges aktiebolag under perioden 1997–2010.Våra resultat indikerar att den initiala tillgången på internt uppbyggt kapital generellt sett inte är förknippad med en högre omsättningstillväxt eller ökade möjligheter att överleva på marknaden. Vi finner däremot att de företag som bygger upp interna medel innan de växer är mer sannolika att uppnå en långsiktigt hållbar tillväxt än de företag som växer innan de byggt upp ett internt kapital.Resultaten indikerar också att företag som har varit med om uppköp eller sammanslagningar har både högre tillväxt och bättre chanser att överleva på marknaden.Vi kan samtidigt konstatera att de skattade sambanden ofta är svaga trots det omfattande datamaterialet. Det tyder på att företagstillväxt i huvudsak är slumpmässig eller kan förklaras av variabler som är svåra att mäta och inkludera i kvantitativ analys. Detta bekräftas också av tidigare studier.Våra resultat implicerar att framtida studier bör fokusera mer på hur företagen växer än på vad som kan förklara hur mycket de växer vid en viss tidpunkt.
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| 24. |
- Daunfeldt, Sven-Olov, et al.
(author)
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Central bank independence and price stability : evidence from OECD-countries
- 2008
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In: Oxford Economic Papers. - Oxford : Oxford University Press (OUP). - 0030-7653 .- 1464-3812. ; 60:3, s. 410-422
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Journal article (peer-reviewed)abstract
- In this paper, we use a non-parametric regression method to compare the transition process from high to low inflation with the implementation dates of central bank independence reforms. In most countries, price stability is achieved before more independence is given to the central bank. Moreover, for those countries which have implemented a central bank independence reform under a high inflation regime, no evidence is found that the reforms have actually led to price stability. This suggests that the credibility of a low inflation goal can be achieved without institutional reforms which grant the central bank more independence from the political policymakers.
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| 25. |
- Daunfeldt, Sven-Olov, et al.
(author)
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Congestion charges and retail revenues : results from the Stockholm road pricing trial
- 2009
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In: Transportation Research Part A. - : Elsevier. - 0965-8564 .- 1879-2375. ; 43:3, s. 306-309
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Journal article (peer-reviewed)abstract
- This paper studies the impact of the Stockholm road pricing trial on retail revenues. The analysis is performed using revenue data from 14 shopping malls, 9 within the tool area and 5 outside the tool area. The data also include revenue data from a sample of retail stores located along the main shopping streets in Stockholm. The results show that the Stockholm road pricing trial did not negatively affect retail revenue, neither in shopping malls nor in the sample of retail stores.
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