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Publications (10 of 55) Show all publications
Bjuggren, P.-O., Nordström, L. & Palmberg, J. (2018). Are female leaders more efficient in family firms than in non-family firms?. Corporate Governance : The International Journal of Effective Board Performance, 18(2), 185-205
Open this publication in new window or tab >>Are female leaders more efficient in family firms than in non-family firms?
2018 (English)In: Corporate Governance : The International Journal of Effective Board Performance, ISSN 1472-0701, E-ISSN 1758-6054, Vol. 18, no 2, p. 185-205Article in journal (Refereed) Published
Abstract [en]

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. 

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2018
Keywords
Company performance, Corporate governance, Family firms, Financial performance, Gender
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-39063 (URN)10.1108/CG-01-2017-0017 (DOI)000428074400001 ()2-s2.0-85043455565 (Scopus ID)
Available from: 2018-07-19 Created: 2018-07-19 Last updated: 2018-07-19Bibliographically approved
Bjuggren, P.-O., Domeij, B. & Horn, A. (2017). Swedish Patent Litigation Survey of Small and Medium-sized Enterprises. Nordic Intellectual Property Review (3), 234-248
Open this publication in new window or tab >>Swedish Patent Litigation Survey of Small and Medium-sized Enterprises
2017 (English)In: Nordic Intellectual Property Review, ISSN 0027-6723, no 3, p. 234-248Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Stockholm: Nordiskt Immateriellt Rättsskydd, 2017
Keywords
Patent litigation in Sweden
National Category
Social Sciences Business Administration
Research subject
Civil Law
Identifiers
urn:nbn:se:hj:diva-38452 (URN)
Projects
Financing of Innovation, VINNOVA
Funder
VINNOVA
Available from: 2018-01-11 Created: 2018-01-11 Last updated: 2018-01-23Bibliographically approved
Bjuggren, P.-O., Eklund, J. E. & Wiberg, D. (2016). Institutional ownership and returns on investment. Corporate Ownership & Control, 13(4Cont3), 419-430
Open this publication in new window or tab >>Institutional ownership and returns on investment
2016 (English)In: Corporate Ownership & Control, ISSN 1727-9232, E-ISSN 1810-3057, Vol. 13, no 4Cont3, p. 419-430Article in journal (Refereed) Published
Abstract [en]

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.

Keywords
Corporate Governance, Institutions, Marginal Q, Ownership, Performance, Tobin’s Average Q
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-32126 (URN)2-s2.0-84988378434 (Scopus ID)
Available from: 2016-10-28 Created: 2016-10-28 Last updated: 2017-11-29Bibliographically approved
Bjuggren, P.-O. (2016). Marginal q revisited. Applied Economics, 48(1), 52-58
Open this publication in new window or tab >>Marginal q revisited
2016 (English)In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 48, no 1, p. 52-58Article in journal (Refereed) Published
Abstract [en]

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.

Keywords
Tobin's q, marginal q, investment, assets in place
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-29997 (URN)10.1080/00036846.2015.1073842 (DOI)000364836400006 ()2-s2.0-84947027837 (Scopus ID)
Available from: 2016-05-23 Created: 2016-05-23 Last updated: 2017-11-30Bibliographically approved
Bjuggren, P.-O. (2015). Ingen tillväxt utan tillitsfrämjande lagstiftning: Robert D Cooter och Hans-Bernd Schäfer: Solomon’s Knot: How Law Can End the Poverty of Nations, Princeton University Press, 2012, 344 sidor, 978-0-69114-792-5 [Review]. Ekonomisk Debatt, 43(5), 83-87
Open this publication in new window or tab >>Ingen tillväxt utan tillitsfrämjande lagstiftning: Robert D Cooter och Hans-Bernd Schäfer: Solomon’s Knot: How Law Can End the Poverty of Nations, Princeton University Press, 2012, 344 sidor, 978-0-69114-792-5
2015 (Swedish)In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 43, no 5, p. 83-87Article, book review (Other (popular science, discussion, etc.)) Published
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-30000 (URN)
Available from: 2016-05-23 Created: 2016-05-23 Last updated: 2017-11-30Bibliographically approved
Bjuggren, P.-O. & Eklund, J. E. (2015). Property rights and the cost of capital. European Journal of Law and Economics, 39(3), 523-537
Open this publication in new window or tab >>Property rights and the cost of capital
2015 (English)In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 39, no 3, p. 523-537Article in journal (Refereed) Published
Abstract [en]

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.

Keywords
Asset pricing, International financial markets, Property rights, Cost of capital, Investment
National Category
Economics and Business
Identifiers
urn:nbn:se:hj:diva-20441 (URN)10.1007/s10657-013-9396-x (DOI)000354219500004 ()2-s2.0-84876667655 (Scopus ID)
Available from: 2013-01-24 Created: 2013-01-24 Last updated: 2017-12-06Bibliographically approved
Bjuggren, P.-O., Domeij, B. & Horn, A. (2015). Sverige måste hantera patent snabbare. Svenska Dagbladet, 13 november
Open this publication in new window or tab >>Sverige måste hantera patent snabbare
2015 (Swedish)In: Svenska Dagbladet, Vol. 13 novemberArticle in journal, News item (Other (popular science, discussion, etc.)) Published
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-37851 (URN)
Available from: 2017-11-09 Created: 2017-11-09 Last updated: 2017-11-09Bibliographically approved
Bjuggren, P.-O., Domeij, B. & Horn, A. (2015). Swedish patent litigation in comparison to European. NIR: Nordiskt immateriellt rättsskydd (5), 504-522
Open this publication in new window or tab >>Swedish patent litigation in comparison to European
2015 (English)In: NIR: Nordiskt immateriellt rättsskydd, ISSN 0027-6723, no 5, p. 504-522Article in journal (Other academic) Published
National Category
Law
Identifiers
urn:nbn:se:hj:diva-30001 (URN)
Available from: 2016-05-23 Created: 2016-05-23 Last updated: 2017-11-30Bibliographically approved
Bjuggren, P.-O. & Sund, L.-G. (2014). A contractual perspective on succession in family firms: a stakeholder view. European Journal of Law and Economics, 38(2), 211-225
Open this publication in new window or tab >>A contractual perspective on succession in family firms: a stakeholder view
2014 (English)In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 38, no 2, p. 211-225Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Springer, 2014
Keywords
Succession, family firms, mutual dependence, asset specificity, nexus of contracts, close and non-close stakeholders
National Category
Social Sciences
Identifiers
urn:nbn:se:hj:diva-24769 (URN)10.1007/s10657-012-9331-6 (DOI)000342075600002 ()2-s2.0-84859728233 (Scopus ID)
Available from: 2014-09-18 Created: 2014-09-18 Last updated: 2017-12-05Bibliographically approved
Bjuggren, P.-O., Palmberg, J., Sund, L.-G. & Haag, K. (2014). The Dichotomy and Incongruity of Financing a Family Owned Business and Securing Ownership Positions. In: : . Paper presented at 3rd International Forum on Indigenous Management Practices (3rd IFIMP) Conference, Vientiane, 16-19 March, 2014.
Open this publication in new window or tab >>The Dichotomy and Incongruity of Financing a Family Owned Business and Securing Ownership Positions
2014 (English)Conference paper, Oral presentation with published abstract (Other academic)
Keywords
family business
National Category
Economics and Business
Identifiers
urn:nbn:se:hj:diva-23744 (URN)
Conference
3rd International Forum on Indigenous Management Practices (3rd IFIMP) Conference, Vientiane, 16-19 March, 2014
Available from: 2014-05-03 Created: 2014-05-03 Last updated: 2015-07-03Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0002-0519-2617

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