Change search
Link to record
Permanent link

Direct link
BETA
Hellerstedt, Karin
Publications (10 of 40) Show all publications
Chirico, F., Gómez-Mejia, L. R., Hellerstedt, K., Withers, M. & Nordqvist, M. (2019). To merge, sell or liquidate? Socioemotional wealth, family control, and the choice of business exit. Journal of Management
Open this publication in new window or tab >>To merge, sell or liquidate? Socioemotional wealth, family control, and the choice of business exit
Show others...
2019 (English)In: Journal of Management, ISSN 0149-2063, E-ISSN 1557-1211Article in journal (Refereed) Epub ahead of print
Abstract [en]

We take the perspective that considering the affective motives of dominant owners is essential to understanding business exit. Drawing on a refinement of behavioral agency theory, we argue that family-controlled firms are less likely than non-family-controlled firms to exit and tend to endure increased financial distress to avoid losses to the family’s socioemotional wealth (SEW) embodied in the firm. Yet, when confronted with different exit options and performance heuristics suggest that exit is unavoidable family firms are more likely to exit via merger, which we argue saves some SEW, although it is less satisfactory financially. In contrast, non-family firms are more likely to exit via sale or dissolution, options that are more prone to offer higher financial returns than mergers. Family and non-family firms thus show different orders of exit options. We find support for these arguments in a longitudinal matched sample of privately held Swedish firms.

Place, publisher, year, edition, pages
Sage Publications, 2019
Keywords
Family business; business exit; financial distress; behavioral agency model; socioemotional wealth
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-42191 (URN)10.1177/0149206318818723 (DOI)IHHCeFEOIS (Local ID)IHHCeFEOIS (Archive number)IHHCeFEOIS (OAI)
Funder
Ragnar Söderbergs stiftelse
Available from: 2018-12-03 Created: 2018-12-03 Last updated: 2019-01-30
Bird, M. & Hellerstedt, K. (2018). The influence of relational conflicts on spousal entrepreneurs‘ team performance. In: : . Paper presented at Babson College Entrepreneurship Research Conference (BCERC), June 6-9, 2018, Waterford, Ireland.
Open this publication in new window or tab >>The influence of relational conflicts on spousal entrepreneurs‘ team performance
2018 (English)Conference paper, Published paper (Refereed)
Abstract [en]

Principal Topic:

During the last decade entrepreneurial teams have gained increased attention among entrepreneurship scholars. Interestingly, entrepreneurial teams composed of spousal couples constitute the most common type of entrepreneurial team (Ruef, 2010; Hellerstedt, 2009). One reason for this strong prevalence of spousal teams is that the spousal couple is the focal point of any family system and is characterized by mutual affinity, and trust—characteristics considered as beneficial for entrepreneurial team formation (Ruef, 2010). However, relational and affective conflicts within teams have been argued to be detrimental to venture performance (Ensley et al 2002). Therefore, it is interesting to consider that spousal couples often go through challenging periods in terms of relational conflicts and the intensity of these conflicts may depend on the family stage spousal couples find themselves (Pollmann-Schult, 2014). To build our hypotheses, we build on literatures on entrepreneurial teams (Blatt, 2009), entrepreneurs’ relational embeddedness (Granovetter, 1992) and family embeddedness (Aldrich & Cliff, 2003).

Method:

Our empirical setting is based on data provided by Statistics Sweden and requires the matching of several databases: The first database is LISA – a database comprising all legal residents of Sweden. The second database is RAMS which provides yearly data on all registered firms. Finally, the multi-generational database provides us with information on spousal couples. By linking individuals to their families as well as through constructing links between the firm-level database, RAMS, and the individual-level database, LISA, we are able to identify businesses run by spousal partners. Following Hill et al (2011) we classify the family life stages according to individuals’ age and existence of children and their age.

Results and Implications:

With our research we contribute to the literatures on entrepreneurial teams (Blatt, 2009), research on entrepreneurs’ relational embeddedness (Granovetter, 1992) and family embeddedness (Aldrich & Cliff, 2003). We contribute to the entrepreneurial team literature by showing that the spousal relationship is influenced by relational dynamics such as separation and family stage. We further contribute to the strand of entrepreneurs’ relational embeddedness by showing that specific relational resources accrue due to the spouses’ relational embeddedness, which may change over family stage and may be disrupted by relational conflicts.

National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-41253 (URN)
Conference
Babson College Entrepreneurship Research Conference (BCERC), June 6-9, 2018, Waterford, Ireland
Available from: 2018-08-27 Created: 2018-08-27 Last updated: 2019-02-15Bibliographically approved
Wigren-Kristoferson, C., Brundin, E., Hellerstedt, K., Stevenson, A. & Aggestam, M. (2017). Disembeddedness, prior industry experience and opportunity creation processes. In: : . Paper presented at RENT XXXI, November 15-17, 2017, Lund, Sweden November 15-17, 2017. European Institute for Advanced Studies in Management (EIASM)
Open this publication in new window or tab >>Disembeddedness, prior industry experience and opportunity creation processes
Show others...
2017 (English)Conference paper, Published paper (Refereed)
Place, publisher, year, edition, pages
European Institute for Advanced Studies in Management (EIASM), 2017
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-38272 (URN)
Conference
RENT XXXI, November 15-17, 2017, Lund, Sweden November 15-17, 2017
Available from: 2017-12-21 Created: 2017-12-21 Last updated: 2018-09-11Bibliographically approved
Wigren-Kristoferson, C., Aggestam, M., Alsos, G., Brundin, E., Grande, J., Hellerstedt, K., . . . Stevenson, A. (2017). Entrepreneurship and digital embeddedness: virtual opportunities or challenges?. In: : . Paper presented at RENT XXXI, November 15-17, 2017, Lund, Sweden November 15-17, 2017.
Open this publication in new window or tab >>Entrepreneurship and digital embeddedness: virtual opportunities or challenges?
Show others...
2017 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-38273 (URN)
Conference
RENT XXXI, November 15-17, 2017, Lund, Sweden November 15-17, 2017
Available from: 2017-12-21 Created: 2017-12-21 Last updated: 2018-09-11Bibliographically approved
Andersson, J., Andersson, F. & Håkansson, M. (2014). Kartläggning av ägarskiften i företag: Utveckling och dokumentation av dataunderlag. Östersund: Myndigheten för tillväxtpolitiska utvärderingar och analyser
Open this publication in new window or tab >>Kartläggning av ägarskiften i företag: Utveckling och dokumentation av dataunderlag
Show others...
2014 (Swedish)Report (Other academic)
Abstract [sv]

Myndigheten för tillväxtpolitiska utvärderingar och analyser, Tillväxtanalys, har haft i uppdrag av regeringen att genomföra kartläggning och analys av ägarskiften i företag. Uppdraget omfattade även att göra jämförelser mellan generationsskiften och andra typer av ägarskiften som inte är åldersbaserade samt belysa möjligheten att följa upp företagens skifte och dynamik över tid. Tillväxtanalys lämnade i oktober 2013 en delrapportering av uppdraget som avser dels en kartläggning av åldersstrukturen i företagsstocken, dels en fördjupad analys av ägarskiften. Denna rapport är en redovisning av uppdragets sista del som innebär utveckling och dokumentation av dataunderlag för identifiering av ägarförändringar.

SCB har på uppdrag av Tillväxtanalys undersökt möjligheten att bättre identifiera ägarskiften genom att integrera och göra en matchningskontroll av kompletterande uppgifter gällande delägare i fåmansaktiebolag som kan hämtas från Skatteverket, SKV, med redan befintlig information om företagsdynamik, vilken finns i Företagens och arbetsställenas dynamik, FAD, och den registerbaserade arbetsmarknadsstatisken, RAMS, på SCB. För att göra detta studeras företagens ägarskiften mellan åren 2010 och 2011. Uppdraget omfattar även att beskriva FAD gällande syfte, metodik och innehåll.

Cirka 80 procent av samtliga företag oberoende av bolagsform överlevde mellan åren 2010 och 2011. Resterande företag har på något sätt förändrats. Företag läggs ned och andra startar som en del i strukturomvandlingen. Dessutom ser vi att många företag och arbetsställen byter ägare. Näringslivet visar på en stor dynamik och dynamiken omfattar många olika typer av förändringar.

Bearbetningarna visar att det med hjälp av RAMS och SKV:s register går att följa och framställa uppgifter om ägarförändringar på ett bra sätt. Detta gäller både för fåmansaktiebolag, där det går att följa individuellt ägande, och för övriga juridiska former där förändringar i organisationsnummer kan spåras, vilket indikerar ändrade ägarförhållanden. Analysen visar att SKV:s register är ett bra komplement till RAMS och FAD och tillför ytterligare information. Samkörningen av dessa registerdata ger mer information än vad som kan fås ut av respektive registerkällor separat. Det går dessutom att koppla på annan information om anställda, omsättning och olika mått på lönsamhet från andra register.

Tillväxtanalys rekommenderar därför att SCB får tillgång till register gällande ägarandelar från Skatteverket under en längre tidsperiod än enbart de undersökta åren. Detta för att kunna sammanställa en databas som möjliggör bättre och mer precisa analyser av olika dimensioner av näringslivsdynamik och ägarförändringar. Det vore dessutom önskvärt att denna databas görs tillgänglig för forskning och studier som ökar kunskapen om olika dimensioner av näringslivets strukturomvandling.

Abstract [en]

The Swedish Agency for Growth Policy Analysis, Growth Analysis, was commissioned by the government to map and analyse changes in company ownership. The commission also included making comparisons between generation changes and other kinds of change in ownership that are not age-related and analyse the possibility to follow up companies’ ownership changes and dynamics over time. In October 2013, Growth Analysis submitted an interim report comprising both a survey of the age structure in the country’s companies and an in-depth analysis of ownership changes. The present report covers the final part of the commission, i.e. further development of the documentation of underlying data to identify changes in ownership.

Growth Analysis commissioned Statistics Sweden to investigate whether it would be possible to better identify changes in ownership by integrating and checking for matches in the complementary data concerning part-owners in close companies that can be obtained from the Tax Agency with existing information about company dynamics, which can be found in the Company and Workplace Dynamics register and the register-based labour market statistics at Statistics Sweden. In order to accomplish this, a study was made of the companies’ ownership changes between 2010 and 2011. The commission also includes describing the purpose, methodology and content of the Company and Workplace Dynamics register.

Some 80 percent of all companies survived between 2010 and 2011 regardless of the type of company. The remainder underwent some kind of change. Companies close and new ones start up as part of the structural change. We also see that many companies and workplaces change owners. Trade and industry shows significant dynamics and this covers many different kinds of change.

The processing of the data shows that by using Statistics Sweden’s and the Tax Agency’s registers, it is possible to adequately monitor and compile information about changes in company ownership. This applies to both close companies, where it is possible to follow individual ownership, and other corporate entities where changes in corporate identity number, which is an indication of new ownership circumstances, can be traced. The analysis shows that the Tax Agency’s registers complement Statistics Sweden’s registers well and provide additional information. The linking and matching of the data yields more information than can be obtained from each source separately. It is also possible to link in other information about employees, turnover and various measures of profitability from other registers.

Growth Analysis’ recommendation is therefore that Statistics Sweden should be given access to the Tax Agency’s registers concerning shares of ownership for a longer period than merely the years studied. This is to be able to compile a database that enables better and more exact analyses of various dimensions of dynamics in trade and industry and ownership changes to be made. It would also be desirable for this database to be made accessible for research and studies that increase knowledge of different dimensions of structural change in trade and industry.

Place, publisher, year, edition, pages
Östersund: Myndigheten för tillväxtpolitiska utvärderingar och analyser, 2014. p. 26
Series
PM ; 2014:06
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-25407 (URN)
Available from: 2014-12-22 Created: 2014-12-22 Last updated: 2018-09-05Bibliographically approved
Jenkins, A., Hunter, E., Hellerstedt, K. & Davidsson, P. (2014). Stigmatization of failed entrepreneurs: prevalence and solutions. In: : . Paper presented at 2014 Babson College Entrepreneurship Research Conference, 4 – 7 June, Ontario, Canada..
Open this publication in new window or tab >>Stigmatization of failed entrepreneurs: prevalence and solutions
2014 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-25380 (URN)IHHÖvrigtIS (Local ID)IHHÖvrigtIS (Archive number)IHHÖvrigtIS (OAI)
Conference
2014 Babson College Entrepreneurship Research Conference, 4 – 7 June, Ontario, Canada.
Available from: 2014-12-18 Created: 2014-12-18 Last updated: 2018-09-05
Hellerstedt, K., Wennberg, K. & Frederiksen, L. (2014). University knowledge spillovers and regional start-up rates: Supply and demand-side factors. In: Andrew C. Corbett, Donald S. Siegel, Jerome A. Katz (Ed.), Academic entrepreneurship: Creating an entrepreneurial ecosystem (pp. 137-168). Bingley, U.K.: Emerald Group Publishing Limited
Open this publication in new window or tab >>University knowledge spillovers and regional start-up rates: Supply and demand-side factors
2014 (English)In: Academic entrepreneurship: Creating an entrepreneurial ecosystem / [ed] Andrew C. Corbett, Donald S. Siegel, Jerome A. Katz, Bingley, U.K.: Emerald Group Publishing Limited, 2014, p. 137-168Chapter in book (Refereed)
Abstract [en]

This chapter investigates how regional start-up rates in the knowledge-intensive services and high-tech industries are influenced by knowledge spillovers from both universities and firm-based R&D activities. Integrating insights from economic geography and organizational ecology into the literature on entrepreneurship, we develop a theoretical framework which captures how both supply- and demand-side factors mold the regional bedrock for start-ups in knowledge-intensive industries. Using multilevel data of all knowledge-intensive start-ups across 286 Swedish municipalities between 1994 and 2002 we demonstrate how characteristics of the economic and political milieu within each region influence the ratio of firm births. We find that knowledge spillovers from universities and firm-based R&D strongly affect the start-up rates for both high-tech firms and knowledge-intensive services firms. Further, the start-up rate of knowledge-intensive service firms is tied more strongly to the supply of university educated individuals and the political regulatory regime within the municipality than start-ups in high-tech industries. This suggests that knowledge-intensive service-start-ups are more susceptible to both demand-side and supply-side context than is the case for high-tech start-ups in general. Our study contributes to the growing stream of research that explains entrepreneurial activity as shaped by contextual factors, most notably academic institutions, such as universities that contribute to knowledge-intensive start-ups.

Place, publisher, year, edition, pages
Bingley, U.K.: Emerald Group Publishing Limited, 2014
Series
Advances in Entrepreneurship, Firm Emergence and Growth, ISSN 1074-7540 ; 16
National Category
Social Sciences
Identifiers
urn:nbn:se:hj:diva-25184 (URN)10.1108/S1074-754020140000016005 (DOI)9781783509843 (ISBN)9781783509836 (ISBN)
Available from: 2014-11-26 Created: 2014-11-26 Last updated: 2018-09-05Bibliographically approved
Nordqvist, M., Wennberg, K., Baù, M. & Hellerstedt, K. (2013). An Entrepreneurial Process Perspective on Succession in Family Firms. Small Business Economics, 40(4), 1087-1122
Open this publication in new window or tab >>An Entrepreneurial Process Perspective on Succession in Family Firms
2013 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 40, no 4, p. 1087-1122Article in journal (Refereed) Published
Abstract [en]

We review and analyze previous literature on succession in family firms from an entrepreneurial process perspective. Through a three-step cluster analysis of 117 published articles on succession in family firms published between 1974 and 2010, we find several themes within which succession can be understood from an entrepreneurial process perspective where both the entry of new owners and exit of old owners are associated with the pursuit of new business opportunities. We identify gaps within each cluster and develop a set of research questions that may guide future research on succession as an entrepreneurial process. Since succession involves implications for individuals, families and firms, we suggest researchers should adopt a multilevel perspective as they seek answers to these research questions. Our review and analysis also underlines the need to focus on ownership transition rather than only management succession, and the importance of carefully defining both succession and family firm.

National Category
Economics and Business
Identifiers
urn:nbn:se:hj:diva-20531 (URN)10.1007/s11187-012-9466-4 (DOI)000318172800015 ()2-s2.0-84876693657 (Scopus ID)
Available from: 2013-02-14 Created: 2013-02-14 Last updated: 2018-10-23Bibliographically approved
Wiklund, J., Nordqvist, M., Hellerstedt, K. & Bird, M. (2013). Internal Versus External Ownership Transition in Family Firms: An Embeddedness Perspective. Entrepreneurship: Theory & Practice, 37(6), 1319-1340
Open this publication in new window or tab >>Internal Versus External Ownership Transition in Family Firms: An Embeddedness Perspective
2013 (English)In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520, Vol. 37, no 6, p. 1319-1340Article in journal (Refereed) Published
Abstract [en]

We investigate factors that influence family business owners' choice between passing ownership within the family or to new external owners. Taking an embeddedness perspective focusing on owner-family structure and involvement, we hypothesize that ownership dispersion, number of potential heirs, multigenerational involvement, and whether the chief executive officer is a family member influence the choice of an internal or external transition of ownership. We build a longitudinal data set from a sample of 3,829 family firms and their ownership transitions. Our theorizing and findings regarding ownership transitions complements the abundant research on management succession and therefore constitutes an important contribution to the literature.

National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-23229 (URN)10.1111/etap.12068 (DOI)000326728100005 ()2-s2.0-84887206381 (Scopus ID)IHHCeFEOIS (Local ID)IHHCeFEOIS (Archive number)IHHCeFEOIS (OAI)
Available from: 2014-01-23 Created: 2014-01-23 Last updated: 2018-10-23Bibliographically approved
Baù, M., Hellerstedt, K., Nordqvist, M. & Wennberg, K. (2013). Succession in Family Firms. In: Ritch L. Sorenson, Andy Yu, Keith H. Brigham and G. T. Lumpkin (Ed.), The Landscape of Family Business: (pp. 167-197). Edward Elgar Publishing
Open this publication in new window or tab >>Succession in Family Firms
2013 (English)In: The Landscape of Family Business / [ed] Ritch L. Sorenson, Andy Yu, Keith H. Brigham and G. T. Lumpkin, Edward Elgar Publishing, 2013, p. 167-197Chapter in book (Other academic)
Abstract [en]

The process of succession in family firms is often both lengthy and complex, and is influenced by factors such as the personal goals of the owner-manager, family structure, ability and ambitions of potential successors, and legal and financial issues (Le BretonMiller, Miller, & Steier, 2004). Scholars of family business tend to emphasize what determines successful ownership and management succession involving family members and non-family stakeholders, alongside the general characteristics of effective succession (Handler, 1994; Le Breton-Miller et al., 2004; Sharma, Chrisman, & Chua, 2003a). A majority of privately held firms in many developed countries are likely to shift ownership as the owners approach retirement. Thus, from a public policy perspective, there is a need to study the conditions surrounding successful succession of family firms and the implications of these successions in the socio-economic context. This chapter presents a comprehensive review of the scholarly literature on ownership transition and management succession in family firms. We found that most of the literature on succession is conceptual or relies on a small number of cases and/or surveys based on convenience samples. For instance, 71 percent of the work published since the mid-1970s consists of descriptive investigations based on aggregated data or micro studies of firm succession based on small samples or a small number of illustrative cases. We see a need for more studies about the effects of succession on long-term development in privately held firms and how succession affects economic outcomes at different levels of analysis (Yu, Lumpkin, Sorenson, & Brigham, 2012).* We conducted a literature review based upon a cluster analysis that identifies four levels of analysis that dominate the current literature on succession. These levels are important for understanding transition processes and allow us to identify three main areas that offer particular interesting avenues for future research. First, succession involves, among other things, the goals and options of several actors: The individual owners and managers, the family members, the economic environment, and the potential successors, to varying degrees, who may influence the transition process. We discuss this multilevel perspective within the context of the conceptual literature. Although it is adopted in some qualitative studies, multilevel quantitative research is generally scarce. Because succession is an inherently multilevel phenomenon, we argue that empirical research must also adopt a multilevel perspective. Second, we note that succession research focuses primarily on management transitions. In contrast, ownership transfer has received much less attention. For many small- and medium-sized enterprises (including family businesses), these two transitions go hand in hand (Handler, 1994).1 Yet, there are reasons to single out and more closely examine ownership transition that involves not only financial issues and asset valuation, but also emotional issues such as perceived fairness among involved actors, which may represent the most critical part of a succession. Third, our review shows that suitable analytical techniques and representative sampling methods are lacking. There is an increased need for generalizable empirical evidence that can be used to test the limits and boundary conditions of different theoretical models, and to generate insights for owners, managers, and policy-makers. The chapter is organized as follows. In section two, we describe the methodology. Section three reviews the extant research and discusses a selection of articles represented within the categories identified in the cluster analysis. Section four uses these insights to highlight some avenues for future research that would help to fill some of the research gaps identified by our review and analysis. We highlight areas worthy of future inquiry and discuss some of the methodological issues that need to be addressed to further the research in this area. Section five provides a brief conclusion.

Place, publisher, year, edition, pages
Edward Elgar Publishing, 2013
National Category
Business Administration
Identifiers
urn:nbn:se:hj:diva-22048 (URN)9781782547532 (ISBN)
Available from: 2013-09-24 Created: 2013-09-24 Last updated: 2018-09-05Bibliographically approved
Organisations

Search in DiVA

Show all publications