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  • 1.
    Bjuggren, Per-Olof
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Eklund, Johan E.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Property rights and the cost of capital2015In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 39, no 3, 523-537 p.Article in journal (Refereed)
    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.

  • 2.
    Bjuggren, Per-Olof
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Sund, Lars-Göran
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    A contractual perspective on succession in family firms: a stakeholder view2014In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 38, no 2, 211-225 p.Article in journal (Refereed)
    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.

  • 3.
    Braunerhjelm, Pontus
    et al.
    KTH Royal Institute of Technology and Swedish Entrepreneurship Forum.
    Desai, Sameeksha
    Indiana University.
    Eklund, Johan E.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Centre of Excellence for Science and Innovation Studies (CESIS). Swedish Entrepreneurship Forum.
    Regulation, firm dynamics and entrepreneurship2015In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 40, no 1, 1-11 p.Article in journal (Refereed)
    Abstract [en]

    Entrepreneurship can have important positive effects linked to job creation, wealth and income generation, innovation and industry competitiveness. Scholars and policy-makers around the world have turned to the regulatory environment as a mechanism through which entrepreneurship can be encouraged, grown and its economic benefits harnessed. The effect of regulatory conditions on entrepreneurship however is not well understood, and can be nuanced given the wide range of regulatory tools and possible areas of impact. This paper serves as the introduction to a special issue, which seeks to shed some light on the relationship between regulation, firm dynamics and entrepreneurship. We identify some foundational considerations relevant to this relationship and discuss key questions, followed by a brief overview of each of the papers contained in the special issue.

  • 4.
    Sund, Lars-Göran
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Bjuggren, Per-Olof
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Family-owned, limited close corporations and protection of ownership2007In: European Journal of Law and Economics, ISSN 0929-1261, Vol. 23, no 3, 273-283 p.Article in journal (Refereed)
  • 5.
    Sund, Lars-Göran
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Bjuggren, Per-Olof
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Protection of ownership in family firms: Post-sale purchase clauses and management perspective2012In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 33, no 2, 359-370 p.Article in journal (Refereed)
    Abstract [en]

    In many small and medium sized family firms of corporate form there is a desire to protect ownership structure through restrictions on transferability of shares. At first sight this can appear strange as one often mentioned advantage of the corporate form is that it provides for high transferability of shares whereby a large amount of equity easily can be accumulated. But looking around in the real world, most family firms are not listed and have an interest in the control of changes in ownership structure through clauses that restrict transferability of shares. In this paper this interest of control of ownership is taken for granted. The focus is instead on providing a contractual analysis of the pros and cons of different clauses that restrict transferability. What do the spectra of restricting clauses look like? In what transferability situation can it be more efficient to use a certain clause? Does it matter if a person controlling the use of the firm’s assets has a majority ownership and/or is the manager of the firm? We further focus on the impact on management of post-sale purchase clauses, which are common only in the Nordic countries and thereby provide an indigenous perspective. How do succession matters enter into the picture? These are the type of questions that this paper aims to provide answers to. In the description of clauses the Swedish situation is the base case with a short discussion on how Sweden differs in this respect or is similar to the rest of the world.

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