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  • 1. Ankarhem, Mattias
    et al.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Quoreshi, Shahiduzzaman
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Do Regional Investment Grants Improve Firm Performance?: Evidence from Sweden2010In: Technology and Investment, ISSN 2150-4059, Vol. 1, no 3, p. 221-227Article in journal (Refereed)
    Abstract [en]

    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.

  • 2.
    Berggren, Niclas
    et al.
    Res Inst Ind Econ IFN, Stockholm, Sweden.;Univ Econ, Dept Inst Environm & Expt Econ KIE, Prague, Czech Republic..
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Res, Stockholm, Sweden.;Dalarna Univ, Dept Econ, Borlange, Sweden..
    Hellstrom, Jorgen
    Umea Univ, Umea Sch Business & Econ, Umea, Sweden..
    Does social trust speed up reforms?: The case of central-bank independence2016In: Journal of Institutional Economics, ISSN 1744-1374, E-ISSN 1744-1382, Vol. 12, no 2, p. 395-415Article in journal (Refereed)
    Abstract [en]

    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.

  • 3.
    Berggren, Niclas
    et al.
    Research Institute of Industrial Economics (IFN), Stockholm, Sweden; Department of Institutional Economics, Faculty of Economics, University of Economics in Prague, Czech Republic.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm, Sweden.
    Hellström, Jörgen
    Umeå School of Business and Economics, Umeå University, Umeå, Sweden.
    Social trust and central bank independence2014In: European Journal of Political Economy, ISSN 0176-2680, E-ISSN 1873-5703, Vol. 34, p. 425-439Article in journal (Refereed)
    Abstract [en]

    Central banks have become more independent in many countries. A common rationale has been the existence of a credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social trust and central-bank independence. Our empirical findings, based on data from 149 countries, confirm such a link, in the form of a u-shaped relationship. We suggest that two factors help explain this finding: the need for this kind of reform and the ability with which it can be implemented. At low trust, the need for central-bank independence is sufficiently strong to bring it about, in spite of a low ability to undertake reform. At high trust, the ability to undertake reform is sufficiently strong to bring high independence about, in spite of a low need for it. At intermediate trust levels, lastly, neither need nor ability is strong enough to generate very independent central banks.

  • 4.
    Bornhäll, Anders
    et al.
    Örebro universitet; HUI Research .
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research .
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography. HUI Research.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Osynliga jobbskapare: En tillväxtpotential för svensk detaljhandel?2015Report (Other academic)
    Abstract [sv]

    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.

  • 5.
    Bornhäll, Anders
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Employment protection legislation and firm growth: Evidence from a natural experiment2017In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 26, no 1, p. 169-185Article in journal (Refereed)
    Abstract [en]

    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.

  • 6.
    Bornhäll, Anders
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. Örebro university.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Employment Protection Legislation and Firm Growth: Evidence from a Natural Experiment2014Report (Other academic)
    Abstract [en]

    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.

  • 7.
    Bornhäll, Anders
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Sleeping gazelles: High profits but no growth2014In: Frontiers of Entrepreneurship Research, ISSN 0740-7416, Vol. 34, no 17, p. 1-16, article id 1Article in journal (Refereed)
    Abstract [en]

    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.

  • 8.
    Bornhäll, Anders
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Sleeping gazelles: The unseen job creators?2015In: Entrepreneurial growth: Individual, firm, and region / [ed] Corbett, A.C., Katz, J.A., and McKelvie, A, Emerald Group Publishing Limited, 2015, p. 161-185Chapter in book (Refereed)
    Abstract [en]

    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.

  • 9.
    Bornhäll, Anders
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. Örebro university.
    Daunfeldt, Sven-olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    The unseen job creators: Growth potential among non-growing …firms2014Report (Other academic)
    Abstract [en]

    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.

  • 10. Coad, Alex
    et al.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Res.
    Hoelzl, Werner
    Johansson, Dan
    Nightingale, Paul
    High-growth firms: introduction to the special section2014In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 23, no 1, p. 91-112Article in journal (Refereed)
    Abstract [en]

    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.

  • 11. Coad, Alex
    et al.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Res.
    Johansson, Dan
    Wennbergz, Karl
    Whom do high-growth firms hire?2014In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 23, no 1, p. 293-327Article in journal (Refereed)
    Abstract [en]

    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.

  • 12.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Elert, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    When is Gibrat's law a law?2012In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 41, no 1, p. 133-147Article in journal (Refereed)
    Abstract [en]

    The purpose of this article is to investigate if the industry context matters for whether Gibrat’s law is rejected or not using a dataset that consists of all limited firms in five-digit NACE-industries in Sweden during 1998–2004. The results reject Gibrat’s law on an aggregate level, since small firms grow faster than large firms. However, Gibrat’s law is confirmed about as often as it is rejected when industry-specific regressions are estimated. It is also found that the industry context—e.g., minimum efficient scale, market concentration rate, and number of young firms in the industry—matters for whether Gibrat’s law is rejected or not.

  • 13.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    Elert, Niklas
    Johansson, Dan
    Are High-Growth Firms Overrepresented in High-tech Industries?2016In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 25, no 1, p. 1-25Article in journal (Refereed)
  • 14.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Elert, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Lang, Åsa
    Dalarna University, School of Technology and Business Studies, Business Administration and Management.
    Does Gibrat's Law Hold for Retailing?: Evidence from Sweden2012In: Journal of Retailing and Consumer Services, ISSN 0969-6989, E-ISSN 1873-1384, Vol. 19, no 5, p. 464-469Article in journal (Refereed)
    Abstract [en]

    Gibrat’s Law predicts that firm growth is a purely random effect and therefore should be independent of firm size. The purpose of this paper is to test Gibrat’s law within the retail industry, using a novel data-set comprising all surviving Swedish limited liability companies active at some point between 1998 and 2004. Very few studies have previously investigated whether Gibrat’s Law seems to hold for retailing, and they are based on highly aggregated data. Our results indicate that Gibrat´s Law can be rejected for a large majority of five-digit retail industries in Sweden, since small retail firms tend to grow faster than large ones.

  • 15.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Elert, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Start-ups and firm in-migration: evidence from the Swedish wholesale industry2013In: The annals of regional science, ISSN 0570-1864, E-ISSN 1432-0592, Vol. 51, no 2, p. 471-494Article in journal (Refereed)
    Abstract [en]

    We use a data set covering 13,471 Swedish limited liability firms in the Swedish wholesale industries during 2000–2004 to ascertain the determinants of new start-ups and of in-migration of firms. Access to a large harbor, international airport or large railroad classification yard in the municipality nearly triples the number of start-ups and increases the expected number of in-migrating firms with 53 %. The presence of a university, many educated workers and low local taxes are also associated with more start-ups and firm in-migration.

  • 16.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Fabian, Wallen
    Svenska citroner: Åtta fräscha idéer som lämnade en sur eftersmak2013Book (Other (popular science, discussion, etc.))
  • 17.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Fölster, Stefan
    Experiment med välfärden2013In: Ekonomisk Debatt, ISSN 0345-2646, no 2, p. 16-27Article in journal (Other (popular science, discussion, etc.))
  • 18.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Grek, Åsa
    Dalarna University, School of Technology and Business Studies, Microdata Analysis.
    Hartwig, Fredrik
    Dalarna University, School of Technology and Business Studies, Business Administration and Management.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Betydelsen av internt genererat kapital för en långsiktigt hållbar företagstillväxt2017In: Perspektiv på kapitalförsörjning – en antologi om företagens finansiering och statens roll / [ed] Jörgen Lithander, Stockholm: Tillväxtanalys , 2017, 1, p. 31-49Chapter in book (Other academic)
    Abstract [sv]

    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.

  • 19.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Grek, Åsa
    Dalarna University, School of Technology and Business Studies, Microdata Analysis.
    Hartwig, Fredrik
    Dalarna University, School of Technology and Business Studies, Business Administration and Management.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Hur kapitalstrukturen påverkar den långsiktigt hållbara företagstillväxten2017Report (Other academic)
    Abstract [sv]

    Det antas ofta att det finns ett ”kapitalförsörjningsgap” i ekonomin på grund av asymmetrisk information, vilket leder till att efterfrågan på externt kapital är större än utbudet. De politiska beslutsfattarna vill därför ofta öka tillgången på externt riskkapital genom olika selektiva statliga stödinsatser för att få fler växande företag.

    Klassiska teorier om företagstillväxt implicerar dock att det snarare är uppbyggnaden av företagets interna resurser som är av betydelse för att förklara företagens tillväxt och möjligheter att överleva på marknaden. Många företagare vill dessutom behålla kontrollen över sitt företag och kan därmed välja att inte växa med externt kapital, trots att de har tillväxtambitioner. Om detta stämmer är politiska beslut som ökar tillgången till internt kapital av större betydelse för företagens utveckling än politiska beslut som avser att öka tillgången på externt kapital.

    I denna rapport vill vi studera hur betydelsefullt det internt uppbyggda kapitalet har varit för tillväxt och överlevnad hos aktiebolag i Sverige under perioden 1997–2010. Våra resultat indikerar att:

    • Tillgången till internt kapital kan inte förklara den observerade företagstillväxten bland aktiebolag i Sverige under perioden 1997–2010.

    • Det interna kapitalet är inte relaterat till överlevnadssannolikheten för aktiebolag i Sverige under perioden 1997–2010.

    • Företag som växer efter att de har byggt upp internt kapital har större möjligheter att i framtiden kombinera hög tillväxt med hög lönsamhet jämfört med de företag som växer innan de har byggt upp internt kapital.

    Resultaten är delvis motstridiga. De företag som bygger upp ett internt kapital och sedan väljer att expandera har en högre sannolikhet att nå en långsiktigt hållbar position för tillväxt än de företag som växer innan de har byggt upp internt kapital. Detta talar för att uppbyggnaden av internt kapital är av betydelse. Våra regressionsresultat indikerar dock att det inte finns något starkt positivt samband mellan internt uppbyggt kapital och företagens framtida omsättningstillväxt eller möjligheter att överlevna på marknaden.

    Det finns ett antal möjliga förklaringar till våra resultat. Den första förklaringen är helt enkelt att det interna kapitalet inte är av betydelse för företagens framtida tillväxt och överlevnad. Den troliga förklaringen till detta är att vid jämvikt kommer företagarna att värdesätta en expansion med internt eller externt kapital på liknande sätt. Detta implicerar att det snarare är den totala mängden riskkapital som påverkar företagens tillväxt och överlevnad, och inte huruvida kapitalet genereras internt eller externt.

    En annan tolkning är att företagarna fortfarande föredrar att växa med internt uppbyggt kapital eftersom resultaten visar effekten på företagstillväxten och överlevnadssannolikheten, givet den initiala uppbyggnaden av internt kapital i företagen. Den initiala nivån av internt kapital har således ingen effekt på företagsutvecklingen, men en ökning av det interna kapitalet i förhållande till tillgången på externt kapital kan fortfarande leda till att fler företag vill expandera sin verksamhet.

    Många företagare i Sverige väljer också att inte växa trots att de har relativt god lönsamhetsutveckling. Detta kan betyda att vi inte observerar några samband mellan det internt uppbyggda kapitalet och företagens utveckling eftersom många företagare inte vill växa under de rådande institutionella förutsättningarna. Det finns med andra ord utelämnande variabler, till exempel olika tillväxtbarriärer (regelkrångel, strikt anställningsskydd, matchningsproblem, etc.), som kan förklara varför det interna kapitalet inte har någon observerad betydelse för tillväxten och företagens överlevnad i vår studie.

    Slutligen kan en möjlig förklaring vara att företagens tillväxt och överlevnad i mycket hög utsträckning är slumpmässig. Detta innebär att det blir svårt att förklara vad det är som påverkar företagens utveckling, vilket också implicerar att selektiva stödåtgärder för att få fler växande företag är dömda att misslyckas.

    Sammanfattningsvis kan vi konstatera att våra resultat inte ger något stöd för hypotesen att företag med tillgång till internt kapital växer snabbare och har en högre överlevnadssannolikhet än de företag som har tillgång till mindre internt uppbyggt kapital. Resultaten bygger på de rådande institutionella förutsättningarna i Sverige under perioden 1997–2010 och är avgränsade till att studera effekten av det initialt uppbyggda kapitalet i bolagen. Vi undersöker inte företagarnas preferenser, det vill säga om de föredrar mer internt kapital framför externt kapital när de ska expandera verksamheten, eller om en ökning av det internt uppbyggda kapitalet har en större tillväxteffekt än mer externt kapital.

  • 20.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Halvarsson, Daniel
    Are high-growth firms one-hit wonders?: Evidence from Sweden2015In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 44, no 2, p. 361-383Article in journal (Refereed)
    Abstract [en]

    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 firm-level data from Sweden during 1997–2008. 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. Thus, these are essentially “one-hit wonders,” and it is doubtful whether policymakers can improve economic outcomes by targeting them.

  • 21.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Halvarsson, Daniel
    Johansson, Dan
    Using the Eurostat-OECD definition of high-growth firms: a cautionary note2015In: Journal of Entrepreneurship and Public Policy, ISSN 2045-2101, E-ISSN 2045-211X, Vol. 4, no 1, p. 50-56Article in journal (Refereed)
  • 22.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    Halvarsson, Daniel
    Ratio Institute, Stockholm.
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography. HUI Research, Stockholm.
    High-growth firms: Not so vital after all?2016In: International Review of Entrepreneurship, ISSN 2009-2822, Vol. 14, no 4Article in journal (Refereed)
  • 23.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Halvarsson, Daniel
    HUI Research.
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography. HUI Research.
    High-growth firms: Not so vital after all?2015Report (Other academic)
    Abstract [en]

    High-growth firms have received considerable interest recently since they create most of the new jobs in the economy. The purpose of our paper is to investigate the characteristics of high-growth firms prior to their growth period, and whether these characteristics differ across industries. Using data on a large sample of limited liability firms in Sweden for the period 2007-2010, we find that high-growth firms do not have the characteristics that we typically associate with successful firms. On the contrary, our results indicate that high-growth firms have low profits and a weak financial position. This might explain why studies have found that high-growth firms are seldom capable of sustaining their high growth rates in subsequent periods, and thus question policies that are targeted towards these companies.

  • 24.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. Department of Trade, Industry and Business, HUI Research.
    Hartwig, Fredrik
    Dalarna University, School of Technology and Business Studies, Business Administration and Management. Department of Trade, Industry and Business, HUI Research.
    What determines the use of capital budgeting methods?: Evidence from Swedish listed companies2014In: Journal of Finance and Economics, ISSN 2328-7284, Vol. 2, no 4, p. 101-112Article in journal (Refereed)
    Abstract [en]

    Purpose: This paper aims to extend and contribute to prior research on the association between company characteristics and choice of capital budgeting methods (CBMs). Design/methodology/approach: A multivariate regression analysis on questionnaire data from 2005 and 2008 is used to study which factors determine the choice of CBMs in Swedish listed companies. Findings: Our results supported hypotheses that Swedish listed companies have become more sophisticated over the years (or at least less unsophisticated) which indicates a closing of the theory-practice gap; that companies with greater leverage used payback more often; and that companies with stricter debt targets and less management ownership employed accounting rate of return more frequent. Moreover, larger companies used CBMs more often. Originality/value: The paper contributes to prior research within this field by being the first Swedish study to examine the association between use of CBMs and as many as twelve independent variables, including changes over time, by using multivariate regression analysis. The results are compared to a US and a continental European study.

  • 25.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Hellström, Jörgen
    Umeå University, Umeå School of Business and Economics (USBE).
    Landström, Mats
    Dalarna University, School of Technology and Business Studies, Economics.
    Why do politicians implement central bank independence reforms?2013In: Atlantic Economic Journal, ISSN 0197-4254, E-ISSN 1573-9678, Vol. 41, no 4, p. 427-438Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to investigate why politicians around the world have chosen to give up power to independent central banks, thereby reducing their ability to fine-tune the economy. A new data-set covering 132 countries, of which 86 countries had implemented such reforms, was collected. Politicians in non-OECD countries were more likely to delegate power to independent central banks if their country has been characterized by a high variability in historical inflation and if they faced a high probability of being replaced. No such effects were found for OECD countries.

  • 26.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    Johansson, Dan
    Elert, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. The Ratio Institute, Stockholm; Örebro Universitet.
    Economic Contribution of High-growth Firms: Do Policy Implications Depend on the Choice of Growth Indicator?2014In: Journal of Industry, Competition and Trade, ISSN 1566-1679, E-ISSN 1573-7012, Vol. 14, no 3, p. 337-365Article in journal (Refereed)
  • 27.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Johansson, Dan
    Seerar Westerberg, Hans
    Which firms provide jobs for unemployed non-Western immigrants?2019In: Service Industries Journal, ISSN 0264-2069, E-ISSN 1743-9507, Vol. 39, no 9-10, p. 762-778Article in journal (Refereed)
    Abstract [en]

    Although the refugee immigration crisis is one of the major socio-economic challenges in Europe, we still lack knowledge on what characterizes firms that provide jobs for unemployed immigrants. We provide an answer by investigating firms that recruit unemployed non-Western immigrants using matched employer-employee data from Statistics Sweden. We find large industry differences; firms active in the service sectors, such as the hospitality, transport, and healthcare industries, are much more likely to hire unemployed non-Western immigrants than firms in high-tech and manufacturing industries. In addition, after controlling for educational attainment and industry of occupation, firms with at least one non-Western immigrant manager hire more than four times as many unemployed non-Western immigrants than firms without any non-Western immigrant managers. Public policies that target industries might thus also influence job opportunities for immigrants and, thereby, the possibility of their integration into society.

  • 28.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Jonas, Nordström
    Thunström, Linda
    Habit Persistence in Food Consumption2011In: Oxford Handbook on the Economics of Food Consumption and Policy / [ed] Lusk, J.L., Roosen, J., and Shogren J, Oxford: Oxford University Press, 2011, p. 770-790Chapter in book (Refereed)
  • 29.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Landström, Mats
    Dalarna University, School of Technology and Business Studies, Economics.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Are central bank independence reforms necessary for achieving low and stable inflation?2013Report (Other academic)
    Abstract [en]

    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.

  • 30.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Lang, Åsa
    Dalarna University, School of Technology and Business Studies, Business Administration and Management.
    Macuchova, Zuzana
    Dalarna University, School of Technology and Business Studies, Human Geography.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Firm growth in the Swedish retail and wholesale industries2013In: Service Industries Journal, ISSN 0264-2069, E-ISSN 1743-9507, Vol. 33, no 12, p. 1193-1205Article in journal (Refereed)
    Abstract [en]

    To identify the determinants of firm growth in the Swedish retail and wholesale industries during 2000–2004, we analyse a sample of 400 limited liability companies using quantile regression techniques. Firm growth was mainly found to depend upon time-invariant firm-specific effects, supporting Penrose's [1959. The theory of the growth of the firm (4th ed.). New York: Oxford University Press] suggestion that internal resources such as firm culture, brand loyalty, entrepreneurial skills, and so on are important determinants of firm growth.

  • 31.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography.
    Bergman, Mats
    Stöd till service i glesbygd2015Report (Other academic)
  • 32.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography. HUI Research.
    Nilsson, Helena
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    What Happens When IKEA Comes to Town?2014Report (Other academic)
    Abstract [en]

    Using data from 2000-2011, the effects of a new IKEA store on retail revenues, employment, and inflow of purchasing power in the entry municipalities, as well as in neighboring municipalities were investigated. A propensity score matching method was used to find non IKEA entry municipalities that were as similar as possible to the entry municipalities based on the situation before entry. Our results indicate that IKEA-entry increased entry-municipality durable-goods revenues by about 20% and employment by about 17%. Only small and, in most cases, statistically insignificant effects were found in neighboring municipalities.

  • 33.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography.
    Nilsson, Helena
    Dalarna University, School of Technology and Business Studies, Microdata Analysis.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    What happens when IKEA comes to town?2017In: Regional studies, ISSN 0034-3404, E-ISSN 1360-0591, Vol. 51, no 2, p. 313-323Article in journal (Refereed)
    Abstract [en]

    The effects of a new IKEA store on retail revenues, employment and inflow of purchasing power in the entry municipalities as well as in neighbouring municipalities were investigated using data from 2000–11. A propensity score-matching method was used to find non-IKEA entry municipalities that were as similar as possible to the entry municipalities based on the situation before entry. The results indicate that IKEA entry increased entry municipality durable goods revenues by about 20% and employment by about 17%. Only small and, in most cases, statistically insignificant effects were found in neighbouring municipalities.

  • 34.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    Mihaescu, Oana
    Dalarna University, School of Technology and Business Studies, Human Geography. HUI Research, Stockholm.
    Nilsson, Helena
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Stockholm.
    When IKEA enters: Do local retailers win or lose?2015Report (Other academic)
    Abstract [en]

    IKEA is one of the world’s largest retailers, but little is known about how IKEA impact incumbent retailers when deciding to enter a local market. Previous studies on the effects of big-box entry on surrounding retailers have also generated inconclusive results, and mainly been focused towards entry of Wal-Mart in the United States. We contribute to this literature by investigating the effects of IKEA entry on revenues and employment for incumbent retail firms in three Swedish municipalities during 2000-2010. Our results indicate that a new IKEA store increases average revenues for incumbent retailers within the entry municipality by 11%, but also that the effect is highly heterogeneous within the municipality. Retailers that were located up to 1 km from IKEA experienced a 26% increase in revenues when IKEA entered the municipality. However, the positive spillover effect of a new IKEA store on retail revenues diminished with the distance to IKEA, and turned insignificant for retailers in the city centers and those that were located 5-10 km from IKEA. The effects on employment were much less pronounced, and in most cases statistically insignificant.

  • 35.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Nordström, Jonas
    Thunström, Linda
    Habit formation in food consumption2012In: The Oxford Handbook of the Economics of Food Consumption and Policy, Oxford Handbooks Online , 2012Chapter in book (Other academic)
    Abstract [en]

    This article summarizes the empirical literature on habit formation in food consumption in order to analyze the hypothesis that food consumption is habit forming. It reviews the main econometric models used to study habits in food consumption and describes the most commonly used demand models and departs from the static version of the models. It describes how these models can be extended to dynamic versions incorporating habit formation. The focus is on the functional form of the models rather than estimation. The empirical studies reviewed in this article generally find habit formation in food consumption, implying that dynamics is an important factor in food demand analysis. Finally, it summarizes the results and discusses fruitful areas for future research. © Oxford University Press 2011. All rights reserved.

  • 36.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Orth, Matilda
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Opening local retail food stores: a real-options approach2010In: Journal of Industry, Competition and Trade, ISSN 1566-1679, E-ISSN 1573-7012, Vol. 10, no 3-4, p. 373-387Article in journal (Refereed)
    Abstract [en]

    A real-options approach was used, incorporating uncertainty and irreversibility of investments, to study the number of stores entering the Swedish retail food market during the period 1994-2002. It was found that uncertainty affected the entry-decision. Entry was less frequent in highly concentrated local retail food-markets characterized by a high degree of uncertainty, whereas higher profit opportunities seem to have increased the probability of entry.

  • 37.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. Ratio Institute, Stockholm.
    Praski-Stahlgren, Ulrika
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Do high taxes lock-in capital gains?: Evidence from a dual income tax system2010In: Public Choice, ISSN 0048-5829, E-ISSN 1573-7101, Vol. 145, no 1-2, p. 25-38Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to study whether investors' willingness to realize capital gains falls when the marginal tax rate on capital gains is raised. We use a rich register-based panel data set covering almost 8% of the Swedish population. The results indicate that a 10% increase in capital gains tax rate reduces the number of realizations of capital gains with 8.7% and the realized amount, given the decision to realize, with 1.9%. In addition, we find that wealthy individuals seem to respond more to changes in capital gains tax rates than less-wealthy.

  • 38.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Regeringsgatan 60, SE -103 29 Stockholm, Sweden.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research, Regeringsgatan 60, SE -103 29 Stockholm, Sweden.
    Does Shelf-Labeling of Organic Foods Increase Sales?: Results from a Natural Experiment2014In: Journal of Retailing and Consumer Services, ISSN 0969-6989, E-ISSN 1873-1384, Vol. 21, no 5, p. 804-811Article in journal (Refereed)
    Abstract [en]

    Can a simple point-of-purchase (POP) shelf-label increase sales of organic foods? We use a random-effects׳, random-coefficients׳ model, including a time adjustment variable, to test data from a natural experiment in a hypermarket in Gävle, Sweden. Our model incorporates both product specific heterogeneity in the effects of labeling and consumer adjustment to the labels over time. We find that the introduction of POP displays leads to an increase in sales of organic coffee and olive oil, but a reduction in sales of organic flour. All targeted products became less price-sensitive. The results reveal that product specific differences have to be accounted for, and in some cases consumers adjusted to labeling over time.

  • 39. Daunfeldt, Sven-Olov
    et al.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Leder högre skatter på kapitalvinster till inlåsningseffekter?2010In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 38, no 2, p. 18-26Article in journal (Refereed)
    Abstract [sv]

    Höga skatter på kapitalvinster kan leda till att investerare blir mindre benägna att realisera sina kapitalvinster. Tidigare studier har använt sig av data från USA och finner att det existerar en inlåsningseffekt, men storleken på effekten varierar mellan studierna. I en ny studie drar Daunfeldt m fl (2010) slutsatsen att högre skatter på kapitalvinster också är förknippade med en inlåsningseffekt i Sverige. Resultaten från studien indikerar att en höjning av kapitalvinstskatten med 10 procent i genomsnitt leder till att antalet realiseringar minskar med nästan 9 procent. Inlåsningseffekten tenderar dessutom att vara större för investerare med beskattningsbar förmögenhet, vilket indikerar att dessa individer i högre utsträckning använder sig av skatteplanering för att undkomma beskattningen av kapitalvinster.

  • 40.
    Daunfeldt, Sven-Olov
    et al.
    The Swedish Retail Institute (HUI) , SE-103 29, Stockholm, Sweden; The Department of Economics , University of Gävle , SE-801 76, Gävle, Sweden.
    Rudholm, Niklas
    The Swedish Retail Institute (HUI) , SE-103 29, Stockholm, Sweden; The Department of Economics , University of Gävle , SE-801 76, Gävle, Sweden.
    Revenues as a Proxy for Profits: A Cautionary Note2009In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 16, no 7, p. 679-681Article in journal (Refereed)
    Abstract [en]

    In the entry literature, researchers sometimes use revenues as a proxy for profits because this is the only data available. Doing so could seriously bias the results.

  • 41.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics. Högskolan i Gävle; HUI.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics. Swedish Retail Inst HUI, SE-10329 Stockholm, Sweden.
    Rämme, Ulf
    HUI.
    Congestion charges and retail revenues: results from the Stockholm road pricing trial2009In: Transportation Research Part A: Policy and Practice, ISSN 0965-8564, E-ISSN 1879-2375, Vol. 43, no 3, p. 306-309Article in journal (Refereed)
    Abstract [en]

    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.

  • 42.
    Daunfeldt, Sven-Olov
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Rämme, Ulf
    Congestion charges in Stockholm: how have they affected retail revenues?2013In: Transportmetrica A: Transport Science, ISSN 2324-9935, Vol. 9, no 3, p. 259-268Article in journal (Refereed)
    Abstract [en]

    Did the introduction of congestion charges in Stockholm city reduce retail revenues? Data from 20 shopping malls - 8 within the toll area, and 12 outside the tool area - and from a sample of retail stores located along the main shopping streets was analyzed using an intervention-control approach. Favorable outcomes, such as reduced traffic, less emissions of carbon-dioxide, and perceived improvements in air quality and accessibility, do not seem to have been offset by reduced revenues for retailers located within the toll area.

  • 43.
    Huq, Asif
    et al.
    Dalarna University, School of Technology and Business Studies, Microdata Analysis.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Hartwig, Fredrik
    Dalarna University, School of Technology and Business Studies, Business Administration and Management. Högskolan i Gävle.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Does voluntary audit increase small firm growth?: Evidence from a natural experiment2017In: EAA 2017 Abstracts, 2017Conference paper (Refereed)
    Abstract [en]

    Many European countries have abolished mandatory audits for small firms, but we still lack knowledge on whether this affects small firm growth. A Swedish reform in 2010 made audits voluntary for small firms fulfilling certain requirements, while firms that did not meet these requirements still had mandatory audits. We argue that this regulatory change created an almost perfect natural experiment, which can be exploited to evaluate the effects of the reform on employment growth using a difference-in-difference estimator. Our results show that firms who fulfil the requirements for voluntary auditing, as compared to a control group of firms that does not, increased their employment growth rates by on average 0.39%, corresponding to 5 500 jobs being created in the three years following the reform. It thus seems that voluntary audits are reducing the regulatory burden for small firms, making resources available that can be used to increase the number of employees. The current threshold levels for mandatory audits are still significantly lower in Sweden than in most other European countries, which implies that the policymakers in Sweden could create more jobs in small and medium-sized firms if they increased the size threshold levels for mandatory audits.

  • 44.
    Huq, Asif
    et al.
    Dalarna University, School of Technology and Business Studies, Microdata Analysis.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics. HUI Research.
    Hartwig, Fredrik
    Dalarna University, School of Technology and Business Studies, Business Administration and Management. Högskolan i Gävle.
    Rudholm, Niklas
    HUI Research.
    Free to choose: Do voluntary audit reforms increase employment growth?2018Report (Refereed)
    Abstract [en]

    Many European countries have abolished mandatory audits for small firms to reduce the regulatory and administrative burden for these firms. However, we still lack knowledge on whether such legislative changes affect employment growth for those firms that become free to choose to have external audits. We investigate this question using a Swedish reform that made audits voluntary for small firms fulfilling certain requirements. The reform created an almost ideal natural experiment, which we use to evaluate the effects of voluntary audits on employment growth for small firms using a difference-in-difference estimator. We find that firms which fulfilled the requirements for voluntary auditing, compared to a control group of similar firms that did not, increased their employment growth rate by 0.39%. This corresponds to 1,830 jobs being created in the year following the reform, suggesting that mandatory audits act as a growth barrier for small firms.

  • 45.
    Huq, Asif
    et al.
    Dalarna University, School of Technology and Business Studies, Microdata Analysis.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Hartwig, Fredrik
    Dalarna University, School of Technology and Business Studies, Business Administration and Management.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    The effect of audit reform on the employment growth of small Swedish limited companies: A natural experiment2017Conference paper (Refereed)
    Abstract [en]

    Reducing the regulatory burden for firms will free resources that can be used for productive investments. In this paper, we investigate the effect of a change in regulations, in effect abolishing statutory audits for Swedish micro firms in November 2010, on employment growth in the affected micro firms. The changes in regulations created what we argue is an almost perfect natural experiment that can be exploited to evaluate the effects of the reform on employment growth using a difference-in-difference estimator. Our results show that employment growth is higher in firms which fulfil the requirements for voluntary auditing as compared to a control group of firms of similar sizes that does not, and the positive treatment effect is found for micro firms in all Swedish counties and in all types of industries. We estimate that the reform created 1276 jobs in the three years following the reform. We thus suggest that the current threshold for statutory audits should be increased in Sweden, whose threshold levels for statutory audits are significantly lower than in most other European countries even after the 2010 changes in regulations. Such a regulatory change would, in all likelihood, lead to employment growth in the affected firms. 

  • 46.
    Johansson, Dan
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Bjuggren, Carl Magnus
    High-Growth Firms and Family Ownership2013In: Journal of Small Business and Entrepreneurship, ISSN 0827-6331, E-ISSN 2169-2610, Vol. 26, no 4, p. 365-385Article in journal (Refereed)
    Abstract [en]

    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 family ownership matters for being an HGF, using data on all private firms in Sweden during 1993–2006. Our study is possible due to a tax reform that required tax authorities to identify family relations among ultimate owners of every Swedish firm. We find that family ownership at first sight decreases the probability of exhibiting high growth, but further analysis indicates a more complex relationship. The negative effect of family ownership seems to be driven primarily by small firms, and sometimes even becomes positive when firm growth is analyzed over longer time periods. In addition, the negative effect of family ownership is no longer present when we analyze firms that transferred ownership and control for unobserved time-invariant firm-specific heterogeneity.

  • 47.
    Rudholm, Niklas
    et al.
    Dalarna University, School of Technology and Business Studies, Economics.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Heldt, Tobias
    Dalarna University, School of Technology and Business Studies, Economics.
    Thunström, Linda
    Weiberth, Cajsa
    Märkningar och konsumentbeteende: kommer efterfrågan med Svanen?2011Report (Other academic)
    Abstract [sv]

    Rapporten består av tre delar, där den första studerar hur hyllmärkningar av ekologiska produkter påverkar efterfrågan på de märkta produkterna. Studien baseras på försäljningsdata från en ICA-Maxi butik belägen i Hemlingby köpcentrum i Gävle. I del två studeras hur konsumenterna värderar hälsorelaterade livsmedelsmärkningar samt hur konsumenterna värderar kemiska livsmedelstillsatser. De märkningar som studeras är de som mest frekvent används i Sverige som indikationer på näringsrik mat respektive ekologiskt odlad mat. I rapportens sista kapitel undersöks i vilken utsträckning konsumenterna är nöjda med sina val inom dagligvaruhandeln. Då beslutssituationen innebär att konsumenterna ofta har bristfällig information om tillgängliga produkter samtidigt som man har många möjliga val är det intressant att konsumenter som ges möjlighet att i efterhand utvärdera sina val då fattar samma beslut som man gjorde vid det faktiska köptillfället.

  • 48. Rämme, Ulf
    et al.
    Daunfeldt, Sven-Olov
    Dalarna University, School of Technology and Business Studies, Economics.
    Rudholm, Niklas
    Dalarna University, School of Technology and Business Studies, Economics.
    Market reform and food prices: Did the 1912 Slaughterhouse Reform affect meat prices in Stockholm?2015In: International Review of Retail Distribution & Consumer Research, ISSN 0959-3969, E-ISSN 1466-4402, Vol. 25, no 2, p. 204-213Article in journal (Refereed)
    Abstract [en]

    In February 1912, the Slaughterhouse Reform was introduced by the city of Stockholm to address the unsanitary conditions prevalent in the production and sale of meat, and thereby improve food safety. However, opponents argued that the reform would lead to price increases, and that poorer households would therefore replace meat with cheaper products. We find that meat prices increased by 21% due to the introduction of the reform, which meant that consumers had to pay a substantial cost for improved food safety within the boundaries of Stockholm.

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