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Swedish Listed Family Firms and Entrepreneurial Spirit

Author

Listed:
  • Bjuggren, Per-Olof

    (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology)

  • Palmberg, Johanna

    (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology)

Abstract

This paper investigates the entrepreneurial spirit in Swedish listed family firms. We associate family firms with entrepreneurship in the sense that there is an identifiable person that takes the uninsurable risk in the sense of Knight. This paper analysis two questions: Do entrepreneurial family firms have a higher rate of growth and do they invest in a more profit maximizing fashion than other listed firms? The analysis shows that entrepreneurial family firms in general are smaller in terms of market value and investments than non-family firms. Moreover, the entrepreneurial family firms are the ones that makes the most efficient investments.

Suggested Citation

  • Bjuggren, Per-Olof & Palmberg, Johanna, 2008. "Swedish Listed Family Firms and Entrepreneurial Spirit," Working Paper Series in Economics and Institutions of Innovation 147, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    • Handle: RePEc:hhs:cesisp:0147
    as

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    References listed on IDEAS

    as
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    6. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Entrepreneurship; Corporate Governance; Family Firms; Investments; Firm Performance;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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