The Swedish Corporate Control Model: Convergence, Persistence or Decline?
AbstractThis paper explores the effects of deregulation and globalization on the dominant mode of corporate governance in Swedish public firms. The effects are multidimensional—the direction of change in corporate governance cannot be determined by simply examining whether a convergence towards the Anglo-Saxon model is occurring. Dispersed ownership with management control has not proven to be a viable model of corporate governance for Swedish listed companies. Instead, the control models with the most rapid growth in the most recent decades are found outside the stock market, notably private equity and foreign ownership. After a major revival of the Swedish stock market its importance for the Swedish economy is again in decline. Instead of adjustments in pertinent institutions and practices to ensure effectiveness of the corporate governance of Swedish public firms under these new conditions, a great deal of endogenous adjustment of the ownership structure has taken place.
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Bibliographic InfoPaper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 857.
Length: 39 pages
Date of creation: 02 Jan 2011
Date of revision:
Publication status: Published as Henrekson, Magnus and Ulf Jakobsson, 'The Swedish Corporate Control Model: Convergence, Persistence or Decline?' in Corporate Governance: An International Review, 2012, pages 212-227.
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Corporate control; Corporate governance; Corporatism; Entrepreneurship; Ownership policy; Ownership structure; Swedish model;
Find related papers by JEL classification:
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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