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The Swedish Corporate Control Model: Convergence, Persistence or Decline?

  • Henrekson, Magnus

    ()

    (Research Institute of Industrial Economics (IFN))

  • Jakobsson, Ulf

    ()

    (Research Institute of Industrial Economics (IFN))

This 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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Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 857.

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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.
Handle: RePEc:hhs:iuiwop:0857
Contact details of provider: Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
Phone: +46 8 665 4500
Fax: +46 8 665 4599
Web page: http://www.ifn.se/Email:


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  1. Henrekson, Magnus & Jakobsson, Ulf, 2003. "The Swedish Model of Corporate Ownership and Control in Transition," SSE/EFI Working Paper Series in Economics and Finance 521, Stockholm School of Economics, revised 16 Apr 2003.
  2. Jesper Roine & Daniel Waldenström, 2009. "Wealth Concentration over the Path of Development: Sweden, 1873-2006," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(1), pages 151-187, 03.
  3. Henrekson, Magnus & Jakobsson, Ulf, 2000. "Where Schumpeter was Nearly Right - The Swedish Model and Capitalism, Socialism and Democracy," Working Paper Series 533, Research Institute of Industrial Economics.
  4. Mike Burkart & Samuel Lee, 2008. "One Share - One Vote: the Theory," Review of Finance, European Finance Association, vol. 12(1), pages 1-49.
  5. Randall K. Morck, 2005. "A History of Corporate Governance around the World: Family Business Groups to Professional Managers," NBER Books, National Bureau of Economic Research, Inc, number morc05-1, November.
  6. Bjuggren, Per-Olof & Eklund, Johan & Wiberg, Daniel, 2005. "Ownership Structure, Control and Firm Performance: The Effects of Vote Differentiated Shares," Ratio Working Papers 71, The Ratio Institute.
  7. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
  8. Henrekson, Magnus & Jakobsson, Ulf, 2001. "The Transformation of Ownership Policy and Structure in Sweden: Convergence towards the Anglo-Saxon Model?," Working Paper Series 566, Research Institute of Industrial Economics.
  9. Giannetti, Mariassunta & Simonov, Andrei, 2002. "Which Investors Fear Expropriation?," SIFR Research Report Series 10, Institute for Financial Research.
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