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CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology KTH/CESIS Working Paper Series in Economics and Institutions of Innovation

No 147:
Swedish Listed Family Firms and Entrepreneurial Spirit

Per-Olof Bjuggren () and Johanna Palmberg ()

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.

Keywords: Entrepreneurship; Corporate Governance; Family Firms; Investments; Firm Performance; (follow links to similar papers)

JEL-Codes: C23; G30; L25; L26; (follow links to similar papers)

36 pages, October 13, 2008

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