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Selected publication

Absolute income mobility and the effect of parent generation inequality: An extended decomposition approach
Liss, E., Korpi, M., & Wennberg, K.
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Publications

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  • Publications

Selected publication

No evidence of counteracting policy effects on European solar power invention and diffusion
Grafström, J., & Poudineh, R.
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About

  • About us

    • About
    • Contact us

  • Media

    • News archive

  • Cooperations

    • Eli F. Heckscher Lectures

Research

  • Areas

    • Labour Market Research
    • Competitiveness Research
    • Climate and Environmental Research

  • Ongoing research

    • Working Paper Series
  • People

    • Publications

    • Publications

      • Publications

    The Influence of Functional and Relational Proximities on Business Angel Investments

    PublicationArticle (with peer review)
    Alexander Hjertström, Företagandets villkor, Johannes Herrmann, Sofia Avdeitchikova

    Abstract

    Business angels are a vital source of capital for innovative startup firms. However, even among potentially attractive investment opportunities, most are rejected during the angels investment decision process. Information asymmetry, risk and distrust in the relationship between the investor and the entrepreneur result in investment barriers. The concept of proximity has been proposed as a suitable conceptual foundation to understand how the relationship between angel and entrepreneur might hinder or benefit the investment decision. Particularly, researchers distinguish between functional (geographical) and relational dimensions of proximity. This paper examines the influence of proximity on business angel investments based on data from 226 investment situations gathered in fall 2014 from 56 business angels and 87 entrepreneurs in Sweden and analyzed using Structural Equation Modelling technique. We find that the relationship between geographical proximity and the likelihood of positive investment decision is indeed positive and significant, as indicated in prior research, but that it is fully mediated by relational proximity.

    Keywords: Business angels; investment decision; functional proximity; relational proximity; structural equation modeling; mediation.

    Related content: Working paper 253

    Herrmann, J., Avdeitchikova, S., & Hjertstrom, A. (2016). The Influence of Functional and Relational Proximities on Business Angel Investments. International Journal of Entrepreneurship and Small Business, 29(3), 468-490. DOI: 10.1504/IJESB.2016.079424

    Details

    Author

    Herrmann, J., Avdeitchikova, S., & Hjertstrom, A.

    Publication year

    2016

    Published in

    International Journal of Entrepreneurship and Small Business

    Similar content

    The openness of open innovation in ecosystems
    Article (with peer review)Publication
    Öberg, C., & Alexander, A.
    Publication year

    2019

    Published in

    Journal of Innovation & Knowledge

    Abstract

    Open innovation has rendered increased interest both in practice and research, and has expanded from dyadic transfers of ideas, to ecosystem levels. Knowledge is at the heart of open innovation, and this paper describes and discusses knowledge-transfer linkages for open innovation. It does so based on a literature review. The paper links together open innovation research with general management research to categorise and discuss linkages among parties in terms of their openness and how they relate to knowledge management. Conclusions indicate that openness needs to be considered in different dimensions that also links to different knowledge management outcomes. The paper’s contribution consists of how it connects open innovation research to the general management literature, and how it builds a practical understanding of how linkages between firms can be categorised to aid firms to consider which mechanisms they may choose and why.

    A revised perspective on innovation policy for renewal of mature economies – Historical evidence from finance and telecommunications in Sweden 1980–1990
    Article (with peer review)Publication
    Eriksson, K., Ernkvist, M., Laurell, C., Moodysson, J., Nykvist, R. & Sandström, C.
    Publication year

    2019

    Published in

    Technological Forecasting and Social Change

    Abstract

    What is the role of innovation policy for accomplishing renewal of mature industries in Western economies? Drawing upon an unusually rich dataset spanning 9752 digitized archival documents, we categorize and code decisions taken by policymakers on several levels while also mapping and quantifying the strategic activities of both entrant firms and incumbent monopolists over a decade. Our data concerns two empirical cases from Sweden during the time period 1980–1990: the financial sector and the telecommunications sector. In both industries, a combination of technological and institutional upheaval came into motion during this time period which in turn fueled the revitalization of the Swedish economy in the subsequent decades. Our findings show that Swedish policymakers in both cases consistently acted in order to promote the emergence of more competition and de novo entrant firms at the expense of established monopolies. The paper quantifies and documents this process while also highlighting several enabling conditions. In conclusion, the results indicate that successful innovation policy in mature economies is largely a matter of strategically dealing with resourceful vested interest groups, alignment of expectations, and removing resistance to industrial renewal.

    Municipally Owned Enterprises as Danger Zones for Corruption? How Politicians Having Feet in Two Camps May Undermine Conditions for Accountability
    Article (with peer review)Publication
    Bergh, A., Erlingsson, G., Gustafsson, A. & Wittberg, E.
    Publication year

    2019

    Published in

    Public Integrity

    Abstract

    The market-inspired reforms of New Public Management have been particularly pronounced in Swedish local government. Notably, municipally owned enterprises (MOEs) have rapidly grown in numbers. Principal-agent theory gives rise to the hypothesis that the massive introduction of MOEs has impacted negatively on the conditions for accountability in Swedish local government. To study this, social network analysis was employed in mapping networks for 223 MOEs in 11 strategically chosen municipalities, covering a total of 732 politicians. The analysis reveals substantial overlaps between principals (representatives of the ultimate stakeholders, citizens) and agents (the boards of the MOEs). Hence, corporatization of public services seems to imply worrisome entanglements between the politicians who are set to steer, govern, and oversee MOEs on the one hand, and the board members of MOEs on the other. The increasing numbers of MOEs may therefore have adverse effects on accountability in important and growing parts of Swedish local government.

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