Firms’ responses to private- and government sponsored venture capital

Daniel Halvarsson, Entreprenörskap, Erik Engberg, Företagandets villkor, Företagsstöd, Patrik Gustavsson Tingvall, Riskkapital, Tillväxt, Tillväxtanalys


There is major political interest in promoting enterprise, entrepreneurship and economic growth, and the same goes for the significance of capital provision in this context However, interest on the part of society in facilitating small and medium-sized companies’ financing situation is far from new.

This report analyses actual outcomes of government and private venture capital investments (venture capital, VC) and real effects on employment, turnover and investments in real capital in portfolio companies. It also examines whether the effects differ between government and private VC, and which companies and phases the public actors invest in compared with the private actors.

The results do not demonstrate any dramatic differences between public and private VC investors in terms of growth effects, even though there are some tendencies towards a stronger growth effect via private venture capital. Further, the public VC companies do not differ from private investors when it comes to their propensity to invest in the earliest phases. A somewhat surprising result as it is the lack of venture capital in the earliest phases which is often used as an argument to justify the government’s role as an actor in the VC market. The public VC companies also seem to be more disposed to stay the course with, and continue to invest in, stagnant companies which do not take off and grow.

Gustavsson Tingvall, P., Halvarsson, D., & Engberg, E. (2017). Firms’ responses to private- and government sponsored Venture Capital. (PM nr. 2017:02). Östersund: Tillväxtanalys.

Liknande innehåll

Less from more: China built wind power, but gained little electricity.
Grafström, J.


Publicerat i

Questioning the Entrepreneurial State, 219.


This chapter investigates Chinese wind power development and concludes that innovation cannot be pushed by the efforts of many, and that when the state clarifies directions and objectives, these can be achieved but with severe and unexpected side effects. Two topics are explored: wind curtailment and low technological development, both examples of unproductive entrepreneurship induced by government policies. The goal of wind power capacity expansion leads to construction (i.e., generation capacity) but little electricity. Examples of failures include low grid connectivity with, some years averaging 15% of generation capacity broken or unconnected to the grid. A key lesson for Europe is that forced innovation often amounts to little and that the old saying holds up: “no plan survives contact with reality.”

The book can be downloaded here.

Ratio Working Paper No. 354: Foreign Ownership and Transferring of Gender Norms
Working paperPublikation
Halvarsson, D., Lark, O. & Gustavsson Tingvall, P.


Publicerat i

Ratio Working Paper


In this paper, we study foreign ownership as a vehicle for transferring gender norms across international borders. Specifically, we analyze how the wage differential between men and women in Swedish firms is affected by the degree of gender inequality in the home country of foreign investors. The results suggest that gender norms of the home country matter—the gender wage gap in foreign-owned subsidiaries appears to increase with the degree of gender inequality prevailing in the investors’ home market. This finding is identified from within job-spell variation in wages and proves robust across a series of specifications.

Utvärderingar av näringspolitik – en intressekonflikt mellan myndigheter, konsult-företag, politik och skattebetalare?
Artikel (utan peer review)Publikation
Colin, E., Sandström, C., & Wennberg, C.


Publicerat i

Ekon. Debatt, 49, 30-41.


Antalet utvärderingar av ekonomisk politik ökar explosionsartat. Det finns dock få systematiska sammanställningar av de utvärderingar som görs och det saknas kunskap om hur utvärderare skiljer sig åt gällande metoder och slutsatser, inte minst inom näringspolitiken. Vi studerar utvärderingar av 110 näringspoli-tiska insatser 2009–19 genom att granska huruvida valet av utvärderare påver-kar utvärderingarnas resultat. Privata konsulter visar sig vara den vanligaste utvärderaren av näringspolitik och deras utvärderingar skiljer sig från andra utvärderare genom att vara övervägande mer positiva till de utvärderade insat-serna. Vi diskuterar intressekonflikter som kan antas föreligga mellan utvärde-rare, myndigheter, den politiska makten och allmänheten.

Colin, E., Sandström, C., & Wennberg, C. (2021). Utvärderingar av näringspolitik–en intressekonflikt mellan myndigheter, konsultföretag, politik och skattebetalare. Ekon. Debatt, 49, 30-41.

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