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Berggren, B., Fili, A. & Wilhelmsson, M. (2019). Homeownership and entrepreneurship A regional and industrial analysis of house prices and startups. International Journal of Housing Markets and Analysis, 12(3), 456-473
Open this publication in new window or tab >>Homeownership and entrepreneurship A regional and industrial analysis of house prices and startups
2019 (English)In: International Journal of Housing Markets and Analysis, ISSN 1753-8270, E-ISSN 1753-8289, Vol. 12, no 3, p. 456-473Article in journal (Refereed) Published
Abstract [en]

Purpose The purpose of this paper is to analyze the relationship between housing markets and new firm formation in six different industries in all 284 municipalities in Sweden. Design/methodology/approach The authors have used data from Statistics Sweden and The Swedish Agency for Economic and Regional Growth to develop a model to analyze the relationship between house prices and industry-specific new firm formation, with the interaction effect of financial infrastructure. Findings In the data, stable high house prices have no effect on entrepreneurship. However, a market with rising house prices has a positive effect on new firm formation, in retail, construction, business-to-business services and miscellaneous sectors, but produced no effect in either mining, agriculture and fishing or in manufacturing. The interaction between rising house prices and financial infrastructure does not change the positive effect on retail, business-to-business services and miscellaneous sectors, but within the construction industry, the positive effect on new firm formation disappears. In manufacturing, the authors observe the opposite - a positive effect, instead of no effect previously. Originality/value The contribution of this study is to provide evidence of how house prices are associated with entrepreneurship in different industries, as well as analyzing how the interaction between house prices and financial infrastructure is associated with entrepreneurship. By separating observations in time, endogeneity is controlled and a causal relationship where higher house prices is postulated, which leads to an increase in entrepreneurial activity in different industries. By using a spatial Durbin model, the authors control for spatial dependency.

Place, publisher, year, edition, pages
EMERALD GROUP PUBLISHING LTD, 2019
Keywords
Sweden, Entrepreneurship, Industry, Home ownership, Financing, House prices, R11, R31, M13
National Category
Economics
Identifiers
urn:nbn:se:kth:diva-257585 (URN)10.1108/IJHMA-01-2018-0007 (DOI)000479229100007 ()
Note

QC 20190920

Available from: 2019-09-20 Created: 2019-09-20 Last updated: 2019-09-20Bibliographically approved
Berggren, B., Fili, A. & Wilhelmsson, M. H. (2017). Does the increase in house prices influence the creation of business startups?: The case of Sweden. Region, 4(1), 1-16
Open this publication in new window or tab >>Does the increase in house prices influence the creation of business startups?: The case of Sweden
2017 (English)In: Region, ISSN 2409-5370, Vol. 4, no 1, p. 1-16Article in journal (Refereed) Published
Abstract [en]

Entrepreneurs are at the core of economic development in that they start new businesses or make existing firms grow. To fulfill this important role, entrepreneurs need access to financing. Owing to information asymmetry and the relatively high risk associated with business startups, many financiers shy away from engaging in relationships with firms during the early stages of their development. Based on the existing body of knowledge on the financing of entrepreneurship, we know that insider finance is of paramount importance in the early stages of firms’ development. We expand this knowledge base by analyzing the influence of house prices on business startups across municipalities in Sweden. In our analysis, we include data from all municipalities in Sweden. Our data on house prices and control variables are collected in period one, and our data on the frequency of startups are collected in period two. We find that rising house prices in a municipality lead to a higher frequency of startups. In our spatial Durbin model, we find that a 1% increase in house prices leads to around 0.15% increase in startups. Our findings are in line with the limited international research that has been previously conducted, and therefore, our study might make a small but vital addition to this growing body of knowledge within the area of entrepreneurship and regional development.

Place, publisher, year, edition, pages
European Regional Science Association, 2017
Keywords
Business startups, Entrepreneurship, Financing, House prices, Mortgages
National Category
Economics and Business
Identifiers
urn:nbn:se:kth:diva-225944 (URN)10.18335/region.v4i1.95 (DOI)2-s2.0-85044753357 (Scopus ID)
Note

QC 20180411

Available from: 2018-04-11 Created: 2018-04-11 Last updated: 2018-04-11Bibliographically approved
Berggren, B., Fili, A. & Nordberg, O. (2015). EXPERIENCE OF DIGITAL EXAMINATION IN SWEDEN - SOME PRELIMINARY FINDINGS FROM THREE DIFFERENT PERSPECTIVES. In: Chova, LG Martinez, AL Torres, IC (Ed.), INTED2015: 9TH INTERNATIONAL TECHNOLOGY, EDUCATION AND DEVELOPMENT CONFERENCE. Paper presented at 9th International Technology, Education and Development Conference (INTED), MAR 02-04, 2015, Madrid, SPAIN (pp. 4001-4007). IATED-INT ASSOC TECHNOLOGY EDUCATION A& DEVELOPMENT
Open this publication in new window or tab >>EXPERIENCE OF DIGITAL EXAMINATION IN SWEDEN - SOME PRELIMINARY FINDINGS FROM THREE DIFFERENT PERSPECTIVES
2015 (English)In: INTED2015: 9TH INTERNATIONAL TECHNOLOGY, EDUCATION AND DEVELOPMENT CONFERENCE / [ed] Chova, LG Martinez, AL Torres, IC, IATED-INT ASSOC TECHNOLOGY EDUCATION A& DEVELOPMENT , 2015, p. 4001-4007Conference paper, Published paper (Refereed)
Abstract [en]

Assessment through new technology has gained a firm foothold within the university system in the last decade. This paper summarizes the experiences that have been made during the introduction of digital examination over the past two years. The experiences are divided between three different perspectives; the teachers, the students and the administrators. From the teachers perspective the experiences have been very positive - less time have been allocated to grading written exams, the grades are perceived as more just and the saved time can be spent on increasing the quality on other parts of the course. From a student perspective the experiences have been positive - most students are positive in that they get the results much quicker, that they can edit their answers on the exam easier and that the grades are more just. The experiences from the final perspective - that from the administrators' point of view - are far more complex. Some parts of the administrative system encouraged the projects, whereas other parts tried to stop it, using different measures. The paper concludes with some advice on implementing changes in written exams, based on the experiences from the Swedish case.

Place, publisher, year, edition, pages
IATED-INT ASSOC TECHNOLOGY EDUCATION A& DEVELOPMENT, 2015
Series
INTED Proceedings, ISSN 2340-1079
Keywords
Digital examination, change, assessment, incentives, efficiency in education
National Category
Pedagogy
Identifiers
urn:nbn:se:kth:diva-243730 (URN)000398586304006 ()978-84-606-5763-7 (ISBN)
Conference
9th International Technology, Education and Development Conference (INTED), MAR 02-04, 2015, Madrid, SPAIN
Note

QC 20190226

Available from: 2019-02-26 Created: 2019-02-26 Last updated: 2019-02-26Bibliographically approved
Berggren, B., Fili, A. & Wilhelmsson, M. (2015). The relationship between house prices and business start-ups: A research note. In: : . Paper presented at ARES Conference, Fort Myers, USA.
Open this publication in new window or tab >>The relationship between house prices and business start-ups: A research note
2015 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:kth:diva-179312 (URN)
Conference
ARES Conference, Fort Myers, USA
Note

NV 20160119

Available from: 2015-12-15 Created: 2015-12-15 Last updated: 2016-01-19Bibliographically approved
Silver, L., Berggren, B. & Fili, A. (2015). The role of crowdfunding in entrepreneurial ventures: A research note. In: : . Paper presented at EBES Conference, Istanbul, Turkey.
Open this publication in new window or tab >>The role of crowdfunding in entrepreneurial ventures: A research note
2015 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:kth:diva-179315 (URN)
Conference
EBES Conference, Istanbul, Turkey
Note

QC 20160128

Available from: 2015-12-15 Created: 2015-12-15 Last updated: 2016-01-28Bibliographically approved
Fili, A. & Grünberg, J. (2014). Business angel post-investment activities: a multi-level review. Journal of Management and Governance
Open this publication in new window or tab >>Business angel post-investment activities: a multi-level review
2014 (English)In: Journal of Management and Governance, ISSN 1385-3457, E-ISSN 1572-963XArticle in journal (Refereed) Epub ahead of print
Abstract [en]

In this article, empirical research on post-investment activities of business angels is reviewed and conceptualized as five distinct governance processes: boundary spanning, structuring, leadership, doing, and monitoring. These processes have the potential to reduce the exposure of business angels to relational risk and market risk. The identification of these governance processes also contributes towards understanding the social aspect of business angels’ post investment involvement. In particular, it is shown how the recognition of the cognitive/institutional dimension opens up for new questions about post-investment involvement. Finally, it is proposed that venture performance can be enhanced in practice if business angels and venture members develop skills that are connected to the governance processes.

Keywords
Review, Business angels, Post-investment involvement, Governance processes, Organizational membership
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:kth:diva-153936 (URN)10.1007/s10997-014-9296-7 (DOI)2-s2.0-84958057934 (Scopus ID)
Note

QC20141017

Available from: 2014-10-09 Created: 2014-10-09 Last updated: 2017-12-05Bibliographically approved
Fili, A. (2014). Business Angel–Venture Negotiation in the Post-Investment Relationship: The Use of the Good Cop, Bad Cop Strategy. Venture Capital: an International Journal of Entrepreneurial Finance, 16(4), 309-325
Open this publication in new window or tab >>Business Angel–Venture Negotiation in the Post-Investment Relationship: The Use of the Good Cop, Bad Cop Strategy
2014 (English)In: Venture Capital: an International Journal of Entrepreneurial Finance, ISSN 1369-1066, E-ISSN 1464-5343, Vol. 16, no 4, p. 309-325Article in journal (Refereed) Published
Abstract [en]

The paper reports on the utilization of the ‘good cop, bad cop’ negotiation strategy in ongoing investor-venture relationships. Four cases of business angel – venture involvement are studied over several years’ time. Earlier research on the good cop, bad cop strategy has described its efficiency in obtaining maximum distribution in short-term distributive bargaining. This has been explained as a result of the emotional contrast effect unlocked by the sequence of interaction with the bad cop followed by interaction with the good cop. In an ongoing investment relationship, other rules apply. The present findings suggest that only a business angel who is already trusted can become a good cop – by virtue of introducing a bad cop. This is explained as a way of conducting negotiations without destroying the trust that has been built over time in the business angel – venture relationship. The strategy provides a scapegoat for the negativity associated with the negotiations. The bad cop assumes the blame, while the good cop is still trusted and can remain in the relationship, with less risk of being the target of any retained hostility.

Place, publisher, year, edition, pages
Routledge, 2014
Keywords
Business angel, ‘good cop, bad cop’, negotiation, reciprocal exchange, attribution
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:kth:diva-153937 (URN)10.1080/13691066.2014.974884 (DOI)2-s2.0-84920567082 (Scopus ID)
Note

QC 20161006

Available from: 2014-10-09 Created: 2014-10-09 Last updated: 2017-12-05Bibliographically approved
Fili, A. (2014). Mentoring the CEO or monitoring the ROI?: The business angel’s interrole in the venture relationship. Stockholm: KTH Royal Institute of Technology
Open this publication in new window or tab >>Mentoring the CEO or monitoring the ROI?: The business angel’s interrole in the venture relationship
2014 (English)Report (Other academic)
Abstract [en]

In its normal context, a mentor is a trusted senior person who provides guidance and support to the protégé by keeping the best interest of the protégé in mind at all times. Earlier research has indicated that business angels are perceived as mentors by venture members, especially CEOs. An argument put forward in this paper is that an investor does not always have the protégé’s best interests in mind and, at times, prioritizes the return on investment instead. In some situations, this role conflict might become severe. If the business angel continues in the mentor role, the protégé might take the venture on a very costly and risky course of action, whereas if the business angel switches to the investor role and simply vetoes the idea of the CEO through the authority of being a major owner, the venture might be saved from the same costly adventures, but the protégé can be severely dismayed. Presumably, switching from the role of mentor to that of investor in this fashion would destroy the trust held by the protégé that the business angel really had the protégé’s best interests in mind, and would have repercussions on the relationship for a long time afterwards. This role conflict between being both an investor and a mentor is explored in the paper. Based on information gathered from semi-structured face-to-face interviews with 9 business angels, an image emerges wherein the business angel remains in the mentoring role for as long as possible, given the perceived costs. The paper suggests that in order to understand what perceived costs mean for an investor, the concept of affordable loss (Sarasvathy, 2001) is of great use.One of the implications of affordable loss for an entrepreneur is envisioning the worst-case scenario and the money lost in that case (Dew, Sarasvathy, Read, & Wiltbank, 2009). For a business angel, affordable loss could mean the same: the business angel could picture the cost of the worst-case scenario by studying the current course of action and decide whether it is affordable or not. As long as the worst-case cost associated with a certain course of action is lower than the affordable loss, the business angel will continue to fulfill the role of mentor in support of the venture chief executive officer (CEO). However, if the cost exceeds the affordable loss limit, the business angel will switch to the monitoring role, thereby prohibiting this course of action.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2014. p. 34
Series
Working Paper Series, Department of Real Estate and Construction Management & Centre for Banking and Finance (cefin) ; 14:7
Keywords
mentoring, business angels, role conflict, relationship, affordable loss
National Category
Business Administration Economics and Business
Identifiers
urn:nbn:se:kth:diva-154725 (URN)
Note

QC 20141029

Available from: 2014-10-27 Created: 2014-10-27 Last updated: 2014-11-04Bibliographically approved
Fili, A. (2014). Noncontractual Governance Strategies of Business Angels in the Post-Investment Venture Relationship . (Doctoral dissertation). Stockholm: KTH Royal Institute of Technology
Open this publication in new window or tab >>Noncontractual Governance Strategies of Business Angels in the Post-Investment Venture Relationship
2014 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

Business angels fulfil an important economic role in society by getting involved in early-stage ventures. This dissertation aspires to advance our knowledge of the governance strategies used by business angels in the venture relationship, based on the idea that the choice of governance strategies depends on the individual venture but is also shaped by the strategies adopted by any business angel network (BAN) the business angel is part of.

Major findings are twofold. First, the analysis suggests that governance strategies are role-contingent. The role of the business angel vis-a-vis the venture changes, typically from outsider to insider, as the relationship transitions through different stages. Business angels should only use governance strategies that are perceived as legitimate for their role. Moreover, all strategies do not mix well and some may even neutralize each other when used together. The impact of the BAN on the action of the individual business angel is not straightforward: the formalization of a BAN will certainly restrict individual action, but, on the other hand, it seems that the BAN can also be useful for managing conflicts.

Second, results indicate that conceptualizing the long-term dynamic of the investor-venture relationship in terms of any single theoretical perspective, be it agency theory, procedural justice, or norm-based influence, is too simplistic. The utility of each theoretical perspective is role-contingent: a business angel in the outsider role is better understood with agency theory, whereas a business angel in the insider role is better understood with norm-based influence theory.

The empirical data on individual business angels comes mainly from 30 interviews with 21 business angels, and some supplementary data. The analysis of BANs is made differently and based on a different data set consisting of approximately 150 interviews with BAN members, civil servants, politicians, banks, accountants, and entrepreneurs.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2014. p. 93
Series
TRITA/KTH/CEFIN-DT, ISSN 1654-9376 ; 10
Keywords
business angels, post-investment, relationship, governance, role contingency, mentoring, investor roles, venture
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:kth:diva-155318 (URN)978-91-87111-01-3 (ISBN)
Public defence
2014-11-14, F3, Lindstedtsvägen 26, Stockholm, 15:00 (Swedish)
Opponent
Supervisors
Note

QC 20141104

Available from: 2014-11-04 Created: 2014-11-04 Last updated: 2014-11-04Bibliographically approved
Berggren, B. & Fili, A. (2013). Entreprenörskap och tillväxt i Högsby och Mönsterås: En förstudie.
Open this publication in new window or tab >>Entreprenörskap och tillväxt i Högsby och Mönsterås: En förstudie
2013 (Swedish)Report (Other (popular science, discussion, etc.))
Series
TRITA-FOB ; 2013-2
National Category
Business Administration
Identifiers
urn:nbn:se:kth:diva-60979 (URN)
Note

QC 20120217. QC 20160211

Available from: 2012-01-16 Created: 2012-01-16 Last updated: 2016-02-11Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0003-0920-6585

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