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  • 1. Azasu, S.
    et al.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Using constructive alignment to improve student research and writing skills: A case study of a master's program in real estate management2015In: International Journal of Learning and Change, ISSN 1740-2875, E-ISSN 1740-2883, Vol. 8, no 1, 83-100 p.Article in journal (Refereed)
    Abstract [en]

    The purpose of the paper is to describe and analyse efforts to integrate research into teaching in a postgraduate degree program in real estate management. The long term goals of the changes were to increase graduation rates as well as the quality of dissertations. In order to validate our findings, the data for this paper emanate from a three main sources, namely; students' course evaluations, students' grades and a qualitative assessment of the students' thesis proposals made by senior lecturers. The results show that the first cohort of students found it stressful when individual research writing was introduced towards the end of their studies. With a more gradual and earlier introduction of writing in a series of courses in the program, coupled with changes in assessment tasks, the second cohort found individual research writing less stressful and more beneficial. Performance in the second cohort improved in appreciable ways.

  • 2.
    Azasu, Samuel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Integrating research into teaching using constructive alignment2011Conference paper (Other academic)
    Abstract [en]

    The purpose of the paper is to review and evaluate efforts to integrate research into teaching in a postgraduate degree program in real estate management at the Royal Institute of Technology in Stockholm, Sweden. The majority of the students in the program come from European countries, but a significant minority is from Asia. The long term goals of the changes were to increase graduation rates as well as the quality of dissertations. In order to validate our findings, the data for this paper emanate from a number of different sources, such as students’ course evaluations, students’ grades as well as interviews with students. The results show that the first cohort of students found it stressful when individual research writing was introduced towards the end of their studies, since they had very little practice and experience in research writing. With a more gradual and earlier introduction in teams, coupled with changes in assessment tasks, the second cohort found individual research writing less stressful and more beneficial. Performance in the second cohort has improved significantly. By creating a more aligned course design, students have spent more time on task, which is the most significant factor in creating a better learning environment.

  • 3.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Bankers relation till mindre företag: vad skapar goda relationer och vad kännetecknar dessa?2006In: Utveckling av kundrelationer i bank- och finansmarknader / [ed] Eriksson, Kent, Studentlitteratur , 2006, 1, 135-153 p.Chapter in book (Other academic)
  • 4.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Finansiering av mindre företag2007In: Mikrofinans - Ger fler småskaliga initiativ ökat globalt välstånd? / [ed] Söderberg, Inga-Lill, SparbanksAkademin , 2007, 1, 134-139 p.Chapter in book (Other academic)
  • 5.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Role, motivation and criteria for success in private public partnerships: The case of housing finance for low-income households2010Report (Other (popular science, discussion, etc.))
  • 6.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Tillväxt och lönsamhet i småföretag - finansiärers bidrag sett ur företagets perspektiv2003In: Småföretaget och kapitalet / [ed] Hans Landsröm, Stockholm,: SNS förlag, 2003, 45-64 p.Chapter in book (Refereed)
  • 7.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Edsbäcker, Göran
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Talia, Krim
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Oskarshamnsprojektet - Slutrapport fas 12008Report (Other (popular science, discussion, etc.))
  • 8.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Entreprenörskap och tillväxt i Högsby och Mönsterås: En förstudie2013Report (Other (popular science, discussion, etc.))
  • 9.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Nyföretagandets villkor i Högsby och Mönsterås2013Report (Other (popular science, discussion, etc.))
  • 10.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Tillväxthinder och utvecklingsmöjligheter bland företagen i Högsby och Mönsterås2013Report (Other (popular science, discussion, etc.))
  • 11.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    When things go wrong: Business angels' use of cues in judging their investment relations2008In: International Journal of Business Strategy, ISSN 1553-9563, Vol. 8, no 2, 48-58 p.Article in journal (Refereed)
    Abstract [en]

    Business angels play an important role in the development and growth of many entrepreneurial ventures. They provide not only capital, but also much needed business know-how and connections to customers and other financiers that are pivotal for the success of the firm. The relationship between the business angel and the entrepreneurial team evolves over time, starting with a due diligence process and the formulation of a contract. In this paper we are interested in the post-investment phase of the relationship, and how the business angel abstracts different cues that the relationship is experiencing problems. From interviews with experienced business angels in very different settings and from very different backgrounds, six different cues have emerged as indicators that something is amiss in the relationship. These cues have the following themes; the outright rebellion, the strange report, missing deadlines, history revision, changing information flows and going underground. The majority of the business angels that we have interviewed claimed that these cues have different meanings and that some are more detrimental to the relationship than other. For instance, the outright rebellion and the urge to re-negotiate the contract are looked upon as serious breaches of the trust in the relationship. Strange reports and missing deadlines on the other hand, tend to activate the business angel and trigger some kind of action on his part, but initially with sustained trust.Earlier studies have used either the agent-principal approach or the procedural justice perspective when they have studied the relationship between investor and entrepreneur. Usually papers take one or the other as their point of departure for a study, where the first focuses on control and monitoring and the other on trust building initiatives. However, from our interviews it seems as though they complement each other in the relationship over time. When everything is going as planned the control and monitoring activities are kept at a minimum, with weekly or monthly progress reports, instead the trust building activities dominate. When a cue emerges, the trust building process comes to a halt and the control and monitoring activities gain the upper hand. Before the business angel has identified the problem and together with the entrepreneurial team worked out a solution, everything else is put on hold. Some time after the incident, control and monitoring activities will be higher than usual, before everything gets back to normal.The findings in this paper fit well within the theoretical framework put forward by Shepherd and Zacharakis (2001). In their model, they see communication as a moderating factor on the other three; commitment and consistency, being fair and just and obtaining a good fit between investor and entrepreneur. In our interviews it is clear that an open and frequent communication is a necessary condition for the development of a trusting relationship. Hence, most cues of a deteriorating relationship have to do with problems in communicating with each other.

  • 12.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Conflicts in business angel networks: An evolutionary perspective2007Conference paper (Other academic)
  • 13.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Nordberg, Olle
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Planning and Land Law.
    Experience of digital examination in Sweden: Some preliminary findings from three different perspectives2015In: INTED2015 Proceedings, iated Digital Library , 2015, 4001-4007 p.Conference paper (Refereed)
    Abstract [en]

    The Swedish higher educational system is under pressure. The competition from international universities is getting fiercer, and the demographical projections indicate that the number of students entering the university system is peaking right now. At the same time, the financial support from the government is decreasing. In order to stay competitive Swedish universities are trying to find strategies for using the scarce resources in the optimal way. The problem is to strike a balance between quality and efficiency.Over the past ten years a lot of improvement has been made within the Royal Institute of Technology (KTH) regarding quality and innovation in education. Pedagogical courses are mandatory for the staff, and the merits of educational experience have been emphasized in hiring new staff members. Even though problem-based learning, constructive alignment and peer instruction are common in most courses today, some other aspects of education and learning remains the same. One such conservative trait has to do with written examinations. Since the founding of the university in 1827, all written examinations have been done using paper and pen at the Royal Institute of Technology. It is interesting to note that even the school of computer science is using paper and pen for their final written examinations. The problems with using paper and pen are numerous and includes; problems with reading and grading because of poor handwriting, distribution of exams between teachers in the same course, written exams getting lost, etc. In comparison with other parts of the educational system, little has happened to improve quality and efficiency when it comes to written examinations.During 2013 and 2014 a number of teachers initiated a project for increasing the efficiency in written exams. There was a general understanding that the final part of the courses consumed too much time and effort in relations to the other parts. Hence, new software for digital examinations was identified and a license was purchased. This paper summarizes the experiences that the teachers have made during this trial period. 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.

  • 14.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    Umeå universitet.
    Innovation and entrepreneurship in local savings banks in Sweden: Revitalizing local capital markets2013Conference paper (Refereed)
  • 15.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The relationship between house prices and business start-ups: A research note2015Conference paper (Refereed)
  • 16.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Hullgren, Maria
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Söderberg, Ingalill
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Housing finance in Sweden: The development of local PPP-solutions and the role of savings banks2015Conference paper (Refereed)
  • 17.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Liljefrost, Emilia
    Nilsson, Annika
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Risk management strategies in housing finance: Three case studies of creating sustainable housing finance models for low-income households in developing countries2009In: International Journal of Business Research, ISSN 1555-1296, Vol. 9, no 3, 153-165 p.Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the risk management strategies used by lenders to finance housing for low-income households in developing countries. Three case studies of housing finance representing three distinct typologies of local financial solutions are used to develop a model for risk management strategies. The provider of housing loans in a developing country must tackle three types of risk: development/production risk, maintenance/management risk, and income risk. Lenders use a risk management strategy that combines monitoring and trust to reduce the problems related to adverse selection and moral hazard. The study provides evidence that in creating a sustainable system for the home financing of low-income households, policymakers need to consider the comparative advantages that different lenders provide in their various roles. Furthermore, this paper fulfills an important role by combining the traditional banking and finance literature with theories concerning trust and social capital and by extending the analysis to encompass the topic of home financing for low-income households.

  • 18.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Lindström, Göran
    Olofsson, Christer
    Tillväxt och finansiering i mindre företag2001In: Tillväxtföretagen i Sverige / [ed] Per Davidsson, Frédéric Delmar & Johan Wiklund, Stockholm: SNS förlag, 2001, 250-271 p.Chapter in book (Refereed)
  • 19.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Vegholm, Fatima
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Bankers finansiering av små och medelstora företag2009In: Finanssektorns rolli samhällsbyggandet / [ed] Eriksson, Kent och Söderberg, Inga-Lill, SparbanksAkademin , 2009, 1, 50-55 p.Chapter in book (Other academic)
  • 20.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Vegholm, Fatima
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Crisis management: Entrepreneurship and social capital in local business communities2004Conference paper (Other academic)
  • 21.
    Berggren, Björn
    et al.
    Uppsala University.
    Lundahl, Nicolaus
    KTH, Superseded Departments, Infrastructure.
    Silver, Lars
    Uppsala University.
    Vegholm, Fatima
    KTH, Superseded Departments, Infrastructure.
    Norrtäljeprojektet - En lägesrapport2004Report (Other academic)
  • 22.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Vegholm, Fatima
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The influence of banks' advice to SMEs on customer satisfaction: The case for regulation2010In: International Journal of Services and Operations Management, ISSN 1744-2370, Vol. 7, no 2, 200-214 p.Article in journal (Refereed)
  • 23.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Vegholm, Fatima
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    You will get what you give: Entrepreneurs' images of their advisors2005Conference paper (Other academic)
  • 24.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Financing SMEs in different stages of the business cycle: Analyzing the financial search activity of Swedish SMEs between 1991 and 20002009In: Proceedings of the 6th International AGSE Entrepreneurship Research Exchange / [ed] L. Murry Gillin, 2009, 309-323 p.Conference paper (Other academic)
    Abstract [en]

    In this paper we analyse the financial search behaviour of small and medium sized enterprises (SMEs) in Sweden over a ten-year period, 1991-2000. We use a cluster analysis based on the level of control aversion that the entrepreneurs display, and arrive at a four-cluster solution. The results show that when the economy turns down, entrepreneurs are forced to be more active in searching for additional sources of finance. When the economy recovers, the control aversive entrepreneurs reduce their efforts in trying to get external financing. We can also see the SMEs in rural areas have greater difficulties in attracting external financing. 

  • 25.
    Berggren, Björn
    et al.
    Department of Business Studies, Uppsala University.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    Department of Business Studies, Uppsala University.
    Control aversion and the search for external financing in Swedish SMEs2000In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 15, no 3, 233-242 p.Article in journal (Refereed)
    Abstract [en]

    The discussion on growth (see Storey, 1997) and control aversion (Cressy, 1995; Chittenden et al., 1996; Cressy and Olofsson, 1996) in small and medium sized firms has been attracting an increasing amount of attention. Our purpose in this article is to identify under what circumstances small and medium sized firms are prepared to accept outside control in the business firm in order to grow. In the article it is argued that technology development, financial strength, size and perceived need to grow, change firms attitudes towards external financiers. The change in attitude towards more openness eventually leads to an actual behaviour where the principals choose to apply for external finance in the form of bank loans. A linear structural equation modelling program, LISREL, is used to analyse a sample of 281 Swedish firms. The firms all have less than 200 employees, and the sample includes both manufacturing and service firms.

  • 26.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Do too many cooks spoil the broth?: The effect of syndication on the performance of venture capitalists' portfolio firms in Sweden2006In: Regional Frontiers of Entrepreneurship Research 2006: Proceedings of the 3rd International AGSE Entrepreneurship Research Exchange / [ed] L. Murry Gillin, 2006, 778-779 p.Conference paper (Other academic)
  • 27.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Financing entrepreneurship in different regions: The failure to decentralize financing to regional centres in Sweden2004Conference paper (Other academic)
  • 28.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Olofsson, Christer
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Learning to handle control aversion1999Conference paper (Refereed)
  • 29.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Syndication in the venture capital industry during different stages of the business cycle2005Conference paper (Other academic)
    Abstract [en]

    In this paper we describe and analyse the development of the Swedish venture capital industryand its syndication pattern during the years 1996–2004. These nine years can be divided intothree different stages in the business cycle. The period from 1996-1998 is considered to be aperiod of moderate growth, where the Swedish economy and capital market was stillrecovering from the crisis in the early 1990s. The level of investment and syndication wasrelatively low in comparison with the following years and the primary reason for syndicationwas that of sharing risks. In the overheated Swedish economy between 1999 and 2001 supplyof capital to early stage investments were plentiful and new venture capital firms entered themarket every month. Since capital was plentiful the investors was in constant search for newventures to invest in which made it easy for venture capitalists to find syndication partners fortheir second round financing at a good valuation. After the drastic downturn in the venturecapital industry in 2001 the level of investments was relatively low during 2002–2004. In all,the total number of investment during the period 2002–2004 was lower than during 2001.Furthermore, the investments during this period were to a large extent in the form ofsyndication. During the shake out period, the survivors of the industry were more prone to do first round syndications again. The sharing of monitoring costs and risk sharing were the mostcommon reasons for syndication in this period.

  • 30.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The development of the venture capital industry in Sweden2005Conference paper (Other academic)
  • 31.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    SLU.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The effect of business cycles on entrepreneurial control aversion and the search for external financing in SMEs2009Conference paper (Refereed)
  • 32.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The effect of business cycles on entrepreneurial control aversion and the search for external financing in SMEs2009In: International Journal of Business Strategy, ISSN 1553-9563, Vol. 9, no 2, 33-47 p.Article in journal (Refereed)
    Abstract [en]

    This paper analyzes how different stages of the business cycle influence of level of control aversion displayed by entrepreneurs and how a changing economic climate affects financial search activity among small and medium-sized enterprises (SMEs). By using empirical data from three postal surveys, we analyze the financial search behavior of SMEs in Sweden of a ten-year period, 1991-200. We use a cluster analysis based on the level of control aversion displayed by the entrepreneurs and arrive at a four-cluster solution. The results show that when the economy turns downward, entrepreneurs are forced to become more active in searching for additional sources of finance. When the economy recovers, the control-averse entrepreneurs reduce their efforts in trying to obtain external financing. We also find that SMEs in rural areas have greater difficulties in attracting external financing than do SMEs in metropolitan areas.

    It might not be possible to generalize this study to other settings because it is based on the Swedish cultural and legal context. Nevertheless, we believe that the situation faced by entrepreneurs in different stages of the business cycle is fundamentally the same, irrespective of context. This study provides evidence that policymakers need to take into account the comparative advantages and roles of various financiers in the financial infrastructure surrounding SMEs. This paper fulfills an important role in analyzing the effect of a changing economic climate on the level of control aversion among entrepreneurs.

  • 33.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    SLU.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The effect of syndication on the performance of venture capitalists’ portfolio firms: The Swedish case2009Conference paper (Refereed)
  • 34.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The effect of syndication on the performance of venture capitalists' portfolio firms: The Swedish case2010In: Journal of International Finance and Economics, ISSN 1555-6336, Vol. 10, no 1, 100-109 p.Article in journal (Refereed)
  • 35.
    Berggren, Björn
    et al.
    Uppsala universitet.
    Olofsson, Christer
    Department of Economics, Swedish University of Agricultural Sciences.
    Silver, Lars
    Uppsala University.
    The long road to freedom - The impact of business cycles on control aversion among entrepreneurs2004Conference paper (Other academic)
  • 36.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Silver, L.
    Entrepreneurial control aversion and bank financing in Swedish SMEs2015In: Banks and Bank Systems, ISSN 1816-7403, Vol. 10, no 1, 65-74 p.Article in journal (Refereed)
    Abstract [en]

    In this paper the authors argue that for the development of SME’s, the learning process is instrumental for an open approach towards external financiers, including new owners. The analysis shows that firms learn to handle control aversion step by step, as they gain competence and experience through their relationship with external financiers. In this paper a linear structural equation modelling program, Lisrel, is used to analyze a sample of 281 firms (out of an original sample of 545 firms, yielding a response rate of 51.2 percent). The firms have less than 200 employees, and the sample includes both manufacturing and service firms. The questionnaire includes both attitudinal and factual aspects of control aversion and financing.

  • 37.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Financing entrepreneurship in different regions: The failure to decentralise financing to regional centres in Sweden2010In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 17, no 2, 230-246 p.Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of the paper is to analyse the financial search behaviour of small and medium-sized enterprises (SMEs) in different regions and the perceived importance of different external financiers for these firms. Design/methodology/approach: A postal survey targeting the chief executive officers (CEOs) of 459 SMEs was distributed indifferent regions of Sweden. Findings: Large differences exist in the financial search behaviour exhibited by firms in the four different types of regions. In the metropolitan areas, firms are more active in searching for new owners, especially professional investors. In smaller municipalities, banks dominate as the most important financier. Research limitations/implications: The study might not be generalised for other settings because it was carried out in Sweden. Furthermore, the regional types used might cause some concern as to whether the findings can be generalised. Practical implications: Thestudy provides evidence that policies need to be tailor-made for different regionsbecause the predominant type of financier differs greatly between regions. The findings also emphasise the need for policymakers to focus on equity gap issues in regionalcentres. Originality/value: The paper fulfils an important role in elaborating on the use and importance of different types of financing in various regions.

  • 38.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Regelverkens inverkan på mindre företags möjligheter att få finansiering2007Report (Other (popular science, discussion, etc.))
  • 39.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The effect of bridging networks on entrepreneurial activity: The rational-legal framework and embeddedness in local social capital networks2009In: Journal of Enterprising Communities: People and Places in the Global Economy, ISSN 1750-6204, E-ISSN 1750-6212, Vol. 3, no 2, 125-137 p.Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to analyse the role of social capital and bridgingnetworks on entrepreneurial activity in three different regions in Sweden. Design/methodology/approach: The empirical base of the paper comprises 120 in-depth interviews with entrepreneurs and other stakeholders in three municipalities in Sweden, statistical data from Statistics Sweden and a large postal survey conducted by theConfederation of Swedish Enterprises. Findings: The bridging networks between localcivil servants and local politicians on the one hand and entrepreneurs on the other are pivotal for the development of an entrepreneurial community. Research limitations/implications: Despite the same rational-legal framework, this paper shows how the cognitive dimension of social capital influences the level of entrepreneurship in three municipalities. The importance of bridging networks is also highlighted. Practical implications: An open channel of communication between politicians and entrepreneurs allows the former to gain legitimacy in the eyes of the latter. By widening the network, more actors are involved in local and regional development, thereby raising the level of competence and resources. Originality/value: Using three different sets of data, this paper offers a deeper understanding into the complex nature of bridging networks between politics and business.

  • 40.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The role of business opportunity mediators in the entrepreneurial process2006In: Managing Opportunity Development in Business Networks / [ed] Hadjikhani, Amjad and Johanson, Jan, Cambridge University Press, 2006, 1, 235-249 p.Chapter in book (Other academic)
  • 41.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Utvecklingen av det finansiella systemet: Konsekvenser för finansieringen av små och medelstora företag i Sverige2009In: Finanssektorns roll i samhällsbyggandet / [ed] Eriksson, Kent och Söderberg, Inga-Lill, SparbanksAkademin , 2009, 1, 132-137 p.Chapter in book (Other academic)
  • 42.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Yildiz Dag, Sussi
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Eriksson, Kent
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Hermansson, Cecilia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Karolin, Birgitta
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Nilsson, Daniel
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Tapper Hoel, Jenni
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Vegholm, Fatima
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Affärer mellan kunder och bank- och finansföretag2006In: Utveckling av kundrelationer i bank- och finansmarknader / [ed] Eriksson, Kent, Studentlitteratur , 2006, 1, 13-16 p.Chapter in book (Other academic)
  • 43.
    Fili, Andreas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Silver, Lars
    Umeå School of Business and Economics, Umeå University.
    The impact of financial capital, human capital and social capital on the evolution of Business Angel Networks2013In: International Journal of Corporate Governance, ISSN 1754-3037, E-ISSN 1754-3045, Vol. 4, no 3, 209-228 p.Article in journal (Refereed)
    Abstract [en]

    Business angels are very important for the growth and development of start–ups as they contribute much needed capital and competence to these firms. During the past decades the formation and growth of Business Angel Networks (BANs) has become an increasingly common phenomenon and an important issue for policy–makers in most Western economies. In this paper, we follow the inception and development of three local BANs. The data in this paper come from in–depth interviews with the founders of the networks as well as bankers, civil servants, entrepreneurs and local politicians. The results indicate that capital alone will not guarantee success in a BAN rather it is a combination of the financial capital, human capital and social capital among the founding partners of the network.

  • 44.
    Fili, Andreas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin. KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin. KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    The influence of strategy on survival and growth in business angel networks in Sweden2011Conference paper (Other academic)
  • 45.
    Katzler, Sigrid
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Gustafsson, Christina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Will outsourcing of commercial real estate management add to performance: A quantitative analysis of the Swedish real estate marketManuscript (preprint) (Other academic)
  • 46.
    Lundahl, Nicolaus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Silver, Lars
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Lokala små och medelstora företag: Hur använder de sina styrelser och hur är de sammansatta?2003Conference paper (Refereed)
  • 47. Olofsson, Christer
    et al.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    De mindre företagens finansiella villkor: En replikstudie1998Report (Other academic)
  • 48. Silver, L.
    et al.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Fili, A.
    The role of crowdfunding in entrepreneurial ventures: An analysis of recent trends in Sweden2016In: Investment Management and Financial Innovations, ISSN 1810-4967, E-ISSN 1812-9358, Vol. 13, no 1, 221-229 p.Article in journal (Refereed)
    Abstract [en]

    The financing of entrepreneurial ventures has been at the forefront of academic debate as well as policy-making discussion for almost a century. In general, there seems to be an agreement that the risks associated with business startups are higher than for mature firms, hence, these ventures will have to pay a higher interest rate than more mature and large firms. In this paper the authors analyze the role of a relatively new form of financing for entrepreneurial ventures - crowdfunding - And how this form of financing is similar and different from traditional sources of finance. The authors are also presenting different forms and models of crowdfunding available on the market together with illustrations from the crowdfunding industry in Sweden. The analysis indicates that the positive effects with crowdfunding are numerous but that the size of the crowdfunding sector is relatively small in comparison with the banking and venture capital industry.

  • 49. Silver, L.
    et al.
    Johanson, M.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Entrepreneurial orientation, control aversion and performance in SMEs: The contribution of equity investors2016In: Problems & Perspectives in Management, ISSN 1727-7051, E-ISSN 1810-5467, Vol. 14, no 3, 55-64 p.Article in journal (Refereed)
    Abstract [en]

    Entrepreneurial orientation is a concept that captures the importance of how and why certain individuals decide to take higher risks than the average small business owner so as to increase their return on assets deployed. Entrepreneurial orientation is linked to the concept of control aversion, which is used to explain why certain individuals refrain from using external financing to expand their firms. Control aversion suggests that most small business owners prefer to maintain total control rather than invite in the potentially disruptive influence of an external owner/investor. This study combines these two concepts in an attempt to introduce financing and investors into the discussion of entrepreneurial orientation and performance. Equity investors are shown to have a major influence on entrepreneurial performance, because business owners with an entrepreneurial orientation gain substantially from interaction with investors through the transfer of knowledge. The model was tested with a LInear Structural RELations (LISREL) analysis on a sample of 459 Swedish small and medium-sized enterprises.

  • 50. Silver, L.
    et al.
    Lundahl, Nicolaus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Revisiting control aversion: The role of financiers in connecting entrepreneurs to the marketplace2015In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 22, no 3, 417-432 p.Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to investigate the effects of small business entrepreneurs’ relinquishment of control aversion and the impact of their interaction with external financiers on market connection. Design/methodology/approach – Questionnaires were sent to the chief executive officers of small businesses in the manufacturing and professional services sectors. A total of 459 valid responses were analyzed in a structural equation model. Findings – The attitude of small business entrepreneurs in relying on financiers’ advice is marked by control aversion. This fear of losing control creates information asymmetry, which in itself leads to decreased financing opportunities for small business entrepreneurs. The results of the study suggest that small firms seeking the aid of financiers will be provided with substantial additional information about the market. Issues pertaining to supply seem to be less relevant than those relating to demand, thus indicating that greater focus should be placed on the investment readiness of small businesses. Originality/value – This study emphasizes the importance of the role of attitudes among SMEs in understanding capital market failure and credit rationing.

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