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Silver, Lars
Publications (10 of 24) Show all publications
Boström, G.-O., Bonnedahl, K. J. & Silver, L. (2017). Growth ambitions and internationalization among newly started small Swedish firms. In: Tesar George and Vincze Zsuzsanna (Ed.), Motivating SMEs to cooperate and internationalize: (pp. 191-203). New York: Routledge
Open this publication in new window or tab >>Growth ambitions and internationalization among newly started small Swedish firms
2017 (English)In: Motivating SMEs to cooperate and internationalize / [ed] Tesar George and Vincze Zsuzsanna, New York: Routledge, 2017, p. 191-203Chapter in book (Refereed)
Place, publisher, year, edition, pages
New York: Routledge, 2017
Series
Routledge studies in small business
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-142321 (URN)9781315412603 (ISBN)9781138220577 (ISBN)
Available from: 2017-11-27 Created: 2017-11-27 Last updated: 2018-06-09Bibliographically approved
Silver, L., Johanson, M. & Berggren, B. (2016). Entrepreneurial orientation, control aversion, and performance in SMEs: the contribution of equity investors. Problems & Perspectives in Management, 14(3), 55-64
Open this publication in new window or tab >>Entrepreneurial orientation, control aversion, and performance in SMEs: the contribution of equity investors
2016 (English)In: Problems & Perspectives in Management, ISSN 1727-7051, E-ISSN 1810-5467, Vol. 14, no 3, p. 55-64Article in journal (Refereed) Published
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.

National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122301 (URN)10.21511/ppm.14(3).2016.05 (DOI)
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2020-03-12Bibliographically approved
Silver, L., Berggren, B. & Fili, A. (2016). The role of crowdfunding in entrepreneurial ventures: an analysis of recent trends in Sweden. Investment Management and Financial Innovations, 13(1), 221-229
Open this publication in new window or tab >>The role of crowdfunding in entrepreneurial ventures: an analysis of recent trends in Sweden
2016 (English)In: Investment Management and Financial Innovations, ISSN 1810-4967, E-ISSN 1812-9358, Vol. 13, no 1, p. 221-229Article in journal (Refereed) Published
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.

Keywords
crowdfunding, entrepreneurship, financing, SMEs, venture capital
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122303 (URN)10.21511/imfi.13(1-1).2016.09 (DOI)2-s2.0-84969756457 (Scopus ID)
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2018-06-07Bibliographically approved
Silver, L. & Berggren, B. (2015). Crowdfunding – a Swedish perspective. In: : . Paper presented at ICSB 2015 : International Conference on Sport Business, Istanbul, Turkey, November 27-28, 2015.
Open this publication in new window or tab >>Crowdfunding – a Swedish perspective
2015 (English)Conference paper, Oral presentation only (Other academic)
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122361 (URN)
Conference
ICSB 2015 : International Conference on Sport Business, Istanbul, Turkey, November 27-28, 2015
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2019-06-14Bibliographically approved
Silver, L. & Berggren, B. (2015). Entrepreneurial control aversion and bank financing in Swedish SMEs. Banks and Bank Systems, 10(1), 65-74
Open this publication in new window or tab >>Entrepreneurial control aversion and bank financing in Swedish SMEs
2015 (English)In: Banks and Bank Systems, ISSN 1816-7403, Vol. 10, no 1, p. 65-74Article in journal (Refereed) Published
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.

Keywords
banks, entrepreneurship, control aversion, financing SMEs, loans
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122304 (URN)
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2018-06-07Bibliographically approved
Silver, L., Lundahl, N. & Berggren, B. (2015). Revisiting control aversion: the role of financiers in connecting entrepreneurs to the marketplace. Journal of Small Business and Enterprise Development, 22(3), 417-432
Open this publication in new window or tab >>Revisiting control aversion: the role of financiers in connecting entrepreneurs to the marketplace
2015 (English)In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 22, no 3, p. 417-432Article in journal (Refereed) Published
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.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2015
Keywords
Entrepreneurship, SME, Banking, Service marketing, Market connection, SME lending
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122305 (URN)10.1108/JSBED-04-2014-0064 (DOI)000212278100004 ()
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2018-06-07Bibliographically approved
Silver, L. & Berggren, B. (2015). Sustaining Entrepreneurship in Subarctic Peripheral Regions. In: Thomas M. Cooney (Ed.), Proceedings from ICSB 2014 World Conference: . Paper presented at ICSB World Conference on Entrepreneurship 2014, 11-14 June 2014, Dublin, Ireland. Dublin Institute of Technology
Open this publication in new window or tab >>Sustaining Entrepreneurship in Subarctic Peripheral Regions
2015 (English)In: Proceedings from ICSB 2014 World Conference / [ed] Thomas M. Cooney, Dublin Institute of Technology , 2015Conference paper, Published paper (Refereed)
Place, publisher, year, edition, pages
Dublin Institute of Technology, 2015
Keywords
Entrepreneurship, Peripheral regions, Logistics, Small business, Sustainable development, Transportation
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122362 (URN)
Conference
ICSB World Conference on Entrepreneurship 2014, 11-14 June 2014, Dublin, Ireland
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2018-09-13Bibliographically approved
Silver, L. & Thyr, A. (2014). Trovärdighets- och förtroendeskapande aktiviteter med särskilt fokus på bankbranschen. In: Peter Öhman, Heléne Lundberg (Ed.), Trovärdighet och förtroende i ekonomiska relationer: (pp. 185-200). Studentlitteratur AB
Open this publication in new window or tab >>Trovärdighets- och förtroendeskapande aktiviteter med särskilt fokus på bankbranschen
2014 (Swedish)In: Trovärdighet och förtroende i ekonomiska relationer / [ed] Peter Öhman, Heléne Lundberg, Studentlitteratur AB, 2014, p. 185-200Chapter in book (Refereed)
Place, publisher, year, edition, pages
Studentlitteratur AB, 2014
National Category
Business Administration
Identifiers
urn:nbn:se:umu:diva-122339 (URN)978-91-44-10614-4 (ISBN)
Available from: 2016-06-16 Created: 2016-06-16 Last updated: 2018-06-07Bibliographically approved
Lundahl, N. & Silver, L. (2013). Aiming for a perceived partnership in relationship lending: a viable tool for differentiation in financial services?. International Journal of Management and Enterprise Development, 12(4), 277-295
Open this publication in new window or tab >>Aiming for a perceived partnership in relationship lending: a viable tool for differentiation in financial services?
2013 (English)In: International Journal of Management and Enterprise Development, ISSN 1468-4330, E-ISSN 1741-8127, Vol. 12, no 4, p. 277-295Article in journal (Refereed) Published
Abstract [en]

Technological advances, changed regulations and intense competition are a reality for service providers in various industries. For banks, these changes have mostly served transactional approaches. In addition to being of crucial importance for the economy, small and medium sized enterprises (SMEs) are important customers for banks. SMEs often perceive banks as standardised organisations offering identical products and services. Using concepts such as core services reliability, relational services reliability and customer satisfaction, this study investigates whether aiming for a perceived partnership can be a viable differentiating tool for a service provider in a competitive environment consisting of increasingly larger and standardised institutions. The study's hypotheses were tested by the use of structural equations' modelling on questionnaire responses from 343 Swedish SMEs. The results suggest that service providers aiming for a relationship differentiating them from their competitors must, in addition to provide core services, focus on relationship building interactions.

Place, publisher, year, edition, pages
InderScience Publishers, 2013
Keywords
banking, small and medium-sized enterprise, SMEs, customer satisfaction, service marketing, relationship lending, structural equation modelling, SEM, Sweden, perceived partnerships, differentiation, financial services, core services reliability, relational services reliability, customer relationships, bank customers
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-86957 (URN)10.1504/IJMED.2013.056432 (DOI)
Available from: 2014-03-14 Created: 2014-03-14 Last updated: 2018-06-08Bibliographically approved
Fili, A., Berggren, B. & Silver, L. (2013). The impact of financial capital, human capital and social capital on the evolution of Business Angel Networks. International Journal of Corporate Governance, 4(3), 209-228
Open this publication in new window or tab >>The impact of financial capital, human capital and social capital on the evolution of Business Angel Networks
2013 (English)In: International Journal of Corporate Governance, ISSN 1754-3037, E-ISSN 1754-3045, Vol. 4, no 3, p. 209-228Article in journal (Refereed) Published
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.

Keywords
business angels, financial capital, human capital, social capital, business angel networks, investment, financing, entrepreneurship, Sweden, start-ups
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-86956 (URN)10.1504/IJCG.2013.056259 (DOI)
Available from: 2014-03-14 Created: 2014-03-14 Last updated: 2018-06-08Bibliographically approved
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