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Lindbergh, Lars
Publications (10 of 25) Show all publications
Lindbergh, L. & Wilson, T. (2018). Developments in Swedish Rental housing: unanticipated consequences of Public Municipal Housing Companies Act 2011. Competition Forum, 16(1), 19-31
Open this publication in new window or tab >>Developments in Swedish Rental housing: unanticipated consequences of Public Municipal Housing Companies Act 2011
2018 (English)In: Competition Forum, ISSN 1320-0682, E-ISSN 2165-2228, Vol. 16, no 1, p. 19-31Article in journal (Refereed) Published
Abstract [en]

This paper reflects some specific accommodations that have occurred in the Swedish rental sector as a consequence of Municipal Housing Companies (MHCs) complying with the Public Municipal Housing Companies Act of 2011, which required them to perform in a more business-like manner.  It was not explicitly noted, but undoubtedly assumed, that the municipal sector of housing would function much as before.  Unexpected consequences, however, have changed the competitive landscape.  Not only have MHCs been affected, but independent rental companies as well.  Further, tenants have not been particularly pleased with some of the developments.  Three cases triangulate the observations.

Place, publisher, year, edition, pages
American Society for Competitiveness, 2018
Keywords
Municipal Public Housing, Sweden, Companies Act of 2011, Business-Like, Unanticipated Changes
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-153163 (URN)
Available from: 2018-11-08 Created: 2018-11-08 Last updated: 2018-12-19Bibliographically approved
Wilson, T. & Lindbergh, L. (2018). Onward and Upward: A Swedish Corporate Finance Course. In: Sigmond, N., Belloit, J. and Myers, C. (eds.) (Ed.), Northeastern Association of Business, Economicsand Technology Conference Proceedings: . Paper presented at Northeastern Association of Business, Economics and Technology Conference, Pennsylvania, November 1-2, 2018 (pp. 329-341).
Open this publication in new window or tab >>Onward and Upward: A Swedish Corporate Finance Course
2018 (English)In: Northeastern Association of Business, Economicsand Technology Conference Proceedings / [ed] Sigmond, N., Belloit, J. and Myers, C. (eds.), 2018, p. 329-341Conference paper, Published paper (Other academic)
Abstract [en]

Business education in Sweden has been characterized as the meeting of Mercury, the god of merchants, with Minerva, the patron of science.  The understanding of corporate financing typifies that association, i.e., commerce is depicted in accepted, systematic formulations.  The course that is described herein is a master’s level finance course at Umeå University in Sweden – Advanced Corporate Finance.   The primary purpose of this course is to provide an integrated overview of the most important concepts in Corporate Finance in theory, practice and in some instances method.  The course is designed to develop students’ ability to

  • assess the impact of information asymmetry on corporate financial policy decisions,
  • explain the theoretical basis and applicable strategies applied in corporate control,
  • compare and contrast leverage strategies in ideal versus real capital markets and ably explain the impact of alternative taxation systems on the use of debt,
  • argue for optimal levels of corporate debt and be able to value an offering under different financing strategies, and
  • formulate and logically defend a position in regard to current issues, which confront corporations today.

Highlighted and discussed are measures such as how business valuation can affect various stakeholders, and potential implications are related to ethics and sustainability.  A group exercise and case study analysis, used in the course, are covered in the paper.  The paper should be of interest to educators and administrators because of Michael Porter’s reflection that one of the competitive advantages of Sweden is the universally high educational level of its population. 

Keywords
Business education, Sweden, Advanced Corporate Finance
National Category
Social Sciences
Research subject
education; Business Studies
Identifiers
urn:nbn:se:umu:diva-153164 (URN)
Conference
Northeastern Association of Business, Economics and Technology Conference, Pennsylvania, November 1-2, 2018
Available from: 2018-11-08 Created: 2018-11-08 Last updated: 2019-06-25Bibliographically approved
Lindbergh, L., Olofsson, T., Vesterberg, J., Andersson, S. & Wilson, T. (2018). Reflections on sustainable Ålidhem: a case study in Swedish municipal public housing refurbishment. Property Management, 36(2), 203-220
Open this publication in new window or tab >>Reflections on sustainable Ålidhem: a case study in Swedish municipal public housing refurbishment
Show others...
2018 (English)In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 36, no 2, p. 203-220Article in journal (Refereed) Published
Abstract [en]

Purpose: This work is initiated under the premise that reliable evaluation methods are necessary to ensure investments in energy conservation, and the purpose of this paper is to contribute to that literature. It describes some pilot changes and their impact in an actual field study oriented toward upgrading municipal public housing (MPH) units.

Design/methodology/approach: The research for this paper was connected to an MPH refurbishment project situated in northern Sweden. The overall energy efficiency goal within the project was a 40-50 percent reduction in the supplied energy for central electricity, domestic hot water and space heating. In order to evaluate if these goals were feasible, a measurement system was installed in a pilot building and in a neighboring building used as a reference. The evaluation was conducted by comparing the post-retrofit performance of the pilot building with the performance of the reference building when it was kept in its initial state (a comparison possible because both buildings had initial similarities).

Findings: Impacts could be quantified insofar as a reference (control) building in the same environment was sustained for comparison purposes. A 43 percent improvement was observed in energy utilization in the pilot building compared to its reference companion (99.8 vs 174.5 kWh/m2 per year). When the approach described herein was applied to new construction, the present goal of 65 kWh/m2 was approached as measured by Swedish standards.

Practical implications: Results should be of interest to academics in the housing field, professionals involved in refurbishment and residents themselves, renting MPH flats.

Originality/value: This study is unique in the following ways: first, it really was a field experiment with a control, thus it did not have any exogenous interference in interpreting results. To the best of our knowledge, this is the first study of its kind. The second interesting characteristic was that results were subsequently used in the refurbishment of other buildings in the complex and in the construction of others. The major value of the paper may be associated with its timing. It comes at a time when the Kyoto agreement has raised concerns about sustainability, but also at a time when many buildings are facing a need for refurbishment.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2018
Keywords
Refurbishment, Energy Savings, Systematic Approach, Municipal Public Housing, Sweden
National Category
Business Administration Civil Engineering
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-138657 (URN)10.1108/PM-04-2016-0017 (DOI)000428653800006 ()
Available from: 2017-08-26 Created: 2017-08-26 Last updated: 2018-06-09Bibliographically approved
Wilson, T. & Lindbergh, L. (2017). A Fifth Look at Swedish Public Housing: Operating under Business-Like Principles: Walking the Walk. In: Pennsylvania Economic Association Annual Conference Proceedings, 2017: . Paper presented at Pennsylvania Economic Association 2017 Conference, Reading, Pennsylvania, June 1-13, 2017 (pp. 101-111).
Open this publication in new window or tab >>A Fifth Look at Swedish Public Housing: Operating under Business-Like Principles: Walking the Walk
2017 (English)In: Pennsylvania Economic Association Annual Conference Proceedings, 2017, 2017, p. 101-111Conference paper, Published paper (Other academic)
Abstract [en]

The purpose of this paper is to ascertain if financial observations parallel the text findings in owner directives that suggested Municipal Housing Companies (MHCs) in Sweden have complied with the Public Municipal Housing Companies Act of 2011 (PMHCA 2011) requiring them to act in a business-like manner.  Results are reported here for 19 of the original 20 companies used in a sample suggesting MPHs were acting in a business-like manner as required by PMHCA 2011.  Information for the study was obtained from the Retriever Business database, which included complete company financials for the period.  Best straight lines were constructed through individual company data from 2005 to 2010 (pre-regulation) and 2010 to 2014 (post-regulation).  A t-test of slope difference was used to indicate the significance of any change.  Sample results suggest that the industry as a whole has adjusted overall to the business-like mandate insofar as revenue generation illustrates an upturn starting in 2011.  Results for return on assets, operating profit margin and solvency did not show statistically significant results.  Results for two individual firms illustrate how extreme reactions might occur.

Keywords
Municipal Public Housing, Sweden, Companies Act of 2011, Business-Like
National Category
Economics and Business
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-138663 (URN)
Conference
Pennsylvania Economic Association 2017 Conference, Reading, Pennsylvania, June 1-13, 2017
Available from: 2017-08-26 Created: 2017-08-26 Last updated: 2019-06-26Bibliographically approved
Wilson, T. & Lindbergh, L. (2017). An initial look at a basic Swedish finance course. In: Sigmond, N., Belloit, J. and Myers, C. (Ed.), Northeastern Association of Business, Economicsand Technology Conference Proceedings 2017: . Paper presented at Northeastern Association of Business, Economics and Technology Conference (NABET), 40th Annual Meeting, State College, PA, October 26-27, 2017 (pp. 292-303). National Association of Business, Economics and Technology (NABET)
Open this publication in new window or tab >>An initial look at a basic Swedish finance course
2017 (English)In: Northeastern Association of Business, Economicsand Technology Conference Proceedings 2017 / [ed] Sigmond, N., Belloit, J. and Myers, C., National Association of Business, Economics and Technology (NABET) , 2017, p. 292-303Conference paper, Published paper (Refereed)
Abstract [en]

The course that is described and discussed is a B level finance course - Räkenskapsanalys och värdering (Financial Analysis and Valuation).  The course is designed to develop students' ability to view business information, and to use different methods and tools of financial analysis and valuation, especially in connection with business valuation.  Business coverage is used in teaching, and emphasis is placed on the interpretation of results. Various problems are highlighted and discussed; measures such as how business valuation can affect various stakeholders and potential implications are related to ethics and sustainability. Analysis is based on a social and organizational perspective, which also affects the choice of the appropriate method of approach. The analysis is motivated by the need for ongoing evaluation of the company in financial terms. During the course, spreadsheet programs such as “analysis” and “decision support” are used.  Enterprise Resource Planning (ERP) is a tool for managing the business and enables faster, more informed decisions.

This course is offered about half-way through the undergraduate civilekonom management curriculum and it is carried out within the typical Swedish module of five weeks of conduct and is taught in Swedish.  It normally plays to approximately 80 students in the spring (and to 40 other students in the Autumn).  The students work independently and in groups of four. For the group assignment, students choose to work with one colleague and the pairs are then randomly coupled with another pair. The module is designed to develop students’ ability to absorb accounting information and to use different methods of financial analysis and assessment, especially in connection with business valuation.  Text books are currently used are Berk and DeMarzo (2014), Nilsson et al. (2002) and Hansson et al. (2006). The  latter two are currently being reviewed and will probably be exchanged or complemented with Palepu et al. (2016) and Berk et al. (2017) or corresponding in 2018. 

Course definitions are formally addressed in a Department’s permission to offer document.  An important part of this document is an expectations of learning section.  That section for this course is “after completed, students should be able to:

  • review a company's accounting information and use measuring techniques to assess the company's profitability, solvency, efficiency, return and risk level,
  • conduct a strategic analysis of the company's business environment,
  • apply different methods of business valuation,
  • analyze the pros and cons of a valuation method,
  • relate environmental aspects to the company's risk and return, and
  • demonstrate an understanding of how business can be used as a basis and monitor activities”

This learning is supported by lectures and tutorials, exercises, cases with seminars and labs associated with business activity monitoring. Students independently collect, process and analyze companies on the basis of annual report data and other available information.

Place, publisher, year, edition, pages
National Association of Business, Economics and Technology (NABET), 2017
Keywords
Financial course, Sweden, Learning Objectives, Evaluation
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-145984 (URN)
Conference
Northeastern Association of Business, Economics and Technology Conference (NABET), 40th Annual Meeting, State College, PA, October 26-27, 2017
Available from: 2018-03-24 Created: 2018-03-24 Last updated: 2019-06-19Bibliographically approved
Wilson, T. & Lindbergh, L. (2017). An Initial Look at a Basic Swedish Finance Course. In: Sigmond, N., Myers, C., Belloit, J. and Gallagher, M. (Ed.), Northeastern Association of Business, Economics and Technology Conference Proceedings: . Paper presented at Northeastern Association of Business, Economics and Technology Conference, Pennsylvania, October 26-27, 2017.
Open this publication in new window or tab >>An Initial Look at a Basic Swedish Finance Course
2017 (English)In: Northeastern Association of Business, Economics and Technology Conference Proceedings / [ed] Sigmond, N., Myers, C., Belloit, J. and Gallagher, M., 2017Conference paper, Published paper (Other academic)
Abstract [en]

The course that is described and discussed herein is a B level (2nd year) finance course at Umeå University in Umeå, Sweden – Financial Analysis and Valuation (Räkenskapsanalys och Värdering).  The course is designed to develop students' ability to comprehend business information and to use different methods and tools of financial analysis and valuation, especially in connection with business valuation.  Existing corporate information is used in teaching, and emphasis is placed on the interpretation of observation. Analyses are motivated by the need for ongoing evaluations of companies in financial terms. Various problems are highlighted and discussed; measures such as how business valuation can affect various stakeholders and potential implications are related to ethics and sustainability.  A group term paper (PM) is required in the course.  The analysis within the term paper, although primarily financial, also has a social and organizational perspective, which affects the choice of the appropriate method of approach.

Keywords
Finance, education
National Category
Economics and Business
Research subject
education
Identifiers
urn:nbn:se:umu:diva-138842 (URN)
Conference
Northeastern Association of Business, Economics and Technology Conference, Pennsylvania, October 26-27, 2017
Available from: 2017-09-02 Created: 2017-09-02 Last updated: 2019-06-25Bibliographically approved
Långström, S., Lindbergh, L. & Wilson, T. (2017). Corporate Social Responsibility (CSR) disclosure in Annual Reports of Public Municipal Housing Companies in Sweden. In: : . Paper presented at NFF 2017: 24th Nordic Academy of Management Conference, Bodö, Norway, August 23-25, 2017.
Open this publication in new window or tab >>Corporate Social Responsibility (CSR) disclosure in Annual Reports of Public Municipal Housing Companies in Sweden
2017 (English)Conference paper, Oral presentation only (Other academic)
Abstract [en]

Purpose: The purpose of this paper is to analyze the degree to which, and with what apparent intent, Corporate Social Responsibility (CSR) is disclosed in Swedish Public Municipal Housing companies’ (PMHC) annual reports.

Method: Although exploratory, the research uses a statistical approach to quantitatively assess four research questions developed to guide the research from a random sample of 50 firms from an industry population of 263 companies.  The development depends upon a content analysis with qualitative assessment of the annual reports and utilizes NVivo software to analyze information. The framework for the content analysis is based on Clarkson et al. (2008) environmental index and Sutantoputra (2009) social index. In turn, they are based on the Global Reporting Initiative (GRI).

Findings: This study brings new information about CSR disclosure in the annual reports for PMHCs. Results suggest that PMHCs tend universally to include CSR material in their annual reports.  Based on a random sample of 50 PMHC all had some citations, seven being the minimum.  Further, there was a relationship between environmental and social citations.

Research limitations/implications: The study is based on annual reports from 2014 and only limited companies were included in the study. Nevertheless, every annual report that was reviewed contained CSR information, which shows that it is important to organizations.  Future studies could be done on another type of housing, for example privately owned rental properties. Another suggestion is to do a follow up study on this population to see if CSR reporting has increased. The framework could also be used to review CSR on another official document, for example the business plan.

Practical implications:  The study puts a spotlight on CSR in annual reports, both for PMHCs but also for other industries. This could lead to more CSR being integrated into annual reports in the future.

Originality/value: This is the first attempt to report on the status of Corporate Social Responsibility (CSR) in Swedish Municipal Public Housing, which tends to be of interest in the global housing sector. Participants in public housing, as either managers, residents or academics should value these results. This study is also relevant for those studying or working with CSR since it is an industry specific study that has not been performed before.

Keywords
Corporate Social Responsibility (CSR), Public Municipal Housing Company (PMHC), Sustainability, Annual Reports, Sweden, Global Reporting Initiative (GRI), Content analysis, Environmental, Social
National Category
Economics and Business
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-138668 (URN)
Conference
NFF 2017: 24th Nordic Academy of Management Conference, Bodö, Norway, August 23-25, 2017
Available from: 2017-08-27 Created: 2017-08-27 Last updated: 2019-06-25Bibliographically approved
Lindbergh, L., Olofsson, T., Vesterberg, J. & Wilson, T. L. (2017). Project Ålidhem: a case study of a sustainable Swedish municipal public housing installation. Energy Procedia, 121, 11-17
Open this publication in new window or tab >>Project Ålidhem: a case study of a sustainable Swedish municipal public housing installation
2017 (English)In: Energy Procedia, ISSN 1876-6102, E-ISSN 1876-6102, Vol. 121, p. 11-17Article in journal (Refereed) Published
Abstract [en]

A refurbishment project conducted within a municipal public housing complex is described and discussed through Project Ålidhem in northern Sweden. The overall energy efficiency goal within the project was a 40-50% reduction in the supplied energy for domestic hot water, building electricity and space heating. In the pilot study, a 43% improvement was observed. This paper focuses on the performance of four buildings constructed under a Delegation for Sustainable Cities program that specified an energy efficiency goal of 65 kWh/m2. This goal was approached, but not attained. Observations of utilization in four free-standing buildings were 68.3, 76.8, 87.2 and 87.6 kWh/m2 per year respectively, which are described and discussed herein.

Place, publisher, year, edition, pages
Amsterdam: Elsevier, 2017
Keywords
Energy efficiency, refurbishment, project Ålidhem, Sweden
National Category
Economics and Business
Identifiers
urn:nbn:se:umu:diva-139779 (URN)10.1016/j.egypro.2017.08.002 (DOI)000426789900002 ()
Available from: 2017-09-22 Created: 2017-09-22 Last updated: 2018-06-09Bibliographically approved
Lindbergh, L., Jacobsson, M., Olofsson, T. & Wilson, T. (2017). Public Housing in Sweden: The Umeå Two-Step. In: : . Paper presented at NFF 2017: The 24th Nordic Academy of Management Conference, Bodø, Norway, August 23-25, 2017.
Open this publication in new window or tab >>Public Housing in Sweden: The Umeå Two-Step
2017 (English)Conference paper, Published paper (Other academic)
Abstract [en]

Comparative housing analyses often find that Swedish public housing represents an interesting story because it provides a good class of rental housing to all sections of the population. This approach has been called the “Swedish public housing model”. An in-depth case study has been used to develop a system-wide understanding of a participant’s involvement in its housing market. In this case study, the public utility/energy and water-sewage/solid waste companies played a significant role in the company’s ability to serve the local community. It thus behooves us to compare and connect the different components in the public housing company business model to complete the analysis of success in the value chain. Two-levels describe the situation. At the first level, the municipal public housing (MPH) organization is seen as functioning as a tenant-oriented, quasi-municipal utility within a value network composed of the municipality + the energy utility + the water-sewage/solid waste company. At the second level, a Shaffer analysis shows general harmony among the operations of each organization.  In particular, the MPH provides value-for-money rentals within the municipality and helps tenants turn their flats into homes. Additionally, continued appreciation of its base assets and apparent economies of scale were instrumental in the success of the operations at the tactical level. Insofar as the Swedish public housing model is undergoing a shift to be more “business-like”, this study indicates how the model successfully works at the individual company level. Because there are certain commonalities with other organizations in public management, observations may be relevant in their successful operations.

Keywords
Swedish Housing, Municipal Public Housing, Business Models, Case Study
National Category
Economics and Business
Research subject
Business Studies
Identifiers
urn:nbn:se:umu:diva-138665 (URN)
Conference
NFF 2017: The 24th Nordic Academy of Management Conference, Bodø, Norway, August 23-25, 2017
Available from: 2017-08-26 Created: 2017-08-26 Last updated: 2019-06-25Bibliographically approved
Lindbergh, L., Olofsson, T. & Wilson, T. (2016). A Case Study in Swedish Municipal Public Housing Refurbishment. In: : . Paper presented at International Research Conference for the Management & Business Disciplines, Las Vegas, NV, USA, March 24-26..
Open this publication in new window or tab >>A Case Study in Swedish Municipal Public Housing Refurbishment
2016 (English)Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

Swedish public housing has commanded special international interest and tends to be an aspiration for other countries.  That is, at a time when countries struggle to provide adequate public housing, it has been noted, “(Public) housing quality in Sweden is very high by international standards”.  Perhaps more importantly, it tends to be self-sustaining.  Provision of this housing is controlled by Municipal Public Housing Companies which are the dominating landlords in Swedish rental housing.  Some portion of the presentation is given to describing and discussing their operations, which relates to investment, rental negotiations and new public management.  More focus, however, is taken to indicate where this sector happens to be presently in management of operations, which happens to be in a refurbishment mode.  That is, there comes a time in a building’s life when its proprietor-investors must make the decision of whether money will be reinvested in extending the structure’s life or not.  Much of this housing was developed during the 60 and 70s.  Buildings with expected useful lives of fifty years built in the 60-70s have now reached the question of refurbishment – yes or no?  In this paper the pilot portion of a refurbishment project conducted within a municipal public housing complex is described and discussed through a case study, Project Alidhem in northern Sweden, which has a significant sustainability objective.  The overall energy efficiency goal within the project was a 40-50% reduction in the supplied energy for domestic hot water, building electricity and space heating. In order to evaluate if these goals were feasible, a measurement system was installed in a pilot building and in a neighboring building used as a reference.  A 43% improvement was observed in energy utilization in the pilot building compared to its reference companion (99.8 vs 174.5 kWh/m2 per year).  When the approach described herein was applied to new construction, the present goal of 65 kWh/m2 was approached as measured by Swedish standards.  Refurbishment did not stop with energy and ecological considerations in the pilot installation, but also included refurbishing and refinishing of rental interiors, entrances and stairwells, as well as a glazed-in winter garden for residents, conversion of a thoroughfare to a low traffic city street, and old waste-rooms converted to functional recycling facilities. 

Keywords
Municipal Public Housing, Sweden, Project Alidhem, Refurbishment, Energy Efficiency
National Category
Economics and Business
Identifiers
urn:nbn:se:umu:diva-121871 (URN)
Conference
International Research Conference for the Management & Business Disciplines, Las Vegas, NV, USA, March 24-26.
Available from: 2016-06-09 Created: 2016-06-09 Last updated: 2018-10-21
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