umu.sePublications
Change search
Refine search result
1 - 24 of 24
CiteExportLink to result list
Permanent link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Rows per page
  • 5
  • 10
  • 20
  • 50
  • 100
  • 250
Sort
  • Standard (Relevance)
  • Author A-Ö
  • Author Ö-A
  • Title A-Ö
  • Title Ö-A
  • Publication type A-Ö
  • Publication type Ö-A
  • Issued (Oldest first)
  • Issued (Newest first)
  • Created (Oldest first)
  • Created (Newest first)
  • Last updated (Oldest first)
  • Last updated (Newest first)
  • Disputation date (earliest first)
  • Disputation date (latest first)
  • Standard (Relevance)
  • Author A-Ö
  • Author Ö-A
  • Title A-Ö
  • Title Ö-A
  • Publication type A-Ö
  • Publication type Ö-A
  • Issued (Oldest first)
  • Issued (Newest first)
  • Created (Oldest first)
  • Created (Newest first)
  • Last updated (Oldest first)
  • Last updated (Newest first)
  • Disputation date (earliest first)
  • Disputation date (latest first)
Select
The maximal number of hits you can export is 250. When you want to export more records please use the Create feeds function.
  • 1. Berggren, Björn
    et al.
    Olofsson, Christer
    Silver, Lars
    Royal Institute of Technology, Sweden.
    Effect of syndication on the performance of venture capitalists portfolio firms: The Swedish case2010In: Journal of International Finance and Economics, ISSN 1555-6336, E-ISSN 2378-864X, Vol. 10, no 1Article in journal (Refereed)
    Abstract [en]

    In this paper, we have analyzed the performance of 154 investments made by Swedish and international venture capital firms in Sweden. The purpose of this paper was to investigate whether the syndicated investments outperformed the non-syndicated investments in terms of growth and survival. The results show that the syndicated investments targeted different industries, primarily biotechnology and information and communications technology (ICT). The non-syndicated investments were to a larger extent made in mature firms in low-tech industries, such as traditional manufacturing and retail. Furthermore, the survival rate among the syndicated investments was significantly lower than the non-syndicated investments. This difference in survival rate is partly dependent upon the greater risk associated with investments in younger firms in rapidly growing industries. The managerial implication is that syndication is the means by which venture capital invests during the early stages of knowledge-based firms, thus making syndication between venture capitalists of primary concern for policy-making purposes.

  • 2. Berggren, Björn
    et al.
    Olofsson, Christer
    Silver, Lars
    The effect of syndication on the performance of venture capitalists portfolio firms2009Conference paper (Refereed)
  • 3. Berggren, Björn
    et al.
    Silver, Lars
    Centre for Banking and Finance, The Royal Institute of Technology, Stockholm, Sweden.
    Financing entrepreneurship in different regions: The failure to decentralize financing to regional centers2010In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 17, no 2, p. 230-246Article 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 in different 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 – The study provides evidence that policies need to be tailor‐made for different regions because the predominant type of financier differs greatly between regions. The findings also emphasise the need for policymakers to focus on equity gap issues in regional centres.

    Originality/value – The paper fulfils an important role in elaborating on the use and importance of different types of financing in various regions.

  • 4.
    Boström, Gert-Olof
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Bonnedahl, Karl Johan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Silver, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Growth ambitions and internationalization among newly started small Swedish firms2017In: Motivating SMEs to cooperate and internationalize / [ed] Tesar George and Vincze Zsuzsanna, New York: Routledge, 2017, p. 191-203Chapter in book (Refereed)
  • 5.
    Fili, Andreas
    et al.
    KTH.
    Berggren, Björn
    KTH.
    Silver, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    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, p. 209-228Article 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.

  • 6. Fili, Andreas
    et al.
    Berggren, Björn
    Silver, Lars
    The Influence of Strategy on Survival and Growth in Business Angel Networks2011Conference paper (Refereed)
  • 7.
    Lundahl, Nicolaus
    et al.
    KTH.
    Silver, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Aiming for a perceived partnership in relationship lending: a viable tool for differentiation in financial services?2013In: International Journal of Management and Enterprise Development, ISSN 1468-4330, E-ISSN 1741-8127, Vol. 12, no 4, p. 277-295Article in journal (Refereed)
    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.

  • 8.
    Lundahl, Nicolaus
    et al.
    Centre for Banking and Finance, Royal Institute of Technology, Stockholm, Sweden.
    Vegholm, Fatima
    Centre for Banking and Finance, Royal Institute of Technology, Stockholm, Sweden.
    Silver, Lars
    Centre for Banking and Finance, Royal Institute of Technology, Stockholm, Sweden.
    Technical and functional determinants of customer satisfaction in the bank-sme relationship2009In: Managing Service Quality, ISSN 0960-4529, E-ISSN 1758-8030, Vol. 19, no 5, p. 581-594Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this study is to investigate the influence of the technical and functional dimensions of service management on customer satisfaction in the bank‐SME relationship.

    Design/methodology/approach – An ordinal logistic regression analysis is used to examine a total of 221 responses to a questionnaire distributed to small and medium‐sized enterprises (SMEs) in Sweden.

    Findings – Both the technical and the functional dimensions of service management were shown to correlate with customer satisfaction. Thus, SMEs seem to evaluate their banking relationship not only on the basis of the effectiveness and quality of banks' service outcomes but also on the care and manner in which the bankers deliver services.

    Research limitations/implications – The study shows that relationship variables, such as personal interaction is a strong determinant for customer satisfaction in the bank‐SME relationship. Hence, there is a need for banks to focus training on understanding the issues of SMEs on a broader scale rather than solely on the sale of individual products.

    Originality/value – The study examines both the technical and functional dimensions of service management in the bank‐SME relationship. Because most researchers treat ordinal scales as continuous variables, stronger conclusions can thus be drawn from the ordinal regression analysis performed here.

  • 9.
    Silver, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Samma idé - olika uttryck: sparbanksmodellen i utveckling - en internationell utblick2012Book (Other academic)
  • 10. Silver, Lars
    The dissolution of corporate identity: Identity crisis in savings banks2010In: Corporate Communications. An International Journal, ISSN 1356-3289, E-ISSN 1758-6046, Vol. 14, no 4, p. 369-388Article in journal (Refereed)
  • 11.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Berggren, Björn
    Crowdfunding – a Swedish perspective2015Conference paper (Other academic)
  • 12.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Berggren, Björn
    Entrepreneurial control aversion and bank financing in Swedish SMEs2015In: Banks and Bank Systems, ISSN 1816-7403, Vol. 10, no 1, p. 65-74Article 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.

  • 13.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Berggren, Björn
    Sustaining Entrepreneurship in Subarctic Peripheral Regions2015In: Proceedings from ICSB 2014 World Conference / [ed] Thomas M. Cooney, Dublin Institute of Technology , 2015Conference paper (Refereed)
  • 14.
    Silver, Lars
    et al.
    Centre for Banking and Finance at the Royal Institute of Technology, Stockholm, Sweden.
    Berggren, Björn
    Centre for Banking and Finance at the Royal Institute of Technology, Stockholm, Sweden.
    The Close relationship strategy2010In: Journal of Brand Management, ISSN 1350-231X, E-ISSN 1479-1803, Vol. 17, no 4, p. 289-300Article in journal (Refereed)
    Abstract [en]

    The purpose of the paper is to analyze how different dimensions of the relationship between banks and small to medium-sized enterprises (SME) influence the SMEs’ loyalty towards the banks. A survey was administered to 1024 CEOs of Swedish SMEs. In the questionnaire, a number of aspects of the relationship with the bank were examined, especially how banks contribute to the development of the SMEs, and how this affects the SMEs’ loyalty. This paper posits The Close Relationship Strategy, which implies that by being more active in the relationship, banks could create more satisfied and loyal SME customers. The study has relevance for banks that are trying to develop their corporate brands through a closer relationship with SMEs. The paper provides a framework for understanding how banks can achieve customer loyalty and develop their brands by focusing on important aspects of the relationship with their SME customers. This study provides important insights into SMEs’ perceptions of their banks’ capacity to deliver meaningful advice, and how a positive relationship can create more loyal customers.

  • 15.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Berggren, Björn
    Fili, Andreas
    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, p. 221-229Article 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.

    Download full text (pdf)
    fulltext
  • 16.
    Silver, Lars
    et al.
    Centre for Banking and Finance at the Royal Institute of Technology.
    Berggren, Björn
    Vegholm, Fatima
    The impact of investment readiness on investor commitment and market accessibility in SMEs2010In: Journal of Small Business and Entrepreneurship, ISSN 0827-6331, E-ISSN 2169-2610, Vol. 23, no 1, p. 81-95Article in journal (Refereed)
    Abstract [en]

    Abstract. Raising the level of investment readiness in small and medium-sized enterprises (SMEs) is seen as one of the most important strategies in public policy for promoting entrepreneurship and SME growth in Europe. This paper analyzes the impact of investment readiness on investor commitment and market accessibility in Swedish SMEs. The empirical base for the paper is a survey answered by 459 SME owners. We have analyzed the data using the linear structural relations (LISREL) method, a structural equation modeling technique. The analysis indicates that an increased level of investment readiness in SMEs results in closer working relationships with financiers and a higher level of commitment by the investors, which in turn leads to greater market accessibility for SMEs. This study supports public policy focused on programs that alleviate the problems associated with the lack of investment readiness in SMEs.

  • 17.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Johanson, Martin
    Berggren, Björn
    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, p. 55-64Article 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.

    Download full text (pdf)
    fulltext
  • 18.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Lundahl, Nicolaus
    Berggren, Björn
    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, p. 417-432Article 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.

  • 19.
    Silver, Lars
    et al.
    KTH.
    Lundahl, Nicolaus
    KTH.
    Berggren, Björn
    KTH.
    Strategy selection in business-angel networks: venture-capital strategy and entrepreneurial business-angel strategy2011In: Network strategies for regional growth / [ed] Martin Johanson and Heléne Lundberg, New York: Palgrave Macmillan, 2011, p. 185-206Chapter in book (Refereed)
  • 20.
    Silver, Lars
    et al.
    Centre for Banking and Finance The Royal Institute of Technology, Stockholm, Sweden.
    Lundahl, Nicolaus
    Vegholm, Fatima
    Berggren, Björn
    The influence of banks’ advice to SMEs on customer satisfaction: The case for regulation2010In: International Journal of Services and Operations Management, ISSN 1744-2389, Vol. 6, no 3, p. 200-214Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to analyse the expectations of Small- and Medium-sized Enterprises (SMEs) regarding the value of the advice provided by banks in the light of new regulations in the field. The study started with 60 in-depth interviews with bankers and entrepreneurs in a small municipality in Sweden. After the interviews, a postal survey was sent to 476 SME clients of a bank. The relationship between the bank and the SMEs was divided into two dimensions: the functional quality (with which the SMEs were very satisfied) and a technical quality (which received poor ratings from the SMEs). Overall, the corporate customers were quite satisfied with the bank, owing to low expectations in the first place. The study has relevance for regulatory authorities and banks in examining the customer satisfaction among SMEs. Furthermore, the paper provides a framework for understanding why banks can achieve high customer satisfaction despite the continuous criticism of the advice provided by banks.

  • 21. Silver, Lars
    et al.
    Olofsson, Christer
    Berggren, Björn
    Do too many cooks spoil the broth? – The effect of syndication on the performance of venture capitalists´ portfolio firms in Sweden2006Conference paper (Refereed)
  • 22. Silver, Lars
    et al.
    Olofsson, Christer
    Berggren, Björn
    The effect of syndication on the performance of venture capitalists’ portfolio firms: The Swedish case2009Conference paper (Refereed)
  • 23.
    Silver, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Thyr, Amon
    Trovärdighets- och förtroendeskapande aktiviteter med särskilt fokus på bankbranschen2014In: Trovärdighet och förtroende i ekonomiska relationer / [ed] Peter Öhman, Heléne Lundberg, Studentlitteratur AB, 2014, p. 185-200Chapter in book (Refereed)
  • 24.
    Silver, Lars
    et al.
    Centre for Banking and Finance, The Royal Institute of Technology, Stockholm, Sweden.
    Vegholm, Fatima
    Centre for Banking and Finance, The Royal Institute of Technology, Stockholm, Sweden.
    The dyadic bank-SME relationship: Customer adaptation in interaction, role and organisation2010In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 16, no 4, p. 615-627Article in journal (Refereed)
    Abstract [en]

    Purpose – This paper aims to emphasise the theory of adaptation in the analysis of banks’ ability to meet the needs of their SME customers. This analysis involves examining the interaction process between the two parties, determining how the role of bankers is perceived and studying how banks as organisations function.

    Design/methodology/approach – In the study a total of 60 interviews are conducted, of which 45 are conducted with SME owners. For this specific study, data drawn from in depth interviews conducted with SME owners and with bankers are presented.

    Findings – The following main factors affect the adaptation process and can help explain the difficulties of banks to adapt to their SME customers: the lack of communication and contact in the interaction process, the lack of knowledge and competence of individual bankers as regards their customers’ specific businesses and the centralised and standardised system that prevails within the banking organisation. Also, in this study it is found that the organisational structure influences how individual bankers perceive themselves and their ability to adapt to the needs of SMEs, which in turn affects the individual bankers’ adaptability when interacting with their SME customers.

    Originality/value – To the best of the authors’ knowledge, adaptation has not been examined in relation to the concepts of interaction, role and organisation, or within the banking industry.

1 - 24 of 24
CiteExportLink to result list
Permanent link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf