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  • 1.
    Anders, Isaksson
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Exit strategy and the intensity of exit-directed activities among venture capital-backed entrepreneurs in Sweden2006In: Venture Capital: A European Perspective, 2006, p. 143-156Chapter in book (Other academic)
  • 2.
    Anders, Isaksson
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Barbara, Cornelius
    School of Accounting and Finance, University of Wollongong, Australia.
    Hans, Landström
    Institute of Economic Research, Lund University.
    Sven, Junghagen
    Copenhagen Business School, Denmark.
    Institutional theory and contracting in venture capital: the Swedish experience2004In: Venture Capital: an International Journal of Entrepreneurial Finance, ISSN 1369-1066, E-ISSN 1464-5343, Venture Capital, Vol. 6, no 1, p. 47-71Article in journal (Refereed)
    Abstract [en]

    This paper tests the tenets of institutional theory by means of an empirical study of the contractual strategies applied in the Swedish venture capital industry. Venture capitalists differ in, for example, their preferences for early or later stage investments. Some have more experience than others and some are employed by public funds while others work in non-public funds. The sector, however, was expected to be relatively homogeneous due to the small size of the industry and the cultural milieu in which it is located. This homogeneity was tested regarding the use of contractual strategies among venture capitalists in Sweden. Seventy-nine separate contractual covenants were examined in relation to distinctive sector variables, structure, experience and investment preferences. The results indicate that the greatest differences in contractual strategies occur among those with differing investment preferences. There appear to be two distinct venture capital cultures controlling contractual choices in these groups. The public and the non-public sector have limited variations in their contractual choices, although public funds employ slightly more standardized strategies. Little difference was found between the contractual choices made by experienced and inexperienced venture capitalists. The findings generally conform to the outcomes predicted by institutional theory.

  • 3.
    Anders, Isaksson
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Öysten, Fredriksen
    How do venture capital firms value entrepreneurial ventures?In: TECHNOVATION, ISSN 0166-4972Article in journal (Refereed)
  • 4.
    Andersson, Håkan
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Larsson, Claes-Göran
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Lindbergh, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Nilsson, Henrik
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Peterson, Christer
    Företagets finanser2008Book (Other academic)
  • 5.
    Brattsand, Göran
    et al.
    Umeå University, Faculty of Medicine, Department of Medical Biosciences, Clinical chemistry.
    Nordin, Gunnar
    Isaksson, Anders
    Bjellerup, Per
    Stridsberg, Mats
    Hård, Lena
    Ankarberg-Lindgren, Carina
    Becker, Charlotte
    Gustafsson, Sven
    Larsson, Kerstin
    Equalis/SFKK rekommenderar harmonisering av enheter vid hormonbestämningar för säkrare vård2012In: Läkartidningen, ISSN 0023-7205, E-ISSN 1652-7518, Vol. 109, no 39-40, p. 1773-1773Article in journal (Other academic)
  • 6.
    Hamilton, Ian
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Lundgren, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Carbon disclosure project Nordic report 20092009Report (Other academic)
  • 7.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Effekter av administrativ outsourcingManuscript (preprint) (Other academic)
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  • 8.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Effekter av venture capital i Sverige1999Report (Other academic)
  • 9.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Investeringar i cleantech2011In: Hållbar utveckling: från risk till värde / [ed] Lars G. Hassel, Lars-Olle Larsson och Elisabeth Nore, Lund: Studentlitteratur AB, 2011, 1, p. 83-91Chapter in book (Other academic)
  • 10.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Staten som venture-capitalist: En sammanställning av internationell empirisk forskning2010In: Staten och riskkapitalet: Delrapport 1: Metodbeskrivning och kunskapsöversikt / [ed] Jörgen Lithander, Östersund: Myndigheten för tillväxtpolitiska utvärderingar och analyser, Östersund , 2010, p. 33-84Chapter in book (Other academic)
    Abstract [sv]

    Syftet med denna rapport är att göra en översikt och granskning av internationell empirisk forskning om effekter av offentlig sektors stöd/medverkan i VC-marknaden genom att bidra till utbudet av riskkapital (ägarkapital).

    Rapporten inleds med att tydligt definiera begreppet venture capital och riskkapital. Här påpekades framför allt att:

    • Venture capital är en finansieringsform för några få snabbväxande företag.
    • Riskkapital är det samma som ägarkapital. Den som tillför riskkapital (offentlig aktör såväl som privat) blir delägare i företaget.
    • Statligt riskkapital är inte en näringspolitisk stödform.
    • Venture-capitalmarknaden är en delmängd av riskkapitalmarknaden.

    Som teoretisk plattform användes framför allt agentteori och teorier om asymmetrisk information. En viktig poäng i detta avsnitt är att visa på betydelsen att hantera asymmetrisk för VC-marknadens funktionalitet.

    I genomgången av nuläget för internationell empirisk forskning granskades 14 olika statliga VC-program i åtta länder som utvärderats av ca 13 olika utvärderare. Denna genomgång kan sammanfattas i ett antal generella iakttagelser:

    Hypotesen om ett marknadsmisslyckande får ett begränsat stöd i forskningen. Det handlar snarare om ett rationellt agerande av aktörer på allt för små eller outvecklade marknader.

    Offentliga insatser skall komplettera den privata sektorn och inte konkurrera eller tränga ut den. Det är tydligt att detta är lättare sagt än gjort. Statliga VC-program hamnar ofta i kläm mellan å ena sidan kravet på additionalitet och å andra sidan kravet på att agera på lika villkor som den privata marknaden, vilket innebär en risk att man konkurrerar med den.

    Miljön (kontexten) som ett VC-program sätts in i är ofta en avgörande förklarande faktor till varför ett program lyckas eller misslyckas. Detta är trots det en faktor som ofta bortses från.

    Många offentliga VC-program har regionalpolitiska ambitioner. Man hoppas att venture capital skall skapa tillväxt i en region som saknar tillväxt. Det innebär ofta problem. Venture capital dras till tillväxtregioner, men skapar dem inte.

    Incitamentsstrukturer som stimulerar saminvesteringar från privata aktörer är betydelsefulla för ett VC-programs möjligheter att lyckas.

    Avslutningsvis diskuteras ett antal möjliga fördjupningsstudier, bland annat en systematisk kvantitativ ansats, studier av effekter av sektorsinriktade (cleantech) eller generella insatser samt fördjupande länderstudier (Storbritannien, Australien, Tyskland).

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  • 11.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Statliga stöd till internationella marknadssatsningar1995Report (Other academic)
  • 12.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Studies on the venture capital process2006Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of an introductory part, including venture capital definitions, the history of venture capital in Sweden, and an overview of the venture capital process, and four self-contained papers on venture capital and the venture capital process.

    Paper 1 investigates the standardisation of the contractual strategies applied in the Swedish venture capital industry. The study was based on a questionnaire data regarding the use of contractual covenants. Our results indicate that the greatest differences occur among those with different investment preferences. There would appear to be two distinct venture capital cultures controlling contractual choices in these groups. Our findings generally conform to expectations as predicated by institutional theory.

    Paper 2 investigate venture capital firms’ valuation practices in two different economic contexts, in the economic boom of 1999 and in the downturn market of 2002 by using an experimental case study design with a case based on a real firm. Contrary to our expectations, in times of heightened stringency and economic downturn, venture capital investors employ fewer valuation models than they do in boom times. The main contribution of our research is an increase in the knowledge of venture capitalists’ valuation practices under different market conditions. It can also contribute to researchers developing more relevant theories of valuation, valuation models and valuation practice.

    Paper 3 empirically examines the linkage between governance, trust and performance based on a questionnaire sent to entrepreneurs in venture capital backed companies in Sweden. The results suggest that the level of trust between the venture capitalist and the entrepreneur affects the relationship between VCs governance and the portfolio company’s performance.

    Paper 4 analyse exit strategies and exit-directed activities among entrepreneurs in venture capital relationships. The study focuses on the effect of the venture capital organization (independent, public sector and captive) on strategy and exit-directed activities. The results indicate that firms with a trade sale strategy tend to have a higher degree of exit activities compared to other exit strategies. Furthermore, the type of venture capital organization involved (especially when comparing private independent VCs to public sector VCs) also affects exit strategies and activities.

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  • 13.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Venture capital - begrepp och definitioner2000In: Svenska Riskkapitalföreningens medlemsmatrikel 2000/2001, Stockhom: Svenska Riskkapitalföreningen , 2000, p. 28-21Chapter in book (Other (popular science, discussion, etc.))
    Abstract [sv]

    Venture capital som begrepp är relativt nytt i Sverige. Som så mycket annat inom det finansiella området har begreppsapparaten även färgats starkt av USA där venture capital, som en definierad investeringsform, funnits sedan 50-talet. Svenska begrepp blandas friskt med engelska eller ”svengelska” begrepp. Snarlika engelska ord som venture capital och risk capital har i många svenska översättningar blivit synonymer. Kombinationen av branschens ungdom i det svenska språket och svåröversatta uttryck och facktermer har därför inneburit en viss begreppsförvirring. Denna artikel syftar därför att reda ut en del av de begrepp och definitioner förekommer inom området.

  • 14.
    Isaksson, Anders
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Islam, Md Mohibul
    University of Liberal Arts Bangladesh.
    The Ex-Dividend-Day Price Behaviour of Blue-Chip Stocks: International Evidence2013In: Asian Journal of Finance & Accounting, ISSN 1946-052X, Vol. 5, no 1Article in journal (Refereed)
    Abstract [en]

    To explain the ex-day stock price behaviour, previous research has mostly focused on dividend yield and expected return. Most of these studies concentrated on the US markets and were conducted in a stable economic condition. This paper examines the most liquid common stock (blue-chip) prices behaviour on the ex-day in a period of financial crisis and covers four major capital markets from different geographic locations (the US, the UK, Japan, and China). On the New York and Shanghai Stock Exchanges, we observe that the stock prices drop does not differ from the dividend amount on the ex-dividend day and there is no evidence of abnormal return and short-term trading. On the Tokyo Stock Exchange, the stock prices fall less than the dividend amount, which is in contrast to the London Stock Exchange, where the stock prices fall more than the dividend amount. On the Tokyo and London Stock Exchanges, we observe abnormal return and short-term trading around the ex-day. Possible explanations for these differences can be financial crisis (in the UK) and short-term trading (in the Japan)

  • 15.
    Isaksson, Anders
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Islam, Md Mohibul
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The Ex-Dividend-Day Price Behaviour of Blue-Chip Stocks: International Evidence2012Report (Other academic)
    Abstract [en]

    To explain the ex-day stock price behaviour, previous research has mostly focused on dividend yield and expected return. Most of these studies concentrated on US markets and were conducted in a stable economic condition. This paper examines the most liquid common stock (blue-chip) prices behaviour on the ex-day in a period of financial crisis and covers four major capital markets from different geographic locations (the US, the UK, Japan, and China). On the New York and Shanghai Stock Exchanges, we observe that the stock prices drop does not differ from the dividend amount on the ex-dividend day and there is no evidence of abnormal return and short-term trading. On the Tokyo Stock Exchange, the stock prices fall less than the dividend amount, which is in contrast to the London Stock Exchange, where the stock prices fall more than the dividend amount. On the Tokyo and London Stock Exchanges, we observe abnormal return and short-term trading around the ex-day.

  • 16.
    Isaksson, Anders
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Linde, Anneli
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Vanyushyn, Vladimir
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Environmental management in construction companies: Decisions, technologies and effects2009In: Proceedings of 5th Nordic Conference on Construction Economics and Organisation, Vol. 1, Reykjavík: Reykjavík University, Iceland , 2009, p. 193-204Conference paper (Refereed)
  • 17.
    Isaksson, Anders
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Vanyushyn, Vladimir
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    An examination of the link between growth attitudes and realized growth2009In: Entrepreneurship and growth in local, regional and national economies: Frontiers in European entrepreneurship research / [ed] David Smallbone, Hans Landström, Dylan Jones-Evans, Cheltenham: Edward Elgar Publishing , 2009, p. 139-153Chapter in book (Refereed)
  • 18.
    Isaksson, Anders
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Vanyushyn, Vladimir
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Hultén, Peter
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    The impact of managers' attitudes on SMEs' growth in northern Sweden2013In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 18, no 3, p. 298-312Article in journal (Refereed)
    Abstract [en]

    This paper examines the impact of managers' attitudes to growth on the realised growth in a sample of 1,416 small firms in northern Sweden. The findings demonstrate a positive relationship between the managers' attitudes and the actual growth outcomes. Zero-growth firms turned out different from both positive- and negative- growth firms with regard to managers' attitude towards growth as a competitive necessity. The owners of zero-growth firms perceived their firms as a primary source of income and employment. Our findings, therefore, provide indications of how attitudes affect outcomes among SMES that aspire to grow.

  • 19.
    Thorsell, Anna
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Isaksson, Anders
    Chalmers University of Technology.
    Board Structure in Startups2018Conference paper (Other academic)
  • 20.
    Thorsell, Anna
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Director experience and the performance of IPOs: Evidence from Sweden2014In: Australasian Accounting Business and Finance Journal, ISSN 1834-2000, E-ISSN 1834-2019, Vol. 8, no 1, p. 3-24Article in journal (Refereed)
    Abstract [en]

    An initial public offering (IPO) represents one of the final stages in the life of a small firm as it transitions from private to public. In this paper the experience of directors is examined to determine the extent of the role they play in ensuring a successful listing. Unique data from 122 IPOs on the Swedish Stock Exchange have been examined in a search for the effect of director experience on aftermarket performance. Specific aspects of director experience within a board, such as interlocking directorships and average tenure, are connected to the underpricing of Swedish IPOs. Contrary to expectations, no statistically significant relationship was found between long-run aftermarket performance and director experience at the time of an IPO. This suggests that the previous experience of directors, as measured in earlier studies, is less relevant to long-term aftermarket performance in Sweden. This stresses the importance of examining different institutional contexts.

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