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  • 1.
    Andersson, Svante
    Högskolan i Halmstad, Sektionen för ekonomi och teknik (SET), Centrum för innovations-, entreprenörskaps- och lärandeforskning (CIEL), Centre for Technology, Innovation and Marketing Management (CTIM2).
    Internationalization in different industrial contexts2004Inngår i: Journal of Business Venturing, ISSN 0883-9026, E-ISSN 1873-2003, Vol. 19, nr 6, s. 851-875Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The important questions in a firm's internationalization strategy deal with which national markets they should enter and the order in which the chosen markets should be entered. Different theoretical scenarios provide a range of answers to these questions. In this article, it is argued that the appropriateness of the theories depends on the industrial context to which it is applied. The international development of some Swedish firms in mature and high-growth industries is discussed. Whether a theory is appropriate depends on the firms' degree of internationalization and whether the industry is mature or growing. International entrepreneurship literature has been shown to enhance understanding of the early stages of a firms' internationalization in growing industries.

  • 2.
    Landström, Hans
    Högskolan i Halmstad, Sektionen för Informationsvetenskap, Data– och Elektroteknik (IDE).
    Informal risk capital in Sweden and some international comparisons1993Inngår i: Journal of Business Venturing, ISSN 0883-9026, E-ISSN 1873-2003, Vol. 8, nr 6, s. 525-540Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    In many countries there seems to be a shortage of risk capital (i.e, equity or equity-linked capital) for entrepreneurial ventures seeking external capital.As a consequence many entrepreneurial ventures are undercapitalized with a high loan-capital burden. There is some evidence from the U.S.A. that informal investors provide an essential source of equity capital to entrepreneurial ventures. However, our knowledge about the informal risk capital markets is dominated by research from the U.SA., and there are few studies carried out in other countries. This study represents the first description of the informal risk capital market in Sweden. The aim of the study is also to compare the characteristics of informal investors in Sweden with those in the U.SA. and the U.K. Information from 52 informal investors is used for the description of the informal risk capital market in Sweden.An international comparison is made by using the results of studies by Gaston (1989) on informal investors in the U.SA., and Mason et al. (1991) on the informal risk capital market in the U.K. What about the informal risk capital market in Sweden? Traditionally, the tax system in Sweden has not stimulated private wealth accumulation, and there has been a tradition to seek formal, institutional solutions to solve the problems faced by entrepreneurial ventures. However, in recent years there has been a growing interest in the potential role of informal investors to fill the equity capital gap for entrepreneurial ventures. Today, there seems to be an informal risk capital market in Sweden, even if it is not very large. In terms of investor demographics, investment activity, portfolio characteristics, and the relationship between the informal investor and the portfolio firm, the informal investors in Sweden can be characterized in the following way: They are predominantly male, and they are financially well-off. One main characteristic is that they are very experienced entrepreneurs, and it can be assumed that the majority of the informal investors have made their fortunes through a cash-in of their businesses. The informal investors in Sweden seem to be frequent investors, and their acceptance rate is rather high. Furthermore, they seem to be rather careful in their evaluation of new investment opportunities and also invest large amounts of money in their informal investments. The informal investors seem to make their investments in established firms and in more low-tech industry sectors. Therefore, they only partly seem to play a role in filling the equity capital gap for entrepreneurial ventures. The informal investors' relationship to their portfolio firms can be characterized as active but they are not involved to any large extent in daily operations. The most common way of organizing the relationship is by way of active work on the board, and by providing consulting help when needed. What are the similarities and differences between informal investors in the U.K., the U.SA., and Sweden? This study shows that there are some similarities. For example, informal investors are predominantly male, with an entrepreneurial background, financially well-off, and they identify investment opportunities from friends and business associates. On the other hand, there seem to be some important differences. For example, informal investors in the U.K. and Sweden seem to be older than those in the U.S.A. Furthermore, informal investors in Sweden invest a higher proportion of their wealth in informal investments compared to their counterparts in the U.SA. and the U.K. In terms of investment activities, informal investors in the U.K. can be characterized as less sophisticated and ad hoc investors, and they seldom make investments with other informal investors. On the other hand, informal investors in the U.S.A. and Sweden seem to be more professional in their investment activities, i.e., they make many serious evaluations of new investment opportunities, and they put rather large emphasis on the evaluation. In terms of portfolio characteristics, informal investors in Sweden seem to take the lowest risks in their investment portfolios compared to their counterparts in the U.S.A. and the U.K. Finally, informal investors in the U.K., the U.S.A., and Sweden work differently in relationship to their portfolio firms. In the U.K. the relationship can be characterized as ''passive:'' i.e., their involvement in the portfolio firms' daily operations is usually rather low. On the contrary, the informal investors in the U.S.A. work very actively in their portfolio firms. The analysis shows that there seem to be two extreme categories of informal investors. One extreme is represented by many of the informal investors in the U.K. They can be characterized as infrequent and less sophisticated investors, who invest small amounts of money and work as rather passive investors. The other extreme is represented by informal investors in the U.S.A. They seem to be more professional and active in their informal investments. Informal investors in Sweden show some similarities with their U.S. counterparts, but they work less actively in the portfolio firms than do informal investors in the U.S.A. The differences between the characteristics of informal investors in the U.K., the U.S.A., and Sweden are, of course, attributable to differences in contextual factors such as investment climate, entrepreneurial traditions, fiscal regimes, regulatory environment, and wealth distribution. This implies that it may be difficult to copy measures to stimulate the informal risk capital market from one country to another.

  • 3.
    Winborg, Joakim
    et al.
    Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, Centrum för innovations-, entreprenörskaps- och lärandeforskning (CIEL).
    Landström, Hans
    Högskolan i Halmstad, Sektionen för ekonomi och teknik (SET).
    Financial bootstrapping in small businesses: Examining small business managers' resource acquisition behaviors2001Inngår i: Journal of Business Venturing, ISSN 0883-9026, E-ISSN 1873-2003, Vol. 16, nr 3, s. 235-254Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    In recent years, small businesses have received much attention from policy makers and researchers, in that these businesses are considered important for economic growth and job creation. At the same time small businesses are assumed to face major problems in securing long-term external finance, which is regarded as restraining their development and growth. Small business managers are assumed to use institutional finance as a means of meeting the need for resources, and as a consequence the major part of the research on small business finance has focused on constraints in the supply of institutional (market) finance. As we see it, most small business managers handle the need for resources using means other than external finance by applying different kinds of financial bootstrapping methods. Financial bootstrapping refers to the use of methods for meeting the need for resources without relying on long-term external finance from debt holders and/or new owners. However, these other means of resource acquisition have, with few exceptions, not been focused on within earlier research on small business finance. Against this background, the purpose of this study is to describe small business managers' use of different financial bootstrapping methods, and, more importantly, to develop concepts that can help Its better understand small business managers' financial bootstrapping behaviors. The research process was initiated with a number of unstructured interviews conducted with small business managers, accountants, consultants, bank officials, and researchers, in order to identify different financial bootstrapping possibilities. On the basis of the interviews and an earlier study on financial bootstrapping, resulting in the identification of 32 bootstrapping methods, a questionnaire was constructed and sent to 900 small business managers in Sweden. Given the limited knowledge within the area of financial bootstrapping, the study is based on explorative factor analysis and cluster analysis. From the cluster analysis six clusters of bootstrappers were identified differing from each other with respect to the bootstrapping methods used and the characteristics of the business. On the basis of this information the different clusters were labeled: (I) delaying bootstrappers; (2) relationship-oriented bootstrappers; (3) subsidy-oriented bootstrappers; (4) minimizing bootstrappers; (5) non-bootstrappers; and (6) private owner-financed bootstrappers. The groups of financial bootstrappers show differences in their orientation toward resource acquisition, representing different aspects of art internal mode of resource acquisition a social mode of resource acquisition, and a quasi-market mode of resource acquisition. We find that the delaying bootstrappers, private owner-financed bootstrappers, and minimizing bootstrappers all represent an internal mode of resource acquisition. The relationship-oriented bootstrappers follow a socially oriented mode of resource acquisition, whereas the subsidy-oriented bootstrappers apply quasi-market oriented resource acquisition. This study contributes to our empirical understanding by providing knowledge about the financial bootstrapping methods used in small businesses Furthermore, by developing concepts this study contributes to the conceptual development of our knowledge about financial bootstrapping. The implication of this study is that financial bootstrapping is a phenomenon which deserves more attention in future research on small business finance. At the same time, financial bootstrapping behavior is probably a more general phenomenon appearing in different contexts, such as R&D activities in large businesses, financing startups, etc. Finally, the study points out implications for small business managers, consultants, teachers, etc. Practitioners often tend to focus on market solutions to resource needs. This study shows, however, that this strong focus cart be questioned. Resources needed in small businesses can in many situations be secured using financial bootstrapping methods, referring to internally oriented and socially oriented resource acquisition strategies.

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