NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Peter Hogfeldt

Department of Finance
Stockholm School of Economics
P.O. Box 6501
S-113 83 Stockholm
Sweden
Tel: 46-8-7369151
Fax: 46-8-312327

E-Mail: peter.hogfeldt@hhs.se

NBER Working Papers and Publications

November 2005The History and Politics of Corporate Ownership in Sweden
in A History of Corporate Governance around the World: Family Business Groups to Professional Managers, Randall K. Morck, editor
July 2004The History and Politics of Corporate Ownership in Sweden
w10641
Not despite but because of persistent Social Democratic political influence since the Great Reversal in 1932 have a few families and banks controlled the largest listed firms in Sweden. The Social Democrats have de facto been the guarantor rather than the terminator of private capitalism since the political and corporate incumbencies have been united by strong common interests. Incumbent owners need the political support to legitimize that their corporate power rests on extensive use of dual-class shares and pyramiding. While the Social Democrats only get the necessary resources and indirect support for their social and economic policies from the private sector if the largest firms remain under Swedish control so that capital does not migrate. The extensive use of mechanisms to separate vo...

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