“A fourth factor in #Nordic outperformance is patient shareholders. According to #McKinsey, a consultancy, four-fifths of large Nordic companies have long-term ownership, compared with three-fifths in Europe and only a fifth in America. Business dynasties play a prominent role in the region. #Maersk and #Lego are still controlled, respectively, by the founding Moller and Kristiansen families, though both firms are run day-to-day by outsiders. In #Sweden the Wallenbergs, whose fortune originated in banking, own large stakes in various companies, including #AtlasCopco and #Ericsson. Other big Nordic firms, including #Carlsberg and #NovoNordisk, are controlled by non-profit foundations.
Such arrangements have prevented foreign firms from snapping up Nordic companies, giving them more time to grow. They have also made it easier for companies to invest in their long-term success. McKinsey reckons that four-fifths of listed Nordic companies spend more on #research and #development than their rivals do elsewhere in the West. Lars Fruergaard Jorgensen, Novo Nordisk’s boss, has said that his main focus is how the company will look in ten to 20 years”
#business / #stability / #technology <http://active.econweb.p.aws.economist.com/business/2024/12/30/why-are-nordic-companies-so-successful>