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.

<p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p>

<p>Denna uppsats handlar om hur den särskilda tillåtlighetsregeln i 11 kap. 6 § miljöbalken tillämpas vid tillståndsprövning av vattenverksamheter. Av paragrafen följer att en vattenverksamhet endast får bedrivas om den samlade nyttan av verksamheten överväger de kostnader samt skador och olägenheter som verksamheten medför. Syftet med paragrafen är att hindra vattenverksamheter som inte är <em>samhällsekonomiskt motiverade</em> samt utgöra ett extra skydd för miljön utöver miljöbalkens generella miljökrav.</p><p>Syftet med studien är undersöka hur denna paragraf tillämpas i praktiken – både i rättspraxis och i ansökningsförfarandet. Studien bygger i första hand på rättsvetenskaplig metod men ger även en mer allmän introduktion till samhällsekonomiska analysmetoder. Studien visar att det är mycket svårt att finna vägledning i praxis för <em>hur</em> en bedömning av samhällsnyttan bör gå till. Praxis visar dock att även faktorer som verksamhetens överensstämmelse med olika miljökvalitetsmål, art- och områdesskydd och estetiska värden kan få betydelse vid samhällsnyttobedömningen. Från sökandenas sida riktas generellt ett för stort fokus mot den privata eller företagsekonomiska nyttan av verksamheten. Sammantaget medför detta en risk för att miljövärden inte värderas på ett korrekt sätt när de vägs mot en mer konkret uttryckt monetär nytta. Ett bredare perspektiv på bedömningen bör därför antas. Vidare diskuteras även hur tillämpningen av bestämmelsen skulle kunna förbättras mot bakgrund av olika värderingsmetoder.</p> / <p>The subject matter of this Bachelor’s thesis is the special permit condition applying to water operations in accordance with chapter 11 section 6 of the Swedish Environmental Code. The article states that water operations may only be undertaken if the benefits, from the point of view of public and private interests, are greater than the costs and damages associated with them. The purpose of the regulation is to prevent water operations that are not socially efficient and to provide an additional protection for the environment, in excess of the general rules of consideration in the Code.</p><p>The purpose of this study is to look into how this particular article is applied in practice. This is done by analysing the legal usage as practiced by the court as well as by the applicants. The general rule is that the applicant has to show that the operation, for which the permit is being sought, is in compliance with the obligations associated with the activity. The study shows that it is very difficult to find guidance from case law on <em>how</em> an assessment of the social efficiency is to be carried out. Court practice indicates that circumstances such as whether the operation is in compliance with certain environmental objectives can be used to weight different aspects in the social efficiency assessment. However, the assessments carried out by the applicants are in general focused on the economic benefits for the applicant. This practice might entail a risk for environmental values not being properly valued when weighted against more tangible monetary benefits. A broader perspective is therefore called for. Potential improvements on the practice of the article are discussed against different valuation methods.</p>

Denna uppsats handlar om hur den särskilda tillåtlighetsregeln i 11 kap. 6 § miljöbalken tillämpas vid tillståndsprövning av vattenverksamheter. Av paragrafen följer att en vattenverksamhet endast får bedrivas om den samlade nyttan av verksamheten överväger de kostnader samt skador och olägenheter som verksamheten medför. Syftet med paragrafen är att hindra vattenverksamheter som inte är samhällsekonomiskt motiverade samt utgöra ett extra skydd för miljön utöver miljöbalkens generella miljökrav. Syftet med studien är undersöka hur denna paragraf tillämpas i praktiken – både i rättspraxis och i ansökningsförfarandet. Studien bygger i första hand på rättsvetenskaplig metod men ger även en mer allmän introduktion till samhällsekonomiska analysmetoder. Studien visar att det är mycket svårt att finna vägledning i praxis för hur en bedömning av samhällsnyttan bör gå till. Praxis visar dock att även faktorer som verksamhetens överensstämmelse med olika miljökvalitetsmål, art- och områdesskydd och estetiska värden kan få betydelse vid samhällsnyttobedömningen. Från sökandenas sida riktas generellt ett för stort fokus mot den privata eller företagsekonomiska nyttan av verksamheten. Sammantaget medför detta en risk för att miljövärden inte värderas på ett korrekt sätt när de vägs mot en mer konkret uttryckt monetär nytta. Ett bredare perspektiv på bedömningen bör därför antas. Vidare diskuteras även hur tillämpningen av bestämmelsen skulle kunna förbättras mot bakgrund av olika värderingsmetoder. / The subject matter of this Bachelor’s thesis is the special permit condition applying to water operations in accordance with chapter 11 section 6 of the Swedish Environmental Code. The article states that water operations may only be undertaken if the benefits, from the point of view of public and private interests, are greater than the costs and damages associated with them. The purpose of the regulation is to prevent water operations that are not socially efficient and to provide an additional protection for the environment, in excess of the general rules of consideration in the Code. The purpose of this study is to look into how this particular article is applied in practice. This is done by analysing the legal usage as practiced by the court as well as by the applicants. The general rule is that the applicant has to show that the operation, for which the permit is being sought, is in compliance with the obligations associated with the activity. The study shows that it is very difficult to find guidance from case law on how an assessment of the social efficiency is to be carried out. Court practice indicates that circumstances such as whether the operation is in compliance with certain environmental objectives can be used to weight different aspects in the social efficiency assessment. However, the assessments carried out by the applicants are in general focused on the economic benefits for the applicant. This practice might entail a risk for environmental values not being properly valued when weighted against more tangible monetary benefits. A broader perspective is therefore called for. Potential improvements on the practice of the article are discussed against different valuation methods.