Drawing from original data and in-depth interviews with market participants, this report provides a comprehensive mapping of the Swedish equity market landscape, illustrating the evolution of both the public and private markets over the past two decades. It also examines the ownership structure of Swedish listed companies and the funding choices of the corporate sector more broadly. International comparisons are included throughout the report, with the ambition of putting Swedish developments into a broader European context. Based on this mapping, the report presents an initial assessment of key areas that have contributed to the growth of the Swedish markets.
The report has been prepared by the OECD in co-operation with the Swedish Corporate Governance Institute (SCGI). It is part of a broader SCGI project on Swedish capital markets, co-financed by the Nasdaq Nordic Foundation and Vinnova.
Detailed descriptions of data sources, selected indicators and the methodology for data collection and analysis are provided in the Annex. In addition to empirical analysis, the OECD has conducted fact-finding missions and consultations with market participants, including Nasdaq Stockholm, domestic pension funds, leading legal and financial advisors, as well as a range of other market stakeholders. The report has benefitted greatly from these interviews and consultations, and the team gratefully acknowledges the participants’ important contributions.
This report has been developed by the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs together with the Swedish Corporate Governance Institute. It was prepared by Gülgün Arikan, Blanca Gené Orriols, Carl Magnus Magnusson, Luca Policino and Yun Tang, under the supervision of Alejandra Medina, Head of the Financial Economics Unit, and Serdar Çelik, Head of Division, all from the OECD. Erik Lidman, Associate Professor, Mats Isaksson, Director, and Jesper Zackrisson, PhD candidate, have contributed from the Swedish Corporate Governance Institute.