Project Participants

  • Coordinator: Morten Sørensen

Financial and Non-financial Performance of Privately-Held Businesses (Financial performance)


This project studies private (“non-listed”) businesses. Most economic activity takes place in such private businesses, yet their behavior and performance are poorly understood, due to data and methodological limitations. To address these limitations, Danish register data offer a unique source of comprehensive and detailed information, including employment, investments, and innovative activities of all Danish private businesses. These data also enable us to construct cash flows earned by these businesses to assess their financial risks and returns. The results of this study can inform public policies that aim to stimulate employment, investments, and innovations by private businesses and portfolio allocations to these businesses by institutional investors, such as pension funds.


Public (National)


Danmarks frie forskningsfond

Collaborative partners:

London School of Economics and Political Science, Stockholm School of Economics



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