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Stockholm As a Global Force the Significance of Headquarters in the Nordics and the Stockholm Region PHOTO: BJÖRN OLIN

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Stockholm As a Global Force the Significance of Headquarters in the Nordics and the Stockholm Region PHOTO: BJÖRN OLIN Stockholm as a global force The significance of headquarters in the Nordics and the Stockholm region PHOTO: BJÖRN OLIN 2 3 Table of contents 4 Executive Summary 12 Headquarters located in stockholm 17 Connectivity in the Stockholm region 5 Introduction 13 Most headquarters originate 18 China growing globally, except in the Nordics in the United States 5 Why examine headquarters? 18 The resilience of Stockholm 5 Beneficial conditions 14 Headquarters within ICT, finance and consumer services are common in Stockholm 5 The more the merrier? 20 Headquarters in the Nordic region 5 Connectivity 15 Stockholm: significant 6 Headquarters and economic growth from a European perspective 27 References 7 Forbes Global 2000 – The top 2000 companies in the world 16 Reflections and concluding thoughts 7 Valuable, but elusive information This report was finalised before the global spread of the coronavirus (Covid-19). The pandemic has had 8 Nordic headquarters dramatic consequences for business and jobs in the region and there is already great uncertainty regarding its effects on business going forward. The importance of having companies and, especially, headquarters 10 Stockholm holds more than half in our region is now more important than ever, not least with the development of closed borders and a more of the headquarters protectionist approach between countries in terms of production and research. As the situation develops, we 11 Regional distribution of Nordic hope that this report will show the strengths of our city and will be used to maintain and increase the value headquarters, based on business sectors that headquarters provide to our region. 4 5 Introduction A headquarters functions as a command centre where decisions of strategic importance are made that affect the entire company, regardless of geography. It also commonly becomes a node for building relationships on international, national, regional and local levels. The locations of headquarters of Multinational Corporations give us a glance at the global economic ecosystem. It also gives us insight into the characteristics, economic importance and international competitiveness of certain regions and cities. Why examine headquarters? conditions, good connectivity (international and Executive Summary regional) and a well-functioning local infrastructure. In essence, a headquarters can be seen as In addition, most industries are looking for The focus of this study is Global and Regional (Nordic) headquarters of Multinational a command centre. However, not all of the proximity to an attractive local market of existing employees at headquarters are executive and potential clients, as well as a variety of relevant Corporations (MNC’s) present in the Nordic. decision makers. Instead, most of the staff within business partners. When comparing Nordic metropolitan regions, Stockholm has the largest share of Nordic headquarters are engaged in support functions or Global headquarters, 54 per cent. This means that more than half of the companies vital to the daily operations of the company, such The more the merrier? present in the Nordics on the Forbes Global 2000 list have decided to locate their main as HR, IT, law, finance and marketing (Olshov et The location choices for headquarters are Nordic contact-point in Stockholm. al, 2010). Many of these functions require both potentially self-reinforcing. In other words, the skills and higher education. It is also common to mere presence of a headquarters attracts not only 85 per cent of the headquarters in Stockholm belong to foreign companies. This means that place strategic operations such as research and new talent but additional business establishments companies have actively chosen Stockholm as their Nordic hub, which is an indicator of development (R&D) at, or in proximity to, the to the region. The more headquarters, the more comparative advantages. Stockholm’s overwhelming majority of foreign establishments is site of the headquarters. Thus, many positions access to individuals with relevant competence also a reflection of its highly internationalized economy. at headquarters have distinct professional and skills. A plethora of headquarters thus leads to requirements. Also, the functions of headquarters greater access to a labour force with the right mix Stockholm houses 22 Global MNC headquarters. This puts the region at a third place on often depend on external expertise. of competence, which in turn increases the chances the European list, only exceeded by London and Paris. Stockholm shares this place with of the local business community to be able to meet the Amsterdam-Holland region, and is followed by Zürich in fourth place. This means that This, in turn, requires a certain level of local other needs in the region. Therefore, analysing the Stockholm houses more Global headquarters belonging to Multinational Corporations than knowledge. The aim of this study is to examine geographical distribution of headquarters offers a major economic cities such as Madrid, Moscow, Munich and Dublin. Stockholm’s numbers the headquarters of different Multinational method for comparing the attractiveness of different are also higher than the merged areas of the Ruhr region in Germany, as well as Frankfurt. Corporations located in Stockholm and other regions, and shows an indication of the region’s Nordic metropolitan regions. It also provides a competitive force or “pull”. For this kind of study, In conclusion, the number of headquarters shows that the Stockholm region is a global force European as well as a global outlook, looking MNCs are of particular interest as they often have attractive to a wide array of businesses and competences. at how the Nordics compare to Europe and the multiple headquarters on varying levels such as rest of the world when it comes to the presence global, continental, regional (transnational) or of headquarters of Multinational Corporations national headquarters. Regardless of the level, (MNCs). these headquarters share similar requirements when choosing their location. From the perspective Beneficial conditions of attractiveness and competitive advantage Headquarters are often placed in cities and between metropolitan regions, it is particularly metropolitan regions as they are able to meet the interesting to look at headquarters on at least a aforementioned universal requirements, although regional (transnational) level, since competition specific needs and priorities may vary from plays a more distinct role on the regional level than company to company. These conditions include on the national level. Additionally, the choice of proximity to sophisticated business services and location made by foreign companies implies an a comprehensive talent pool where both highly active choice of the most attractive region from an qualified expertise as well as general skills tend to outside perspective. be more available, as well as robust institutional PHOTO: HENRIK TRYGG 6 7 Table 1. Valuable, but elusive Connectivity In conclusion, headquarters of MNCs can Top 10 countries, and the Nordics, Headquarters are drawn to locations that can function as driving forces for economic on the 2019 Forbes Global 2 000 list information provide a certain level of connectivity. Factors development, magnets for additional businesses This study of headquarters in the Nordics is based on contributing to a high level of connectivity are and locomotives for attracting more qualified the 2019 edition of Forbes Global 2000. Using the Country No. of Share of well provided options for international travel, an people. The presence of these companies also companies companies list as a starting point, we have analysed company extensive supply of advanced business services, contributes to a more innovative environment 1 United States 576 29% structures and activities and trimmed down the list and the presence of internationally well-reputed where entrepreneurial initiatives and ideas are to include only companies active in the Nordics, 2 China 251 13% schools and universities. Metropolitan regions able to grow and succeed. Thus, the ability of the resulting in a list of about 500 companies. The offering only one of these elements of connectivity region to attract establishments of a headquarters 3 Japan 223 11% main focus of the study has been the existence and will most likely not be in the competition for is a clear indication of international economic 4 UK 83 4% location of headquarters for these 500 companies. attracting establishments of a headquarters. competitiveness. 5 South Korea 62 3% Instead, a high level of combined connectivity is the 6 Hong Kong 58 3% The majority of companies on the Forbes Global key to success. Belderbos et al (2017) argue that 2000 are active in multiple countries, even multiple 7 France 57 3% regions must combine high levels of flow of people, Forbes global 2000 – the top continents. These Multinational Corporations often 8 India 57 3% services and knowledge. 2000 companies in the world have headquarters on numerous levels. Underneath 9 Canada 56 3% the Global headquarters, HQ, there may be both Headquarters and economic growth The Forbes Global 2000 is an annual list ranking 10 Germany 52 3% continental and regional (transnational) offices such The need for a high level of competence and the 2,000 largest corporations in the world. The list ….. as a European HQ and a Nordic HQ. All levels, connectivity is not unique to the establishment of is compiled using a combined ranking based on however, have similar needs
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