Abstract
Most of Swedish major companies have had a concentrated ownership via investment companies, foundations and commercial banks and belonged to 'spheres' of the Swedish business society. Spheres' dominant owners send their representatives to each company's board and have definitive influence over its management process. However, the 'closed' Swedish corporate ownership structure has been forced to change by the globalized 'market force' since 1980's. This article examines two facts; 1) how the ownership structure of Stockholm stock market as a whole has been changed since 1985; 2) what exactly has happened in the ownership structure and on the board of ASEA/ABB during 1980's and 1990's, which is the one of the Wallenberg spheres' traditional company. I found that Swedish two biggest spheres have still kept their ownership structure even though their memberships have been decreased throughout 1980's and 1990's. However, the corporate governance style of the traditional sphere has given its seat to the more American way of management style in the board. The spread of the American way of management style among Swedish companies might have had influence over the Swedish corporatist system in management-worker relations.
