Institutional investors' formal opportunity and real willingness or ability to exercise active or passive control power is likely to be of crucial importance for the supply of capital to businesses, the quality of corporate governance and thus the development of the economy, as this category of shareholder is the dominant and growing category in the global capital market. Institutional investors have long-term mandates. It is theoretically reasonable for them to invest long-term even in illiquid assets and also to participate actively in the governance of individual companies. Studies show that a broad category of institutional investors internationally have been more passive and risk-averse than might have been expected. Legislation, governance models and theoretical ideas have probably largely driven this. With the global crisis, it is reasonable to expect that conditions for institutional capital will be renegotiated internationally. The project intends to follow developments in the Nordic countries, with a focus on the large Swedish institutional investors. What are the effects on corporate governance and thus entrepreneurship of this shareholder category's active or passive efforts? We intend to qualitatively study regulatory processes, institutional minority ownership and control ownership in three sub-studies. The program aims to describe, explain and critically reflect on the role of institutional investors in the national economy and in the Swedish innovation system on a more stable empirical basis.