Important context for Denmark not having a minimum wage is the fact that more or less everyone (including managers) is in a union, and if you are fired you'll get paid unemployment that is not too far from your actual wages.
Certainly. The nordic model is basically that the labour market is kept quite liberal, to the benefit of companies, but this is balanced by a strong social security net. This is in contrast to how things work in most of the rest of Europe, where there are strong laws in place that protects workers. The result is that it's much easier to start and run companies (and to fail in doing so) in the nordics.