Firm Growth

2019 ◽  
pp. 187-221
Author(s):  
Bernard Owens Imarhiagbe ◽  
George Saridakis ◽  
David Smallbone
Keyword(s):  
Venture Capital ◽  
Firm Growth ◽  
Research Literature ◽  
Regulatory Regime ◽  
Risk Averse ◽  
Access To Finance ◽  
Demand And Supply ◽  
Growth And Survival ◽  
Alternative Means ◽  
The Uk

Venture capital (VC) is an alternative means of access to finance for innovative SMEs to sustain their innovation, growth, and survival. Although VC firms are well established in the UK and USA, they are not well-known worldwide and many SMEs are unaware of their potential. This is a review of research literature on VC, its conceptualization, and synthesis over four decades. VC is gaining increased and varied significance worldwide as a way for innovative SMEs to access funds. Globalization has provided entrepreneurs the opportunity to seek VC globally as reputable VC firms are able to fund innovative projects across countries and continents. As the legal and regulatory regime improve, VC finance opportunities increase with impact on the demand and supply of VC. Innovative SMEs are encouraged to take advantage of globalization and competition among VC firms in their search for VC. Recently, VC firms have become more risk averse regardless of their traditional competence in screening and monitoring.

scholarly journals Is knowledge that powerful? Financial literacy and access to finance

2018 ◽  
Vol 25 (6) ◽  
pp. 985-1003 ◽  
Author(s):  
Javed Hussain ◽  
Samuel Salia ◽  
Amin Karim
Keyword(s):  
Capital Structure ◽  
Information Asymmetry ◽  
Financial Literacy ◽  
Financial Management ◽  
Firm Growth ◽  
Small Sample ◽  
Monitoring Cost ◽  
Access To Finance ◽  
Content Type ◽  
The Uk

Purpose The purpose of this paper is to examine the relationship between financial literacy, access to finance and growth among small- and medium-sized enterprises (SMEs) within the Midlands region of the UK. It assesses whether financial literacy assists SMEs to overcome information asymmetry, mitigates the need for collateral, optimizes capital structure and improves access to finance. Design/methodology/approach To gain a deeper insight into the complex relationship between financial literacy, access to finance and growth, a qualitative research is carried out among SMEs that have operated for over five years or longer. Using the purposive sampling technique, 37 firms were selected based on size, location and characteristics, mainly from the city of Birmingham and the joining conurbations. Open-ended and a combination of dichotomous questions were used for the survey. Interviews were recorded, transcribed and thematically analyzed. Findings Financial literacy is an interconnecting resource that mitigates information asymmetry and collateral deficit when evaluating loan applications, therefore financial literacy should be part of school curriculum. The analysis suggests enhanced financial literacy, reduces monitoring cost and serves to optimize firms’ capital structure that positively impacts on SMEs growth. Financial management knowledge is recognized as the core resource that aids an effective decision making by owners of SMEs. Research limitations/implications The limitation of this research is the small sample that limits its generalization. Its findings could be enhanced by a larger sample and by conducting comparative studies in other regions or economies. SMEs growth is seen as a strategic policy to stimulate enterprise but the finance gap tends to constrain that objective. The UK Government’s effort to improve access to finance and to mitigate excessive collateral demands by lenders has proved elusive. This empirical research provides evidence that financial literacy enhances access to finance and, in turn, promotes growth potentials. Practical implications The results of this study advocate the provision of financial literacy at schools and target support for SMEs to acquire financial management skills in order to mitigate information asymmetry between lenders and borrowers. Social implications Findings suggest that financial literacy mediates access to finance, enables enterprises to use optimal financial structure to mitigate business failure, creates employment and reduces public sector support for social benefits. Originality/value This study is novel in that it examines financial literacy and its implications for access to finance and firm growth in the UK. The study is an effort to highlight the role of financial information in mitigating barriers to finance for SMEs.

“It’s not just a diet, it’s a lifestyle”: An Exploratory Study into Community Preferences of Vegan Definitions

2019 ◽  
Author(s):  
Madelon North ◽  
Emily Jane Kothe ◽  
Anna Klas ◽  
Mathew Ling
Keyword(s):  
Exploratory Study ◽  
Personal Experience ◽  
Research Literature ◽  
Advocacy Groups ◽  
Convenience Sample ◽  
Future Studies ◽  
Ranking Order ◽  
The Uk ◽  
Community Preferences ◽  
Positivist Approach

Veganism is an increasingly popular lifestyle within Western societies, including Australia. However, there appears to be a positivist approach to defining veganism in the literature. This has implications for measurement and coherence of the research literature. This exploratory study assessed preference rankings for definitions of veganism used by vegan advocacy groups across an Australian convenience sample of three dietary groups (vegan = 230, omnivore = 117, vegetarian = 43). Participants were also asked to explain their ranking order in an open-ended question. Most vegans selected the UK definition as their first preference, omnivores underwent five rounds of preference reallocation before the Irish definition was selected, and vegetarians underwent four rounds before the UK definition was selected. A reflexive thematic analysis of participant explanations for their rankings identified four themes: (1) Diet vs. lifestyle, (2) Absolutism, (3) Social justice, and (4) Animal justice. These four themes represent how participants had differing perceptions of veganism according to their personal experience and understanding of the term. It appears participants took less of an absolutist approach to the definition and how individuals conceptualise veganism may be more dynamic than first expected. This will be important when researchers are considering how we are defining veganism in future studies to maintain consistency in the field.

scholarly journals Three models for the regulation of polygenic scores in reproduction

2021 ◽  
pp. medethics-2020-106588
Author(s):  
Sarah Munday ◽  
Julian Savulescu
Keyword(s):  
Human Genetics ◽  
Ethical Issues ◽  
Well Being ◽  
Embryo Selection ◽  
Risk Scores ◽  
Regulatory Regime ◽  
Polygenic Scores ◽  
The Usa ◽  
The Uk ◽  
The Impact

The past few years have brought significant breakthroughs in understanding human genetics. This knowledge has been used to develop ‘polygenic scores’ (or ‘polygenic risk scores’) which provide probabilistic information about the development of polygenic conditions such as diabetes or schizophrenia. They are already being used in reproduction to select for embryos at lower risk of developing disease. Currently, the use of polygenic scores for embryo selection is subject to existing regulations concerning embryo testing and selection. Existing regulatory approaches include ‘disease-based' models which limit embryo selection to avoiding disease characteristics (employed in various formats in Australia, the UK, Italy, Switzerland and France, among others), and 'laissez-faire' or 'libertarian' models, under which embryo testing and selection remain unregulated (as in the USA). We introduce a novel 'Welfarist Model' which limits embryo selection according to the impact of the predicted trait on well-being. We compare the strengths and weaknesses of each model as a way of regulating polygenic scores. Polygenic scores create the potential for existing embryo selection technologies to be used to select for a wider range of predicted genetically influenced characteristics including continuous traits. Indeed, polygenic scores exist to predict future intelligence, and there have been suggestions that they will be used to make predictions within the normal range in the USA in embryo selection. We examine how these three models would apply to the prediction of non-disease traits such as intelligence. The genetics of intelligence remains controversial both scientifically and ethically. This paper does not attempt to resolve these issues. However, as with many biomedical advances, an effective regulatory regime must be in place as soon as the technology is available. If there is no regulation in place, then the market effectively decides ethical issues.

Initiatives in UK Offshore Decommissioning Following the Wood Review: Applicability for Decommissioning in Norway

2021 ◽  
Author(s):  
Rune Vikane ◽  
Jon Tømmerås Selvik ◽  
Eirik Bjorheim Abrahamsen
Keyword(s):  
Swot Analysis ◽  
Oil And Gas ◽  
Petroleum Industry ◽  
Lessons Learned ◽  
Regulatory Regime ◽  
Regulatory Body ◽  
Cost Estimates ◽  
Substantial Impact ◽  
Gas Recovery ◽  
The Uk

Abstract The 2014 Wood Review is a report reviewing UK offshore oil and gas recovery and its regulation, led by Sir Ian Wood. The report identifies and addresses key challenges in the UK petroleum industry, among them the lack of a strong regulatory body and a decommissioning strategy. The UK petroleum industry is mature, and Norway may benefit from UK's experiences in decommissioning. The article investigates the applicability of the Wood Review recommendations for decommissioning in Norway. The analysis of the recommendations in the Wood Review is carried out by a SWOT-analysis of the general recommendations with a high potential impact on decommissioning as well as the five recommendations specific to decommissioning. The recommendations in the Wood Review were broadly accepted by UK authorities and formed the basis for numerous initiatives aimed at improving policies and practices in UK decommissioning. The key initiatives are presented to illustrate how the Wood Review recommendations has been interpreted. A summary of the key differences between the petroleum industries and the regulatory authorities in Norway and the UK is provided for background. Decommissioning in Norway face similar challenges to those identified in the Wood Review. The analysis indicates that several of the UK initiatives following the recommendations in the Wood Review has the potential of improving decommissioning in Norway. Differences in regulatory regimes between the regions may complicate the implementation of some of the initiatives following the Wood Review in Norway. In most cases only minor changes to regulations and/or practices are required. Recent UK initiatives with a high impact on decommissioning include increased focus on sharing of information and lessons learned, increased collaboration, the development of a decommissioning strategy, benchmarking of decommissioning cost estimates for all projects and the development and publishing of annual UK decommissioning cost estimates. There are indications that the Norwegian Petroleum Directorate (NPD) and the Norwegian Ministry of Petroleum and Energy (MPE) are falling behind their UK counterparts in key areas. Norway has limited experience with decommissioning, and scrupulous analysis of lessons learned in other regions is essential. Decommissioning of Norwegian offshore infrastructure is a major undertaking and even minor improvements may have a substantial impact on personnel risk, risk to the environment or the total decommissioning expenditure. The Norwegian regulatory regime has been an integral part of the Norwegian petroleum industry's success in previous decades, and changes to the regime require careful deliberation. The recent implementation of initiatives aimed at improving decommissioning regulations and practices in the UK represents a unique learning opportunity for Norwegian authorities. The analysis suggest that Norway may benefit from adopting some of the UK initiatives following the Wood Review recommendations.

scholarly journals Are entrepreneurs becoming more risk averse?

2019 ◽  
Vol 35 (1) ◽  
pp. 1-2 ◽  
Author(s):  
John J. Oliver ◽  
Newton Velji
Keyword(s):  
Risk Averse ◽  
Corporate Acquisitions ◽  
Content Type ◽  
Industry Consolidation ◽  
Degree Of Consolidation ◽  
The Uk ◽  
The Impact ◽  
Startup Firms ◽  
Production Industry ◽  
Tv Production

Purpose This paper aims to discuss the emerging theme of risk aversion in entrepreneurs following high levels of industry consolidation. Design/methodology/approach This paper is a viewpoint on the authors’ opinion and interpretation of industry consolidation. Findings The UK Independent TV Production Industry has experienced a remarkable degree of consolidation with corporate acquisitions and mergers changing the size, shape and revenue distribution among firms in the industry. In addition, entrepreneurs appear to be more risk averse in terms of entering the industry. Practical implications If the trend in entrepreneurs in the UK TV Production Industry being more risk averse continues, then the number of new startup firms will fall and that could put the future of the industry at jeopardy. Originality/value This paper presents an interesting observation on the impact of consolidation of the UK Independent TV Production Industry, in so far as, entrepreneurs appear to be becoming more risk averse.

scholarly journals ASSURANCE CASE FOR SAFETY AND SECURITY IMPLEMENTATION: A SURVEY OF APPLICATIONS

2020 ◽  
pp. 610-619
Author(s):  
Vladimir Sklyar ◽  
Vyacheslav Kharchenko
Keyword(s):  
Regulatory Regime ◽  
Critical Systems ◽  
Regulatory Requirements ◽  
Security Assurance ◽  
Case Methodology ◽  
Case Application ◽  
The Uk ◽  
Confirmation Analysis ◽  
Case Based ◽  
Assurance Case

This paper presents a survey of Assurance Case implementation for applications which are not directly related to the usual for Assurance Case regulatory regime. The UK is the country which first developed the theory of Assurance Case as a response to big catastrophes, and most applies Assurance Case regime for many industrial domains. USA, Australia and EU countries apply Assurance Case approach for safety and security regulation and licensing. For the last two decades Assurance Case has been used mostly for confirmation analysis of critical systems with established set of regulatory requirements. There are proven standards of use, notations and tools to support Assurance Case methodology. However, many researchers have tried to find approach to expand Assurance Case application to communicating domains. We group the following directions of Assurance Case applications as the following ones: Assurance Case for attributes assessment such as quality, dependability and, first of all, safety and security, Assurance Case based certification, improvement of argumentation, assurance based development, and Assurance Case for knowledge management. The main challenges and solutions of development and application of Assurance Case methodology, techniques and tools have been analyzed.

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