Quick or Broad Patents? Evidence from U.S. Startups

We study the effects of patent scope and review times on startups and externalities on their rivals. We leverage the quasi-random assignment of U.S. patent applications to examiners and find that grant delays reduce a startup’s employment and sales growth, chances of survival, access to external capital, and future innovation. Delays also harm the growth, access to external capital, and follow-on innovation of the patentee’s rivals, suggesting that quick patents enhance both inventor rewards and generate positive externalities. Broader scope increases a startup’s future growth (conditional on survival) and innovation but imposes negative externalities on its rivals’ growth and innovation.

Debt as a Source of Financial Energy of the Farm—What Causes the Use of External Capital in Financing Agricultural Activity? A Model Approach

The aim of this study was to identify and assess the factors influencing the increase in the financial energy of a farm through the use of external capital, taking into account the farmer’s and farm characteristics. For its implementation, a logistic regression model and a classification-regression tree analysis (CRT) were used. The study was conducted on a group of farms in Central Pomerania (Poland) participating in the system of collecting and using data from farms (Farm Accountancy Data Network—FADN). Data on 348 farms were used for the analyses, obtained through a survey conducted in 2020 with the use of a questionnaire. Based on the analysis of the research results presented in the literature to date, it was established that the use of external capital in a farm as a factor increasing financial energy is determined, on the one hand, by the socio-demographic characteristics of the farmer and the characteristics of the farm, and on the other hand, by the availability of external financing sources. Factors relating to the first of these aspects were taken into account in the study. Using the logistic regression model, it was established that the propensity to indebtedness of farms is promoted by the following factors: gender of the head of the household (male, GEND), younger age of the head of the household (AGE), having a successor who will take over the farm in the future (SUC), higher value of generated production (PROD_VALUE), larger farm area (AREA) and multi-directional production of the farm (production diversification), as opposed to targeting plant or animal production only (farm specialization—SPEC). The results of the analysis carried out with the use of classification and regression trees (CRT) showed that the key factors influencing the use of outside capital as a source of financial energy in the agricultural production process are, first of all, features relating to an agricultural holding: the value of generated production (PROD_VALUE), agricultural area (AREA) and production direction (SPEC). The age of the farm manager (AGE) turned out to be of key importance among the farmer’s features favoring the tendency to take debt in order to finance agricultural activity.

New Circular Networks in Resilient Supply Chains: An External Capital Perspective

The pandemic caused by COVID-19 has had an impact on the relationships established between different actors in organisations. To deal with these changes, it is necessary to develop a resilience capacity that allows for the establishment of different patterns of relationships through a new management model. The application of circularity principles implies a radical change in stakeholder relations, breaking with the “end-of-life” concept existing in linear economies. Furthermore, circular economy can ensure resilience in supply chains, and it can be considered as a tool in uncertain environments. Therefore, the objective of this study is to analyse the association between the customer–supplier relationships with circular supply chains based on the intellectual capital-based view theory. External capital is a crucial factor for organisations, and it helps with building remarkable capabilities for the whole supply chain due to collaboration and cooperation. This research contributes with a systematic revision of the literature regarding circular supply chains and customer–supplier external capital, providing an exploratory model. Establishing a closer and effective relationship with customers and suppliers supposes a differentiating value and competitive advantages. Actors involved in the supply chain are essential in the implementation of circularity in organisations for reducing waste production and returning resources to the production cycle. Therefore, circular networks related to customers’ behaviour, sustainable supplier election and IT tools play a key factor in improving resilience in supply chains.

Intellectual capital disclosure practices of financial institutions in an emerging economy

Purpose The purpose of this study is to investigate the intellectual capital disclosure (ICD) practices of financial institutions in an emerging economy of Bangladesh. Design/methodology/approach Based on 93 items of intellectual capital categorized into internal capital, external capital and human capital, ICD index is developed for 53 financial institutions listed in Dhaka Stock Exchange. This study uses descriptive statistics to analyze ICD practices, and parametric and non-parametric tests to analyze the variation of ICD practices in terms of different categories as well as in terms of different sectors. Findings Results indicate that more than 70% of ICD items are generally not disclosed by financial institutions in Bangladesh. The highest of 36% of external capital disclosure items are disclosed, whereas the lowest of 18% of human resource capital elements are disclosed. Furthermore, results find the significant variability of ICD practices in terms of different intellectual capital categories and in between banking companies and non-banking financial institutions. Practical implications Findings have critical implications for managers, policymakers and regulators for setting appropriate strategies and regulations for improving the level of ICD, which, in turn, may reduce the information asymmetry problems of financial institutions as well. Originality/value In-depth analysis about variability of ICD practices creates value in the ICD literature by highlighting strategic priority of financial institutions to disclose information about the strategic resources in unique emerging economic settings such as Bangladesh.

Analysis on the Investment Strategy Problems and Countermeasures of Gree Electric during the Transformation Period

This paper analyzes Gree’s internal and external capital investment, starting from the perspective of strategic transformation and based on the analysis of financial data, compares the changes of Gree’s internal and external investment activities before and after the transformation, and explores whether Gree’s investment strategy is conducive to Gree’s diversified strategic transformation, as well as the problems existing in the investment strategy and effective improvement measures.

Effects of cost of transportation, external capital funding and prices of some selected staple food production on economic growth in Nigeria

Investigating the effect of cost of transportation, external capital funding and price of some selected staple food production on economic growth in Nigeria is the objective of the study. Time series data were sourced from the Food and Agricultural Organization online database 2020, covering periods of 1980 -2019. The Autoregressive Distributed Lag (ARDL) methodology was adopted. The result of the analysis shows that the current period of the Net export earnings and price of selected staple foods has a positive and significant impact on Economic growth while Exchange rate, cost of transportation, Foreign direct investment has a significant but negative impact on Economic growth. Evidently, the Prices of selected staple foods and Net export earnings occupy vital positions in the economy and thus its activities must remain under constant review and analytical spotlight. Increased efficiency in the agriculture sector and promoting foreign trade is essential and recommended for rapid growth.

LIMITATIONS ON THE ACTIVITY OF BUSINESS ANGELS IN FINANCING STARTUPS

The article aims to identify limitations on the activity of business angels (also known as “angel investors”) in financing startups. Business angels are the main source of external capital for startups, aside from family and friends. However, the degree to which they are active in the economy, in Poland and in other countries, is bound by certain restrictions, a number of which are related to supply and demand. The article seeks to deepen the theoretical considerations of these limitations from the perspective of demand and supply constraints. The study demonstrates that on the demand side, the greatest limitations that hinder business angels from financing startups are overly-complicated tax laws and a lack of tax incentives for investment activities. On the supply side, it is the failure to meet investment criteria imposed by business angels. Based on the conducted research, it can be concluded that without the interference of public institutions it will be difficult to effectively reduce the limitations on the activity of business angels.

An Alternative Approach to Distinguishing Liabilities from Equity

In response to a longstanding debate within the accounting profession on how to clearly distinguish liabilities from equity, we offer an alternative liability-equity classification scheme (the "Earned Capital Approach") in which capital acquired in exchange for issuing claims ("external capital") is classified as liabilities and capital acquired in exchange for providing goods and services ("earned capital") is classified as equity. The Earned Capital Approach differs from the approach underlying current financial reporting standards in that it is based on a fundamental distinction between the firm and its claimants rather than a distinction between types of claimants (e.g., owners versus creditors). In this paper, we summarize the accounting profession's ongoing attempts to distinguish liabilities from equity and discuss the conceptual underpinnings and financial reporting implications of the Earned Capital Approach.

Analysis of the Village Head's Leadership Style in Cidokom Gunung Sindur Village, Bogor District

Profit is not the main goal of the cooperative business, but the business that is managed by the cooperative must obtain the remaining business results that are feasible so that the cooperative can maintain its survival and improve the ability of its business. This study aims to determine the effect of the number of members, own capital, external capital, business valves, and assets owned to the remaining results of business (Indonesian terms: Sisa Hasil Usaha/SHU) savings and loan cooperatives in Subang district. The sampling technique used was purposive sampling so as many as 14 cooperatives were selected. Data analysis used in this study is classical assumption analysis and then panel data analysis is carried out, determination of test coefficients (R2), F statistical tests, t statistical tests. Based on the results of research that has been carried out simultaneously known all independent variables significantly influence the residual business results. However, the partial test shows that only the variables of business capital, business volume, and assets owned by cooperatives have an effect on the residual results of operations, while the variable number of members and external capital has no effect on the residual results of operations.