Small Business Economics
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Published By Springer-Verlag

1573-0913, 0921-898x

Author(s):  
Anton Miglo

AbstractIn this paper, we analyze a firm choice between crowdfunding and bank financing. For many entrepreneurs, it is an important issue. We analyze a model where the choice of financing is affected by moral hazard problem regarding the choice of production scale that favors bank financing, and by the uncertainty about market demand that favors crowdfunding. We argue that long crowdfunding campaigns or campaigns with large targets usually are less efficient in mitigating moral hazard problem than small/short campaigns. We also argue that high-quality firms and firms with potentially large markets will tend to select bank financing while projects with largest amount of investment should select mixed financing where the firm uses a short crowdfunding campaign and a bank loan. Most of our model empirical predictions have not been directly tested so far while they are indirectly consistent with available evidence.


Author(s):  
Shamsul Karim ◽  
Caleb Kwong ◽  
Mili Shrivastava ◽  
Jagannadha Pawan Tamvada

AbstractThis paper provides new evidence at the intersectionality of gender, family status, and culture by focusing on a previously little researched group of middle-class women in an emerging economy. While the existing literature examines both structural and normative constraints for women entrepreneurship, little is known about the gains from relaxing structural constraints for women when compared to men. In addition to examining this new question, the paper sheds light on the binding nature of normative constraints for women entrepreneurship that persist in a patriarchal developing economy even when structural constraints are significantly eased. Using a mixed-methods approach, the empirical results suggest that higher resource availability differentially impacts the entrepreneurial intentions of women when compared to men indicating the strong presence of normative barriers that inhibit their entrepreneurship. These normative barriers emerge through the roles people play within women life spheres inhibiting their entrepreneurial intentions.


Author(s):  
Ross Brown ◽  
José M. Liñares-Zegarra ◽  
John O.S. Wilson

AbstractIn this paper, we investigate whether innovative small- and medium-sized enterprises (SMEs) are more likely to be discouraged from applying for external finance than non-innovators. These so-called discouraged borrowers are credit worthy SMEs who choose not to apply for external finance despite the fact that this is needed. We find that SMEs undertaking pure product and joint product and process innovation have a significantly higher incidence of borrower discouragement than non-innovative counterparts. Moreover, radical and incremental product innovators are more likely to be discouraged relative to non-innovative counterparts. Innovative activity can increase borrower discouragement for a myriad of reasons including fear of rejection, reluctance to take on additional risk, negative perceptions of the funding application process and perceived negative economic conditions. Overall, our results suggest a need for targeted policy interventions in order to alleviate borrower discouragement within innovative SMEs, as well as a closer alignment between innovation and SME finance policy.


Author(s):  
Anna Long ◽  
Matthew S. Wood ◽  
Daniel L. Bennett

AbstractThis research provides an improved understanding of how ventures successfully organize via resource allocations. Conceptually, we apply elements of action theory to account for resource trade-offs that occur as entrepreneurs make decisions about adding staff members to boundary spanning, technical core, and management functions. We then model how these allocation decisions differentially impact nascent venture performance. Empirically, we test our model with a sample of 2484 entrepreneurs captured in the Kauffman Firm Survey, a longitudinal dataset that tracks a random sample of US startups over an 8-year period. Results from dynamic panel estimation reveal evidence of both performance penalties and performance boosts as the result of entrepreneurs adding staff to specific areas, revealing optimality in specific configurations of entrepreneurial organizing elements.


Author(s):  
Muhammad Naveed Iftikhar ◽  
Jonathan B. Justice ◽  
David B. Audretsch

Author(s):  
Zouheir El-Sahli ◽  
Joakim Gullstrand ◽  
Karin Olofsdotter

Author(s):  
David Urbano ◽  
Andreu Turro ◽  
Mike Wright ◽  
Shaker Zahra

AbstractThis article analyzes the state of the art of the research on corporate entrepreneurship, develops a conceptual framework that connects its antecedents and consequences, and offers an agenda for future research. We review 310 papers published in entrepreneurship and management journals, providing an assessment of the current state of research and, subsequently, we suggest research avenues in three different areas: corporate entrepreneurship antecedents, dimensions and consequences. Even though a significant part of the overall corporate entrepreneurship literature has appeared in the last decade, most literature reviews were published earlier. These reviews typically cover a single dimension of the corporate entrepreneurship phenomenon and, therefore, do not provide a global perspective on the existing literature. In addition, corporate entrepreneurship has been studied from different fields and there are different approaches and definitions to it. This limits our understanding of accumulated knowledge in this area and hampers the development of further research. Our review addresses these shortcomings, providing a roadmap for future research.


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