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1.
Saioa Arando Iñaki Peña Ingrid Verheul 《The International Entrepreneurship and Management Journal》2009,5(1):77-95
Drawing upon institutional theory we develop a conceptual model and investigate the determinants of market entry for worker
cooperatives, publicly traded and limited-liability companies. Our results show that formal institutional conditions (i.e., mercantile legislation) influence the start-up choice of entrepreneurs regarding the legal
form of their new venture. In addition, we take into account the influence of informal institutional conditions (i.e., local corporate culture) on the market entry rate of firms with different legal structures.
Findings show that, while market entry is sensitive to the general economic climate, entry rates of firms with a different
legal structure respond differently to the same economic conditions.
相似文献
Ingrid VerheulEmail: |
2.
Martin Carree Enrico Santarelli Ingrid Verheul 《The International Entrepreneurship and Management Journal》2008,4(2):171-186
This study investigates the influence of the unemployment rate on firm entry, exit and net entry in Italian provinces. We
attempt to explain these market dynamics in six different sectors, including manufacturing, construction, commerce, hotels
and restaurants, transport and financial services. We control for other regional factors, such as patenting activity, economic
growth, economic welfare, tourism, industrial districts and whether being a major city. Findings indicate that the effects
of unemployment on entry and exit are dependent upon the sector under study, but are mainly negative. This suggests a lack
of dynamics in the Italian regional labor markets.
相似文献
Martin CarreeEmail: |
3.
Partial derivatives of production functions are necessary in many instances to characterize the technology of firms. We present here a general method to recover the first derivatives of the production function of a profit maximizing firm. The method is systematic and applies even when the optimization problem of the firm is subject to additional constraints. It allows researcher to recover returns to scale and technological progress in complex situations.
相似文献
Stéphane VigeantEmail: |
4.
This study makes an attempt to understand some of the reasons why some nascent firms make the transition to new operational
firms (a process called “firm emergence”) while others do not. Because of liabilities-of-newness, nascent firms face the daunting
task of acquiring legitimacy from their immediate audience in order to emerge as new operational firm. This study claims and
finds empirical evidence that through certain legitimating behaviors nascent firms can acquire legitimacy from their immediate
audience and thus succeed in becoming new operational firms. The study will put forward more general propositions for future
testing, and will draw implications for practitioners and entrepreneurship scholars.
相似文献
Erno TornikoskiEmail: |
5.
The joint hypotheses of informationally efficient markets, transparent financial statements, and adequate accounting disclosure
suggest that announcements of changes in the accounting treatment of employee stock options from footnote disclosure to expense
recognition should not trigger stock price reactions because free-cash-flows will not change. Event study results from a sample
of 241 firms that announce such changes reveal statistically significant negative price changes followed by positive price
changes about equal in magnitude. We propose the learning, sophisticated investor, neglected firm, and firm size hypotheses
to explain the observed announcement-period stock price reaction.
相似文献
Ting-Heng ChuEmail: |
6.
We analyze how the market processes a signaling event by studying a sample of self-tender offers, events often viewed as signals
of firm value. By examining changes in the degree of informed trading, we find asymmetric information costs fall at announcement,
remain low throughout the event, and increase at offer expiration. By 1 month following expiration, informed trading returns
to a level not significantly different from that prior to the offer. Higher risk firms have significantly larger declines
in information asymmetry during the offer. Increases in information asymmetry persist 1 month following expiration for firms
with lower pre-offer informed trading.
相似文献
Judith SwisherEmail: |
7.
David B. Audretsch Erik E. Lehmann 《The International Entrepreneurship and Management Journal》2008,4(4):419-429
The market for publicly traded equity is the heart of a modern capitalist system. In particular, the market for newly listed
firms is in turn a bellwether for the public equity market because the entry gives firms expanded access to capital, allowing
them to emerge and grow. On the other hand, stock markets also serve as an institution to reallocate productive resources
from non-surviving to surviving firms. We describe the Neuer Markt—a special segment of the Frankfurt Stock Exchange in Germany—as an institution to foster the creation of new firms and their
destruction.
相似文献
Erik E. Lehmann (Corresponding author)Email: |
8.
José Ernesto Amorós Oscar Cristi 《The International Entrepreneurship and Management Journal》2008,4(4):381-399
This study analyzes the relationship between entrepreneurial dynamics in Latin-American countries and the level of competitiveness
these countries show. Based on the research conducted by Wennekers et al. [Small Business Economics, 24(3):293–309, 2005] that demonstrates a U-shaped relationship between the country’s rate of entrepreneurship and its level
of competitiveness and economic development, we hypothesize that Latin-American countries have a descending behaviour under
the U-shaped curve approach. The results from three regression models support this hypothesis and suggest that competitiveness
and economic growth deter entrepreneurial dynamics on Latin-American countries. We discuss that Latin-American countries need
to improve some structural factors to achieve a high level of entrepreneurial dynamics.
相似文献
Oscar CristiEmail: |
9.
Lucio Cassia Alessandra Colombelli 《The International Entrepreneurship and Management Journal》2008,4(4):453-465
The paper explores the effect of scientific institutions on firm’s growth, coupling regional science and entrepreneurship
approaches. We focus on the role of universities, largely considered in the literature as the main source of knowledge spillovers.
To this purpose, we centre our attention on UK public companies on the Alternative Investment Market (AIM), a market dedicated
to young and growing companies in both science and non-science based industries. In the paper we investigate the growth determinants
of 231 listed firms which have gone public during the period going from 1995 to 2006. To our purposes, in the empirical analysis
we use the Gibrat’s Law of Proportionate Effects model. The results supports the hypothesis that, controlling for firm’s idiosyncratic
factors and external forces, both universities knowledge input and output are important determinants of the growth of entrepreneurial
firms listed on the AIM.
相似文献
Alessandra ColombelliEmail: |
10.
Government regulations designed to promote social welfare can have unintended consequences on efficiency. According to the
LeChatelier Principle, regulations that effectively limit substitution possibilities among inputs will reduce firm and industry-wide
efficiency. In imperfectly competitive markets, however, government constraints on a strategic variable can facilitate coordination.
An advertising restriction, for example, would improve efficiency if it enables firms to produce the same level of sales with
less advertising spending. We use data envelopment analysis to estimate the effect of marketing regulations on efficiency
in the U.S. cigarette industry. Unlike previous studies, we do not assume that marketing and production technologies are separable.
Our results demonstrate that coordination effects dominate LeChatelier effects. Cigarette producers have benefited from advertising
restrictions, a result consistent with the capture theory of regulation.
相似文献
Victor J. TremblayEmail: |
11.
This paper shows how to compute the standard errors for partial effects of exogenous firm characteristics influencing firm
inefficiency under a range of popular stochastic frontier model specifications. We also develop an R2-type measure to summarize the overall explanatory power of the exogenous factors on firm inefficiency. The paper also applies
a recently developed model selection procedure to choose among alternative stochastic frontier specifications using data from
household maize production in Kenya. The magnitude of estimated partial effects of exogenous household characteristics on
inefficiency turns out to be very sensitive to model specification, and the model selection procedure leads to an unambiguous
choice of best model. We propose a bootstrapping procedure to evaluate the size and power of the model selection procedure.
The empirical application also provides further evidence on how household characteristics influence technical inefficiency
in maize production in developing countries.
相似文献
Yanyan LiuEmail: |
12.
Joan-Lluis Capelleras Rodrigo Rabetino 《The International Entrepreneurship and Management Journal》2008,4(1):79-99
New ventures are increasingly playing an important role in Latin American economies. However, little is known about the determinants
of new firm growth in this context. The purpose of this study is to gain an understanding of the factors influencing new firm
growth in Argentina, Brazil, Mexico and Peru. Individual, organizational and environmental factors are included in an empirical
model, which is tested using data collected by face-to-face interviews with 582 entrepreneurs. Different specifications of
employment growth and regression approaches are employed. Results suggest that growth strongly depends on the characteristics
of the entrepreneur. National environment and firm-related factors are also important factors in determining growth.
相似文献
Rodrigo RabetinoEmail: |
13.
Julie A. B. Cagle Amit Sen James E. Pawlukiewicz 《Journal of Economics and Finance》2009,33(1):100-110
This study expands the examination of workforce layoffs by banks to include non-bank financial institutions and explores inter-industry
differences in market reactions to layoff announcements. In examining inter-industry differences, we control for variables
that influence the market’s reaction to a layoff announcement, such as firm size, the size of the layoff, the reason given
for the layoff, and the governance structure of the firm. We provide evidence of inter-industry differences in market reaction
to layoff announcements by financial institutions, with banks experiencing more favorable stock-price reactions than other
types of regulated firms. These results provide evidence that bank regulation reduces asymmetric information surrounding managerial
announcements to a greater degree than the regulation of other types of financial institutions.
相似文献
James E. PawlukiewiczEmail: |
14.
The determinants and survival of reverse mergers vs IPOs 总被引:1,自引:0,他引:1
This study examines the motivation for using a reverse merger (RM) rather than an IPO to take a private firm public and analyzes
the survival of RMs and IPOs in the aftermarket. Private firms using the RM technique are smaller, younger, and have poorer
ex ante performance on average than those using IPOs. For private firms using RMs, 1.4% do not meet any listing requirements
while all IPOs meet at least one requirement of the listing exchange. Forty-two percent of RMs are delisted compared with
27% of matched IPOs within 3 years of listing on an exchange.
相似文献
Mark M. WalkerEmail: |
15.
The impact of desirability and feasibility on entrepreneurial intentions: A structural equation model 总被引:2,自引:1,他引:1
Maribel Guerrero Josep Rialp David Urbano 《The International Entrepreneurship and Management Journal》2008,4(1):35-50
There is general agreement that attitudes towards entrepreneurship are determinant factors to decide to be an entrepreneur.
In this context, this research is focused on analyzing the relationship between desirability and feasibility on university
student’s intentions to create a new firm in Catalonia. A structural equation model supported by Krueger & Brazeal’s Model
was tested with different groups of students. The main results reveal most of university students consider desirable to create
a new firm, although the perception of feasibility is not positive. Also, there is a statistical significant and positively
relationship between credibility and the intention to create a new firm.
相似文献
David Urbano (Corresponding author)Email: |
16.
Succession in family-owned businesses has been revealed to be a multi-staged phenomenon with trigger events distinguishing
one stage from the other. Our aim is to apply change management theory to this process to improve our understanding and to
identify the key factors that should be taken into account when implementing it. To achieve this goal, we will review the
existing literature about organizational change and will adapt it to succession in family firms. We will end with a case study,
concluding that a good succession process is not the one which avoids conflict, but the one which successfully manages it.
相似文献
Manuela Pardo-del-ValEmail: |
17.
The cost of strikes in the Spanish mining sector: modelling an undesirable input with a distance function 总被引:1,自引:1,他引:0
Ana Rodríguez-Álvarez Ignacio del Rosal José Baños-Pino 《Journal of Productivity Analysis》2007,27(1):73-83
In some contexts, firms have to deal with certain elements or factors that affect the production outcome but which are non-market
in nature and therefore do not have a price. In this paper we propose a new use of a production economics tool, the input
distance function, to empirically measure the effects of these factors. Although we suggest a general use of this methodology,
it has been developed in the context of measuring the effects of labor disputes in a particular declining industry, that of
Spanish coal mining. We have estimated an equation system comprising an input distance function and cost share equations to
calculate the cost generated by strikes.
相似文献
Ana Rodríguez-álvarezEmail: |
18.
The effects of match uncertainty and bargaining on labor market outcomes: evidence from firm and worker specific estimates 总被引:3,自引:0,他引:3
In this paper we examine wage dispersion in labor markets across currently employed workers. We argue that differences in
the potential productivity of a match (typically assumed to be known in the previous literature) generates a surplus between
the minimum wage the worker is willing to accept and the maximum wage the firm is willing to offer for the job. Existence
of this surplus leads to wage dispersion due to negotiating over the amounts extracted by each agent. Our objective is to
estimate the surplus extracted by each firm-worker pair and the effect of the net extracted surplus on the wage, for each
firm-worker pair using the two-tier stochastic frontier model. An empirical application finds that, on average, firms paid
workers less than their expected productivity. More specifically, at the mean, the net effect of productivity uncertainty
leads to equilibrium wages which are 3.33% below the expected productivity of matches.
相似文献
Christopher F. ParmeterEmail: |
19.
A longitudinal study of the characteristics, business creation process and outcome differences of Canadian female vs. male nascent entrepreneurs 总被引:1,自引:1,他引:0
Teresa V. Menzies Monica Diochon Yvon Gasse Susan Elgie 《The International Entrepreneurship and Management Journal》2006,2(4):441-453
This paper concerns a longitudinal study, of a random sample of nascent entrepreneurs in Canada (based on an initial screening sample of 49,763 households). We study gender differences, including number and type of gestational activities, the characteristics of the business created, and the status of the start-up effort after the 4th year of data collection. Logistic regression is used to predict the creation of an operating business from gender and other variables. Four of nine gender difference hypotheses were supported. Findings show that women who are members of a start-up team are six times more likely to achieve an operating business.
相似文献
Susan ElgieEmail: |
20.
This paper analyzes regional determinants of the start-up ratio in the Japanese manufacturing sector. A major contribution
of this study is the comparison between high-tech and low-tech industries. The empirical results using a sample of 253 industrial
districts suggest that business density, weight of the manufacturing sector, and the average business size significantly influence
the start-up ratio in both high-tech and low-tech industries. Distinct differences between these industries were found with
regard to the effects of human capital, research institutes, and the weight of high-tech industries.
相似文献
Hiroyuki OkamuroEmail: |