共查询到20条相似文献,搜索用时 15 毫秒
1.
Ben R. Craig William E. Jackson III James B. Thomson 《Journal of Small Business Management》2007,45(1):116-132
Increasingly, policymakers look to the small business sector as a potential engine of economic growth. Policies to promote small businesses include tax relief, direct subsidies, and indirect subsidies through government lending programs. Encouraging lending to small business is the primary policy objective of the Small Business Administration (SBA) loan-guarantee program. Using a panel data set of SBA-guaranteed loans, we assess whether or not SBA-guaranteed lending has an observable impact on local economic performance. We find a positive and significant (although economically small) relationship between the relative levels of SBA-guaranteed lending in a local market and the future per capita income growth in that market. 相似文献
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The Moderating Influence of Financial Market Development on the Relationship between Loan Guarantees for SMEs and Local Market Employment Rates 总被引:1,自引:0,他引:1
James B. Thomson 《Journal of Small Business Management》2014,52(1):126-140
We empirically examine whether a major government intervention in the small firm credit market yields significantly better results in markets that are less financially developed. The government intervention that we investigate is Small Business Administration (SBA) guaranteed lending. After controlling for the appropriate cross‐sectional market characteristics, we find that SBA guaranteed lending has a significantly more positive impact on the average annual level of employment when the local market is relatively less financially developed. This result has important implications for public policy directives concerning where SBA guaranteed lending should be directed. 相似文献
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J. Jordan Pollinger John Outhwaite Hector Cordero‐Guzmn 《Journal of Small Business Management》2007,45(1):23-41
Microentrepreneurs have considerable difficulty accessing capital from mainstream financial institutions. One key reason is that the costs of information about the characteristics and risk levels of borrowers are high. Relationship‐based financing has been promoted as a potential solution to information asymmetry problems in the distribution of credit to small businesses. In this paper, we seek to better understand the implications for providers of “microfinance” in pursuing such a strategy. We discuss relationship‐based financing as practiced by microfinance institutions (MFIs) in the United States, analyze their lending process, and present a model for determining the break‐even price of a microcredit product. Comparing the model’s results with actual prices offered by existing institutions reveals that credit is generally being offered at a range of subsidized rates to microentrepreneurs. This means that MFIs have to raise additional resources from grants or other funds each year to sustain their operations as few are able to survive on the income generated from their lending and related operations. Such subsidization of credit has implications for the long‐term sustainability of institutions serving this market and can help explain why mainstream financial institutions have not directly funded microenterprises. We conclude with a discussion of the role of nonprofit organizations in small business credit markets, the impact of pricing on their potential sustainability and self‐sufficiency, and the implications for strategies to better structure the credit market for microbusinesses. 相似文献
4.
Hideaki Hirata 《Journal of Small Business Management》2014,52(3):555-568
This paper studies the Japanese credit scoring market using data on 2,000 small and medium‐sized enterprises and a small business credit scoring (SBCS) model widely used in the market. After constructing a model for determining a bank's profit maximization, some simulation exercises are conducted, and pitfalls of lending based on SBCS are indicated. The simulation results suggest that the reason why SBCS loan losses occur would be the combination of adverse selection and window‐dressing problems. In addition, omitted variable bias and transparency of financial statements are important. 相似文献
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U.S. commercial banks are increasingly using small business credit‐scoring models to underwrite small business credits. The paper discusses this lending technology, evaluates the research findings on the effects of this technology on small business credit availability, and links these findings to a number of research and policy issues. 相似文献
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This paper analyzes the development of strong and weak ties of social capital between a start‐up and its main customers and its impact on the growth of the start‐up's economic and innovative task performance outcomes. Results confirm that there are different configurations of social capital able to influence the start‐up's performance growth during its life cycle, which are contingent on the selected measures of task performance outcomes. Our findings can offer some interesting reflections in the field of social capital, entrepreneurship, and performance research, raising critical strategic implications for start‐ups in terms of opportunities, resources, and governance. 相似文献
8.
Jeffrey M Lacker 《Business Economics》2009,44(3):136-142
The financial dimension of the current contraction has brought a historic expansion in government lending to financial market participants, mostly through an expanding array of Federal Reserve (Fed) initiatives. This contrasts with the Fed's typical response to recent recessions that has been limited to adjustments of the target Fed funds rate. Restrictions on credit supply and declines of creditworthiness have both contributed to the contraction in lending, although the latter cause has probably been underestimated relative to the former. Fed and other government lending programs have targeted particular sectors, altering the allocation of credit across markets. Also, targeted credit programs contribute to the moral hazard problem inherent in the provision of government-funded credit or guarantees. An alternative approach to monetary policy where the Fed funds target is essentially zero is purchasing Treasuries, which is likely to have little effect on the relative credit spreads on different financial instruments. However, given that targeted lending has taken place, it is critical that regulatory mechanisms be installed so that government regulation matches the scope of government support. Also, targeted lending by the Fed is in effect fiscal policy. Is this a legitimate role for a central bank, or should such lending be subject to legislative approval, with the Fed's role limited to monetary stability? 相似文献
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John T. Rose 《Small Business Economics》1993,5(3):197-206
Proponents and critics of interstate banking argue over the implications of nationwide banking for bank lending to small business. This study explores the patterns of (1) bank consolidation at the national level and (2) the share of domestic-bank commercial lending extended to small firms, specifically, small manufacturing firms, over the period 1976–90. The evidence indicates that despite the trend toward fewer banking organizations and increased aggregate bank concentration due largely to cross-state expansion by superregional banking organizations, no significant downtrend is observed in the share of domestic-bank credit extended to small manufacturing firms. Nor is there any discernible downtrend in banks' share of borrowing by small manufacturing firms. These results are consistent with the thesis that banking industry consolidation hasnot led to a reduction in the supply of bank credit to small firms, at least within the manufacturing sector. 相似文献
10.
Elisa Ughetto 《Journal of Small Business Management》2018,56(2):208-228
In this paper, we investigate what drives the performance of high‐tech start‐ups receiving angel financing, while taking a closer look at the capabilities (i.e., experience) and investment behavior of business angels (BAs). We exploit a new data set (extracted from Crunchbase), which consists of 1,933 high‐tech start‐ups that received at least one financing round from a BA. The results indicate that the experience of BAs in early stage investments is positively associated with additional receipt of follow‐on rounds of financing and sequential capital injections from venture capitalists (VCs). Later‐stage experience is positively associated with the start‐up's success (i.e., probability to be listed or acquired), but reduces the need for new VCs to invest in the start‐up. Furthermore, we find consistent evidence that start‐ups that combine BA and VC financing experience higher levels of funding amounts, additional VC financing, and an improved likelihood of success. Finally, we find that the co‐localization of BA investors and start‐ups in the same area facilitates the attraction of VC financing. 相似文献
11.
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We exploit the implications of the macroeconomic policy trilemma to identify exogenous variation in monetary conditions: countries with fixed exchange regimes often see fluctuations in short-term interest rates unrelated to home economic conditions. We use novel instrumental variable local projection methods to demonstrate that loose monetary conditions lead to booms in real estate lending and house prices' bubbles; these, in turn, materially heighten the risk of financial crises. Both effects have become stronger in the postwar era. 相似文献
12.
Linda S. Niehm Jane Swinney Nancy J. Miller 《Journal of Small Business Management》2008,46(3):331-350
Family‐centered businesses may have unique perspectives of socially responsible behavior due to family involvement and ties to the community. This research explored the antecedents and consequences of community social responsibility (CSR) for family firms operating in small and rural markets. Using a national sample from the 2000 wave of the National Family Business Survey (NFBS), researchers profiled family business operators' (n = 221) to determine if their CSR orientation contributed to family business performance. Enlightened self interest and social capital perspectives provide a framework for elaborating the role of CSR in sustaining family businesses in changing small communities. Results indicate that three dimensions, commitment to the community, community support, and sense of community, account for 43 percent of the variation in family business operators' CSR. Size of the business was significantly related to family firms' ability to give and receive community support. Further, commitment to the community was found to significantly explain perceived family business performance while community support explained financial performance. Findings suggest that socially responsible business behaviors can indeed contribute to the sustainability of family businesses in small rural communities. 相似文献
13.
George R. Cameron 《Journal of Marketing Management》2013,29(1):31-37
The number of small business start‐ups in the UK continues to increase. This article discusses the stages of business and marketing development that a small business can expect to encounter. Success in business depends upon a number of factors, these are described and discussed under the headings of individual qualities and key components. 相似文献
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Do credit risk transfers in general, and loan sales and securitizations in particular, by financial institutions enhance credit availability and financial stability? Or do they allow assets of poor credit quality to spread to unprotected investors, and thus create financial crises and destroy values? In this paper, we contribute to the continuing debate by examining the effect of small business loan securitizations on interstate personal income insurance. Using data of U.S. banks for the period 1995–2008, we find that small business loans securitizations contribute to the smoothening of state personal income volatility, and that this contribution is stronger in states where small businesses play a more important role in the local economy. 相似文献
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Esther Hormiga Rosa M. Batista‐Canino Agustín Sánchez‐Medina 《Journal of Small Business Management》2011,49(4):617-638
This study seeks to highlight the key role played by relational capital in new business start‐ups. Following a review of previous research examining the success factors of new ventures and the role played by intellectual capital, our study sets out to achieve this objective by analyzing the impact of a set of intangible relational assets on the initial success of new business start‐ups. Based on a study of 130 firms, we analyzed six hypotheses regarding the possible positive relationship between the relational capital of a start‐up company and its success in its first few years of business. 相似文献
17.
Thomas I. Palley 《Metroeconomica》2002,53(2):152-180
Endogenous money is widespread in economic theory. The post‐Keynesian contribution is identification of a causal link between bank lending and the money supply. Though driven by macroeconomic concerns, the post‐Keynesian debate has reduced to a microeconomic debate over the role of financial intermediaries in the accommodation process. In the IS–LM model endogenous money flattens the LM. This misses its substantive significance which is the discrediting of monetarist money supply policy rules and monetarist critiques of central banking, its identification of the key role of credit, and its provision of a credit‐driven theory of the business cycle. 相似文献
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分税制以后,经济增长的主要政治推动力从中央政府转到地方政府。政府行为的市场化不仅为地区经济增长提供了推动力,也为地方政府官员运用现有权力和可控资源进行寻租提供了可能。从地市级层面上探究地方政府行为对银行信贷与经济增长关系的影响,并将官员腐败纳入地方政府产生干预行为的动机,可以发现,地方政府在多重利益驱动下产生的银行信贷干预行为,会对不同地区和不同类型的地市经济产生不同的影响。财政激励、晋升激励、腐败都会对银行信贷与经济增长的关系产生重要影响,但在地区之间存在差异,而且三种利益动机驱动下产生的信贷干预行为的影响程度同样存在差异,其中晋升激励和腐败行为的影响更大。 相似文献
20.
Food insecurity or lack of access to adequate and nutritious food is a major determinant of under‐nutrition. Expenditure patterns accompanied by unemployment, low level of education, inflation and high food prices have a direct negative impact on food availability within households (Moller, 1997). Ghany and Schwenk (1993) found that as household income increases, the proportion of expenditures on food decreases, the proportion of expenditures on clothing, rent, fuel, and light stayed the same and that of sundries increased. The aim of this study was to investigate household expenditure patterns on food and non‐food items in Khayelitsha. A total of 20 households (10 from the formal and 10 from the informal settlements) were randomly selected from those willing to participate in the study. A questionnaire with open ended and closed questions was used to collect data. The questionnaire comprised four sections namely: biographical information, socio‐economic information which used wealth quintiles to assess households’ social economic status, total expenditure information and a food/hunger scale was used to assess households’ food availability. The findings revealed that households from informal settlements spent more money (62.2%) as a proportion of their income on food compared to households from the formal settlement (39%). There was higher unemployment rate (100%) at the informal settlement compared to the formal settlement (40%). Wealth quintiles scales did not reflect the social status of the households as equipment and assets owned by households were only used as fallback position during times of economic hardships. Households used different purchasing strategies; food and non‐food items were mainly purchased from outside the township (60%). Forty percent of the households bought their items from local shops and spazas because they allowed them to buy items whenever little money was available or to take items on credit. All the respondents preferred to buy bread and small items from spazas and local shops. Prices of items in the spazas and local shops were higher compared to prices of items in bigger shops outside the townships. The food/hunger scale and wealth quintiles showed that informal settlement households were more food insecure (as they were all unemployed and about 50% of the households ran out of food always) and had fewer assets compared to the formal settlement households. The implications of these findings underscore the need to improve socio‐economic conditions of low resource households through empowerment programs. These programs can be in the form of training in management/decision making, work related skills/literacy (to help them access formal employment), business management/income generation skills (to help them to be self‐employed), budgeting, and food gardening. This approach can help to increase the resource base and alleviate food insecurity in low resource households. 相似文献