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1.
Mariarosaria Agostino Francesco Trivieri 《Journal of Industry, Competition and Trade》2008,8(1):33-53
This work investigates whether local differences in banking competition impact on the amount of bank debt used by Italian
small and medium sized manufacturing firms. Sample selection and Double Hurdle models are adopted as the process, which results
in the choice of bank financing may differ from that determining its amount. Our main finding is that more competitive banking
markets seem to be associated with relatively higher usage of bank debt by less transparent firms. On the other hand, a higher
banking competition seems to have no effect on the probability of receiving bank loans.
相似文献
Francesco TrivieriEmail: |
2.
The article analyses the relationship between succession and firm performance. Applying a non-parametric matching approach
on a panel of roughly 4,000 Austrian family firms we evaluate the impact of actual (past) succession as well as planned (future)
successions on employment growth. Analysing succession plans, we do not find a significant difference in employment growth
between firms that plan to transfer the firm in the next 10 years and those who do not. In contrast, past succession exerts
a significant and positive employment growth effect, which becomes stronger over time.
相似文献
Denise Sandra DiwischEmail: |
3.
Andy Lockett Mike Wright Andrew Burrows Louise Scholes Dave Paton 《Small Business Economics》2008,31(1):39-58
In this study we examine how venture capital (VC) firms influence the export behavior of their investee companies. VC firms
perform an important governance function for investee companies by providing monitoring and value-added activities. Drawing
on agency theory, the resource-based view of the firm and governance life-cycle theory we hypothesize that the relationship
between VC governance resources and investee exporting behavior is moderated by investment stage. Employing a sample of 340
VC-backed firms, our results confirm this hypothesis. Monitoring resources are most effective in promoting export behavior
for late-stage ventures and value-added resources in promoting export behavior in early-stage ventures.
相似文献
Dave PatonEmail: |
4.
Our study investigates differences in CEO turnover between focused and diversified firms to determine whether diversification
strategies are necessarily associated with governance efficiency in family businesses. We find that large family CEO firms
are more likely to engage in corporate diversification than are small non-family CEO firms and their CEOs are seldom replaced.
Large family CEO diversified firms also have lower turnover sensitivity relative to focused firms. The results imply that
the CEOs of diversified firms have entrenched themselves, thereby increasing agency costs within family businesses. However,
we fail to find diversification discounts in family businesses. It is interesting that CEOs tend to diversify their businesses
in order to decrease firm risk. Founding families favor risk-reducing decisions in order to maintain family wealth and prestige;
suggesting that family businesses are more interested in survival than growth. Although family businesses may benefit from
risk reduction, a negative relationship between diversification level and CEO turnover is still evidence of poor corporate
governance. Agency theory may not completely account for the adoption of diversification strategies in family businesses and
corporate diversification may weaken the effectiveness of internal monitoring mechanisms.
相似文献
Wen-Hsien TsaiEmail: |
5.
The research reported in this article develops a model for assessing the cost of banking services faced by small businesses.
The lack of price competition in the provision of small business banking services combined with limited transparency concerning
actual fee levels prevents small businesses from readily estimating likely fee levels. Prior research and government reports
note the difficulties faced by small business in relation to banking services and this research contributes to an understanding
of the potential dead weight losses incurred resulting from poor signalling and information asymmetry and potentially a deficient
public policy framework.
相似文献
Stuart LockeEmail: |
6.
The impact of public guarantees on credit to SMEs 总被引:1,自引:0,他引:1
This article provides an in-depth evaluation of the impact of public credit guarantees to SMEs in increasing credit availability
and reducing borrowing costs, without compromising their financial sustainability. Extensive econometric tests have been carried
out by comparing the performance of the SMEs that benefited from such guarantees in Italy with a sample of comparable firms.
The findings confirm the presence of a causal relationship between the public guarantee and the higher debt leverage of guaranteed
firms, as well as their lower debt cost. Italy’s guarantee instrument has proved to be an effective instrument in these respects.
相似文献
Marco Ventura (Corresponding author)Email: |
7.
This paper examines the relationship between new firm formation and regional employment change in The Netherlands. Using a
new regional data base for the period 1988–2002, we examine the time lags involved in the relationship. We also investigate
whether the relationship differs by sector and by degree of urbanization. We find that the maximum effect of new businesses
on regional development is reached after about 6 years. Our results also suggest that the overall employment impact of new-firm
start-ups is positive but that the immediate employment effects may be small in The Netherlands. Furthermore, we find that
the employment impact of new firms is strongest in manufacturing industries and that the employment impact of new firms is
stronger in areas with a higher degree of urbanization.
相似文献
André van StelEmail: |
8.
Helmut Fryges 《Small Business Economics》2009,33(2):165-187
Based on longitudinal data, this article examines empirically the long-term export behaviour of German and British technology-oriented
firms founded between 1987 and 1996. Applying logit models, the results show that firms can overcome high entry costs by acquiring
firm-specific assets. Similarly, firm-specific resources prevent high-tech companies from exiting the international market.
The strategic role of investment in R&D is stressed in particular by the data.
相似文献
Helmut FrygesEmail: |
9.
This paper examines the relationship between agglomeration economies and relative wage costs in influencing location of multinational
corporations. An inflow of firms to certain regions and industries is likely to increase demand for labor. If mobility of
labor is low increased costs can be expected to deter additional inflows of firms, albeit agglomeration economies may compensate
for higher wages. Despite its important policy implications this relationship has to our knowledge not been exposed to empirical
testing. The empirical analysis finds that foreign direct investment has become increasingly sensitive to differences in wage
cost across industrialized countries, but also that agglomeration economies related to knowledge externalities positively
influences higher costs. The relative strength of these two forces impacts the spatial distribution of production.
相似文献
Per ThulinEmail: |
10.
Entrepreneurship,economic development and institutions 总被引:2,自引:2,他引:2
This paper is an introduction to the special issue from the 3rd Global Entrepreneurship Monitor Research Conference held in
Washington, D.C., in 2008. The paper has three objectives. First, to discuss the importance of the three stages of economic
development, the factor-driven stage, the efficiency-driven stage and the innovation-driven stage. Second, to examine the empirical evidence on the relationship between stages of economic development and entrepreneurship.
Third, to present a summary of the papers in the context of the theory.
相似文献
Jolanda HesselsEmail: |
11.
Many Continental European countries recently reformed their bankruptcy legislations to stimulate reorganization and firm survival.
We show that the Belgian 1997 bankruptcy code reform, which implemented several international best practice recommendations,
significantly reduced aggregate small and micro business bankruptcy rates. However, using distributed lag models to control
for the relationship between bankruptcy rates and macroeconomic variables such as real GDP growth, consumer confidence, inflation,
etc., we find that the new code’s impact is not the same for all types of companies. Specifically, while the beneficial effect
of the reform is largely similar between small firms (i.e. stock corporations) and micro firms (i.e. partnerships), it is
only significant in certain industries (manufacturing and trade). Overall, our results indicate that especially the measures
taken to limit domino bankruptcy effects are likely to have had a substantial impact. Our findings have several policy implications
for the evaluation and modification of the bankruptcy system.
相似文献
Cynthia Van HulleEmail: |
12.
The roles of R&;D in new firm growth 总被引:2,自引:0,他引:2
Innovative start-ups are an important driver of economic growth. This article presents empirical evidence on the effects of
research and development (R&D) on new product development, interfirm alliances and employment growth during the early life
course of firms. We use a dataset that contains a sample of new firms that is representative of the whole population of start-ups.
This dataset covers the first 6 years of the life course of firms. It is revealed that R&D plays several roles during the
early life course of high-tech as well as high-growth firms. The effect of initial R&D on high-tech firm growth is through
increasing levels of interfirm alliances in the first post-entry years. R&D efforts enable the exploitation of external knowledge.
Initial R&D also stimulates new product development later on in the life course of high-tech firms, but this does not seem
to affect firm growth. R&D does not affect the growth rate of new low-tech firms, which seem to be driven mainly by the growth
ambitions of the founding entrepreneur. The results show that R&D matters for a limited but important set of new high-tech
and high-growth firms, which are key in innovation and entrepreneurship policies.
相似文献
Karl WennbergEmail: |
13.
In this article, we argue that firms in high-margin industries can benefit from founding family influence. Specifically, in
more profitable markets, the influence of the founding family provides an additional corporate governance-monitoring function.
The sample consists of 294 firm-year observations from 98 publicly traded companies headquartered in Sweden, representing
approximately half of all non-financial traded firms. Our support that the effect of family leadership in publicly held firms
should be assessed in relation to the intensity of industry competition.
相似文献
Justin B. CraigEmail: |
14.
Effect of credit guarantee policy on survival and performance of SMEs in Republic of Korea 总被引:1,自引:1,他引:0
This study evaluates the effect of credit guarantee on SMEs at the firm level. To estimate the effect of credit guarantee,
we analyze relations between credit guarantee, the survival of guaranteed firms, and their productive performance. The result
indicates that credit guarantee frequency enabled guaranteed firms to achieve good performances in general. On the contrary,
the effect of guarantee amounts is ambiguous in that there is difference between the contemporary effect and the lagged effect.
Therefore, we conclude that credit guarantee satisfied partially its goal to alleviate SMEs’ difficulty in acquiring finance
and to stabilize employment.
相似文献
Almas HeshmatiEmail: Email: |
15.
This paper discusses the nature of financial business relationships by drawing on the IMP Group’s theory of industrial relationships.
It discusses, among other aspects, the interaction process between banks and their corporate clients, the longevity of relationships,
the interdependence between both sides, and the atmosphere of financial services relationships. The conclusions are thought
to be interesting and useful for the managers of firms and financial services when setting relationship marketing policies
and for academic research on business-to-business services relationships. The field research was done in Portugal and the
case method was used.
相似文献
Luís M. de CastroEmail: |
16.
Daisuke Okamoto 《Journal of Business Ethics》2009,87(1):117-132
As a criterion of a good firm, a lucrative and growing business has been said to be important. Recently, however, high profitability
and high growth potential are insufficient for the criteria, because social influences exerted by recent firms have been extremely
significant. In this paper, high social relationship is added to the list of the criteria. Empirical corporate social performance
versus corporate financial performance (CSP–CFP) relationship studies that consider social relationship are very limited in
Japan, and there are no definite conclusions for the studies in the world, because of scant data and the inappropriate methods,
especially for supporting linear hypothesis which these studies are based on. In this paper, the CSP–CFP relationship is analyzed
by an artificial neural networks model, which can deal with a non-linear relationship, using 10-year follow-up survey data.
相似文献
Daisuke OkamotoEmail: |
17.
Entrepreneurship and competitiveness dynamics in Latin America 总被引:1,自引:5,他引:1
This study analyses the relationship between entrepreneurial dynamics and the level of competitiveness in Latin American countries.
Based on a stage of economic development model, we demonstrate that Latin American countries under the model followed different
paths related to competitiveness. These different paths can explain the effect of specific competitiveness conditions on entrepreneurial
dynamics in Latin America.
相似文献
José Ernesto AmorósEmail: |
18.
The effect of new business formation on regional development over time: the case of Germany 总被引:6,自引:0,他引:6
We investigate the effects of new business formation on employment change in German regions. A special focus is on the lag-structure
of this effect and on differences between regions. The different phases of the effects of new business formation on regional
development are relatively pronounced in agglomerations as well as in regions with a high-level of labor productivity. In
low-productivity regions, the overall employment effect of new business formation activity might be negative. The interregional
differences indicate that regional factors play an important role.
相似文献
Pamela MuellerEmail: |
19.
This paper analyses the performance of the small and medium-sized manufacturing firms during the period 1995–2001, focusing
on the degree of technical inefficiency and its determinants. We use a micro panel data set to simultaneously estimate a stochastic
frontier production function and the inefficiency determinants using an unbalanced panel of manufacturing firms. Our empirical
results suggest that small and medium-sized firms tend to be less inefficient than the large firms are. Also, we centre our
analysis in the effect on efficiency of some organisational factors related to the managerial ability to use and adjust capital
and labour properly.
相似文献
M. Angeles DiazEmail: |
20.
Robert M. Feinberg 《Journal of Industry, Competition and Trade》2009,9(2):101-115
In this paper I consider 115 rural markets in the USA, and both describe and explain patterns of bank and thrift entry over
the past 10 years, with particular interest in the decisions of top bank holding companies to enter rural markets and the
influence their presence has on entry of smaller banking institutions. The paper explores several dimensions of entry and
competition in rural banking markets. In terms of explaining both numbers of banks across markets and gross and net entry
within markets, market size and its growth seem to be major factors, consistent with recent literature. The role of leading
bank holding companies is found to be important in stimulating entry of smaller rivals. This result is consistent with earlier
work suggesting that merger and acquisition activity tends to stimulate de novo entry, while also with the view that large
firm presence may be a signal to potential entrants of future growth prospects in the market.
相似文献
Robert M. FeinbergEmail: |