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1.
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: |
2.
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: |
3.
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: |
4.
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: |
5.
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: |
6.
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: |
7.
Entrepreneurship in post-socialist economies: A typology and institutional contexts for market entrepreneurship 总被引:1,自引:1,他引:0
Nir Kshetri 《Journal of International Entrepreneurship》2009,7(3):236-259
There is growing recognition among post-socialist (PS) economies that free-market entrepreneurship is essential for ultimately
improving their economic future. The promotion of market entrepreneurship, however, has been a challenging experience for
these economies. This paper examines various forms of entrepreneurship in PS economies. Drawing upon the institutional theory,
we also highlight the clear contexts and attendant mechanisms associated with institutions–entrepreneurship nexus in PS economies’
contexts.
相似文献
Nir KshetriEmail: |
8.
Despite the fact that many firms in a wide range of industries in various countries internationalize at or near inception,
research on factors leading to the formation of born-globals has been limited to firms from advanced, open economies. In order
to give a voice to the phenomenon of Vietnamese founding born-globals, we conducted an exploratory, multiple-case study. Three
findings of this study are: (1) the major driver to the formation of Vietnamese born-globals is the entrepreneurs’ leadership
desire together with the need for short-term profits; (2) their choice of internationalization mode is influenced by market
conditions as well as the internationalization degree of the industries in which they find their business opportunities; and
(3) the reason why other motivators found in earlier studies do not apply lies in the peculiarity of the Vietnam context.
相似文献
Li Choy ChongEmail: |
9.
Kostas Tsekouras Efthalia Dimara Dimitris Skuras Dimitris Tzelepis 《Small Business Economics》2009,32(1):111-120
The present article attempts to investigate the validity of the Comanor–Wilson Minimum Efficient Size (MES) measure. The basic
assumption is that firms that have exhausted scale economies are in non-increasing returns to scale. The same firms are also
assumed to have a size greater than MES estimated on sales (total turnover), employment or fixed assets. Data Envelopment
Analysis (DEA) is used, on a sample of firms in three Greek manufacturing industries, to classify firms in operation according
to increasing or non-increasing returns to scale. On the basis of the results of the DEA input oriented model, the MES measure
correctly predicts over 85% of the cases. A probit model is applied to those cases that are not identically predicted by MES
concerning returns to scale. Results indicate that technical efficiency, size and age are the factors that compel MES to yield
the same prediction as the DEA approach.
相似文献
Kostas TsekourasEmail: |
10.
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: |
11.
In this paper we evaluate the effectiveness of R&D tax incentives in Quebec, using manufacturing firm data from 1997 to 2003
originating from R&D surveys, annual surveys of manufactures and administrative data. The estimated price elasticity of R&D
is –0.10 in the short run and –0.14 in the long run, with slightly higher elasticities for small firms than for large firms.
We show that there is a deadweight loss associated with level-based R&D tax incentives that is particularly acute for large
firms. For small firms it is not sizeable enough to suppress the R&D additionality, at least not for quite a number of years
after the initial tax change. Incremental R&D tax credits do not suffer from this deadweight loss and are from that perspective
preferable to level-based tax incentives.
相似文献
Pierre MohnenEmail: |
12.
This article investigates the role played by one type of firm interaction, namely R&D cooperation, and also the acquisition
of labor, in the promotion of industrial innovations. We employ a unique innovation dataset from Finland which combines firm
specific information about the innovation performance of the firms along with their individual characteristics, as well as
firm specific information regarding the origins of their recent labor acquisitions. Analyzing this data allows us to identify
the different roles which the knowledge spillovers and labor markets play in the innovation process. Our results suggest that
small firms are generally more innovative than large firms; R&D cooperation is an essential feature of innovation, but the
variety of cooperation is of little importance; and labor acquisition appears to be only of limited importance for innovation.
相似文献
Philip McCannEmail: |
13.
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: |
14.
Francesca Gagliardi 《Small Business Economics》2009,32(4):439-464
The purpose of this article is to empirically assess the relationship existing between local financial development and the
growth of firms, with a special focus on cooperatives. Using Italian data, a multiplicative interaction model is specified,
so as to allow the impact of local banking development to differ between cooperative and non-cooperative firms. The main finding
is that although local banking development represents a determinant of firms’ growth, regardless of their legal structure,
it plays a special role in boosting the growth of cooperatives. This result provides evidence in favor to the existence of
an institutional complementarity relationship between the development of local banking institutions and cooperative firms.
相似文献
Francesca GagliardiEmail: |
15.
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: |
16.
Managing the shipment of goods to consumers is one of the central aspects of retail competition on the internet. In this article, we analyze internet retailers’ shipping strategies using data from the internet book retailing industry. We find that, controlling for a variety of observable firm characteristics, firms with lower product prices offer lower shipping fees and higher quality shipping in terms of average delivery time, compared to firms with higher product prices. These patterns cannot be readily reconciled with a large class of models of competition under perfect consumer information. Theories based on imperfect consumer information can explain the findings better.
相似文献
Han LiEmail: |
17.
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: |
18.
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: |
19.
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: |
20.
The overestimated role of strategic orientations for international performance in smaller firms 总被引:1,自引:1,他引:0
This article examines how market orientation (MO) and entrepreneurial orientation (EO) relate to international performance
in small firms. Empirically, the article draws on survey data from 188 Swedish SMEs. Results show that strategic orientations
have a very limited influence on international performance in these firms. Proactiveness and, to some extent, a market orientation
proved positively associated with international performance, while innovativeness and risk taking show no such relationship.
Our findings highlight the problems associated with using “traditional” MO and EO constructs in an SME setting and point to
the need of developing more appropriate constructs tailored to this context. We also note that the MO construct was developed
from a “causal view” of marketing, while successful small international firms rely more on effectuation logic. The article
also contributes to the debate between the two dominant perspectives that address firms’ early internationalization processes:
the process theory of internationalization and the international new venture perspective, where our results are in favor of
the latter.
相似文献
Svante AnderssonEmail: |