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1.
This paper analyses a Pre-seed Fund (PSF) government venture capital (VC) program for the purpose of improving our understanding
about effective public policy towards entrepreneurial finance. The PSF program is a public-private partnership started in
2002 for the purpose of fostering more investment in nascent high-tech entrepreneurial firms in Australia. Data from Venture
Economics indicate PSFs are the primary provider of seed stage VC in Australia, but PSFs are not more likely to invest in
high-tech firms than other types of VC funds. PSFs have smaller portfolios (number of investees) per manager than other types
of VC funds, and are more likely to invest in firms resident in the same state, but do not stage and syndicate more frequently
than other types of VC funds. Overall, therefore, the structure of the program has given rise to mixed performance in terms
of finance and governance provided to nascent high-tech entrepreneurial firms. As well, there is also suggestive evidence
that the PSF program diminishes the incentives for Innovation Investment Funds (a previously existing Australian government
VC fund program) to invest in seed stage ventures, and hence competing government initiatives appear to be crowding out one
another. Further evidence suggests that among the four PSFs in existence, one PSF has outperformed the other PSFs in regards
to the investee firm patents and financial statement performance, even though this fund has invested less money and charged
lower management fees than its counterparts. Hence, a further implication is that the impact of government-sponsored VC funds
depends not only on the design of the program but also on the selection of the VC managers carrying out the investments.
相似文献
Sofia JohanEmail: URL: http://ssrn.com/author=370203 |
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.
Financial intermediaries,ownership structure and the provision of venture capital to SMEs: evidence from Japan 总被引:1,自引:0,他引:1
This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the
ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital
market, comprising data on investment and venture capital activities of 127 Japanese venture capital funds. The data allow
us to provide a direct comparison of the behaviour of individual owner-manager venture capitalists versus financial intermediation
(e.g., bank’s venture capital divisions). The data indicate owner-manager venture capitalists (financial disintermediation)
give rise to much smaller portfolios of SMEs and more advice to entrepreneurs. Across the scope of different financial intermediation
structures, including banks, life insurance companies, securities firms, corporations and government bodies, there are further
differences in the provision of governance and value-added advice provided to SMEs. Also, the data indicate US-affiliated
funds in Japan are more likely to have smaller portfolios and tend to provide more advice to SMEs.
相似文献
Armin SchwienbacherEmail: Email: |
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.
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: |
6.
Knowledge spillovers and new ventures’ export orientation 总被引:1,自引:1,他引:1
We draw on the knowledge spillover literature to suggest that a country’s proportion of export-oriented new ventures represents
an outcome of knowledge spillovers that stem from foreign direct investment (FDI) and international trade (export spillovers)
as well as a source of knowledge spillovers (entrepreneurship spillovers). To test the hypotheses, we use macrolevel data
from 34 countries during the period 2002–2005. We find that the relationship between FDI and international trade on the one
hand and a country’s proportion of export-oriented new ventures on the other differs for higher- and lower-income countries.
In addition, a country’s proportion of export-oriented new ventures affects the subsequent emergence of new businesses.
相似文献
André van StelEmail: |
7.
Densil A. Williams 《Journal of International Entrepreneurship》2008,6(3):101-122
This paper reports the findings from an empirical investigation into the export stimulation behaviour of micro- and small
locally owned firms. It investigates whether the decision to initiate exporting in these smaller firms is a result of a systematic
planned investigation into foreign market opportunities or is a mere response to fortuitous circumstances. This issue has
received extensive attention in the literature on the internationalisation of firms from large developed environments, but
very little is known about it in emerging environments especially small, open economies. This study will add to the literature
by investigating export stimulation from a small, emerging Caribbean economy, Jamaica. Using a quantitative approach supported
by insights from qualitative data gained during the fieldwork, the study analysed 20 stimuli that are demonstrated to impact
export initiation decision. The key finding reveals that export initiation is a result of a planned systematic approach to
international market rather than a mere response to fortuitous circumstances. The originality of this finding is in its extension
of earlier work from developed economies to an emerging, resource-poor, open economy and its departure from analysing large
and multinational firms to focus on micro- and small locally owned firms.
相似文献
Densil A. WilliamsEmail: |
8.
Malte Brettel Andreas Engelen Florian Heinemann 《Journal of International Entrepreneurship》2009,7(2):88-110
The present study examines the performance consequences of a market orientation for new entrepreneurial ventures in a globalized
world. We show that market orientation indeed positively impacts the performance of new entrepreneurial ventures, regardless
of their geographical setting. While market orientation turns out to be a general success factor in a globalized world, the
strength of the performance relationship however is contingent to the national culture as one major differentiator between
geographical settings. The effect turns out to be stronger in collectivist and high uncertainty avoidance cultures. Findings
are derived based on large samples with German and Thai new entrepreneurial ventures. Partial least square is applied as the
method of analysis.
相似文献
Florian HeinemannEmail: |
9.
The paper examines the impact of Foreign Direct Investment (FDI) on the survival of business start-ups. FDI has potential
for both negative displacement/competition effects as well as positive knowledge spillover and linkage effects on new ventures.
We find a net positive effect for the whole dataset. However, a major contribution of the paper is to outline and test an
argument that this effect is likely to be comprised of a net negative effect in dynamic industries (high churn: firm entry
plus exit relative to the stock of firms) alongside a net positive effect in static (low churn) industries. We find evidence
to support this view. The results identify new effects of globalisation on enterprise development with associated challenges
for industrial policy.
相似文献
Andrew BurkeEmail: |
10.
Boards of directors in family firms: a generational perspective 总被引:1,自引:0,他引:1
The purpose of this study is to advance the understanding of boards of directors in family firms. Building on generational
changes in family attributes, we argue that firms in a different generational phase have different governance needs and characteristics.
With regard to board task needs, the empirical results indicate a convex generational evolution in the need for board advice,
and a rise over the generations in the need for board control. With regard to board composition, we find that the likelihood
of having an outside director on the board has a convex generational trend. This relationship seems to be fully mediated by
the firm’s board task needs. Furthermore, the number of family directors seems to increase over the generations. This study
demonstrates that it is important to consider the generational phase of the family firm in order to understand its governance
system.
相似文献
Yannick BammensEmail: |
11.
Elizabeth J. Gatewood Candida G. Brush Nancy M. Carter Patricia G. Greene Myra M. Hart 《Small Business Economics》2009,32(2):129-144
This article discusses the questions and issues that prompted the founding of the Diana Project, a multi-university research
program aimed at identifying factors that support and enable high growth in women-led ventures. Despite the fact that women
business owners comprise a significant portion of the economy, women face challenges in acquiring the resources needed to
expand their businesses. This article details both the myths and realities associated with women’s entrepreneurship in their
quest for growth. In particular, we examine the strategies that women entrepreneurs use to position their firms for growth,
especially those strategies related to growth capital. Our results show that women seeking venture capital (VC) have degrees,
graduate degrees, and experience that should not preclude them from obtaining financing. We also found that even though women-led
businesses are frequently clustered in industries less attractive to financiers, women seeking equity funding are in the appropriate
industries. Further, women spend a considerable amount of time using both formal and informal networks in their search for
capital and in seeking capital. Because of the importance of the VC industry as a provider of growth capital and its reliance
on its network for investment referrals, we also examined the participation and role of women as decision-makers in industry.
Women’s participation in the VC industry has not kept pace with industry growth, and women have exited the industry at a faster
rate than men, thus creating a significant barrier for women entrepreneurs in that it is less likely that their networks will
overlap with the financial supplier networks, despite any effort they may expend networking and seeking capital.
相似文献
Elizabeth J. GatewoodEmail: |
12.
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: |
13.
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: |
14.
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: |
15.
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: |
16.
Leonard F. S. Wang Ya-Chin Wang Lihong Zhao 《Journal of Industry, Competition and Trade》2009,9(1):49-56
Strategic delegation analysis has been limited to sales delegation cases, until Jansen et al. (International Journal of Industrial
Organization 25:531–539, 2007) presented the case of market share delegation. In international trade theory, export rivalry
and import protection have always attracted considerable attention. This paper assesses the influence upon optimal trade policy
of introducing market share delegation in a trade duopoly context. It shows that delegation matters, and different forms of
delegation coupled with asymmetric costs will imply different degrees of government intervention.
相似文献
Leonard F. S. WangEmail: |
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 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: |
19.
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: |
20.
The death of firms: exploring the effects of environment and birth cohort on firm survival in Sweden 总被引:1,自引:0,他引:1
Marcus Box 《Small Business Economics》2008,31(4):379-393
This paper investigates the death of firms and seizes a long-term perspective. It investigates the life spans of nearly 2,200
firms in seven birth cohorts of Swedish joint-stock companies, founded during seven separate years between 1899 and 1950.
Research has traditionally emphasized individual- and micro-oriented factors in explaining post-entry performance, or has
often focused on the influence of firm-specific structural factors (firm age and size). A less attended field recognizes environmental
forces. This paper focuses on the interaction between the micro and macro levels, and combines structural and environmental
factors. Employing a cohort approach, it relates firm survival to firm age and size, as well as to the effect of cohort affiliation
and environmental change over time (period effects). During macroeconomic expansion, the risk of death decreases. Cohort effects
are also evident. Firms founded during times of economic crisis exhibit lower survival rates. Consequently, cohort affiliation
and environmental forces, i.e. period effects, can explain differences in death rates in different firm populations.
相似文献
Marcus BoxEmail: |