Naima Lassoued, Imen Khanchel, Imen Fakhfakh, Mehdi Etteyeb
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Abstract
This study examines the impact of entrepreneur attributes on financing channels of small and medium-sized enterprises (SMEs) as well as the moderating role of firm age on this relationship. It examines a comprehensive dataset of 4139 firm-year observations operating in the Middle East and North Africa (MENA) region observed over the 2013–2019 period. The results are four-fold. First, our overall findings reveal that experienced entrepreneurs tend to use internal funds. Second, the university education of entrepreneurs positively correlates with debt financing. Third, female entrepreneurs are more eager to use internal funds and less debt. Fourth, firm age is found to moderate these relationships. Indeed, in young SMEs, experienced entrepreneurs are shown to rely on debt, graduated entrepreneurs on internal funds, and in older SMEs, female entrepreneurs use debt. Our results bear on the proposals of upper echelons and organizational lifecycle theories.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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