ERPN: Other Entrepreneurs (Finance) (Sub-Topic)最新文献

{"title":"Financial Access and Gender Gap in Entrepreneurship and Employment: Evidence from Rural India","authors":"Sandhya Garg, Samarth Gupta","doi":"10.2139/ssrn.3923735","DOIUrl":"https://doi.org/10.2139/ssrn.3923735","url":null,"abstract":"Can expansion of bank branch network reduce gender-gap in economic activity at the village level? To explore this issue, we construct a novel village-level panel data where we observe the financial access of each unbanked village in India defined as its distance to the nearest village/town with bank branch (banked-center) from 1951-2019; and village-level enterprise data of four economic census rounds of 1990, 1998, 2005 and 2013. To account for endogeneity in placement of bank branches, we use a difference-in-difference methodology. We find that the presence of a bank branch within 5km of an un-banked village between 2005 and 2013 (Treatment Group) mitigated the gender gap in entrepreneurship, and employment. The increase in number of female enterprises and in the size of female employment occurs fully driven by non-agricultural sector, whereas a shift is observed in male entrepreneurship from agricultural to non-agricultural sector. We also find evidence that this transition may be a consequence of credit uptake by enterprises from non-institutional sources as proximity to a banked-center improves. Our results are robust to unobservable village and year effects, and presence of alternative village-level infrastructure.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124543399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Economic Design of Stablecoins","authors":"Christian Catalini, A. de Gortari","doi":"10.2139/ssrn.3899499","DOIUrl":"https://doi.org/10.2139/ssrn.3899499","url":null,"abstract":"Stablecoins are cryptocurrencies designed to trade at par with a reference asset, typically the U.S. Dollar. While they all share the same fundamental objective of maintaining stability against their reference assets, stablecoins differ substantially in terms of their economic design, quality of backing, stability assumptions and legal protections for coin holders. We surface two critical dimensions that underpin the economic design of every stablecoin: (1) the volatility of the reserve assets against the reference asset, which defines the risk profile of the stablecoin for coin holders; and (2) the degree to which the stablecoin is exposed to the risk of a death spiral. To address these risks, fiat-backed stablecoins must rely on reserves of high-quality, liquid assets and be subject to a framework that protects coin holders from credit risk, market risk, operational risk, as well as the insolvency or bankruptcy of the issuer. Although decentralized stablecoin designs eliminate the need to trust an intermediary, they are either exposed to death spirals, or highly capital inefficient, as they must be highly over-collateralized to account for the lack of an intermediary. While these trade-offs might be acceptable for narrow use cases within the cryptocurrency space, without a breakthrough in decentralized stablecoin design, they are likely to limit the usefulness of these coins for mainstream adoption.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122010430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"'Ugly Princess': Self-Enforcement in Franchising","authors":"C. Bai, W. Mao, Z. Tao","doi":"10.2139/ssrn.3657053","DOIUrl":"https://doi.org/10.2139/ssrn.3657053","url":null,"abstract":"An intriguing feature of franchising is the simultaneous use of company-owned and franchise units under the same brand name. Furthermore, there is a separation of the ownership and control arrangements in franchise units. The underlying mechanism is the self-enforcement that sustains the long-term franchise relation. We formally model this self-enforcement by taking franchisee's free-riding behavior and the franchisor's opportunistic termination into consideration. We nd that an initial investment with an associate ownership arrangement, that is, franchise arrangement, is an ideal hostage (\"ugly princess\") for suppressing two-sided opportunistic behavior. By incorporating self-enforcement into the incentive design for a franchising system, we provide explanations for di erent governance structures in franchising as well as adjustments in response to legal constraints on franchise termination.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128468673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Limited Impact of Business Development Programs on Profitability in the Presence of Ambiguity Aversion","authors":"Dmitry A. Shapiro","doi":"10.2139/ssrn.3591005","DOIUrl":"https://doi.org/10.2139/ssrn.3591005","url":null,"abstract":"This paper develops a theoretical framework to explain the limited effect of business development programs (BDPs) on entrepreneurs’ profits. We argue that a mismatch between a BDP’s narrow focus on business-promoting strategies and the wider context in which microentrepreneurs operate can limit the impact of business training. In our framework, entrepreneurs are ambiguity averse and have multiple sources of income (e.g., business and wage incomes). We show that for a sufficiently ambiguity-averse entrepreneur with multiple income sources, efficient training can result in a decline in expected profit. Notably, when the wider context (multiple income sources, ambiguity aversion) is considered, the business training impact is limited and can result in a posttraining expected profit decline. This limited impact is caused by the diversifying role that the business income plays in household finances.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127762490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Performance Evaluation of Entrepreneurship Development Schemes of National Handicapped and Finance Development Corporation","authors":"Dr. Shanimon. S, SHALINI LAWRENCE Mary","doi":"10.2139/ssrn.3545796","DOIUrl":"https://doi.org/10.2139/ssrn.3545796","url":null,"abstract":"The growth and development of all economies greatly depend on entrepreneurial activity. Entrepreneurs are the nerves of economic development as they provide a source of income and employment. They create an atmosphere of employment generation for others and produce new and innovative product and services. Entrepreneurial supportive environments are essential for entrepreneurship development and are evolving all around the developing economies. An idea of entrepreneurial environment has five metrics, such as easy access to funding, entrepreneurial culture, entrepreneurial supportive regulatory measures, entrepreneurial supportive mechanism and entrepreneur friendly policies. The public and private sector have an equal role to play in the development of entrepreneurial eco-system. There are four factors necessary for entrepreneurial opportunities such as factor-driven entrepreneurship, efficiency-driven entrepreneurship, innovation-driven entrepreneurship, and necessity-driven entrepreneurship. Entrepreneurship has been considered as the backbone of economic growth. The level of economic activities of a country largely depends on the level of entrepreneurial activities in that country. Entrepreneurs are not born but can be created and nurtured through appropriate interventions in the form of entrepreneurship development programmes. In the modern competitive world a number of opportunities emerged from the evolving Information Technology Revolution. A large part of the population in India generally the marginalised society of differently abled people lags behind in taking advantage of the emerging world of entrepreneurship development. Therefore, there is a need to provide skill development through entrepreneurship development programmes to such people in order to bring them to the mainstream of economic development.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116297243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Business-Model 'Flag': Mapping the Arithmetic of Value Creation","authors":"Rodrigo Wagner","doi":"10.2139/ssrn.3409229","DOIUrl":"https://doi.org/10.2139/ssrn.3409229","url":null,"abstract":"Product and Business Model Innovation tends to be iterative and interdisciplinary. This usually requires frameworks with effective visualizations that map not only the decisions, but also their previewed consequences for the business. This paper offers a mapping to complement existing qualitative models. It does so by displaying the quantitative consequences of strategies in a coherent visual framework, aiming to discipline the pitching process. This, by making the basic arithmetic of real or guesstimated profits more transparent to team members and financiers. It brings back the basic Managerial Accounting (i.e. Cost-Volume-Profit analysis) blended with Economics into a convenient Figure for project discussion. Rectangle areas represent sales as well as fixed and variable costs, leaving profits as a residual income. Among various advantages, the framework intuitively visualizes breakeven and demand elasticities. It also helps analyzing different growth strategies. Importantly, the model allows for a visual sensitivity analysis – without derivatives - of how changes in assumptions impact profitability. Beyond the basic static analysis, the paper discusses additional applications. For example, to new ventures focusing on customer equity or other dynamic analysis. It even applies to innovations in marketing and non-profits.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"2 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120895067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effects of International Entrepreneurial Orientation and Entrepreneurial Activities on SMEs’ Export Performance","authors":"Sungjoon Yoo, Hag-Min Kim, Yea-rim Lee","doi":"10.35611/jkt.2019.23.7.156","DOIUrl":"https://doi.org/10.35611/jkt.2019.23.7.156","url":null,"abstract":"Purpose – Without question, globalization has presented different opportunities to entrepreneurs seeking to expand their companies in foreign markets. The aim of this study is to examine the relationship between entrepreneurial orientation, entrepreneurial activity, information internalization, and product differentiation in export oriented firms. As such, entrepreneurial activities are divided into exploitative and exploratory opportunities. These opportunities are crucial in improving firms’ performance. <br><br>Design/methodology – A structural questionnaire was developed using 21 factors/indicators from previous researches. The subjects of this study were recruited using convenience sampling in export SMEs in the Seoul Metropolitan Area. Data were collected through visits or e-mails from the export managers, executives, and CEOs of export SMEs in advance. 321 questionnaires were collected over a period of one month. 316 questionnaires were used in the final analysis. <br><br>Findings – First, International Entrepreneurial-orientation (IE) has a positive effect on the exploration and exploitation of business opportunities. Second, the exploration and exploitation of business opportunities have a positive impact on information internalization. Third, information internalization has a significant effect on product differentiation and plays a mediating role in seeking opportunities, utilizing opportunities, and differentiating products. <br><br>Originality/value – This study contributes to the development of academic discussions by explaining existing research gaps. First, there is currently a lack of research focusing precisely on the product differentiation capability of SMEs in manufacturing field in terms of IE. To bridge these gaps, we examined the entrepreneurial factors impact on product differentiation and tries to expand the discussion about the internationalization of SMEs, which were mainly focused on IT companies, and manufacturing companies. Second, there is no intuitive explanation regarding international entrepreneurial activity in terms of exploration and exploitation within existing. In this study, international entrepreneurship activities were classified in terms of exploration and exploitation.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129107906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Earnings Management around Founder CEO Re-appointments and Successions in Family Firms","authors":"M. Goergen, Svetlana Mira, I. Ansari","doi":"10.2139/ssrn.3433367","DOIUrl":"https://doi.org/10.2139/ssrn.3433367","url":null,"abstract":"This paper studies CEO re-appointment and succession events in listed family firms with an incumbent family CEO in France, Germany and the UK over 2001-2016. The paper explores whether family firms with a founder CEO are more likely to engage in earnings management pre-event than other family firms and non-family firms. Compared to non-family firms, family firms practice less upward earnings management. Nevertheless, we find evidence of pre-event upward earnings management for firms that re-appoint their founder CEO, but no such earnings management for other family firms. Finally, we also show that the new CEOs in non-family firms engage in upward earnings management after their appointment.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115236340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Organizational Determinants of Firm Performance in Family Businesses: Organizational Commitment to Employees, Budgetary Support and Teamwork","authors":"Jane Terpstra-Tong, Sakthi Mahenthrian","doi":"10.2139/ssrn.3019319","DOIUrl":"https://doi.org/10.2139/ssrn.3019319","url":null,"abstract":"Organizational processes related to commitment to its employees (OCE), budgetary support, and teamwork are critical for firms to build tacit knowledge and respond effectively to complex external environments. We study the impact of these organizational processes and how they interact with the firms’ entrepreneurial orientation and founders’ influence to affect firm performance in two major cities in Malaysia and the U.S. Responses from 113 Malaysian and 52 US SMEs are used to test four hypotheses. The study results show that all three organizational processes directly influences firm performance. Additionally, budgetary support positively interacts with the founders’ influence and entrepreneurial orientation to affect firm performance while founders’ influence and OCE negatively interact to affect performance. The findings suggest that founders’ influence on OCE versus budgetary support can have offsetting effects in family-run SMEs, and that the effect of entrepreneurial orientation on firm performance can be amplified with increasing level of budgetary support.","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123832430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Problems with and Promise of Entrepreneurial Finance","authors":"Douglas J. Cumming, S. Johan","doi":"10.1002/SEJ.1265","DOIUrl":"https://doi.org/10.1002/SEJ.1265","url":null,"abstract":"Research summary \u0000This article provides a review of the entrepreneurial finance literature in the surprisingly not very well integrated entrepreneurship and finance journals. Entrepreneurial finance encompasses venture capital, private equity, private debt, trade credit, IPOs, angel finance, and crowdfunding, among other forms of finance. We analyze trends in citation activity to these topic areas across 16 journals that publish at least somewhat regularly on these topics, and we show there has been a rise in citations on venture capital, private equity, and IPOs post-2006. We highlight an unfortunate degree of segmentation in the literature, as well as topics that have been the subject of scholarly focus, and identify promising topics for future research. \u0000 \u0000Managerial summary \u0000Who does research in entrepreneurial finance—entrepreneurship or finance scholars? And which types of journals are more likely to publish research in entrepreneurial finance? In this article, we provide an overview of the literature on topics that include venture capital, private equity, private debt, trade credit, IPOs, angel finance, and crowdfunding. Our review of the literature shows some elements of segmentation by the specific topic, which we explain is partly due to the fact that datasets on entrepreneurial finance themselves are often segmented and do not include information on more than one form of entrepreneurial finance at a time. Further, we show citation patterns are segmented by the type of journal, with finance journals being much less likely to refer to entrepreneurship journals. Copyright © 2017 Strategic Management Society","PeriodicalId":126826,"journal":{"name":"ERPN: Other Entrepreneurs (Finance) (Sub-Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126410261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}