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Investment grants and firms’ productivity: how effective is a grant booster shot? 投资补助金与企业生产力：补助金强心针的效果如何？
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-08-22 DOI: 10.1007/s11187-024-00955-7
Fernando Alexandre, Miguel Chaves, Miguel Portela
{"title":"Investment grants and firms’ productivity: how effective is a grant booster shot?","authors":"Fernando Alexandre, Miguel Chaves, Miguel Portela","doi":"10.1007/s11187-024-00955-7","DOIUrl":"https://doi.org/10.1007/s11187-024-00955-7","url":null,"abstract":"<p>This paper evaluates the impact of awarding a second investment grant to the same firm. We implement a Regression Discontinuity Design strategy using a rich firm-level administrative database, which allows us to link applications to grants and their scores to firms’ performance. Our results show that while a single grant has a positive impact on firms’ labour productivity, a second investment grant produces an even stronger effect. A more granular analysis suggests that only micro- and small-sized firms benefit from a single grant, whereas the overall effect of an investment grant booster shot is confirmed for the micro- and small-sized firms. No effects were found on total factor productivity for either the single or the second grant.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"6 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142022162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Importing knowledge from psychology: how it broadens the scope of entrepreneurship research—and helps it avoid the “multi-tower effect” 从心理学中引进知识：如何拓宽创业研究的范围--并帮助其避免 "多塔效应"
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-08-20 DOI: 10.1007/s11187-024-00959-3
Robert A. Baron
{"title":"Importing knowledge from psychology: how it broadens the scope of entrepreneurship research—and helps it avoid the “multi-tower effect”","authors":"Robert A. Baron","doi":"10.1007/s11187-024-00959-3","DOIUrl":"https://doi.org/10.1007/s11187-024-00959-3","url":null,"abstract":"<p>Communication between different fields in universities is often hindered by the “multi-tower” problem: each focuses on its own questions and issues and tends to ignore work in other, even closely related ones. This occurs in part, because each field has its own terminology theories, journals, and conferences and because university policies claiming ownership of researchers’ findings restrict them from sharing this knowledge with others. Entrepreneurship, by welcoming input from many different sources—economics, sociology, strategic management, and psychology—avoids the “multi-tower” problem; this is one of its important strengths. In his own work, the author has sought to broaden the range of entrepreneurship research by “importing” findings and theory from psychology that are relevant to understanding entrepreneurs, the personal factors that affect their success, and important aspects of the entrepreneurial process overall.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"88 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142007460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Colors and Entrepreneurial Activities: An Exploratory Study 颜色与创业活动：一项探索性研究
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-08-16 DOI: 10.1007/s11187-024-00957-5
Nancy Hodges, Michael J. Kane, Albert N. Link
{"title":"Colors and Entrepreneurial Activities: An Exploratory Study","authors":"Nancy Hodges, Michael J. Kane, Albert N. Link","doi":"10.1007/s11187-024-00957-5","DOIUrl":"https://doi.org/10.1007/s11187-024-00957-5","url":null,"abstract":"<p>Colors may enhance entrepreneurial behavior. It is well known that creativity can lead to entrepreneurial behavior, and it is argued in the psychology literature that colors can influence an individual’s creativity. In this paper, we explore the empirical relationship between colors and entrepreneurial behavior under the literature-based hypothesis that yellows and oranges enhance an individual’s creative emotions. Our findings open the door for future research on the psychology of colors and entrepreneurship.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"12 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141992018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The non-linear impact of risk tolerance on entrepreneurial profit and business survival 风险承受能力对创业利润和企业生存的非线性影响
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-08-14 DOI: 10.1007/s11187-024-00956-6
Melanie Koch, Lukas Menkhoff
{"title":"The non-linear impact of risk tolerance on entrepreneurial profit and business survival","authors":"Melanie Koch, Lukas Menkhoff","doi":"10.1007/s11187-024-00956-6","DOIUrl":"https://doi.org/10.1007/s11187-024-00956-6","url":null,"abstract":"<p>Entrepreneurs tend to be risk tolerant but is higher risk tolerance always better? In a sample of about 2100 small businesses, we find an inverted U-shaped relation between risk tolerance and profitability. This relationship holds in a simple bilateral regression, and even after controlling for a large set of individual and business characteristics. Apparently, one major transmission goes from risk tolerance via investments to profits. This is quite robust as it applies for both past and planned investments. Considering business survival, we show, first, that less profitable businesses leave the market while moderately risk tolerant entrepreneurs survive more often. Second, the high risk-low profit part of the U-shaped relation seems to disappear among businesses being 4 years and older, indicating that such inferior risk-profit combinations disappear over time. These findings are important for the concept of business readiness trainings as the motivation (and ability) to take risks should potentially be accompanied by some warning that taking too much risk can be detrimental to long-term business success.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"58 1 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141980927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Forgive me not? Racial and institutional disparities in the Paycheck Protection Program loan forgiveness 不原谅我？工资保护计划贷款豁免中的种族和制度差异
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-08-03 DOI: 10.1007/s11187-024-00952-w
Vladimir Kotomin, Wyatt Frere, Ruby Morr
{"title":"Forgive me not? Racial and institutional disparities in the Paycheck Protection Program loan forgiveness","authors":"Vladimir Kotomin, Wyatt Frere, Ruby Morr","doi":"10.1007/s11187-024-00952-w","DOIUrl":"https://doi.org/10.1007/s11187-024-00952-w","url":null,"abstract":"<p>Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders—community banks, credit unions, and farm credit institutions—are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders—fintechs and fintech banks—exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository fintech and lenders categorized as “other,” where they outperform White borrowers. Loan forgiveness rates improve, and racial disparities diminish, with increased lender concentration in specific economic sectors. Thus, specialized relationship lenders may have the highest odds of achieving the best and most equitable lending outcomes.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"215 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141880160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A meta-analysis of entrepreneurial ecosystem elements and entrepreneurial activity 创业生态系统要素与创业活动的元分析
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-08-01 DOI: 10.1007/s11187-024-00953-9
Martin Queissner, Lennard Stolz, Matthias Weiss
{"title":"A meta-analysis of entrepreneurial ecosystem elements and entrepreneurial activity","authors":"Martin Queissner, Lennard Stolz, Matthias Weiss","doi":"10.1007/s11187-024-00953-9","DOIUrl":"https://doi.org/10.1007/s11187-024-00953-9","url":null,"abstract":"<p>This meta-analysis examines the relationship between entrepreneurial ecosystem (EE) elements and regional entrepreneurial activity (EA). An extensive literature search is performed to identify quantitative studies covering EE elements and EA at the regional level (257 studies) and to extract relevant data (2,241,813 observations). To synthesize the findings, we group the potential antecedent variables based on Stam’s (<i>European Planning Studies</i>, <i>23</i>(9):1759-1769, 2015) EE framework. The results show large differences in the effect sizes and relevance of EE elements. Based on the empirical results, three relevant elements underlying all EEs are identified: demand, talent, and finance. Our results remain robust after using different methods for variable grouping, applying meta-analytic regression, and controlling for country, publication specifics, and grouping errors. Propositions for building an EE theory are derived, and future research opportunities are discussed, as well as policy implications.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"74 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141862413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Gender homophily and local bias in equity crowdfunding 股权众筹中的性别同质性和地方偏见
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-07-24 DOI: 10.1007/s11187-024-00949-5
Dandan Wang, Jörg Prokop
{"title":"Gender homophily and local bias in equity crowdfunding","authors":"Dandan Wang, Jörg Prokop","doi":"10.1007/s11187-024-00949-5","DOIUrl":"https://doi.org/10.1007/s11187-024-00949-5","url":null,"abstract":"<p>We investigate gender-specific local biases among investors in equity crowdfunding. Based on data from a major German crowdfunding platform, we find that domestic investors favour ventures that are geographically closer to their own place of residence. This bias is particularly evident among female investors, although it is partially offset by gender homophily, whereby female investors favour companies with women in the top management team. Finally, we show that the introduction of the German Small Investor Protection Act may have exacerbated local biases in the German crowdfunding market, particularly with respect to firms with female management. Overall, our results suggest that establishing their companies in close proximity to a large number of potential female crowd investors may help improve female entrepreneurs’ chances of attracting equity crowdfunding investment.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"181 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141755171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Entrepreneurship and innovation in worker cooperatives and conventional firms: the role of external cooperation 工人合作社和传统企业的创业与创新：外部合作的作用
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-07-22 DOI: 10.1007/s11187-024-00951-x
Francisco J. Santos, Carmen Guzmán, Lidia Valiente
{"title":"Entrepreneurship and innovation in worker cooperatives and conventional firms: the role of external cooperation","authors":"Francisco J. Santos, Carmen Guzmán, Lidia Valiente","doi":"10.1007/s11187-024-00951-x","DOIUrl":"https://doi.org/10.1007/s11187-024-00951-x","url":null,"abstract":"<p>Through the comparison of conventional firms (CFs) with worker cooperatives (WCs), which are a type of collective enterprise with significant experience in cooperation, this research aims to analyse the influence of external cooperation on the two most prominent factors for the success of enterprises: entrepreneurship and innovation. To this end, a research model is proposed based on contributions from the stakeholders’ perspective of the resource-based view of the firm and tested with data from a survey conducted on WCs and CFs located in two Spanish regions with a long tradition in the cooperative movement. The results highlight that the influence of external cooperation on innovation performance is more relevant for WCs and demonstrate that these collective firms are not disadvantaged in innovation compared to CFs. Furthermore, the results suggest that WCs have a more remarkable ability to compete and cooperate simultaneously, that is, <i>to coopete</i>, due to their participative nature.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"6 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141737065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Advisors for micro-entrepreneurs: is one as good as another in accessing alternative finance? 微型企业家的顾问：在获得替代融资方面，一个和另一个一样好吗？
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-07-18 DOI: 10.1007/s11187-024-00942-y
Maria Gaia Soana, Doriana Cucinelli, Beatrice Ronchini
{"title":"Advisors for micro-entrepreneurs: is one as good as another in accessing alternative finance?","authors":"Maria Gaia Soana, Doriana Cucinelli, Beatrice Ronchini","doi":"10.1007/s11187-024-00942-y","DOIUrl":"https://doi.org/10.1007/s11187-024-00942-y","url":null,"abstract":"<p>Using a novel large database of Italian micro-entrepreneurs, we investigate how different sources of external business advice affect access to alternative finance. We distinguish three categories of external business advice: professional financial, professional non-financial, and non-professional. We also test whether financial knowledge of micro-entrepreneurs enhances their advice seeking for financial decision-making. We find that the use of alternative financial instruments increases when external business advisors are used, but some are more useful than others. Only professional financial advice is shown to increase the probability of accessing alternative finance by micro-enterprises, while non-professional and professional non-financial advice does not have the same effect. We also find that being more financially literate increases the probability that micro-entrepreneurs seek advice from highly professional sources, i.e., objective financial knowledge helps shape the quality of financial advice requested.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"19 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141725858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success 首次代币发行中的代币管理：代币保留和转售限制对 ICO 成功的影响
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2024-07-10 DOI: 10.1007/s11187-024-00945-9
Johannes Fuchs, Paul P. Momtaz
{"title":"Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success","authors":"Johannes Fuchs, Paul P. Momtaz","doi":"10.1007/s11187-024-00945-9","DOIUrl":"https://doi.org/10.1007/s11187-024-00945-9","url":null,"abstract":"<p>The high degree of asymmetric information in initial coin offerings (ICOs) increases the probability of moral hazard, adverse selection, and outright fraud. Token governance mechanisms may help mitigate such investment risks. Using novel data on <i>token retention</i> in the primary market and <i>resale restrictions</i> in the secondary market, we estimate the impact of these governance mechanisms on the fundraising success and post-funding performance of ICOs. First, we estimate the valuation elasticity of token retention, indicating that 10% fewer tokens sold increases the ICO funding amount by 3.2%. Second, restricting ICO investors’ ability to resell tokens in the secondary market has a detrimental impact on the 12-month buy-and-hold abnormal return. We also discuss contingency effects of the specific implementations of these governance signals and show that the effects are moderated by the quality of the venture’s human capital.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"56 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141566265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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