Small Business Economics最新文献_第5页

Bank financing for SMEs in times of crisis: when “whatever-it-takes” confronts “black swans” 危机时期中小企业的银行融资：“不惜一切代价”面对“黑天鹅”

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-24 DOI: 10.1007/s11187-025-01008-3

Ling Wang

{"title":"Bank financing for SMEs in times of crisis: when “whatever-it-takes” confronts “black swans”","authors":"Ling Wang","doi":"10.1007/s11187-025-01008-3","DOIUrl":"https://doi.org/10.1007/s11187-025-01008-3","url":null,"abstract":"This paper analyzes bank financing for small and medium-sized enterprises (SMEs) in an unprecedented context marked by the convergence of the unique challenges posed by the COVID-19 crisis and unconventional monetary policy (UMP). It takes a comprehensive approach by conducting both cross-country and single-country analyses to provide a nuanced understanding and broad insights into SME finance in times of crisis. The main findings of the two-dimensional analyses are as follows. First, COVID-19 has a significant negative impact on SMEs’ access to bank finance, exceeding the magnitude of the 2008–2009 global financial crisis (GFC). Second, central bank asset purchases implemented during COVID-19 mitigate this negative effect, surpassing their impact during the GFC. Moreover, the combination of central bank asset purchases with government interventions further improved SMEs’ access to bank finance. In addition, the effect of negative interest rate policy (NIRP) in increasing bank financing for SMEs is likely to be relatively limited. Furthermore, the negative impact of COVID-19 and the positive impact of central bank asset purchases are more pronounced in the manufacturing sector than in the non-manufacturing sector, suggesting sectoral heterogeneity in SME finance and the transmission of UMP. This paper has important implications for strengthening the financial resilience and sustainability of SMEs in future crises.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"50 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143477498","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 Virus and the Citadel: exploring the performance impact of business group affiliation for small businesses throughout the COVID-19 pandemic 病毒与堡垒：在2019冠状病毒病大流行期间，探索商业集团隶属关系对小企业绩效的影响

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-21 DOI: 10.1007/s11187-025-01012-7

Anaïs Hamelin, Vivien Lefebvre

{"title":"The Virus and the Citadel: exploring the performance impact of business group affiliation for small businesses throughout the COVID-19 pandemic","authors":"Anaïs Hamelin, Vivien Lefebvre","doi":"10.1007/s11187-025-01012-7","DOIUrl":"https://doi.org/10.1007/s11187-025-01012-7","url":null,"abstract":"This paper investigates the role of business group affiliation for small businesses before and during the COVID-19 crisis. Business group affiliation provides access to key strategic resources, which are arguably useful during external shocks, especially for small businesses. However, which resources matter in a crisis depends on public policy responses. Moreover, having access to resources is not sufficient to recover from a crisis, because autonomy in the decision-making processes is also important and depends on the organizational distance between an affiliated firm and the headquarters. We use the Amadeus database to collect financial information on a vast sample of group-affiliated and standalone firms in Europe. Our results confirm previous findings indicating that business group affiliation is particularly beneficial for affiliated firms during periods of crisis. We also show that the benefits of group affiliation in the post-COVID-19 recovery period relate to the capabilities offered by business groups’ internal labor markets, not increased investment capacity through access to internal capital markets. Firms at the periphery of business groups benefit the most from group affiliation.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"38 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143462787","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 impact of government financial aid and digital tools on firm survival during the COVID-19 pandemic 政府财政援助和数字工具对2019冠状病毒病大流行期间企业生存的影响

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-19 DOI: 10.1007/s11187-025-01014-5

David Bruce Audretsch, Martina Aronica, Maksim Belitski, Davide Caddemi, Davide Piacentino

引用次数: 0

Slack resources as anchors or accelerators in strategic changes: family ownership as a moderator 闲置资源在战略变革中起到锚点或加速器的作用：家族所有权起到调节作用

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-19 DOI: 10.1007/s11187-025-01004-7

Tristan De Blick, Ine Paeleman, Eddy Laveren

引用次数: 0

The times they are a‐changin’: how venture capital firms change their investment practices under the COVID-19 pandemic 时代在变：风险投资公司如何在COVID-19大流行下改变投资做法

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-17 DOI: 10.1007/s11187-025-01010-9

Matteo Ambrois, Vincenzo Butticè, Annalisa Croce, Luca Grilli, Elisa Ughetto

{"title":"The times they are a‐changin’: how venture capital firms change their investment practices under the COVID-19 pandemic","authors":"Matteo Ambrois, Vincenzo Butticè, Annalisa Croce, Luca Grilli, Elisa Ughetto","doi":"10.1007/s11187-025-01010-9","DOIUrl":"https://doi.org/10.1007/s11187-025-01010-9","url":null,"abstract":"This study examines how venture capital (VC) firms have modified their short-term investment practices in response to the COVID-19 crisis. We categorise VCs’ investment practices according to their level of visibility to external parties and hypothesise that unobservable investment practices are more likely modified than observable ones, since VC firms must comply with the objectives stated in their contracts with limited partners (LPs), and deviations may be viewed negatively by investors. Changing investment practices may have a negative impact on a VC firm’s reputation, but this potential reputational damage could vary along with the reputational capital already possessed by the VC firm and its degree of exposure in a VCs’ network. An empirical analysis based on a global survey of VC firms confirms these theoretical presumptions, shedding light on how the industry operates and responds to unique crises such as the COVID-19 pandemic. Specifically, younger and smaller VC firms are found to be more reluctant than larger and older ones to modify observable investment practices. Similarly, VC firms that are more central in a network of investors are also found to be more hesitant to modify observable investment practices.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"24 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143427270","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

Entrepreneurial finance and the survival of equity-funded firms in crisis periods: the case of COVID-19 危机时期创业融资与股权融资公司的生存：以COVID-19为例

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-15 DOI: 10.1007/s11187-025-01009-2

Marek Kacer, Nicholas Wilson, Sana Zouari, Marc Cowling

引用次数: 0

Logics at play: How logics shape interactions across entrepreneurial ecosystems 逻辑在起作用：逻辑如何塑造跨企业生态系统的互动

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-15 DOI: 10.1007/s11187-025-01015-4

Jip Leendertse, Yvette Baggen, Maral Mahdad, Sharon Dolmans

{"title":"Logics at play: How logics shape interactions across entrepreneurial ecosystems","authors":"Jip Leendertse, Yvette Baggen, Maral Mahdad, Sharon Dolmans","doi":"10.1007/s11187-025-01015-4","DOIUrl":"https://doi.org/10.1007/s11187-025-01015-4","url":null,"abstract":"Most entrepreneurial ecosystem research has focused on the actors and interactions within a focal (often regional) entrepreneurial ecosystem. This entails the often-implicit assumption that entrepreneurs mainly interact with actors within their own entrepreneurial ecosystem. We argue that this assumption limits entrepreneurial ecosystem research and address this limitation by exploring the research question: What influences interactions across the boundaries of entrepreneurial ecosystems? We study how both individual motivations and institutional logics influence interactions across the boundaries of a focal entrepreneurial ecosystem. We find that entrepreneurs interact across entrepreneurial ecosystem boundaries to gain access to resources, particularly finance, knowledge, and customers. Furthermore, we find that the ability of actors to engage in cross-entrepreneurial ecosystem interactions is influenced by two logics. Start-up development logics enable interactions beyond entrepreneurial ecosystem boundaries, as they prompt actors to prioritize the development and growth of start-ups. In contrast, regional development logics often hinder interactions by transforming administrative boundaries into entrepreneurial ecosystem boundaries. Identifying and describing these logics is the primary contribution of this paper.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"9 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143417259","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

Entrepreneurial finance in an extended period of crises 长期危机中的创业融资

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-11 DOI: 10.1007/s11187-025-01007-4

Alexander Peter Groh, Christina Guenther, Denis Schweizer, Silvio Vismara

引用次数: 0

Examining the impact of adaptive financial strategies on SME performance: insights from the COVID-19 pandemic 研究适应性财务战略对中小企业绩效的影响：来自2019冠状病毒病大流行的见解

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-07 DOI: 10.1007/s11187-025-01011-8

Simon Raby, Reza H. Chowdhury

{"title":"Examining the impact of adaptive financial strategies on SME performance: insights from the COVID-19 pandemic","authors":"Simon Raby, Reza H. Chowdhury","doi":"10.1007/s11187-025-01011-8","DOIUrl":"https://doi.org/10.1007/s11187-025-01011-8","url":null,"abstract":"Smaller businesses are notably sensitive to fluctuations in their external operating environment. Characterized as a “liability of volatility,” this inherent susceptibility can result in a lack of adequate resources, including financial reserves, to withstand unforeseen challenges. However, small businesses possess the capability to respond with greater flexibility, as their leaders make resource allocation decisions tailored to their specific needs. In this study, we delve into the role of the crisis entrepreneur and examine the financial actions they take while navigating the intricate landscape shaped by the global COVID-19 Pandemic (Pandemic). Our exploration is centered on the Canadian context, drawing insights from a dataset comprising 530 entrepreneurs. Our findings underscore the pivotal role of financial actions taken by small businesses in response to crises. These measures emerged as primary drivers, propelling these businesses toward the adoption of innovative strategic directions. Furthermore, our study demonstrates that these strategic shifts significantly increased the likelihood of these enterprises warding off exit and achieving heightened revenue growth in the post-Pandemic period.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"62 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143258478","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

Founder gender and firm exit routes: The mediating roles of firm size and VC financing 创始人性别与企业退出途径：企业规模与风险融资的中介作用

IF 6.4 1区经济学

Small Business Economics Pub Date : 2025-02-07 DOI: 10.1007/s11187-025-01006-5

R. Isil Yavuz, Sonal Kumar, Leila Zbib, Peter Nigro

引用次数: 0