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on Entrepreneurship |
| By: | Douhan, Robin (IFN - Research Institute of Industrial Economics); van Praag, Mirjam (University of Amsterdam) |
| Abstract: | We combine two empirical observations in a general equilibrium occupational choice model. The first is that entrepreneurs have more control than employees over the employment of and accruals from assets, such as human capital. The second observation is that entrepreneurs enjoy higher returns to human capital than employees. We present an intuitive model showing that more control (observation 1) may be an explanation for higher returns (observation 2); its main outcome is that returns to ability are higher in higher control environments. This provides a theoretical underpinning for the control-based explanation for higher returns to human capital for entrepreneurs. |
| Keywords: | entrepreneurship, ability, occupational choice, human capital, wage structure |
| JEL: | L26 I20 J24 J31 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp4211&r=ent |
| By: | Donald Siegel (School of Business University at Albany, SUNY); Stefan Krabel (Max Planck Institute of Economics Entrepreneurship, Growth and Public Policy Group); Viktor Slavtchev (Max Planck Institute of Economics Entrepreneurship, Growth and Public Policy Group) |
| Abstract: | We conjecture that the mobility of academic scientists increases the propensity of such agents to engage in academic entrepreneurship. Our empirical analysis is based on a survey of researchers at the Max Planck Society in Germany. We find that mobile scientists are more likely to become nascent entrepreneurs. Thus, it appears that citizenship and foreign-education are important determinants of the early stages of academic entrepreneurship. |
| Keywords: | Academic Entrepreneurship, Human Capital, Scientific Mobility, Knowledge Transfer, Immigrant Entrepreneurship |
| JEL: | L26 O31 |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:jms:wpaper:3&r=ent |
| By: | Roy Thurik; Jolanda Hessels; Isabel Grilo; Peter van der Zwan |
| Abstract: | Arguing that entrepreneurial exit is an indicator of accumulated entrepreneurial human capital (like ability and experience) we investigate whether such an exit in the recent past positively relates to posterior engagement in various stages of the entrepreneurial process (i.e. potential, intentional, nascent, young, and established entrepreneurship). We use individual-level data for 24 countries that participated in the Global Entrepreneurship Monitor during the years 2004, 2005 and 2006 (some 350,000 observations). Our findings indeed show that recent exit experience decreases the probability of undertaking no entrepreneurial activity, and that it increases the probabilities of being a potential or an intentional entrepreneur. We also investigate under what conditions recent exit increases engagement in entrepreneurial activities. Most important factors that influence entrepreneurial (re-)engagement are gender, fear of failure and knowing an entrepreneur, while educational attainment does not seem to be relevant. Also, some interesting country differences are found. |
| Date: | 2009–06–12 |
| URL: | http://d.repec.org/n?u=RePEc:eim:papers:h200910&r=ent |
| By: | Avanzini, Diego B. |
| Abstract: | Existing indicators of entrepreneurial activity (such as the Global Entrepreneurship Monitor, Entrepreneurship Barometer, FORA.s Entrepreneurship Index, OECD and Economic Commission.s sets of indicators, among others) and several variables that have been considered good proxies for entrepreneurship during the last decades seem to be unsuitable to capture the complex relationship among economic, social, and demographic factors driving entrepreneurial activity.In order to suggest a consistent methodology for measuring entrepreneurship, we review some of the most well-known theoretical dimensions of entrepreneurship and a selection of associated indicators is proposed. Indicators and measures are grouped under theoretical categories and a set of entrepreneurship indicators is constructed using multivariate statistical analysis (Consensus PCA based on NIPALS, with an extension of Probability PCA for dealing with missing values) for a panel of developed and developing countries. |
| Keywords: | entrepreneurship, index, principal components analysis |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:rp2009&r=ent |
| By: | Norbäck, Pehr-Johan (Research Institute of Industrial Economics (IFN)); Persson, Lars (Research Institute of Industrial Economics (IFN)); Svensson, Roger (Research Institute of Industrial Economics (IFN)) |
| Abstract: | We develop a theory of commercialization mode (entry or sale) of entrepreneurial inventions into oligopoly, and show that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Moreover, preemptive acquisitions by incumbents are shown to stimulate the process of creative destruction by increasing the entrepreneurial effort allocated to high-quality invention projects. Using detailed data on patents granted to small firms and individuals, we find evidence that high-quality inventions are often sold, and that they are sold under bidding competition. |
| Keywords: | Acquisitions; Entrepreneurship; Innovation; Start-ups; Patent; Ownership; Quality |
| JEL: | G24 L10 L20 M13 O30 |
| Date: | 2009–06–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:0799&r=ent |
| By: | Nandram, S.S. (Nyenrode Business Universiteit) |
| Abstract: | The term spirituality is becoming more common as a field of interest for the business community. There are several conceptual definitions available without empirical basic. In this study definitions are presented based on a qualitative study amongst entrepreneurs. The study confirms that spirituality is a multidimensional concept. Entrepreneurs with spiritual needs tend to use more often criteria that relate to connectedness to others in society and connectedness to personal values together with business performance criteria in pursuing new opportunities. Spiritual entrepreneurs use more often techniques to stimulate creativity within themselves and within the company while entrepreneurs. Furthermore, for spiritual entrepreneurs there is a dominant role for intuition in their decision making process. |
| Keywords: | Business Spirituality, definitions of spirituality, entrepreneurship, entrepreneurs |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:nijrep:2009-02&r=ent |
| By: | Mirjam van Praag (University of Amsterdam) |
| Abstract: | Parker and Van Praag (2009) showed, based on theory, that the group status of the profession 'entrepreneurship' shapes people's occupational preferences and thus their choice behavior. The current study focuses on the determinants and consequences of the group status of a profession, entrepreneurship in particular. If the group status of entrepreneurship is related to individual choice behavior, it is policy relevant to better understand this relationship and the determinants of the status of the entrepreneur. For reasons outlined in the introduction, this study focuses on (800) students in the Netherlands. We find that the status of occupations is mostly determined by the required level of education, the income level to be expected and respect. Furthermore, our results imply that entrepreneurship is associated with hard work, high incomes, but little power and education. Moreover, we find evidence that individual characteristics, such as entrepreneurship experience, vary systematically with the perceived status of occupations, thereby contributing ammunition to a fundamental discussion in the literature. Finally, we find a strong association between the perceived status of the entrepreneur and the estimated likelihood and willingness to become an entrepreneur. |
| Keywords: | Entrepreneurship, self-employment, occupational choice, occupational status, group status, peer group effects |
| JEL: | J22 J24 L26 M13 M59 |
| Date: | 2009–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2009-045&r=ent |
| By: | Costa, Maria Teresa; Carvalho, Luísa; Sardinha, Boguslawa |
| Abstract: | ABSTRACT Nowadays learning entrepreneurship in higher education became an important issue. International experiences promote the relationship between students from several countries in a multicultural context. In this sense it was developed an entrepreneurial game were tutors have the role to support students during the activities. The objective of entrepreneurial game objective is to create a business idea and develop a small business plan to present to the group. The general aim of this paper is to describe this international experience of Setúbal Business week. The specific goals are: Understand how students learning in an international environment; Understand how international multicultural groups function; Evaluate how this kind of game improve a set of competencies, such as entrepreneurial spirit, capacity to work in an international team, oral communication, creativity, confidence and research skills; Evaluate business week performance in order to improve future events. The study concludes with some recommendations and remarks about learning in an entrepreneurship in a multicultural environment. |
| Keywords: | Entrepreneurial Game; Multiculturalism; International Environment |
| JEL: | A20 I00 L26 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15840&r=ent |
| By: | Jörn Block; Philipp Sandner; Marcus Wagner; Marc Weiglein |
| Abstract: | The paper uses data from the German Socio-Economic Panel Study (SOEP) to analyze start-ups by foreigners in Germany. The regression results are the following: First, foreigners in self-employment are found to earn more than foreigners in a regular employment position. Second, foreigners seem to gain more from self-employment relative to Germans. The earnings increase from self-employment is larger for foreigners than it is for Germans. The findings are discussed from a policy and an entrepreneurship education perspective. We argue that there is a great potential for entrepreneurship education targeting foreigners. |
| Keywords: | Self-employment, SOEP, foreigners, Germany, earnings, entrepreneurship education |
| JEL: | L26 J15 J30 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp196&r=ent |
| By: | Stefan Arping (University of Amsterdam); Sonia Falconieri (Brunel University) |
| Abstract: | Strategic investors, such as corporate venture capitalists, engage in the financing of start-up firms to complement their core businesses and to facilitate the internalization of externalities. We argue that while strategic objectives make it more worthwhile for an investor to elicit high entrepreneurial effort, they can also undermine his commitment to penalize poorly performing entrepreneurs by terminating their projects. Based on this tradeoff we develop a theory of financing choice between strategic and financial investors. Our framework provides insights into the design of corporate venturing deals and the choice between corporate venturing and independent venture capital finance. |
| Keywords: | Corporate Venturing; Soft Budget Constraint |
| JEL: | G20 G24 G32 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:20090036&r=ent |
| By: | Leroy, H.; Manigart, S.; Meuleman, M. (Vlerick Leuven Gent Management School) |
| Abstract: | We expand and test Ajzen’s Theory of Planned Behavior (TPB) to explain the transfer of an entrepreneurial venture upon exit. Our results confirm TPB: transfer intentions and perceived control over the transfer are the main drivers of the likelihood to transfer. In addition, contextual business characteristics complement TPB in explaining transfer outcomes. While intangibility of firm assets directly impacts transfer outcomes, business viability is partially mediated via transfer intentions. These results shed more light on the role of implicit planning in transfer decisions and help to better understand contextual factors impacting the process of entrepreneurial exits. |
| Keywords: | entrepreneurial exit, exit process, transfer decision, Theory of Planned Behavior |
| Date: | 2009–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:vlg:vlgwps:2009-13&r=ent |
| By: | Anne Chwolka (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg); Matthias Raith (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg) |
| Abstract: | The value of business planning has been subject to much controversy over the past years. In-deed, there appears to be an escalation in empirical research, with opposing implications and diverging approaches to teaching entrepreneurship. Most empirical studies have taken an ex-post, comparative view of the relationship between planning and performance. In this paper, we introduce an ex-ante perspective by formally characterizing the decision of the nascent entrepreneur whether or not to start a business and whether or not to plan beforehand. We focus on the evaluative function of business planning, define the information value of busi-ness planning, identify its influencing factors, and show how costs of business planning de-termine the quality of planning. We find as the crucial aspect of good evaluative business planning that it helps to identify and to sort out poor business ideas before they reach the mar-ket. We contrast our results with conclusions drawn from empirical studies that have been critical of planning. In a setting in which, by construction, planning has a positive value, we question several popular negative implications by showing how they result from an incom-plete sample of entrepreneurs. |
| Keywords: | Business plan, Start-ups, Entrepreneurship, Decision Making, Uncertainty |
| JEL: | C11 D81 L26 M13 O21 |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:mag:wpaper:09017&r=ent |
| By: | Robert W Fairlie (University of California); Kanika Kapur (University College Dublin); Susan Gates (RAND) |
| Abstract: | The focus on employer-provided health insurance in the United States may restrict business creation. We address the limited research on the topic of “entrepreneurship lock” by using recent panel data from matched Current Population Surveys. We use difference-indifference models to estimate the interaction between having a spouse with employer-based health insurance and potential demand for health care. We find evidence of a larger negative effect of health insurance demand on the entrepreneurship probability for those without spousal coverage than for those with spousal coverage. We also take a new approach in the literature to examine the question of whether employer-based health insurance discourages entrepreneurship by exploiting the discontinuity created at age 65 through the qualification for Medicare. Using a novel procedure of identifying age in months from matched monthly CPS data, we compare the probability of business ownership among male workers in the months just before turning age 65 and in the months just after turning age 65. We find that business ownership rates increase from just under age 65 to just over age 65, whereas we find no change in business ownership rates from just before to just after for other ages 55-75. Our estimates provide some evidence that "entrepreneurship lock" exists, which raises concerns that the bundling of health insurance and employment may create an inefficient allocation of which or when workers start businesses. |
| Date: | 2009–01–19 |
| URL: | http://d.repec.org/n?u=RePEc:ucn:wpaper:200903&r=ent |
| By: | Stefan Bauernschuster (University of Jena); Oliver Falck (Ifo Institute for Economic Research); Robert Gold (Max Planck Institute of Economics, Jena); Stephan Heblich (Max Planck Institute of Economics, Jena) |
| Abstract: | This paper investigates the impact of implicit institutions on the decision to become an entrepreneur. Implicit institutions are here defined as mindsets that have developed as the result of norms and traditions and we expect they will have an influence on risk attitudes and opportunity recognition. We conduct a natural experiment based on Germany's recent history and compare individuals born and raised in the former socialist East Germany (GDR) with their West Germany (FRG) counterparts. Our analysis confirms the expected difference in values between individuals from East and West Germany and also shows that these differences influence the probability of being self-employed. In the process of our analysis, we also sketch the ongoing economical transition process in East Germany, which severely disturbs a proper analysis of the institutional differences from a macro-perspective. |
| Keywords: | Implicit Institutions, Entrepreneurship, Socialism, Capitalism |
| JEL: | L26 A13 P39 |
| Date: | 2009–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2009-044&r=ent |
| By: | Michael Peneder (WIFO) |
| Abstract: | Entrepreneurship has been characterised as one of the most intriguing but equally elusive concepts in economics. This critical review first surveys its major intellectual roots and then proposes a modular concept of entrepreneurship that preserves essential distinctions along its behavioural, functional, and occupational dimensions. It argues that the behavioural definition identifies the only attribute that is both comprehensive and unique to the nature of entrepreneurship, while the functional and occupational definitions add the specificity required for many analytical purposes. To validate the concept, the paper discusses the appropriate empirical units of observation and maps a general policy framework. |
| Keywords: | Entrepreneurship, market co-ordination, innovation, technology diffusion, occupational choice |
| Date: | 2009–03–16 |
| URL: | http://d.repec.org/n?u=RePEc:wfo:wpaper:y:2009:i:335&r=ent |
| By: | Donald Siegel (School of Business University at Albany, SUNY); Charles Wessner (Board on Science, Technology, and Economic Policy National Research Council) |
| Abstract: | There has been little direct, systematic empirical analysis of the role that universities play in enhancing the success of entrepreneurial ventures. We attempt to fill this gap by analyzing data from the SBIR program, a set-aside program that requires key federal agencies (e.g., Department of Defense) to allocate 2.5 percent of their research budget to small firms that attempt to commercialize new technologies. Based on estimation of Tobit and negative binomial regressions of the determinants of commercial success, we find that start-ups with closer ties to universities achieve higher levels of performance. |
| JEL: | M13 O31 O32 O38 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:jms:wpaper:1&r=ent |
| By: | Gavin C. Reid; Zhibin Xu |
| Abstract: | This paper has three contributions. First, it shows how field work within small firms in PR Chinese has provided new evidence which enables us to measure and calibrate Entrepreneurial Orientation (EO), as ‘spirit’, and Intangible Assets (IA), as ‘material’, for use in models of small firm growth. Second, it uses inter-item correlation analysis and both exploratory and confirmatory factor analysis to provide new measures of EO and IA, in index and in vector form, for use in econometric models of firm growth. Third, it estimates two new econometric models of small firm employment growth in PR China, under the null hypothesis of Gibrat’s Law, using our two new index-based and vector-based measures of EO and IA. Estimation is by OLS with adjustment for heteroscedasticity, and for sample selectivity. Broadly, it finds that EO attributes have had little significant impact on small firm growth, and indeed innovativeness and pro-activity paradoxically may even dampen growth. However, IA attributes have had a positive and significant impact on growth, with networking, and technological knowledge being of prime importance, and intellectual property and human capital being of lesser but still significant importance. In the light of these results, Gibrat’s Law is generalized, and Jovanovic’s learning theory is extended, to emphasise the importance of IA to growth. These findings cast new empirical light on the oft-quoted national slogan in PR China of “spirit and material”. So far as small firms are concerned, this paper suggests that their contribution to PR China’s remarkable economic growth is not so much attributable to the ‘spirit’ of enterprise (as suggested by propaganda) as, more prosaically, to the pursuit of the ‘material’. |
| Keywords: | entrepreneurial orientation; intangible assets; small business growth; PR China |
| JEL: | L21 L26 L53 M21 |
| Date: | 2009–07 |
| URL: | http://d.repec.org/n?u=RePEc:san:crieff:0907&r=ent |
| By: | Dirk Czarnitzki; Federico Etro; Kornelius Kraft |
| Abstract: | We develop a simple model of competition for the market that shows that, contrary to the Arrow view, endogenous entry threat in a market induces the average firm to invest less in R&D and the incumbent leader to invest more than the average firm. We test these predictions with a Tobit model based on a unique dataset and survey for the German manufacturing sector (the Mannheim Innovation Panel). In line with our predictions, endogenous entry threats perceived by the firms reduce R&D intensity for the average firm, but not for an incumbent leader. Moreover, the size of the firms and their patent stocks, proxy for the protection of IPRs, are positively related to R&D intensity. These results hold after a number of robustness tests with instrumental variables. |
| Keywords: | R&D, Entry, Endogenous market structures, Leadership |
| JEL: | O31 O32 |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:163&r=ent |
| By: | Cools, E.; Vanderheyden,K. (Vlerick Leuven Gent Management School) |
| Abstract: | Given the lack of unequivocal findings on person-career fit, this investigation aims to gain insight into the role of cognitive styles in understanding students’ career preferences by two complementary studies. In study 1, we examined whether students (n = 84) with different cognitive styles differ in their entrepreneurial attitudes. Results showed a strong positive correlation between the creating style and the overall occupational status choice index, which implies a preference to become self-employed. No significant correlations were found between this index and the knowing and the planning style respectively. A more detailed look at the occupational status choice sub-indexes showed a positive correlation for the knowing style with the ‘economic opportunity’ index, for the planning style with ‘security’ and ‘participation in the whole process’, and for the creating style with ‘career’, ‘challenge’, ‘economic opportunity’, ‘autonomy’, ‘authority’, and ‘self-realisation’. No significant differences in overall occupational status choice were found in terms of gender, degree option, or family background in entrepreneurship. Study 2 focused on the link between students’ career anchors and their cognitive styles and personality profile (n = 275). We found for the knowing style a positive correlation with ‘pure challenge’, for the planning style a positive correlation with ‘lifestyle’ and ‘security/stability’ and a negative one with ‘autonomy/independence’, and for the creating style a positive correlation with ‘entrepreneurial creativity’ and ‘pure challenge’ and a negative one with ‘security/stability’. Hierarchical regression analyses showed that cognitive styles and personality traits could predict people’s career anchors to a certain extent. These findings are particularly relevant for career counselling services of higher education institutions and for selection and recruitment policies of organisations. Further cross-sectional as well as longitudinal research in diverse cultural settings is needed to cross-validate and strengthen the conclusions of this study. |
| Keywords: | Cognitive styles, career preferences, career anchors, entrepreneurial attitudes and intentions, students. |
| Date: | 2009–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:vlg:vlgwps:2009-17&r=ent |
| By: | Prantl, Susanne (WZB - Social Science Research Center Berlin); Spitz-Oener, Alexandra (Humboldt University, Berlin) |
| Abstract: | We analyze how an entry regulation that imposes a mandatory educational standard affects entry into self-employment and occupational mobility. We exploit the German reunification as a natural experiment and identify regulatory effects by comparing differences between regulated occupations and unregulated occupations in East Germany to the corresponding differences in West Germany after reunification. Consistent with our expectations, we find that entry regulation reduces entry into self-employment and occupational mobility after reunification more in regulated occupations in East Germany than in West Germany. Our findings are relevant for transition or emerging economies as well as for mature market economies requiring large structural changes after unforeseen economic shocks. |
| Keywords: | occupational mobility, self-employment, entry regulation |
| JEL: | J24 J62 K20 L11 L51 M13 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp4221&r=ent |
| By: | Velamuri, Malathi |
| Abstract: | I examine whether the availability of health coverage through the spouse’s health plan influences a married woman’s decision to become self-employed. The Tax Reform Act of 1986 (TRA86) introduced a tax subsidy for the self-employed to purchase their own health insurance. I test whether this ‘natural’ experiment induced more women without spousal health insurance cov-erage to select into self-employment. The difference-in-difference estimates based on an analysis of employed women indicate that the incidence of self-employment among women who did not enjoy spousal health benefits rose significantly - between 14% and 25% - in the post-TRA86 pe- riod, while a multinomial specification based on a sample of both employed and non-employed women suggests that the increase was around 9%. |
| Keywords: | Health Insurance; Self-Employment |
| JEL: | J3 J0 I1 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15731&r=ent |
| By: | Henry Chen; Paul Gompers; Anna Kovner; Josh Lerner |
| Abstract: | We document geographic concentration by both venture capital firms and venture capital-financed companies in three cities – San Francisco, Boston, and New York. We find that firms open new satellite offices based on the success rate of venture capital-backed investments in an area. Geography is also significantly related to outcomes. Venture capital firms based in locales that are venture capital centers outperform, regardless of the stage of the investment. Ironically, this outperformance arises from outsized performance outside of the venture capital firms’ office locations, including in peripheral locations. If the goal of state and local policy makers is to encourage venture capital investment, outperformance of non-local investments suggests that policy makers might want to mitigate costs associated with established venture capitalists investing in their geographies rather than encouraging the establishment of new venture capital firms |
| JEL: | G24 R12 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:15102&r=ent |
| By: | Alexander S. Kritikos; Christoph Kneiding; Claas Christian Germelmann |
| Abstract: | In developing and transition economies, microlending has become an effective instrument for providing micro businesses with the necessary financial resources to launch operations. In the industrialized countries, with their highly developed banking systems, however, there has been ongoing debate on the question of whether an uncovered demand for microlending services exists. The present pilot study explores customer preferences for microlending products in Germany. Among the interviewed business owners, 15% reported revolving funding needs and an interest in microloans. We find that potential recipients of microloan products are retail business owners, foreign business owners, and persons who had previously received private loans. Furthermore, financial products should feature rapid access to short-term loans. |
| Keywords: | Entrepreneurship, Microlending, Market Research |
| JEL: | G21 D12 M31 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp903&r=ent |
| By: | Geoff Smith; Jennifer Newon; Sean Zielenbach; Sarah Duda |
| Abstract: | This study examines the nature of the interaction of banks and community development financial institutions (CDFIs) in small business lending. We examine the experience of six different CDFIs that vary by size, corporate structure, and market. We explore how they both collaborate and compete with regulated lenders, and how changes in local and national market dynamics affect their activities. Our case studies are not necessarily representative of the CDFI industry, but they offer insights on the factors that shape CDFIs’ interactions with and responses to more mainstream institutions. Our findings are therefore more descriptive than prescriptive, although we offer suggestions for both CDFI practice and future research. |
| Keywords: | Community development ; Small business - Finance |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfcw:2009-02&r=ent |
| By: | Sabien Dobbelaere (VU University Amsterdam); Roland Iwan Luttens (SHERPPA, Ghent University, and CORE, Université Catholique de Louvain); Bettina Peters (Centre for European Economic Research (ZEW)) |
| Abstract: | We study a two-stage R&D project with an abandonment option. Two types of uncertainty influence the decision to start R&D. Demand uncertainty is modelled as a lottery between a proportional increase and decrease in demand. Technical uncertainty is modelled as a lottery between a decrease and increase in the cost to continue R&D. We relate differences in uncertainty to differences in risk premia. We deduct testable hypotheses on the basis of which we empirically analyze the impact of uncertainty on the decision to start an R&D project. Using data for about 4000 German firms in manufacturing and services (CIS IV), our model predictions are strongly confirmed. |
| Keywords: | Investment under uncertainty; R&D; demand uncertainty; technical uncertainty; entry threat |
| JEL: | D21 D81 L12 O31 |
| Date: | 2009–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:20090044&r=ent |
| By: | Stefanescu, Roxana (Universitatea Spiru Haret, Facultatea de Finante si Banci) |
| Abstract: | The paper presents aspects regarding the impact of the economic and financial crisis on the SMEs. It also analysis some proposals in order to protect SMEs from the crisis. There are also presented the results of a research realized based on a questionnaire addressed to a number of 121 SMEs from all regions from Romania and operating in all fields of activity. |
| Keywords: | crisis; taxes and tariffs; taxes notarized; comissiones |
| JEL: | G32 |
| Date: | 2009–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:ris:sphedp:2009_038&r=ent |
| By: | Ronald Jean Degen (International School of Management Paris) |
| Abstract: | O autor faz uma reflexão sobre os motivos que o levaram a introduzir o ensino do empreendedorismo no Brasil em 1980, a escrever o livro O Empreendedor: Fundamentos da Iniciativa Empresarial publicado em 1989 e o que aconteceu nestes quase 30 anos. A reflexão termina com a análise porque os objetivos do autor não se realizaram e uma sugestão sobre o que pode ser feito para tornar o ensino do empreendedorismo mais eficaz em promover o desenvolvimento econômico sustentável, a inclusão social, a redução da pobreza, a preservação dos recursos escassos da natureza e a proteção do meio ambiente. |
| Keywords: | empreendedorismo, ensino de empreendedorismo, entrepreneurship, pobreza, reduzir a pobreza |
| JEL: | O0 O1 |
| Date: | 2009–06–17 |
| URL: | http://d.repec.org/n?u=RePEc:pil:wpaper:32&r=ent |
| By: | Balcaen, S.; Manigart, S.; Ooghe, H. (Vlerick Leuven Gent Management School) |
| Abstract: | This paper analyses the duration of the time to exit of distressed firms, differentiating between involuntary exits (mainly bankruptcies) and voluntary liquidations. It examines how long firms survive after initial signs of economic distress. The study is conducted on an extensive dataset of 5,233 Belgian distress-related exits of non-starting firms, the majority being privately held. The results highlight that slack resources have an opposite effect on the timing of involuntary exits and voluntary liquidations. On the one hand, high levels of available and potential slack increase the time to involuntary exit, as they allow distressed firms to postpone an impending involuntary exit. On the other hand, high available slack resources shorten the time to voluntary liquidation as they make voluntary liquidation easier. Further, a high level of stakeholder dependence increases the time to exit after distress, whether the firm exits through a voluntary or through an involuntary procedure. This is explained by the fact that stakeholder dependence increases the complexity of the exit decision and the exit procedure. |
| Date: | 2009–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:vlg:vlgwps:2009-12&r=ent |
| By: | Burke, A.E.; Stel, A.J. van; Thurik, A.R. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University) |
| Abstract: | Blue ocean strategy seeks to turn strategic management on its head by replacing ‘competitive advantage’ with ‘value innovation’ as the primary goal where firms must create consumer demand and exploit untapped markets. Empirical analysis has been focused on case study evidence and so lacks generality to resolve the debate. We provide a methodological synthesis of the theories enabling us to bring statistical evidence to the debate. Our analysis finds that blue ocean and competitive strategies overlap and managers do not face a discrete either/or decision between each strategy. Our evidence for the Dutch retail industry indicates that blue ocean strategy has prevailed as a dominant long term viable strategy. |
| Keywords: | blue ocean strategy;competitive advantage;innovation;entrepreneurial discovery;retailing |
| Date: | 2009–05–29 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:eureri:1765016037&r=ent |
| By: | Naude, Wim; MacGee, James |
| Abstract: | Globally, wealth is very unequally distributed, both within countries and between countries. The UNUWIDER project on Personal Assets from a Global Perspective has found for instance that the richest 10 percent of adults in the world own 85 percent of global household wealth. Of these individuals, almost half live in the US and Japan. The common measure of inequality, the Gini.coefficient, ranges between 0.65 to 0.75 for the distribution of within country wealth. Another feature of the distribution of wealth is that the rich (advanced countries) hold greater proportions of wealth in financial assets than poorer or middle income households (countries) where wealth is predominantly held in real assets such as land, houses and farm assets (see the article by Davies, Sandström, Shorrocks and Wolff in the WIDER Angle 2006. 2 (1.4 megabytes). |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:angle-feb-2009-a&r=ent |