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on Entrepreneurship |
| By: | Li, Minghao; Goetz, Stephan J.; Partridge, Mark; Fleming, David A. |
| Abstract: | County-level location patterns of INC5000 companies provide one map of American entrepreneurship and innovativeness, and understanding the local factors associated with these firms' emergence is important for stimulating regional economic growth and innovation. We draw on the knowledge spillover theory of entrepreneurship to motivate our regression model, and augment this theory with additional regional features that have been found to be important in the firm-location literature. Zero-inflated negative binomial regressions indicate that these firms exist in counties with larger average establishment size, higher educational attainment, and more natural amenities. Income growth, a mix of higher-paying industries, and more banks per capita are associated with a smaller presence of these types of firms, all else equal. We conclude that the local conditions favoring high growth firms are likely to be different from those favoring new firms in general, and that these conditions differ significantly in urban and rural areas and by industrial sectors. |
| Keywords: | Firm location, Firm revenues, High growth firms, INC5000 firms, Negative Binomial regression |
| JEL: | L26 R1 |
| Date: | 2015–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:66611&r=all |
| By: | Aysegul Sahin (Federal Reserve Bank of New York); Benjamin Pugsley (Federal Reserve Bank of New York) |
| Abstract: | Abstract We document two striking facts about U.S. firm dynamics and interpret their significance for aggregate employment dynamics. The first observation is the steady decline in the firm entry rate over the last thirty years, and the second is the gradual shift of employment from younger to older firms over the same period. Both hold across industries and geography. We show that despite these trends, firms' lifecycle dynamics and their business cycle properties have remained virtually unchanged. Consequently, the reallocation of employment towards older firms results entirely from the cumulative effect of the 30-year decline in firm entry. This 'startup deficit' has both an immediate and a delayed (by shifting the age distribution) effect on aggregate employment dynamics. Recognizing this evolving heterogeneity is crucial for understanding shifts in aggregate behavior of employment over the business cycle. With mature firms less responsive to business cycle shocks, the cyclical component of aggregate employment growth diminishes with the increasing share of mature firms. At the same time, the trend decline in firm entry masks the diminishing cyclicality in contractions and reinforces it during expansions, which generates the appearance of jobless recoveries where aggregate employment recovers slowly relative to output. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed015:655&r=all |
| By: | Marco Marchese |
| Abstract: | This policy brief was produced by the OECD and the European Commission. This policy brief focuses on the informal self-employed and informal entrepreneurs, which together comprise what we define as “informal entrepreneurship”. The policy brief provides estimates of the size of the informal economy and informal entrepreneurship in the EU, investigates its main causes and impacts on the economy, and finally presents a policy framework for formalisation strategies based on the distinction between deterrence, incentives and persuasion measures. |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaac:8-en&r=all |
| By: | David Halabisky |
| Abstract: | This policy brief was produced by the OECD and the European Commission on sustaining entrepreneurship activities by entrepreneurs in under-represented and disadvantaged groups. It provides evidence on business survival for entrepreneurs from groups that are under-represented or disadvantaged in the labour market and discusses the obstacles that reduce the chances of survival for these businesses. Policy makers can take action to increase the chances of survival for these businesses, including providing training to boost business management skills, providing coaching and mentoring, facilitating access to finance and provide business development services. |
| Date: | 2015–04 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaac:9-en&r=all |
| By: | Ongena, Steven; Popov, Alexander |
| Abstract: | This paper studies the causal effect of gender bias on access to bank credit. We extract an exogenous measure of gender bias from survey responses by descendants of US immigrants on questions about the role of women in society. We then use data on 6,000 small business firms from 17 countries and find that in countries with higher gender bias, female-owned firms are more frequently discouraged from applying for bank credit and more likely to rely on informal finance. At the same time, loan rejection rates and terms on granted loans do not vary between male and female firm owners. These results are not driven by credit risk differences between female- and male-owned firms or by any idiosyncrasies in the set of countries in our sample. Overall, the evidence suggests that in high-gender bias countries, female entrepreneurs are more likely to opt out of the loan application process, even though banks do not appear to discriminate against females that apply for credit. JEL Classification: G21, J16, N32, Z13 |
| Keywords: | Bank credit, Cultural bias, Female-owned firms, Gender-based discrimination |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20151822&r=all |
| By: | Antonio Lecuna (School of Business and Economics, Universidad del Desarrollo) |
| Abstract: | Scholars have articulated a number of arguments regarding the beneficial effects of opportunity-motivated (as opposed to necessity-driven) entrepreneurs, and this study delves somewhat deeper into this topic. First, this study uses the expectation of job creation over five years as a metric to measure the benefits of entrepreneurship and employs this metric as a dependent variable defined as growth expectation. Second, this study utilizes a sample of 111,194 entrepreneurs to estimate how growth expectation is affected by the interaction between opportunity motivation and five entrepreneurial competencies: opportunity-alertness, self-efficacy, networking, risk-willingness, and education. Third, because the most significant interaction effect resulted from the interaction between opportunity-motivation and education, this combination is further explored with respect to the additional effect of three firm characteristics: operational phase, export orientation and innovation orientation. In the context of a relatively homogenous group of 19 Latin American countries, the results suggest that opportunity-motivated entrepreneurs’ numbers of years of schooling and an export-oriented firm provides added value and jointly boosts growth expectations, as reflected in expected increases in the number of employees |
| Keywords: | Entrepreneurship, start-up, small business, innovation, growth expectation |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:dsr:wpaper:18&r=all |
| By: | Antonio Lecuna (School of Business and Economics, Universidad del Desarrollo) |
| Abstract: | Entrepreneurship has been associated with three categories of factors: (1) macroeconomic factors, such as unemployment and income; (2) factors related to government institutions, such as corruption and political stability; and (3) competitiveness-related factors, such as the capacity for innovation and the number of procedures required to start a business. In this study, I find that all three categories are equally significant and that a combination of these three categories generates the most significant statistical results. The findings also reveal that two specific indicators are consistently more significant than the others. I posit that better control of corruption and a lower unemployment rate are associated with increasing levels of entrepreneurial activity as measured by business registrations and entrepreneur participation rates. Furthermore, interaction tests between the control of corruption and competitiveness-related factors found that simultaneous decreases in corruption and the number of procedures required to start a business provide added value, jointly boosting entrepreneurial activity. Panel data from 55 nations for the 2004–2009 period support these findings. |
| Keywords: | entrepreneurship, institutions, public policy, economic development |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:dsr:wpaper:17&r=all |
| By: | Randall S. Jones; Myungkyoo Kim |
| Abstract: | Innovation is key to boosting economic growth in the face of a rapidly ageing population. While Japan spends heavily on education and R&D, appropriate framework conditions are essential to increase the return on such investments by strengthening competition, both domestic and international, and improving resource allocation. Upgrading corporate governance would encourage firms to maximise profits and invest their large cash reserves. To promote open innovation in a global framework, it is necessary to improve universities and expand their role in business R&D, while increasing international collaboration in R&D from its current low level. Venture capital-backed firms and start-ups should play a key role in commercialising innovation. To make venture investment a growth driver, it is important to expand the role of business angels and foster entrepreneurship. SMEs, which account for 70% of employment, should contribute more to innovation. |
| Keywords: | product market regulation, venture capital, Japan, innovation, Abenomics |
| JEL: | O13 O38 O53 |
| Date: | 2015–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1261-en&r=all |
| By: | David Halabisky |
| Abstract: | This Policy Brief explains what entrepreneurial networks are, and how disadvantaged or under-represented groups can join them. Online networks in particular offer the added advantage of removing physical distances. The document also shows that by linking target groups with the business community, and helping the networks set up and widen their scope, the policy can provide real support. |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaac:7-en&r=all |
| By: | Antonella Noya |
| Abstract: | This policy paper on social impact measurement for social enterprises was produced by the OECD and the European Commission. It presents the issues and ongoing debates surrounding social impact measurement and provides concrete examples of measurement methods. It highlights the concept of proportional measurement, in other words balancing up the costs and benefits of the measuring process. The policy brief also looks at guidance and resources for use by social enterprises and how to create a more widespread culture of measurement among stakeholders despite their often limited human and financial resources. |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaac:10-en&r=all |
| By: | Филиппова, Ирина |
| Abstract: | The article investigates the impact of clusters on the social environment and the impact of institutional factors on the formation and development of clusters. In this paper a number of economic-statistical models were constructed using the data of international research organizations to identify the main factors influencing the competitiveness and the potential of entrepreneurship’s development. It allows not only to substantiate the thesis about the dominant influence of social factors but also to reveal the implicit contradiction between the social and economic aspects of entrepreneurship able to cause a reduction in the competitiveness of the cluster. |
| Keywords: | cluster, entrepreneurship, social capital, innovation, social responsibility, cluster initiatives, social control, social flexibility of business |
| JEL: | H00 O11 O31 Z13 Z18 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:66632&r=all |
| By: | Philippe DESBRIERES (IAE DIJON - Université de Bourgogne (CREGO)) |
| Abstract: | (VF) La pratique de la syndication est notablement développée dans le métier du capital-investissement, quel que soit le stade de développement, le secteur d’activité et la nationalité de l’entreprise financée. La syndication s’explique autant par des arguments financiers (partage des risques entre capital-investisseurs ; gouvernance du management de l’entreprise financée...) que par la nécessité d’une part, d’accéder à des ressources (informations, compétences) en matière de sélection et de surveillance des investissements et, d’autre part, de partager, voire créer, des connaissances. L’objectif de cette synthèse de la littérature est d’étudier dans quelle mesure cette pratique favorise ou contraint l’innovation et son financement dans les firmes entrepreneuriales. (VA) Syndication is a highly developed practice in the venture capital industry, whatever are the stage of development, the industry sector and the nationality of the financed company. It can be explained by financial arguments (sharing of risks between venture capitalists; governance of managemers of the financed firm) as well as by the necessity, on the one hand, to reach resources (information, skills) regarding selection and control of the investments and, on the other hand, to share or create knowledge. The objective of this survey is to study to what extent this practice favor or limit innovation and its financing within entrepreneurial firms. |
| Keywords: | capital-investissement, syndication, innovation, financement;Venture Capital, Syndication, Innovation, Financing |
| JEL: | G24 L26 O31 |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:dij:wpfarg:1150501&r=all |