nep-ent New Economics Papers
on Entrepreneurship
Issue of 2016‒02‒29
23 papers chosen by
Marcus Dejardin
Université de Namur

  1. To Be Born Is Not Enough: The Key Role of Innovative Startups By Colombelli, Alessandra; Krafft, Jackie; Vivarelli, Marco
  2. Entrepreneurship and Innovation: New Entries, Survival, Growth By Alessandra Colombelli; Jackie Krafft; Marco Vivarelli
  3. The Geography of Innovation and Entrepreneurship By Backman, Mikaela; Lööf, Hans
  4. Strategic Entrepreneurship and Knowledge Spillovers: Spatial and Aspatial Perspectives By Tavassoli, Sam; Bengtsson, Lars; Karlsson , Charlie
  5. What determines entepreneurial failure: taking advantage of the institutional context By Lucio Fuentelsaz; Consuelo González-Gil; Juan P. Maicas
  6. Blue Oceans: Looking overseas for business success - How do New Zealand SMEs internationalise and manage branding in foreign markets? By Palazzetti, Daniele
  7. Do R&D and ICT Affect Total Factor Productivity Growth Differently? By Edquist, Harald; Henrekson, Magnus
  8. Who Works for Whom? Worker Sorting in a Model of Entrepreneurship with Heterogeneous Labor Markets By Emin M. Dinlersoz; Henry R. Hyatt; Hubert P. Janicki
  9. Virtue as Competence in the Entrepreneurial Society By Karlson, Nils; Fergin, Elina
  10. Uncovering Regional Clustering of high technology SMEs: Russian Case By Vera Barinova; Denis Burkov; Stepan Zemtsov; Vladimir Eremkin
  11. New employment experiences and trajectories between salary-earning and entrepreneurs By Isabela Dos Santos Paes; Géraldine Guérillot; Jean-Luc Moriceau; Julien Billion
  12. Climate Policy Constraints and NGO Entrepreneurship: The Story of Norway’s Leadership in REDD+ Financing - Working Paper 389 By Erlend A. T. Hermansen and Sjur Kasa
  13. Digital Dynamism: How IT and social media are enhancing business opportunities for Sri Lankan entrepreneurs  By Anushka Wijesinha
  14. Business Practices in Small Firms in Developing Countries By McKenzie, David; Woodruff , Christopher
  15. Bank Organization and Loan Contracting in Small Business Financing By Andrea Bellucci; Alexander Borisov; Alberto Zazzaro
  16. Cost Accounting: A Pivotal Factor of Entrepreneurial Success By Salako, Mudashiru Abiodun; Yusuf, Sulaimon Aremu
  17. Empower Workers to Innovate and Entrepreneurship: Raison d'être of Successful Workers Cooperatives By Sapovadia, Vrajlal
  18. The Catch-22 of External Validity in the Context of Constraints to Firm Growth By Dean Karlan; Greg Fischer
  19. Economic Gardening and the Grow Kentucky Program By Robbins, Lynn W.; Allen, James E. IV
  20. Innovation Performance of Chilean SMEs: A Bivariate Probit Analysis By Rehman, Naqeeb Ur
  21. Finanzierungsstrukturen und -strategien kleiner und mittlerer Unternehmen: Eine Bestandsaufnahme By Pahnke, André; Schröder, Christian; Leonhardt, Fabian; Wiedemann, Arnd
  22. Deutsche Crowdinvesting-Portale: Neue Geschäftsmodelle für KMU By Braun, Susanne
  23. Unternehmensgründungen: Mehr innovative Startups durch einen Kulturwandel für Entrepreneurship? By Röhl, Klaus-Heiner

  1. By: Colombelli, Alessandra (Politecnico di Torino); Krafft, Jackie (GREDEG-CNRS); Vivarelli, Marco (Università Cattolica del Sacro Cuore)
    Abstract: This paper investigates the reasons why entry per se is not necessarily good and the evidence showing that innovative startups survive longer than their non-innovative counterparts. In this framework, our own empirical analysis shows that greater survival is achieved when startups engage successfully in both product innovation and process innovation, with a key role of the latter. Moreover, this study goes beyond a purely microeconomic perspective and discusses the key role of the environment within which innovative entries occur. What is shown and discussed in this contribution strongly supports the proposal that the creation and survival of innovative start-ups should become one qualifying point of the economic policy agenda.
    Keywords: innovation, startups, survival, product innovation, process innovation
    JEL: L26 O33
    Date: 2016–02
  2. By: Alessandra Colombelli (DIGEP, Politecnico di Torino; BRICK, Collegio Carlo Alberto); Jackie Krafft (Université Nice Sophia Antipolis; GREDEG-CNRS); Marco Vivarelli (Università Cattolica del Sacro Cuore, Milano; Institute for the Study of Labor (IZA))
    Abstract: This paper investigates the reasons why entry per se is not necessarily good and the evidence showing that innovative startups survive longer than their non-innovative counterparts. In this framework, our own empirical analysis shows that greater survival is achieved when startups engage successfully in both product innovation and process innovation, with a key role of the latter. Moreover, this study goes beyond a purely microeconomic perspective and discusses the key role of the environment within which innovative entries occur. What shown and discussed in this contribution strongly supports the proposal that the creation and survival of innovative start-ups should become one qualifying point of the economic policy agenda.
    Keywords: innovation, startups, survival, product innovation, process innovation
    JEL: L26 O33
    Date: 2016–02
  3. By: Backman, Mikaela (Jönköping University, & Centre of Excellence for Science and Innovation Studies (CESIS)); Lööf, Hans (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology)
    Abstract: This introduction to the special issue “The Geography of Innovation and Entrepreneurship” in Annals of Regional Science surveys a collection of nine papers which consider agglomeration economies and spatial heterogeneity of regions and firms through the lenses of innovation and entrepreneurship. They all make use of extensive and detailed data sources that enable models to provide a richer picture of how firms, industries and regions are affected by innovation and entrepreneurship but also how these entities shape and foster renewal. These factors include spatial concentration, industry composition, labour market characteristics, immigration, firm characteristics, R&D activities and R&D collaboration. The papers add to the understanding of the geography of innovation and entrepreneurship by suggesting alternative ways of identifying spillovers, combing and integrating internal and external knowledge sources, and by estimating the impact on innovation, new firm formation and growth.
    Keywords: Innovation; entreprenurship; spillovers; regional economy; spatial heterogeneity
    JEL: C10 O30 R10
    Date: 2015–09–11
  4. By: Tavassoli, Sam (Centre for Innovation, Research and Competence in the Learning Economy (CIRCLE), Lund University); Bengtsson, Lars (Faculty of Engineering, Department of Industrial Management and Logistics, Lund University); Karlsson , Charlie (Centre of Excellence for Science and Innovation Studies (CESIS), Royal Institute of Technology (KTH), & Jönköping International Business School (JIBS))
    Abstract: The literature in the Strategic Entrepreneurship (SE) is increasingly embracing the concept and implication of knowledge spillovers. In this paper, we add to the theoretical literature on SE and knowledge spillovers by investigating the different types of knowledge spill-overs and what they imply for various dimensions of SE. On the one hand, we distinguish between spatial and aspatial knowledge spillovers. On the other hand, we distinguish be-tween various dimensions of SE, i.e. inputs, resource orchestration, and output. Finally, we conceptually link the various types of knowledge spillovers and dimensions of SE and dis-cuss the implications. Doing so, we argue that spatial knowledge spillovers (inter-firm) play the major role in increasing the amount of ‘inputs’ dimension of SE, while the aspatial knowledge (either inter-regional or intra-firm) play the major role not only for ‘inputs’, but also for ‘resource orchestration’ dimension. At the end, the paper provides suggestions for future research.
    Keywords: Strategic entrepreneurship; knowledge spillovers; spatial; aspatial
    JEL: D23 D83 L10 L26 R10
    Date: 2016–01–14
  5. By: Lucio Fuentelsaz (Faculty of Economics and Business Studies, Universidad de Zaragoza); Consuelo González-Gil (Faculty of Economics and Business Studies, Universidad de Zaragoza); Juan P. Maicas (Faculty of Economics and Business Studies, Universidad de Zaragoza)
    Abstract: Most management literature has been devoted to explaining business success. However, empirical evidence shows that one of the main problems of new ventures is precisely failure. A simple Google search for “business success” provides 986 million results, while “business failure” finds approximately ten times fewer. The same is found in the academic literature, which has been less interested in explaining the determinants of entrepreneurial failure. In this paper, we contribute to the entrepreneurship literature by offering new theoretical insights into and empirical evidence on the determinants of entrepreneurial failure. Our results confirm that both the quality of formal institutions and high-impact entrepreneurship reduce failure and, more importantly, that these two variables reinforce each other. As a consequence, a greater development of formal institutions strengthens the negative relationship between high-impact entrepreneurship and failure.
    Keywords: Entrepreneurship, failure, institutions, GEM
    JEL: L26 M21
    Date: 2015–05
  6. By: Palazzetti, Daniele
    Abstract: The purpose of this study and its underlying research questions is to understand how New Zealand SMEs, that fall within knowledge intensive service industries, internationalise and manage branding in foreign markets. The research is important because it aims to provide insight into cost effective means for SME’’s to directly deliver service solutions to international markets. Consequently, this will allow companies to further build and develop their resources, assets and markets. New Zealand is a small market economy with limited growth potential and domestic market opportunities. Therefore, companies are considering extending their sales activities and customer reach to foreign markets and develop international networks. In the literature review, a strong link between internationalisation and FSA has been established and Dunning (1997) suggested that firms develop a competitive advantage in their home market and transfer this advantage to international markets with CSA. Other literature pointed out that FSA and company capabilities can also be acquired and augmented abroad. Therefore, these can act as a driver and motivator for firms to internationalise. This is a phenomenological research and data was collected through semi-structured interviews. The findings of this research suggest that business have to focus on global niche markets and provide quality outputs in order to effectively compete internationally. The primary method for internationalisation is through personal and direct relationships with international key clients which facilitate foreign market entry. The organisational structure and corporate culture are key competencies that must be managed or they can turn into a barrier.
    Keywords: Internationalise, Branding, SME, Small and medium enterprise,
    Date: 2015
  7. By: Edquist, Harald (Erricsson Research); Henrekson, Magnus (Research Institute of Industrial Economics (IFN))
    Abstract: We analyze the effect of ICT and R&D on total factor productivity (TFP) growth across different industries in Sweden. R&D alone is significantly associated with contemporaneous TFP growth, thus exhibiting spillover effects. Although there is no significant short-run association between ICT and TFP, we find a positive association with a lag of seven to eight years. Thus, spillovers from R&D affect TFP much faster than spillovers from ICT-investments. We also divide ICT capital into hardware and software capital. To our knowledge, this distinction has not been made in any previous study analyzing TFP at the industry level. The results show that lagged hardware capital services growth is significantly associated with TFP growth. Hence, investments complementary to hardware are needed to reap the long-run TFP effects from reorganizing production.
    Keywords: ICT; R&D; Spillovers; Total factor productivity; Panel data analysis
    JEL: L16 O33 O47
    Date: 2016–02–08
  8. By: Emin M. Dinlersoz; Henry R. Hyatt; Hubert P. Janicki
    Abstract: Young and small firms are typically matched with younger and nonemployed individuals, and they provide these workers with lower earnings compared to other firms. To explore the mechanisms behind these facts, a dynamic model of entrepreneurship is introduced, where individuals can choose not to work, become entrepreneurs, or work in one of the two sectors: corporate or entrepreneurial. The differences in production technology, financial constraints, and labor market frictions lead to sector-specific wages and worker sorting across the two sectors. Individuals with lower assets tend to accept lower-paying jobs in the entrepreneurial sector, an implication that finds support in the data. The effect on the entrepreneurial sector of changes in key parameters is also studied to explore some channels that may have contributed to the decline of entrepreneurship in the United States.
    Keywords: Entrepreneurship, borrowing constraints, financial frictions, labor market frictions, worker sorting, decline in entrepreneurship
    JEL: L26 J21 J22 J23 J24 J30 E21 E23 E24
    Date: 2015–01
  9. By: Karlson, Nils (The Ratio institute); Fergin, Elina (The Ratio institute)
    Abstract: This paper analyses the relationship between competence and virtue. We argue that virtues <p> should be regarded as a kind of competencies, which are essential in an entrepreneurial <p> society, both for individual development and for the sustainability of such a society. Such <p> competencies, or virtues, are essential not only for entrepreneurial success, but they may also <p> be regarded as the informal norms, the rules of fair conduct, necessary to uphold an open <p> market system. Moreover, to a certain degree virtues are learnt through the practice of <p> entrepreneurship. Due to their importance, though, this may not be enough. Formal education <p> should be complemented with situated learning, reflection and dialogue on moral and ethical <p> issues, particularly in the context of management and entrepreneurial praxis.
    Keywords: entrepreneurship; competence; skills; business ethics; education
    JEL: D01 I25 I29 L26 M53
    Date: 2014–12–31
  10. By: Vera Barinova (Gaidar Institute for Economic Policy); Denis Burkov (RANEPA); Stepan Zemtsov (RANEPA); Vladimir Eremkin (RANEPA)
    Abstract: The Soviet Union predetermined Russia’s economic activity’s location patterns. While the main forms of industry organization were territorial production complexes (TPC) - networks of industrial organizations united by a single technological process, - switch to the market economy in the early 90s destroyed economic ties within the TPC, leading to fragmentation of large enterprises and formation of a number of independent firms. Some scientists believe that this situation over the last 20 years could serve as a necessary foundation for clusters’ formation. Nowadays interest in clusters in Russia is rekindled due to the need to find new support mechanisms for production and innovation in a stagnating economy. The Ministry of Economic Development of the Russian Federation has initiated a project to support pilot territorial innovation clusters with infrastructure formation funding. The aim of this work is to identify clusters as areas of geographical concentration of small and medium enterprises (SMEs) in high technology sector. Authors also try to check, whether existing cluster initiatives comply with the actual concentration of high-tech SMEs and whether there is any potential for new cluster initiatives. The present paper analysis exploits modified methodology, based on localization index. The study provides tables and maps, reflecting small and medium businesses concentration in Russian regions using evidence from high and medium-high technology industries. The authors empirically confirm the existence of traditional and well-known clusters and identify new concentrations of firms in Russia. This useful information can be used for policy advice.
    Keywords: cluster identification, localization, SME, Russian regions, industrial complex, territorial innovation cluster, innovation, high technology, innovative firms
    JEL: F34 G24 O18 O47 R11
    Date: 2016
  11. By: Isabela Dos Santos Paes (DEFIS - Droit, Economie, Finances et Sociologie - Télécom Ecole de Management - Institut Mines-Télécom); Géraldine Guérillot (Umalis lab (ESCP Europe & Institut Mines-Télécom-Télécom Ecole de Management)); Jean-Luc Moriceau (DEFIS - Droit, Economie, Finances et Sociologie - Télécom Ecole de Management - Institut Mines-Télécom); Julien Billion (Umalis lab (ESCP Europe & Institut Mines-Télécom-Télécom Ecole de Management))
    Abstract: Traditionally, as well as in pop culture, entrepreneurship is conceived of as opposed to salary-earning, and decision from being a salaried employee to entrepreneur as a great leap. However, entrepreneurship studies and new employment forms blur this border between two worlds and the plunging from one world to the other. A study is conducted on employees working at this frontier: French umbrella professionals (salariés portés), inquiring qualitatively about their conception of entrepreneurship, their experience of crossing and of their new condition, as well as their aspirations, fears and values. No leap in activity was found, but there was the feeling of having shifted to another mental universe. The respondents had all the feeling of being entrepreneurs without creating new products, markets or business ventures. They enjoy their full engagement in their work and experience a different relation to time. Considering themselves as entrepreneurs grants them with a desirable social status, but underscores their risky position and an increased portion of their life to be devoted to work. This study aims at providing guidance for public policies fostering employment through entrepreneurship and for workers considering such a working hybrid status. It also puts into perspective the classical contours of entrepreneurship and salaried positions and call for closer examination of the new forms of employment.
    Keywords: Independent Workers,Umbrella Company,Work Experience,Career Trajectory,Entrepreneurship
    Date: 2015–09
  12. By: Erlend A. T. Hermansen and Sjur Kasa
    Abstract: Norway – a small northern country with only 5 million inhabitants – is at present a global leader in REDD+ financing. In this paper, we explain why and how this happened by telling the story about the emergence of Norway’s International Climate and Forest Initiative (NICFI) in 2007 and its institutionalization in the following years. We emphasize how a set of Norwegian climate policy characteristics prepared the ground for NICFI. These characteristics were the relative absence of less expensive potential emission cuts domestically, a tradition of seeking cheaper emission reduction options abroad, and few fiscal constraints due to high petroleum revenues. When the domestic demand for a more proactive climate policy started to increase from 2006 onward, two Norwegian environmental NGOs, The Rainforest Foundation Norway and Friends of the Earth Norway, exploited the window of opportunity that emerged from the tension between high domestic abatement costs and increasing domestic climate policy demands by proposing a large-scale Norwegian rainforest effort. This proposal resonated well with the new emphasis on reduced deforestation as a promising climate policy measure internationally. Towards the end of 2007, these ENGOs managed to convince a broad majority in Parliament that large-scale financing of measures to reduce deforestation globally should become an important part of Norwegian climate policy. Financing NICFI through the growth in the steadily increasing development aid budget dampened opposition from more fiscally conservative actors and facilitated the rapid set-up of a flexible implementing organization directly linked to some of the most proactive politicians. Several agreements with key rainforest countries were rapidly established, and including ENGOs in policy formulation and implementation helped maintaining the momentum and legitimacy for NICFI as a more permanent solution to Norway’s climate policy dilemmas. NICFI’s robustness and high level of legitimacy are illustrated by the fact that the initiative has survived the recent 2013 change of government quite intact. However, we also suggest that the long-time survival of the initiative may be dependent on the future of the UNFCCC process as well as the destiny of the national projects.
    Keywords: Climate change, Mitigation, Forests, REDD+, Norway.
    JEL: Q23 Q54 Q58
    Date: 2014–12
  13. By: Anushka Wijesinha (Ministry of Industry and Commerce of Sri Lanka)
    Abstract: As the Sri Lankan economy attempts to transform into a more value-added and knowledge-led one, recent advancements in technology and innovation have created a plethora of new opportunities for small and medium-sized enterprises. This paper provides four case studies of innovative enterprises and initiatives to demonstrate how the digital economy is enhancing the country’s business potential and creating jobs. The firms studied are all start-ups run by young professionals (between 28-35 years) and are specifically unique to show the range of possible benefits. The aim of this initiative is to shape a new narrative around the use of IT and social media for entrepreneurship in the future.
    Keywords: Competitiveness, entrepreneurship, innovation, SMEs, technology
    JEL: M13 M15 M21 M37 O31 O33
    Date: 2015–07
  14. By: McKenzie, David (World Bank); Woodruff , Christopher (Department of Economics, University of Warwick)
    Abstract: Management has a large effect on the productivity of large firms. But does management matter in micro and small firms, where the majority of the labor force in developing countries works? We develop 26 questions that measure business practices in marketing, stock-keeping, recordkeeping, and financial planning. These questions have been administered in surveys in Bangladesh, Chile, Ghana, Kenya, Mexico, Nigeria and Sri Lanka. We show that variation in business practices explains as much of the variation in outcomes – sales, profits and labor productivity and TFP – in microenterprises as in larger enterprises. Panel data from three countries indicate that better business practices predict higher survival rates and faster sales growth. The association of business practices with firm outcomes is robust to including numerous measures of the owner’s human capital. We find that owners with higher human capital, children of entrepreneurs, and firms with employees employ better business practices.
    Keywords: business practices; small enterprises; productivity; management
    JEL: O12 L26 M20 O17 M53
    Date: 2016
  15. By: Andrea Bellucci; Alexander Borisov; Alberto Zazzaro
    Abstract: Academic research recognizes that the organizational structure of banks could have implications for the financing of small businesses and entrepreneurial firms. In this chapter, we start by reviewing the underlying theoretical motivation and then summarize existing evidence. Overall, it is confirmed that the organization of lending institutions is important for the use and transmission of information, as well as credit availability for small businesses. Moreover, using a unique dataset of bank loans, we empirically document that loan contract characteristics such as interest rates and collateral requirements are sensitive to the hierarchical allocation of decision-making authority within the bank’s organization.
    Keywords: Bank organization structure, Authority allocation, Small business financing
    Date: 2016–01
  16. By: Salako, Mudashiru Abiodun; Yusuf, Sulaimon Aremu
    Abstract: This paper presents “Cost Accounting: A Pivotal Factor of Entrepreneurial Success". The aim of the paper was to link and delineate how the cost accounting objectives are instrumental to the entrepreneurs’ expression and entrepreneurial success. A simple qualitative approach is used in its analysis by developing a sound framework. The study concluded that entrepreneurial efforts will be a ruse if the cost accounting, considering its functions and objectives is relegated to the background. The planning, controlling and decision-making roles that cost accounting plays through its functions cannot be negotiated. The study gave a final word as its recommendation that the grades the entrepreneurship students received in cost accounting are not what matters, but the appreciation of the knowledge, skills and application of it in the real world is highly of practical value. Because, the true test of the entrepreneurial potential and ability to succeed as an entrepreneur is in the marketplace where you must be able to put to practice the cost accounting and other relevant skills you have garnered through erudition, but not in the classroom.
    Keywords: Entrepreneur, Entrepreneurial Success, Entrepreneurial potential, Cost Accounting.
    JEL: M41
    Date: 2016–01–20
  17. By: Sapovadia, Vrajlal
    Abstract: The study critically analyses selected Indian workers cooperatives to find reasons over time of its success or failures. Worker cooperatives flourish in many industries and regions, where decisions are made democratically by workers who also act as entrepreneurs, managers and members. By value creation it tends to provide employment, remains accountable to community. The entrepreneurs are risk takers but who innovate to satisfy ever-changing consumers’ needs succeed through well managed business. The study has qualitative research design employed on variety of workers cooperatives. It looks at phenomena of business cycle, value creation cum distribution, overlapping multiple roles of workers, management practices, innovation & product life cycle, consumer satisfaction vis-à-vis business performance. We attempts to explore and interpret dynamism of activities and interactions among key stakeholders to ascertain success factors. We find that continuous innovation and entrepreneur spirit is the key to success. The finding may help to advance socio-economic enterprises.
    Keywords: Workers Cooperative, Labour Cooperative, Industrial Cooperative
    JEL: A12 A3 L00
    Date: 2015–01–10
  18. By: Dean Karlan (Economic Growth Center, Yale University); Greg Fischer (London School of Economics)
    Abstract: We document the presence of multiple and varied constraints to small and medium firm growth. This presents both a practical problem for business training programs and a challenge to academic economists trying to identify mechanisms though which these programs may affect outcomes. External validity needs theory. This pushes researchers to narrowly defined and highly selected sample frames, which limits the potential for clear, generalizable policy prescriptions. Ultimately, larger samples, multi-arm evaluations, process documentation, and narrowly-focused, theory-supported empirical work are all needed, but the complexity of the problem limits what we learn from any single study.
    Keywords: external validity, entrepreneurship, entrepreneurship training
    JEL: B4 L2 M1 M2 M3 O1
    Date: 2015–01
  19. By: Robbins, Lynn W.; Allen, James E. IV
    Abstract: In 2014, the Community and Economic Development Initiative of Kentucky (CEDIK) and the Kentucky Small Business Development Center (KSBDC), launched Grow Kentucky, Kentucky’s only certified Economic Gardening program. The program helps second-stage entrepreneurial growth companies penetrate existing markets, identify new markets, monitor competitors, track industry trends, locate customer clusters, use search engine optimization/social media for marketing and various other customized research. All of which grows employment and revenue for the Commonwealth.
    Keywords: Small Business Development, Economic Development, Economic Gardening, Kentucky, Stage-Two Growth Firms, Gazelles, Agribusiness, Community/Rural/Urban Development, Marketing,
    Date: 2015–06
  20. By: Rehman, Naqeeb Ur
    Abstract: The purpose of this paper is to investigate the innovation activities of Chilean firms’ by using micro level data. Previous studies showed research gap related to micro level analysis of the Chilean SMEs. For the first time, multiple proxies have been used as dependent variables (product/process innovations and patent application/spending), which is neglected by the past studies. A micro level data has been obtained from the World Bank, Enterprise Survey on 696 Chilean SMEs. Bivariate probit estimation method has been used. Results: The results showed that SMEs are less likely to apply for patents and introduce product innovations. This outcome indicates that Chilean SMEs face resource constraint in terms of introducing product innovations and applying for patents. In addition, SMEs undertaking R&D and making network ties with other research institutions are more likely to introduce patents and product innovations. Similarly, SMEs that are engage in quality programs are more likely to spend on patents. Lastly, SMEs with public support for innovation activities positively influence the patent application. Findings imply that SMEs investment in knowledge based assets (e.g., R&D, networks and quality methods) accelerate their innovation output. Policy makers should not only provide financial incentives (R&D subsidies) to SMEs but also encourage their strong ties with research institutions for higher innovation output.
    Keywords: Innovation, R&D, SMEs
    JEL: O31 O32
    Date: 2016–01–04
  21. By: Pahnke, André; Schröder, Christian; Leonhardt, Fabian; Wiedemann, Arnd
    Abstract: Das Finanzierungsumfeld für kleine und mittlere Unternehmen (KMU) befindet sich im Wandel. Die Veränderungen des konjunkturellen Umfelds und der damit verbundenen Niedrigzinspolitik sowie die Basel-Regulierungen zeigen einen deutlichen Einfluss auf die Finanzierungsstrukturen der KMU. So konnten KMU ihre Eigenkapitalquoten deutlich stärker als Großunternehmen erhöhen und haben damit ihren Rückstand vollständig aufgeholt. Diese Entwicklung erstreckt sich über alle Regionen und Branchen. Die Untersuchung verschiedener Finanzierungsquellen zeigt, dass der Bankkredit zwar weiterhin das zentrale Fremdfinanzierungsinstrument für KMU ist, jedoch im Vergleich zur Innenfinanzierung durch einbehaltene Unternehmensgewinne deutlich an Bedeutung verliert.
    Abstract: The financial environment for small and medium sized enterprises (SMEs) is changing. The general good economic situation, the current policy on low interest rates and new banking regulations affect the capital structure of German SMEs. Hence, there is an ongoing increase of the equity ratio of small and medium sized enterprises which very much outperforms the growth of the equity ratio of large enterprises. As a result, the gap between the equity ratio of SMEs and large enterprises is increasingly blurring. This change can also be observed in all regions and sectors. Investigating different sources of funding, the results show that bank borrowings are still the most important source of debt financing. However, retention of earnings gains in importance for German SMEs in comparison to debt financing.
    Keywords: KMU,Finanzierung,Kapitalstruktur,Eigenkapitalquote,SME,Financing,Capital Structure,Equity Ratio
    JEL: O16 G32 D22
    Date: 2015
  22. By: Braun, Susanne
    Abstract: Crowdinvesting ist geprägt von einer Vielzahl von Partikularinteressen, wobei den Portalen eine Schnittstellenfunktion zukommt. Die Nutzung der durchaus vielversprechenden Potenziale dieser Finanzierungsform hängt maßgeblich davon ab, inwieweit es gelingt, den Informationsasymmetrien und Interessenkonflikten zwischen den Stakeholdern entgegenzuwirken.
    Abstract: Crowdinvesting involves a multitude of individual interests whereas the crowdinvesting platforms have an interface function. Crowdinvestors fill funding gaps at the lower end of the market but the high potential of crowdinvesting largely depends on wether to manage the information asymmetries and the interest conflicts of the different stakeholders.
    Keywords: Crowdinvesting,Existenzgründung,Startfinanzierung,KMU,Crowdinvesting-Portale,Vermögensanlage,Regulierung,Investorenschutz,entrepreneur,SME,crowdinvesting platforms,securities regulation,investor protection,start-up finance
    JEL: G18 G38 K22 M13
    Date: 2015
  23. By: Röhl, Klaus-Heiner
    Abstract: Europa hinkt im Vergleich zu den Vereinigten Staaten oder Israel bei der Zahl erfolgreicher Startups hinterher. Innovationsstarke Gründungen, die innerhalb weniger Jahre zu globalen Konzernen wie Google oder Amazon heranwachsen, finden nicht hier statt. In vielen Staaten und Regionen Europas gibt es eine hartnäckige Wachstumsschwäche mit hoher Arbeitslosigkeit, zu deren Überwindung auch ein Gründungsboom zur Umsetzung neuer kreativer Ideen beitragen könnte. Selbst in Deutschland, das eine gute makroökonomische Performance vorweist, sinken die Gründungszahlen seit mehreren Jahren. Vieles weist darauf hin, dass die konstatierte Gründungsschwäche Europas auch eine kulturelle Dimension besitzen könnte. Besonders gründungsstarke Regionen, die auf innovative Start-ups konzentriert sind, haben offenbar einen starken 'Entrepreneurial Spirit'. In diesem Policy Paper wird deshalb der Frage nachgegangen, was die 'Entrepreneurial Culture' erfolgreicher Gründungsregionen ausmacht und inwieweit eine unterschiedliche Gründungskultur zu den Differenzen im Gründungsgeschehen zwischen weiten Teilen Europas und anderen hoch entwickelten Volkswirtschaften, speziell den Vereinigten Staaten, Großbritannien und Israel, beiträgt. Neben den gesellschaftlichen und institutionellen Rahmenbedingungen einer Gründerkultur wird auch auf die Persönlichkeitsstruktur erfolgreicher Entrepreneure beleuchtet. Nach einem internationalen Vergleich der Gründungsquoten wird auf die unterschiedlichen Startup-Systeme in Europa, Amerika und Israel eingegangen, die auch auf Unterschiede in der Verfügbarkeit von Wagniskapital zurückzuführen sein dürften. Abschließend wird die Rolle des Bildungssystems in der Vermittlung von wirtschaftlichen Kenntnissen sowie Entrepreneurship beleuchtet, bevor im Fazit Empfehlungen zum Ausbau von Gründerkultur und Risikobereitschaft gegeben werden.
    Abstract: Europe is lagging behind the United States and Israel in the number of successful start-ups. Highly innovative start-ups that grow to become global companies the size of Google or Amazon within just a few years are not being founded here. Many of Europe’s countries and regions are experiencing persistent low growth with high unemployment, which is something a boom in new companies implementing new creative ideas could help alleviate. Even in Germany, which has a much better macroeconomic performance, the number of companies being founded has been falling for several years. There are strong indicators that Europe’s aforementioned weakness when it comes to the starting of new companies may also have a cultural dimension. Regions which are seeing particularly strong numbers of innovative start-ups being founded appear to have a strong entrepreneurial spirit. This policy paper will therefore examine what defines the entrepreneurial culture of successful start-up regions and to what extent different entrepreneurial cultures contribute to the differences in entrepreneurial activity between large areas of continental Europe and other highly developed economies, especially the United States, the United Kingdom, and Israel. This paper will examine both the societal and institutional framework that exists in an entrepreneurial culture and the personality structure of successful entrepreneurs. Following an international comparison of enterprise birth rates, this paper will review the different start-up systems in Europe, the United States, and Israel, which are also expected to have a connection to differences in the availability of venture capital. Finally, this paper considers the role of the education system in transferring business knowledge and entrepreneurship. This is followed by a conclusion in which recommendations are given regarding how to develop an entrepreneurial culture and a willingness to take risks.
    JEL: L25 L26 M13 M14
    Date: 2016

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