nep-ent New Economics Papers
on Entrepreneurship
Issue of 2018‒11‒05
24 papers chosen by
Marcus Dejardin
Université de Namur

  1. High Growth Young Firms: Contribution to Job, Output and Productivity Growth By John Haltiwanger; Ron S. Jarmin; Robert Kulick; Javier Miranda
  2. Age and High-Growth Entrepreneurship By Pierre Azoulay; Benjamin F. Jones; J. Daniel Kim; Javier Miranda
  3. Connecting to Power: Political Connections, Innovation, and Firm Dynamics By Ufuk Akcigit; Salomé Baslandze; Francesca Lotti
  4. The Inverted-U Relationship Between Credit Access and Productivity Growth By Philippe Aghion; Antonin Bergeaud; Gilbert Cette; Rémy Lecat; Hélène Maghin
  5. Financial constraints matter : Empirical evidence on borrowing behavior, microfinance and firm productivity By M.A. Boermans; Daan Willebrands
  6. Well-being Effects of Self-employment: A Spatial Inquiry By Abreu, Maria; Öner, Özge; Brouwer, Aleid; van Leeuwen, Eveline
  7. Enabling Creative Destruction : An Entrepreneurial Ecosystem Approach to Industrial Policy By F.C. Stam
  8. Entrepreneurial Ecosystems : A Systems Perspective By F.C. Stam; Andrew van de Ven
  10. Causal Effects of Software Patents on Firm Growth: Evidence from a policy reform in Japan By YAMAUCHI Isamu
  11. Differences in Self-employment Duration by Year of Entry & Pre-entry By Adela Luque; Maggie R. Jones
  12. Doing Business and Inclusive Human Development in Sub-Saharan Africa By Asongu, Simplice; Odhiambo, Nicholas
  13. Entrepreneurship in the Information Age: An Empirical Analysis of the European Regions By Petr Pleticha
  14. The 18th Sustainable Development Goal: Social Entrepreneurship in a global society By G.J.A. Hummels
  15. Declining Dynamism, Allocative Efficiency, and the Productivity Slowdown By Ryan A. Decker; John Haltiwanger; Ron S. Jarmin; Javier Miranda
  16. Payment Technology Adoption and Finance : A Randomized-Controlled-Trial with SMEs By Dalton, Patricio; Pamuk, Haki; Ramrattan, R.; van Soest, Daan; Uras, Burak
  17. Micro-Entrepreneurship and Subjective Well-Being: Evidence from Rural Bangladesh By Faress Bhuiyan, Muhammad; Ivlevs, Artjoms
  18. Firm Scope and Spillovers from New Product Innovation: Evidence from Medical Devices By Matthew Grennan; Charu Gupta; Mara Lederman
  19. Structural change and misallocation. Firm-level evidence from Poland By Jan Hagemejer; Joanna Tyrowicz
  20. Social capital at venture capital firms and their financial performance: Evidence from China By Qi-lin Cao; Hua-yun Xiang; You-jia Mao; Ben-zhang Yang
  21. Quality of business environment in the SME segment By Jaroslav Belas; Martin Cepel; Anna Kotaskova
  22. Improving university students? entrepreneurial knowledge and skills By Ahmad Yaghoubi Farani; Atieh Soleymani
  24. Accès au Crédit Bancaire des Petites et Moyennes Entreprises au Sénégal By Diallo, Boubacar; Thiongane, Mamaye

  1. By: John Haltiwanger; Ron S. Jarmin; Robert Kulick; Javier Miranda
    Abstract: Recent research shows that the job creating prowess of small firms in the U.S. is better attributed to startups and young firms that are small. But most startups and young firms either fail or don’t create jobs. A small proportion of young firms grow rapidly and they account for the long lasting contribution of startups to job growth. High growth firms are not well understood in terms of either theory or evidence. Although the evidence of their role in job creation is mounting, little is known about their life cycle dynamics, or their contribution to other key outcomes such as real output growth and productivity. In this paper, we enhance the Longitudinal Business Database with gross output (real revenue) measures. We find that the patterns for high output growth firms largely mimic those for high employment growth firms. High growth output firms are disproportionately young and make disproportionate contributions to output and productivity growth. The share of activity accounted for by high growth output and employment firms varies substantially across industries - in the post 2000 period the share of activity accounted for by high growth firms is significantly higher in the High Tech and Energy related industries. A firm in a small business intensive industry is less likely to be a high output growth firm but small business intensive industries don’t have significantly smaller shares of either employment or output activity accounted for by high growth firms.
    Date: 2017–02
  2. By: Pierre Azoulay; Benjamin F. Jones; J. Daniel Kim; Javier Miranda
    Abstract: Many observers, and many investors, believe that young people are especially likely to produce the most successful new firms. We use administrative data at the U.S. Census Bureau to study the ages of founders of growth-oriented start-ups in the past decade. Our primary finding is that successful entrepreneurs are middle-aged, not young. The mean founder age for the 1 in 1,000 fastest growing new ventures is 45.0. The findings are broadly similar when considering high-technology sectors, entrepreneurial hubs, and successful firm exits. Prior experience in the specific industry predicts much greater rates of entrepreneurial success. These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs.
    Date: 2018–04
  3. By: Ufuk Akcigit; Salomé Baslandze; Francesca Lotti
    Abstract: Do political connections affect firm dynamics, innovation, and creative destruction? We study Italian firms and their workers to answer this question. Our analysis uses a brand-new dataset, spanning the period from 1993 to 2014, where we merge: (i) firm-level balance sheet data; (ii) social security data on the universe of workers; (iii) patent data from the European Patent Office; (iv) the national registry of local politicians; and (v) detailed data on local elections in Italy. We find that firm-level political connections are widespread, especially among large firms, and that industries with a larger share of politically connected firms feature worse firm dynamics. We identify a leadership paradox: When compared to their competitors, market leaders are much more likely to be politically connected, but much less likely to innovate. In addition, political connections relate to a higher rate of survival, as well as growth in employment and revenue, but not in productivity – a result that we also confirm using a regression discontinuity design. We build a firm dynamics model, where we allow firms to invest in innovation and/or political connection to advance their productivity and to overcome certain market frictions. Our model highlights a new interaction between static gains and dynamic losses from rent-seeking in aggregate productivity.
    JEL: D70 O3 O4
    Date: 2018–10
  4. By: Philippe Aghion; Antonin Bergeaud; Gilbert Cette; Rémy Lecat; Hélène Maghin
    Abstract: In this paper, we identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market, thereby discouraging entry of new and potentially more efficient innovators. We first develop a simple model of firm dynamics and innovation-based growth with credit constraints, where the above two counteracting effects generate an inverted-U relationship between credit access and productivity growth. Then, we test our theory on a comprehensive French manufacturing firmlevel dataset. We first show evidence of an inverted-U relationship between credit constraints and productivity growth when we aggregate our data at sectoral level. We then move to firm-level analysis, and show that incumbent firms with easier access to credit experience higher productivity growth, but that they also experienced lower exit rates, particularly the least productive firms among them. To confirm our results, we exploit the 2012 Eurosystem's Additional Credit Claims (ACC) program as a quasi-experiment that generated exogenous extra supply of credits for a subset of incumbent firms.
    Keywords: credit constraint, firms, growth, interest rate, productivity.
    JEL: G21 G32 O40 O47
    Date: 2018
  5. By: M.A. Boermans; Daan Willebrands
    Abstract: This paper examines the effect of financial constraints on firm performance using a sample of small business owners who are client at a microfinance institution (MFI). In developing countries, a lack of access to finance is seen as a key obstacle to successful entrepreneurship and economic growth. However, empirical evidence on this is still fragmented and sparse. This study contributes to the literature by applying an alternative measure of financial constraints based on actual lending and borrowing behavior to test how borrowing affects firm productivity. We use survey data of 615 entrepreneurs from Tanzania to analyze the relationship between financial constraints and labour productivity. Using OLS regression and propensity score matching techniques the results show that financial constraints impede labour productivity and are important barriers to successful entrepreneurship. Further tests suggest that financial constraints matter regardless of the measurement method used, thereby comforting researchers in a fragmented field which applies a wide range of financial constraints variables.
    Keywords: Entrepreneurship, credit constraints, access to finance, firmperformance
    Date: 2018
  6. By: Abreu, Maria (University of Cambridge); Öner, Özge (University of Cambridge, Department of Land Economy); Brouwer, Aleid (University of Groningen); van Leeuwen, Eveline (Urban Economics Group)
    Abstract: Our paper presents an empirical analysis of entrepreneurial well-being using a large-scale longitudinal household survey from the UK that tracks almost 50,000 individuals across seven waves over the period 2009–2017, as well as a number of exploratory case studies. We contribute to the existing literature by investigating how entrepreneurial well-being varies across locations along the urban-rural continuum, and across wealthy-deprived neighbourhoods. We use a Coarsened Exact Matching (CEM) approach to compare the well-being outcomes of individuals who switch into self-employment from waged employment, and show that entrepreneurial well-being, in the form of job satisfaction, is significantly higher for those living in semi-urban locations, relative to those living in urban and rural locations. We argue that semi-urban locations provide an optimal combination of ease of doing business and quality of life. Our results also show that individuals in wealthy neighbourhoods who switch into self-employment experience higher job satisfaction than otherwise comparable individuals living in materially deprived neighbourhoods, although the latter experience greater levels of life satisfaction following the switch.
    Keywords: Entrepreneurship; Well-being; Self-employment; Urban-rural; Neighbourhood effects
    JEL: E24 I13 L26 P25 R20 R23
    Date: 2018–10–30
  7. By: F.C. Stam
    Abstract: Creative destruction is important for long term economic development, but hard to target with industrial policy. How to stimulate creative destruction? In this article, we set out with a critique of existing industrial policy approaches and make a plea for a “backing challengers†industry policy, which enables the creation of innovative start-ups and Schumpeterian creative destruction. This “backing challengers†policy is least likely to fall prey to the usual information and vested interest problems of industrial policy. We construct an entrepreneurial ecosystem approach to policy, which provides a synthesis of scientific insights into entrepreneurship and economic development, and a more adequate complex system perspective on the economy. We also offer diagnostics for developing policy in consultation of and collaboration with public and private stakeholders. In this way the design and implementation of policy is informed by scientific knowledge on entrepreneurial ecosystems, but also local knowledge about the context-specific bottlenecks, and involvement of the relevant stakeholders that is necessary for a successful implementation of policy.
    Keywords: Entrepreneurial Ecosystems, Industrial Policy, Government Failures, MarketFailures, Innovative Start-ups, Creative Destruction, Tr
    Date: 2018–09
  8. By: F.C. Stam; Andrew van de Ven
    Abstract: There is growing interest in ecosystems as an approach for understanding the context of entrepreneurship at the macro level of an organizational community. It consists of all the interdependent actors and factors that enable and constrain entrepreneurship within a particular territory (Stam, 2015; Adner, 2017; Stam & Spigel, 2018). Although growing in popularity, the entrepreneurial ecosystem concept remains loosely defined and measured. This paper shows the value of taking a systems view of the context of entrepreneurship. We develop a systems framework for studying entrepreneurial ecosystems, develop a measurement instrument of its elements, and use it to examine the quality of entrepreneurial ecosystems in 12 regions of the Netherlands. We measure the quality of entrepreneurial ecosystems with an index value comprising 10 ecosystem elements and measure entrepreneurial outputs with the prevalence of high-growth firms. We find that the quality of entrepreneurial ecosystems is strongly related to entrepreneurial outputs. Strong interrelationships among the ecosystem elements also reveals their interdependence and need for a systems perspective
    Keywords: entrepreneurial ecosystems, entrepreneurship, high-growth firms
    Date: 2018–09
  9. By: Raymond C. Niles (Department of Economics and Management, DePauw University)
    Abstract: This paper identifies how capital losses are unavoidably incurred in the discovery of viable entrepreneurial ventures. Losses are proportional to the novelty and perceived profit potential of a prospective venture, exemplified by the high risk/high return nature of high technology start-ups. Venture capitalists internalize the costs and benefits of this discovery process, and set up portfolios where the majority of funded ventures unavoidably fail or earn subpar returns. They incur these losses in order to discover the one Winner venture whose outsize returns will compensate for the capital losses in the failed ventures. The investment in failing ventures is unavoidable and necessary to discover the Winner because the winning business model cannot be determined ex ante. I call this investment “Entrepreneurial Discovery Capital.” This paper hypothesizes that many industry and economy-wide cycles may be the result of such a process that occurs at a much larger scale than a single fund. Venture capital in microcosm provides a model of an economy-wide process where the decisions of myriad market participants are coordinated “as if by an invisible hand” by signals from the capital markets.
    Keywords: venture capital, business cycle, Schumpeter, discovery, innovation, high technology, entrepreneurship, cognitive
    JEL: E32 G01 G24 L26 M13 O31
    Date: 2018–10
  10. By: YAMAUCHI Isamu
    Abstract: The patentability of software dramatically expanded in the United States, European Union, and Japan during the 1990s. Using the exogenous policy change, this paper identifies the causal effect of filing software patents through the policy reform on the firms' subsequent growth. We find that small software firms as well as large firms increase software patent applications due to the expansion of patentable subject matter. However, the results show that such patent explosion has an insignificant effect on larger firms' performance, while it improves the subsequent performance of small and medium-sized enterprises (SMEs). We also find that the number of patent attorneys in the same prefecture has a significant effect only for small firms, which is the main driving factor of improving the firm's performance. These results suggest that broadening the scope of software patents does contribute to innovation, especially for SMEs with a small patent portfolio and business assets through decreasing the cost of patenting activity.
    Date: 2018–09
  11. By: Adela Luque; Maggie R. Jones
    Abstract: Self-employment is associated with entrepreneurship and a motivation to pursue an opportunity. Previous research indicates that people also become self-employed because of limited opportunities in the wage sector. Using a unique set of data that links the American Community Survey to Form 1040 and W-2 records, this paper extends the existing literature by examining self-employment duration for five consecutive entry cohorts, including two cohorts who entered self-employment during the Great Recession. Severely limited labor market opportunities may have driven many in the recession cohorts to enter self-employment, while those entering self-employment during the boom may have been pursuing opportunities under favorable market conditions. To more explicitly test the concept of "necessity" versus "opportunity" self-employment, we also examine the pre-entry wage labor attachment of entrants. Specifically, we ask whether an association exists between wage labor attachment and the duration of self-employment. We also explore whether the demographic/socio-economic characteristics and self-employment exit behavior of the cohorts are different, and if so, how. We find evidence consistent with the existence of "necessity" vs. "opportunity" self-employment types.
    Date: 2016–11
  12. By: Asongu, Simplice; Odhiambo, Nicholas
    Abstract: Purpose- This study examines how doing business affects inclusive human development in 48 sub-Saharan Africa for the period 2000-2012. Design/methodology/approach- The measurement of inclusive human development encompasses both absolute pro-poor and relative pro-poor concepts of inclusive development. Three doing business variables are used, namely: the number of start-up procedures required to register a business; time required to start a business; and time to prepare and pay taxes. The empirical evidence is based on Fixed Effects and Generalised Method of Moments regressions. Findings- The findings show that increasing constraints to the doing of business have a negative effect on inclusive human development. Originality/value- The study is timely and very relevant to the post-2015 Sustainable Development agenda for two fundamental reasons: (i) Exclusive development is a critical policy syndrome in Africa because about 50% of countries in the continent did not attain the MDG extreme poverty target despite enjoying more than two decades of growth resurgence. (ii) Growth in Africa is primarily driven by large extractive industries and with the population of the continent expected to double in about 30 years, scholarship on entrepreneurship for inclusive development is very welcome. This is essentially because studies have shown that the increase in unemployment (resulting from the underlying demographic change) would be accommodated by the private sector, not the public sector.
    Keywords: Doing Business; Inclusive Development; Entrepreneurship; Africa
    JEL: I30 M20 O10 O30 O55
    Date: 2018–01
  13. By: Petr Pleticha (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic; CERGE EI, Politickych veznu 7, 11000 Prague, Czech Republic)
    Abstract: Decelerating productivity in recent years raised questions about technology diffusion in the economy. This study focuses on one particular diffusion channel, entrepreneurship, and inspects the mechanics through which it interacts with digitalization. The composite indicator of digitalization is split into separate components which enables analyzing digitalization’s interplay with entrepreneurship as a dynamic process. Based on the econometric analysis of Eurostat regional data covering the period 2008-2015, I find significant links between digitalization and entrepreneurship. Specifically, digitalization is associated with an increase in the rate at which firms are created and with a decrease in their survival rate after 3 years. The paper demonstrates that the interaction is dynamic in its nature as the effects of initial stages of digitalization reverse or vanish in its later phases. A sectoral analysis shows the persistence of the results across industries. Moreover, there is evidence that professional, scientific and technical activities are especially sensitive towards digitalization, experiencing strong, yet short-term shock in the firms’ birth, death, and survival rates. Accounting for geographic variation reveals heterogeneity between regions but not large enough to affect the overall results.
    Keywords: Digitalization, Entrepreneurship, Technology dissemination
    JEL: L16 L26 O33 R11
    Date: 2018–10
  14. By: G.J.A. Hummels
    Abstract: This discussion paper aims to better understand what social entrepreneurship means and how it contributes to overcoming some of the greatest social and environmental challenges of our times. Based on the work of Sen and Nussbaum, the idea basic human needs – and more in particular, the idea of increasing capabilities to fulfil these needs – creates a reference point to determine the meaning of ‘social’. Apart from reinforcing these capabilities, an important dimension of ‘socialness’ is the extent to which the beneficiaries confirm that they are in a better position to fulfil these basic needs. The 18th Sustainable Development Goal (SDG) deals with the improved set of capabilities. In order to contribute to the grand challenges of our times – as expressed in the 17 existing SDGs – certain conditions in terms of innovation, scalability, and (financial) sustainability have to be met. It will require that corporations, cooperatives, large business networks and institutional investors step in and promote socially entrepreneurial initiatives to contribute to the radical change needed to fulfil the basic needs of individuals and communities. Only then will human development and a life with human dignity be able to materialize.
    Keywords: Local labour markets, Urban wage premium, Employment, Commuting, Regional aggregation
    Date: 2018
  15. By: Ryan A. Decker; John Haltiwanger; Ron S. Jarmin; Javier Miranda
    Abstract: A large literature documents declining measures of business dynamism including high-growth young firm activity and job reallocation. A distinct literature describes a slowdown in the pace of aggregate labor productivity growth. We relate these patterns by studying changes in productivity growth from the late 1990s to the mid 2000s using firm-level data. We find that diminished allocative efficiency gains can account for the productivity slowdown in a manner that interacts with the within-firm productivity growth distribution. The evidence suggests that the decline in dynamism is reason for concern and sheds light on debates about the causes of slowing productivity growth.
    Date: 2017–01
  16. By: Dalton, Patricio (Tilburg University, Center For Economic Research); Pamuk, Haki (Tilburg University, Center For Economic Research); Ramrattan, R.; van Soest, Daan (Tilburg University, Center For Economic Research); Uras, Burak (Tilburg University, Center For Economic Research)
    Abstract: What determines the adoption of electronic-payment instruments? Do these instruments impact business outcomes, in particular access to finance? To shed light on these questions, we conducted a Randomized-Controlled-Trial with Kenyan SMEs. Our experiment released barriers to adopt a novel payment instrument. We uncover that the adoption barriers were binding for a large portion of the firms and that firms' financial transparency interacted with the decision to adopt. After sixteen months, treated businesses were more likely to feel safe and had more loans. The impact on loans was especially pronounced for smaller size establishments, which also experienced a reduction in sales-volatility.
    Keywords: SME Finance; Transparency; Technology adoption; Lipa Na M-Pesa
    JEL: D22 G00 G21 O33
    Date: 2018
  17. By: Faress Bhuiyan, Muhammad (Carleton College); Ivlevs, Artjoms (University of the West of England, Bristol)
    Abstract: Microcredit has long been hailed as a powerful tool to promote livelihoods and reduce poverty through entrepreneurship. However, its impacts on people's subjective well-being remain underexplored. We present a unified theoretical framework for analyzing the effect of microcredit-enabled entrepreneurship on overall life satisfaction – a key manifestation of subjective well-being. Empirically, we apply an instrumental variable approach to a unique census-like household survey conducted in three villages of Bangladesh in 2013. In spite of having no direct effects, we find that microcredit borrowing has an indirect negative effect on overall life satisfaction, through increased worry. On a positive note, we find that female micro-borrowers experience an increase in satisfaction with financial security and achievement in life. We also provide evidence that micro-borrowers with higher levels of assets experience an increase in satisfaction with financial security.
    Keywords: microcredit, entrepreneurship, life satisfaction, happiness, depression, worry, female empowerment, Bangladesh
    JEL: I31 J16 L26
    Date: 2018–09
  18. By: Matthew Grennan; Charu Gupta; Mara Lederman
    Abstract: When firms span related product categories, spillovers across categories become central to firm strategy and industrial policy, due to their potential to foreclose competition and affect innovation incentives. We exploit major new product innovations in one medical device category, and detailed sales data across related categories, to develop a causal research design for spillovers at the customer level. We find evidence of spillovers, primarily associated with complementarities in usage. These spillovers imply large benefits to multi- vs. single-category firms, accounting for nearly one quarter of sales in the complimentary category (equivalent to four percent of revenue in the focal category).
    JEL: D22 D4 D43 D62 I11 K21 L1 L13 L25 L38 L4 L5 M2 M21 O25 O31 O32 O33
    Date: 2018–10
  19. By: Jan Hagemejer (Narodowy Bank Polski; University of Warsaw; Group for Research in Applied Economics (GRAPE)); Joanna Tyrowicz (Group for Research in Applied Economics (GRAPE); University of Warsaw)
    Abstract: Early transition literature linked large number of firm failures with the inability to overcome the pre-transition misallocation of resources, i.e. the inadequate capital-labor ratio. We look at the link between misallocation and firm survival using a rich firm-level dataset of over 1600 manufacturing plants established in a centrally planned economy after 1945. Our duration models include the standard Olley-Pakes misallocation measures as well as firm-level counterfactual level of capital that takes into account the present day market allocation and productivity. We show that i) misallocation was rather a firm-level than sector-level phenomenon and more importantly ii) it did not have a sizeable effect on the actual firm survival. Moreover, privatization tends to be negatively related to firm survival. This may imply both inappropriate self-selection into privatization programs and possibly inadequate implementation of the privatization.
    Keywords: misallocation, privatization, transition
    JEL: P31 D24 O47
    Date: 2018
  20. By: Qi-lin Cao; Hua-yun Xiang; You-jia Mao; Ben-zhang Yang
    Abstract: This paper studies the extent to which social capital drives performance in the Chinese venture capital market and explores the trend toward VC syndication in China. First, we propose a hybrid model based on syndicated social networks and the latent-variable model, which describes the social capital at venture capital firms and builds relationships between social capital and performance at VC firms. Then, we build three hypotheses about the relationships and test the hypotheses using our proposed model. Some numerical simulations are given to support the test results. Finally, we show that the correlations between social capital and financial performance at venture capital firms are weak in China and find that China's venture capital firms lack mature social capital links.
    Date: 2018–10
  21. By: Jaroslav Belas (Tomas Bata University in Zlín); Martin Cepel (Paneuropean University in Bratislava); Anna Kotaskova (Paneuropean University in Bratislava)
    Abstract: The aim of this paper was to evaluate the quality of the business environment in the segment of small and medium-sized enterprises (SMEs) in the Czech and the Slovak Republic. In regards to the defined aim a survey-based research was conducted with enterprises operating in the SME segment. Responses from 312 enterprises in the Czech Republic and 329 enterprises in Slovak Republic were obtained via an online questionnaire during this research. The research brought some interesting findings. The evaluation of the business environment in both countries is relatively negative. The current risk rate of the business environment received a more positive rating in both countries. Significant differences in entrepreneurs? notions were discovered when evaluating the development of business environment in the recent past. Entrepreneurs of both countries were rather skeptical in evaluating the current quality of business environment in regards to starting a business.
    Keywords: business environment, quality of business environment, Czech Republic, Slovak Republic
    JEL: L26
    Date: 2018–07
  22. By: Ahmad Yaghoubi Farani (Bu-Ali Sina University); Atieh Soleymani (Bu-Ali Sina University, Hamedan, Iran)
    Abstract: Entrepreneurship oriented education would help university graduates find a job or start a new career. That is why universities try to manage entrepreneurship education in order to improve entrepreneurial knowledge and skills of students. In Iran, universities focused on entrepreneurship education during last decades. The main purpose of this article was to investigate how universities can play an effective role in entrepreneurial education in order to improve entrepreneurial knowledge and skills of their students. In this survey, a group of 110 academics out of an access population (N=382) of Bu-Ali Sina academic staff (Hamedan province, IRAN) were randomly selected. A questionnaire was designed and then validated asking a panel of experts for their comments. Reliability of the instrument calculated to be 0.90 in alpha Cronbach?s scale. Results of the enquiry indicated that cooperation of universities with other local organizations (like outreach programs), elaborately directed apprenticeship courses, up-to- date educational content (in response to cutting edge technologies) and use of creativity- focused methods of teaching were mentioned to be the most effective ways for enhancing entrepreneurial knowledge and skills of students. Based on exploratory factor analysis, a number of activities such as informing and motivating toward entrepreneurship, career education and Curriculum revitalization proved to be the most influential factors for improving students? entrepreneurship knowledge and skills. At the End, some recommendation was introduced for universities in planning and implementing entrepreneurship education program.
    Keywords: Entrepreneurship, Entrepreneurship Education, Entrepreneurial Knowledge, Entrepreneurial Skills.
    Date: 2018–07
  23. By: Carlos Alberto Mendoza Saad (Universidad Cooperativa de Colombia); Martha Liliana Torres-Barreto (UDI - Universidad de Investigación y Desarrollo)
    Abstract: Entrepreneurial orientation and dynamic capabilities are a set of variables that influence one way or another within the business performance of organizations. When performing an analysis and review of the literature it can be noticed that numerous studies point to a positive relationship between this set of variables discussed above and the need to promote one or the other to increase business performance. That is why this research aims to show a conceptual approach to the notions of each of the exposed variables and interrelationships between each and a theoretical model is exposed variables to be measured, which will serve as the baseline for an empirical investigation.
    Keywords: business performance,Entrepreneurial Orientation,dynamic capabilities
    Date: 2018–10–11
  24. By: Diallo, Boubacar; Thiongane, Mamaye
    Abstract: The purpose of our work is to identify and understand the explanatory factors of a possible satisfaction of the demand for SME bank credit. To carry out this work, we used a multinomial logit model with as endogenous variable the different types of companies having accessed the credit "TPE, PE, ME, GE" and as base 0 that is to say companies belonging to these categories of companies and did not obtain bank financing. The estimate is based on LAREM survey data from 673 companies located in the region of Dakar, Thiés and SaintLouis. Estimates reveal that the cost of financing the loan is a constraint for Senegalese SMEs when they want to use bank credit to finance their activities while the level of study of the manager and the profitability of the activities through the net profits released impact positively the probability of accessing bank credit.
    Keywords: SME; Access to credit; Financing cost; Leader's level of education; Profit
    JEL: C25 G21 L25
    Date: 2018

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