nep-ent New Economics Papers
on Entrepreneurship
Issue of 2022‒11‒07
twenty-one papers chosen by
Marcus Dejardin
Université de Namur

  1. Covid-19 and the self-employed - A two year update By Robert Blackburn; Stephen Machin; Maria Ventura
  2. Learning to Learn : Experimentation, Entrepreneurial Capital, and Development By Maloney,William F.; Zambrano,Andrés
  3. Childcare, COVID-19 and Female Firm Exit : Impact of COVID-19 School Closure Policies onGlobal Gender Gaps in Business Outcomes By Goldstein,Markus P.; Gonzalez Martinez,Paula Lorena; Papineni,Sreelakshmi; Wimpey,Joshua Seth
  4. The Impact of Internet Access on Innovation and Entrepreneurship in Africa By Houngbonon,Georges Vivien; Mensah,Justice Tei; Traore,Nouhoum-000531164
  5. Can Business Grants Mitigate a Crisis ? Evidence from Youth Entrepreneurs in Kenya during COVID-19 By Domenella,Yanina Eliana; Jamison,Julian C; Safir,Abla; Zia,Bilal Husnain
  6. The Impact of Corruption on SMEs’ Access to Finance : Evidence Using Firm-Level Survey Data fromDeveloping Countries By Amin,Mohammad; Motta,Vctor
  7. Social push and the direction of innovation By Elias Einio; Josh Feng; Xavier Jaravel
  8. The impact of SMEs on employment creation in Makurdi metropolis of Benue state By Bridget Ngodoo Mile; Victor Ushahemba Ijirshar; Mlumun Queen Ijirshar
  9. Does Competition from Informal Firms Impact R&D by Formal SMEs ? Evidence Using Firm-Level Survey Data By Amin,Mohammad
  10. Revisiting the moderation effect of network on the export barrier –export performance in the Cameroon context By Sam Z. Njinyah; Sally Jones; Simplice A. Asongu
  11. The impact of fintech lending on credit access for U.S. small businesses By Giulio Cornelli; Jon Frost; Leonardo Gambacorta; Julapa Jagtiani
  12. Informal Firms in Mozambique : Status and Potential By Aga,Gemechu A.; Campos,Francisco Moraes Leitao; Conconi,Adriana; Davies,Elwyn Adriaan Robin; Geginat,Carolin
  13. Digital Payments and Business Resilience : Evidence in the Time of COVID-19 By Camara,Youssouf
  14. Short-Term Impacts of Targeted Cash Grants and Business Development Services : Experimental Evidencefrom Entrepreneurs in Burkina Faso By Grimm,Michael; Soubeiga,Sidiki; Weber,Michael
  15. Managerial input and firm performance. Evidence from a policy experiment By Francesco Manaresi; Alessandro Palma; Luca Salvatici; Vincenzo Scrutinio
  16. The Impacts of COVID-19 on Racial Inequality in Business Earnings By Robert W. Fairlie
  17. The role of mobile money adoption in moderating the influence of access to finance in firm performance By Sam Njinyah; Simplice A. Asongu; Sally Jones
  18. The effects of COVID-19 on businesses key versus non-key firms By Stemmler, Henry.
  19. Institutional Voids, Capital Markets and Temporary Migration : Evidence from Bangladesh By Bossavie,Laurent Loic Yves; Görlach,Joseph-Simon; Ozden,Caglar; Wang,He
  21. El emprendimiento juvenil: Factores determinantes en Europa By Buil, Carlos

  1. By: Robert Blackburn; Stephen Machin; Maria Ventura
    Abstract: The fifth LSE-CEP survey of the self-employed of May 2022 provides an up to date picture of how Covid-19 and its aftermath keep affecting the self-employed. The findings show that, although working on average a little more, incomes and profits of these workers have not recovered from the hit of the pandemic. In fact, they are now suffering from the new pressure of the rising costs of energy, which has become a matter of main concern for the growth of small and medium businesses. Overall, the results suggests that the already slow recovery of the self-employed from the effects of Covid-19 is in jeopardy because of new challenges.
    Keywords: self-employment, labour markets, covid-19, prices
    Date: 2022–07–28
  2. By: Maloney,William F.; Zambrano,Andrés
    Abstract: This paper models an entrepreneur’s choice between investing in a safe activity or experimentingwith a new risky one, and how much to invest in the “entrepreneurial capital” that would permit more effectiveuse of the arriving information on the latter- how much to learn how to learn. Optimal investment in entrepreneurialcapital depends the expected return on the risky activity. It can lead to three learning regimes, two of which cangenerate a development trap where firms and countries are unable to assess the potential of newly arrivingtechnologies and hence grow more slowly. The first arises purely because it is too expensive to learn to learn, thesecond because the returns to the new activity are so high that they obviate the need to distinguish between activitiesand hence invest in entrepreneurial capital. The paper draws on historical evidence to show how the model offers insightsinto three understudied features of the industrialization process in the Western Hemisphere at the beginning of the20th century: the disproportionate influence of immigrant/foreign entrepreneurs in driving industrializationin Latin America; the emergence of selective exceptions tothis pattern, as well as episodes of entrepreneurial retrogression; and the differing effects of similar economicstructures across countries that suggest the possibility of a learning-displacing resource curse. The model can simulatethe respective decline and boom in the Chilean and US copper industries at the turn of the century, arising either frominitially high relative returns or low initial endowments of entrepreneurial capital in the latter.
    Keywords: Mining & Extractive Industry (Non-Energy),Primary Metals,International Trade and Trade Rules,Private Sector Economics,Private Sector Development Law,Marketing
    Date: 2021–12–20
  3. By: Goldstein,Markus P.; Gonzalez Martinez,Paula Lorena; Papineni,Sreelakshmi; Wimpey,Joshua Seth
    Abstract: This paper estimates the impact of a large negative childcare shock on gender gaps inentrepreneurship using the shock created by national COVID-19 school closure policies. The paper leverages aunique data set of monthly enterprise data collected from a repeated cross-section of business owners across 50countries via Facebook throughout 2020 and in 2021. The paper shows that, globally, female-led firms were, onaverage, 4 percentage points more likely to close their business and experienced larger revenue declines thanmale-led firms during the COVID-19 pandemic in 2020 (male firms closed at a rate of 17 percent in 2020, and 12 percentin 2021). The gender gap in firm closures persisted into 2021. The closing of schools, a key part of the careinfrastructure, led to higher business closures, and women with children were more likely to close their business inresponse to a school closure policy than men with children. Female entrepreneurs were found to take on a greater shareof the increase in the domestic and care work burden than male entrepreneurs. Finally, the paper finds that womenentrepreneurs in societies with more conservative norms with respect to gender equality were significantly more likely toclose their business and increase the time spent on domestic and care responsibilities in response to a school closurepolicy, relative to women in more liberal societies. The paper provides global evidence of a motherhood penalty andchildcare constraint to help explain gender inequalities in an entrepreneurship context.
    Date: 2022–04–20
  4. By: Houngbonon,Georges Vivien; Mensah,Justice Tei; Traore,Nouhoum-000531164
    Abstract: This paper investigates the effects of access to high-speed internet on innovation andentrepreneurship in Africa. The identification strategy exploits the staggered arrival of submarine internet cablesto the coast of Africa and the subsequent rollout of terrestrial fiber network across the continent. The findingsshow a positive effect of access to high-speed internet on innovation at the firm level, with availability of digitalskills within the firm playing a key role in the internet-innovation nexus. The paper also finds evidence ofinternet-induced entrepreneurship: the probability that a household establishes a non-farm business increases whenconnected to the internet. However, the increase in entrepreneurial activities is largely concentrated in theservice sector.
    Keywords: Marketing,Private Sector Development Law,Private Sector Economics,Labor Markets,Common Carriers Industry,Food & Beverage Industry,General Manufacturing,Pulp & Paper Industry,Construction Industry,Business Cycles and Stabilization Policies,Textiles, Apparel & Leather Industry,Plastics & Rubber Industry,Telecommunications Infrastructure,Information Technology
    Date: 2022–02–23
  5. By: Domenella,Yanina Eliana; Jamison,Julian C; Safir,Abla; Zia,Bilal Husnain
    Abstract: COVID-19 was a major shock to youth entrepreneurs and their businesses in Kenya. This paperstudies the causal impact of grants—worth two months of baseline business revenue—and business development servicesas potential mitigation measures. Using multiple rounds of phone surveys up to seven months from the start of thepandemic, the analysis finds that youth who are assigned business grants or a combination of grants and businessdevelopment services are significantly more likely to maintain a business, earn more revenue and profits, retainemployees, and report higher confidence and satisfaction with life. There are no corresponding effects of businessdevelopment services alone, although the follow-up period is extremely short for training effects to materialize. Theseresults suggest that cash infusion for young entrepreneurs in times of an aggregate shock can be instrumental inmoderating its immediate harmful impacts.
    Keywords: Enterprise Development & Reform,Business Development Services,Climate Change Mitigation and Green House Gases,Private Sector Development Law,Marketing,Private Sector Economics,Labor Markets
    Date: 2021–12–07
  6. By: Amin,Mohammad; Motta,Vctor
    Abstract: The present paper estimates the impact of bureaucratic corruption on access to finance ofsmall and medium-size enterprises in 114 developing countries. Corruption can hurt small and medium-sizeenterprises’ access to finance by lowering profits, increasing credit demand, increasing bankruptcy chances,creating uncertainty about the firm’s future profit, and exacerbating the asymmetric information problem betweenborrowers and lenders. Consistent with this view, the findings show a large adverse effect of higher corruption onsmall and medium-size enterprises’ access to finance. An increase in corruption from its smallest to highest valueincreases the likelihood of small and medium-size enterprises being financially constrained from 6.9 to 10.9percentage points. The analysis uncovers several heterogeneities in the corruption-finance relationship. Forinstance, the adverse effect of corruption on access to finance is much less in countries where financialinstitutions protect the rights of borrowers and lenders are stronger, laws provide for better credit information, andcredit bureaus exist. The paper argues that these heterogeneities derive from the specific ways in whichcorruption impacts access to finance. Thus, they help to raise confidence against endogeneity concerns about the mainresults. Other heterogeneities uncovered suggest that corruption is more harmful to firms more that, absentcorruption, are known to enjoy better access to finance, such as male versus female owned firms, relatively largefirms, and better performing firms. The results have important policy implications for the growth of small andmedium-size enterprises in the developing world.
    Keywords: Financial Sector Policy,Access to Finance,Legal Institutions of the Market Economy,Business Environment,Electric Power
    Date: 2021–10–19
  7. By: Elias Einio; Josh Feng; Xavier Jaravel
    Abstract: Innovators are intrinsically-motivated individuals who use ideas to create new goods and services. This raises the possibility that their social backgrounds may affect the direction of their innovative activity. Consistent with this "social push" channel, we document that innovators create products that are more likely to be purchased by customers similar to them along observable dimensions including gender, age, and socioeconomic status, both across and within detailed industries. Next, we provide causal evidence that social experience affects the direction of a person's innovative activity. Specifically, being exposed to peers from a lower-income group increases an entrepreneur's propensity to create necessity products, without affecting her rates of entrepreneurship and entrepreneurial income. We incorporate this channel into a general equilibrium model to assess its implications for cost-of-living inequality and long-run growth when there is unequal access to the innovation system.
    Keywords: innovators social background, social push
    Date: 2022–07–13
  8. By: Bridget Ngodoo Mile; Victor Ushahemba Ijirshar; Mlumun Queen Ijirshar
    Abstract: SMEs remain a veritable tool that generates employment opportunities. This study examined the impact of SMEs on employment creation in the Makurdi metropolis of Benue state. A sample size of 340 entrepreneurs was chosen from the population of entrepreneurs (SMEs) in the Makurdi metropolis. The study used logistic regression to analyse the impact of SME activities on employment creation or generation in the state and found that SMEs contribute significantly to employment creation in the state but are often faced with the challenges of lack of capital, absence of business planning, lack of confidence in the face of competition, unfavorable environment for the development of SMEs, high government taxes and inadequate technical knowledge. The study therefore recommended that the government should implement capital or credit enhancing programmes and an enabling environment for smooth running of the SMEs. Tax incentives should also be granted to infant enterprises, and tax administration should be monitored to avoid excessive tax rates imposed by tax collectors.
    Date: 2022–09
  9. By: Amin,Mohammad
    Abstract: The informal sector is an important source of livelihoods and jobs for a vast majority of peoplein developing countries. However, there is concern that it may undermine growth and development of the formal sector.For instance, the growth literature indicates that research and development activity and innovation are a key driver oflong-term growth. How does the competition that formal sector firms face from informal sector firms affect researchand development activity by the formal firms The present paper attempts to answer this question using firm-levelsurvey data for small and medium-size enterprises in a large cross-section of mostly developing countries. The resultsshow that higher informal competition leads to greater a likelihood of spending on research and development by formalfirms. For the most conservative baseline specification, a one standard deviation increase in informal competitionleads to an increase of 5.2 percentage points in the likelihood of spending on research and development by formalfirms. This is a large increase given that less than 18 percent of the firms in the sample engage in research anddevelopment activity. Further, consistent with the “parasite” view of informality, the positive impact ofinformal competition on research and development activity is magnified when the business environment is less conducive tooperating in the formal sector compared with informal sector due to factors such as higher corruption, weaker rule oflaw, more burdensome business regulations, and a higher tax rate on profits. As expected, there is no impact of informalcompetition on research and development activity among large firms. The main findings are robust to several controls,alternative specifications, and endogeneity checks.
    Keywords: Labor Markets,Business Environment,Financial Sector Policy,Legal Products,Judicial System Reform,Regulatory Regimes,Legal Reform,Legislation,Social Policy
    Date: 2021–11–30
  10. By: Sam Z. Njinyah (Manchester Metropolitan University, UK); Sally Jones (Manchester Metropolitan University, UK); Simplice A. Asongu (Yaoundé, Cameroon)
    Abstract: The performance of small and medium size enterprises (SMEs) is an important determinant of economic development, especially in developing countries like Cameroon. However, due to financial constraints, SMEs in Cameroon do face significant challenges to exporting, which affect their export performance. Many SMEs develop relationships with financial institutions to benefit from loans to overcome export barriers. However, there is no evidence as to whether such benefits help them overcome the limitations of their financial constraints to improve their export performance. Using data from the World Bank Enterprise Survey 2016 in Cameroon, we examine the moderation effect of loans as a benefit of networks on the relationship between financial constraints and export performance for SMEs in Cameroon using regression analysis. Our results show that financial constraints negatively affect export performance. The moderation effect was significant but negative which means the benefit of network (loans) was not enough to offset the negative effect of financial constraints on export performance. Studies on export barriers and export performance for SMEs in Cameroon are scarce and our research provides some policy and managerial implications to help SME exporting in Cameroon.
    Keywords: Export barriers, Lack of finance, Network, Export performance, and Cameroon
    Date: 2022–01
  11. By: Giulio Cornelli; Jon Frost; Leonardo Gambacorta; Julapa Jagtiani
    Abstract: Small business lending (SBL) plays an important role in funding productive investment and fostering local economic growth. Recently, nonbank lenders have gained market share in the SBL market in the United States, especially relative to community banks. Among nonbanks, fintech lenders have become particularly active, leveraging alternative data for their own internal credit scoring. We use proprietary loan-level data from two fintech SBL platforms (Funding Circle and LendingClub) to explore the characteristics of loans originated pre-pandemic (2016-2019). Our results show that fintech SBL platforms lent more in zip codes with higher unemployment rates and higher business bankruptcy filings. Moreover, fintech platforms' internal credit scores were able to predict future loan performance more accurately than the traditional approach to credit scoring, particularly in areas with high unemployment. Using Y-14M loan-level bank data, we also compare fintech SBL with traditional bank business cards in terms of credit access and interest rates. Overall, fintech lenders have a potential to create a more inclusive financial system, allowing small businesses that were less likely to receive credit through traditional lenders to access credit and to do so at lower cost.
    Keywords: fintech credit, peer-to-peer (P2P) lending, marketplace lending, small business lending (SBL), Funding Circle, LendingClub, alternative data, credit access, credit scoring.
    JEL: G18 G21 G28 L21
    Date: 2022–09
  12. By: Aga,Gemechu A.; Campos,Francisco Moraes Leitao; Conconi,Adriana; Davies,Elwyn Adriaan Robin; Geginat,Carolin
    Abstract: In most countries in Africa, the informal sector is large and exhibits low levels of productivity compared to the formal economy: informal firms are typically small, inefficient, and run by entrepreneurs with low levels of education. This paper presents novel representative firm-level data collected on informal firms in the three largest cities of Mozambique, as well as data of microenterprises, formally registered businesses with less than 5 employees, the segment of the private sector that compares best to informal firms. Compared to formal microenterprises, informal firms sell about 14 times less, make 17 times lower profits and are 2–3 times less productive. Almost two-thirds (61 percent) of these performance gaps can be explained by differences in firm characteristics: informal firms are smaller and have limited skills, adapt fewer good business practices, use less capital and production inputs and are less likely to have access to finance. The rest of the productivity gap is explained by differential returns. Despite this “duality” between formality and informality, there is nevertheless a small but significant group of informal enterprises (7.6 percent of informal firms, representing 10.6 percent of employment in the informal sector) that in their characteristics and productivity levels are similar to formal microenterprises. Policies should take this heterogeneity into account.
    Keywords: Financial Sector Policy,Business in Development,Labor Markets,Common Carriers Industry,Plastics&Rubber Industry,Construction Industry,General Manufacturing,Textiles, Apparel&Leather Industry,Pulp&Paper Industry,Business Cycles and Stabilization Policies,Food&Beverage Industry
    Date: 2021–06–24
  13. By: Camara,Youssouf
    Abstract: During the COVID-19 pandemic, consumers were encouraged to use contactless payments. An important policy question is whether merchants with contactless payment technology are more resilient to an external health shock than those without. Using a matched difference-in-differences setting on unique merchant card-sales transaction data, this study finds that merchants with contactless payment technology increase their card-sales amount (count) on average by 8.3 percent (10.2 percent) compared with merchants without this technology. It also finds evidence that accepting contactless payment during an epidemic shock helps merchants attract more new consumers. Digital payment technology continues to support sales growth, especially for small businesses and new entrepreneurs.
    Keywords: Public Health Promotion,Health Care Services Industry,Financial Sector Policy,Information Security&Privacy
    Date: 2021–05–17
  14. By: Grimm,Michael; Soubeiga,Sidiki; Weber,Michael
    Abstract: Most support programs targeted at small firms in low- and middle-income countries fail togenerate transformative effects at a large scale due to poor targeting, too little flexibility, and the limited size ofthe support, among others. This paper assesses the short-term effects of a randomized targeted governmentsupport program for small and medium-size firms that were selected based on a business plan competition. One groupreceived large cash grants of up to US$8,000, with flexible conditions of use. A second group received grants of anequally important size but earmarked to business development services and thus less flexible and with a required owncontribution of 20 percent. A third group served as a control group. All the firms operate in agribusiness orrelated activities in a semi-urban area. An assessment of the short-term impacts shows that beneficiaries of cashgrants engage in better business practices, such as formalization and bookkeeping. They also invest more. Yet,this does not translate into higher profits and employment. There is no effect on investment and business practicesamong beneficiaries of grants for business development services. Yet, both treatment groups show a higher abilityto innovate relative to the control group. The results also show that cash grants cushioned the adverse effects of theCOVID-19 pandemic. A further round of data collection will soon allow assessing the longer-term effects of theinterventions, which may differ from the short-term effects analyzed here as both interventions may need time to unfoldtheir full effects.
    Keywords: Livestock and Animal Husbandry,Labor Markets,Financial Sector Policy,Food Security
    Date: 2021–12–09
  15. By: Francesco Manaresi; Alessandro Palma; Luca Salvatici; Vincenzo Scrutinio
    Abstract: We study the effects of a subsidy program designed to boost small and medium enterprises' export capabilities through a Temporary Export Manager (TEM), hired for at least 6 months to provide consulting on how to reach foreign markets. Firms applied online for the subsidy and vouchers to hire TEMs were allocated on a first-come, first-served basis. We use a difference-in-differences design to compare the performances of firms that nearly got the subsidy with those that barely did not. Eligible firms experienced a large increase in revenues, return on equity, profits and value added per employee, accompanied by a significant growth in export in extra-EU markets four years after receiving the subsidy. The gains were larger for the least productive and smaller firms and effects were heterogeneous across TEM providers. TEMs were also effective in stimulating 'good' labor demand: besides intensifying exports, firms increased their workforce by nearly 13%, mainly in full-time and permanent employees. Results of a survey conducted on TEM providers confirm our econometric results and revealed that the benefits of voucher extended beyond the initial subsidized service.
    Keywords: SMEs, export subsidy, labor demand, natural experiment, click-day
    Date: 2022–10–05
  16. By: Robert W. Fairlie
    Abstract: Many small businesses have closed, lost revenues, or downsized as a response to health and economic disruptions caused by COVID-19. But, were economic losses in the pandemic disproportionately felt by businesses owned by people of color? This paper provides the first study of the impacts of COVID-19 on racial inequality in business earnings. Pandemic-induced losses to business earnings in 2020 were 16-19 percent for all business owners. Racial inequality increased in the pandemic: Black business owners experienced larger negative impacts on business earnings of 12-14 percent relative to white business owners. Regression estimates for Latinx and Asian business owners reveal negative point estimates but the estimates are not statistically significant. Using Blinder-Oaxaca decompositions and a new pandemic-focused decomposition technique, I find that the industry concentrations of Black, Latinx, and Asian business owners placed each of these groups at a higher risk of experiencing disproportionate business earnings losses in the pandemic. Higher education levels among Asian business owners helped insulate them from larger losses from COVID-19. Finally, differential exposure to COVID case rates, business closure policies, and mask mandates did not contribute to racial inequality in business earnings losses.
    JEL: J15 J3 L26
    Date: 2022–10
  17. By: Sam Njinyah (Manchester Metropolitan University, UK); Simplice A. Asongu (Yaoundé, Cameroon); Sally Jones (Manchester Metropolitan University, UK)
    Abstract: Africa is becoming the fastest-growing continent despite significant challenges to accessing finance and the use of technology. This research aims to examine the direct effect of mobile money adoption on firm performance and its indirect effect by examining how it moderates the effect of access to finance on firm performance. Quantitative data were obtained from the World Bank Enterprise Survey for Cameroon, Ivory Coast and Zimbabwe. A series of hierarchical regression analyses were done to test the hypotheses. The main findings show a negative significant relationship between mobile money adoption and firm performance while access to finance had a positive relationship. The moderation effect though positive was not significant. Research examining the effect of mobile money adoption in Africa on firm performance is limited and existing studies have focused on the determinants of mobile money usage.
    Keywords: Mobile money, Access to Finance, Firm Performance, Resource-based view, Sub Saharan Africa
    Date: 2022–01
  18. By: Stemmler, Henry.
    Abstract: During the COVID-19 pandemic, governments designated specific services as “essential,” which allowed firms operating in those sectors to remain (partially) open as well as being granted other preferential treatment. This paper analyses the effects of the key-status, by mapping the countries’ lists to the sectoral level, and matching these sectors with firm-level Covid-19 survey data from 27 countries. The findings reveal that, controlling for a rich set of firm-level and sectoral characteristics, firms deemed key less often reported declining sales and demand for their goods or services, and had a smaller number of furloughed workers. Nonetheless, non-key firms were more likely to employ online business activities and to change the main product or service they offered, reflecting the necessity to otherwise adjust to the economic downturn and changes in demand.
    Keywords: enterprise, productivity, business strategy, COVID-19
    Date: 2022
  19. By: Bossavie,Laurent Loic Yves; Görlach,Joseph-Simon; Ozden,Caglar; Wang,He
    Abstract: Limited access to credit due to poorly functioning institutions is a key constraint tobusiness creation. This paper examines the role played by temporary migration in addressing the institutional void oflimited access to loans by aspiring entrepreneurs. Using rich data from one of the major migrant-sending countriesglobally, Bangladesh, it provides evidence on how migration is employed as a common intermediate step to accumulate thecapital required for entrepreneurship. The paper offers, for the first time, a detailed account of the financial costsand returns to temporary migration as a risky investment. It shows that international migration shares many commonfeatures with classical entrepreneurial investments: it requires the payment of a considerable upfront cost,generates high returns, and is risky. The paper shows that temporary migrants usually get high returns from theirmigration episode and are often successful in starting entrepreneurial activities back home, thanks to fasteraccumulation of savings overseas. Given the similarities shared by Bangladesh and other major migrant-sendingcountries globally, the key findings of the paper are relevant beyond the Bangladeshi context studied by this paper.
    Keywords: Employment and Unemployment,Trade and Services,Private Sector Development Law,Marketing,Private Sector Economics,Labor Markets
    Date: 2022–02–07
  20. By: Joseph Denis Njayou Oyong (VALLOREM - Val de Loire Recherche en Management - UO - Université d'Orléans - UT - Université de Tours)
    Abstract: Objectif: cet article de recherche vise à mettre en évidence les représentations qu'ont les investisseurs particuliers du marché de l'equity crowdfunding. Methodologie: Par une démarche exploratoire, nous avons mené 17 entretiens semi-directifs auprès d'investisseurs ayant participé à des campagnes de financement en ECF. Les données sont exploitées sur logiciel NVIVO 11 en utilisant des grilles d'analyse thématiques. Résultats: Nous montrons que les investisseurs particuliers se représentent le marché de l'ECF comme étant positif et utile au regard des projets qui s'y financent. Plusieurs raisons soutiennent les risques financiers pris par les investisseurs particuliers notamment l'accoutumance aux risques financiers, la prise en considération des difficultés des entrepreneurs, et le partage des risques avec les entrepreneurs et les plateformes. Enfin, il existe une relation d'influence et de confiance entre les plateformes d'ECF et les investisseurs particuliers qui poussent ces derniers à un comportement de suivisme. Practical implications: Nous notons que les décisions d'investissement des particuliers sont soutenues par facteurs subjectifs, des affinités personnelles et des erreurs cognitives qui sont de nature à biaiser leurs décisions d'investissement. Originalité: Notre recherche apporte une représentation post investissement du marché de l'ECF, en soulignant le ressenti et l'intérêt que portent les investisseurs particuliers pour ce mode de financement.
    Keywords: Equity crowdfunding (ECF),Crowdfunding (CF),Crowdfunders,retail investors,Financement participatif par capital
    Date: 2022–06–30
  21. By: Buil, Carlos
    Abstract: The main objective is to know the main theoretical concepts of entrepreneurship, in order to better understand the current entrepreneurial situation, and the main variables that influence the probability that a young person is involved in entrepreneurial activities. Entrepreneurship today is essential for development, both economically and socially, which is why young entrepreneurs must take the initiative to start a business. This project aims to encourage and develop entrepreneurship in young people, as it is important to promote their autonomy and improvement in life. From this, we talk about the types of entrepreneurship, the entrepreneurial situation in Spain and the rest of Europe, the advantages it has, the benefits, and the main variables that condition them to start a new business. Therefore, it will not only try to encourage young people, but also to understand the importance of entrepreneurship in education, as it is key for the new generations to keep in mind this concept, and be able to innovate, create and adapt to new changes.
    Keywords: Emprendimiento juvenil, factores determinantes, Europa.
    JEL: J23 J62
    Date: 2022–10–07

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