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on Entrepreneurship |
| By: | Arrighetti, Alessandro; Foresti, Giovanni; Fumagalli, Serena; Giusti, Sara; Lasagni, Andrea |
| Abstract: | This paper challenges the widespread assumption that migrant-owned firms inevitably suffer from persistent performance disadvantages due to structural liabilities. Using a matched-sample design based on firm-level administrative data for the period 2019–2023, we compare migrant- and native-owned enterprises across multiple performance dimensions, including value added, sales, total assets, and employment growth. While descriptive statistics confirm migrant-owned firms’ lower capital intensity and value added levels, our regression estimates reveal no evidence of a systematic performance disadvantage associated with the Liability of Foreignness (LoF). Moreover, when LoF and other liabilities (Liability of Newness, LoN, and Liability of Smallness, LoS) are jointly considered, interaction effects are either neutral or positive. In particular, young migrant firms (LoF × LoN) and micro-sized migrant firms (LoF × LoS) often outperform native-owned enterprises’ in growth indicators. These results seem to suggest that eventual disadvantages caused by the Liability of Foreignness can be offset by some strategic assets, such as transnational networks, flexibility, and adaptive capabilities, that usually characterized migrant-owned firms. The findings contribute to a more context-sensitive understanding of migrant entrepreneurship, with implications for both theory and policy. |
| Keywords: | Migrant entrepreneurship, Native firms, Liability of Foreignness, Liability of Newness, Liability of Smallness, Growth, Performance, Matched-pair Analysis |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:335547 |
| By: | Giulio Valerio Corbelli (Department of Economics and Management, University of Ferrara) |
| Abstract: | This study provides a comprehensive bibliometric analysis of the academic literature on sustainable startups, mapping the evolution, structure, and thematic orientation of the field in the decade following the introduction of the United Nations Sustainable Development Goals (SDGs). Using a dataset of 984 peer-reviewed journal articles indexed in Scopus between 2015 and 2025, the analysis combines descriptive indicators with network-based techniques, including co-citation, co-authorship, and keyword co-occurrence analyses. The results reveal a sharp and sustained growth in scholarly attention to sustainable startups, accompanied by increasing geographic diversification and interdisciplinary engagement within the social sciences. While publication output is concentrated in a limited number of countries and journals—most notably sustainability-oriented and energy-focused outlets—the intellectual structure of the field is organized around six main thematic clusters, spanning entrepreneurial ecosystems, eco-innovation and circular economy, sustainable business models, digitalization, energy and climate change, and social responsibility. A small number of highly influential authors and research groups play a central bridging role, facilitating knowledge diffusion across otherwise fragmented research streams. Beyond documenting publication trends, this bibliometric mapping clarifies the conceptual boundaries of sustainable startup research and highlights persistent gaps, particularly the limited integration of sustainability-oriented startups into core entrepreneurship theory and the lack of standardized approaches to measuring environmental and social impact. By explicitly acknowledging the trade-offs inherent in bibliometric indicators— especially with respect to journal reputation and non-measurable qualitative dimensions—this study positions bibliometrics as a complementary tool for framing and contextualizing empirical research rather than as a normative evaluation of scientific quality. Overall, the findings depict a rapidly maturing research field in which sustainable startups are increasingly recognized as key agents of systemic transition, linking innovation, entrepreneurship, and sustainability. The study offers a structured and replicable overview that informs future theoretical development and empirical investigation in sustainability-oriented entrepreneurship. |
| Keywords: | Sustainable startups; Sustainable entrepreneurship; Bibliometric analysis; Circular economy; Sustainable business models; Innovation; SDGs |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:srt:wpaper:0226 |
| By: | FUKAO, Kyoji; KIM, YoungGak; KWON, Hyeog Ug |
| Abstract: | This study examines the dynamics of total factor productivity (TFP) by firm size to clarify the recent drivers of productivity growth in the Japanese economy, utilizing firm-level financial data from Teikoku Databank (TDB) spanning the years 1999 to 2020. In particular, we examine Japan’s distinctive “negative exit effect” by differentiating among various types of firm exit, including bankruptcy, closure, dissolution, and mergers. Our analysis shows that while within-firm productivity improvements at large firms played a dominant role in driving productivity growth through the 2000s, reallocation effects have become increasingly important since the 2010s. Notably, a substantial share of high-productivity firms exited the market through mergers, accounting for nearly half of the overall negative exit effect. Furthermore, while TFP among acquiring firms tends to stagnate in the short term after mergers, their labor productivity shows a significant and sustained increase, likely driven by capital deepening. These findings provide new insights into the shifting drivers of productivity growth in Japan—from within-firm productivity growth to market-driven resource reallocation—as well as into firm-size heterogeneity and the role of mergers in shaping productivity dynamics. |
| Keywords: | productivity dynamics, firm size heterogeneity, negative exit effect, mergers and acquisitions, resource reallocation, total factor productivity, SMEs, Japan |
| JEL: | O47 D24 L25 O53 G34 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:hit:tdbcdp:e-2025-03 |
| By: | Elert, Niklas (Institute of Retail Economics (HFI)); Henrekson, Magnus (Research Institute of Industrial Economics (IFN)) |
| Abstract: | Welfare services such as healthcare, elderly care, and education are key to ensuring quality of life generally, and vital for rural communities across urbanizing countries. While these sectors are largely tax-financed, several countries have established quasi-markets to achieve competition through private entry to unleash entrepreneurship, efficiency, and service provision innovation. The reforms notwithstanding, productivity improvements are modest, and the situation seems particularly bad in some rural communities. We argue that quasi-markets can only live up to expectations if the local institutional framework considers sectoral and local conditions. While competition and the profit motive are necessary conditions for local quasi-market entrepreneurship and innovation, they are not sufficient but require a set of complementary institutions that are epistemic in nature. These epistemic institutions enable users to make informed choices while simultaneously incentivizing entrepreneurs to compete and innovate along the dimensions that users value. Moreover, if the catchment area includes densely populated areas, rural communities may attract users from communities where costs are higher, thus creating new comparative advantages locally. As an illustration, we analyze the Swedish quasi-market for nursing homes for the elderly. |
| Keywords: | Entrepreneurship; Innovation; Innovation policy; Marketized care; Quasi-markets; Welfare services |
| JEL: | H42 H44 H75 I22 I28 L88 O31 |
| Date: | 2026–01–03 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:iuiwop:1549 |
| By: | Chinwe Beneditte Ogbonna (University of Freiburg, Germany) |
| Abstract: | Displacement has become endemic in the ongoing conflict affecting northeastern Nigeria, with women and girls disproportionately impacted by the resulting humanitarian crisis. Many reside in Internally Displaced Persons (IDP) camps, such as the Bakassi camp in Maiduguri, where they struggle with psychological trauma, social exclusion, and economic hardship. This research explores the coping mechanisms employed by displaced women and highlights the potential therapeutic benefits of entrepreneurial strategies in facilitating trauma recovery and psychosocial empowerment. The paper argues that while government efforts to hastily return IDPs to their original communities may appear to offer a solution, they often create additional challenges. Most of these women lack the necessary skills and support to manage mental health concerns or secure sustainable livelihoods upon return. Without carefully designed economic empowerment programs that engage high-risk youth in ways that reflect their interests and trauma-related needs, reintegration may inadvertently increase their vulnerability. Government agencies, NGOs, and researchers have paid insufficient attention to the adaptive strategies these women have developed through displacement. Using a qualitative research approach, the study draws on focus group discussions and interviews with female IDPs in Bakassi Camp. Findings reveal that entrepreneurial activities tailored to the women’s capacities and aspirations can serve as effective trauma therapy, tools for empowerment, and participatory pathways to reintegration. The paper concludes by advocating for culturally sensitive, skill-based entrepreneurial mentoring programs as essential components of any long-term solution for women who suffer from trauma caused by insurgency |
| Keywords: | Displacement, Trauma, Coping Strategies, Entrepreneurship, IDPs, Boko Haram, Mental Health, Reintegration |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0592 |
| By: | Paul Hernandez (University of the Incarnate Word, San Antonio, United States) |
| Abstract: | Artificial intelligence (AI) chatbots are increasingly integrated into the operations of small and medium sized enterprises (SMEs) in Texas, supporting functions such as customer service, marketing, and data management. The introduction of regulatory frameworks, including the Texas Responsible Artificial Intelligence Governance Act (TRAIGA), presents a dilemma for these enterprises by imposing compliance costs while also offering opportunities for competitive differentiation through enhanced transparency, ethical governance, and innovation. This paper conducts a systematic policy analysis of state and federal artificial intelligence regulations to assess their impact on adoption costs, operational efficiency, and ethical management for small and medium sized enterprises. The analysis demonstrates that strategic compliance can foster consumer trust, retention, and competitive advantage. Furthermore, the findings suggest the development of a governance and return on investment checklist to assist enterprise leaders in balancing regulatory requirements with business efficiency. Practical recommendations are provided to enable SMEs to leverage compliance as a strategic asset by integrating regulatory and business considerations. |
| Keywords: | AI Chatbots, SMEs, Regulatory Compliance, TRAIGA, Ethical AI, Competitive Advantage |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0593 |
| By: | Ambate, Vicky Armando |
| Abstract: | Research on export performance has extensively examined the roles of export orientation, global networks, and dynamic capabilities in enhancing firms’ export outcomes, particularly among small and medium-sized enterprises (SMEs). However, existing studies largely rely on direct-effect approaches and provide limited explanation of the internal mechanisms through which external resources and organizational capabilities are transformed into export performance. Moreover, the literature tends to treat global mindset, strategic cognition, and export orientation as separate constructs, resulting in fragmented insights and inconsistent empirical findings. Addressing these gaps, this study proposes the development and empirical examination of Global Export Strategic Mindset (GESM) as a conceptually derived construct that functions as a strategic mechanism linking global network and global dynamic capability to export performance. GESM is conceptualized as a cross-level strategic capability that integrates managerial global perspective, strategic cognitive processing, and organizational commitment to exporting. Operationally, GESM is modeled as a higher-order construct comprising three dimensions: Global Strategic Cognition, Strategic Export Commitment, and Global–Local Strategic Integration. This study adopts a quantitative, explanatory research design. Data are planned to be collected through a survey of exporting SMEs in Indonesia and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the proposed structural relationships and the mediating role of GESM. The proposed research is expected to contribute to export performance and internationalization literature by providing a mechanism-based explanation of how global resources and capabilities are converted into effective export strategies, while offering practical insights for strengthening the strategic capacity of SMEs in emerging economies. |
| Date: | 2026–01–15 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:twxbk_v1 |
| By: | Ahmad, Mustajab; Audi, Marc; Ahmad, Khalil |
| Abstract: | This study investigates how tax policies affect small and medium enterprises in developing countries between 2005 and 2023. Panel data regression analysis is employed to examine how performance indicators such as revenue growth, employment generation, and formalisation processes are linked to tax rates, costs associated with complying with value-added tax, the structure of value-added tax, incentive mechanisms, levels of informality, and the quality of public services. The results show that higher rates of tax compliance and effective tax rates negatively influence the performance of small and medium enterprises, supporting the resource-based view theory, which holds that such enterprises are more adversely impacted by tax burdens due to their limited resources. In contrast, tax incentives have a strong positive effect, while informality has a significant negative impact. Through this study, fiscal exchange theory is validated in the context of developing countries, indicating that small and medium enterprises are more likely to comply with tax regulations when they perceive public services to be of high quality. The analysis integrates data from multiple countries and draws on classical economic theory and institutional theory. The key policy implications explain that developing countries should simplify tax systems, design targeted incentives, and adopt digital mechanisms to enhance the competitiveness of small and medium enterprises while addressing informality. The study addresses gaps in the literature related to taxation in developing economies and guides policymakers seeking to strengthen the role of small and medium enterprises in promoting economic growth and employment. |
| Keywords: | Small and Medium Enterprises, Tax Policy, Informality, Developing Economies |
| JEL: | H3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127564 |
| By: | Mohammadhossien Rashidi |
| Abstract: | Exit timing after an IPO is one of the most consequential decisions for venture capital (VC) investors, yet existing research focuses mainly on describing when VCs exit rather than evaluating whether those choices are economically optimal. Meanwhile, large language models (LLMs) have shown promise in synthesizing complex financial data and textual information but have not been applied to post-IPO exit decisions. This study introduces a framework that uses LLMs to estimate the optimal time for VC exit by analyzing monthly post IPO information financial performance, filings, news, and market signals and recommending whether to sell or continue holding. We compare these LLM generated recommendations with the actual exit dates observed for VCs and compute the return differences between the two strategies. By quantifying gains or losses associated with following the LLM, this study provides evidence on whether AI-driven guidance can improve exit timing and complements traditional hazard and real-options models in venture capital research. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2601.00810 |
| By: | O. Didkovskyi; A. Vidali; N. Jean; G. Le Pera |
| Abstract: | This paper presents a meta-learning framework for credit risk assessment of Italian Small and Medium Enterprises (SMEs) that explicitly addresses the temporal misalignment of credit scoring models. The approach aligns financial statement reference dates with evaluation dates, mitigating bias arising from publication delays and asynchronous data sources. It is based on a two-step temporal decomposition that at first estimates annual probabilities of default (PDs) anchored to balance-sheet reference dates (December 31st) through a static model. Then it models the monthly evolution of PDs using higher-frequency behavioral data. Finally, we employ stacking-based architecture to aggregate multiple scoring systems, each capturing complementary aspects of default risk, into a unified predictive model. In this way, first level model outputs are treated as learned representations that encode non-linear relationships in financial and behavioral indicators, allowing integration of new expert-based features without retraining base models. This design provides a coherent and interpretable solution to challenges typical of low-default environments, including heterogeneous default definitions and reporting delays. Empirical validation shows that the framework effectively captures credit risk evolution over time, improving temporal consistency and predictive stability relative to standard ensemble methods. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2601.07588 |
| By: | Yueran Ma; Mengdi Zhang; Kaspar Zimmermann |
| Abstract: | We collect new data to document the long-run evolution of the firm size distribution in ten market-based economies in Asia, Europe, North America, and Oceania, where we can obtain comprehensive coverage of the population of firms. Around the world, we observe prevalent increases in the concentration of sales, net income, and equity capital over the past century. These trends hold in the aggregate and at the industry level. Meanwhile, employment concentration has been stable over the long run in most cases. The evidence shows that the rising dominance of large firms is a pervasive phenomenon, not limited to the recent decades or the United States, and that large firms often achieve greater scale without proportionally more workers. |
| JEL: | E01 L1 N1 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34711 |