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on Small Business Management |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:696&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:18063&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:cen:cpaper:2017-03&r=sbm |
| By: | Gabriel Rissola (European Commission - JRC); Jens Sorvik |
| Abstract: | This report examines the synergetic place-based relationships of Digital Innovation Hubs (DIH) and Smart Specialisation Strategies (S3) in selected European regions, with DIHs being the policy outcome of a S3 process or an active actor participating in S3 entrepreneurial discovery processes (EDP) and implementing parts of a S3. By supporting the digitisation of the local industry DIHs also enhance the regional innovation ecosystem, either with the provision of horizontal digitalisation support or by leading a S3 priority area. One clear role of DIHs is to make available support easier to find for local SMEs and industry. DIHs work according to different business models and a targeted funding mix plus a matrix of different funding instruments for the digital transformation of SMEs are required for their sustainability. The report compiles 7 relevant examples (1 national and 6 regional). |
| Keywords: | Digital Innovation Hubs, DIH, Smart Specialisation Strategies, S3, RIS3, digital growth, digital transformation, digitisation, industry, SME, regional policy, regional cases |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc113111&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:82d89846-b515-41c7-b431-592837d9d48d&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:use:tkiwps:1802&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:use:tkiwps:1806&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:cen:cpaper:2018-03&r=sbm |
| By: | Divella, Marialuisa; Sterlacchini, Alessandro |
| Abstract: | In this paper, we focus on public procurement for innovation. We provide a broad characterization of the firms involved in “innovative public procurement” as opposed to firms participating in “regular” (i.e. non innovative) public procurement, including those firms that perform innovation in an autonomous way (i.e. not related to public procurement). Moreover, we identify the main determinants of the firms’ propensity to innovate, when innovative activities are related to a public procurement contract. We carry out this study by using micro-data from two Community Innovation Surveys for Italian and Norwegian firms, which have released information on firms having public procurement contracts. Our main findings highlight important differences between firms engaged in regular or innovative public procurement, in particular regarding the role of firm size and sectors, the presence of in-house R&D activities and the educational level of employees. |
| Keywords: | public procurement, firms’ innovation, Italy, Norway |
| JEL: | H57 O31 O33 O38 |
| Date: | 2018–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:89592&r=sbm |
| By: | Zuzana Virglerova (Tomas Bata University in Zlín, Facutly of Management and Economics) |
| Abstract: | Many enterprises fight with various risks and it can be a reason of lack of success for their business. The first step towards successful risk management is a risk identification. Entrepreneurs use different methods for risk identification and they also detect diverse risks. The aim of the article is to identify determinants of business risks in SMEs in Visegrad Four. The article deals with the partial results of the empirical questionnaire survey, which was completed in 2018 at the Tomas Bata University in Zlín in the Czech Republic. Questionnaires from the owners of micro and SME enterprises in Hungary (388), Poland (498), Slovakia (487) and Czech Republic (408) were collected. Entrepreneurs were asked for the ability to identify risks, importance of risks and methods used for risk management in their companies. 3 research questions were set in this context. In process of solving the formulated research questions the following statistical tools such as tables, descriptive characteristics, and Person coefficient of contingency were used. Finally, the results indicate that there are differences in risk identification among countries. Also the importance of each risk is different. The similarity of results in Czech Republic and Slovakia was proved. The article concludes with a discussion which explains possible couse of differences and similarities of results. |
| Keywords: | business risks, SME, entrepreneurship, risk identification |
| JEL: | G32 M21 L26 |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:6509314&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:dew:wpaper:2018-03&r=sbm |
| By: | Lambert, Thomas |
| Abstract: | This research note performs some limited empirical assessments of the Baran and Sweezy (1966) contention that most research and development (R&D) efforts in the US are “wasted” at the macroeconomic level in that as R&D succeeds by absorbing a little of the excess economic surplus generated by a capitalist system, it still fails to generate a lot of innovation of a transformative nature. At an aggregate level, greater R&D efforts are correlated with higher worker productivity and standards of living, which is to be expected according to mainstream economic theory and literature. Yet, R&D efforts regarding job creation, new firm creation, and net business investment show either mixed results or even negative connections. There is some preliminary empirical support in this paper for many aspects of the Baran and Sweezy point of view on R&D, and these findings also hint that R&D is used in a monopoly capital system to further monopolization. The findings of this note also may help to explain how productivity gains and innovation over the last few decades may not be benefitting the typical worker or the creation of small businesses as well. |
| Keywords: | big business, corporations, entrepreneurship, innovation, monopoly capital, research and development |
| JEL: | B51 B52 B53 L22 L26 O40 |
| Date: | 2018–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:89503&r=sbm |
| By: | Krieger, Bastian; Licht, Georg; Pellens, Maikel |
| Abstract: | Innovation is essential for economic growth, and governments must encourage firms to increase their investments in innovation. Europe is losing ground to its main Asian competitors when it comes to R&D investment, and is barely keeping pace with the U.S. Moreover, the rate of return on innovation has become significantly weaker in Europe. This has been caused by its relative lack of innovative SMEs, the slow diffusion of innovation, and the increasingly competitive innovation marketplace. In this light, scholars and policy makers are arguing for a new approach to European innovation policy that puts more weight on the development of disruptive innovation and on the diffusion of new technologies throughout the market. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewpbs:72018&r=sbm |
| By: | MORI Tomoya; SAKAGUCHI Shosei |
| Abstract: | In this paper, we quantitatively characterize the mechanism of collaborative knowledge creation at the individual researcher level a la Berliant and Fujita (2008) by using Japanese patent data. The key driver for developing new ideas is found to be the exchange of differentiated knowledge among collaborators. To stay creative, inventors seek opportunities to shift their technological expertise to unexplored niches by utilizing the differentiated knowledge of new collaborators in addition to their own stock of knowledge. In particular, while collaborators' differentiated knowledge raises the average cited count, average (technological) novelty, and the quantity of patents for which an inventor contributes to the development, it has the largest impact on the average novelty among the three. |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:18068&r=sbm |
| By: | Santos, Eleonora; Khan, Shahed |
| Abstract: | Previous empirical evidence searching for externalities from Foreign Direct investment in Portugal showed mixed results. Using a new database containing 5,045 Portuguese manufacturing firms grouped by technological trajectories, we investigate the occurrence and magnitude of externalities from FDI in 1995-2007. We find both positive and negative externalities in scale-intensive and supplier-dominated industries. The magnitude of externalities is higher in the current period than in lagged periods. Because positive externalities outweigh the negative externalities, on the whole a 1% increase in foreign presence (measured by turnover) increases the Total Factor Productivity of domestic firms by 0.42 percentage points. Thus, the Investment Promoting Agency should attract foreign projects in those technological groups. |
| Keywords: | Technological Trajectories,Multinational Corporations,Productivity |
| JEL: | F23 L60 O3 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:183472&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:6509331&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25183&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1243&r=sbm |
| By: | IINO Takashi; INOUE Hiroyasu; SAITO Yukiko; TODO Yasuyuki |
| Abstract: | This study examines how the research collaboration of firms affects the quality of their innovation outcomes using comprehensive patent data for firms in the world from 1991 to 2010. Identifying research collaboration by co-patenting relationships, we find that research collaboration with other firms, particularly with foreign firms, leads to substantial improvement in innovation quality. We also observe an inverted U-shaped effect of the density of a firm's ego network and a positive effect of brokerage in the global network, especially for firms with international collaboration experiences. These results are applicable to the effect on the quality of innovation achieved individually without any collaboration, suggesting that the knowledge of firms diffuses to and is acquired by their collaboration partners. Finally, we find that the collaboration effect is larger in the 2000s than in the 1990s and varies across countries. |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:18070&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:use:tkiwps:1805&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2018_26&r=sbm |
| By: | LIU Yang; NI Bin |
| Abstract: | The effects of overseas foreign direct investment (FDI) on domestic employment have drawn much academic and policy attentions. Most previous studies focused on the effect on net employment growth. However, the firm-level dynamic of "net employment growth = job creation - job destruction" means that the effects on job creation and destruction within firms are not clearly understood. For example, a positive effect on net employment growth could result from increasing job creation and decreasing job destruction, but it could also indicate decreasing job creation with a greater decrease in job destruction, for example. Furthermore, the mechanisms differ among effects on job creation and destruction. This study uses a unique dataset of Japanese firms' overseas activities to examine the individual effect of outward FDI on firm-level job creation and destruction, respectively. We found that investment in Asian countries has a positive impact on domestic job creation in Japan, whereas the impact of investment in European and North American countries is negative. In terms of job destruction, the impact is negative regardless of the FDI destination. The results are explained using the standard theory of job creation and destruction with FDI introduced. |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:18069&r=sbm |
| 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 |
| URL: | http://d.repec.org/n?u=RePEc:cen:cpaper:2016-09&r=sbm |
| By: | Pohl, Torsten André |
| Abstract: | Organic Growth is back on top of Executives' agendas: “Executives shouldn't underesti-mate the power of organic growth. It may take more time and effort to affect a company's size, but organic growth typically generates more value. A look at the share price perfor-mance of 550 US and European companies over 15 years reveals that for all levels of reve-nue growth, those with more organic growth generated higher shareholder returns than those whose growth relied more heavily on acquistions”. Innovation is at the heart of driving Organic Growth – “building new products, services or business models, continually allocating funds to areas of proven growth and improving core capabilities”... |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:uwhdps:201743&r=sbm |