nep-sbm New Economics Papers
on Small Business Management
Issue of 2020‒04‒13
nineteen papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. What drives university-industry collaboration: Research excellence or firm collaboration strategy? By Kwadwo Atta-Owusu; Rune Dahl Fitjar; Andrés Rodríguez-Pose
  2. The Impact of the Third Sector of R&D on the Innovative Performance of Entrepreneurial Firms By Link, Albert; Morris, Cody; van Hasselt, Martijn
  3. Maintenance and creation of roles during socialization processes in entrepreneurial small firms: An institutional work perspective By Emilie Bargues; Bertrand Valiorgue
  4. Bureaucrats or Markets in Innovation Policy? – A critique of the entrepreneurial state By Karlson, Nils; Sandström, Christian; Wennberg, Karl
  5. Firm-level total factor productivity convergence in German electricity and gas industry By Claudiu Albulescu; Serban Miclea
  6. The EU vs US corporate R&D intensity gap: Investigating key sectors and firms By Pietro Moncada-Paterno-Castello; Nicola Grassano
  7. Legal forms, organizational architecture, and firm failure: A large survival analysis of Russian corporations By Iwasaki, Ichiro; Kim, Byung-Yeon
  8. Contributions of Corporate Basic Research and Research Collaboration with Academia to Innovation and Spillover Performance in Japan (Japanese) By NAGAOKA Sadao; EDAMURA Kazuma; ONISHI Koichiro; TSUKADA Naotoshi; NAITO Yusuke; KADOWAKI Ryo
  9. Network compatibility, intensity of competition and process R&D: A Generalization By Sumit Shrivastav
  10. Do Patents Enable Disclosure? Evidence from the Invention Secrecy Act By Gaetan de Rassenfosse; Gabriele Pellegrino; Emilio Raiteri
  11. Impact of Multinational Enterprises on Competition, Productivity and Trade Spillovers across European Firms By Jan Hanousek; Evzen Kocenda; Pavla Vozarova
  12. Hipsters vs. Geeks? Creative workers, STEM and innovation in US cities By Andrés Rodríguez-Pose; Neil Lee
  13. On R&D sectoral intensities and convergence clubs By CATTARUZZO Sebastiano
  14. L’innovation produit et service dans un contexte de pauvreté : une analyse multiniveau By Walid Nakara; Karim Messeghem; Andry Ramaroson
  15. The Effect of Immigration on Business Dynamics and Employment By Orrenius, Pia M.; Zavodny, Madeline; Abraham, Alexander
  16. Do Vertical Spillovers Differ by Investors' Productivity? Theory and Evidence from Vietnam By Ni, Bin; Kato, Hayato
  17. Results and discussion of "Survey on SME preparations for natural disasters and support by regional financial institutions" (Japanese) By YAMORI Nobuyoshi; OGAWA Hikaru; YANAGIHARA Mitsuyoshi; HARIMAYA Kozo; TSUBUKU Masafumi; OZAKI Yasufumi; AIZAWA Tomoko; UMINO Shingo; ASAI Yoshihiro; HASHIMOTO Norihiro
  18. The Role of Project Coordinators in European Commission Framework Programme Projects. Results of the Innovation Radar PC Survey in FP R&I Projects By James A. Cunningham; Paul O’Reilly; Daire Hooper; Daniel Nepelski; Vincent Van Roy
  19. The Rise of Fintech Lending to Small Businesses: Businesses’ Perspectives on Borrowing By Brett Barkley; Mark E. Schweitzer

  1. By: Kwadwo Atta-Owusu; Rune Dahl Fitjar; Andrés Rodríguez-Pose
    Abstract: Research and innovation policy aims to boost research output and university-industry collaboration (UIC) at least in part to allow firms access to leading scientific knowledge. As part of their mission, universities are expected to contribute to innovation in their regions. However, the relationship between research output and UIC is unclear: research-intensive universities can produce frontier research, which is attractive to firms, but may also suffer from a gap between the research produced and the needs of local firms, as well as mission overload. This may hinder local firms’ ability to cooperate with universities altogether or force them to look beyond the region for other suitable universities to interact with. This paper investigates the relationship between the research output of local universities and firms’ participation in UICs across different geographical scales. It uses Community Innovation Survey (CIS) data for Norwegian firms and Scopus data on Norwegian universities’ research output across various disciplines. The results demonstrate that local university research intensity and quality are negatively associated with firm participation in UICs at the local level. Firm characteristics, in particular the firm’s general strategy towards cooperation and its geography, turn out to be much more important than university characteristics in explaining UICs. Notably, firms’ cooperation with other external partners at the same scale is a strong predictor of UICs.
    Keywords: research, universities, firms, university-industry collaboration, Norway
    JEL: O31 O32 O33
    Date: 2020–03
  2. By: Link, Albert (University of North Carolina at Greensboro, Department of Economics); Morris, Cody (University of North Carolina at Greensboro, Department of Economics); van Hasselt, Martijn (University of North Carolina at Greensboro, Department of Economics)
    Abstract: Entrepreneurial firms that rely on public research institutes, the third sector of R&D, are also firms that are more innovative in terms of introducing new or significantly improved goods or services to the market. This finding is based on an analysis of 4,004 knowledge-intensive entrepreneurial (KIE) firms located in ten European Union countries. We interpret our findings as suggestive evidence of the importance of policy makers continuing to support financially public research institutions.
    Keywords: Research institute; third sector of R&D; innovation; entrepreneurship; KIE firms;
    JEL: L26 O31 O32 O38
    Date: 2020–04–07
  3. By: Emilie Bargues (CleRMa - Clermont Recherche Management - Clermont Auvergne - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA - Université Clermont Auvergne); Bertrand Valiorgue (CleRMa - Clermont Recherche Management - Clermont Auvergne - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA - Université Clermont Auvergne)
    Abstract: Entrepreneurial small firms (ESFs) are characterized by a permanent dynamic of innovation not only regarding their commercial offers, but also their organizational processes. Potentially, newcomers play a key role in the maintenance of this innovation dynamic, but there is a lack of knowledge regarding their socialization. In this research, we develop an understanding of socialization processes in ESFs by taking an institutional work perspective. Through a qualitative, longitudinal and inductive research design based on two case studies, we make several contributions. First, we identify different socialization activities enforced jointly and separately by newcomers and insiders. Second, we explain the dynamics of these activities with the achievement of two socialization outcomes: maintenance of institutionalized roles and the creation of new ones. Our results enrich the organizational socialization literature by introducing a new field of enquiry and by showing that role creation can be a major distal outcome of socialization processes. We also develop new perspectives on institutional work by demonstrating the importance of newcomers and the dimensions of agency at play during socialization processes.
    Keywords: role maintenance and creation,institutional work,entrepreneurial small firms,newcomers,socialization processes
    Date: 2019
  4. By: Karlson, Nils (The Ratio Institute); Sandström, Christian (The Ratio Institute); Wennberg, Karl (The Ratio Institute)
    Abstract: This paper takes stock of recent suggestions that the state apparatus is a central and underappreciated actor in the generation, diffusion and exploitation of innovations enhancing growth and social welfare. We contrast such a view of “the entrepreneurial state” with theories and empirical evidence of the microeconomic processes of innovation in the modern economy which focus on well-functioning markets, free entry and competition among firms, and independent entrepreneurship as central mechanisms in the creation and dissemination of innovations. In doing so, we identify several deficiencies in the notion of an entrepreneurial state by showing that (i) there is weak empirical support in the many hundreds empirical studies and related meta analyses evaluating the effectiveness of active industrial and innovative policies, that (ii) these policies do not take account of the presence of information and incentive problems which together explain why attempts to address purported market failures often result in policy failures, and that (iii) the exclusive focus on knowledge creation through R&D and different forms of firm subsidies ignores the equally important mechanisms of knowledge dissemination and creation through commercial exploitation in markets. We discuss how a more theoretically well-founded focus on the state as investing in knowledge generation and securing the conditions of free and competitive markets will lead to a more innovative economy.
    Keywords: innovation policy; market failure; entrepreneurial state; incentive problem; rent seeking
    JEL: M13 O31 O38 O40 P16
    Date: 2020–03–30
  5. By: Claudiu Albulescu (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers); Serban Miclea
    Abstract: This paper investigates the degree of total factor productivity convergence for the German electricity and gas firms. We use different approaches to compute the productivity level and several old and new panel unit root tests from the second generation to check the existence of a convergence process. For robustness purpose we compare the convergence between small and medium-sized enterprises and large companies. Our findings show the existence of the convergence process in terms of total factor productivity, result confirmed by all categories of tests we use. Therefore, an innovation transfer is recorded between German electricity and gas firms, transfer that is slightly higher for small and medium-sized enterprises. JEL codes: D24, O33
    Keywords: total factor productivity,convergence,panel unit root tests,firm-level data,German electricity and gas industry
    Date: 2020–03–20
  6. By: Pietro Moncada-Paterno-Castello (European Commission - JRC); Nicola Grassano (European Commission - JRC)
    Abstract: This paper contributes to the literature on corporate research and development (R&D) intensity decomposition by examining the effects of several parameters on R&D intensity. It draws on a longitudinal company-level micro-dataset, built using four editions of the EU R&D Scoreboard, and confirms the structural nature of the EU R&D intensity gap with the US, which has widened in the last decade. As a novel contribution to the literature, this paper uncovers the differences between the EU and the US by inspecting which sectors and firms are more accountable for the aggregate R&D intensity performance of these two economies. Furthermore, the study shows that a large share of R&D investment by the EU sample is mostly conducted in sectors with medium or low R&D intensity, and that there is a high concentration of R&D in a few sectors and firms. Interestingly, the investigation finds a high heterogeneity in firms' R&D intensity within sectors, indicating the coexistence of firms with different R&D investment strategies and efficiencies. Finally, the study reveals that the EU holds a much lower number of both larger and smaller R&D investors than the USA, in the four high-tech sectors that are key to the aggregate EU R&D intensity gap vis-Ã -vis the USA.
    Keywords: Corporate R&D, R&D intensity decomposition, EU vs US R&D intensity gap, R&D distribution; comparative performance; top world R&D firms.
    JEL: O30 O32 O38 O57
    Date: 2020–03
  7. By: Iwasaki, Ichiro; Kim, Byung-Yeon
    Abstract: In this paper, we trace the survival status of more than 110,000 Russian firms from 2007–2015 and examine the relationship between legal forms of incorporation and firm survivability across industries and different periods of economic crisis and growth. Applying the Cox proportional hazards model, we find an optimal legal form that maximizes the probability of firm survival: closed joint-stock companies and those adopting limited liability survive longer than open joint-stock companies, partnerships, or cooperatives. This relationship is robust across periods of boom and recession and across industries.
    Keywords: Firm failure, legal form, Cox proportional hazards model, Russia
    JEL: D22 G01 G33 G34 P34
    Date: 2020–04
  8. By: NAGAOKA Sadao; EDAMURA Kazuma; ONISHI Koichiro; TSUKADA Naotoshi; NAITO Yusuke; KADOWAKI Ryo
    Abstract: Corporate basic research is important for both enhancing the R&D capability of a firm, especially in its ability to absorb scientific progress, and for improving the innovation performance of the industry through spillovers. This paper reports the findings from the following four research inquiries, all based on newly built, long-term comprehensive panel data set on the structure and performance of R&D by Japanese companies. (1) An analysis of the contributions of internal basic research to industrial R&D performance, including its collaborative research with academia and its research commissioned by the government, based on a new model of R&D that accommodates the effect of basic research on enhancing the productivity of applied research and experimental development. (2) An analysis of the evolution of the effects of R&D in information and communication technology (ICT) on industrial R&D performance. While ICT R&D has increased its significance globally in recent years, ICT R&D investment by Japanese industry had decreased to about two-thirds of its peak value in 2007. (3) An analysis of how technology spillover between firms varies, depending on the structure of R&D of the utilizing and the source companies, the proximity between the two firms in terms of specialized fields of human resources, and industry configurations (within industry vs. between industry). (4) Finally, an analysis of how the effects of the spillover pool of each firm on its R&D are affected by the interaction between the type of spillover pools and the type of R&D investment of each firm. Based on these results, this paper demonstrates potential implications for policy.
    Date: 2020–01
  9. By: Sumit Shrivastav (Indira Gandhi Institute of Development Research)
    Abstract: This paper analyses implications of network compatibility and competition on process innovation in differentiated network goods duopoly. It shows that firms R&D investments are strategic substitutes (complements), if effective network compatibility is less (more) than product substitutability, regardless of the nature of competition. If R&D investments are strategic complements, firms always invest in process innovation and they invest more under Bertrand competition than under Cournot competition. If R&D investments are strategic substitutes, unlike Cournot firms, Bertrand firms dont always undertake process innovation; but, when Bertrand firms also undertake process innovation, Cournot-Bertrand R&D ranking depends on the strength of network externalities.
    Keywords: Network compatibility, Network Externalities, Process R&D, Bertrand-Cournot Compari- son, Product Differentiation
    JEL: L13 D43 O31
    Date: 2020–02
  10. By: Gaetan de Rassenfosse (Ecole polytechnique federale de Lausanne); Gabriele Pellegrino (Ecole polytechnique federale de Lausanne); Emilio Raiteri (Eindhoven University of Technology)
    Abstract: This paper provides novel empirical evidence that patents enable knowledge disclosure. The analysis exploits the Invention Secrecy Act, which grants the U.S. Commissioner for Patents the right to prevent disclosure of new inventions that represent a threat to national security. Using a two-level matching approach, we document a negative and large relationship between the enforcement of a secrecy order and follow-on inventions, as captured with patent citations and text-based measures of invention similarity. The effect of secrecy orders is particularly salient for geographically-distant parties and for inventions in the same technological field as the secreted patent.
    Keywords: disclosure, follow-on invention, knowledge diffusion, patent
    JEL: O31 O33 O34
    Date: 2020–03
  11. By: Jan Hanousek (CERGE-EI, Charles University); Evzen Kocenda; Pavla Vozarova (Faculty of Information Technology, Czech Technical University)
    Abstract: We analyze the impact of multinational enterprises (MNEs), via their foreign direct investment, on domestic firms in 30 European host economies, from 2001 to 2013. We incorporate international industrial and trade linkages into a standard theoretical framework and test them empirically on a unique dataset compiled from the Amadeus, Eurostat, UNComtrade and BACI data sources and aggregated at industry level. While controlling for horizontal, vertical, and export channels at the upstream and downstream levels, we show that the presence of MNEs significantly affects domestic firms by changing the degree of competition and improving productivity. The impact is not always positive, as domestic firms are often crowded-out, but the negative effect for an average firm is mostly small.
    Keywords: multinational enterprise (MNE), foreign direct investment (FDI), European firms, spillovers, international trade
    JEL: C33 F15 F21 F23 O24
    Date: 2020–04
  12. By: Andrés Rodríguez-Pose; Neil Lee
    Abstract: Innovation in cities is increasingly regarded as an outcome of two potential inputs: scientific activity and creativity. Recent research using firm level data has suggested that actually it might be the combination of these two inputs, rather than the mere presence of workers representing each group, which matters. Yet there is little evidence on whether this relationship holds using city level data in the case of the United States (US). This paper investigates this gap in our knowledge by examining how the combination of STEM (geeks) and creative workers (hipsters) in a panel of 290 US Metropolitan Statistical Areas during the period between 2005 and 2015 relates to city level innovation. The results indicate that, although the presence of STEM workers is a more important driver of innovation than that of creative ones, the most innovative cities are characterised by a combination of the two. Hence, current policies which tend to focus mainly on either STEM or creativity may be better targeted at ensuring interactions between the two.
    Keywords: creativity, creative class, STEM, innovation, cities, United States
    JEL: O18 O32 O33 R12
    Date: 2020–04
  13. By: CATTARUZZO Sebastiano
    Abstract: Sectoral convergence in R&D intensities among firms is a concept that, although rarely formalized, has been at the center of discussions of industrial and non-industrial actors, such as entrepreneurs, institutions and academics. Far from being a settled issue, the subject has seen very limited empirical attention. We start from the few current evidences, which point to the existence of some convergence together with diffused heterogeneity. We recover and integrate the literature from convergence clubs and extend the work introducing the use of Pavitt taxonomy, and new estimation techniques. Particularly, we apply the concept of weak sigma convergence using a quite novel econometric factor model. Thanks to this, we provide evidences of both convergence for within sector intensities and of club convergence for across-sector intensities. Finally, the club classification according to “innovative effort†may be used as an alternative way to look at standard economic activities classifications.
    Keywords: R&D intensities, sectoral convergence, firms
    Date: 2020–03
  14. By: Walid Nakara (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Karim Messeghem (UM1 - Université Montpellier 1); Andry Ramaroson (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)
    Abstract: La question de la pauvreté suscite un intérêt croissant en entrepreneuriat. L'entrepreneuriat est vu comme un moyen de lutter contre la pauvreté. La littérature s'est pourtant peu intéressée à l'innovation dans ce contexte. Quelles sont les conditions pour que les entrepreneurs pauvres parviennent à innover ? Cette recherche propose d'y répondre à travers une étude auprès de 3 783 entrepreneurs en situation de pauvreté en France. Les résultats montrent que le capital humain, la motivation d'opportunité, les ressources financières mobilisées favorisent l'innovation. Par ailleurs, un environnement moins concurrentiel et des relations privilégiées avec les fournisseurs sont liés à une plus forte probabilité d'innover. Ces résultats sont utiles pour concevoir des programmes d'accompagnement adaptés aux entrepreneurs pauvres.
    Keywords: Mots-clés: Entrepreneuriat,Pauvreté,Innovation produit et service,Accompagnement entrepreneurial,analyse multi-niveaux,Pays développés
    Date: 2019–06–03
  15. By: Orrenius, Pia M. (Federal Reserve Bank of Dallas); Zavodny, Madeline (University of North Florida); Abraham, Alexander (Federal Reserve Bank of Dallas)
    Abstract: Immigration, like any positive labor supply shock, should increase the return to capital and spur business investment. These changes should have a positive impact on business creation and expansion, particularly in areas that receive large immigrant inflows. Despite this clear prediction, there is sparse empirical evidence on the effect of immigration on business dynamics. One reason may be data unavailability since public-access firm-level data are rare. This study examines the impact of immigration on business dynamics and employment by combining U.S. data on immigrant inflows from the Current Population Survey with data on business formation and survival and job creation and destruction from the National Establishment Time Series (NETS) database for the period 1997 to 2013. The results indicate that immigration increases the business growth rate by boosting business survival and raises employment by reducing job destruction. The effects are largely driven by less-educated immigrants.
    Keywords: immigration, business dynamics, firm entry, firm exit, job creation, job destruction
    JEL: J15 J61 L25
    Date: 2020–02
  16. By: Ni, Bin; Kato, Hayato
    Abstract: Developing countries are eager to host foreign direct investment to receive positive technology spillovers to their local firms. However, what types of foreign firms are desirable for the host country to achieve spillovers best? We address this question using firm-level panel data from Vietnam to investigate whether foreign Asian investors in downstream sectors with different productivity affects the productivity of local Vietnamese firms in upstream sectors differently. Using endogenous structural breaks, we divide Asian investors into low-, middle-, and high-productivity groups. The results suggest that the presence of the middle group has the strongest positive spillover effect. The differential spillover effects can be explained by a simple model with vertical linkages and productivity-enhancing investment by local suppliers. The theoretical mechanism is also empirically confirmed.
    Keywords: FDI spillovers; Heterogeneous productivity; Firm-level data; Endogenous structural break; Vertical Cournot model
    JEL: D22 F21
    Date: 2020–03–27
  17. By: YAMORI Nobuyoshi; OGAWA Hikaru; YANAGIHARA Mitsuyoshi; HARIMAYA Kozo; TSUBUKU Masafumi; OZAKI Yasufumi; AIZAWA Tomoko; UMINO Shingo; ASAI Yoshihiro; HASHIMOTO Norihiro
    Abstract: Preparing for frequent natural disasters is necessary to increase the sustainability of small and medium-sized enterprises. The SME Strengthening Act, established in 2019, aims to promote BCP (Business Continuity Plan) formulation for small and medium-sized enterprises. As stipulated in the Act, regional financial institutions are expected to play an essential role in promoting cooperation among various organizations and institutions that support SMEs. On the other hand, regional financial institutions are making efforts to strengthen their ability to assess the business feasibility of SMEs, and they can provide BCP development support based on their close relationship with customers. However, sufficient research has not been conducted on the status of efforts to support BCP formulation by regional financial institutions. Therefore, in May 2019, our research team conducted a questionnaire survey of 7,000 branch managers of regional financial institutions and received responses from 2,623 individuals. The purpose of this paper is to introduce the primary findings. The main results were as follows. (1) Few financial institutions have a firm grasp of the status of BCP formulation at their client SMEs. (2) Few financial institutions have encouraged client SMEs to formulate BCPs. (3) Financial institutions are not aware of the credit guarantee program related to BCP and reconstruction support funds. (4) Financial institutions also poorly understand local governments' BCP support measures. On the other hand, (5) Efforts for the business feasibility assessments, in general, have progressed, and staff capabilities have improved. (6) Significant reforms have been made in the personnel evaluation system for that purpose. (7) There has also been some progress in collaboration with external institutions such as credit guarantee corporations, the Japan Finance Corporation, and tax accountants. The challenge now is how to incorporate the perspective of the need for business resilience against natural disasters, through efforts such as BCP formulation, into the above initiatives based on business feasibility assessments.
    Date: 2020–01
  18. By: James A. Cunningham (Northumbria University, Newcastle Business School); Paul O’Reilly (Technological University Dublin); Daire Hooper (Technological University Dublin); Daniel Nepelski (European Commission, Joint Research Centre); Vincent Van Roy (European Commission, Joint Research Centre)
    Abstract: This report presents key findings of the Innovation Radar Project Coordinators Survey in European Framework Programme Research and Innovation projects, a purposeful sample of European Framework Programme (FP) Project Coordinators (PC). The objective is to identify the practices and activities of PCs leading EU FP projects and to understand their impact on innovation outcomes. The survey findings confirm the lynchpin role of PCs in the European FP R&I projects. Their role clearly extends significantly beyond that identified in the Horizon 2020 User Guide which sees the PC as “the main contact point between the consortium and the Commission for a particular grant†. The PC is far more than simply “the proposal initiator in the submission phase†but taking account of their prime role in project conceptualisation and consortia formation, the PC is in effect the principal translator of the EC funded research programme and responsible for how the majority of the European research budget is invested. Identifying the PC as a scientific entrepreneur significantly changes how the PC role is viewed. Recognising the PC as a scientific entrepreneur means their engagement with the PC during the project should be less about monitoring and oversight during project implementation, and more about providing the entrepreneur with support.
    Keywords: European Commission, Framework Programme, FP7, H2020, Project Coordinators, Principal Investigators, innovation
    Date: 2020–03
  19. By: Brett Barkley; Mark E. Schweitzer
    Abstract: Online lending through fintech firms is a rapidly expanding segment of the financial market that is receiving much attention from investors and increasing scrutiny from regulators. Research is only beginning to assess how fintech firms’ entry is altering the choices and outcomes of small businesses that borrow from them. The Federal Reserve Small Business Credit Survey is a unique data source on the experiences of business owners with new and more traditional sources of credit. We find that the businesses using online lenders are not representative of small and medium-size enterprise in the US. Businesses borrowing online are younger, smaller, and less profitable. Through reaching borrowers less likely to be served by traditional lenders fintech lenders have substantially expanded the small business finance market. We apply treatment effects estimators to flexibly control for composition differences in the borrowers. After controlling for compositional differences between online and bank borrower, we find that loan application amounts are generally smaller with fintech lenders; businesses that receive fintech loans expect more revenue and employment growth than those receiving a bank loan; and businesses that borrow from banks are more satisfied than businesses that borrow online, which are still more satisfied than businesses who were denied credit. These results highlight issues that the financial industry and regulators should examine as fintech lending to small businesses continues to expand.
    Keywords: Small business lending; online alternative lenders; fintech; firm growth
    JEL: G21 G23 G28 C31
    Date: 2020–04–03

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