nep-sbm New Economics Papers
on Small Business Management
Issue of 2021‒06‒28
twenty-two papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. The impact of Covid-19 and of the earlier crisis on firms’ innovation and growth: a comparative analysis By Anabela Santos; Karel Haegeman; Pietro Moncada-Paternó-Castello
  2. The COVID-19 Pandemic and Entrepreneurship in Germany: First Observations and Interpretations By Michael Fritsch; Maria Greve; Michael Wyrwich
  3. Open innovation in managerial innovation: the case of internal audit. By Stéphane Lhuillery; Marion Tellechea; Stéphanie Thiery
  4. The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy By Carletti, Elena; Oliviero, Tommaso; Pagano, Marco; Pelizzon, Loriana; Subrahmanyam, Marti G.
  5. Bankrupt Innovative Firms By Song Ma; Joy Tianjiao Tong; Wei Wang
  6. Entrepreneurship During the COVID-19 Pandemic: Evidence from the Business Formation Statistics By John C. Haltiwanger
  7. Effect of Entrepreneurial Marketing Dimensions on Small and Medium Enterprises Performance in Nasarawa State By Amin, Hindu Jibril
  8. Efficiency and effectiveness of the COVID-19 government support: Evidence from firm-level data By Lalinsky, Tibor; Pál, Rozália
  9. The Impact of Intellectual Property Types on the Performance of Business Start-ups in the USA By Bernadette Power; Gavin C Reid
  10. Crisis Innovation Policy from World War II to COVID-19 By Daniel P. Gross; Bhaven N. Sampat
  11. Taxation and Innovation: What Do We Know? By Akcigit, Ufuk; Stantcheva, Stefanie
  12. SME Participation in Public Purchasing: Procurement Policy Matters By Hoekman, Bernard; Tas, Bedri Kamil Onur
  13. Vacancies, Employment Outcomes and Firm Growth: Evidence from Denmark By Bagger, Jesper; Fontaine, Francois; Galenianos, Manolis; Trapeznikova, Ija
  14. Entrepreneurial Reluctance: Talent and Firm Creation in China By Chong-En Bai; Ruixue Jia; Hongbin Li; Xin Wang
  15. Targeting R&D intensity in Finnish innovation policy By Matthias Deschryvere; Kai Husso; Arho Suominen
  16. Can European businesses achieve productivity gains from investments in energy efficiency? By Kalantzis, Fotios; Niczyporuk, Hanna
  17. Spatial Wage Differentials and Agglomeration Externalities: Evidence from Indonesian Microdata By Masagus M. Ridhwan
  18. Innovation in Transition countries: the role of training By Antonella Biscione; Chiara Burlina; Raul Caruso; Annunziata de Felice
  19. AI Watch - National strategies on Artificial Intelligence: A European perspective, 2021 edition By Vincent Van Roy; Fiammetta Rossetti; Karine Perset; Laura Galindo-Romero
  20. “The Role of MSMEs in the Restitution and Development of the Indonesian Economy” By Loanoto, Vincent Indrakusuma
  21. Accélérer les entreprises ! Une évaluation ex post By Fabrice Gilles; Yannick l'Horty; Ferhat Mihoubi
  22. Corruption and Firm Growth: Evidence from around the World By Raymond Fisman; Sergei Guriev; Carolin Ioramashvili; Alexander Plekhanov

  1. By: Anabela Santos (European Commission - JRC); Karel Haegeman (European Commission - JRC); Pietro Moncada-Paternó-Castello (European Commission - JRC)
    Abstract: Using the results of the Survey on the Access to Finance of Enterprises (2009 to 2020 editions), this paper aims to assess the effect of Covid-19 pandemic on the probabilities of firm to innovate and grow and to compare their likelihood with that of the previous downturn. To control for a possible endogeneity bias as part of innovation decisions a Recursive Bivariate Probit Model is used. Results show that the probabilities of firms to innovate and grow are lower in 2020 (Covid-19 crisis) than in 2009 (financial crisis). The economic performance of innovative firms was also affected by the pandemic, but considerably less than the performance of non-innovative ones. Changes in the innovation patterns are also observed. Possible implications for decision-makers are derived.
    Keywords: Innovation; Growth; COVID-19; Europe.
    JEL: O31 O12 O52
    Date: 2021–06
  2. By: Michael Fritsch (Friedrich Schiller University Jena, Germany); Maria Greve (Friedrich Schiller University Jena, Germany and University of Groningen, The Netherlands); Michael Wyrwich (University of Groningen, The Netherlands and Friedrich Schiller University Jena, Germany)
    Abstract: The COVID-19 pandemic severely affected not only incumbent firms, but also the emergence of start-ups. This paper investigates and analyzes the pandemic's effect on new business formation, as well as business exits and insolvencies, in Germany. We find that the overall level of business registrations slightly decreased during the first year of the pandemic, but that the effect is specific to certain industries. Innovative manufacturing industries and technology-oriented services experienced an increase in numbers of start-ups. High subsidies and a temporary suspension of important criteria obliging firms to declare insolvency weakened market selection resulting in fewer exits in 2020. The relaxation of insolvency regulations may lead to considerable numbers of 'zombie' firms. Generally, the pandemic re-enforced ongoing structural change, but also exerted specific effects that may be temporary in nature.
    Keywords: COVID-19, entrepreneurship, new business formation, Germany
    JEL: L26 O52 I18
    Date: 2021–06–11
  3. By: Stéphane Lhuillery; Marion Tellechea; Stéphanie Thiery
    Abstract: Research on innovation has grown into a substantial body of literature and has drawn attention to knowledge sources. However, little is known about the drivers of audit innovation. This article seeks to identify, delineate and categorize knowledge sources’ impact on internal audit innovation. We implement an econometric model and find that internal audit departments developing search capabilities to modify their processes can innovate in their practices. Using the original measures of internal search capabilities and innovation, our findings highlight the effects of search, intrafirm and external knowledge sources on internal audit innovation: among intrafirm knowledge sources, management’s reviews of internal audit functions are key factors that foster innovation. Among external sources, professional associations play a prominent role in firms’ propensity to innovate. Most noticeably, firms with high absorptive capabilities deliberately deviate from compliance to innovate using professional associations’ and ICT consultants’ knowledge. Our study contributes to the literature on open innovation and auditing by illuminating internal audit functions’ innovative potential.
    Keywords: internal audit; open innovation; search; internal knowledge sources; external knowledge sources; absorptive capacity.
    JEL: O3
    Date: 2021
  4. By: Carletti, Elena; Oliviero, Tommaso; Pagano, Marco; Pelizzon, Loriana; Subrahmanyam, Marti G.
    Abstract: This paper estimates the drop in profits and the equity shortfall triggered by the COVID-19 shock and the subsequent lockdown, using a representative sample of 80,972 Italian firms. We find that a 3-month lockdown entails an aggregate yearly drop in profits of 170 billion euros, with an implied equity erosion of 117 billion euros for the whole sample, and 31 billion euros for firms that became distressed, i.e., ended up with negative book value after the shock. As a consequence of these losses, about 17% of the sample firms, whose employees account for 8.8% of total employment in the sample (about 800 thousand employees), become distressed. Small and medium-sized enterprises (SMEs) are affected disproportionately, with 18.1% of small firms, and 14.3% of medium-sized ones becoming distressed, against 6.4% of large firms. The equity shortfall and the extent of distress are concentrated in the Manufacturing and Wholesale Trading sectors and in the North of Italy. Since many firms predicted to become distressed due to the shock had fragile balance sheets even prior to the COVID-19 shock, restoring their equity to their pre-crisis levels may not suffice to ensure their long-term solvency.
    Keywords: COVID-19; Distress; equity; losses; Pandemics; Recapitalization
    JEL: G01 G32 G33
    Date: 2020–05
  5. By: Song Ma; Joy Tianjiao Tong; Wei Wang
    Abstract: This paper studies how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically critical and valuable), rather than peripheral, patents in bankruptcy. The selling pattern is driven almost entirely by firms with greater use of secured debt, and the mechanism is secured creditors exercising their control rights on collateralized patents. Creditor-driven patent sales in bankruptcy have implications for technology diffusion—the sold patents diffuse more slowly under new ownership and are more likely to be purchased by patent trolls.
    JEL: G33 O32 O34
    Date: 2021–05
  6. By: John C. Haltiwanger
    Abstract: Applications for new businesses from the U.S. Census Bureau’s monthly and weekly Business Formation Statistics (BFS) fell substantially in the early stages of the pandemic but then surged in the second half of 2020. This surge has continued through May 2021. The pace of applications since mid-2020 is the highest on record (earliest data available is 2004). The large increase in applications is for both likely new employers and nonemployers. These patterns contrast sharply with those in the Great Recession when applications for likely new employer businesses and in turn actual startups of employer businesses declined sharply and persistently. The surge in new business applications has been uneven across sectors. Ten 3-digit NAICS industries account for 75% of the surge. Dominant industries include Nonstore Retail (alone accounting for 33% of the surge), Professional, Scientific and Technical Services, Truck Transportation, and Accommodation and Food Services. Given that existing small businesses in Retail Trade and Accommodation and Food Services have suffered especially large declines in the pandemic, these patterns are consistent with restructuring induced by the pandemic.
    JEL: E32 L25 L26
    Date: 2021–06
  7. By: Amin, Hindu Jibril
    Abstract: Entrepreneurial Marketing (EM) Dimensions play a critical role in small and medium enterprises (SMEs) performance. The extant study explored the effect of EM dimensions on the performance of SMEs operating within Nasarawa State, Nigeria. EM was conceptualized as innovativeness, risk-taking, and value creation. The research population was 1979 registered SMEs in Nasarawa state, Nigeria. The sample size was 322 which was determined using Raosoft sample size calculator. Out of 322 sets of questionnaire distributed, 136 were validly filled and returned. The data collected were analyzed using Regression Analysis technique to test the study’s hypotheses using Statistical Product and Service Solutions software. Results specify that all three of the EM dimensions under study have significant effect on SME performance. In terms of contribution to the model, the explanatory variables were able to contribute 62.1 percent to the variable of interest (SME performance). On individual basis, innovativeness explained the most to the criterion variable. The findings of this study offer important insights for owners and managers of SMEs, researchers, and policymakers to further understand the effects of EM dimensions on SMEs’ performance. SMEs should be encouraged to embrace the entrepreneurial dimensions of innovativeness, risk taking, and value creation to increase business performance.
    Date: 2021–05–31
  8. By: Lalinsky, Tibor; Pál, Rozália
    Abstract: We utilize several unique firm-level datasets in order to assess the efficiency and effectiveness of the government support aiming to curb the economic consequences of the coronavirus (COVID19) pandemic. The results, drawing on the experience of a small open European country (Slovakia), suggest the distributed COVID-19 subsidies save non-negligible number of jobs and sustain economic activity during the first wave of the pandemic. General distribution rules designed on the fly may bring close to optimal results, as relatively more productive, privately owned, foreign-demand oriented firms are prioritized and firms with a higher environmental footprint or zombie firms record a relatively lower chance of obtaining government funding. By assuming constant cost elasticities to sales, we show that the pandemic deteriorates strongly firm profits and increases significantly the share of illiquid and insolvent firms. Government wage subsidies somewhat mitigate firm losses and have statistically significant effect, but relatively mild compared to the size of the economic shock. Our estimates also confirm that larger firms, receiving smaller relative size of the support, have more space to cover their additional liquidity needs by increasing trade liabilities or liabilities to affiliated entities, while SMEs face higher risk of insolvencies.
    Keywords: coronavirus,COVID-19,firm-level,policy measures,wage subsidies,profit,liquidity,solvency
    JEL: D22 H20 G32 G33 J38
    Date: 2021
  9. By: Bernadette Power; Gavin C Reid
    Abstract: Using a large, longitudinal panel (2004-2011) of USA start-ups this paper shows the extent to which IP types (e.g. trademarks, patents, copyrights, outward licensing) enhance multidimensional performance. An ordered probit analysis (with random effects), corrected for sample selection bias, estimates performance to derive the following conclusions. First, trademarks and out-licensing IP types increase a firm’s chances of being a high performer, confirming the importance of certain forms of IP protection for start-ups. Second, patenting significantly reduces the chances of being a high performer, suggesting patenting has limited performance benefits for start-ups. Third, few performance synergies exist in the joint use of IP types, suggesting that strong complementarities among IP types are limited. While out-licensing patents and out-licensing copyrights certainly increase performance, out-licensing patents and out-licensing trademarks actually diminish it. Further, registering more trademarks and outlicensing more trademarks also diminishes performance, suggesting start-up firms should keep trademarks in-house.
    Keywords: Performance, firm start-ups, intellectual property, out-licensing, complementarities
    JEL: C55 D22 L25 O34
    Date: 2021–04
  10. By: Daniel P. Gross; Bhaven N. Sampat
    Abstract: Innovation policy can be a crucial component of governments' responses to crises. Because speed is a paramount objective, crisis innovation may also require different policy tools than innovation policy in non-crisis times, raising distinct questions and tradeoffs. In this paper, we survey the U.S. policy response to two crises where innovation was crucial to a resolution: World War II and the COVID-19 pandemic. After providing an overview of the main elements of each of these efforts, we discuss how they compare, and to what degree their differences reflect the nature of the central innovation policy problems and the maturity of the U.S. innovation system. We then explore four key tradeoffs for crisis innovation policy---top-down vs. bottom-up priority setting, concentrated vs. distributed funding, patent policy, and managing disruptions to the innovation system---and provide a logic for policy choices. Finally, we describe the longer-run impacts of the World War II effort and use these lessons to speculate on the potential long-run effects of the COVID-19 crisis on innovation policy and the innovation system.
    JEL: H12 H56 I18 N42 N72 O31 O32 O38
    Date: 2021–06
  11. By: Akcigit, Ufuk; Stantcheva, Stefanie
    Abstract: Tax policies are a wide array of tools, commonly used by governments to influence the economy. In this paper, we review the many margins through which tax policies can affect innovation, the main driver of economic growth in the long-run. These margins include the impact of tax policy on i) the quantity and quality of innovation; ii) the geographic mobility of innovation and inventors across U.S. states and countries; iii) the declining business dynamism in the U.S., firm entry, and productivity; iv) the quality composition of firms, inventors, and teams; and v) the direction of research effort, e.g., toward applied versus basic research, or toward dirty versus clean technologies. We give ideas drawn from research on how the design of policy can allow policy makers to foster the most productive firms without wasting public funds on less productive ones.
    Keywords: entrepreneurship; growth; Innovation; inventors; patents; productivity; R&D; taxation
    JEL: H20 O30 O38 O43
    Date: 2020–05
  12. By: Hoekman, Bernard; Tas, Bedri Kamil Onur
    Abstract: This paper investigates the relationship between regulatory policies governing public procurement and participation by small and medium enterprises (SMEs), using a large dataset on European procurement. We find that countries with better quality procurement regulation have greater SME participation and higher probability that SMEs win contracts. Dividing contracts into smaller lots bolsters participation by SMEs, but only increases the probability of SMEs winning contracts for small value lots (â?¬25,000 or less). Counterfactual simulations suggest if governments want to enhance participation by SMEs in public procurement the focus should be on improving the overall quality of procurement processes.
    Keywords: international good practice; lot size; public procurement; regulation; SME participation
    Date: 2020–05
  13. By: Bagger, Jesper (Royal Holloway, University of London); Fontaine, Francois (Paris School of Economics); Galenianos, Manolis (University of London); Trapeznikova, Ija (Royal Holloway, University of London)
    Abstract: We use comprehensive data from Denmark that combine online job advertisements with a matched employer-employee dataset and a firm-level dataset with information on revenues and value added to study the relationship between vacancy-posting and various firm outcomes. Posting a vacancy is associated with a 4.5 percentage point increase in a firm's hiring rate and two-thirds of the additional hiring occurs within two months. The response of hiring from employment is twice as large as the response of hiring from non-employment. Firms that are smaller, low-wage and fast-growing are associated with larger hiring responses and that response materializes faster at larger firms, low-wage firms and fast-growing firms. We also find that separations are associated with subsequent vacancy posting and this effect is stronger for separations to employment, consistent with replacement hiring and the presence of vacancy chains. Growth in revenue and value added strongly predict vacancy-posting, with negative shocks having a stronger effect than positive shocks and larger shocks having less-than-proportional responses.
    Keywords: vacancies, hiring, separations, employment growth, firm growth, value added, revenue
    JEL: J23 J63
    Date: 2021–06
  14. By: Chong-En Bai; Ruixue Jia; Hongbin Li; Xin Wang
    Abstract: The theoretical literature has long noted that talent can be used in both the entrepreneurial and non-entrepreneurial sectors, and its allocation depends on the reward structure. We test these hypotheses by linking administrative college admissions data for 1.8 million individuals with the universe of firm registration records in China. Within a college, we find that individuals with higher college entrance exam scores – the most important measure of talent in this context – are less likely to create firms, but, when they do, their firms are more successful than those of their lower-score counterparts. Additional survey data suggest that higher-score individuals enjoy higher wages and are more likely to join the state sector. Moreover, the score-to-firm creation relationship varies greatly across industry, according to the size of the state sector. These findings suggest that the score is positively associated with both entrepreneurial ability and wage-job ability but higher-score individuals are attracted away by wage jobs, particularly those of the state sector.
    JEL: H11 J24 O12 O15
    Date: 2021–05
  15. By: Matthias Deschryvere (VTT Technical Research Centre of Finland); Kai Husso (Ministry of Economic Affairs and Employment of Finland); Arho Suominen (VTT Technical Research Centre of Finland)
    Abstract: Finland has been setting research and development (R&D) intensity targets for almost 50 years. This paper explores the Finnish national policy experience in fostering public and private investments in R&D. Three key insights are the following: a) a systemic and integrated policy approach needs an impactful co-ordination and governance mechanism; b) a balanced innovation system with well-working joint public-private partnership efforts and mechanisms will do better in absorbing shocks; c) a key strategy to absorb shocks to the economy and society is to invest in long-term capabilities. This study also provides an overview of the factors influencing the level of R&D intensity. The current 4% target to be reached by 2030 was set in 2019 but thus far relatively few policy actions have been introduced to operationalise it. With these dynamics and uncertainty, it remains to be seen if the target will be reached by 2030.
    Keywords: innovation policy, R&D intensity targets, R&D policy, research and development (R&D)
    JEL: L52 O30 O38
    Date: 2021–06–28
  16. By: Kalantzis, Fotios; Niczyporuk, Hanna
    Abstract: Energy efficiency investments are essential for transitioning to a carbon-neutral economy. Nevertheless, despite being financially viable, many energy efficiency investment opportunities do not materialise. The existing literature attributes this situation to financial and non-financial factors. Research suggests that many firms focus only on direct energy savings and neglect non-energy benefits that include increased labour productivity. Up to date, due to lack of high-quality data, few studies attempted to quantify the effects of the energy efficiency investments on firm-level outcomes other than the reductions in energy consumption. This paper overcomes this barrier by using novel data from a firm-level survey conducted by the European Investment Bank that covers more than 15,000 firms in 27 European Union member states and the UK during 2018-2019. It studies the relationship between the energy efficiency investment and the labour productivity of the European firms, utilising instrumental variables methodology to account for potential endogeneity. The results show a positive and causal relationship between energy efficiency investment and labour productivity. The findings of the paper suggest that firms can benefit much more from the energy efficiency investment than what is often assumed, and highlight a need for government policies that would increase firms' awareness of the non-energy benefits.
    Keywords: Energy Efficiency,Climate Investment,Productivity
    Date: 2021
  17. By: Masagus M. Ridhwan
    Abstract: This paper aims to examine sources of labor wage differentials and to investigate human capital externalities across Indonesian districts. Our study attempts to fill the gap in the standard literature, which mainly asserts thekey role of labor market characteristics in explaining the disparities. Based on microdata on individual workers from 2006-2015, we found that not only individual (labor) characteristics play a role in explaining the wage variations, but also regional endowments and agglomeration forces. The latter mainly results from spatial proximity of firms to other firms, from labor market pooling, and from knowledge spillovers. In addition, we also found strong evidence of positive human capital externalities, particularly in agglomerated regions. All in all, these findings may suggest the importance of skills and agglomeration for policymakers in boosting local productivity vis-Ã -visreducing income/wage inequality
    Keywords: Local labor markets; Spatial wage differentials; Panel data analysiS
    JEL: R23 J31 J61
    Date: 2020
  18. By: Antonella Biscione (CESPIC, Catholic University Our Lady of Good Counsel); Chiara Burlina (Gran Sasso Science Institute (GSSI)); Raul Caruso (Department of Economic Policy and CSEA, Università Cattolica del Sacro Cuore, CESPIC Catholic University “Our Lady of Good Counsel”); Annunziata de Felice (Department of Law, University of Bari Aldo Moro)
    Abstract: This paper analyses the effect of different training programs on the firms’ innovation activities of 27 transition economies. Despite the ongoing debate on training and its effects on innovation, there are no previous studies investigating the role of different typologies of training. The results of the cross-country analysis show a positive relation between definite training and propensity to innovate, controlling several firms’ characteristics such as size, presence of females in the board, personnel’s education and managers’ past experience. We also find a positive effect when considering other definitions of training (problem solving, commercial, managerial, or on-the-job vs. in-class), thus suggesting the need for policy makers and practitioners to invest in ad-hoc training programs to foster innovation in transition economies.
    Keywords: Transition Economies; Innovation; Training
    JEL: O14 O32 P27 P36
    Date: 2021–04
  19. By: Vincent Van Roy (European Commission - JRC); Fiammetta Rossetti (European Commission - JRC); Karine Perset (Organisation for Economic Co-operation and Development (OECD)); Laura Galindo-Romero (Organisation for Economic Co-operation and Development (OECD))
    Abstract: Artificial intelligence (AI) is transforming the world in many aspects. It is essential for Europe to consider how to make the most of the opportunities from this transformation and to address its challenges. In 2018 the European Commission adopted the Coordinated Plan on Artificial Intelligence that was developed together with the Member States to maximise the impact of investments at European Union (EU) and national levels, and to encourage synergies and cooperation across the EU. One of the key actions towards these aims was an encouragement for the Member States to develop their national AI strategies.The review of national strategies is one of the tasks of AI Watch launched by the European Commission to support the implementation of the Coordinated Plan on Artificial Intelligence. Building on the 2020 AI Watch review of national strategies, this report presents an updated review of national AI strategies from the EU Member States, Norway and Switzerland. By June 2021, 20 Member States and Norway had published national AI strategies, while 7 Member States were in the final drafting phase. Since the 2020 release of the AI Watch report, additional Member States - i.e. Bulgaria, Hungary, Poland, Slovenia, and Spain - published strategies, while Cyprus, Finland and Germany have revised the initial strategies. This report provides an overview of national AI policies according to the following policy areas: Human capital, From the lab to the market, Networking, Regulation, and Infrastructure. These policy areas are consistent with the actions proposed in the Coordinated Plan on Artificial Intelligence and with the policy recommendations to governments contained in the OECD Recommendation on AI. The report also includes a section on AI policies to address societal challenges of the COVID-19 pandemic and climate change. The collection of AI policies is conducted jointly by the European Commission’s Joint Research Centre (JRC) and the OECD’s Science Technology and Innovation Directorate, while the analyses presented in this report are carried out by the JRC, with contributions from the OECD. Both institutions joined forces to ensure that the information supplied by AI Watch and the OECD AI Policy Observatory is harmonised, consistent and up to date. This report is based on the EC-OECD database of national AI policies, validated by Member States’ representatives, and it demonstrates the importance of working closely with relevant stakeholders to share lessons learned, good practices and challenges when shaping AI policies.
    Keywords: Industrial research and innovation, Financial and economic analysis, Digital Economy, ICT R&D and Innovation
    Date: 2021–06
  20. By: Loanoto, Vincent Indrakusuma
    Abstract: In this Covid-19 era, many companies are required to run new business platforms, but many of these companies are not able to keep up with the growing business trends. Of course, in anticipating changes in the competitive climate in the digital era, companies can carry out transformation programs and also implement good corporate governance values to avoid the dangers and risks of failure. This research uses a case study that focuses on efforts to foster Medium, Small and Medium Enterprises (MSMEs) that contribute to improving the Indonesian economy.
    Date: 2021–06–02
  21. By: Fabrice Gilles (Université de Lille, LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique, TEPP - Travail, Emploi et Politiques Publiques - CNRS - Centre National de la Recherche Scientifique - UPEM - Université Paris-Est Marne-la-Vallée); Yannick l'Horty (Université Gustave Eiffel, TEPP - Travail, Emploi et Politiques Publiques - CNRS - Centre National de la Recherche Scientifique - UPEM - Université Paris-Est Marne-la-Vallée, ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel); Ferhat Mihoubi (UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel, TEPP - Travail, Emploi et Politiques Publiques - CNRS - Centre National de la Recherche Scientifique - UPEM - Université Paris-Est Marne-la-Vallée)
    Abstract: Accelerators are selective and intensive programs to support company managers, in a cohort approach, in order to develop the growth potential of their business. They appeared in the mid-2000s in the United States and have since spread throughout the world. In France, the Accelerator Program implemented by Bpifrance since 2015 is part of this group, while having the particularity of being strictly non-financial. Participating companies benefit from advice, training and networking, without their participation in the Accelerator giving them privileged access to investments and equity investments, as is the case for many other Accelerator programs. This original aspect of the program allows the effect of the non-financial component of an accelerator program to be identified. We evaluate the effect of this program based on accounting data from companies covering the period 2010-2018, comparing three cohorts of accelerated companies with companies of the same characteristics that did not benefit from the program. For the first cohort, we find a significant impact on the probability of moving from small and medium enterprise to midcaps status. For the last two cohorts, we find a positive effect of the program on both the increase in sales performance, of the order of 10 percentage points, on value added by 16 percentage points, and on firms' tangible investment, which increases tenfold under the program.
    Abstract: Les accélérateurs sont des programmes sélectifs et intensifs d'accompagnement des dirigeants d'entreprises, dans une logique de cohorte, afin de développer le potentiel de croissance de leur activité. Apparus au milieu des années 2000 aux Etats-Unis, ils ont essaimé depuis dans le monde entier. En France, le programme accélérateur mis en oeuvre par Bpifrance depuis 2015 s'inscrit dans cet ensemble tout en ayant comme particularité d'être strictement non financier. Les entreprises participantes bénéficient de conseils, d'actions de formation et d'une mise en réseau sans que leur participation à l'accélérateur ne leur ouvre un accès privilégié à des investissements et des prises de participation, comme c'est le cas pour de nombreux autres programmes d'accélérateur. Cet aspect original du programme permet d'identifier l'effet du volet non financier d'un programme accélérateur. Nous évaluons l'effet de ce programme à partir de données comptables d'entreprises couvrant la période 2010-2018, en comparant trois cohortes d'entreprises accélérées avec des entreprises de mêmes caractéristiques qui n'ont pas bénéficié du programme. Pour la première cohorte, nous trouvons un impact positif sur la probabilité de passer du statut de PME à celui d'ETI : celle-ci s'accroitrait de plus de 7 points de pourcentage. Pour les deux dernières cohortes, nous trouvons un effet positif du programme à la fois sur la progression du chiffre d'affaires, de l'ordre de 10 points, sur la valeur ajoutée, de 16 points, et sur l'investissement corporel des entreprises, qui décuple sous l'effet du programme.
    Keywords: accélérateurs,aide à l'innovation,évaluation ex post,doubles différences,données de panel
    Date: 2021–05–28
  22. By: Raymond Fisman (Boston University (BU)); Sergei Guriev (Département d'économie); Carolin Ioramashvili (London School of Economics and Political Science (LSE)); Alexander Plekhanov (European Bank for Reconstruction and Development)
    Abstract: We empirically investigate the relationship between corruption and growth using a firm-level data set that is unique in scale, covering almost 88,000 firms across 141 economies in 2006-2020, with wide-ranging corruption experiences. The scale and detail of our data allow us to explore the corruption-growth relationship at a very local level, within industries in a relatively narrow geography. We report three empirical regularities. First, firms that make zero informal payments tend to grow slower than bribers. Second, this result is driven by non-bribers in high-corruption countries. Third, among bribers growth is decreasing in the amount of informal payments in both high- and low-corruption countries. We suggest that this set of results may be reconciled with a simple model in which endogenously determined higher bribe rates lead to lower growth, while non-bribers are often excluded entirely from growth opportunities in high-corruption settings.
    Keywords: Corruption; Firm growth; Enterprise surveys
    JEL: D22 O12
    Date: 2021–04

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