nep-sbm New Economics Papers
on Small Business Management
Issue of 2021‒09‒13
twenty-one papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Employment effects of R&D and innovation: Evidence from small and medium-sized firms in emerging markets By Goel, Rajeev K.; Nelson, Michael A.
  2. Immigration and Entrepreneurship in the United States By Pierre Azoulay; Benjamin Jones; J. Daniel Kim; Javier Miranda
  3. Cyber incidents, security measures and financial returns: Empirical evidence from Dutch firms By Milena Dinkova; Ramy El-Dardiry; Bastiaan Overvest
  4. The contribution of business dynamics to productivity growth in the Netherlands By Daan Freeman; Leon Bettendorf; Harro van Heuvelen; Gerdien Meijerink
  5. Female R&D Teams and Patents as Quality Signals in Innovative Firms By Pilar Beneito; María E. Rochina Barrachina; Amparo Sanchis
  6. Migrant Inventors as Agents of Technological Change By Ernest Miguelez; Andrea Morrison;
  8. Business Innovation in the Spanish Companies (2003-2016): The Human Factors Definitively Count By Fernández-Bonilla, Fernando; Navío-Marco, Julio; Gijón, Covadonga
  9. Factors facilitating the inventing academics' transition from nascent entrepreneurs to business owners By Faria, João Ricardo; Goel, Rajeev K.; Göktepe-Hultén, Devrim
  10. Hipsters vs. geeks? Creative workers, STEM and innovation in US cities By Rodríguez-Pose, Andrés; Lee, Neil
  11. Global value chains and innovation networks in the fourth industrial era By MÜLLER Julian M.; POTTERS Lesley; RENTOCCHINI Francesco; TUEBKE Alexander
  12. Free movement of inventors: open-border policy and innovation in Switzerland By Cristelli, Gabriele; Lissoni, Francesco
  13. Building local ecosystems for social innovation: A methodological framework By OECD
  14. Financial Frictions, Equity Constraints, and Average Firm Size Across Countries By Bento, Pedro; Ranasinghe, Ashantha
  15. Technical Inefficiency and Firm Behavior: A Panel Study of Japanese Small and Medium Manufacturing Firms By OGAWA Kazuo
  16. Kill Zones? Effects of Big Tech Start-up Acquisitions on Innovation By Prado, Tiago S.
  17. Project Aid and Firm Performance By Silvia Marchesi; Tania Masi; Saumik Paul
  18. Perception of innovation in Spain By Gijón, Covadonga; Albarrán Lozano, Irene; Molina, José Manuel
  19. Digital Source Adoption and Information-Seeking Behaviours of Entrepreneurs: A Systematic Literature Review By Orrensalo, Thao; Nikou, Shahrokh
  20. Venture Capitalists’ Access to Finance and Its Impact on Startups By Jun Chen; Michael Ewens
  21. Social impact measurement for the Social and Solidarity Economy: OECD Global Action Promoting Social & Solidarity Economy Ecosystems By OECD

  1. By: Goel, Rajeev K.; Nelson, Michael A.
    Abstract: This paper studies the impact of research and development (R&D) and innovation on employment growth, focusing on small and medium-sized firms. Employment effects of R&D and innovation are unclear a priori as process innovation may be labor-saving or labor might have complementarities with other inputs. Employing firm-level data from 125 nations, results show that both R&D and innovation increased employment growth, suggesting that innovation was either capital-saving or labor had strong complementarities with other inputs. Upon splitting the sample into growing and contracting firms showed that contracting firms benefit from innovation but not from R&D. In other findings, sole proprietorships, larger firms, firms with relatively more experienced managers, firms with females as top managers, and firms facing the threat of informal competition had lower employment growth, while foreign-owned and government-owned enterprises have positive influences on employment growth. Finally, employment growth in shrinking firms was boosted in nations with greater economic freedom, but this growth is undermined by informal sector competition.
    Keywords: R&D,innovation,employment growth,managerial experience,foreign ownership,government ownership,economic freedom,emerging markets
    JEL: L2 O3 O5
    Date: 2021
  2. By: Pierre Azoulay (MIT Sloan School of Management, and NBER); Benjamin Jones (Northwestern University, and NBER); J. Daniel Kim (University of Pennsylvania); Javier Miranda (Friedrich-Schiller University Jena and Halle Institute for Economic Research (IWH))
    Abstract: Immigrants can expand labor supply and compete for jobs with native-born workers. But immigrants may also start new firms, expanding labor demand. This paper uses U.S. administrative data and other data sources to study the role of immigrants in entrepreneurship. We ask how often immigrants start companies, how many jobs these firms create, and how firms founded by native-born individuals compare. A simple model provides a measurement framework for addressing the dual roles of immigrants as founders and workers. The findings suggest that immigrants act more as "job creators" than "job takers" and play outsized roles in U.S. high-growth entrepreneurship.
    Keywords: Entrepreneurship, immigration, innovation, administrative data, Survey of Business Owners, Fortune 500, job creation, earnings, growth
    JEL: J15 L26 M13 O3
    Date: 2021–09–06
  3. By: Milena Dinkova; Ramy El-Dardiry (CPB Netherlands Bureau for Economic Policy Analysis); Bastiaan Overvest (CPB Netherlands Bureau for Economic Policy Analysis)
    Abstract: This CPB discussion paper investigates the cybersecurity of Dutch small and medium-sized enterprises, the security measures they take and the relationship thereof with financial results. Often, small and medium-sized enterprises are identified as a particularly vulnerable group for cyber incidents. However, there is not much academic research focusing on the cyber security costs for those firms. In this paper, we employ representative survey data on ICT use and administrative tax record data on Dutch firms to understand how cybersecurity investments relate to the probability of cyber incidents and firm profitability. This dataset allows us to control for firm size, industry, and IT organization.
    JEL: D22 D83 G14 M15
    Date: 2020–03
  4. By: Daan Freeman (CPB Netherlands Bureau for Economic Policy Analysis); Leon Bettendorf (CPB Netherlands Bureau for Economic Policy Analysis); Harro van Heuvelen (CPB Netherlands Bureau for Economic Policy Analysis); Gerdien Meijerink (CPB Netherlands Bureau for Economic Policy Analysis)
    Abstract: This paper analyses the declining firm dynamism in the Netherlands, which may explain part of the slowdown in productivity growth. We use a rich microdata set including nearly all corporations in the Netherlands during 2006-2016, which enables us to evaluate the TFP growth contributions of exiting firms, start-ups and new firms resulting from mergers & acquisitions in different industries. We use a Melitz and Polanec (2015) decomposition to assess TFP growth contributions. We find that in service industries, start-ups, new firms created by M&As and exiting firms all contribute to overall TFP growth, in line with the creative destruction hypothesis. In manufacturing industries, TFP growth is driven mostly by incumbent firms. Here, entry and exit dynamics contribute relatively little or even negatively to TFP growth. In addition, young firms in the manufacturing industries tend to have higher TFP growth than older firms, while in service industries this is not the case. Finally, in general, relatively low productivity entrants are more likely to exit in the first five years after entry, which is in line with an `up-or-out' dynamic.
    JEL: F16 J31 R11
    Date: 2021–08
  5. By: Pilar Beneito (University of Valencia and ERI-CES); María E. Rochina Barrachina (University of Valencia and ERI-CES); Amparo Sanchis (University of Valencia and ERI-CES)
    Abstract: Innovative firms use patents to signal the quality of their R&D teams in evaluation processes affected by asymmetric information. Examples of these processes occur when applying for finance from external sources or when searching for collaboration partners for innovation projects. In this paper we provide evidence that, in these cases, firms' external agents undervalue patents of female R&D teams as compared to patents of male R&D teams. We investigate this issue using data of Spanish innovating firms from PITEC, spanning 2005-2014, a panel database that follows the structure of the European Community Innovation Surveys (CIS). We interpret our results as consistent with an evaluation bias against female researchers, making them to be subject to a greater scrutiny as compared to their male counterparts, and thereby suggesting the existence of gender discrimination in R&D.
    Keywords: female R&D teams, patents, asymmetric information, quality signals
    JEL: O30 O34 C20 J16
    Date: 2021–09
  6. By: Ernest Miguelez; Andrea Morrison;
    Abstract: How do regions enter new and distant technological fields? Who is triggering this process? This work addresses these compelling research questions by investigating the role of migrant inventors in the process of technological diversification. Immigrant inventors can indeed act as carriers of knowledge across borders and influence the direction of technological change. We test these latter propositions by using an original dataset of immigrant inventors in the context of European regions during the period 2003-2011. Our findings show that: immigrant inventors generate positive local knowledge spillovers; they help their host regions to develop new technological specialisations; they trigger a process of unrelated diversification. Their contribution comes via two main mechanisms: immigrant inventors use their own personal knowledge (knowledge creation); they import knowledge from their home country to the host region (knowledge transfer). Their impact is maximised when their knowledge is not recombined with the local one (in mixed teams of inventors), but it is reused (in teams made by only migrant inventors). Our work contributes to the existing literature of regional diversification by providing fresh evidence of unrelated diversification for European regions and by identifying important agents of structural change. It also contributes to the literature of migration and innovation by adding fresh evidence on European regions and by unveiling some of the mechanisms of immigrants’ knowledge transmission.
    Keywords: patents, migration, technological diversification, relatedness, Europe
    JEL: O30 F20 F60
    Date: 2021–08
  7. By: Krammer, Sorin
    Abstract: This paper examines the effects of human resource (HR) policies on firm innovation. Specifically, we argue that firms who implement policies to stimulate job autonomy and performance-based pay will be more likely to innovate, as proxied by investments in R&D. In addition, we contend that the institutional (i.e., labour regulations) and competitive (i.e., pressure from imports) contexts in which a firm operates will affect the relationship between HR policies and innovation, albeit in different ways. We test these hypotheses using a dataset of more than 900 firms across a heterogenous set of 12 countries, majority of which are emerging markets. We find strong empirical backing for the role of both job autonomy and performance-based pay policies in stimulating firm innovation, and partial support for the moderating effects of institutional and competitive contexts of this relationship.
    Keywords: Human Resource Management; Job autonomy; Performance-based pay; Firm innovation; Labour regulations; Import competition
    JEL: D4 J33 J8 O17 O3 O32
    Date: 2021–07–28
  8. By: Fernández-Bonilla, Fernando; Navío-Marco, Julio; Gijón, Covadonga
    Abstract: This research analyses determining factors of business innovation in Spain during a long period of study. A panel is carried out with data from 2003 to 2016 obtained from the Spanish Technological Innovation Panel (PITEC) survey to determine their influence, and in particular variables related to human factors are included to observe their impact on innovation. Along with other general factors such as firm size, ownership of the company, turnover and financing of the company, it is found that training in R & D & I has a relevant influence on business innovation. The article put special emphasis on human factors and is an invitation to continue their study.
    Keywords: business innovation,panel data,RDI
    Date: 2021
  9. By: Faria, João Ricardo; Goel, Rajeev K.; Göktepe-Hultén, Devrim
    Abstract: Considering the sequential nature of nascent entrepreneurship and business ownership, this paper examines the propensities of academic entrepreneurs to be business owners. A theoretical model sets up the empirical analysis based on survey data from a large German public research institute. Traditionally, scientists and entrepreneurs have been seen to occupy opposite ends of a spectrum in terms of their role in innovation. In academic entrepreneurship the two combine on a number of activities. In order to understand the ways in which academic inventors move from pure patenting to nascent entrepreneurship to business ownership and connect seemingly divergent activities. We model their behavior by looking at various factors among German scientists. Academic inventors present a critical case since science and entrepreneurship are often seen as radically different, not the least in terms of knowledge production. By bringing the analysis from the level of social behavior and roles to the level of knowledge production, we can better address questions such as: How is knowledge in the interfaces of epistemic communities produced? How can such knowledge be organized and sustained? and How can relations between individuals on 'opposing sides' be constructively managed? The empirical results show that scientists' positive attitudes towards commercialization of results consistently contribute to tendencies towards academic entrepreneurship; however, the academic discipline and risk aversion did not have a statistically significant impact. Having a doctoral degree lowered the propensities toward nascent entrepreneurship, but had the opposite effect on business ownership. Finally, age and experience made business ownership more likely. The results of this study would contribute to a more general theory of how scientists can combine their commercial and scientific activities in spite of an alleged divergence.
    Keywords: academic entrepreneurship,invention,spinoffs,business entrepreneurs,nascent entrepreneurs,commercialization costs,Germany
    JEL: O33 O52 L26
    Date: 2021
  10. By: Rodríguez-Pose, Andrés; Lee, Neil
    Abstract: Innovation in cities is increasingly regarded as an outcome of two potential inputs: scientific activity and creativity. Recent firm level research has suggested that what really matters for innovation is the combination of these two inputs, rather than the mere presence of workers representing each group. Yet there is little evidence on whether this relationship holds at the city level. This paper investigates this gap in our knowledge by examining how the simultaneous presence of STEM (geeks) and creative workers (hipsters) in 290 US Metropolitan Statistical Areas during the period between 2005 and 2015 has contributed to determine city level innovation. The results indicate that, although at first sight the presence of STEM workers is a more important driver of innovation than that of creative ones, it is the combination of both factors that maximizes innovation in US cities. The most innovative cities are precisely those that are more successful at combining the two. Hence, current policies which tend to focus mainly on either STEM or creativity may be better targeted at ensuring both are present.
    Keywords: cities; creative class; creativity; innovation; STEM; United States; AH/S001298/1
    JEL: R14 J01
    Date: 2020–05–01
  11. By: MÜLLER Julian M.; POTTERS Lesley (European Commission - JRC); RENTOCCHINI Francesco (European Commission - JRC); TUEBKE Alexander (European Commission - JRC)
    Abstract: The successful implementation of Industry 4.0 (I4.0) within the European Union (EU) should build upon existing global innovation networks (GINs) and global value chains (GVCs) and the ecosystem of EU firms, especially in the manufacturing industry where I4.0 could play an important role.For the EU, which has a large share of small and medium-sized enterprises (SMEs) that are key to competitiveness in its main sectors, it is vital to integrate SMEs into I4.0 by ensuring they benefit from their efforts in implementing it, in order to capture, create and offer value. It is important to address training, requalification and workers’ concerns about I4.0 in order to support its implementation while maintaining the EU social model.Harnessing the EU’s strength in industrial application, while bearing in mind its lag in traditional ICT industries, could make I4.0 a viable policy option ensuring future leadership of the European economy, if certain factors discussed in this policy brief are included in future industrial policies.
    Keywords: Global value chains, innovation
    Date: 2021–08
  12. By: Cristelli, Gabriele; Lissoni, Francesco
    Abstract: We study the innovation effects of the Agreement on the Free Movement of Persons (AFMP), signed by Switzerland and the EU in 1999. Using geocoded patent data, complemented by matched inventor-immigrant-census records, we identify a large number of cross-border inventors (CBIs), commuters from neighbouring countries working in Swiss R&D labs. We show that, during the AFMP implementation phase, the influx of CBIs increased differentially across regions at different driving distances from the border, causing a 24% increase in patents, mostly due to large and medium patent holders (as opposed to very large ones) and to inventor teams mixing CBIs and natives. We do not detect any adverse effect on native inventors and show that Swiss incumbent inventors collaborating with CBIs increased their productivity. Our evidence suggests complementarity between CBIs’ and Swiss incumbents’ knowledge assets.
    Keywords: Immigration, Innovation, Patents, Inventors, Free Movement of Persons
    JEL: F22 J61 O31 O33
    Date: 2020–11
  13. By: OECD
    Abstract: Social innovations have proven to be valuable in identifying, designing and implementing new solutions to social and environmental problems. The recent COVID-19 outbreak has put a spotlight on the potential of social innovation as a resilience mechanism, including for local development. This paper presents a preliminary framework for analysing social innovation ecosystems at the local level. It can help policy makers to better understand the different concepts around social innovation, and to develop policies to support social innovation and its implementation. The first section considers the features of social innovation and the benefits it can bring. The second section provides an analytical framework for social innovation at the local level. The final section sets a number of guidelines that support the implementation of social innovation ecosystems at local level, including examples of specific policy instruments.
    Keywords: local ecosystem, measurement of social innovation, social economy, social entrepreneurship, social innovation
    JEL: O35 L30 L31 D04 I3
    Date: 2021–09–10
  14. By: Bento, Pedro (Texas A&M University); Ranasinghe, Ashantha (University of Alberta, Department of Economics)
    Abstract: We document new evidence that low equity in financially under-developed economies is associated with lower productivity investment, a smaller employment share of large firms, and smaller average firm size within sectors. We present a tractable model with heterogeneous entrepreneurs that face equity constraints that limit investment at entry. The model can be solved analytically, making clear predictions for the impact of equity constraints on outcomes of interest consistent with the evidence we document. The model can account for one-fifth to one-third of the variance in observed average firm size and TFP across countries, all substantial relative to the literature.
    Keywords: financial development; equity; firm size; investment; aggregate productivity
    JEL: O10 O14 O41 O43
    Date: 2021–08–31
  15. By: OGAWA Kazuo
    Abstract: This study examines the technical inefficiency of Japanese small and medium manufacturing firms by using the panel data of the Basic Survey on Small and Medium Enterprises (2009-2018). We estimate the stochastic frontier production function with four production factors (regular workers, non-regular workers, capital stock, and materials) and calculate the technical inefficiency of individual firm by applying a true random effects model which can distinguish technical inefficiency from firm heterogeneity. Our evidence is summarized as follows. First, technical inefficiency is overestimated when the number of total workers is used as production input for the conventional stochastic frontier model which forces firm heterogeneity into the same term as technical inefficiency. Second, the inefficient firms are smaller, rely more on non-regular workers, exhibit poorer firm performance, have higher debt-asset ratios, pay lower interest rates and are inactive in capital investment as well as R&D investment. Third, inactive capital investment and high debt-asset ratios are mainly responsible for causing the technical inefficiency.
    Date: 2021–08
  16. By: Prado, Tiago S.
    Abstract: This paper investigates short-term effects of big tech start-up acquisitions on innovation empirically. Innovation research has found a strong positive, causal relationship between VC investment and innovation. Using this insight, we can explore the repercussions of big tech start-up acquisitions on innovation by examining their effects on venture capital (VC) activity. We analyze a very large set of observations of more than 32,000 venture capital deals in more than 170 different segments of the tech industry and almost 400 tech start-up acquisitions made worldwide between 2010 and 2020 by Google, Facebook, Amazon, Apple, and Microsoft. Our results suggest a positive, causal impact of big tech start-up acquisitions on venture capital activity, challenging claims about the creation of "kill zones" for start-ups after acquisitions are made by the big techs. For example, after controlling for other factors that may impact VC activity, like initial public offerings (IPOs) and other mergers and acquisitions (M&As), we found an average increase of 30.7% in the total amount of VC funding towards U.S. based start-ups of the same industry segment in the four quarters following a big tech start-up acquisition. For deals targeting European start-ups, we found an increase of 32.1% in the VC funding in in the first quarter after a big tech start-up acquisition. Finally, our findings show that such positive effects, when existent, persist for a few months only, and so do not seem to have lasting impacts on the innovation incentives in the the start-up ecossystem. Our empirical findings should inform current competition policy discussions on imposing restrictions to acquistions of start-ups by the big techs.
    Keywords: kill zone,platform,big tech,venture capital,innovation
    JEL: G11 G24 G32 G34 L41 L44
    Date: 2021
  17. By: Silvia Marchesi; Tania Masi; Saumik Paul
    Abstract: This paper evaluates the effect of development project aid from the World Bank and China on firms' Â’sales growth, using a large dataset of 110864 firms, spanning 121 countries between 2001 and 2016. We find that, contrary to the World Bank, Chinese ODA projects increase, on average, firm sales and, compared to sector-specific, Chinese region-speciÂ…c aid positively affect firm performance. Finally, we show that the positive effect of Chinese aid is stronger for firms lacking transport infrastructure (and with better electricity provision), suggesting that aid may improve firm performance by releasing their infrastructure constraints.
    Keywords: Aid effectiveness, World Bank projects, Chinese projects, Geo-coding, Firm growth.
    JEL: F35 O19 E24 E25
    Date: 2021–09
  18. By: Gijón, Covadonga; Albarrán Lozano, Irene; Molina, José Manuel
    Abstract: The present paper analyses the perception of innovation of individuals in Spain and the factors associated with it. Data from 2015 and 2018 about individuals from the Spanish surveys are used. The data include several measures of innovation perception, gender, age, educational level, and other socioeconomic and technical variables. The aim of this paper is to determine the perception of innovation, in its different aspects, of Spanish people. To this end, several ordered logit models have been developed to determine how much the socio-demographic characteristics and other aspects of innovation affect the perception of innovation. Results indicate that people have a better perception of innovation if they are training in innovation or have good Information and Communication Technology skills. Among the main results, there is evidence of a gender gap in the perception of innovation, as well as differences according to digital skills.
    Keywords: perception,innovation,survey data,ordered logit
    JEL: C21 C25 D12 D83 J24 L63 L86 L96 M15
    Date: 2021
  19. By: Orrensalo, Thao; Nikou, Shahrokh
    Abstract: Digitalisation and its impact on businesses - including access to information through digital sources - have been rapidly recognised from different research disciplines. Digitalisation helps entrepreneurs to gather and manage information, to create intensive resources, to reduce transaction costs, and to gain rapid access to the flow of information. A growing demand and use of digital information sources, especially in the midst of the COVID-19 pandemic. indicate a need for further investigation of the effect of digitalisation on changing and transforming entrepreneurs' information-seeking behaviours (ISBs), opportunities, and challenges. Furthermore, the concept of critical -21st-century skills has been found to be crucial to the effectiveness of digital transformation in the entrepreneurship field. From this perspective, this paper carries out a systematic literature review on the research conducted on digitalisation and entrepreneurs' information-seeking behaviours. Through this systematic literature review, this paper seeks answers to two objectives: (i) to review previous studies on digitalisation and ISBs within the entrepreneurship literature and on understanding the relation between these two concepts, and (ii) to assess the role of critical -21st-century skills on entrepreneurs' decision regarding information source selection. The review was conducted in three main phases: planning the review, conducting the review, and reporting the review. In the first step, we defined the inclusion and exclusion criteria. With the specific search terms, the selection included academic English publications for the period 1990-2020. Based on the criteria, three main databases - Web of Science, Scopus, and Ebsco - were searched, and in total 745 publications were retrieved. After removing duplicate and irrelevant articles, the final dataset included 39 articles. We then reviewed the articles and classified them into five main themes for further analysis. The themes were (i) entrepreneurs' information sources/services, (ii) entrepreneurs' -21st-century skills, (iii) entrepreneurs' access to information, (iv) entrepreneurs' environmental scanning, and (v) the ICT adoption behaviours of entrepreneurs. A future research agenda is also provided.
    Keywords: 21st-century skills,digitalisation,Entrepreneurship,Information source selection,Information-seeking behaviour,Systematic literature review
    Date: 2021
  20. By: Jun Chen; Michael Ewens
    Abstract: Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly addressed in the venture capital (VC) literature. Our empirical setting is the VC fundraising and startup financing environment around the passage of the Volcker Rule, which restricted banks’ ability to invest in venture capital funds as limited partners (LPs). The rule change disproportionately impacted regions of the U.S. historically lacking in VC financing. We find that a one standard deviation increase in VCs’ exposure to the loss of banks as LPs led to an 18% decline in fund size and about a 10% decrease in the likelihood of raising a follow-on fund. Startups were not completely cushioned from the additional constraints on their VCs: capital raised fell and pre-money valuations declined. Overall, VC financing constraints manifest as fewer, smaller funds that change investment strategy and experience increases in bargaining power. Last, we show that the rule change increased the likelihood startups move out of impacted states, thus exacerbating the geographic disparity in high-growth entrepreneurship.
    JEL: G21 G23 G24 K22 L26
    Date: 2021–09
  21. By: OECD
    Abstract: The OECD Global Action “Promoting Social and Solidarity Economy Ecosystems”, funded by the European Union, through its work stream on social impact measurement, endeavours to: 1) explore current social impact measurement practices among social and solidarity economy organisations; 2) identify the methodologies best suited to capture the social benefits of the social and solidarity economy; and 3) understand what policy initiatives can be used to foster a social impact measurement culture and practice in the social and solidarity economy.After discussing the origins and drivers of social impact measurement, this paper examines existing methodologies developed at the local, national and international level and finally reviews how these are being implemented in the social and solidarity economy. It takes stock of the policy mapping exercise conducted by the OECD, which draws on responses to an online survey and on the stakeholder consultations conducted in Brazil, Canada, India, Korea, Mexico and the United States.
    Keywords: local development, policy ecosystem, social economy, social enterprises, social entrepreneurship, social impact, social innovation
    JEL: L31 L33
    Date: 2021–09–10

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