nep-sbm New Economics Papers
on Small Business Management
Issue of 2022‒11‒14
thirty-six papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Disentangling regional innovation capability: what really matters? By Ganau, Roberto; Grandinetti, Roberto
  2. Digitalization and entrepreneur’s gender: Evidence for Spanish SMEs in the service and retail sectors. By Alfonso Expósito; Amparo Sanchis-Llopis; Juan A. Sanchis-Llopis
  3. The Financial literacy of micro-entrepreneurs: evidence from Italy By Paolo Finaldi Russo; Ludovica Galotto; Cristiana Rampazzi
  4. Financial Constraints of EU firms: A Sectoral Analysis By ASDRUBALI Pierfederico; HALLAK Issam; HARASZTOSI Peter
  5. Immigration and Entrepreneurship in Europe: cross-country evidence By Riillo, Cesare Fabio Antonio; Peroni, Chiara
  6. Towards Green Transition in EU regions By Claire Nauwelaers; Richard Harding; Inmaculada Perianez-Forte; Eskarne Aguirre; Karel Haegeman
  7. The development and reconceptualization of entrepreneurial resilience By Satoshi KAWAKATSU; Tomoki SEKIGUCHI
  8. Economic complexity and firm performance in the cultural and creative sector: evidence from Italian provinces By Burlina, Chiara; Casadei, Patrizia; Crociata, Alessandro
  9. COVID-19 MSME Policy Responses in the Philippines: How Goes the Gendered Quest? By Bayudan-Dacuycuy, Connie; Peña, Paul John
  10. Does Competition from Informal Firms Hurt Job Creation by Formal Firms ? Evidence Using Firm-Level Survey Data By Amin,Mohammad
  11. Harmonized Latin American innovation Surveys Database (LAIS) By Vargas, F.; Guillard, Charlotte; Salazar, Monica; Crespi, G.A.
  12. Improving Business Practices and the Boundary of the Entrepreneur : A Randomized Experiment Comparing Training, Consulting, Insourcing and Outsourcing By Anderson,Stephen J.; Mckenzie,David J.
  13. Firms’ Financing Dynamics around Lumpy Capacity Adjustments By Christoph Görtz; Plutarchos Sakellaris; John D. Tsoukalas
  14. Bank Local Specialization By Anne Duquerroy; Clément Mazet-Sonilhac; Jean-Stéphane Mésonnier; Daniel Paravisini
  15. German Financial State Aid during COVID-19 Pandemic: Higher Impact among Digitalized Self-Employed By Bertschek, Irene; Block, Jörn; Kritikos, Alexander S.; Stiel, Caroline
  16. "Determinant of Firm's Value: Empirical Evidence from Top 100 Listed Companies in Indonesia " By Rosita Suryaningsih
  17. Policies to Support Businesses through the COVID-19 Shock : A Firm-Level Perspective By Cirera,Xavier; Vargas Da Cruz,Marcio Jose; Davies,Elwyn Adriaan Robin; Grover,Arti Goswami; Iacovone,Leonardo; Lopez Cordova,Jose Ernesto; Medvedev,Denis; Maduko,Franklin Okechukwu; Nayyar,Gaurav; Reyes Ortega,Santiago; Torres,Jesica
  18. Organizational Resources, Country Institutions, and National Culture behind Firm Survival and Growth during COVID-19 By Liu,Yu; Peng,Mike W.; Wei,Zuobao; Xu,Jian; Xu,L. Colin
  19. Firm-Level Technology Adoption in Vietnam By Cirera,Xavier; Comin,Diego Adolfo; Vargas Da Cruz,Marcio Jose; Lee,Kyungmin; Soares Martins Neto,Antonio
  20. Employer Cooperation, Productivity, and Wages: New Evidence from Inter-Firm Formal Network Agreements By Devicienti, Francesco; Grinza, Elena; Manello, Alessandro; Vannoni, Davide
  21. The heterogeneous effects of bank mergers and acquisitions on credit to firms: evidence from Italian macro-regions By Silvia Del Prete; Cristina Demma; Iconio Garrí; Marco Piazza; Giovanni Soggia
  22. Public-private partnership in higher education: analysis of the positive effect of exchanges of experience on the behavior of students in business creation By Lassana Toure
  23. Corporate Market Power in Romania : Assessing Recent Trends, Drivers, and Implications for Competition By Iootty De Paiva Dias,Mariana; Pop,Georgiana; Pena,Jorge O.
  24. Micro-entrepreneurs’ financial and digital competences during the pandemic in Italy By Alessio D'Ignazio; Paolo Finaldi Russo; Massimiliano Stacchini
  25. Digital Technology Uses among Informal Micro-Sized Firms : Productivity and Jobs Outcomes in Senegal By Atiyas,Ä°zak; Dutz,Mark Andrew
  26. Filling the Gap: The Consequences of Collaborator Loss in Corporate R&D By Pöge, Felix; Gaessler, Fabian; Hoisl, Karin; Harhoff, Dietmar; Dorner, Matthias
  27. Innovation with and without patents By Josef Taalbi
  28. Damaged by the Disaster : The Impact of COVID-19 on Firms in South Asia By Brucal,Arlan Zandro Ilagan; Grover,Arti Goswami; Reyes Ortega,Santiago
  29. Replication of "How Much Does Immigration Boost Innovation?" By Wright, Taylor
  30. Firm-Level Technology Adoption in the State of Ceara in Brazil By Cirera,Xavier; Comin,Diego Adolfo; Vargas Da Cruz,Marcio Jose; Lee,Kyungmin; Soares Martins Neto,Antonio
  31. Bank lending to small firms: metamorphosis of a financing model By Paolo Finaldi Russo; Valentina Nigro; Sabrina Pastorelli
  32. Economic Growth in European Union NUTS-3 Regions By Kilroy,Austin Francis Louis; Ganau,Roberto
  33. The diffusion of digital skills across EU regions: Structural drivers and polarization dynamics By Caravella, Serenella; Cirillo, Valeria; Crespi, Francesco; Guarascio, Dario; Menghini, Mirko
  34. Social and green economies in the Mena region: through sustainability, public policies and SDGs By Gianluca PASTORELLI; Anastasia COSTANTINI; Samuel BARCO SERRANO
  35. The Determinants of Regional Foreign Direct Investment and Its Spatial Dependence : Evidence from Tunisia By Bouzid,Bechir Naier; Toumi,Sofiene
  36. The EIF SME Access to Finance Index - October 2022 Update By Torfs, Wouter

  1. By: Ganau, Roberto; Grandinetti, Roberto
    Abstract: Where does innovation come from? And do all regions innovate similarly? We deal with these questions by highlighting the complexity of the concepts of innovation capability and performance, and by testing their association at the European Union regional level. We disentangle inputs of innovation capability, and consider regional heterogeneity in institutional quality, to understand the relative endowment of what innovation inputs is associated with higher relative innovation performance. We find that ‘formal’ inputs–public and business R&D expenditure–do not work unconditionally and everywhere, and that less ‘formal’ ones–e.g., non-R&D expenditure and firms collaborating for innovation–matter particularly in regions with relative low-quality institutions. Moreover, institutional quality emerges as an innovation productivity-enhancing factor.
    Keywords: European Union; Innovation capability; innovation performance; institutional quality; regions
    JEL: O30 O52 R11
    Date: 2021–07–03
  2. By: Alfonso Expósito (University of Málaga, Spain); Amparo Sanchis-Llopis (University of Valencia and ERICES, Spain); Juan A. Sanchis-Llopis (University of Valencia and ERICES, Spain)
    Abstract: This study investigates the role of the entrepreneur’s gender on digitalization strategies undertaken by SMEs in the service and retail sectors. Specifically, we aim at testing how the gender of the entrepreneur may affect investment in software and equipment related to information and communication technologies (ICT). We use a sample of 1,041 Spanish businesses and estimate a bivariate probit model for these two decisions, controlling for other entrepreneurial and business characteristics. Results indicate a higher probability of male entrepreneurs to invest in software and ICT equipment, as compared to women. Furthermore, we find that entrepreneurial risk-taking and business’ innovation capabilities are important drivers for engaging in these two digitalisation strategies, regardless of the gender of the entrepreneur, and that entrepreneurial proactiveness is especially important for women entrepreneurs, since the positive impact of entrepreneurial proactiveness on the probability to engage in digitalisation strategies is stronger in women-led businesses. This study provides new empirical evidence on the role of entrepreneur’s gender in SMEs regarding their digitalisation strategies.
    Keywords: Gender of entrepreneur; small and medium-enterprises; digitalisation strategies; information and communication technologies; bivariate probit model.
    JEL: C35 J16 M21 L26
    Date: 2022–10
  3. By: Paolo Finaldi Russo (Banca d'Italia); Ludovica Galotto (Banca d'Italia); Cristiana Rampazzi (Banca d'Italia)
    Abstract: Entrepreneurs, including those who run very small businesses or sole proprietorships, are often assumed to have sound financial skills as they make frequent financial decisions. This paper explores the issue by analysing the level of financial literacy (FL) of Italian micro-entrepreneurs in comparison with other countries and other Italian adults. The results, based on the 2020 Survey on the Financial Literacy of Italian Adults conducted by the Bank of Italy according to the OECD/INFE methodology, are threefold. First, Italian micro-entrepreneurs have quite low levels of FL by international standards. Second, compared with other Italians, business owners have only a slightly higher level of FL; this is mainly attributable to their higher income and more frequent use of financial services. Third, thanks to their slightly more advanced financial skills, micro-entrepreneurs are more likely to make better financial decisions than other adults. These findings suggest that strengthening the financial literacy of micro-entrepreneurs can have a positive impact on their ability to make better financial decisions and ultimately on the resilience and growth of their businesses.
    Keywords: financial literacy, financial behaviour, micro-entrepreneurs, SMEs
    JEL: G53 L26 J24
    Date: 2022–10
  4. By: ASDRUBALI Pierfederico; HALLAK Issam (European Commission - JRC); HARASZTOSI Peter (European Commission - JRC)
    Abstract: In this paper we provide estimates of financial constraints in all EU sectors. Our empirical strategy consists in using the Orbis firm-level dataset to construct financial constraint measures for each of the firms in our sample, and then aggregate the results either by NACE code, or by business similarity. We use two main – somewhat complementary – financial constraint indices proposed by Ferrando et al (2015), and then submit them to a battery of robustness tests, including the alternative financial constraints estimators developed by Kaplan and Zingales (1997), Whited and Wu (2006), and Hadlock and Pierce (2010). We also establish correlations between a sector’s degree of financial constraints and other sectoral characteristics, such as firm size, TFP, capital intensity, and innovativeness. The results show that sectoral financial constraints do not converge for all indicators; yet there are sectors that classify at the bottom or top by two or more financial constraints measures. Tighter sectoral financial constraints tend to be associated with a lower firm size, a capital intensity much higher than average, and a total factor productivity lower than average.
    Keywords: Financial constraints, capital intensity, firm size, productivity
    Date: 2022–09
  5. By: Riillo, Cesare Fabio Antonio; Peroni, Chiara
    Abstract: This paper investigates the empirical link between migrations and entrepreneurship in European countries, for the first time drawing from a large sample of individuals sourced from the cross-country GEM survey. Specifically, the paper studies the impact of individuals' immigration status on entrepreneurial outcomes at all stages of the entrepreneurial process: interest in starting a new business, effectively starting, running a new business and managing an established company. The analysis uses a sequential probit model with sample selection to capture the dependence between entrepreneurial stages. It also distinguishes between different typologies of entrepreneurs (necessity and opportunity-driven, European and non-European; recent and long-standing immigrants). Additionally, it implements heteroscedasticity based instruments to address potential endogeneity issues. The study finds evidence that immigration has a positive effect on entrepreneurship. Immigrants are more willing to engage in entrepreneurship. Among those who started a new business, however, immigrants have lower chances than natives to succeed in the following stages of entrepreneurship.
    Keywords: Entrepreneurship; Immigration; Sequential Logit; Probit; sample selection; GEM.
    JEL: C25 D0 F22 J15 J6 J61 O15
    Date: 2022–09–12
  6. By: Claire Nauwelaers; Richard Harding; Inmaculada Perianez-Forte (European Commission - JRC); Eskarne Aguirre; Karel Haegeman (European Commission - JRC)
    Abstract: This report aims to contribute to the development of new models for regional and local authorities aiming to boost support for Green Transition of their economies through smarter innovation policies, using the smart specialisation approach. The report provides a detailed overview of the lessons learnt from five case studies on regions from across the European Union representing a diversity of approaches to using smart specialisation for Green Transition: the Basque Country in Spain, the Centro region in Portugal, the region of East & North Finland, the region of Western Macedonia in Greece and the region of West Netherlands. This report highlights the context-specific aspects of each region and the cross-cutting elements. Drawing together the different elements presented, the conclusion provides a summary overview of the findings and suggests pathways to innovation-led Green Transition for European regions.
    Keywords: Green Transition, EU regions, Smart Specialisation, Transformative innovation
    Date: 2022–09
  7. By: Satoshi KAWAKATSU; Tomoki SEKIGUCHI
    Abstract: The current entrepreneurial resilience research is a mixed bag—ranging from simply applying the construct of psychological resilience to entrepreneurs to focusing on the entrepreneur-specific aspect of resilience. This highlights three issues. First, the difference between psychological resilience and entrepreneurial resilience is not yet clear. Second, as observed in several previous studies, this ambiguity leads to the fallacy of directly correlating individual psychological resilience to business performance. Third, the extent to which entrepreneurial resilience as a trait affects firm performance remains unclear. These issues blur the essence of why resilience is important for entrepreneurial activity. To advance the literature, this article reconceptualizes entrepreneurial resilience as consisting of four elements: traits, processes, outcomes, and external factors, and argues that entrepreneurial resilience research should include and analyze all these elements. We also propose a methodology based on the reconceptualization, which paves the way for finding the significance of entrepreneurial resilience research.
    Keywords: resilience, entrepreneurial resilience, four factors of resilience, multi-level approach
    Date: 2022–07
  8. By: Burlina, Chiara; Casadei, Patrizia; Crociata, Alessandro
    Abstract: Several studies have detected a positive relationship between the spatial dynamics of cultural and creative industries (CCIs) and their social and economic outcomes. In this article, we draw upon the Economic Complexity Index (ECI) as a proxy to capture the social interactive nature that characterises CCIs and the way this affects firm performance. Our assumption is that more complex locations, endowed with different types of more sophisticated production capabilities, allow CCI firms to perform more strongly. This can depend on the higher opportunities of complex knowledge sharing and cross-fertilisation processes among different types of CCI firms or with non-CCI firms. The focus is on Italy, a country with a long-standing historical tradition in culture and creativity. We draw upon an original panel database at firm and province level (for the period 2010–2016) to compute two different ECIs, one for the CCIs and another one for the rest of the economy. Moreover, we analyse the effects these two types of complexity on the performance of firms within sectors with different levels of cultural and commercial value. We find that economic complexity of CCIs but not economic complexity of the rest of the economy matters for CCI firm performance. However, the effect is relatively weak. The same finding applies to all CCI firms, irrespective of their type of sector. Policy implications and directions for future research are discussed.
    Keywords: clusters; cultural and creative industries; economic complexity; firm performance; Italy; provinces
    JEL: J1 R14 J01
    Date: 2022–09–23
  9. By: Bayudan-Dacuycuy, Connie; Peña, Paul John
    Abstract: Drawing on the experiences of entrepreneurs during the onset of the COVID-19 pandemic, this study explores the gendered impacts of policy responses designed primarily to provide relief and support for business continuity while the economy was on hold. It explores the themes of their lived experiences and how policy responses catered to their immediate needs as entrepreneurs and assesses how and whether its impacts are gendered while considering the process of policy design, implementation, and monitoring during an emergency. As needs at the onset of the pandemic were universal and under pressure to deliver relief efforts in an emergency, policies did not explicitly bear a gender lens from design to implementation. The effects of the pandemic on businesses were not gendered, although the lived experiences of women entrepreneurs reveal areas where more gendered support is needed. The paper also explores the lack of consensus among players in the entrepreneurial ecosystem on how women entrepreneurship is defined and investigates how this affects the monitoring and evaluation of policy responses for micro, small, and medium enterprises. The paper also looks into tech startups and provides recommendations moving forward. Comments to this paper are welcome within 60 days from the date of posting. Email
    Keywords: women;MSME; COVID-19 policy responses
    Date: 2022
  10. By: Amin,Mohammad
    Abstract: The informal sector is an important source of livelihoods and jobs for a vast majority of people in developing countries. However, there is concern that the informal sector may undermine job creation in the formal sector. According to the “parasite†view of informality, informal firms can compete against formal firms, and often "unfairly" so as they do not have to comply with costly regulations and pay taxes. This "unfair" advantage makes it difficult for formal firms to compete against informal firms, implying a significant loss of formal sector jobs. Using firm-level survey data for manufacturing small and medium-size enterprises in 109 mostly developing countries, this study estimates the impact of competition from informal firms on the growth rate of employment among formal sector small and medium-size enterprises. The results show that the growth rate of employment declines significantly as competition from informal firms rises. According to the baseline specification, for each one standard deviation increase in informal competition, the employment growth rate declines by 1 percentage point. Consistent with the parasite view of informality, the negative impact on job growth is much larger when the business environment is less conducive to operating formally versus informally due to factors such high corruption, weak rule of law, more burdensome regulations, and high profit tax rate. Several checks are provided against endogeneity concerns.
    Keywords: Labor Markets,Business Environment,Financial Sector Policy,Judicial System Reform,Access to Finance
    Date: 2021–01–19
  11. By: Vargas, F.; Guillard, Charlotte; Salazar, Monica; Crespi, G.A.
    Abstract: This paper provides the methods through which the first version of the Harmonized Latin American Innovation Surveys database (LAIS) was built. LAIS, which is made freely available through the Inter-American Development Bank, contains nearly 690 variables and 119,900 observations at the firm level from 30 national innovation surveys conducted between 2007 and 2017 in 10 Latin American countries, increasing the number of countries of the region with publicly available microdata. This paper describes how, starting from significantly different survey methods and questionnaires between countries, criteria were applied to identify and select variables from different surveys measuring the same underlying concept. It also discusses and guides how differences in survey methodologies may affect comparisons even after the harmonization of variables. LAIS includes data on innovation activities expenditures, sources of information and collaborations for innovation, innovation obstacles, outputs and effects, protection of innovation results, and general firm characteristics. Since LAIS significantly decreases the cost of making data comparisons between countries, it will allow more scholars to research innovation in Latin American firms and to tackle long-standing unanswered questions about the importance of framework conditions in LAC for innovation decisions in firms. The dataset and supporting documentation are available at:
    JEL: O10 O12 O31 O32 C81
    Date: 2022–06–02
  12. By: Anderson,Stephen J.; Mckenzie,David J.
    Abstract: Many small firms lack the finance and marketing skills needed for firm growth. The standard approach in many business support programs is to attempt to train the entrepreneur to develop these skills, through classroom-based training or personalized consulting. However, rather than requiring the entrepreneur to be a jack-of-all-trades, an alternative is to move beyond the boundary of the entrepreneur and link firms to these skills in a marketplace through insourcing workers with functional expertise or outsourcing tasks to professional specialists. A randomized experiment in Nigeria tests the relative effectiveness of these four different approaches to improving business practices. Insourcing and outsourcing both dominate business training; and do at least as well as business consulting at one-half of the cost. Moving beyond the entrepreneurial boundary enables firms to use higher quality digital marketing practices, innovate more, and achieve greater sales and profits growth over a two-year horizon.
    Keywords: Financial Sector Policy,ICT Applications,Information Technology,Financial Sector and Social Assistance
    Date: 2020–12–17
  13. By: Christoph Görtz; Plutarchos Sakellaris; John D. Tsoukalas
    Abstract: We study how firms adjust their financial positions around the times when they undertake lumpy adjustments in capital or employment. Using U.S. firm level data, we document systematic patterns of cash and debt financing around lumpy adjustment, remarkably similar across capital and employment. Firm specific fundamentals in Tobin’s Q, profitability and productivity are leading indicators of the lumpy adjustment. Cash and debt capacity are actively manipulated, and contribute significantly quantitatively, to increase financial resources in anticipation of the expansion of firm capacity. Lumpy contractions in productive capacity are undertaken following years where firms reduce cash balances and hold above average levels of debt. During and after contractions, firms rebuild cash and reduce debt growth significantly in a concerted effort to restore financial resources by adjusting their productive operations.
    Keywords: lumpy adjustment, firm capital and employment dynamics, leverage, debt, cash
    JEL: G30 G32 E32
    Date: 2022
  14. By: Anne Duquerroy (Centre de recherche de la Banque de France - Banque de France); Clément Mazet-Sonilhac (Centre de recherche de la Banque de France - Banque de France, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Jean-Stéphane Mésonnier (Centre de recherche de la Banque de France - Banque de France, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Daniel Paravisini (LSE - London School of Economics and Political Science, CEPR - Center for Economic Policy Research - CEPR)
    Abstract: Using micro-data of the universe of bank-SME relationships in France, we show that banks specialize locally (at the branch level) by industry, and that this specialization shapes the equilibrium amount of borrowing by small firms. For identification, we exploit the reallocation of local clients from closed down branches to nearby branches of the same bank, which induced quasi-random variation in the match between a firm's industry and the industry of specialization of the lending branch. We show that branch reallocation leads, on average, to a substantial and permanent decline in small firm borrowing. This decline is twice larger for firms whose accounts are reallocated from branches less specialized in their industry than the original one.
    Keywords: Bank specialization,SMEs,Relationship banking,Branch closures
    Date: 2022–02–03
  15. By: Bertschek, Irene (ZEW Mannheim); Block, Jörn (University of Trier); Kritikos, Alexander S. (DIW Berlin); Stiel, Caroline (DIW Berlin)
    Abstract: In response to strong revenue and income losses that a large share of the self-employed faced during the COVID-19 pandemic, the German federal government introduced a €50bn emergency aid program. Based on real-time online-survey data comprising more than 20,000 observations, we analyze the impact of this program on the subjective survival probability. In particular, we investigate how the digitalization level of the self-employed influences the program's effectiveness. Employing propensity score matching, we find that the emergency aid program had only moderately positive effects on the confidence of the self-employed to survive the crisis. However, the self-employed whose businesses were highly digitalized, benefitted much more from the state aid compared to those whose businesses were less digitalized. This holds true only for those self-employed in advanced digitalization stages, who started the digitalization processes already before the crisis. Moreover, taking a regional perspective, we find suggestive evidence that the quality of the regional broadband infrastructure matters in the sense that it increases the effectiveness of the emergency aid program. Our findings show the interplay between governmental support programs, the digitalization levels of entrepreneurs, and the regional digital infrastructure. The study helps public policy to increase the impact of crisis-related policy instruments.
    Keywords: self-employment, emergency aid, treatment effects, COVID-19, entrepreneurship, digitalization, resilience
    JEL: C14 H43 L25 L26 J68 O33
    Date: 2022–09
  16. By: Rosita Suryaningsih (Faculty of Business, Universitas Multimedia Nusantara Author-2-Name: Lydia Fransiska Imanuel Author-2-Workplace-Name: Faculty of Business, Universitas Multimedia Nusantara Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: " Objective - The study examines the influence of profitability, leverage, firm size, and the proportion of independent commissioners on a firm's value with dividend policy as a moderating variable of the top 100 listed companies in Indonesia. Methodology/Technique - The sample was selected using purposive sampling, which consists of publicly-traded non-finance companies listed on the Kompas 100 Index and preparing audited financial statements for the year ended December 31 using Rupiah as its reporting currency. The secondary data were analyzed with moderated regression analysis method. Findings - The result indicated that profitability, leverage, and proportion of independent commissioners significantly enhance firms' value and strengthen these conditions by dividend policy. This study also finds that company size does not influence the value of firms. Novelty - This study contributes to knowledge of a firm's value using dividend policy as a variable that moderates the effect of profitability, leverage, firm size, and proportion of independent commissioners toward the value of firms. The implication of this study could guide a company's corporate action to create a balanced return on the firm's value between existing and potential investors, giving a positively impacting Type of Paper - Empirical."
    Keywords: Corporate Governance, Payout Policy, Firm Size, Value of Firms, Financing Policy, Profitability.
    Date: 2022–09–30
  17. By: Cirera,Xavier; Vargas Da Cruz,Marcio Jose; Davies,Elwyn Adriaan Robin; Grover,Arti Goswami; Iacovone,Leonardo; Lopez Cordova,Jose Ernesto; Medvedev,Denis; Maduko,Franklin Okechukwu; Nayyar,Gaurav; Reyes Ortega,Santiago; Torres,Jesica
    Abstract: Relying on a novel dataset covering more than 120,000 firms in 60 countries, this paper con-tributes to the debate about D policies to support businesses through the COVID-19 pandemic. While governments around the world have implemented a wide range of policy support measures, evidence on the reach of these policies, the alignment of measures with firm needs, and their targeting and effectiveness remains scarce. This paper provides the most comprehensive assessment to date of these issues, focusing primarily on the developing economies. It shows that policy reach has been limited, especially for the more vulnerable firms and countries, and identifies mismatches between policies provided and policies most sought. It also provides some indicative evidence regarding mistargeting of policies and their effectiveness in addressing liquidity constraints and preventing layoffs. This assessment provides some early guidance to policymakers on tailoring their COVID-19 business support packages and points to new directions in data and research efforts needed to guide policy responses to the current pandemic and future crises.
    Keywords: Labor Policies,Labor Markets,Rural Labor Markets,Disability,Access of Poor to Social Services,Economic Assistance,Services&Transfers to Poor,Social Development&Poverty,Bankruptcy and Resolution of Financial Distress
    Date: 2021–01–13
  18. By: Liu,Yu; Peng,Mike W.; Wei,Zuobao; Xu,Jian; Xu,L. Colin
    Abstract: This paper provides one of the first comprehensive and most updated studies on the effects of firms’ organizational resources, country institutions, and national culture on the survival and growth of private firms around the world during the COVID-19 pandemic. Analyzing World Bank Enterprise Follow-up Surveys on COVID-19 that cover 18,770 firms in 36 countries, the paper documents four sets of findings. (1) During the pandemic, firms with favorable organizational resources (state ownership and affiliation with parent companies) are more likely to survive and grow, whereas firms with foreign ownership or more financial obstacles are less likely to survive or grow. Firms in countries with a higher per capita income, a lower COVID-19 spread, and a less stringent COVID-19 control policy are more likely to survive and grow. (2) Favorable ownership and parent-company affiliations help cushion the pandemic shock during the pandemic. (3) The relationship between firm characteristics and firm survival/growth is significantly affected by the stringency of a country’s COVID-19 policy. (4) Firm survival and growth are positively related to a country’s cultural tendency in terms of long-term orientation and are not significantly related to uncertainty avoidance and individualism. The overall quality of country governance is negatively linked to the odds for firm survival as well as revenue and employment growth.
    Keywords: Financial Sector Policy,Access to Finance,Macroeconomic Management,Public Health Promotion
    Date: 2021–04–15
  19. By: Cirera,Xavier; Comin,Diego Adolfo; Vargas Da Cruz,Marcio Jose; Lee,Kyungmin; Soares Martins Neto,Antonio
    Abstract: This paper describes the results of a new firm survey to measure technology use and adoptionimplemented prior to the COVID-19 pandemic in Vietnam. It analyzes the use and adoption of technology among Vietnamesefirms and identifies some of the key barriers to adoption and diffusion. The analysis offers new and importantstylized facts on firm-level use of technologies. First, although access to the internet is almost universal inVietnam, firms had low digital readiness to face the COVID-19 pandemic; and the share of establishments withtheir own website, social media, and cloud computing is still small. Second, the use of Industry 4.0 technologies isincipient. Third, the technology gap with the use of frontier technologies in some general business functions,such as quality control, production planning, sales, and sourcing and procurement, is large. Fourth, themanufacturing sector faces the largest technological gap, larger than services and agricultural firms. The analysis ofthe main barriers and drivers to technology adoption and use shows the importance of good management quality fortechnology adoption, and that there is a technology premium associated with exporting activities. Finally, the analysisalso shows that firms are largely unaware of the available public policy support for technology upgrading.
    Keywords: Energy Policies & Economics,Construction Industry,Common Carriers Industry,Food & Beverage Industry,Business Cycles and Stabilization Policies,General Manufacturing,Plastics & Rubber Industry,Textiles, Apparel & Leather Industry,Pulp & Paper Industry,Food Security,Electric Power
    Date: 2021–03–08
  20. By: Devicienti, Francesco (University of Turin); Grinza, Elena (University of Milan); Manello, Alessandro (University of Turin); Vannoni, Davide (University of Turin)
    Abstract: Using uniquely rich administrative matched employer-employee data, we investigate the impact of formal network agreements (FNAs) among firms under two perspectives. First, we assess the impact of joining a FNA on several indicators of firm performance, and total factor productivity. Second, we investigate whether and how such effects are transmitted to the workers, in terms of wage changes. On the firm-level side, we find an overall significant and economically relevant positive effect of FNAs on firm performance, which resists a large set of robustness tests. However, such a positive effect on firms does not translate into tangible benefits for the workers, on average. After estimating an array of multiple-way fixed effects wage regressions, we find a negative, though small, wage effect. Moreover, we detect a rather marked heterogeneity in the impacts on both firms and workers. The estimation of rent-sharing equations, as well as other tests that exploit unionization data, suggest that the negative effects on wages might be explained by a decrease in workers' bargaining power following the introduction of FNAs.
    Keywords: Inter-firm cooperation, formal network agreements, firm performance, total factor productivity (TFP), wages, matched employer-employee data
    JEL: L14 D24 J31
    Date: 2022–10
  21. By: Silvia Del Prete (Bank of Italy); Cristina Demma (Bank of Italy); Iconio Garrí (Bank of Italy); Marco Piazza (Bank of Italy); Giovanni Soggia (Bank of Italy)
    Abstract: The literature has shown that in the short- and medium-term bank mergers and acquisitions (M&As) may generate a temporary reduction in firm credit. Using bank-firm matched data, this paper investigates the impact of M&As involving Italian banks over the period 2009-2019 on credit to firms, exploring possible heterogeneities across several dimensions. During a 3-year time window after each deal, we detect a reduction in loans to firms financed by target banks, in line with the existing evidence. The drop is smaller for infra-group mergers, when the target is healthy or is the firm’s main bank, while is larger for southern firms, independently of bank location. Other things being equal, we suggest that this “South effect†is mainly related to the negative externalities that characterize the business environment in Southern Italy, for which southern firms are more likely to be subject to a severe selection after a bank reorganization.
    Keywords: business lending, mergers and acquisitions, banking system’s structure, North-South divide
    JEL: D40 G10 G21 G34 L10
    Date: 2022–10
  22. By: Lassana Toure (Université de Ségou)
    Abstract: Public-private partnership (PPP) projects are important due to the demand for various types of partnerships between the public and private sectors and the growing interest of parties to share experiences. Much of the previous work on PPPs has focused on procurement processes, examining specific issues such as risk management, legal aspects, finance and security planning. However, the training of students in entrepreneurship and knowledge management in PPP projects were not addressed. More specifically, it is about providing an understanding of the need for the sharing of experiences between entrepreneurs and higher education institutions (HEI) as well as on how these exchanges influence the behavior of students vis-à-vis starting a business. This communication begins with a brief background to explain why PPP projects, in the field of higher education, have become necessary and the main economic, technical and political arguments that justify the use of PPP method of starting a business in the field of higher education in developing countries. The methodology consisted of collecting primary data using a questionnaire submitted to 72 students through a random sample of students after a conference given by entrepreneurs. The data was analyzed using descriptive, inferential statistics, and a Logit model to measure the effect of sharing experiences on the decision to become an entrepreneur. The results clearly indicate that the sharing of experiences between entrepreneurs and HEI involving students help the latter to move towards self-employment.
    Abstract: .Les projets de partenariat public-privé (PPP) sont importants en raison de la demande de divers types de partenariat entre les secteurs public et privé et de l'intérêt croissant des parties à partager des expériences. La plupart des travaux précédents sur les PPP se sont concentrés sur les processus de passation des marchés, examinant des questions spécifiques telles que la gestion des risques, les aspects juridiques, les finances et la planification des coûts. Cependant, la formation des étudiants en entrepreneuriat et la gestion des connaissances dans les projets PPP n'ont pas été abordées. En clair, il s'agit, dans cette communication, de fournir une compréhension sur la nécessité du partage d'expériences entre les entrepreneurs et les institutions de l'enseignement supérieur (IES) ainsi que sur la manière dont ces échanges influencent le comportement des étudiants vis-à-vis de la création d'entreprise. Cet article commence par un bref contexte pour expliquer pourquoi les projets PPP, dans le domaine de l'enseignement supérieur, sont devenus nécessaires et les principaux arguments économiques, techniques et politiques qui justifient l'utilisation des PPP comme méthode de création d'entreprise dans les pays en voie de développement. La méthodologie a consisté à collecter des données primaires à l'aide d'un questionnaire soumis à 72 étudiants à travers un échantillonnage aléatoire d'étudiants après une conférence animée par des entrepreneurs. Les données ont été analysées à l'aide de statistiques descriptives, inférentielles et d'un modèle Logit pour mesurer l'effet du partage d'expériences sur la décision de se lancer à l'entrepreneuriat. Les résultats indiquent clairement que les échanges entre les entreprises et les IES impliquant les étudiants des IES aident ces derniers à s'orienter vers l'auto-emploi.
    Keywords: Partenariat public-privé,Enseignement supérieur,Échanges d’expériences,Comportement,Création,Exchange of experiences,Behavior,Business creation.
    Date: 2022–05–31
  23. By: Iootty De Paiva Dias,Mariana; Pop,Georgiana; Pena,Jorge O.
    Abstract: This paper explores firm-level heterogeneity to identify the underlying drivers of market power trends in Romania and the implications for competition and economic growth. The results show that the (sales-weighted) average markup in Romania increased by around 15 percent between 2008 and 2017. A key driving force behind this aggregate trend was the ability of a small fraction of firms -- the top decile firms in the markup distribution -- to increase their markups. These firms do not seem to follow the typical superstar firms' profile: they are smaller, less efficient, and less likely to invest in intangible assets than other firms in the markup distribution and overrepresented in less knowledge-intensive service sectors (for example, the retail and trade sector). This suggests that the increase in markups in Romania might be associated with an environment that is less conducive to competition. A decomposition exercise shows that the increase in aggregate markups has been driven mostly by incumbents rather than new entrants and exiting firms, which could be interpreted as a sign of consolidation of market power among existing firms. The paper also finds that certain firm characteristics matter to explain differences in markup performance: size, age, research and development profile, export propensity, location, and especially ownership. Further, the paper shows that additional productivity dividends are associated with increased competition in Romania. Overall, these findings illustrate potential policy angles that need to be tackled to enhance market contestability and boost productivity growth, such as addressing regulations that restrict entry and rivalry in the retail trade sector, which concentrates a substantial proportion of high-markup firms, as well as promoting competitive neutrality across markets where public and private actors compete.
    Keywords: International Trade and Trade Rules,Food&Beverage Industry,Plastics&Rubber Industry,Common Carriers Industry,Construction Industry,Business Cycles and Stabilization Policies,General Manufacturing,Pulp&Paper Industry,Textiles, Apparel&Leather Industry,Mining&Extractive Industry (Non-Energy),Economic Theory&Research,Industrial Economics,Economic Growth
    Date: 2020–12–03
  24. By: Alessio D'Ignazio (Bank of Italy); Paolo Finaldi Russo (Bank of Italy); Massimiliano Stacchini (Bank of Italy)
    Abstract: We analyse new survey data from a representative sample of about 2,000 Italian micro-entrepreneurs to assess their level of financial and digital competences and to investigate whether these skills help them cope with unexpected shocks. We find that the financial literacy and digital skills of Italian micro-entrepreneurs are quite limited, especially for one-person businesses and owners with a lower level of education. By controlling for several business characteristics, we also find that financial literacy is significantly correlated with the transition to more digitalized business models and with greater resilience to external shocks: financially savvy entrepreneurs were better able to build liquidity buffers prior to the COVID-19 crisis and access government aid during the pandemic. As for the role of digital skills in supporting businesses during the crisis, empirical evidence is less clear-cut.
    Keywords: financial literacy, digitalization, micro-firms, Covid 19
    JEL: G53
    Date: 2022–10
  25. By: Atiyas,Ä°zak; Dutz,Mark Andrew
    Abstract: This paper explores the use of digital technologies among informal micro-sized firms in Senegal, their association with productivity, sales, exports and jobs, and the role of age and gender dimensions of enterprise owners. The study uses a new national sample of over 500 firms, of which over 90 percent are not fully formal and over 95 percent are micro-sized, employing five or fewer full-time employees. The analysis finds that using a 2G mobile phone is significantly positively correlated both with productivity and sales, and using a smartphone is associated with an additional premium relative to using a 2G. The largest statistically significant conditional correlate of productivity, sales and jobs is a more specialized internal-to-the-firm management technology proxying for management capabilities more generally, namely inventory control/point of sales (POS) software. Use of digital technologies to facilitate external-to-the-firm transactions, namely using mobile money to pay suppliers and to receive payments from customers are also statistically significant conditional correlates of productivity and sales. Using a smartphone is also positively correlated with exporting (while using only a 2G phone is not). Finally, there are significant digital divides in the use of digital technologies across age and gender groupings.
    Keywords: Labor Markets,Food&Beverage Industry,Textiles, Apparel&Leather Industry,Pulp&Paper Industry,Common Carriers Industry,Construction Industry,Business Cycles and Stabilization Policies,General Manufacturing,Plastics&Rubber Industry,Food Security,Gender and Development,Energy Policies&Economics
    Date: 2021–03–09
  26. By: Pöge, Felix (Boston University); Gaessler, Fabian (Max Planck Institute for Innovation and Competition); Hoisl, Karin (Max Planck Institute for Innovation and Competition); Harhoff, Dietmar (University of Munich); Dorner, Matthias (Institute for Employment Research (IAB), Nuremberg)
    Abstract: We examine how collaborator loss affects knowledge workers in corporate R&D. We argue that such a loss affects the remaining collaborators not only by reducing their team-specific capital (as argued in the prior literature) but also by increasing their bargaining power over the employer, who is in need of filling the gap left by the lost collaborator to ensure the continuation of R&D projects. This shift in bargaining power may, in turn, lead to benefits, such as additional resources or more attractive working conditions. These benefits can partially compensate for the negative effect of reduced team-specific capital on productivity and influence the career trajectories of the remaining collaborators. We empirically investigate the consequences of collaborator loss by exploiting 845 unexpected deaths of active inventors. We find that inventor death has a moderate negative effect on the productivity of the remaining collaborators. This negative effect disappears when we focus on the remaining collaborators who work for the same employer as the deceased inventor. Moreover, this group is more likely to be promoted and less likely to leave their current employer.
    Keywords: collaboration, mobility, innovation, inventors, patents, teams
    JEL: J62 O32 J24
    Date: 2022–10
  27. By: Josef Taalbi
    Abstract: A long-standing discussion is to what extent patents can be used to monitor trends in innovation activity. This study quantifies the amount and quality of information about actual innovation contained in the patent system, based on 4,460 Swedish innovations (1970-2015) that have been matched to international patents. The results show that most innovations were not patented and that among those that were, 43.9% of all innovations, only a fraction can be identified with patent quality data. The best-performing models identify 17% of all information about innovations, equivalent to an information loss of at least 83%. Econometric tests also show that the fraction of innovations responding to strengthened patent laws during the period were on average 8% percent. The overlap between the patent and innovation systems is hence more modest than often assumed. This accentuates the need to, alongside patents, develop versatile approaches in order to induce and monitor various aspects of innovation.
    Date: 2022–10
  28. By: Brucal,Arlan Zandro Ilagan; Grover,Arti Goswami; Reyes Ortega,Santiago
    Abstract: To assess the impact of COVID-19 on firms, the World Bank and the International Finance Corporation conducted Business Pulse Surveys in several countries, including six in the South Asia region. Analysis focusing on the South Asia region suggests that, first, firms in the South Asia region have suffered disproportionately more from the economic brunt of the pandemic. Second, even within the region, COVID-19 did not affect all firms equally. Although exporters remain resilient by some metrics, firms that are smaller, female-led firms and those in vulnerable sectors suffered higher rates of closure. Third, while digital technologies have taken the center stage post-pandemic, the South Asia region lags in the adoption of these technologies. Finally, policy support for firms is key to building back better and resilient recovery, yet only a small share of firms can access public support. To be effective, firm support programs ought to be carefully customized and target firms based on the dominant channel through which COVID-19 affects them rather than their external attributes.
    Keywords: Financial Sector Policy,Gender and Development,Public Health Promotion,Cottage Industry,Microenterprises
    Date: 2021–03–30
  29. By: Wright, Taylor
    Abstract: A common approach to identifying the causal impact of immigration on outcomes involves using a "shift-share" or Bartik instrument exploiting country-specific immigration in ows (shifts) and location specific prior shares for the same countries. New econometric findings suggest this instrumental variables approach uses identifying variation not from the shifts, as previously believed, but rather from the shares and suggest a battery of checks to explore the sensitivity of estimates. In this note, I first replicate Hunt and Gauthier-Loiselle (2010) which estimates the effects of immigration on innovation via patenting, and second deploy these new checks from the econometric literature on shift-share instruments. I find that the results of Hunt and Gauthier-Loiselle (2010) (skilled immigration increases innovation and has positive spillovers on the innovation of others) replicate and hold up well to these new tests.
    Date: 2022
  30. By: Cirera,Xavier; Comin,Diego Adolfo; Vargas Da Cruz,Marcio Jose; Lee,Kyungmin; Soares Martins Neto,Antonio
    Abstract: This paper uses a novel approach to measure technology adoption at the firm level and applies itto a representative sample of firms in the state of Ceará in Brazil. The paper develops a new measure of technologyadoption at the firm level, which identifies the purpose for which technologies are used and the intensive and extensiveuses. The survey allows for establishing several new stylized facts for Ceará. First, most firms still rely onpre-digital technologies to perform general business functions, such as business administration, marketing, salesand payments, or quality control. Second, these technology gaps are larger in smaller firms, in the manufacturingsector, with large gaps when it comes to Industry 3.0 and digitalization, and especially large in Industry 4.0technologies. The paper also presents some evidence that the main challenge to accelerate technology adoption is lack offirm capabilities. Despite the availability of technology extension services in the state, firms are still unaware ofthe availability of support and unwilling to upgrade technologies.
    Keywords: Food Security,Energy Policies & Economics,Common Carriers Industry,Food & Beverage Industry,Textiles, Apparel & Leather Industry,Pulp & Paper Industry,Construction Industry,Business Cycles and Stabilization Policies,General Manufacturing,Plastics & Rubber Industry,Livestock and Animal Husbandry,Electric Power
    Date: 2021–03–08
  31. By: Paolo Finaldi Russo (Bank of Italy); Valentina Nigro (Bank of Italy); Sabrina Pastorelli (Bank of Italy)
    Abstract: This paper identifies idiosyncratic credit supply shocks across firm size before and after the 2008-2013 double-dip recession in Italy. Based on a fixed effects model, the empirical framework includes both single- and multiple-lender firms and relaxes the standard assumption of homogeneous credit supply across borrowers from the same bank. Results highlight that following the crisis banks notably tightened their corporate lending policies except towards large companies. A significant difference in credit supply arose between micro-firms and the others. The divide is wider for larger banks and for those with weaker balance sheets. This may reflect the greater difficulties on the part of these financial intermediaries in disbursing loans to firms with a significant degree of informational opacity and with high fixed costs compared with the low unit volume of operations. According to these findings, the shocks that hit the banking system during the crisis translated into a persistent change in credit standards, with an important shift in the supply of new loans from smaller to larger firms.
    Keywords: bank lending channel, credit constraints, SME financing, bank risk-taking
    JEL: G21 G32 G3
    Date: 2022–10
  32. By: Kilroy,Austin Francis Louis; Ganau,Roberto
    Abstract: This paper analyzes the growth pathways of 1,321 regions in the European Union from 2003 to 2017. The aim is to inform integrated territorial investments and other economic development initiatives in lagging regions. Using the definition of lagging regions from the European Commission’s Catching Up Initiative, more than two-thirds of the European Union member states have lagging regions when defined at the Nomenclature of Territorial Units for Statistics-3 scale. These small lagging regions are often hidden within larger and more prosperous regions. The paper considers the roles of industrial structure, innovation, and inward foreign direct investment as growth-enhancing factors. The findings indicate that the growth dynamics in low-income regions are different from those in regions in other income groups: there is no overall pattern in the contribution of industry to growth but there is a strong association between foreign direct investment and growth. Among low-growth lagging regions -- the 171 small regions in the European Union with gross domestic product per capita less than 90 percent of the European Union average, and stagnant or negative growth performance -- growth is correlated with construction and innovation. There are also differences in the growth pathways of rural and non-rural regions: growth is associated with moving away from agriculture in rural regions, and it is associated with construction and innovation in non-rural regions. The results imply that a finer geographic scale can be important in policy making and programming of Cohesion Policy Funds, to cater to different needs and opportunities at the scale of Nomenclature of Territorial Units for Statistics-3 regions.
    Keywords: Economic Theory&Research,Industrial Economics,Economic Growth,Financial Sector Policy,Transport Services,Food Security,Legislation,Real&Intellectual Property Law,Social Policy,Regulatory Regimes,Legal Products,Common Property Resource Development,Intellectual Property Rights,Judicial System Reform,Legal Reform
    Date: 2020–12–10
  33. By: Caravella, Serenella; Cirillo, Valeria; Crespi, Francesco; Guarascio, Dario; Menghini, Mirko
    Abstract: The digital transformation is an important driver of long-run productivity growth and, as such, it has the potential to promote a more inclusive and sustainable growth. However, digital capabilities, crucial to develop and govern new digital technologies, are unevenly distributed across European regions increasing the risk of divergence and polarization. By taking advantage of a set of original indicators capturing the level of digital skills in the regional workforce, this work analyzes the factors shaping the process of digital skill accumulation in the EU over the period 2011-2018. Relying on transition probability matrices and dynamic random effects probit models, we provide evidence of a strong and persistent regional polarization in the adoption and deployment of digital skills. Further, we investigate whether European Funds (European Regional Development Fund, Cohesion Funds, and European Social Funds) are capable to shape the digitalization process and to favor regional convergence.
    Keywords: Digital transition,Skills,Labour markets,Persistence,Regional development,EU policies
    JEL: O14 O30 O38
    Date: 2022
  34. By: Gianluca PASTORELLI (Diesis Network); Anastasia COSTANTINI (Diesis Network); Samuel BARCO SERRANO (Diesis Network)
    Abstract: This working paper is based both on literature review and interviews to key informants and stakeholders from or active in the region conducted in the framework of various initiatives: research projects, peer-learning activities, support to networks, policy makers and entrepreneurs. These initiatives have been leading us to connect with the SSE ecosystems in the area called “Southern Neighbourhood†in a European (centric?) perspective. The rationale behind this exercise is an attempt to share a light on the state of play of the public policies and international initiatives bound to support the social and green economies showcasing some examples we consider particularly relevant.
    Keywords: Mena Region, social economy enterprises, place-based approach, social innovation, green transition
    JEL: J18 L31 O35 O53 O55 R11 Q56
    Date: 2022–03
  35. By: Bouzid,Bechir Naier; Toumi,Sofiene
    Abstract: This paper explores the relationship between key economic and institutional attributes of Tunisian governorates and their ability to attract foreign direct investment inflows. A dynamic generalized method of moments and spatial autoregressive approaches are used to estimate a model of regional foreign direct investment over the recent period. The results provide evidence of regional interdependence of foreign direct investment that appears to be highly clustered along the coastal areas. An increase/decrease of foreign direct investment inflows to a given region creates an incentive/disincentive for other foreign direct investment inflows to the same regions as well as nearby ones. These agglomeration forces are relatively strong in Tunisia in the presence of vertical foreign direct investment. Further, the results indicate that a relatively developed market size, an increase of regional development areas, as well as robust governance practices and infrastructure are positive determinants of regional foreign direct investment inflows. Finally, the paper shows that although some of the determinants exhibit spillover effects on nearby regions, the direct effect on the region represents the bulk of the influence over foreign direct investment inflows.
    Keywords: Financial Economics,Finance and Development,Foreign Direct Investment,Transport Services,Employment and Unemployment,Investment and Investment Climate
    Date: 2020–11–30
  36. By: Torfs, Wouter
    Abstract: This working paper elaborates on the most recent update of the EIF SME Access to Finance (ESAF) Index, a composite indicator used to monitor the state of SME external financing markets in the EU. The current update, using data for 2021, constitutes the nineth iteration of this exercise, resulting in a 9-year long time series for each of the 27 EU countries. The latest data captures the impact of the COVID-pandemic and the subsequent policy response on SME access to finance. For an extensive overview of the current state of SME financing markets the reader is referred to the EIF's European Small Business Finance Outlook (Kraemer-Eis et al., 2022). The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF's business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.
    Date: 2022

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