nep-sbm New Economics Papers
on Small Business Management
Issue of 2023‒04‒24
nineteen papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Startup Village Conceptualisation By GOODWIN-HAWKINS Bryonny; GUZZO Fabrizio; MERIDA MARTIN Fernando; SASSO Simone
  2. Dividend policy of SMEs: A variance decomposition approach By CADENOVIC, Jovana; PAELEMAN, Ine; DELOOF, Marc
  3. The determinants of Public Grants and Venture Capital financing: Evidence from Europe By Andrea Bellucci; Gianluca Gucciardi; Daniel Nepelski
  4. Value Creation in Start-Up Discourse: Linking Pitch and Venture Through Logics of Justification By German Varas; Omar Sabaj; Clay Spinuzzi; Miguel Fuentes; Valentin Gerard; Paula Cabezas
  5. Formalisation et accès au crédit des petites et moyennes entreprises : cas du Togo By KOTOKLO, Edoh; TOGBENU, Fo-kossi edem
  6. Strapped for Cash: The Role of Financial Constraints for Innovating Firms By Esther Ann Bøler; Andreas Moxnes; Karen Helene Ulltveit-Moe
  7. Survey on Supply Chains and Management of Technical Know-how (Japanese) By OKAZAKI Yurie; SAITO Kosuke; TSUCHIYA Takahiro; SAHASHI Ryo
  8. The identification of priority domains in Kosovo. A mapping exercise By HOLLANDERS Hugo; REXHËBEQAJ Valmira
  9. Breakthrough Innovations and Productivity: An International Perspective By Kuusi, Tero; Nevavuo, Jenni
  10. A business model innovation on the market of bush taxi in Madagasikara: the case of Cotisse Transport By Rakotovao Finaritra Manovosoa; Jérémy Tantely Ranjatoelina
  11. Female entrepreneurship and social media in Morocco By Sanae Hobad; Laila Hobad; Abderrazzak Kabbouri
  12. Digital divides among microsized firms: Evidence from Sub-Saharan Africa By Damien GIROLLET
  13. Understanding and improving the firm-level revenue measures from the Business Register (BR) files By Chen Yeh; Claudia Macaluso
  14. Regional Public Investment and Regional Economic Growth : Study Using Spatial Econometrics Panel Data Approach By Bouamoud Safae; Kassaoui Radouane
  15. Government support in industrial sectors: A synthesis report By OECD
  16. Financial Structure, Firm Size and Financial Growth of Non-Financial Firms Listed at the Nairobi Securities Exchange By David Haritone Shikumo; Oluoch Oluoch; Joshua Matanda Wepukhulu
  17. Influences of Creativity and Resource Availability in the Intelligent Career Framework: Empirical Investigation of Nigerian Entrepreneurs By Salisu, Isyaku; Alam, Md. Mahmudul
  18. CSR and Firm Survival: Evidence from the Climate and Pandemic Crises By Thomas J. Chemmanur; Dimitrios Gounopoulos; Panagiotis Koutroumpis; Yu Zhang
  19. Sectoral total factor productivity and its determinants: Firm-level evidence from Kazakhstan By Zarina Adilkhanova

  1. By: GOODWIN-HAWKINS Bryonny; GUZZO Fabrizio (European Commission - JRC); MERIDA MARTIN Fernando (European Commission - JRC); SASSO Simone (European Commission - JRC)
    Abstract: The European Commission’s long-term vision for the EU’s rural areas identifies several areas of action towards stronger, connected, resilient and prosperous rural areas and communities by 2040. A flagship action on research and innovation aims to help tackle the challenges towards fulfilling rural potential. An annual Startup Village Forum is part of this action. The Forum intends to promote knowledge exchange and cooperation activities and to work as an open and inclusive space where institutions and stakeholders can meet, discuss and shape actions for startup-driven innovation in rural areas. Drawing upon the scientific literature, in this report we develop the Startup Village concept and define it as "A place (or a network of small places) that embraces innovation and ambitious entrepreneurship as a way to unlock development potential and support wellbeing in rural areas". Next, we explore the key enabling factors of Startup Villages- discussing in particular the pivotal role played by the ecosystem in enabling innovation and entrepreneurship - and outline the Startup Village Forum’s facilitating role.
    Keywords: rural innovative entrepreneurship, rural innovation, rural entrepreneurship, rural development, rural areas, growth, startups, SMEs, innovation ecosystem, RDI, Research, Technology and Innovation
    Date: 2023–02
  2. By: CADENOVIC, Jovana; PAELEMAN, Ine; DELOOF, Marc
    Abstract: Previous research on dividend policies in privately held firms has been largely focused on the determinants of dividend policies which are identified at the firm-year, firm, and industry levels. Studying these effects in isolation would, however, provide an incomplete picture of the overall drivers of dividend policy. In this study we go a step further by analysing these effects simultaneously by applying a variance decomposition method to explore how much each level of the analysis contributes to dividend policy of Small and Medium Sized Enterprises (SMEs). Based on a sample of 110, 050 Belgian SMEs, our data reveal that firm-year and firm-level differences explain most of the variance of dividend policies which is in line with the resource based theory. Industry-level differences and region differences matter very little for dividend policy of SMEs.
    Keywords: Dividend policy, SMEs, Variance decomposition
    Date: 2023–03
  3. By: Andrea Bellucci (University of Insubria, Department of Economics); Gianluca Gucciardi (UniCredit and University of Milan); Daniel Nepelski (European Commission - JRC)
    Abstract: This analysis compares the characteristics of firms supported by public and private sources in early-stage financing to investigate funding patterns for innovative companies. It examines whether the two sources of funding target similar firms in the period 2008-2017 using a portfolio approach on EU-based firms raising either Venture Capital financing, public grants under the Horizon 2020 ‘SME Instrument’ scheme, or both. The findings show that venture capitalists finance more innovative and younger firms, whereas public investors focus on smaller companies. This pattern is supported by robustness checks and expansions that address multiple dimensions of heterogeneity behaviours in the interaction of private and public funding.
    Keywords: Venture Capital, Investment, Public Grants, Horizon 2020, SME Instrument, Entrepreneurial Finance
    JEL: O30 O38 L20 L53 G20
    Date: 2023–02
  4. By: German Varas (UR - Université de Rennes); Omar Sabaj (USERENA - Universidad de La Serena); Clay Spinuzzi (University of Texas at Austin [Austin]); Miguel Fuentes (USERENA - Universidad de La Serena); Valentin Gerard (UR - Université de Rennes); Paula Cabezas (USERENA - Universidad de La Serena)
    Abstract: How do start-ups create value through the language of their business pitches? In this article, we investigate that question by identifying the logics of justification they use, traditionally conceptualized as orders of worth. In this study of short written pitches in a 6-month Chilean accelerator program, we describe how we detected logics of justification through pitch language, and we identify (a) co-occurrence patterns among logics of justification, (b) associations between logics of justification and industry sectors, and (c) associations between logics and a firm's customer segment (B2B, B2C). This study provides unique insights into how start-ups sometimes justify innovations by using specific patterns of language depending on a venture's features.
    Keywords: entrepreneurship, pitch, orders of worth, start-up discourse, accelerators
    Date: 2023
  5. By: KOTOKLO, Edoh; TOGBENU, Fo-kossi edem
    Abstract: The purpose of this paper is to analyze the effect of formalization on access to credit by taking the example of Togolese (small and medium) enterprises. To achieve this objective, we test the hypothesis that the formalization of firms has a significant effect on access to credit. To do so, a Probit regression and the special regressor method were used on data from 65, 725 firms extracted from the 2019 General Census of Enterprises database piloted by the Institut Nationale de la Statistique et des Etudes Economiques et Démographiques (INSEED). The results show that the variable "Formalization of enterprises (small and medium)" has a significant influence at the 1% level on the probability of access to credit. In addition, the control variables such as guarantees, cost of credit, access to the public market, gender and level of education also explain access to credit at the 1%, 1%, 5% and 10% thresholds respectively. Our results show the importance of training and capacity building for informal enterprises to formalize. Also, they will allow regulatory bodies to develop policies that can reframe the informal sector in order to contribute to the GDP and absorb more young people seeking employment.
    Keywords: Keywords: Formalization, SMEs, Access to Credit, Probit and Special Regressor
    JEL: D22
    Date: 2023–03–17
  6. By: Esther Ann Bøler; Andreas Moxnes; Karen Helene Ulltveit-Moe
    Abstract: This paper makes use of a reform that allowed firms to use patents as stand-alone collateral, to estimate the magnitude of collateral constraints and to quantify the aggregate impact of these constraints on misallocation and productivity. Using matched firm-bank data for Norway, we find that bank borrowing increased for firms affected by the reform relative to the control group. We also find an increase in the capital stock, employment and innovation as well as equity funding. We interpret the results through the lens of a model of monopolistic competition with potentially collateral constrained heterogeneous firms. Parameterizing the model using well-identified moments from the reduced form exercise, we find quantitatively large gains in output per worker in the sectors in the economy dominated by constrained (and intangible-intensive) firms. The gains are primarily driven by capital deepening, whereas within-industry misallocation plays a smaller role.
    Keywords: intangible capital, patents, credit constraints, misallocation, productivity
    JEL: D25 G32 L25 L26 O34 O47
    Date: 2023
  7. By: OKAZAKI Yurie; SAITO Kosuke; TSUCHIYA Takahiro; SAHASHI Ryo
    Abstract: The importance of managing critical technologies is growing as the U.S.-China rivalry intensifies. This research aims to clarify how the policies and regulations of Japan, the U.S., and China on the management of supply chains and innovation ecosystems are reflected in (1) firms' perceptions and (2) actual business decisions. It surveyed the top 5, 000 patent application firms in 2021, excluding local governments, universities, and other entities. After surveying 3, 794 of the top 5, 000 patent application companies, we obtained a valid sample of 305 companies (response rate: 8.0%). The survey revealed that many companies in various industries need to implement management of technical know-how. While the most common pattern of technological outflow was through retirees, there were few cases where actual management of technical know-how involved tracking the movements of retirees. The regression analysis results also indicated that firms that are doing business with both China and the U.S. and receiving investment and funds from both were negatively affected by the U.S.-China conflict. Firms expanding overseas and with a large number of patents are more likely to be negatively affected by the U.S.-China conflict. However, this effect can be offset by implementing management of technical know-how.
    Date: 2023–03
    Abstract: This study supports a first identification of the economic and productive domains that might be considered in the selection of the priority areas for a Smart Specialisation Strategy in Kosovo. It includes both a quantitative and a qualitative analyses that identify a number of industries and sub-areas to be further explored in the following Entrepreneurial Discovery Process (EDP). The quantitative mapping study is based on a combination of different statistical methodologies and explores the economic, scientific and innovation potential of Kosovo, whereas the qualitative analysis uses public consultations and interviews. The qualitative analysis, which integrates the outcomes of the quantitative diagnosis, identifies three “vertical” economic and productive areas (wood processing, food processing, and green energy) and two more “horizontal” ones (ICT and creative industries) as showing a great potential for triggering the transformation and drive Kosovo into a more competitive economy. Both diagnostic stages dealt with relevant challenges related to data availability, especially during the quantitative analysis, as well as with difficulties in reaching out with the stakeholders of the priority areas selected, for a number of reasons including mistrust, post-COVID situation, and a general lack of information on Smart Specialisation.
    Keywords: Smart Specialisation, Kosovo
    Date: 2023–02
  9. By: Kuusi, Tero; Nevavuo, Jenni
    Abstract: Abstract In this paper, we shed new light on the productivity impact of breakthrough patents, as well as their role in the variability of productivity across countries. We use text analysis and machine learning–based estimates of the number of breakthrough patents and show that there was a significant drop in quantity in the early 2000s. According to our econometric analysis, the slowdown in innovation activity has a clear temporal connection with the later slowdown in productivity in the 2010s. Breakthrough patents increased productivity on a large scale until the beginning of the 2010s, in particular in industrial information and communications technology (ICT) industries. In sectors other than ICT, productivity growth was more differentiated so that productivity growth is observed in industries that invested significantly in R&D after the emergence of breakthrough patents. We also identify large differences across countries in the link between productivity and breakthrough patents.
    Keywords: Productivity, Innovation, Breakthroughs, Patents
    JEL: D24 O31 O33
    Date: 2023–03–31
  10. By: Rakotovao Finaritra Manovosoa (Institut supérieur de technologie d'Antananarivo - Institut supérieur de technologie d'Antananarivo); Jérémy Tantely Ranjatoelina (ONG Dry Forest)
    Abstract: Le taxi-brousse est le principal moyen de transport entre les différentes localités de Madagasikara. En 2013, l'industrie a été bouleversée par l'entrée sur le marché de l'entreprise Cotisse Transport. Ce nouvel entrant a fait irruption dans l'industrie avec un business model innovant, remodelant sur la décennie suivante le marché et l'industrie du taxi-brousse. Cette recherche cherche à mettre en lumière le business model classique des coopératives de taxi brousse avant 2013, ainsi que celui de Cotisse Transport depuis sa création.
    Keywords: recherche qualitative, business model, innovation, taxi-brousse, Madagascar
    Date: 2022–10–06
  11. By: Sanae Hobad (LRSGO - Laboratoire de recherche en sciences de gestion des organisations); Laila Hobad (Le Laboratoire de Recherche en Sciences de Gestion des Organisations - LRSGO); Abderrazzak Kabbouri (Le Laboratoire de Recherche en Sciences de Gestion des Organisations - LRSGO)
    Abstract: Female entrepreneurship is a new concept with older roots, it has become a multidisciplinary field of research, It calls almost everyone in the humanities. A large amount of literature brings together multiple disciplines among economists, sociologists, historians, psychologists, managers and administrators, making it an excellent field of research. Entrepreneurship researchers have managed to note the major problem that entrepreneurs suffers from the Private Life Balance. Social media have invaded the world in recent years, and they make relationships between people easier. These social media have represented an important opportunity for entrepreneurs in general and women entrepreneurs in particular, by being part of an epistemological posture interpretivism, the objective of this paper is to propose an analytical framework for the study of the contributions of social media for female entrepreneurship based on an exploratory study preceded by a literature review. Our study is conducted by six semi-structured interviews and a survey of 94 with Moroccan female entrepreneurs, the results obtained showed that social media constituting an entrepreneurial paradise for Moroccan women entrepreneurs by the resolution of many problems that constitute a hindrance to the success of their business.
    Abstract: L'entrepreneuriat féminin est un nouveau concept avec des racines plus anciennes, il est devenu un champ de recherche pluridisciplinaire, il fait appel de presque tout le monde dans les sciences humaines. Une grande quantité de littérature rassemble de multiples disciplines parmi les économistes, les sociologues, les historiens, les psychologues, les gestionnaires et les administrateurs, ce qui en fait un excellent domaine de recherche. Les chercheurs en entreprenariat ont arrivé à constater le problème majeur que souffre les entrepreneurs celui de l'équilibre travail-vie personnelle. Les médias sociaux ont envahi le monde ces dernières années et ils rendent les relations entre les gens plus faciles, ces médias sociaux ont représenté une importante opportunité pour les entrepreneurs en général et les entrepreneures en particulier, en s'inscrivant dans une posture épistémologique interprétativisme, l'objectif de la présente papier est de proposer un cadre analytique de l'étude des apports des médias sociaux pour l'entrepreneuriat féminin en se basant sur une étude exploratoire précédée par une revue de littérature. Notre étude est menée par 6 entretiens semi-directifs et une enquête de 94 questionnaires auprès des entrepreneures Marocaines, les résultats obtenus ont montré que les médias sociaux constituent un paradis entrepreneurial pour les femmes Marocaines entrepreneures par la résolution de beaucoup des problèmes qui constituent une entrave au succès de leurs affaires.
    Keywords: Female entrepreneurship, ICT, Social media, Morocco, L’entrepreneuriat féminin, Les TIC, Médias sociaux, Maroc
    Date: 2023–01–25
  12. By: Damien GIROLLET
    Abstract: TThis paper explores digital inequalities in access and usage among 3, 300 firms and entrepreneurs from eight sub-Saharan African countries. To account for informal firms’ heterogeneity, we identify three segments: an upper tier of top performers, a lower tier of survivalists, and an intermediate segment composed of constrained gazelles. Although digital technologies are already used by most of the informal entrepreneurs in Sub-Saharan Africa, our findings suggest that the diffusion of these new technologies is uneven across informal firms, digital inequalities being rooted in the already existing socioeconomic inequalities. Indeed, digital inequalities align with the hierarchy of informal sectors in each country and are associated with entrepreneurs’ and firms’ characteristics. Using multivariate analysis, we find that gender and rural/urban digital divides persist in the productive sphere. At the same time, firms with a high level of informality, low profits, precarious operating conditions, and no access to financial services are less likely to use digital technologies.
    Keywords: Digital technology, ICT, digital divide, informality, Africa.
    JEL: D22 O17 O33 O55
    Date: 2023
  13. By: Chen Yeh; Claudia Macaluso
    Abstract: In this technical report, we construct and analyze measures of firm-level revenues for 1997-2017. Our analysis consists of four parts. First, we start by understanding the sample characteristics of the firm-level revised LBD (version 2019) that can be merged with the Business Register (BR) revenue files as constructed by Haltiwanger et al. (2020). In particular, we characterize which types of firms are most likely to have missing revenues (in terms of size and industry). Second, we characterize the sample characteristics of the establishment-level revised LBD (version 2019) that can be merged with a variety of Economic Censuses that include revenues. Third, we analyze whether firm-level revenue measures from the BR files can be improved upon by constructing revenue measures from the Economic Censuses and the Service Annual Survey files. Fourth and last, we compare firm-level revenues that are obtained from the BR files and the Economic Censuses.
    Date: 2023–03
  14. By: Bouamoud Safae (UM5 - Université Mohammed V de Rabat [Agdal]); Kassaoui Radouane (UM5 - Université Mohammed V de Rabat [Agdal])
    Abstract: Regional public investment gained momentum after the adoption of advanced regionalization, becoming an important research topic and instrument of public policies to reshape the Moroccan political and economic scene. This article analyzes the impact of public investment on economic growth following a regional and spatial logic. The objective of this study is to detect spatial effects in the estimation of Lee and Yu's QMLE by examining the relationship between regional public investment and regional economic growth over the period 2015-2019 based on the principles of spatial econometrics. The results show a marginal or weak effect of regional public investment, while regional employment remains a determining factor of regional economic growth. As for the effects of spatial diffusion, regional GDP remains a better instrument to combat against spatial inequalities.
    Abstract: L'investissement public régional a pris son ampleur après l'adoption de la régionalisation avancée, est devenu un sujet important de recherche et un instrument des politiques publiques pour reconfigurer à nouveau la scène politique et économique marocaine. Cet article analyse l'impact de l'investissement public sur la croissance économique suivant une logique régionale et spatiale. L'objectif de cette étude est de déceler les effets spatiaux dans l'estimation du QMLE de Lee and Yu, ceci nous a conduit à traiter la relation entre l'investissement public régional et la croissance économique régionale sur la période 2015-2019, en se basant effectivement sur les principes de l'économétrie spatiale. Les résultats obtenus montrent un effet marginal voire faible de l'investissement public régional, tandis que l'emploi régional demeure un facteur déterminant de la croissance économique régionale. Quant aux effets de diffusion spatiale, le produit intérieur brut régional reste un meilleur instrument pour lutter contre les inégalités spatiales.
    Keywords: The regional public investment, Regional economic growth, Advanced regionalization, Spatial econometrics in panel data, Spatial spillover effects, L’investissement public régional, La croissance économique régionale, La régionalisation avancée, L’économétrie spatiale en données de panel, Les effets de diffusion spatiale
    Date: 2023–03–07
  15. By: OECD
    Abstract: Industrial subsidies take on a growing importance in trade discussions. Yet assessing the scope and scale of government interventions in manufacturing remains notoriously difficult due to a persistent lack of reliable and comparable data. With many governments failing to provide sufficient information, attention has increasingly turned to firm-level data as a possible alternative for measuring industrial subsidies. Using this approach, recent OECD work has identified and quantified government support across key industrial sectors and policy instruments. The results show that: (i) the type of support received by firms can differ greatly across sectors; (ii) state enterprises obtain relatively more support and can serve as providers of support to other firms; and (iii) the complexity of supply chains implies that it can be hard to identify the ultimate beneficiaries of government support. These findings have important policy implications in the context of discussions at the WTO and elsewhere as they provide indications as to the possible nature of gaps in trade rules.
    Keywords: Competition, Distortions, Subsidies, Trade, WTO
    JEL: F13 F23 H25 L52 L60 O25
    Date: 2023–04–07
  16. By: David Haritone Shikumo; Oluoch Oluoch; Joshua Matanda Wepukhulu
    Abstract: A significant number of the non-financial firms listed at the Nairobi Securities Exchange have been experiencing declining financial performance and financial growth, which deter investors from investing in such firms. Hence, the study aimed at establishing the effect of financial structure on the financial growth of non-financial firms listed at the Nairobi Securities Exchange.
    Date: 2023–03
  17. By: Salisu, Isyaku; Alam, Md. Mahmudul (Universiti Utara Malaysia)
    Abstract: Purpose: This research investigates the influence of creativity and resource availability on career competencies and career success of entrepreneurs in Nigeria using the Intelligent Career Framework. Design/methodology/approach: Data was obtained using answers to questionnaires given to 348 successful entrepreneurs. The data was analysed using non-parametric software (Smart-PLS). Finding: The results indicate that entrepreneurs who understand “know-why”, “know-how”, and “know-whom” can access the required resources and are doing well in their careers. It is suggested that these competencies were significantly related to entrepreneurial career success. Resource availability moderates the relationship of knowing-how, knowing-why competencies and career success, while creativity moderates only the link between knowing-whom and entrepreneurs having successful careers. Research limitations/implications: The results help us to comprehend better the nature of successful entrepreneurial careers and the prominent role of tripartite competencies in achieving a successful career. Also emphasised here is the prominence of a more holistic perspective of these components based on a mix of social, motivational, and human capital. Practical implications: These findings hinted that entrepreneur should pay uniform consideration in fostering each career competency. There are implications for career advisers, practitioners, and entrepreneurship programs. Originality/value: This is a first-of-its-kind research that used primary source data in understanding career competencies - “knowing-how, knowing-whom, and knowing-why” - with entrepreneurs' career success in Nigeria.
    Date: 2022–03–08
  18. By: Thomas J. Chemmanur (Carroll School of Management); Dimitrios Gounopoulos (University of Bath); Panagiotis Koutroumpis (Queen Mary University of London); Yu Zhang (School of Economics, University College Dublin)
    Abstract: We analyse the relationship between the extent of a firm’s corporate social responsibility (CSR) and its long-term survival probability. We conjecture that a better CSR rating is associated with a lower probability of corporate failure and a longer survival period. Consistent with this, we document that four CSR dimensions (environment, community, employee relations, and product) out of six are positively related to firms’ survival probability. The positive association between CSR ratings and firm survival is stronger for firms operating in more competitive industries and those with weaker governance. We find that a firm’s engagement in CSR activities is particularly crucial for firm survival during pandemics and under adverse climate conditions. We establish causality in the relation between a firm’s CSR activities and its survival probability using instrumental variable (IV) and Heckman twostep analyses. Finally, we find that better financial performance, less stringent financial constraints, greater managerial discipline, and enhanced labor productivity are some of the channels through which firms engaging in more CSR activity achieve longer survival times.
    Keywords: Corporate Social Responsibility, Climate Change, Pandemic Uncertainty, Firm Survival, Corporate Governance
    JEL: G30 G41 M14
    Date: 2022–01–28
  19. By: Zarina Adilkhanova (NAC Analytica, Nazarbayev University)
    Abstract: This paper analyzes total factor productivity and domestic competition among firms in Kazakhstan. We show that the total factor productivity in many industries falls significantly from 2009 to 2017. At the same time, 3 to 10 of the largest firms occupy a significant market share in most industries, demonstrating the elements of oligopolistic competition. The lack of market competition and the monopolization of markets prove to be barriers to productivity growth within sectors. We also estimate the impact of various financial indicators and variables such as subsidies, R&D, and transportation costs on firm-level TFP in Kazakhstan. The results demonstrate that increased investments, profits, wages, subsidies, and the presence of employees aged under 30 or with higher education have a significant positive effect on TFP. Moreover, the uneven distribution of subsidies among firms also contributes to the development of a monopoly in the market. Almost the same firms receive subsidies every year, which aggravates the market power of these firms. Statistics show that 5 companies in the market receive up to 80% of subsidies in manufacturing and agriculture.
    Keywords: Total Factor Productivity (TFP); Sectoral analysis, HHI, Concentration ratio
    JEL: D24 G30 O16
    Date: 2022–06

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