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on Small Business Management |
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Issue of 2024‒06‒17
24 papers chosen by |
| By: | HONDA, Tomohito; ONO, Arito; UESUGI, Iichiro; YASUDA, Yukihiro |
| Abstract: | In this study, we use a detailed and comprehensive dataset on out-of-court debt workouts for distressed small and medium-sized enterprises in Japan to describe characteristics of these workouts. We then investigate their determinants and the subsequent effects on firm performance. We find that most debt restructurings involve a rescheduling (deferral of debt repayment). In contrast, firms infrequently use more drastic measures, some of which reduce their debt overhang. For the determinants, firms with operating surpluses and negative net worth are more likely to take a drastic measure to restructure debt, which is consistent with the debt overhang theory. Firms with operating surpluses are more likely to adopt measures to hold management responsible and to use new outside executives. For performance, firms that use drastic debt restructurings have better gross sales and profits. Firms that use restructuring to hold management more responsible reduce employment and improve profits. These results indicate that firms that use measures to reduce their debt overhang and limit their moral hazard improved their performance. |
| Keywords: | out-of-court debt workouts, debt overhang, moral hazard, zombie firms |
| JEL: | G21 G33 G34 |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:hit:rcesrs:dp24-2&r= |
| By: | Ackah, Charles; Alemayehu Geda Fole; Görg, Holger; Merchan, Federico |
| Abstract: | Foreign investments bring in not only new employment but also novel technology, managerial skill and know-how, that may also dissipate into the local economy. It is not clear whether this effect differs by the nationality of source countries, in particular between Chinese and non-Chinese firms. Based on a firm level survey on Ethiopia and Ghana, we found that all types of firms are engaged in limited R&D and innovation activity and their transfer to host countries in both countries. There is little difference between Chinese and non-Chinese foreign firms in such technology and managerial skill transfer once controlling for firm size and industry characteristics in the majority of metrices (R&D activities, horizontal & vertical spillover, directly adopting techniques). However, we found for Ghana that Chinese firms have more suppliers but are less likely to transfer technology to them. Chinese firms are more likely to transfer managerial skills than non-Chinese firms in Ghana though not in Ethiopia. Also, there is little evidence that foreign firms transfer technology via horizontal or backward spillovers in either countries. Finally, Chinese firms are much more likely to receive host country policy support than other foreign firms in Ghana but not in Ethiopia. |
| Keywords: | Foreign direct investment, China, Africa, technological transfer, Ethiopia, Ghana |
| JEL: | F2 O1 O3 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:295225&r= |
| By: | Saheel A. Chodavadia; Sari Pekkala Kerr; William R. Kerr; Louis J. Maiden |
| Abstract: | Immigrants contribute disproportionately to entrepreneurship in many countries, accounting for a quarter of new employer businesses in the US. We review recent research on the measurement of immigrant entrepreneurship, the traits of immigrant founders, their economic impact, and policy levers. We provide updated statistics on the share of US entrepreneurs who are immigrants. We utilize the Annual Business Survey to quantify the greater rates of patenting and innovation in immigrant-founded firms. This higher propensity towards innovation is only partly explained by differences in education levels and fields of study. We conclude with avenues for future research. |
| JEL: | F22 F6 J15 J61 L26 M13 O15 O3 R23 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32400&r= |
| By: | Kleinhempel, Johannes; Estrin, Saul |
| Abstract: | Comparative international entrepreneurship research has often used measures of high-growth expectations entrepreneurship to proxy for the construct of high-impact entrepreneurship. We revisit this practice by assessing the cross-country association between high-growth expectations and realized high-impact entrepreneurship to speak to construct measurement fit. We find that expectations are not a good proxy for realizations; they are associated with different determinants and outcomes, respectively. We go on to introduce the idea of entrepreneurial projection bias to gauge the misfit between expectations and realizations. Conditioning on entrepreneurial projection bias partially restores the association between realized high-impact entrepreneurship and its determinants (or outcomes) when realizations are proxied using expectations. Furthermore, we show that opportunity-motivated entrepreneurship also does not proxy well for high-impact entrepreneurship. Our analysis brings into question current survey-based approaches to measuring high-impact entrepreneurship and existing rankings of countries’ entrepreneurial performance, with important implications for entrepreneurship theory and policy. |
| Keywords: | construct-measurement; high-impact entrepreneurship; high-growth expectations entrepreneurship; entrepreneurial projection bias; international entrepreneurship research; Springer deal |
| JEL: | M13 O31 O57 |
| Date: | 2024–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:122409&r= |
| By: | Okan Akarsu; Altan Aldan; Huzeyfe Torun |
| Abstract: | Financial constraints may hamper firm exports since firms may have to bear export-related costs before they obtain export revenues. Hence, export credits are widely used around the world to mitigate the negative effects of financial constraints. This paper focuses on a specific type of subsidized export credit, namely the export rediscount credit scheme implemented by the Central Bank of the Republic of Türkiye (CBRT), and investigates whether credit-using firms' exports increase more than they do for firms that do not use this credit in the short run without implying a causal relationship. To achieve this, we combine four datasets: the firm-level monthly data on rediscount credit, firm-level monthly data on exports, firms’ annual balance sheet and income statements, and firm-level annual data on employment. We find that receiving rediscount credit is positively correlated with export growth in the short run. This correlation is robust to using alternative measures of credit use, such as a discrete measure of receiving the rediscount credit and the amount of credit. Second, we discover that the correlation between the use of rediscount credits and export growth is stronger among small and medium-sized enterprises (SMEs). Third, we investigate whether the association between rediscount credits and firm exports is non-linear and find that exports increase less proportionately for a higher level of rediscount credits. Finally, we find that both FX- and TL-denominated credits are positively correlated with exports. |
| Keywords: | Rediscount credit, Exports, Türkiye |
| JEL: | D22 F14 O16 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:2407&r= |
| By: | Ubfal, Diego (World Bank) |
| Abstract: | Innovative women entrepreneurs can be agents of change and offer novel solutions to global challenges. However, they face multiple barriers to growing their businesses. This paper reviews the literature on strategies to support women entrepreneurs in improving their business outcomes. It focuses on interventions designed to address four areas of constraints that influence their decisions and can impact their business performance: gaps in human capital, access to finance, access to technology and markets, and contextual factors such as legal and regulatory constraints, social norms, access to care, and gender-based violence. The review concludes that evidence of modest average treatment effects and heterogeneity in treatment effects across various interventions suggest the need for more precise targeting. The multiple constraints faced by women entrepreneurs necessitates testing different packages of interventions. Moreover, the successful implementation and adoption of proposed solutions require consideration of the contextual constraints that differentially affect women-led businesses. While the review highlights several interventions that show promise in supporting women entrepreneurs, significant gaps remain in the evidence concerning the most effective strategies. |
| Keywords: | literature review, gender, entrepreneurship, women-led businesses |
| JEL: | J16 L25 L26 O12 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16950&r= |
| By: | Gupta, Apoorva; Stiebale, Joel |
| Abstract: | We study the effect of stronger patent protection on innovation activities of firms and firm-product level markups. Relying on cross-industry differences in the use of patents, we exploit firm-level variation in exposure to India's patent reform. For firms more exposed to stronger patent protection, we find an increase in patenting and R&D expenditure post-reform. Additionally, we estimate an increase in firm-product level markups after the reform, driven primarily by lower marginal costs rather than higher prices. Our results indicate that process innovations and output expansion contributed to these cost-savings, and incomplete pass-through accounts for a substantial part of rising markups. |
| Keywords: | Intellectual property rights, patent protection, innovation, R&D, markups, patents |
| JEL: | L10 O30 O31 O00 D22 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:dicedp:295746&r= |
| By: | Hanqiao Zhang |
| Abstract: | Neighborhood characteristics have been broadly studied with different firm behaviors, e.g. birth, entry, expansion, and survival, except for firm exit. Using a novel dataset of foreign-invested enterprises operating in Shenzhen's electronics manufacturing industry from 2017 to 2021, I investigate the spillover effects of firm exits on other firms in the vicinity, from both the industry group and the industry class level. Significant neighborhood effects are identified for the industry group level, but not the industry class level. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.18009&r= |
| By: | Pierluigi Angelino; Dirk Czarnitzki; Astrid Volckaert |
| Abstract: | The Flemish government launched its Spearhead Cluster (SHC) policy in 2017. The aim is to boost strategic sectors by setting up cluster initiatives which coordinate collaborative R&D initiatives. In this paper, we analyze whether becoming a member of such a cluster initiative has an impact on the Total Factor Productivity (TFP) of the firm. We exploit firm-level data between 2013 and 2020 to estimate TFP and apply a difference-in-differences approach to assess the programs’ treatment effects. We find that becoming a member of a cluster has an average positive impact on firmlevel TFP of between 1 to 4.4 percent, depending on the econometric specification. These results are the first to provide an insight into the impact of the Flemish SHC policy on productivity. |
| Keywords: | cluster associations, cluster policy, innovation policy, total factor productivity, conditional difference-in-difference |
| Date: | 2024–05–22 |
| URL: | http://d.repec.org/n?u=RePEc:ete:vivwps:741800&r= |
| By: | Calista Cheung; James Fudurich; Janki Shah; Farrukh Suvankulov |
| Abstract: | Attempts to measure and track the Indigenous economy in Canada are limited by data availability and quality. Also, little is known about the business environment on reserves. Filling these information gaps is important to ensure that policy-makers and Indigenous leaders can make well-informed decisions that benefit the long-term prosperity of Indigenous communities. To help narrow these knowledge gaps, the Bank of Canada partnered with the Canadian Council for Aboriginal Business and Global Affairs Canada to conduct a large-scale, national survey of Indigenous-owned firms between May and September 2021. This paper reports findings from the survey results, including Indigenous-owned firms’ main sources of financing and their expectations about wages, prices and inflation. These results are compared with those from other Canadian business surveys such as the Bank’s quarterly Business Outlook Survey (BOS) to better understand the unique conditions and challenges Indigenous businesses face. Overall, we find that, compared with the average small business in Canada, Indigenous firms were significantly less likely to use financial institutions as main sources of financing. Indigenous businesses also had stronger inflation expectations and weaker wage-growth expectations, on average, than non-Indigenous firms in Canada, based on results from the BOS during the same time frame. The relatively high inflation expectations partly reflect the large share of Indigenous firms located in rural areas compared with the total business population in Canada. Indigenous firms in rural locations tended to expect higher inflation and higher price increases than their counterparts in urban areas. |
| Keywords: | Firm dynamics |
| JEL: | C83 D0 J15 G38 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocadp:24-04&r= |
| By: | Federico Moscatelli; Christian Chacua; Shreyas Gadgin Matha; Matte Hartog; Eduardo Hernandez Rodriguez; Julio Raffo; Muhammed A. Yildirim |
| Abstract: | Recent years have witnessed a resurgence of industrial policies globally. Through various industrial policy instruments, governments make critical scientific and technological choices that shape innovation paths and resource allocations. Our paper explores innovation capabilities as essential drivers of competitive outcomes, spanning science, technology, and production domains. Based on the economic complexity literature, we propose a methodological framework to measure the innovation capabilities empirically, leveraging data on scientific publications, patents, and trade. Our findings highlight the multidimensional nature of innovation capabilities and underscore the importance of understanding both the specialization and quality of these capabilities. Our results are in line with the complexity literature, as we also find: (i) positive correlations between the innovation complexity and economic growth; and, (ii) the predictive power of existing innovation capabilities for fostering new ones. Based on these findings, we propose novel indicators informing innovation policymaking on the innovation potential across science, technology, and production fields of an ecosystem. We suggest that innovation policymaking needs to be informed by deeper insights into innovation capabilities that are crucial for long-term growth and competitiveness improvement. |
| Keywords: | Innovation capabilities, Complexity metrics, Innovation ecosystems, Science and technology policy, Industrial policy, Economic development, Smart specialization |
| JEL: | O25 O31 O33 O30 O11 O14 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:wip:wpaper:81&r= |
| By: | Khadija ANGADE (Ibn Zohr University Agadir, (Morocco)) |
| Abstract: | The cooperative sector is currently an important lever for local, regional and national development. Due to their legal form and associated social and tax advantages, cooperatives actively contribute to reducing unemployment and improving living conditions in various regions, especially in rural areas. The positive impact also extends to individuals, with women primarily benefiting. This explains the rapid growth of this sector in Morocco. The Office for the Development of Cooperatives (ODCo) recently published statistics on Morocco’s cooperative sector for the end of 2021. In six years (from 2015 to 2021), the number of cooperatives has tripled, from 15, 735 to 47, 609, bringing the total number of members to 689, 617 (ODCo, 2023). This article highlights the characteristics of women cooperatives in Morocco through the case study of women’s cooperative of Souss Massa region. Unique aspects of women's participation will be explored by presenting the results of a comprehensive survey of cooperatives in the Souss Massa region (SM), covering all genders. The results of this survey represent the first phase of a research project entitled “Collective entrepreneurship as a driver of sustainable development: a case study of cooperatives in the Souss Massa region.†In the first part we will review the history of the cooperative movement in Morocco from independence to today. This will allow us to better understand the special entrepreneurial spirit that characterizes this industry. Subsequently, through the above survey results, an overview of women's cooperatives is revealed. |
| Keywords: | Cooperative, SSE, Gender, Entrepreneurship, Morocco, Souss Massa, Management, development policy |
| JEL: | A3 L3 M2 O1 R1 Z1 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:crc:wpaper:2402&r= |
| By: | Eliasson, Kent (Swedish Agency for Growth Policy Analysis); Hansson, Pär (Swedish Agency for Growth Policy Analysis); Lindvert, Markus (Swedish Agency for Growth Policy Analysis) |
| Abstract: | In the paper, we break down business sector R&D at an appropriate regional level (functional analysis regions, FA-regions) in Sweden. We describe the variation and development at the regional level. In an econometric analysis, we examine what affects the location and size of enterprise groups’ R&D activities in different FA-regions. We find that enterprise groups concentrate their R&D to the same regions, which are also regions with significant academic R&D (external agglomeration). Moreover, colocation of R&D and manufacturing within an enterprise group in a region (internal agglomeration) appears to be a significant location factor. Last but not least, the local availability of qualified R&D labor is another important localization factor for business sector R&D. Finally, when we compare the results from the econometric analysis with what enterprise groups themselves states as important motives for location, we find that they match quite well. |
| Keywords: | business sector R&D; regional location; external agglomeration; colocation of R&D and production; abundance of qualified labor |
| JEL: | J24 O32 R11 R12 |
| Date: | 2024–05–28 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:oruesi:2024_004&r= |
| By: | Alexander Cuntz; Frank Mueller-Langer; Alessio Muscarnera; Prince C. Oguguo; Marc Scheufen |
| Abstract: | TWe examine the implications of lowering barriers to online access to scientific publications for science and innovation in developing countries. We investigate whether and how free or low-cost access to scientific publications through the UN-led Research For Life (R4L) initiative leads to more scientific publications and clinical trials of authors affiliated with research institutions in developing countries. We find that free or reduced-fee access to the health science literature through Hinari (WHO-led subprogramme) increases the scientific publication output and clinical trials output of institutions in developing countries. In contrast, once we control for selection bias, we do not find empirical support for a positive Hinari effect on knowledge spillovers and local institutions’ research input into global patenting, as measured by paper citations in patent documents. Main findings can be generalized to other R4L subprogrammes and are likely to also apply to the WIPO-led Access to Research for Development and Innovation (ARDI) programme. |
| Keywords: | Scientific publications, Science, Innovation |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:wip:wpaper:78&r= |
| By: | Biswajit Banerjee (Ashoka University; National Bank of Slovakia); Jelena Ćirjaković (Bank of Slovenia) |
| Abstract: | Using annual firm-level data for Slovenia, this paper examines the impact of the Covid-19 pandemic on firm exit, sales, employment and take-up of different types of government financing support. The outcomes in the pandemic year are compared with those in the pre-Covid and post-Covid periods. The firm exit rate did not increase during the pandemic period. The process of cleansing out of less productive firms was still at work during the pandemic but did not intensify. Small and young firms were not impacted disproportionately more from the pandemic shock compared to the pre-Covid period. Government financing support had a strong positive effect on facilitating employment growth. Such support went to firms with greater need. There was little evidence of misallocation of resources towards zombie firms and low productivity firms. |
| Keywords: | COVID-19; Firm exit; FTE employment; government financing support; sales outcome |
| Date: | 2023–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:ash:wpaper:108&r= |
| By: | Pierre Azoulay; Joshua L. Krieger; Abhishek Nagaraj |
| Abstract: | Drawing insights from the field of innovation economics, we discuss the likely competitive environment shaping generative AI advances. Central to our analysis are the concepts of appropriability—whether firms in the industry are able to control the knowledge generated by their innovations—and complementary assets—whether effective entry requires access to specialized infrastructure and capabilities to which incumbent firms can ration access. While the rapid improvements in AI foundation models promise transformative impacts across broad sectors of the economy, we argue that tight control over complementary assets will likely result in a concentrated market structure, as in past episodes of technological upheaval. We suggest the likely paths through which incumbent firms may restrict entry, confining newcomers to subordinate roles and stifling broad sectoral innovation. We conclude with speculations regarding how this oligopolistic future might be averted. Policy interventions aimed at fractionalizing or facilitating shared access to complementary assets might help preserve competition and incentives for extending the generative AI frontier. Ironically, the best hopes for a vibrant open source AI ecosystem might rest on the presence of a “rogue” technology giant, who might choose openness and engagement with smaller firms as a strategic weapon wielded against other incumbents. |
| JEL: | L17 L86 O32 O38 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32474&r= |
| By: | Milad Abbasiharofteh; Tom Broekel; Lars Mewes; |
| Abstract: | This paper examines how geographical proximity affected interregional co-patenting links in various technologies in the USA from 1836 to 2010. We classify technologies by their complexity and test whether that moderates the impact of distance on collaboration. Contrary to the ‘death of distance’ hypothesis, distance still matters for knowledge creation and exchange. Moreover, we show that the role of complexity has changed over time. However, this pattern reversed by the late 20th century, with collaborations in complex technologies becoming more resilient to distance than those in simpler technologies. However, this pattern reversed by the late 20th century, with collaborations in complex technologies becoming more resilient to distance than those in simpler technologies. |
| Keywords: | network evolution, interregional collaboration, geographical proximity, technological complexity |
| JEL: | O33 R12 N70 L14 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2414&r= |
| By: | Homonenko, Vladyslava; Suprun, Ivan; Platonovska, Vladyslava |
| Abstract: | This research paper explores the determinants of countries' innovation levels as measured by the Global Innovation Index, focusing on the essential factors that strengthen a country's innovative capabilities. Through a comprehensive cross-country regression analysis, the findings highlight the role of GDP per capita, Median age and the Share of the population aged 25-49 as significant factors of innovation. Contrary to our initial hypotheses, the analysis demonstrates that other variables such as the democracy level, birth rate, net migration, and life expectancy, initially provided in our model, do not significantly influence the innovation process. This indicates that economic prosperity, a youthful age profile, and a significant part of the population within their most productive years are crucial in enhancing a nation's innovation. The results are particularly significant for Ukraine, emphasizing the need to enhance technological progress in its post-war recovery efforts. This study confirms the importance of a relatively young population and stable economic health in fostering technological progress, providing guidance for policymakers aiming to enhance innovation strategies. |
| Keywords: | Global Innovation Index, Technological progress, Age distribution, Economic health. |
| JEL: | O30 O31 O33 |
| Date: | 2024–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120909&r= |
| By: | Nuria Moratal (Nantes Univ - Nantes Université, LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université); Anne-Lorène Vernay (GEM Recherche - EESC-GEM Grenoble Ecole de Management); Carine Sebi (GEM Recherche - EESC-GEM Grenoble Ecole de Management) |
| Abstract: | This paper analysis the emergence of asset-intensive ecosystems. These ecosystems have been largely overlooked in the literature despite their potential contribution to sustainability transition. The paper presents four inherent characteristics of these ecosystems- supply and demand uncertainty, capital intensive, prone to technological lock-in and geographically anchored. It argues that these characteristics strongly influence how these ecosystems emerge. Using the case of the emergence of a regional ecosystem around hydrogen mobility, this paper shows that processes of ecosystem emergence are influenced by two dimensions: a temporal dimension and a spatial dimension. It also discusses a key dilemma for these emerging ecosystems which is to juggle between path creation and path dependence. |
| Keywords: | business ecosystem emergence infrastructure hydrogen Annecy 31 mai -3 juin 2022, business ecosystem, emergence, infrastructure, hydrogen Annecy, 31 mai -3 juin 2022 |
| Date: | 2022–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:gemptp:hal-04577068&r= |
| By: | Pauline Johannes; Vivien Lefebvre (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg) |
| Abstract: | Our paper investigates vertical agency conflicts1 that result from the separation of ownership and control in privately held firms. Vertical agency conflicts can lead to vertical agency costs resulting from bonding costs, monitoring costs, and residual losses. More specifically, we focus on the roles of firm size and corporate reporting requirements in the level of these costs. We demonstrate that vertical agency costs are higher in smaller, privately held firms because shareholders have less monitoring capacity and limited access to the labor market. Furthermore, vertical agency costs in smaller firms are amplified in countries characterized by relatively weaker reporting requirements because shareholders have less information available to assess managers' actions. We suggest for the first time that firm size and strength of auditing and reporting requirements are essential to understanding agency costs' magnitude in privately held firms. Our analysis also offers a more comprehensive understanding of the factors that explain agency costs in privately held firms. Thus, this study poses important implications for public policy, as disclosure requirements are a major issue for many countries. |
| Date: | 2024–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04568173&r= |
| By: | Ariel Ortiz-Bobea; Robert G. Chambers; Yurou He; David B. Lobell |
| Abstract: | Increasing agricultural productivity is a gradual process with significant time lags between research and development (R&D) investment and the resulting gains. We estimate the response of US agricultural Total Factor Productivity (TFP) to both R&D investment and weather, and quantify the public R&D spending required to offset the emerging impacts of climate change. We find that offsetting the climate-induced productivity slowdown by 2050 alone requires a sustained public R&D spending growth of 5.2-7.8% per year over 2021-2050. This amounts to an additional $208-$434B investment over this period. These are substantial requirements comparable to the public R&D spending growth that followed the two World Wars. |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2405.08159&r= |
| By: | Intan Hamdan-Livramento; Gregory D. Graff; Alica Daly |
| Abstract: | This paper illustrates successful policies and incentives that build on local innovation capabilities across three agricultural innovation hubs at different income levels and across different geographical regions. It makes the case for how countries highly complex innovation ecosystems, which refer to the diversity and sophistication of local innovators and the types of innovation they produce, tend to have more opportunities to shift their technological path to the frontier. The paper focuses on three agricultural hubs across different income levels and geography to illustrate how smart policies that focus on building local capabilities can help countries diversify and create their own agricultural technological paths. These hubs include: São Paulo in Brazil, Nairobi in Kenya and Colorado in the United States of America. |
| Keywords: | Agriculture, Innovation complexity, Technologies, Intellectual property |
| JEL: | O25 O31 O33 O30 O11 O14 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:wip:wpaper:82&r= |
| By: | Anabela Marques Santos; Michele Cincera; Giovanni Cerulli |
| Abstract: | The study assesses the impact of eight sources of financing (internal funds, bank loans, credit lines, trade credit, equity, grants, leasing and factoring) on innovation and firm growth. It provides evidence that not all external financing sources have the same impact on innovation and growth. Output additionality on turnover growth seems higher for equity financing. In contrast, employment growth appears to be more associated with financing sources linked to increased fixed assets or the solving of liquidity problems. The number of financing instruments used together also seems to matter, revealing the existence of complementarities. |
| Keywords: | Europe; Financing; Growth; Innovation |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/372408&r= |
| By: | Maria S. Mavillonio |
| Abstract: | In this paper, we leverage recent advancements in large language models to extract information from business plans on various equity crowdfunding platforms and predict the success of firm campaigns. Our approach spans a broad and comprehensive spectrum of model complexities, ranging from standard textual analysis to more intricate textual representations - e.g. Transformers-, thereby offering a clear view of the challenges in understanding of the underlying data. To this end, we build a novel dataset comprising more than 640 equity crowdfunding campaigns from major Italian platforms. Through rigorous analysis, our results indicate a compelling correlation between the use of intricate textual representations and the enhanced predictive capacity for identifying successful campaigns. |
| Keywords: | Crowdfunding, Text Representation, Natural Language Processing, Transformers |
| JEL: | C45 C53 G23 L26 |
| Date: | 2024–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:pie:dsedps:2024/308&r= |