nep-sbm New Economics Papers
on Small Business Management
Issue of 2026–09–21
twenty-one papers chosen by
João Carlos Correia Leitão, Universidade da Beira Interior


  1. Knowledge-based regional development by university and regional entrepreneurial ecosystems: Permeability, boundaries and complementarities By Butzin, Anna; Flögel, Franz; Meyer, Kerstin; Rabadjieva, Maria
  2. How Big is Small? The Economic Effects of Access to Small Business Government Support By J. David Brown; Matthew Denes; Ran Duchin; John Hackney
  3. Einflussfaktoren für das Gelingen von Innovationskooperationen zwischen KMU und Hochschulen By Bijedić-Krumm, Teita; Mokhtar, Julia; Nielen, Sebastian; Schneider, Sebastian; Stephan, Meike
  4. AI Innovation and Firm Performance in the Medical Device Industry By Fazliddin Shermatov; Stephane Robin; Aldo Geuna
  5. Should Governments Subsidize Resource-Using Variety-Expanding Innovation or Resource-Substituting Innovation? By Riku Watanabe; Ken Tabata
  6. Analysis of Micro, Small and Medium Enterprises characteristics and performance across Southern Africa: a cross-country comparative study By Duncan Chandabemba Ngwenya
  7. Innovation, financial frictions, and persistent effects of monetary policy By Aydan Dogan; Ozgen Ozturk
  8. Bankruptcy law and firm size By Canipek, Aras; Kind, Axel; Litov, Lubomir; Trešl, Jiří
  9. Which government subsidies are relevant for eco-Innovation? Empirical evidence from firm-level panel data By Horbach, Jens; Rammer, Christian
  10. Territories: Competitiveness, defence and preparedness By Sillero Illanes Carmen
  11. Challenges and main reasons for employee departures from SMEs: a case study of a Moroccan SME By Louis Steevenne Assoumou-Mve Ngonga; Rhizlane Benrrezzouq; Abdeslam Chraibi
  12. Air Pollution and Climate-Mitigation Innovation: A Spatial Optimal Control Approach By Luca Bargna; Davide La Torre; Benjamin Montmartin; Lionel Nesta
  13. CHALLENGES AND OPPORTUNITIES FOR DEVELOPING UPCYCLED COSMETIC INGREDIENTS IN BRAZIL: A PERSPECTIVE FOR SMALL AND MEDIUM ENTERPRISES By Garcia, Murilo Dotti; Neto, Orlando Nastri
  14. Long-run trends in corporate investment and leverage in the UK: a decomposition By Aitor Irastorza-Fadrique; Lars Nesheim; Peter Levell
  15. The DNA of Enterprise: Genetic Endowments, Entrepreneurship and Intergenerational Mobility By Yang, C.; Guo, N.; Zhang, W
  16. Human Capital in Venture Capital: Evidence From 100, 000 Venture Capitalists By Blake Jackson; Ilya A. Strebulaev
  17. Fair and successful entrepreneurial ecosystems: Introducing contributism to balance inclusiveness and selectiveness By Scheu, Maximilian; Kuckertz, Andreas
  18. Drivers of AI adoption and investment intentions: Insights from Irish SMEs By Alvaro-Taus, Marta; Fitzgerald, Keith; Kren, Janez; O'Regan, Cynthia; O'Toole, Conor
  19. Zombie firms in emerging Asia: domestic and cross border implications By Boris Hofmann; Xiaoxi Liu; Ilhyock Shim
  20. Sophistication in GenAI Use: Field Evidence from a Large Firm By Nicholas J. Hallman; Zachary T. Kowaleski; Anu Puvvada; Jaime J. Schmidt
  21. Neue Trends im Entrepreneurship, Corporate Entrepreneurship & Business Development und deren Implementierung in innovativen MBA-Programmen unter besonderer Berücksichtigung von Healthy Leadership, Healthy Entrepreneurship und Life Design By Michalski, Tino; Charova, Sonja

  1. By: Butzin, Anna; Flögel, Franz; Meyer, Kerstin; Rabadjieva, Maria
    Abstract: This paper discusses the interplay between university entrepreneurial ecosystems (UEE) and regional entrepreneurial ecosystems (REE) in knowledge-based regional development, focusing on their permeability, boundaries, and complementarities. Using qualitative data from 176 events attended by startups from UEE and REE in the German Ruhr region, the research reveals an asymmetric permeability: UEE startups frequently engage with REE events to access market knowledge and managerial skills, while REE startups rarely participate in UEE activities beyond recruiting graduates. Both ecosystems deliver similar types of entrepreneurial knowledge, such as managerial and funding insights, but differ in their emphasis. UEEs focus more on market insights linked to technology commercialisation, whereas REEs emphasise marketing knowledge reflecting closer market proximity. The findings highlight the REE's nurturing role by providing practical support and market access for the UEE startups. The study suggests fostering greater inclusivity of UEEs to benefit a broader range of founders and recommends hybrid event formats combining UEE and REE resources to enhance regional innovation dynamics.
    Keywords: university entrepreneurial ecosystems, regional development, knowledge transfer, entrepreneurial ecosystems
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:zbw:iatdps:343531
  2. By: J. David Brown; Matthew Denes; Ran Duchin; John Hackney
    Abstract: We study the effects of vast increases in U.S. small business program eligibility standards, which expanded larger firms' access to support for small businesses. Exploiting quasi-random variation in the timing of these expansions and using administrative Census data, we show that revenues decline for the smallest firms, particularly those that are younger, more productive, and financially constrained. Government procurement contracts also are reallocated to larger firms. Consequently, firm exits increase, wages decline, and patenting falls. These findings highlight the economic consequences of expanding eligibility: by crowding out the smallest firms, resources shift away from high-potential firms, reducing dynamism and innovation.
    JEL: E24 G38 H25 H57 L25
    Date: 2026–09
    URL: https://d.repec.org/n?u=RePEc:nbr:nberwo:35703
  3. By: Bijedić-Krumm, Teita; Mokhtar, Julia; Nielen, Sebastian; Schneider, Sebastian; Stephan, Meike
    Abstract: Die Studie untersucht, welche Faktoren das Zustandekommen und den Erfolg von Innovationskooperationen zwischen kleinen und mittleren Unternehmen (KMU) und Hochschulen beeinflussen. Für KMU sind Hochschulen wichtige Partner, weil sie ihnen Zugang zu wissenschaftlichem Know-how, Forschungsinfrastruktur und Förderkompetenz bieten. Zentrale Erfolgsfaktoren für Innovationskooperationen sind bestehende Netzwerke, Vertrauen sowie ein gegenseitiges Verständnis für die unterschiedlichen Arbeitsweisen und Ziele von Wissenschaft und Wirtschaft. Erschwert wird die Zusammenarbeit durch begrenzte finanzielle und personelle Ressourcen, unterschiedliche Zeithorizonte und bürokratische Anforderungen der Förderprogramme. Innovationskooperationen zwischen KMU und Hochschulen könnten dadurch befördert werden, dass Hochschulen die Sichtbarkeit ihrer Forschung erhöhen und regionale Transferverbünde auf- bzw. ausgebaut werden.
    Abstract: The study examines the factors that influence the establishment and success of innovation cooperation between small and medium-sized enterprises (SMEs) and universities. Universities are important partners for SMEs, as they offer access to scientific expertise, research infrastructure and expertise in securing funding. Key success factors for innovation partnerships include existing networks, trust and a mutual understanding of the different working methods and objectives of academia and industry. At the same time, limited financial and human resources, differing time horizons and the bureaucratic requirements of funding conditions hamper collaboration. Universities should raise the profile of their research. Regional knowledge transfer networks should be established or expanded.
    Keywords: Innovationskooperationen, FuE, Innovationen, KMU, Hochschulen, Innovation cooperation, R&D, Innovation, SME, Universities
    JEL: O31 O32 O38 I23
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:zbw:ifmmat:343588
  4. By: Fazliddin Shermatov; Stephane Robin; Aldo Geuna
    Abstract: Whether artificial intelligence pays off for the firms that build it into their products is hard to establish, because AI innovation is itself hard to observe. The medical technology sector is a rare exception: an AI-enabled device must obtain clearance from a national health authority before it can reach a patient, leaving a dated, firm-attributable record of AI innovation output that can be observed directly rather than proxied. We exploit this setting with a three-stage recursive model estimated on a novel firm-level dataset linking FDA premarket clearances, USPTO patents, Scopus publications, and Orbis financials, tracing the full innovation chain from external collaboration through AI device introduction to firm performance. We find that external AI research collaboration is a robust driver of AI device introduction across firm sizes and estimators, with a larger effect for small firms, consistent with external knowledge ties substituting for limited internal R&D capacity. Decomposing by partner type, the effect is largest for industry and clinical collaborations and smallest for academic ties, consistent with the former being closer to the regulatory and commercialisation process. Firms that bring AI devices to market display higher labour productivity, an effect robust for small firms and the full sample that holds under both sequential and joint maximum-likelihood estimation and accumulates across successive device introductions. Effects on profit margins are present but weaker and do not survive all specifications, a pattern consistent with competitive entry eroding pricing power as AI devices diffuse through the sector.
    Date: 2026–09
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2609.08485
  5. By: Riku Watanabe (Department of Economics, Kagawa University); Ken Tabata (School of Economics, Kwansei Gakuin University)
    Abstract: This study introduces endogenous resource-substituting innovation into a variety-expanding endogenous growth model with polluting non-renewable resources. The resulting task-based framework highlights the trade-off between resource-using variety-expanding innovation and resource-substituting innovation. We examine how subsidies for these two types of innovation affect economic growth and welfare, and how environmental policies that slow resource extraction and mitigate pollution shape these effects. Subsidies for new-variety R&D promote growth through faster variety expansion but reduce it through greater reliance on resource extraction, reflected in a lower share of firms adopting resource-substituting production methods and higher resource intensity in aggregate production. Subsidies for resource-substituting innovation have the opposite effects. Calibrating the model, we find that raising subsidies for new-variety R&D is more likely to improve welfare in resource-rich economies, whereas raising subsidies for resource-substituting innovation is more likely to improve welfare in resource-poor economies. We also find that more stringent environmental policies that conserve resources and mitigate pollution strengthen the welfare gains from subsidies for resource-substituting innovation, while weakening those from new-variety R&D subsidies.
    Keywords: Non-Renewable Resources, Resource-Substituting Innovation, R&D-based Growth
    JEL: O31 O44 Q55
    Date: 2026–09
    URL: https://d.repec.org/n?u=RePEc:kgu:wpaper:314
  6. By: Duncan Chandabemba Ngwenya (Faculty of Economics)
    Abstract: This study examines Micro, Small, and Medium Enterprise (MSME) performance across Zimbabwe, South Africa, and Botswana using survey data from 1, 161 businesses. The analysis focuses on owner income growth, employee salary structures, employment patterns, and access to financial assistance. The findings reveal substantial cross-country heterogeneity that challenges conventional assumptions about MSME financing. Zimbabwean MSME owners achieve the highest income growth (47.0 percent) despite having the smallest loan capacity (50, 000 USD maximum), while Botswanan owners exhibit modest growth (8.0 percent) despite the largest loan capacity (1.11 million USD maximum). Employee salary growth is remarkably consistent across countries (29.5-32.5 percent), suggesting that government financial support programs benefit workers regardless of owner outcomes. Agriculture demonstrates the highest sectoral owner income growth (52.3 percent), and no statistically significant gender differences are found.
    Keywords: MSMEs, Owner income, Employee salaries, Business types, Cross-country comparison, Southern Africa
    JEL: J31 L25 L26 O16
    Date: 2026–05–26
    URL: https://d.repec.org/n?u=RePEc:boh:wpaper:05_2026
  7. By: Aydan Dogan; Ozgen Ozturk
    Abstract: We study how the financing of innovation shapes the transmission of monetary policy to productivity. Using US firm balance-sheet data matched to loan contracts, we show that contractionary monetary policy shocks reduce cash flow similarly across firms but lower R&D more among those without access to cash flow-based borrowing, where credit is extended against earnings rather than collateral. In a New Keynesian endogenous growth model with heterogeneous access to external finance, we show that a 25 basis point tightening lowers output persistently by 0.12%. Extending access to all firms reduces this loss by one third. The loss falls disproportionately on firms without access, which are younger and produce more and higher-quality patents.
    JEL: E22 E32 E44 E52 G32
    Date: 2026–09–04
    URL: https://d.repec.org/n?u=RePEc:boe:boeewp:023581
  8. By: Canipek, Aras; Kind, Axel; Litov, Lubomir; Trešl, Jiří
    Abstract: Weaker creditor rights can increase credit costs and thus prompt firms to reduce debt and investment. Yet, they can reduce distress costs and thus allow firms to increase leverage and eliminate risk-reducing but unprofitable investments. We hypothesize that firm size influences the effect of creditor rights on credit costs and distress costs and thus which effect dominates. Weaker creditor rights should have a negative effect for small firms but a positive effect for large firms. Using a German bankruptcy reform, we find support for our hypothesis. Our findings reconcile mixed evidence and have important implications for optimal bankruptcy design.
    Keywords: creditor rights, bankruptcy law, debt, investments, firm size
    JEL: G31 G32 G33 G34 G38 K22
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:zbw:safewp:343060
  9. By: Horbach, Jens; Rammer, Christian
    Abstract: Eco-innovations are highly important for mitigating climate change and transitioning towards a circular economy. There is extensive literature on the determinants of eco-innovation. The analysis of the role of government subsidies, however, is still under-developed. Subsidies are controversially discussed because they may distort competition and lead to less efficient solutions. At the same time, eco-innovations may produce positive externalities both at the innovation stage (knowledge spillovers) and the diffusion stage (reducing environmental damage). Subsidies may hence be important to avoid private under-investment in such innovations. The paper investigates which types of subsidies (e.g. general vs. research oriented, regional vs. national vs. supranational) are used by firms that engage in different fields of eco-innovation. The analysis is based on panel-econometric estimations using data from the German part of the Community Innovation Survey (CIS), covering the years 2020 to 2024. The results show that regional subsidies and general industry support are important for the diffusion of eco-innovations, such as the substitution of fossil fuels by renewables, because they help to overcome financial constraints. Specific R&D subsidies are important for innovations leading to less CO2 emissions in production processes.
    Keywords: Green subsidies, eco-innovation, random effects panel probit models
    JEL: C23 C25 Q55 Q58
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:zbw:zewdip:343046
  10. By: Sillero Illanes Carmen (European Commission - JRC)
    Abstract: A shifting geostrategic landscape — driven by Russia's war of aggression against Ukraine, conflict in the Middle East, disrupted supply corridors, hybrid threats and transatlantic uncertainty — has converged on a single imperative: Europe must assume responsibility for its own security and defence, extending beyond equipment to innovation and preparedness while overcoming defence-market fragmentation. NATO allies are committing to 5% of GDP by 2035, and the EU is mobilising resources on an unprecedented scale — in the order of €800 billion — yet the territorial dimension of this challenge remains uncertain: how place-based innovation policies can foster dual-use ecosystems that strengthen strategic autonomy, sustainable territorial competitiveness and preparedness, particularly in European border regions. REGDUALOSA (Regions Dual-Use Open Strategic Autonomy), a JRC exploratory research activity, addresses this question across three case studies — Estonia (cyber defence), Podkarpackie, Poland (UAVs) and Andalusia, Spain (space) — showing that territorial administrations act as strategic facilitators, setting framework conditions, orchestrating innovation ecosystems, bridging levels of government and driving civil security and preparedness. Dual-use industrial hubs drive regional economic complexity and quality employment, yet territories, in particular peripheral ones, face shared vulnerabilities: an absence of system integrators, human-capital shortages, restricted SME access to the defence market, and weak mechanisms linking civil innovation to defence planning. Conversely, whole-of-government coordination, a whole-of-society approach, clusters, shared testing infrastructures, regulatory experimentation and venture capital prove to be factors of success in the cases analysed. The recommendations underline the value of a dual-use lens in territorial strategies, territorial industrial policy portfolios and cross-regional cooperation. Positioning territorial preparedness as a strategic lever for European resilience and sustainable competitiveness, the brief argues that the forthcoming MFF (2028–2034) should enable regional and national actors to mobilise these ecosystems through improved funding access, simplification and a strengthened human capital.
    Date: 2026–08
    URL: https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc147349
  11. By: Louis Steevenne Assoumou-Mve Ngonga (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Abdelmalek Essaadi University [Tétouan] = Université Abdelmalek Essaadi [Tétouan]); Rhizlane Benrrezzouq (Ecole Nationale de Commerce et de Gestion Oujda); Abdeslam Chraibi (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Abdelmalek Essaadi University [Tétouan] = Université Abdelmalek Essaadi [Tétouan])
    Abstract: In the field of HR Management, the employee turnover rate is widely recognized as a key performance indicator. The metric quantifies the number of employees who depart from and subsequently join a company within a given period. If the rate is high, the company is operating at a loss. Conversely, a relatively low rate can be indicative of low employee turnover, which can be beneficial for a company. The concept of employee retention, which is defined as the number of employees retained by a company during a given year, is generally opposed to the concept of employee turnover. While initially within the purview of human resources, the importance of employee retention has grown significantly for business leaders, particularly within the context of SMEs. The primary focus of this research is on internal company dysfunctions. One case study is presented, in a Moroccan context where small and medium-sized enterprises play a predominant role. The SME studied has a problem of employee retention. We examine the employer-employee relationship to identify the deficiencies that result in frequent employee departures. Data is collected through observation and interviews. Our analysis indicates that the management style employed by the employer, particularly the social dynamics within the company, plays a pivotal role in employee retention. The proposal includes a focus on socio-economic approach to management as a potential solution.
    Abstract: En GRH, il existe un indicateur des plus connus qui est le taux de rotation du personnel. Il évalue le nombre de départ et des arrivées des employés au sein d'une entreprise pendant une année. Si son niveau est élevé, l'entreprise est dans le rouge. En revanche, un niveau relativement bas indique une faible rotation du personnel, ce qui peut être bon pour une entreprise. Il est généralement en opposition avec le concept de fidélisation du personnel qui définit le nombre d'employés gardé par une entreprise pendant une année. Quoiqu'au départ cantonné à la RH, la rétention des salariés est devenue primordial pour les dirigeants d'entreprise surtout pour les PME. Cette recherche s'intéresse aux dysfonctionnements internes en entreprise. C'est un cas d'étude qui est mis de l'avant, dans un contexte marocain où la petite et moyenne entreprise a une place prépondérante. La PME étudiée a un problème, celui de la rétention des salariés. Nous étudions ce problème en nous intéressant à la relation employeur - employés afin de déceler les manquements qui conduisent aux fréquents départs des salariés. Le recueil des données est fait par le moyen de l'observation et des entretiens. Nous sommes arrivés à la conclusion que la gestion des employés par l'employeur, notamment les relations sociales qu'ils entretiennent au sein de l'entreprise sont celles qui poussent les salariés à quitter l'entreprise étudiée. Le management socio-économique est proposé comme une piste de solutions.
    Keywords: deficiencies, Morocco, socio-economic approach to management, employee turnover, SMEs, employee retention, fidélisation du personnel, dysfonctionnements, PME, rétention des salariés, rotation du personnel, management socio-économique, Maroc
    Date: 2026–08–04
    URL: https://d.repec.org/n?u=RePEc:hal:journl:hal-05711596
  12. By: Luca Bargna (Department of Economics, Insubria University, Varese, Italy); Davide La Torre (SKEMA Business School, Université Côte d'Azur, France); Benjamin Montmartin (SKEMA Business School, France; Université Côte d'Azur, CNRS, GREDEG, France); Lionel Nesta (Université Côte d'Azur, CNRS, GREDEG, France; OFCE, Sciences Po, France; SKEMA Business School, France)
    Abstract: We develop a spatial optimal-control model in which air pollution and climate-mitigation innovation evolve jointly through a coupled reaction–diffusion system. We characterize stability and optimal policy, derive closed-form controls under spatial homogeneity, and obtain bounds for nonlinear dynamics. Using data from 1, 181 European NUTS 3 regions over 2005–2020, we estimate the reaction–diffusion dynamics and simulate the optimal policy mix under alternative welfare valuations of pollution-generating activities. Pollution exhibits strong spatial diffusion, whereas innovation diffusion is limited. Innovation is associated with lower subsequent pollution growth, while higher pollution is followed by stronger innovation growth. The optimal policy mix combines environmental regulation and innovation support, but their timing and persistence differ. Abatement may be immediate or delayed depending on the net welfare contribution of pollution-generating activities, while sustained innovation support depends on the value assigned to the terminal innovation stock.
    Keywords: Optimal control; Reaction–diffusion systems; Pollution; Innovation; Spatial econometrics
    Date: 2026–09
    URL: https://d.repec.org/n?u=RePEc:gre:wpaper:2026-21
  13. By: Garcia, Murilo Dotti; Neto, Orlando Nastri
    Abstract: The use of plant by-products to develop cosmetic ingredients has gained considerable momentum globally, driven by growing demand for sustainability and the increasing expectation that ingredients deliver scientifically proven efficacy. Brazil offers particularly favourable conditions for this trend, since the country combines unparalleled biodiversity with a world-scale agribusiness chain that generates vast volumes of largely underused by-products. This article examines the main challenges and opportunities facing Brazilian small and medium cosmetic enterprises (SMEs) as they develop ingredients from these by-products, focusing on regulatory, technical, scientific and market dimensions. Drawing on an integrative review of recent scientific and sectoral literature and on an analysis of the national context, it argues that SMEs, despite capital and infrastructure constraints, hold genuine advantages in agility and proximity to regional production chains. It concludes that conditions are favourable for smaller companies willing to invest in technical capacity, strategic partnerships and differentiation grounded in scientific evidence.
    Date: 2026–08–03
    URL: https://d.repec.org/n?u=RePEc:osf:socarx:k96et_v2
  14. By: Aitor Irastorza-Fadrique; Lars Nesheim; Peter Levell
    Abstract: Since the 2008 Global Financial Crisis, the UK has experienced persistently weak productivity and corporate investment alongside a sustained decline in corporate leverage. We use a large annual panel of UK firms drawn from the FAME database to document and decompose these long-run trends over 2006–2023. Our productivity results confirm earlier evidence of weak growth and widening differences between leading firms and the rest, while extending the firm-level analysis through 2023 and to finance and insurance. Across productivity, investment, and leverage, we distinguish common time effects affecting incumbent firms from compositional effects associated with firm entry and exit. Productivity weakness after 2016 is primarily observed within incumbent firms. The investment slowdown is likewise concentrated after 2016 and driven mainly by declining investment intensity within firms. For leverage, compositional changes account for an important part of the decline around the Global Financial Crisis, whereas subsequent deleveraging occurs primarily within incumbent firms.
    Date: 2026–09–08
    URL: https://d.repec.org/n?u=RePEc:azt:cemmap:15/26
  15. By: Yang, C.; Guo, N.; Zhang, W
    Abstract: Are entrepreneurs born or made? We study how genetic endowments shape entrepreneurship, intergenerational mobility, and wealth concentration by combining polygenic scores with a structural overlapping-generations model. Combining data from Understanding Society and the National Child Development Study, we show that genetic endowments related to educational attainment and risk tolerance predict entrepreneurial selection and entrepreneurial earnings. We develop and estimate a model in which genetic endowments affect pre-market skill formation, preferences, and occupation- specific returns, while parents influence children through genetic transmission, time investments, and cash transfers. We find that genetic heterogeneity accounts for a substantial share of intergenerational persistence (roughly 20–35 percent across earnings, consumption, and income ranks) and plays an important role in the formation of entrepreneurial dynasties. At the individual level, genetic endowments explain a modest but economically meaningful share of lifetime income variation, with effects that are twice as large among entrepreneurs as among wage workers. In counterfactual policy experiments, we compare financing wealth through credit expansion with financing talent through venture-capital intermediation. Holding fixed the amount of capital supplied, financing talent generates greater intergenerational mobility and higher aggregate output than financing wealth, but at the cost of higher inequality.
    Keywords: Entrepreneurship, Genetics, Intergenerational Mobility, Wealth Distribution
    JEL: D31 L26 J24 J62 E24
    Date: 2026–08–18
    URL: https://d.repec.org/n?u=RePEc:cam:camdae:2668
  16. By: Blake Jackson; Ilya A. Strebulaev
    Abstract: We study human capital in venture capital (VC) using a new dataset covering over 100, 000 professionals affiliated with U.S. VC firms. Investment success is extremely concentrated: fewer than 40% of VCs with any investments are ever credited with a successful investment, and 90% of investment profits are generated by 5% of VCs. Differences in education, prior work experience, and demographics predict career progression and investment outcomes, consistent with persistent investor-specific skills. Quasi-experimental variation from marginal inclusions on the Forbes Midas List shows that achieving superstar status increases access to highly-valued startups, complementing other human capital and contributing to concentration.
    JEL: G2 G23 G24
    Date: 2026–07
    URL: https://d.repec.org/n?u=RePEc:nbr:nberwo:35501
  17. By: Scheu, Maximilian; Kuckertz, Andreas
    Abstract: In this theoretical paper, we challenge the notion that aiming for inclusiveness per se improves the effectiveness of entrepreneurial ecosystems (EEs). We argue that thriving EEs tend to require a delicate balance between inclusiveness and selectiveness. In many contexts, contributions should primarily determine access to the EE. Moreover, we suggest that transparent inclusion processes can integrate both fairness and efficiency; we term that theoretical perspective contributism. Accordingly, we caution against well-intentioned inclusivity efforts that may inadvertently reinforce new forms of exclusion. Instead, we advocate for contribution-based thresholds that uphold excellence and call for a more nuanced dialogue that recognizes contribution-based selectiveness as an often necessary component of productive EEs.
    Keywords: entrepreneurial ecosystems, inclusiveness, contributism, selectiveness
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:zbw:hohdps:343543
  18. By: Alvaro-Taus, Marta; Fitzgerald, Keith; Kren, Janez; O'Regan, Cynthia; O'Toole, Conor
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:esr:wpaper:wp830
  19. By: Boris Hofmann; Xiaoxi Liu; Ilhyock Shim
    Abstract: Using firm-bank linked data for 10 Asian emerging market economies (EMEs) over 2005–2021, we study the domestic and cross-border implications of zombie firms. We document three main findings. First, the number of zombie firms in emerging Asia has increased significantly over the past 15 years, sustained by evergreening practices from weak banks. Second, zombie prevalence domestically depresses firm performance, crowds out healthy firms, and depresses inflation and GDP growth. Third, the macroeconomic effects of zombie firms extend across borders: expo sure to zombie firms in Asian EMEs significantly reduces inflation and growth in advanced economies. These spillover effects operate mainly through global value chains (GVCs) and an intermediate goods import price channel, while cross-border bank linkages do not play any major role.
    Keywords: zombie firms, evergreening, global value chains, cross-border spillovers, disinflation, financial stability
    JEL: E31 F14 F36 G21 G33
    Date: 2026–09
    URL: https://d.repec.org/n?u=RePEc:bis:biswps:1375
  20. By: Nicholas J. Hallman; Zachary T. Kowaleski; Anu Puvvada; Jaime J. Schmidt
    Abstract: We study how sophistication in generative AI (genAI) use varies among the back-office workforce of a large firm. Using proprietary data, we observe 713, 564 employee prompts and their corresponding large language model responses from nearly 4, 000 back-office employees across 15 functional areas over eight months in 2025. We document three main findings. First, senior employees exhibit more sophisticated genAI use, consistent with domain expertise complementing genAI capabilities. Second, sophistication varies considerably across functions and is highest in Strategy, Digital Innovation, and Project Management, three groups that share a focus on firmwide strategic initiatives and organizational change. Third, we observe neither improvements in sophistication over time nor lasting improvements following formal AI training, suggesting that sophisticated use can be difficult to change. Together, our study provides measures of and insights into sophisticated genAI use that managers can use to improve outcomes and that researchers can use in future research.
    Date: 2026–08
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2608.27364
  21. By: Michalski, Tino; Charova, Sonja
    Abstract: Das vorliegende Working Paper untersucht die innovative Weiterentwicklung von MBA-Programmen bei den Fachkompetenzen Entrepreneurship, Corporate Entrepreneurship und Business Development durch die Integration von Healthy Leadership, Healthy Entrepreneurship und Life Design. Ziel ist es, aufzuzeigen, wie klassische wirtschaftswissenschaftliche Kompetenzen um gesundheitsbezogene und resilienzfördernde Aspekte ergänzt werden können. Die bisherigen Forschungsergebnisse deuten darauf hin, dass diese Themen im Zuge eines zunehmend gesundheitsbewussten Verständnisses von Arbeit, Führung und Entrepreneurship an Bedeutung gewinnen und einen wertvollen Beitrag zur Ausbildung zukünftiger Führungskräfte leisten könnten. Auf Grundlage der Analyse diese Working Papers wird ein erster konzeptioneller Vorschlag für ein entsprechend erweitertes und erneuertes MBA-Programm entwickelt. Das Working Paper liefert damit Impulse für die Weiterentwicklung von MBA-Studienprogrammen und zeigt gleichzeitig Ansatzpunkte für zukünftige Forschung auf.
    Abstract: This working paper examines the innovative further development of MBA programs in the competence areas of Entrepreneurship, Corporate Entrepreneurship und Business Development through the integration of Healthy Leadership, Healthy Entrepreneurship and Life Design. The aim is to demonstrate how traditional business competencies can be supplemented with health-related and resilience-building aspects. The existing research suggests that these topics are gaining importance in the context of an increasingly health-conscious understanding of work, leadership and entrepreneurship and could make a valuable contribution to the education of future leaders. Based on the analysis of this working paper, an initial conceptual proposal for a correspondingly expanded and renewed MBA program is developed. This working paper thus provides an impetus for the further development of MBA programs and simultaneously identifies starting points for future research.
    Date: 2026
    URL: https://d.repec.org/n?u=RePEc:zbw:fhfwps:343562

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