Evaluating the market for potential entrepreneurs, we test whether interacting with confident agents encourages entry into competitive environments. Under an experimental setting, we find that young managers confident in their entrepreneurial potential, despite no prior experience, increase the likelihood their peers become entrepreneurs or join startups. As our results are driven by less confident individuals, primarily women, starting businesses, these firms perform no worse than other new firms. Through multiple surveys, we verify treated managers report increased entrepreneurial confidence, and reject alternative explanations including increased entrepreneurial knowledge and risk tolerance. Our results support a theory of entrepreneurship where individuals evaluate their potential relative to nearby peers rather than the population.
{"title":"Confidence Spillovers: Evidence from Entrepreneurship","authors":"Isaac Hacamo, Kristoph Kleiner","doi":"10.2139/ssrn.3088068","DOIUrl":"https://doi.org/10.2139/ssrn.3088068","url":null,"abstract":"Evaluating the market for potential entrepreneurs, we test whether interacting with confident agents encourages entry into competitive environments. Under an experimental setting, we find that young managers confident in their entrepreneurial potential, despite no prior experience, increase the likelihood their peers become entrepreneurs or join startups. As our results are driven by less confident individuals, primarily women, starting businesses, these firms perform no worse than other new firms. Through multiple surveys, we verify treated managers report increased entrepreneurial confidence, and reject alternative explanations including increased entrepreneurial knowledge and risk tolerance. Our results support a theory of entrepreneurship where individuals evaluate their potential relative to nearby peers rather than the population.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82700117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Initial Coin Offerings (ICOs) are currently one of the most fashionable topics in the area of financial markets. For token issuers, they are a success story. In 2018 alone, more than $ 14 billion dollars have been raised in ICOs. From the investors’ perspective, however, things do not look so shiny. Lots of them claim to have lost significant amounts of money invested in tokens issued by more or less reputable companies. In this market report, we analyze the ICOs of 2018. We illustrate the ICO market of that year and scrutinize how prices of the issued tokens have developed until mid 2019. Thereby, we take the perspective of an investor that bought tokens initially from the issuer. More than 90% of 2018's ICOs were based on the Ethereum Blockchain. We found that investors, which invested in ICOs during 2018, had only roughly an 8% chance that their tokens traded above their ICO issue price after six months. These numbers have not changed by July 2019. Nine in ten tokens trade below their ICO price. More than 70% of tokens have lost substantially all their value. This could indicate that the market gets rid of the those ICOs which are initiated by companies without a proper product or without a serious intention to develop a sustainable business. This could help the ICO market as a whole to become mature. We will continue this research in an ICO Market Report 2019/2020.
{"title":"ICO Market Report 2018/2019 – Performance Analysis of 2018's Initial Coin Offerings","authors":"Mathias Fromberger, Lars Haffke","doi":"10.2139/ssrn.3512125","DOIUrl":"https://doi.org/10.2139/ssrn.3512125","url":null,"abstract":"Initial Coin Offerings (ICOs) are currently one of the most fashionable topics in the area of financial markets. For token issuers, they are a success story. In 2018 alone, more than $ 14 billion dollars have been raised in ICOs. From the investors’ perspective, however, things do not look so shiny. Lots of them claim to have lost significant amounts of money invested in tokens issued by more or less reputable companies. \u0000 \u0000In this market report, we analyze the ICOs of 2018. We illustrate the ICO market of that year and scrutinize how prices of the issued tokens have developed until mid 2019. Thereby, we take the perspective of an investor that bought tokens initially from the issuer. More than 90% of 2018's ICOs were based on the Ethereum Blockchain. \u0000 \u0000We found that investors, which invested in ICOs during 2018, had only roughly an 8% chance that their tokens traded above their ICO issue price after six months. These numbers have not changed by July 2019. Nine in ten tokens trade below their ICO price. More than 70% of tokens have lost substantially all their value. This could indicate that the market gets rid of the those ICOs which are initiated by companies without a proper product or without a serious intention to develop a sustainable business. This could help the ICO market as a whole to become mature. We will continue this research in an ICO Market Report 2019/2020.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"201 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82829496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Alibhai, A. Donald, Markus Goldstein, Alper Ahmet Oguz, A. Pankov, Francesco Strobbe
Gender disparities in small and medium-size enterprise lending exist around the world and impede the growth of millions of women-led firms. This paper examines a potential driver of these disparities: gender-biased loan officers. Officer bias is measured through a novel loan application experiment conducted with 77 loan officers in Turkish banks. The analysis finds that 35 percent of the loan officers are biased against female applicants, with women receiving loan amounts $14,000 lower on average compared with men. Experience in the banking sector can attenuate this bias, with each year of experience reducing gender biased loan allocations by 6 percent. The results suggest that loan officers may use gender bias as a heuristic device given limited information and risk aversion. Helping newly recruited and lesser experienced loan officers to better discern loan application quality may thus improve financing of business loans to women and reduce gender gaps in entrepreneurship.
{"title":"Gender Bias in SME Lending: Experimental Evidence from Turkey","authors":"S. Alibhai, A. Donald, Markus Goldstein, Alper Ahmet Oguz, A. Pankov, Francesco Strobbe","doi":"10.1596/1813-9450-9100","DOIUrl":"https://doi.org/10.1596/1813-9450-9100","url":null,"abstract":"Gender disparities in small and medium-size enterprise lending exist around the world and impede the growth of millions of women-led firms. This paper examines a potential driver of these disparities: gender-biased loan officers. Officer bias is measured through a novel loan application experiment conducted with 77 loan officers in Turkish banks. The analysis finds that 35 percent of the loan officers are biased against female applicants, with women receiving loan amounts $14,000 lower on average compared with men. Experience in the banking sector can attenuate this bias, with each year of experience reducing gender biased loan allocations by 6 percent. The results suggest that loan officers may use gender bias as a heuristic device given limited information and risk aversion. Helping newly recruited and lesser experienced loan officers to better discern loan application quality may thus improve financing of business loans to women and reduce gender gaps in entrepreneurship.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"80 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77120906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
CEO emotions are difficult to measure and hence empirically understudied. However, using artificial emotional intelligence, positive and negative affects can be identified from facial muscle contraction-relaxation patterns obtained from public CEO photos during initial coin offerings (ICOs), i.e., blockchain-based issuances of cryptocurrency tokens to raise growth capital. The results suggest that CEO affects impact firm valuation in two ways. First, CEOs’ own firm valuations conform more to those of industry peers if negative affects are pronounced (conformity mechanism). Second, investors use CEO affects as signals about firm value and discount when negative affects are salient (signaling mechanism). Negative affects can reduce firm value by up to 15%. Both mechanisms are stronger in the presence of asymmetric information and robust to tests of endogeneity.
{"title":"CEO Emotions and Underpricing in Initial Coin Offerings","authors":"Paul P. Momtaz","doi":"10.2139/ssrn.3580719","DOIUrl":"https://doi.org/10.2139/ssrn.3580719","url":null,"abstract":"CEO emotions are difficult to measure and hence empirically understudied. However, using artificial emotional intelligence, positive and negative affects can be identified from facial muscle contraction-relaxation patterns obtained from public CEO photos during initial coin offerings (ICOs), i.e., blockchain-based issuances of cryptocurrency tokens to raise growth capital. The results suggest that CEO affects impact firm valuation in two ways. First, CEOs’ own firm valuations conform more to those of industry peers if negative affects are pronounced (conformity mechanism). Second, investors use CEO affects as signals about firm value and discount when negative affects are salient (signaling mechanism). Negative affects can reduce firm value by up to 15%. Both mechanisms are stronger in the presence of asymmetric information and robust to tests of endogeneity.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90047124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Presently, there is a growing clamour for alternative financing models for housing development. This clamour is due to the perceived issues associated with traditional debt and equity financing models. Therefore, this study presents an attempt to assess the prospects and challenges of crowdfunding financing model for housing delivery in Lagos, Nigeria. The study adopted a survey approach by administering questionnaires to Estate firms situated in Lagos. The study found that the awareness of the concept of crowdfunding is the factor that presents the greatest challenge to the practice. Other important factors are by the perceived benefits that will accrue from achieving the project, availability of extant laws, regulatory framework and agency, state of the economy, and time taken to pool funds together.
{"title":"Prospects and Challenges of Crowdfunding Financing Model for Housing Delivery in Lagos, Nigeria","authors":"Kamorudeen Lawal","doi":"10.2139/ssrn.3500107","DOIUrl":"https://doi.org/10.2139/ssrn.3500107","url":null,"abstract":"Presently, there is a growing clamour for alternative financing models for housing development. This clamour is due to the perceived issues associated with traditional debt and equity financing models. Therefore, this study presents an attempt to assess the prospects and challenges of crowdfunding financing model for housing delivery in Lagos, Nigeria. The study adopted a survey approach by administering questionnaires to Estate firms situated in Lagos. The study found that the awareness of the concept of crowdfunding is the factor that presents the greatest challenge to the practice. Other important factors are by the perceived benefits that will accrue from achieving the project, availability of extant laws, regulatory framework and agency, state of the economy, and time taken to pool funds together.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"69 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73246653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Linked Finance is Ireland’s leading peer-to-peer lending (P2P) platform. It provides a fast, easy and efficient way for Irish SMEs to access unsecured business loans of up to €300,000 in just 24 hours. When Linked Finance was originally launched in 2013, businesses across Ireland were struggling to access the finance that they needed to operate. Many long-standing companies were having credit facilities withdrawn as the market continued to contract. For those that could access capital, the process was often painfully slow or laden with piles of paper and hours of form-filling. Many business owners became disillusioned with the process of applying for credit and resolved to make do; funding what ambitions they had from their own resources or stalling plans for expansion. This was hugely detrimental to Ireland's economic recovery. Linked Finance created a business model founded on connecting local companies who need loans with a vibrant online lending community. A community that now consists of more than 23,000 local individuals, international investors and large institutions. Linked Finance uses technology to cut out the middle man, cut through the red tape and cut down on the time it takes to access funding. They have facilitated more than 2,300 loans to business in every county of the country and in every sector of the Irish economy. Delivering more than €120 million in much needed funding. This collection of financial blogs presents a key component of Linked Finance's marketing strategy to help educate SMEs about crowd funding and P2P finance as an option to grow their business. In the year 2019-2020, Linked Finance was a P2P Lending Finalist at the prestigious IC Financial Times Investment & Wealth Management Awards 2019, and the Deloitte's Financial Services Innovation Awards 2019. Readers can simply click on the link to the research topic for each title and find the article on Linked Finance's 'The Business Lending Blog'. The slides present links to 20+ researched contemporary topics relevant to the SME Market addressing themes such as 'Preparing for Brexit', 'Getting Ready for Export to the EU', 'Digitalising Your Business', 'Geo-Mapping P2P Lending Nationwide and County-Wise' and many more. Each article is succinct 500-800 words, and downloadable. This collection should appeal to those interested in eCommerce, Crowd Funding, P2P Finance, Fintech, Irish Business Markets, and SME Sector more generally.
{"title":"Linked Finance: Peer Lending Blog Contributions 2019-2020... Year 2019-2020 for which Linked Finance was P2P Lending Finalist at: IC Financial Times Investment & Wealth Management Awards (Presentation Slides)","authors":"Michelle B. Cowley-Cunningham","doi":"10.2139/ssrn.3496185","DOIUrl":"https://doi.org/10.2139/ssrn.3496185","url":null,"abstract":"Linked Finance is Ireland’s leading peer-to-peer lending (P2P) platform. It provides a fast, easy and efficient way for Irish SMEs to access unsecured business loans of up to €300,000 in just 24 hours. \u0000 \u0000When Linked Finance was originally launched in 2013, businesses across Ireland were struggling to access the finance that they needed to operate. Many long-standing companies were having credit facilities withdrawn as the market continued to contract. For those that could access capital, the process was often painfully slow or laden with piles of paper and hours of form-filling. Many business owners became disillusioned with the process of applying for credit and resolved to make do; funding what ambitions they had from their own resources or stalling plans for expansion. This was hugely detrimental to Ireland's economic recovery. \u0000 \u0000Linked Finance created a business model founded on connecting local companies who need loans with a vibrant online lending community. A community that now consists of more than 23,000 local individuals, international investors and large institutions. Linked Finance uses technology to cut out the middle man, cut through the red tape and cut down on the time it takes to access funding. They have facilitated more than 2,300 loans to business in every county of the country and in every sector of the Irish economy. Delivering more than €120 million in much needed funding. \u0000 \u0000This collection of financial blogs presents a key component of Linked Finance's marketing strategy to help educate SMEs about crowd funding and P2P finance as an option to grow their business. In the year 2019-2020, Linked Finance was a P2P Lending Finalist at the prestigious IC Financial Times Investment & Wealth Management Awards 2019, and the Deloitte's Financial Services Innovation Awards 2019. Readers can simply click on the link to the research topic for each title and find the article on Linked Finance's 'The Business Lending Blog'. \u0000 \u0000The slides present links to 20+ researched contemporary topics relevant to the SME Market addressing themes such as 'Preparing for Brexit', 'Getting Ready for Export to the EU', 'Digitalising Your Business', 'Geo-Mapping P2P Lending Nationwide and County-Wise' and many more. Each article is succinct 500-800 words, and downloadable. \u0000 \u0000This collection should appeal to those interested in eCommerce, Crowd Funding, P2P Finance, Fintech, Irish Business Markets, and SME Sector more generally.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83860167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the investment of organized crime in the legal economy. By using the shock induced on the Italian credit market by the 2007 subprime mortgage crisis, we document how provinces with a high organized crime presence have been impacted less by the crisis in terms of the establishment of new enterprises than provinces with a lower criminal infiltration. We provide evidence that the lower impact of the crisis is consistent with the presence of investments by organized crime in the legal economy. We corroborate this interpretation by comparing our results with the characterization made by the judicial authority of such investments and ruling out possible alternative explanations.
{"title":"Revealing 'Mafia Inc.'? Financial Crisis, Organized Crime, and the Birth of New Enterprises","authors":"Marco Le Moglie, G. Sorrenti","doi":"10.2139/ssrn.2958737","DOIUrl":"https://doi.org/10.2139/ssrn.2958737","url":null,"abstract":"We study the investment of organized crime in the legal economy. By using the shock induced on the Italian credit market by the 2007 subprime mortgage crisis, we document how provinces with a high organized crime presence have been impacted less by the crisis in terms of the establishment of new enterprises than provinces with a lower criminal infiltration. We provide evidence that the lower impact of the crisis is consistent with the presence of investments by organized crime in the legal economy. We corroborate this interpretation by comparing our results with the characterization made by the judicial authority of such investments and ruling out possible alternative explanations.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"88 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87452321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In recent years, commercial banks have substantially reduced the number of their branch offices. We address the question of whether or not the increased distance to lenders caused by branch office closures translates into a lower credit supply for small and medium sized enterprises (SMEs). We use a unique dataset based on 33,000 loan contracts from a state-owned Swedish bank designed to support credit-constrained SMEs, and relate loan size and the interest rate to the number of nearby commercial bank offices. We use an IV strategy to account for potential endogeneity of the number of banks in a region. In line with previous studies, we find that interest rates increase with distance, while loan size decreases with distance. Thus, a larger number of local bank offices increases the local credit supply, and thereby reduces credit constraints of nearby SMEs.
{"title":"Distance Still Matters: Local Bank Closures and Credit Availability","authors":"Anders Kärnä, Agostino Manduchi, Andreas Stephan","doi":"10.2139/ssrn.3493023","DOIUrl":"https://doi.org/10.2139/ssrn.3493023","url":null,"abstract":"In recent years, commercial banks have substantially reduced the number of their branch offices. We address the question of whether or not the increased distance to lenders caused by branch office closures translates into a lower credit supply for small and medium sized enterprises (SMEs). We use a unique dataset based on 33,000 loan contracts from a state-owned Swedish bank designed to support credit-constrained SMEs, and relate loan size and the interest rate to the number of nearby commercial bank offices. We use an IV strategy to account for potential endogeneity of the number of banks in a region. In line with previous studies, we find that interest rates increase with distance, while loan size decreases with distance. Thus, a larger number of local bank offices increases the local credit supply, and thereby reduces credit constraints of nearby SMEs.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"86 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78753485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-13DOI: 10.26595/eamr.2014.6.1.3
Andrei Boar-Boar, Marc Oliveras-Villanueva
Start-ups and sustainability are growing in our society. For this reason, this paper is written with the aim to realize a systemic review of the literature in this topic. It analyses the characteristics of investors and entrepreneurs, the impact of existing green start-ups in society and if the institutional support is important for the development of the company. The most relevant results of each section show than the principal motivation of entrepreneurs is their social awareness with sustainability; traditional investors avoid investing in green start-ups; green start-ups need to use different management models than traditional start-ups; institutional support is crucial for the development and growth of a start-ups. However, it has been detected many gaps in the literature and to solve them, the paper proposes up to eight research questions to create a future agenda of investigation.
{"title":"Systematic Literature Review: Sustainability Practices in Start-ups","authors":"Andrei Boar-Boar, Marc Oliveras-Villanueva","doi":"10.26595/eamr.2014.6.1.3","DOIUrl":"https://doi.org/10.26595/eamr.2014.6.1.3","url":null,"abstract":"Start-ups and sustainability are growing in our society. For this reason, this paper is written with the aim to realize a systemic review of the literature in this topic. It analyses the characteristics of investors and entrepreneurs, the impact of existing green start-ups in society and if the institutional support is important for the development of the company. The most relevant results of each section show than the principal motivation of entrepreneurs is their social awareness with sustainability; traditional investors avoid investing in green start-ups; green start-ups need to use different management models than traditional start-ups; institutional support is crucial for the development and growth of a start-ups. However, it has been detected many gaps in the literature and to solve them, the paper proposes up to eight research questions to create a future agenda of investigation.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"35 15","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72576065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines the real effects of the financial crisis on private firms in the Netherlands. We find that investments of small and medium-sized private enterprises declined significantly both during and after the financial crisis. We also find that investments become less dependent on internal finance than on external finance during the crisis period. However, the impacts of the two financing sources on firm investment during the post-crisis period do not differ. The findings of the study suggest that borrowing from banks remained critical in determining the investments of private SMEs during the financial crisis of 2008–2009.
{"title":"Does the Financial Crisis Change the Effect of Financing on Investment? Evidence From Private SMEs","authors":"S. Zubair, R. Kabir, Xiaohong Huang","doi":"10.2139/ssrn.3514579","DOIUrl":"https://doi.org/10.2139/ssrn.3514579","url":null,"abstract":"Abstract This paper examines the real effects of the financial crisis on private firms in the Netherlands. We find that investments of small and medium-sized private enterprises declined significantly both during and after the financial crisis. We also find that investments become less dependent on internal finance than on external finance during the crisis period. However, the impacts of the two financing sources on firm investment during the post-crisis period do not differ. The findings of the study suggest that borrowing from banks remained critical in determining the investments of private SMEs during the financial crisis of 2008–2009.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85369259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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