Pub Date : 2019-06-06DOI: 10.1504/IJGSB.2019.100125
Catherine R Macaulay
Paradoxically, while numbers of listed companies are declining in advanced economies, new equity markets for small and medium-sized enterprises (SMEs) are being developed and recommended as an alternative way of raising capital. This paper contests the conventional wisdom that persistently low levels of public listing represents deficiencies of market design and presents publicly traded equity as fundamentally unsuitable for SMEs due to inherent structural flaws. It begins with the controversial origins of publicly traded equity and finds that developing other investment channels in a culture of 'direct investment in enterprise' would be more beneficial to both SMEs and economies than the development of an 'equity culture' with its associated unproductive trading. In particular, internal funding, recognised as a widespread SME financing preference and common denominator of successful small firms, is found worthy of further examination for opportunities and efficiencies rather than dismissal as an inconsequential or temporary financing method.
{"title":"Smaller firms and public equity: new platforms with old problems","authors":"Catherine R Macaulay","doi":"10.1504/IJGSB.2019.100125","DOIUrl":"https://doi.org/10.1504/IJGSB.2019.100125","url":null,"abstract":"Paradoxically, while numbers of listed companies are declining in advanced economies, new equity markets for small and medium-sized enterprises (SMEs) are being developed and recommended as an alternative way of raising capital. This paper contests the conventional wisdom that persistently low levels of public listing represents deficiencies of market design and presents publicly traded equity as fundamentally unsuitable for SMEs due to inherent structural flaws. It begins with the controversial origins of publicly traded equity and finds that developing other investment channels in a culture of 'direct investment in enterprise' would be more beneficial to both SMEs and economies than the development of an 'equity culture' with its associated unproductive trading. In particular, internal funding, recognised as a widespread SME financing preference and common denominator of successful small firms, is found worthy of further examination for opportunities and efficiencies rather than dismissal as an inconsequential or temporary financing method.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJGSB.2019.100125","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49408912","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 : 2019-06-06DOI: 10.1504/IJGSB.2019.100119
Elmar Lins
This study addresses the key question of how grant-based subsidies might serve differently as quality certificates for new technology-based firms (NTBFs) when trying to raise venture capital (VC). Therefore, we distinguish between cross-national, national, and sub-national subsidies. Based on the data of 1,568 German NTBFs, we apply a non-parametric matching procedure to control for the endogenous nature of subsidy reception. Our results show that cross-national grants have a strong certification effect, which reduces the information asymmetry between NTBFs and VC providers to the benefit of the new venture. Similarly, sub-national grants, awarded by regional government authorities, exhibit the same certification effect butless pronounced compared to cross-national grants. No significant effect can be observed for national subsidies.
{"title":"When do subsidies facilitate high-tech firms' access to venture capital An examination of cross-national and national grants","authors":"Elmar Lins","doi":"10.1504/IJGSB.2019.100119","DOIUrl":"https://doi.org/10.1504/IJGSB.2019.100119","url":null,"abstract":"This study addresses the key question of how grant-based subsidies might serve differently as quality certificates for new technology-based firms (NTBFs) when trying to raise venture capital (VC). Therefore, we distinguish between cross-national, national, and sub-national subsidies. Based on the data of 1,568 German NTBFs, we apply a non-parametric matching procedure to control for the endogenous nature of subsidy reception. Our results show that cross-national grants have a strong certification effect, which reduces the information asymmetry between NTBFs and VC providers to the benefit of the new venture. Similarly, sub-national grants, awarded by regional government authorities, exhibit the same certification effect butless pronounced compared to cross-national grants. No significant effect can be observed for national subsidies.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJGSB.2019.100119","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44149295","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 : 2019-02-25DOI: 10.1504/IJGSB.2019.097930
Ann E. Ludwig
Clusters and cluster policy are central to smart specialisation strategies across Europe. Smart specialisation strategies can succeed only when their fundament, namely the clusters, survive in the long run. Whether clusters manage to survive strongly depends on their ability to uncouple from initial public funding. This is the current problem of clusters and cluster policy, since companies are not willing to contribute to the clusters with an adequate level of payments. This article critically discusses why clusters struggle to overcome extreme changes in their funding policy by shedding light on why member companies avoid paying for cluster membership and services and by offering possible explanations for companies' behaviour as well as problem-solving strategies for cluster managers and politicians. Based on the classical net value concept, this article discusses various behavioural and economic perspectives that help shed light on the phenomenon.
{"title":"From free to fee: a behavioural perspective on why companies avoid paying for cluster services","authors":"Ann E. Ludwig","doi":"10.1504/IJGSB.2019.097930","DOIUrl":"https://doi.org/10.1504/IJGSB.2019.097930","url":null,"abstract":"Clusters and cluster policy are central to smart specialisation strategies across Europe. Smart specialisation strategies can succeed only when their fundament, namely the clusters, survive in the long run. Whether clusters manage to survive strongly depends on their ability to uncouple from initial public funding. This is the current problem of clusters and cluster policy, since companies are not willing to contribute to the clusters with an adequate level of payments. This article critically discusses why clusters struggle to overcome extreme changes in their funding policy by shedding light on why member companies avoid paying for cluster membership and services and by offering possible explanations for companies' behaviour as well as problem-solving strategies for cluster managers and politicians. Based on the classical net value concept, this article discusses various behavioural and economic perspectives that help shed light on the phenomenon.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJGSB.2019.097930","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47637485","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 : 2019-02-25DOI: 10.1504/IJGSB.2019.097931
Birgit Leick
Market transformations induced by demographic change challenge the strategy-formation of small firms because they are complex, hard to predict and slowly evolving. Demographic change therefore represents a context of market crisis and turbulences, requiring the adaptation of business strategies. This article explores the strategic change processes of small firms in Germany in the light of demographic change particularly with regard to changing regional sales markets. Conceptually, it is informed by various perspectives on the strategy-formation and strategic adaptation of small firms in dynamically changing environments. Empirically, a mixed-method approach with qualitative case study and descriptive data analysis is used, which covers firms in different German regions affected by demographic change. The findings suggest that market leadership and market expansion are the most important adaptive business strategies. Gradual divestment as a partial market exit strategy is typically not chosen, and, if so, embedded in a local business networking strategy.
{"title":"Steering through tough times? Insights into strategic change processes of small firms in the context of demographic challenges","authors":"Birgit Leick","doi":"10.1504/IJGSB.2019.097931","DOIUrl":"https://doi.org/10.1504/IJGSB.2019.097931","url":null,"abstract":"Market transformations induced by demographic change challenge the strategy-formation of small firms because they are complex, hard to predict and slowly evolving. Demographic change therefore represents a context of market crisis and turbulences, requiring the adaptation of business strategies. This article explores the strategic change processes of small firms in Germany in the light of demographic change particularly with regard to changing regional sales markets. Conceptually, it is informed by various perspectives on the strategy-formation and strategic adaptation of small firms in dynamically changing environments. Empirically, a mixed-method approach with qualitative case study and descriptive data analysis is used, which covers firms in different German regions affected by demographic change. The findings suggest that market leadership and market expansion are the most important adaptive business strategies. Gradual divestment as a partial market exit strategy is typically not chosen, and, if so, embedded in a local business networking strategy.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJGSB.2019.097931","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46209801","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 : 2019-02-25DOI: 10.1504/IJGSB.2019.097928
Tine Lehmann, Carola Jungwirth
European public policy is intensively supporting clusters as instruments for regional development. Clusters seem to be ubiquitous across Europe. However, economic conditions and institutional constraints in European regions differ substantially. This paper analyses which competitive disadvantages local companies perceive and how the offered cluster services are tailored to address these perceived problems. With the value adding web perspective we analyse two groups of economically weaker regions: transition economies and structurally weaker regions in non-transition economies. We show that the perceived competitive disadvantages differ essentially. Companies in transition economies mainly face obstacles that are rooted in institutional voids. Companies in structurally weaker regions are confronted with blind spot disadvantages. The article demonstrates, that clusters are adaptable to perceived disadvantages and blind spot disadvantages are perceived as 'less important' local problems. This contributes to recognise clusters as a tool to spur regional development and to the debate on smart specialisation of regions.
{"title":"Clusters as an adaptable regional development measure to mitigate perceived competitive disadvantages","authors":"Tine Lehmann, Carola Jungwirth","doi":"10.1504/IJGSB.2019.097928","DOIUrl":"https://doi.org/10.1504/IJGSB.2019.097928","url":null,"abstract":"European public policy is intensively supporting clusters as instruments for regional development. Clusters seem to be ubiquitous across Europe. However, economic conditions and institutional constraints in European regions differ substantially. This paper analyses which competitive disadvantages local companies perceive and how the offered cluster services are tailored to address these perceived problems. With the value adding web perspective we analyse two groups of economically weaker regions: transition economies and structurally weaker regions in non-transition economies. We show that the perceived competitive disadvantages differ essentially. Companies in transition economies mainly face obstacles that are rooted in institutional voids. Companies in structurally weaker regions are confronted with blind spot disadvantages. The article demonstrates, that clusters are adaptable to perceived disadvantages and blind spot disadvantages are perceived as 'less important' local problems. This contributes to recognise clusters as a tool to spur regional development and to the debate on smart specialisation of regions.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJGSB.2019.097928","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46435205","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 : 2019-02-25DOI: 10.1504/IJGSB.2019.097929
Anastasiia Konstantynova
Cluster policy is a process of different activities that has been globally in place for more than 20 years. Lately, the importance of context specific policies has its comeback. Therefore, an understanding of the evolution of cluster policy is particularly relevant for tailoring it to territory-specific needs. For this, a theoretical framework based on matrix of key components was developed. Two case studies were undertaken to develop in-depth insights about cluster policy, its evolution and change: The Basque country (Spain) and Upper Austria. The research findings indicate that both regions' cluster policies have evolved along similar evolutionary stages and have been transformed from being regional technology-driven cluster policy to a regional smart specialisation cluster-based innovation strategy. This outcome stresses the evolutionary dimension of policy and the need to adjust territorial activities to the specific cluster and territorial conditions. A number of applied policy recommendations for managing institutional change are illustrated.
{"title":"Cluster policy change and evolution: facilitating regional smart specialisation and economic development","authors":"Anastasiia Konstantynova","doi":"10.1504/IJGSB.2019.097929","DOIUrl":"https://doi.org/10.1504/IJGSB.2019.097929","url":null,"abstract":"Cluster policy is a process of different activities that has been globally in place for more than 20 years. Lately, the importance of context specific policies has its comeback. Therefore, an understanding of the evolution of cluster policy is particularly relevant for tailoring it to territory-specific needs. For this, a theoretical framework based on matrix of key components was developed. Two case studies were undertaken to develop in-depth insights about cluster policy, its evolution and change: The Basque country (Spain) and Upper Austria. The research findings indicate that both regions' cluster policies have evolved along similar evolutionary stages and have been transformed from being regional technology-driven cluster policy to a regional smart specialisation cluster-based innovation strategy. This outcome stresses the evolutionary dimension of policy and the need to adjust territorial activities to the specific cluster and territorial conditions. A number of applied policy recommendations for managing institutional change are illustrated.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJGSB.2019.097929","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48847826","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 : 2019-01-01DOI: 10.1504/ijgsb.2019.100121
A. D', N. Amato
{"title":"How did the global financial crisis impact the determinants of SMEs' capital structure","authors":"A. D', N. Amato","doi":"10.1504/ijgsb.2019.100121","DOIUrl":"https://doi.org/10.1504/ijgsb.2019.100121","url":null,"abstract":"","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/ijgsb.2019.100121","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66886681","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 : 2018-05-22DOI: 10.1504/IJGSB.2018.10012906
W. Farrell, Thitival Hutasingh
Small and medium-sized enterprises (SMEs) have been shown to be an integral part of economic development and job creation. Seeking growth opportunities, many SMEs are looking abroad; using information and communication technologies (ICTs) to gain entry to previously inaccessible global markets and production. One issue that arises is that communication preferences and the respective ICT tools used to engage in communication differs across high and low-context cultures. This interview-based empirical research looks to identify communication technology needs and preferences experienced by SMEs when attempting to use technology to establish and maintain working relationships across cultures.
{"title":"Cross cultural communication between developed and emerging markets: a qualitative study on small and medium-sized enterprise communication technology selection and utilisation","authors":"W. Farrell, Thitival Hutasingh","doi":"10.1504/IJGSB.2018.10012906","DOIUrl":"https://doi.org/10.1504/IJGSB.2018.10012906","url":null,"abstract":"Small and medium-sized enterprises (SMEs) have been shown to be an integral part of economic development and job creation. Seeking growth opportunities, many SMEs are looking abroad; using information and communication technologies (ICTs) to gain entry to previously inaccessible global markets and production. One issue that arises is that communication preferences and the respective ICT tools used to engage in communication differs across high and low-context cultures. This interview-based empirical research looks to identify communication technology needs and preferences experienced by SMEs when attempting to use technology to establish and maintain working relationships across cultures.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45986265","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 : 2018-05-22DOI: 10.1504/IJGSB.2018.10012908
Zacharias Papanikolaou, C. Karelakis, K. Mattas
The exports of dairy products in Greece and especially of Greek yogurt during the economic recession establish a key motivating factor for the economic growth and strengthening of Greek firms. The objective of the study is to investigate the factors that motivate Greek yogurt firms to expand their operations to foreign markets. Primary data were gathered through a quantitative survey (structured questionnaire) to 137 yogurt producing firms that also display export activities. Data were analysed via a series of multivariate methods, namely factor analysis, confirmatory factor analysis (CFA) and path analysis. The results indicate that the most important determinants of export motivation for yogurt firms include the consumer's preferences, the exports competitive advantage, the firm's resources, the domestic legislation and the firm experience.
{"title":"Exploring the antecedents of export motivation: the case of the Greek yogurt firms","authors":"Zacharias Papanikolaou, C. Karelakis, K. Mattas","doi":"10.1504/IJGSB.2018.10012908","DOIUrl":"https://doi.org/10.1504/IJGSB.2018.10012908","url":null,"abstract":"The exports of dairy products in Greece and especially of Greek yogurt during the economic recession establish a key motivating factor for the economic growth and strengthening of Greek firms. The objective of the study is to investigate the factors that motivate Greek yogurt firms to expand their operations to foreign markets. Primary data were gathered through a quantitative survey (structured questionnaire) to 137 yogurt producing firms that also display export activities. Data were analysed via a series of multivariate methods, namely factor analysis, confirmatory factor analysis (CFA) and path analysis. The results indicate that the most important determinants of export motivation for yogurt firms include the consumer's preferences, the exports competitive advantage, the firm's resources, the domestic legislation and the firm experience.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48111408","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 : 2018-05-22DOI: 10.1504/IJGSB.2018.10012907
Manuel Jose Oyson
Even decades ago questions were raised about the traditional internationalisation process models for their failure to explain 'born globals' and firms that internationalised rapidly and skipped 'stages'. The rise in the new millennium of 'small globals' or small firms that internationalised across multiple, often distant, international markets further demonstrates the explanatory limits of internationalisation process models. Notably, these models emerged in the 1970s and 1980s. The international environment, however, has undergone dramatic changes since the 1990s with the development of the internet, advanced technologies, globalisation, and free trade. Whilst the enabling effects of these changes on firm internationalisation are acknowledged, they have largely not been explained nor empirically developed. This paper, based on an empirical study of 12 New Zealand small internationalising firms, addresses this research gap by providing a macro analysis of how key changes in the international environment have enabled the rise of born globals and small globals.
{"title":"The rise of 'small globals': an empirical macro analysis","authors":"Manuel Jose Oyson","doi":"10.1504/IJGSB.2018.10012907","DOIUrl":"https://doi.org/10.1504/IJGSB.2018.10012907","url":null,"abstract":"Even decades ago questions were raised about the traditional internationalisation process models for their failure to explain 'born globals' and firms that internationalised rapidly and skipped 'stages'. The rise in the new millennium of 'small globals' or small firms that internationalised across multiple, often distant, international markets further demonstrates the explanatory limits of internationalisation process models. Notably, these models emerged in the 1970s and 1980s. The international environment, however, has undergone dramatic changes since the 1990s with the development of the internet, advanced technologies, globalisation, and free trade. Whilst the enabling effects of these changes on firm internationalisation are acknowledged, they have largely not been explained nor empirically developed. This paper, based on an empirical study of 12 New Zealand small internationalising firms, addresses this research gap by providing a macro analysis of how key changes in the international environment have enabled the rise of born globals and small globals.","PeriodicalId":35412,"journal":{"name":"International Journal of Globalisation and Small Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46379842","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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