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Financing entrepreneurial activity in Uruguay: time to default in a public microcredit institution 乌拉圭企业活动融资:公共小额信贷机构违约的时间
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-04-03 DOI: 10.1080/13691066.2022.2085070
María Nela Seijas-Giménez, Milagros Vivel-Búa, Rubén Lado-Sestayo, Sara Fernández‐López
ABSTRACT This paper develops a tool to predict the percentage of compliance in the repayment of microloans granted by non-profit microfinance institutions (MFI) of the Uruguayan government. The database consists of 1,357 microloans granted by the Program for the Strengthening of Productive Entrepreneurs (PFEP) of the Uruguayan Ministry of Social Development (MIDES) during the period 2012–2016. The paper uses Cox (1972) proportional risk model, employing four penalty modes: ENET, LASSO, AENET and ALASSO. The analysis shows that with a reduced set of variables that are easy for the MFI to obtain, it is possible to obtain high predictive power.
摘要:本文开发了一个工具来预测乌拉圭政府的非营利性小额信贷机构(MFI)发放的小额贷款偿还的合规百分比。该数据库包括2012-2016年期间乌拉圭社会发展部(MIDES)加强生产性企业家方案(PFEP)发放的1357笔小额贷款。本文采用Cox(1972)比例风险模型,采用ENET、LASSO、AENET和ALASSO四种惩罚模式。分析表明,通过简化的变量集,使MFI易于获得,可以获得较高的预测能力。
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引用次数: 1
“Let’s have a chat!”: a field study on relational governance in the evolution of new venture-accelerator relationships “我们聊聊天吧!”:对新型创业加速器关系演变中的关系治理的实地研究
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-04-03 DOI: 10.1080/13691066.2022.2091493
Simon Nieschke, René Mauer
ABSTRACT Cooperative behavior can facilitate successful relationships between new ventures and investors after investment but also during partner selection. This view may apply especially to accelerators, which differ from other investors by investments at the earliest venture-development stages, significant collaboration between new ventures and investors, and fast decision-making. However, prior research is insufficient to describe the role of relational governance between new ventures and accelerators. We conduct ethnographic research and twenty interviews to determine how relational governance is built into and influences how the new venture-accelerator relationship emerges. Our findings reveal that process-based trust and relational norms are developed earlier in this relationship than research from other investment contexts suggests. We derive a framework that indicates that actors include in their partner-selection processes elements that allow them to build these relational governance mechanisms, such as interacting (e.g., having a chat) and aligning future behavior, early on. We theorize that they do so because they cannot rely on ventures’ track records and seek partners with whom transactions can be defined in the short term and with whom significant collaboration is possible. Our work contributes to relational governance theory in new venture-investor relationships and recent efforts to understand accelerators.
合作行为可以促进新企业与投资者在投资后以及在合作伙伴选择过程中建立成功的关系。这种观点可能特别适用于加速器,它与其他投资者的不同之处在于,在早期的风险开发阶段进行投资,新企业与投资者之间的重要合作,以及快速决策。然而,以往的研究不足以描述新创企业与加速器之间关系治理的作用。我们进行了人种学研究和20次访谈,以确定关系治理是如何构建的,并影响了新的风险投资加速器关系的出现。我们的研究结果表明,在这种关系中,基于过程的信任和关系规范的发展比其他投资背景的研究表明的要早。我们派生出一个框架,该框架表明参与者在他们的伙伴选择过程中包含允许他们构建这些关系治理机制的元素,例如交互(例如,进行聊天)并在早期调整未来的行为。我们的理论是,他们这样做是因为他们不能依赖于企业的历史记录,并寻找可以在短期内确定交易的合作伙伴,以及可能与之进行重大合作的合作伙伴。我们的工作有助于建立新的风险投资者关系中的关系治理理论,以及最近对加速器的理解。
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引用次数: 1
Entrepreneurial finance, agency problems and Islamic ethics: complementarities and constraints 创业金融、代理问题与伊斯兰伦理:互补性与约束
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-01-02 DOI: 10.1080/13691066.2022.2067017
Habib Ahmed, Dalal Aassouli
ABSTRACT This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually. This paper argues that Islamic legal and ethical principles impose constraints on contractual forms which reduce the flexibility of mitigating agency problems arising in entrepreneurial finance. When entrepreneurial ethics are not practiced, investors can finance entrepreneurs by diluting Islamic financial ethical principles to alleviate agency problems.
本文考察了与企业家和金融相关的伊斯兰伦理之间的相互作用,并讨论了它们对创业金融的影响。伊斯兰企业伦理的实践创造了有助于缓解代理问题的信任。在这种情况下,投资者可以使用涉及伊斯兰金融伦理的合同。然而,在缺乏规范的创业伦理实践的情况下,就会出现代理问题,需要通过契约来解决。本文认为,伊斯兰法律和伦理原则对契约形式施加了约束,这降低了缓解创业融资中出现的代理问题的灵活性。当企业家道德不被实践时,投资者可以通过稀释伊斯兰金融道德原则来为企业家提供资金,以减轻代理问题。
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引用次数: 5
Tell me something new: startup valuations, information asymmetry, and the mitigating effect of informational updates 告诉我一些新的东西:创业公司的估值,信息不对称,以及信息更新的缓解效应
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-01-02 DOI: 10.1080/13691066.2022.2026744
Lukas Koenig, Julius Tennert
ABSTRACT A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.
高水平的信息不对称是风险投资的特征,使得关于创业公司的新信息对风险资本家的估值过程特别有价值。本文使用文本分类和文本挖掘方法从1550个欧洲融资轮的独特样本中提取有关资本配置计划的结构化数据,这些数据作为企业家与投资者分享的私人信息更新的代理。我们表明,风险资本家将信息的内容和特殊性纳入其估值过程。此外,研究结果证实,新信息的价值取决于当前信息不对称的水平。
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引用次数: 5
Retrospective overview of the journal venture capital using bibliometric approach 运用文献计量学方法回顾风险投资期刊
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-01-02 DOI: 10.1080/13691066.2022.2051769
Vincenzo Capizzi, A. Paltrinieri, Debidutta Pattnaik, S Kumar
ABSTRACT The journal Venture Capital (VC) is a well-established highly reputed academic outlet specializing in research on entrepreneurial finance conducted from various methodological standpoints, on a global basis. This study uses bibliometrics to analyze the journal’s impact, prominent topics, most frequent authors, and their affiliated institutions. Between 1999 and 2021, VC published 385 documents receiving 9,892 citations. About 62% of VC papers have more than 10 citations each. Some of the notable themes which may offer future scope for publications include crowdfunding platforms, equity crowdfunding, government venture capital, private equity firm and investment, entrepreneurial finance, market failure, and female entrepreneurship.
《创投》(Venture Capital)杂志是一家声誉卓著的学术杂志,专门从事全球范围内从不同方法论角度进行的创业融资研究。本研究使用文献计量学来分析期刊的影响力、突出的主题、最常见的作者及其附属机构。从1999年到2021年,VC共发表了385篇文献,被引用9892次。大约62%的VC论文每篇被引用次数超过10次。一些值得注意的主题可能会为未来的出版物提供范围,包括众筹平台、股权众筹、政府风险投资、私募股权公司和投资、创业金融、市场失灵和女性创业。
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引用次数: 3
Women and entrepreneurial finance: a systematic review 妇女与创业融资:系统回顾
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2021-10-02 DOI: 10.1080/13691066.2021.2010507
Priscilla Serwaah, Rotem Shneor
ABSTRACT The intersection of gender and entrepreneurship has received growing attention in recent years from academics, practitioners, and policy makers. The current paper reviews research on what influences women’s demand for- and supply of entrepreneurial finance, while suggesting a conceptual approach untangling contradictory findings in earlier studies. This is achieved through a systematic literature review of 113 carefully selected papers, published between 1989 and 2019. Specifically, the review includes 77 studies dedicated to female access to finance, 32 studies on female investment behaviour, and 4 studies addressing both. We find that inconsistent findings can be traced to a combination of wide theoretical plurality in one-half of the studies and an absence of theoretical anchoring in the other half, calling for conceptual integration of existing theories with feminist critiques. Accordingly, we propose integrative conceptual frameworks highlighting the roles of explicit and symbolic factors impacting women’s access to- and investment of- financial resources. This approach led us to suggest that refocusing research on symbolic and intangible factors may help uncover new associations, otherwise obscured in earlier research. Furthermore, the inclusion of interaction terms with gender-related variables may also help untangle existing inconsistencies.
近年来,性别与创业的交叉问题越来越受到学术界、实践者和政策制定者的关注。本文回顾了影响妇女对创业融资需求和供给的因素的研究,同时提出了一种概念性的方法来理清早期研究中相互矛盾的发现。这是通过对1989年至2019年间发表的113篇精心挑选的论文进行系统文献综述来实现的。具体而言,该综述包括77项致力于女性获得金融的研究,32项关于女性投资行为的研究,以及4项针对两者的研究。我们发现,不一致的发现可以追溯到一半研究中广泛的理论多元性和另一半研究中缺乏理论锚定的结合,这要求将现有理论与女权主义批评进行概念整合。因此,我们提出了综合概念框架,强调影响妇女获得和投资金融资源的明确和象征性因素的作用。这种方法使我们提出,重新关注象征性和无形因素的研究可能有助于发现新的关联,否则在早期的研究中被掩盖。此外,包含与性别相关变量的交互术语也可能有助于理清现有的不一致。
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引用次数: 8
Zero-debt capital structure and the firm life cycle: empirical evidence from privately held SMEs 零债务资本结构与企业生命周期:来自民营中小企业的经验证据
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2021-10-02 DOI: 10.1080/13691066.2021.2001700
Vivien Lefebvre
ABSTRACT Recent research on firms’ capital structure highlights that up to 25% of publicly listed firms are zero-debt firms, a stylized fact that challenges financial theory. In this paper, we study privately held zero-debt small and medium-sized enterprises (SMEs) and identify that approximately 20% of our observations correspond to zero-debt firms. This result is especially surprising in the context of a bank-oriented economy, France. We show that the likelihood of being a zero-debt firm is higher when firms are new-born, which is not surprising, but also when they grow older. In other words, we observe a U-shaped relationship between age and the likelihood of being a zero-debt firm. Our results are consistent with the idea that new-born firms cannot access debt-financing because of a lack of reputation and high informational opacity. When firms grow older, they decide to become debt-free to preserve their financial flexibility and to reduce their dependency toward banks. Overall, this paper suggests that SMEs depend less on bank financing than currently assumed.
最近对公司资本结构的研究强调,高达25%的上市公司是零债务公司,这一事实对金融理论提出了挑战。在本文中,我们研究了私人持有的零债务中小企业(SMEs),并发现我们的观察结果中约有20%对应于零债务公司。这一结果在以银行为主导的法国经济背景下尤其令人惊讶。我们发现,当公司刚成立时,成为零债务公司的可能性更高,这并不奇怪,但当公司变老时,这种可能性也更高。换句话说,我们观察到年龄与成为零债务公司的可能性之间呈u型关系。我们的研究结果与以下观点一致:由于缺乏声誉和信息高度不透明,新生企业无法获得债务融资。当公司年岁渐长时,他们决定不再负债,以保持财务灵活性,减少对银行的依赖。总体而言,本文认为中小企业对银行融资的依赖程度低于目前的假设。
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引用次数: 5
Business angel investing during the covid-19 economic crisis: evidence from Scotland 新冠肺炎经济危机期间的商业天使投资:来自苏格兰的证据
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2021-10-02 DOI: 10.1080/13691066.2021.2019564
C. Mason, Tiago Botelho
ABSTRACT The onset of the coronavirus pandemic in early 2020 quickly gave rise to a concern that the resulting economic uncertainty would produce a collapse in angel investing. In view of the critical role that business angels play in financing the start of the entrepreneurial pipeline, a decline in their investment activity would have a negative effect on the ability of entrepreneurs to start and commence the scaling process which, in turn, would compromise an entrepreneur-led economic recovery from the coronavirus pandemic. This paper draws on two unique data sources on investments made by business angels in Scotland before and since the onset of the pandemic. It shows that business angels continued to invest since the onset of the crisis although their investment activity declined sharply between Q2 and Q3 2020. Investment activity stabilising in Q4 and has significantly increased during 2021 and is now above pre-Covid levels. Angels have increased their emphasis on follow-on investments and in businesses that have raised one or more previous rounds of funding. This highlights a potential problem for entrepreneurs seeking to raise their first round of angel funding that policy-makers need to address.
2020年初冠状病毒大流行的爆发迅速引发了人们的担忧,即由此带来的经济不确定性将导致天使投资的崩溃。鉴于商业天使在创业渠道启动融资方面发挥的关键作用,其投资活动的减少将对企业家启动和启动规模流程的能力产生负面影响,从而损害由企业家主导的经济复苏。本文利用了疫情爆发前后商业天使在苏格兰投资的两个独特数据来源。报告显示,自危机爆发以来,天使投资人继续进行投资,尽管他们的投资活动在2020年第二季度至第三季度之间大幅下降。投资活动在第四季度企稳,并在2021年大幅增加,目前高于新冠疫情前的水平。天使投资人越来越重视后续投资,以及已经获得一轮或多轮融资的企业。这凸显了寻求第一轮天使融资的企业家需要解决的一个潜在问题。
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引用次数: 2
Social impact venture capital investing: an explorative study 社会影响风险投资:探索性研究
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2021-09-22 DOI: 10.1080/13691066.2021.1982069
A. Croce, E. Ughetto, Giuseppe Scellato, F. Fontana
ABSTRACT In this paper, we look at venture capital funds that invest in enterprises striving to achieve a positive societal impact (SIVCs). We observe that SIVCs are likely to pursue two different investment strategies. On the one hand, they select companies with negative profitability results but interesting growth patterns. On the other hand, they do not disregard more established companies with profits but a reduced prospect of growth at the time of the investment. We then assess the impact that these SIVCs have generated on invested firms: while we do not observe significant improvements in the sales figures, all the models show that total assets have been positively affected by the new equity raised. However, when we disentangle between short- and long-term effects, our analysis reveals that the effect of SIVCs on total assets is concentrated on the first years after the receipt of capital, while it disappears in the following years. A positive and significant effect of SIVCs on sales is instead found in the long run. The overall evidence seems to support the view that SIVCs favor the growth and transformation of target firms towards more capital intensive and scalable businesses.
在本文中,我们着眼于投资于努力实现积极社会影响的企业的风险投资基金(sivc)。我们观察到,sivc可能会采取两种不同的投资策略。一方面,他们选择盈利结果为负但增长模式有趣的公司。另一方面,他们不会忽视那些在投资时盈利但增长前景较低的老牌公司。然后,我们评估了这些sivc对被投资公司产生的影响:虽然我们没有观察到销售数据的显着改善,但所有模型都表明,总资产受到新股本筹集的积极影响。然而,当我们区分短期和长期影响时,我们的分析表明,sivc对总资产的影响集中在收到资金后的头几年,而在接下来的几年里则消失了。相反,从长期来看,sivc对销售有积极而显著的影响。总体证据似乎支持这样一种观点,即sivc支持目标公司向资本密集型和可扩展业务的增长和转型。
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引用次数: 5
Beyond market failure: rationales for regional governmental venture capital 超越市场失灵:区域政府风险投资的理由
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2021-07-03 DOI: 10.1080/13691066.2021.1927341
J. Vogelaar, E. Stam
ABSTRACT Why do regional governments establish venture capital funds? Government intervention in venture capital markets is traditionally legitimised by market failure rationales. In this paper, we analyse the supply of public and private venture capital in Dutch regions, which reveals a multiplicity of rationales for government intervention in the regional economy. We ground this in the policy diffusion literature and distinguish four rationales for government intervention: economic competition, coercion, imitation and learning. The findings enrich the analysis of regional government interventions and challenge the rhetoric that regional policies seeking to foster venture capital markets are solely implemented to address market failures.
地方政府为什么要设立风险投资基金?传统上,政府对风险资本市场的干预是以市场失灵为理由的。在本文中,我们分析了荷兰地区的公共和私人风险资本的供应,这揭示了政府干预区域经济的多重理由。我们将这一观点根植于政策扩散文献,并区分了政府干预的四种基本原理:经济竞争、强制、模仿和学习。这些发现丰富了对区域政府干预的分析,并挑战了寻求促进风险资本市场的区域政策仅仅是为了解决市场失灵的说法。
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引用次数: 4
期刊
Venture Capital
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