Pub Date : 2023-07-12DOI: 10.1177/02662426231181455
M. Cowling, N. Wilson, P. Nightingale, Marek Káčer
Using data between 2009 and 2020, we provide a detailed description of the borrowers within the Enterprise Finance Guarantee (EFG) loan portfolio, analyse time to default and how it differs across lender types. For limited companies, we match additional financial and non-financial data from public and proprietary databases and profile the characteristics of EFG companies within the population of limited companies. Employing hazard models we find loans granted to unincorporated businesses by the medium-sized financial institutions are associated with a much lower hazard than those provided by smaller local lending institutions and not-for-profit agencies. Moreover, we find some evidence that loans to limited companies, issued by the big UK banking groups, have a significantly lower default than those from medium-sized financial institutions. Large banks screen out high-risk firms. We argue that smaller lenders are able to price the risks rejected by the larger banks, using a wider range of credit information. JEL codes: G01, G21, L52, D25
{"title":"The hazards of delivering a public loan guarantee scheme: An analysis of borrower and lender characteristics","authors":"M. Cowling, N. Wilson, P. Nightingale, Marek Káčer","doi":"10.1177/02662426231181455","DOIUrl":"https://doi.org/10.1177/02662426231181455","url":null,"abstract":"Using data between 2009 and 2020, we provide a detailed description of the borrowers within the Enterprise Finance Guarantee (EFG) loan portfolio, analyse time to default and how it differs across lender types. For limited companies, we match additional financial and non-financial data from public and proprietary databases and profile the characteristics of EFG companies within the population of limited companies. Employing hazard models we find loans granted to unincorporated businesses by the medium-sized financial institutions are associated with a much lower hazard than those provided by smaller local lending institutions and not-for-profit agencies. Moreover, we find some evidence that loans to limited companies, issued by the big UK banking groups, have a significantly lower default than those from medium-sized financial institutions. Large banks screen out high-risk firms. We argue that smaller lenders are able to price the risks rejected by the larger banks, using a wider range of credit information. JEL codes: G01, G21, L52, D25","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"39 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86146330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-10DOI: 10.1177/02662426231182425
M. Vu, Allan Discua Cruz, N. Burton
Prior studies suggest that religion matters in the adoption of corporate social responsibility (CSR) initiatives in SMEs. This study draws on an institutional logics perspective to illuminate a hitherto underexplored interplay of multiple logics that in combination influence family SMEs when pursuing CSR. Based on a qualitative study of family SMEs in Northern Vietnam, this article aims to deepen our understanding of how constellations of institutional logics entwine to influence their CSR initiatives, in particular where these initiatives include commitments to contributing towards the UN Sustainable Development Goals. We find that when a religious logic is present there is a shift away from the dominance of a family logic and a turn towards a community logic. Further, whereas non-religious family SMEs act instrumentally towards CSR initiatives, seeking benefits primarily for the family and the firm, a religious logic introduces a normative character to the market logic, whereby economic benefits are construed as resources to support local communities rather than the family. Implications for theory, practice and further research are offered.
{"title":"Contributing to the sustainable development goals as normative and instrumental acts: The role of Buddhist religious logics in family SMEs","authors":"M. Vu, Allan Discua Cruz, N. Burton","doi":"10.1177/02662426231182425","DOIUrl":"https://doi.org/10.1177/02662426231182425","url":null,"abstract":"Prior studies suggest that religion matters in the adoption of corporate social responsibility (CSR) initiatives in SMEs. This study draws on an institutional logics perspective to illuminate a hitherto underexplored interplay of multiple logics that in combination influence family SMEs when pursuing CSR. Based on a qualitative study of family SMEs in Northern Vietnam, this article aims to deepen our understanding of how constellations of institutional logics entwine to influence their CSR initiatives, in particular where these initiatives include commitments to contributing towards the UN Sustainable Development Goals. We find that when a religious logic is present there is a shift away from the dominance of a family logic and a turn towards a community logic. Further, whereas non-religious family SMEs act instrumentally towards CSR initiatives, seeking benefits primarily for the family and the firm, a religious logic introduces a normative character to the market logic, whereby economic benefits are construed as resources to support local communities rather than the family. Implications for theory, practice and further research are offered.","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"99 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86641606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-07DOI: 10.1177/02662426231181551
Andrew Greenman, Jeannie Holstein
This article draws upon dialogic theory to explore how meaning is co-constructed in dialogue as founding entrepreneurs devise strategies for venture growth. Drawing from a longitudinal study of the impact of a UK University business growth programme upon such strategies, we identify ways in which dialogue influences the meanings attributed to the adoption of, or resistance to, growth strategies. ‘Productive’ dialogue emerging from a diverse range of relevant voices encouraged founders to reflect upon the meanings given to current growth initiatives whilst devising future strategies. Conversely, founders could use ‘degenerative’ dialogue to block the voices of others in order to resist change and protect existing meanings. We contribute to debate by utilising dialogic theory as a conceptual tool to illustrate how business growth programmes shape the meanings founders apply to embrace, or resist strategic change, to effect venture growth.
{"title":"Dialogue and the micro-processes of founder meaning-making during growth","authors":"Andrew Greenman, Jeannie Holstein","doi":"10.1177/02662426231181551","DOIUrl":"https://doi.org/10.1177/02662426231181551","url":null,"abstract":"This article draws upon dialogic theory to explore how meaning is co-constructed in dialogue as founding entrepreneurs devise strategies for venture growth. Drawing from a longitudinal study of the impact of a UK University business growth programme upon such strategies, we identify ways in which dialogue influences the meanings attributed to the adoption of, or resistance to, growth strategies. ‘Productive’ dialogue emerging from a diverse range of relevant voices encouraged founders to reflect upon the meanings given to current growth initiatives whilst devising future strategies. Conversely, founders could use ‘degenerative’ dialogue to block the voices of others in order to resist change and protect existing meanings. We contribute to debate by utilising dialogic theory as a conceptual tool to illustrate how business growth programmes shape the meanings founders apply to embrace, or resist strategic change, to effect venture growth.","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"98 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78532089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-08DOI: 10.1177/02662426231174517
E. Stam, J. Vogelaar
{"title":"Book review: Questioning the Entrepreneurial State: Status-quo, Pitfalls, and the Need for Credible Innovation Policy","authors":"E. Stam, J. Vogelaar","doi":"10.1177/02662426231174517","DOIUrl":"https://doi.org/10.1177/02662426231174517","url":null,"abstract":"","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"41 1","pages":"563 - 566"},"PeriodicalIF":7.1,"publicationDate":"2023-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48824679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-31DOI: 10.14365/ibj.2023.34.2.3
Jongdae Kim, Hojoon Jang, J. Seok
{"title":"The Effect of the M&A’s Transaction Value on the Acquirer's Firm Value: Focusing on the Moderating Effects of the Industry-level Competition and the Cross-Industry M&A","authors":"Jongdae Kim, Hojoon Jang, J. Seok","doi":"10.14365/ibj.2023.34.2.3","DOIUrl":"https://doi.org/10.14365/ibj.2023.34.2.3","url":null,"abstract":"","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"42 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89683475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-31DOI: 10.14365/ibj.2023.34.2.2
Taehyung Kim, C. Chung
{"title":"다국적기업 HR Shared Service Center의 위치 선정 동기에 관한 연구: 본사 통제의 용이성을 중심으로","authors":"Taehyung Kim, C. Chung","doi":"10.14365/ibj.2023.34.2.2","DOIUrl":"https://doi.org/10.14365/ibj.2023.34.2.2","url":null,"abstract":"","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"14 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75450854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-31DOI: 10.14365/ibj.2023.34.2.4
W. Sul
{"title":"Outside Blockholders and Firm’s R&D Investment: Focusing on the Domestic and Foreign Institutional Investors","authors":"W. Sul","doi":"10.14365/ibj.2023.34.2.4","DOIUrl":"https://doi.org/10.14365/ibj.2023.34.2.4","url":null,"abstract":"","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"1 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89612066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-28DOI: 10.1177/02662426231173352
Karolis Matikonis, Byron Graham
Although small and medium-sized enterprises (SMEs) were particularly hard hit by the coronavirus disease 2019 (COVID-19) pandemic, some performed relatively well, maintaining or increasing employment growth. We study these differences in performance through the lens of dynamic capabilities (DCs) theory, which we extend by incorporating the moderating effect of government support during COVID-19. We analyse responses from 1421 UK SMEs and find that government support and DCs positively impact employment. We also show that government support moderates the link between DCs and employment with a negative effect after the first COVID-19 lockdown. The findings highlight the role of government policy intervention in discouraging SMEs from effectively exercising DCs during a crisis and the general importance of DCs and government support in enabling SMEs to cope with shocks.
{"title":"Dynamic capabilities and employment during COVID-19: The moderating effect of government support","authors":"Karolis Matikonis, Byron Graham","doi":"10.1177/02662426231173352","DOIUrl":"https://doi.org/10.1177/02662426231173352","url":null,"abstract":"Although small and medium-sized enterprises (SMEs) were particularly hard hit by the coronavirus disease 2019 (COVID-19) pandemic, some performed relatively well, maintaining or increasing employment growth. We study these differences in performance through the lens of dynamic capabilities (DCs) theory, which we extend by incorporating the moderating effect of government support during COVID-19. We analyse responses from 1421 UK SMEs and find that government support and DCs positively impact employment. We also show that government support moderates the link between DCs and employment with a negative effect after the first COVID-19 lockdown. The findings highlight the role of government policy intervention in discouraging SMEs from effectively exercising DCs during a crisis and the general importance of DCs and government support in enabling SMEs to cope with shocks.","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"1 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48898349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-04DOI: 10.1177/02662426231168556
Jan F. Weiss, Tatiana Anisimova, Galina Shirokova, S. Durst
This article uses a global multilevel sample to advance our understanding of the gender gap in youth entrepreneurship by investigating the joint moderating influence of in-group support and national embeddedness values on young women’s entrepreneurial activity relative to that of young men. Based on a mixed embeddedness theoretical lens, our moderation analysis demonstrates the importance of in-group support in narrowing the gender gap in youth entrepreneurship. Moreover, in-group support enhances young women’s entrepreneurship vis-à-vis that of young men primarily in countries with strong embeddedness values. Our findings contribute to the entrepreneurial gender gap literature as well as to the comparative entrepreneurship literature, by providing evidence of the joint role of micro-level and macro-level cultural layers in reducing the entrepreneurial gender gap. Implications for theory, practice and policy are provided.
{"title":"The entrepreneurial gender gap: The role of in-group support and national embeddedness values in young women’s entrepreneurship","authors":"Jan F. Weiss, Tatiana Anisimova, Galina Shirokova, S. Durst","doi":"10.1177/02662426231168556","DOIUrl":"https://doi.org/10.1177/02662426231168556","url":null,"abstract":"This article uses a global multilevel sample to advance our understanding of the gender gap in youth entrepreneurship by investigating the joint moderating influence of in-group support and national embeddedness values on young women’s entrepreneurial activity relative to that of young men. Based on a mixed embeddedness theoretical lens, our moderation analysis demonstrates the importance of in-group support in narrowing the gender gap in youth entrepreneurship. Moreover, in-group support enhances young women’s entrepreneurship vis-à-vis that of young men primarily in countries with strong embeddedness values. Our findings contribute to the entrepreneurial gender gap literature as well as to the comparative entrepreneurship literature, by providing evidence of the joint role of micro-level and macro-level cultural layers in reducing the entrepreneurial gender gap. Implications for theory, practice and policy are provided.","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"14 1","pages":""},"PeriodicalIF":7.1,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86108425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-03DOI: 10.1177/02662426231160525
L. Iandoli
In the last decade, new design-driven approaches, such as Design Thinking, Customer Discovery, and Lean Start-up, have gained popularity in entrepreneurship education (EE). However, their adoption has been characterised by confusion in understanding their theoretical underpinnings and the challenge of introducing these new methods into a pedagogic culture emphasising ideation over experience, emotional intelligence, and making. This article argues that the implementation of these new pedagogic approaches can be improved by better translating the principles of design-driven and artifact-centered entrepreneurship into pedagogical practices. To achieve this goal, a model for a pedagogy of making in EE is proposed along with theoretical and economic arguments based on recent advances in the debate on entrepreneurship as a design science, the growing importance of intangibles in the economy, and the challenges of artificial intelligence (AI) to the job market and student employability. The critical elements for successfully adopting such pedagogy and common misconceptions that can hinder its full deployment are outlined.
{"title":"Annual review article: The dual mindset of design-driven entrepreneurship: The case for a pedagogy of making and artefact-centred entrepreneurship education","authors":"L. Iandoli","doi":"10.1177/02662426231160525","DOIUrl":"https://doi.org/10.1177/02662426231160525","url":null,"abstract":"In the last decade, new design-driven approaches, such as Design Thinking, Customer Discovery, and Lean Start-up, have gained popularity in entrepreneurship education (EE). However, their adoption has been characterised by confusion in understanding their theoretical underpinnings and the challenge of introducing these new methods into a pedagogic culture emphasising ideation over experience, emotional intelligence, and making. This article argues that the implementation of these new pedagogic approaches can be improved by better translating the principles of design-driven and artifact-centered entrepreneurship into pedagogical practices. To achieve this goal, a model for a pedagogy of making in EE is proposed along with theoretical and economic arguments based on recent advances in the debate on entrepreneurship as a design science, the growing importance of intangibles in the economy, and the challenges of artificial intelligence (AI) to the job market and student employability. The critical elements for successfully adopting such pedagogy and common misconceptions that can hinder its full deployment are outlined.","PeriodicalId":48210,"journal":{"name":"International Small Business Journal-Researching Entrepreneurship","volume":"41 1","pages":"349 - 370"},"PeriodicalIF":7.1,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42045777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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