Entrepreneurship is the foundation of the economic for each country. It has an inevitable impact onmicro- and macro-economic factors such as GDP, economic growth, employment/unemploymentrate, regional development, etc. Thus, entrepreneurial practices are crucial for each country in orderto have better economic conditions.Growth is the dominant part of entrepreneurial practices from which the success of small firms canbe assessed and evaluated. Firm’s growth involves different aspects such as motives, finance andownership strategies, indicators, and growth stimulus. These factors together provide a pattern ofgrowth that is different from one company to another.Since the advent of the Internet there has been changes in the business world and the terms such asdotcom, digital entrepreneurship, e-services, e-banking, etc. made a dramatic change in the way ofdoing business. Some companies were established based on the Internet and their income andexistence relied on the Internet. Some others on the other hand, use traditional method of businessbesides using the Internet as an extra tool.This study examines the small business growth pattern in order to find out how small firms grow.Furthermore, the difference between the growth pattern of digital firms and traditional companies isexamined to find out how the pattern of growth differs from dotcoms to the brick-and-mortars.This study is based on a qualitative research method with the approach of a case study research. Thecase study is designed on one major case to go deep while having four other supporting companiesin order to get the best results with the least subjectivity. The questionnaire was designed on a semistructureand the results were coded for the pattern. The questions were designed based on theconceptual framework which was changes based on the results and optimized.The results from this study provide a framework that gives a pattern of growth for small firms. Thesuggested framework of growth pattern has some major components: growth motive, growthstrategy, growth indicator, and growth stimulus. Furthermore, the research findings define the majordifferences between the growth pattern of dotcoms and brick-and-mortars.

Bakgrund: Detaljhandeln har under de senare decennierna genomgått en förändring där större kedjor tar allt mer plats. Den levande debatten om vikten av småföretagandet i Sverige gör att frågan väcks om vad som händer med småföretagen i detaljhandelns utveckling. Samverkan kan vara ett sätt för småföretagen att konkurrera mot de större aktörerna. Småföretagaren beskrivs inte sällan ha en önskan om att arbeta självständigt och en stark vilja om hur det egna företaget ska drivas. Då två av tre småföretag ändå väljer att regelbundet samarbeta med andra företag är det av intresse att undersöka vad småföretagen har för motiv till samverkan. Syfte: Syftet med denna studie är att undersöka varför småföretag väljer att ingå organiserad samverkan. Vi vill därtill utreda vilken påverkan ett organiserat samarbete har på företagen. Studiens genomförande: Genom en telefonintervju, e-postintervjuer samt genom en enkätundersökning till medlemmarna i trädgårdshandelskedjan BoGrönt, har en fallstudie genomförts för att undersöka småföretagens motiv till att ingå organiserad samverkan. Resultat: Resultatet av studien visar att detaljhandelns utveckling har påverkat småföretagens motiv att samverka. Småföretagen har, genom att ingå organiserad samverkan, en förhoppning om att dra nytta av de skalfördelar, det erfarenhetsutbyte och den starkare förhandlingsposition som en större organisation kan skapa. / Background: The Swedish retail market has during the last decades experienced a big change where the business chains are taking larger market shares. The constant debate about the importance of the small firm makes us wonder what is happening with the small firm in this development of the marketplace. Cooperation is one option for the small firm to be able to compete against the big business chains. The small entrepreneur is not seldom described as a person with a wish to work independently and with a strong opinion about how his or hers business should be run. Despite this description two out of three small firms choose to cooperate which makes it interesting to examine the small firm’s incentive to cooperate? Aim: The aim of this study is to examine why the small firm chooses to engage in organized cooperation. We will also find out what effects the cooperation has on the small firm. Completion of the study: With a telephone interview, e-mail interview and through a survey to the members of the gardening chain BoGrönt we have completed a case study to investigate the small firm’s incentives to cooperate. Findings: The findings of this study conducts that the development of the retail market has affected the small firms incentives to cooperate. The small firm has, by engaging in organized cooperation, a wish to make profits from the economies of scale, the exchange of experiences and the stronger bargaining position that a bigger organization creates.

<p>Problem: Is there a statistically significant relationship between the EI of an ownermanager and the EO within a small firm?</p><p>Purpose: The primary purpose of this study was to perform an exploratory study of the research by addressing the first hypothesis. The secondary purpose of this study was to characterize the nature of this relationship by exploring micro-connections between EI and EO factors, by addressing the second hypothesis.</p><p>Hypotheses: 1) An owner-manager’s EI can be used to predict EO within small firms. 2) An owner-managers’ EI dimensions are positively correlated to the EO dimensions in small firms.</p><p> </p><p>Method: A questionnaire including the EISDI (Emotional Intelligence) instrument and the Covin & Slevin (1989) Entrepreneurial Orientation (entrepreneurial/strategic posture) instrument were sent by email to respondents. Responses were collected from a sample of 35 respondents, who were identified as owner-managers of small, young firms within the Swedish high-tech industry. An empirical analysis examined correlations between global EI and global EO, as well as EI and EO factors.</p><p> </p><p> </p><p>Main findings: Both hypotheses were rejected. It was concluded that an owner-manager’s EI cannot be used to predict EO within small firms. Moreover, it was found that no part of an owner-manager’s EI is significantly nor strongly correlated to EO dimensions within small firms.</p><p> </p>

This paper shows the existence of the size effect in the cryptocurrency market. The size effect is a market phenomenon observed in the stock market in which smaller assets outperform larger assets. Recent literature has revealed the size effect in other financial markets as well. In order to explain the size effect, this paper proposes a general quantitative theory that supports its existence in any financial markets under specific conditions. Furthermore, the paper tests for the size effect in the cryptocurrency market using daily price data from April 2013 to April 2018. The paper finds a statistically significant size effect across the cryptocurrency market during the sample period. In the process, we test a profitable pair-trading strategy that involves opening a short position on the higher rank (larger assets) and opening a long position on the lower rank (smaller assets) of the cryptocurrency market. Based on our findings, we discuss the implications on modern finance, specifically on the subjects of Efficient Market Hypothesis and asset pricing models.

The aim of my graduation theses is to define and analyse factors that influence foundation and development of a small firm and to illustrate these problems on a firm undertaking in building industry.

The Master’s thesis deals with analyzing of small company carrying business in forestry. On the basis of this analysis suggests strategic targets which are important for another growth and development of the company. Together with implementation schedule of individual activities are in this thesis suggested targets of solution. They are designed with a view to meet the requirements of company.

Although the contribution of the small enterprise to a nation’s economy, job creation and innovation is well known, comparatively little is understood on how small firms behave strategically and how the more common patterns of strategic behaviour relate to different levels of organizational performance. The following thesis aims at mapping out the strategic behaviour of small firms in the small island state of Malta, and in relating the evident patterns of strategic behaviour to the performances of these firms. The thesis follows on the logic of understanding strategy as a dynamic phenomenon, one that can be viewed as pathways between identifiable life cycle states. It also views strategy as behaviour, part deliberate and part emergent, thus allowing for the inclusion of both external influences and internal decision making. To be able to achieve this dynamic viewpoint of strategy a particular research methodology had to be deployed, observing both the context and the consequences to a firm’s strategic actions, as well as the very actions and interactions themselves. A Grounded Theory method of enquiry was adopted for this purpose as it is ideal for observing patterns, the very theme of this thesis. The research in question has focused on small firms with up to 49 full time employees, in line with the E.U.’s definition of both micro and small firms, and in a broad range of industries in Malta. Results confirmed the predominance of five trajectories, or pathways, of small business strategic behaviour, each passing through a sequence of distinct life cycle states. For each pathway a unique performance situation was observed, resulting from the dynamic coalignment of the owner-manager’s entrepreneurial philosophy, the competitive behaviour adopted by the firm, and the competitive environment to the firm. Understanding which strategic pathway a small firm belongs to allows for a comprehensive insight into the firm’s competitive behaviour, and a prediction of the consequences to that behaviour. The audience to the research consists of government entities involved in policy construction, small firm owners and managers, and the academic community involved in research and policy design.

Bakgrund: Målet med de flesta investeringar är att nå en hög avkastning till låg risk. Tidigare forskning har identifierat möjligheter till att överträffa marknaden vilket motsäger hypotesen om den effektiva marknaden. Investeringar i småbolag har blivit alltmer attraktivt de senaste åren vilket lyfter frågan angående hur en investering i dessa aktier kan genomföras på ett framgångsrikt sätt. Småbolagsaktier, och framförallt de allra minsta aktierna sett till marknadsvärde, förknippas ofta med högre risk. Detta medför att det är av relevans att undersöka huruvida en riskjusterad överavkastning är möjlig vid en applicering av dessa med befintliga investeringsstrategier. Syfte: Syftet med denna uppsats är att analysera huruvida det existerar en småbolagseffekt på den svenska aktiemarknaden mellan 2007-2019. Studien syftar även till att undersöka om det går att generera riskjusterad överavkastning vid investeringar i småbolagsaktier genom att kombinera dessa med alternativa investeringsstrategier som momentumeffekten samt relativvärdering i form av bolag med låga EV/EBITDA- multiplar. Metod: Studien har genomförts med en kvantitativ metod och en deduktiv ansats. Nio portföljer har konstruerats utefter olika bolagsstorlekar samt olika investeringsstrategier under tidsperioden 2007-2019 på den svenska aktiemarknaden. Dessa portföljer har sedan utvärderats sett till både avkastning samt riskjusterad avkastning för att slutligen testas statistiskt genom parata t-test. Slutsats: En småbolagseffekt kunde inte observeras på den svenska aktiemarknaden under den studerade tidsperioden. De portföljer som baserades på bolagen med lägst marknadsvärde presterade en signifikant lägre avkastning än jämförelseindexet. Vid en applicering av momentumeffekten samt låga EV/EBITDA- multiplar på småbolag kunde däremot fyra av fyra portföljer observeras generera en riskjusterad överavkastning relativt jämförelseindexet. Denna överavkastning kunde dock inte säkerställas statistiskt och skulle därmed kunna vara slumpmässig. / Background: The goal of most investments is to achieve a high return at a low risk. Previous research has identified opportunities to exceed the market, which contradicts the efficient-market hypothesis. Investments in small enterprises have become increasingly popular in recent years, which raises the question of how an investment on these markets can be done successfully. Small company shares, and especially the smallest shares in terms of market value, are often associated with higher risk. This means that a study that investigates whether a risk-adjusted excess return is possible with the application of existing investment strategies is of relevance. Purpose: The aim of this study is to analyze whether there exists a small firm effect on the Swedish stock market between the years 2007-2019. The study also aims to investigate whether it is possible to generate risk-adjusted excess returns when investing in small companies and combine these investments with alternative strategies such as the momentum effect and relative valuation in terms of companies with low EV / EBITDA multiples. Methodology: The study was conducted with a quantitative methodology and a deductive design. Nine portfolios were designed with different company sizes and based on different investment strategies during the period 2007-2019 on the Swedish stock market. These portfolios have then been evaluated in terms of both returns and risk-adjusted returns and the results were then finally statistically tested through the implement of parwise t-tests. Conclusion: A small firm effect could not be observed on the Swedish stock market during the examined time period. The portfolios based on the companies with the lowest market value generated a significantly lower return than the benchmark index. Meanwhile, when applying the momentum effect and the strategy of low EV/EBITDA multiples on small companies, four out of four portfolios were found to generate a risk-adjusted excess return relative to the benchmark index. However, this excess return could not be statistically proven and could thus be the result of randomness.

Submitted by Patrícia Valim Labres de Freitas (patricial) on 2016-04-05T18:56:14Z No. of bitstreams: 1 Fabiane Cristina Brand_.pdf: 1964599 bytes, checksum: 6c7d4f571083faaccc5e3f0ae660235e (MD5) / Made available in DSpace on 2016-04-05T18:56:14Z (GMT). No. of bitstreams: 1 Fabiane Cristina Brand_.pdf: 1964599 bytes, checksum: 6c7d4f571083faaccc5e3f0ae660235e (MD5) Previous issue date: 2015-12-17 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / As Redes de Cooperação caracterizam-se como arranjos organizacionais criados para melhorar a competitividade e a sustentabilidade de pequenas e médias empresas autônomas, porém interdependentes. Dentre os benefícios da participação nessas Redes, está a Transferência de Conhecimentos, entendida como um processo por meio do qual determinadas unidades (indivíduo, equipe ou organização) transmitem, trocam e recebem conhecimentos. Nas Redes de Cooperação, a existência de espaços formais, como Equipes e Assembleias, promove a interação entre indivíduos e a possibilidade de formação de Redes Sociais. Assim, a participação do ator em uma Rede Social pode influenciar, por exemplo, as trocas, aquisição ou transmissão de conhecimentos. Nesse sentido, parte do objetivo do estudo é entender como propriedades estruturais e relacionais de uma Rede Social relacionam-se à Transferência de Conhecimentos. Outra parte do objetivo da tese visa a entender como características cognitivas dos indivíduos que participam dessas Redes se relacionam ao Processo de Transferência. A partir de uma revisão bibliográfica, apresenta-se um Framework para o estudo de propriedades da Rede Social e de características cognitivas, bem como o seu relacionamento com a Transferência de Conhecimentos. Em complemento ao Framework, foram descritas proposições de estudo. Acredita-se, dessa forma, contribuir com as temáticas voltadas às Redes de Cooperação, Transferência de Conhecimentos e Redes Sociais. A pesquisa caracteriza-se como Exploratória e Descritiva, com a utilização de métodos quantitativos e qualitativos. Para o estudo da Rede Social, utilizou-se a Análise de Redes Sociais (ARS) e medidas da Estatística. Para a análise de características cognitivas e das proposições foram aplicadas, por sua vez, métricas de ARS, além de medidas de Estatística Descritiva e técnicas da Estatística Não Paramétrica. Foram realizadas, também, observações e entrevistas. O estudo teve como objeto de análise uma Rede de Cooperação, do segmento varejista de móveis, localizada no Rio Grande do Sul. Essa Rede atua desde 2005 e foi criada a partir do Programa Redes de Cooperação. Em termos acadêmicos, a tese contribuiu para o avanço na compreensão da influência de propriedades da Rede Social e de características cognitivas na Transferência de Conhecimentos. Observou-se que a Posição, a Coesão Social, o Tamanho da Rede Social assim como o nível educacional do associado e o seu tempo de experiência na Rede de Cooperação influenciaram na Aquisição de Conhecimentos de Mercado. Além disso, o estudo considerou tanto a perspectiva intraorganizacional como interorganizacional. No que diz respeito a questões gerenciais, foram identificadas implicações para a melhoria na transmissão de conhecimentos entre atores que participam de Redes Sociais e suas empresas, no contexto de Redes de Cooperação. / Small-firm networks are characterized as organizational arrangements designed to improve the competitiveness and sustainability of small and medium-sized independent companies that are interdependente. The benefits of participating in these networks include the transfer of knowledge, understood as a process through which certain units (an individual, team or organization) transmit, exchange and receive knowledge. In small-firm networks, the existence of formal spaces, such as teams and assemblies, promotes interaction between individuals and the possibility to form social networks. Thus, the participation of the player in a social network can influence, for example, exchange, acquisition or transmission of knowledge. One part of the purpose of this study is to understand how relations and structural properties of a social network are related to the transfer of knowledge. Moreover, cognitive characteristics may relate to the process. Therefore, understanding how these characteristics relate to the transfer is the other part of the goal. This study aims to contribute to issues concerning Small-Firm Networks, Knowledge Transfer and Social Networks. To do so, a model based on the literature review is presented for the study of properties of social network and cognitive characteristics and their relation to transfer of knowledge. In addition, study proposals have been described. The research is characterized as exploratory and descriptive, using quantitative and qualitative methods. To study social networks, Social Network Analysis (SNA) and Statistics measurements were used. In turn, for the analysis of cognitive characteristics and propositions, SNA metrics were applied, besides descriptive statistics measurements and non-parametric statistical techniques. In addition, there were observations and interviews. The study was conducted in a small-firm network in the furniture retail business, located in Rio Grande do Sul. This network has been operating since 2005 and was created based on the Small-Firm Network Program. Regarding academic purposes, the thesis helped to advance the understanding of the influence of social network properties and cognitive characteristics on the knowledge transfer. In specific, Position, Social Cohesion, Size of Social Network, Educational Level and Experience Time have been influenced on Knowledge Acquisition. Furthermore, this study took into consideration both inter and intra-organizational perspective. In managerial terms, implications have been identified for improving the transmission of knowledge between players who participate in social networks and their businesses within the scope of small-firm networks.

L'objectif de cette recherche est d'établir l'existence d'un lien entre le design du système de contrôle de gestion, implémenté pour son propre compte par un propriétaire-dirigeant de petite entreprise, et les variables de sa trajectoire. Le design du système de contrôle de gestion doit être compris au sens non seulement des outils le composant, mais aussi du contexte dans lequel ils sont mis en œuvre, c'est-à-dire l'ensemble des techniques de management qui ont cours dans l'entreprise. La trajectoire du dirigeant est composée des variables relatives à son itinéraire socioprofessionnel, à sa personnalité, à ses aptitudes entrepreneuriales et à sa projection vers l'avenir.Les études de cas concernent des petites entreprises indépendantes du secteur de l'agencement, dans le Grand-Est, dont le dirigeant est propriétaire.Il résulte que c'est principalement de la variable-clé « logique poursuivie par le dirigeant » dont dépend l'ensemble des correspondances constatées entre le design du système de contrôle de gestion et les variables de la trajectoire. Il est aussi démontré que le système de contrôle de gestion est présent selon une temporalité dépendante du niveau de réflexion ‘stratégique' du dirigeant. / The aim of this research is to establish the existence of a link between the design of the system of management control, set up by the owner-manager of the small firm itself and the variables of his trajectory.The design of the system of management control must be considered not only in the sense of the tools composing it, but also within the context of development, comprising firm's management techniques. The trajectory of the manager is represented by the variables of his social and occupational background, his personality and entrepreneurial skills, but also his prospective capacity.Case study methodology was applied to small independent firms of the area of inside layout, from the East of France, owned by the manager itself.Results show that the key-variable, the logic followed by the manager, fosters all the correlations between the design of the system of management control and the variables of the trajectory. Moreover, the system of management control exists as a function of the temporality - depending on the level of 'strategic ' thinking characterizing the manager.