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Young SMEs' Financial Constraints and Collectivism : An International EvidenceNetzén Örn, Marcel, Moström, Grim January 2016 (has links)
Small and medium size enterprises (SMEs, hereafter) are important drivers of the global economic development. For the SMEs, to establish and growth, having access to the sources of finance is of great importance. Anecdotal evidence suggeststhat while the importance of having access for the SMEs is apparent, they have been disadvantageous in many different ways. The disadvantage position of the SMEs can even be worse when they are younger (e.g., The World bank, 2001, p. 6-7). Prior research documents many factors that affect the financial constraints of SMEs. In this study, we investigate the association between SMEs age and financial constraints. In addition, we test the moderating effect of collectivism on SMEs’ financial constraints, as collectivism is documented to have an effect on bank corruption. We first hypothesize that there is a negative association between SMEs’ age and financial constraints. We further propose that the negative association between SMEs’ age and financial constraints decreases as collectivism (at the country level) increases. Using a World Bank’s sample of 31422 firms across 38 countries, we find that younger firms, compared to the older firms, experience higher level of financial constraints.Further, we observe an insignificant results regarding the moderating effect of collectivism on the proposed association.We offer contribution to the existing empirical evidence onfactors that affect financial constraints. Providing such an evidence may be found relevant to the economic institutions such as the World Bank and regulatory bodies, as they are allocating resources and making macro level decisions regarding the economicdevelopment through SMEs around the world.
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Knowledge Management Activities Of Young Firms In Sweden : Exploring knowledge management enablers and understanding the relation between knowledge management activities and financial performance.Nguyen, Thi Thu Loi, Alili, Hasan January 2021 (has links)
Sweden is a country that stands out in terms of attracting highly skilled workers and having a large number of young firms. However, with the young age and specifically put in a concrete context of the COVID-19 pandemic, young firms may face the risk of losses due to a lack of funds to maintain or having volatile financial sources. Therefore, this thesis tries to provide insights on the relation between knowledge management activities (KMAs) and financial performance in young firms from 5 to 10 years old in Sweden. In other words, the thesis aims to understand how young firms in Sweden have implemented KMAs inside their firms. More specifically, striving to determine which knowledge management enablers influence KMAs, what kinds of KMAs young firms are applying, and at what level those kinds of activities impact young firms’ financial performance. A mixed-method approach has been selected to utilize both qualitative and quantitative methods. Together with semi-structured interviews, Exploratory Sequential Design is applied in the thesis, which enables defining the impact of KMAs on the financial performance of young firms in Sweden and the availability of the presented conceptual framework in practice.
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Essays on young firms' dynamics / Essais sur la dynamique des jeunes entreprisesSantoleri, Pietro 12 June 2019 (has links)
A la lumière du rôle de premier plan joué par les entreprises jeunes dans la définition du processus de destruction créatrice et dans la création globale d’emplois, cette thèse fournit de nouvelles preuves de la dynamique de ce segment du système de production. La thèse s’articule autour des thèmes suivants : i) le rôle joué par les activités d’innovation dans la promotion de la croissance de l’emploi dans les jeunes entreprises ; ii) l’impact de la récession économique sur les taux de croissance des jeunes entreprises par rapport aux petites entreprises ; iii) le rôle joué par les politiques publiques dans le soutien aux entreprises innovantes. Le chapitre 1 examine le lien sous-étudié entre les activités d’innovation et la croissance de l’emploi dans les entreprises nouvellement créées. Basés sur un ensemble de données représentatif d’une cohorte d’entreprises américaines créées en 2004, les résultats soulignent la pertinence de la recherche et du développement et des brevets pour favoriser la croissance et, en particulier, la performance à forte croissance des entreprises nouvellement créées. Le chapitre 2 fournit des éléments de preuve supplémentaires sur la relation entre innovation et croissance en utilisant des données chiliennes et se concentre sur les différences de rendement de l’innovation pour les entreprises jeunes et matures. Les résultats montrent que l’innovation profite aux entreprises à forte croissance. Cependant, ces résultats se concrétisent en particulier pour les entreprises matures et dans le cas d’innovation de procédé, alors que les activités innovantes ne semblent pas être une condition préalable à la performance à forte croissance des jeunes entreprises. Ces résultats mettent en évidence le fait que les rendements de l’innovation pourraient être spécifiques au contexte. Le chapitre 3 porte sur l’impact de la récession à double creux sur la performance de croissance des jeunes entreprises par rapport aux petites entreprises. En utilisant des données pour dix pays de la zone euro, les résultats montrent que les petites entreprises n’ont pas été particulièrement touchées, voire plus performantes, alors que les jeunes entreprises ont enregistré une nette diminution de leur taux de croissance. Dans l’analyse, nous constatons également que le canal de la contrainte financière semble être l’une des forces responsables des résultats susmentionnés. / In light of the prominent role played by young firms in shaping the creative destruction process and contributing to overall job creation, this thesis provides novel evidence on the dynamics of these segment of the productive system. In particular, the dissertation revolves around the following topics: i) the role played by innovation activities in fostering employment growth in young firms; ii) the impact of the economic recession of the growth rates of young vs. small firms; iii) the role played by public policies in supporting innovative entrants. In more detail, Chapter 1 examines the under-researched nexus between innovation activities and employment growth in newly born firms. Based on a representative dataset for a cohort of US firms born in 2004, the results highlight the relevance of R&D and patenting to foster growth and, especially, high-growth performance for newly-born firms. Chapter 2 provides additional evidence on the relationship between innovation and growth by using Chilean data and focus on how returns to innovation differ for young and mature firms. Results show that innovation benefits high-growth firms. However, these results materialize especially for mature firms and in the case of process innovation whereas innovative activities do not appear to be a prerequisite for high-growth performance in young businesses. These findings highlight how the returns to innovation might be context specific. Chapter 3 focuses on the impact of the double-dip recession on the growth performance of young vis-à-vis small firms. Using data for ten Eurozone countries, the findings show that small firms were not particularly affected - if anything they performed better - whereas young firms experienced a marked decrease in their growth rates. In the analysis we also find that the financial constraint channel appears to be one of the forces responsible for the above results. In Chapter 4 the main focus is the investigation of the role of public policy in providing support for the performance of innovative new firms. In particular, we investigate the impact of a recent policy implemented in Italy (i.e. the “Start-up Act”). The analysis indicates an overall positive effect of the program on a wide range of firm-level outcomes.
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