Download or read book Essays in International Entrepreneurial Finance written by Philippe Christopher Wells and published by . This book was released on 1998 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Entrepreneurial Finance written by Jialong Li and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that explore different areas within the framework of entrepreneurial finance. In my first essay, I investigate the relation between corporate financial distress and earnings management in politically-affiliated private firms in China. I further examine the joint moderating effects of political affiliation and regional development on this relation. The findings suggest that financially-distressed firms engage more in reporting small positive earnings relative to financially-healthy firms. In addition, political affiliation weakens the association between financial distress and small positive earnings management. In the second essay, I intend to shed light on social performance of microfinance institutions (MFIs) with respect to gender equality in MFIs' outreach and promotion of entrepreneurship. Rooted in the principles of homophily and risk aversion, I pinpoint a novel topic which is the association between female leadership in MFIs and their services targeting women clients, and find that when more women serve as managers, board members, and/or loan officers in MFIs, the MFIs increase their outreach to women due to gender affinity. Applying the institutional theory, I also analyze the relationship between MFI's outreach to female borrowers and entrepreneurship in an international setting, and highlight the moderating role played by legal environment in this relationship. Findings indicate that in countries with stronger legal environment, women are more inclined to enter entrepreneurship. In my last essay, I turn to look at family firm, which is perceived to behave quite differently compared with non-family firm. From socioemotional wealth preservation and board experience perspectives, I compile a sample of family-owned and -managed firms on the Standard and Poor's (S&P) 500 Index and examine the effect of family involvement on firm internationalization. The results show that the presence of a family member chairing the board impedes internationalization, but that this negative effect is reduced when board members are highly experienced. I also find that the involvement of multiple generations in the business contributes to the firm's internationalization, and that this effect is more pronounced when firms internationalize to geographically distant rather than closer regions. The contributions and implications of this study are also discussed.

Download or read book Empirical Studies in International Entrepreneurial Finance written by Minije Zhang and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three empirical studies in entrepreneurial finance around the world. The first essay empirically compares the impact of entrepreneurship on GDP, unemployment, exports, and patents by examining three international datasets. The findings of this essay point to institutional and cultural impediments to the effectiveness of entrepreneurship around the world. The impact of entrepreneurship is significantly mitigated by excessively strong creditor rights that limit entrepreneurial risk taking. Furthermore, the data indicate that cultural attitudes associated with low risk taking limit the effectiveness of entrepreneurship. The results of this essay also show how different definitions of new business entry matter for empirical analysis of entrepreneurship across countries. The second essay documents angel investors investment behaviors and performances around the world as compared with private equity (PE) and venture capital (VC) funds. Angel investors finance small high growth entrepreneurial firms in exchange for equity. Unlike PE/VC funds, which invest capital from institutional investors, angels invest their own money. We compare the impact from legal and cultural conditions on disintermediated angel finance versus intermediated PE/VC finance. The data indicate that, relative to PE/VC funds, angel investors are more sensitive to stock market conditions, legal environments, and Hofstedes cultural conditions. The data further indicate that investee firms funded by angels are less likely to successfully exit in either an IPO or acquisition, on average, whether those angels are involved in the first round or later stages. iii The third essay studies the different effects of legal and institutional factors on private equity divestment strategies of IPOs and acquisitions in the emerging markets. The data indicate that PE fund managers have a higher probability of successful exits in countries with better business and legal environments. We also find that PE investors are better able to mitigate the potential costs associated with inefficient and corrupt business environments to increase the probability of exits by IPOs in countries with higher levels of corruption. Moreover, our findings suggest that market shocks arguably concentrated in the developed markets result in a negative ripple effect as the probability of successful exits decreases for PE investors in emerging markets.

Download or read book Entrepreneurial Finance written by Cristiano Bellavitis and published by Routledge. This book was released on 2019-07-23 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the proliferation of new sources of entrepreneurial finance and how these sources have the potential to make it easier for ventures to raise capital and grow. To date, entrepreneurial finance literature has developed a rich tradition of research on venture capital and angel finance. However, the emergence of ‘new’ sources of finance – such as crowdfunding – and the limited attention paid to ‘traditional’ debt financing and financial bootstrapping offer opportunities to explore, from different points of view and theoretical perspectives, the challenges that ventures face. The objective of this book is to explore these new and traditional sources of finance; suggest how these phenomena can be better understood conceptually; and guide new ways of understanding the topic in future, especially for researchers. The introduction outlines the new sources of entrepreneurial finance, and in comparing them with more traditional sources, proposes challenges in our conceptual understanding of these new and traditional sources. The subsequent chapters deal with important topics, including looking at the way different funding sources may interact; factors that impede family firms from getting external funding; how best to succeed with equity crowdfunding by looking at pre-selection processes; considering differences in perceptions towards funding sources arising from whether entrepreneurs are native born or immigrants; factors to consider when funding specialized assets in high uncertain sectors such as biotechnology; and the internationalization of business angel activity. This book was originally published as a special issue of the Venture Capital journal.

Download or read book Essays in Innovation and Entrepreneurial Finance written by Paul P. Momtaz and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters.In Chapter 1 of the dissertation, I contribute to the inconclusive literature on labor empow- erment and corporate innovation. The paper exploits a law that creates Labor-Controlled Firms (LCFs) for identification in a regression discontinuity design using administrative data that link employers, inventors, and patents in Germany. The law mandates that firms with more than 500 or 2,000 employees have a minority (33%) or parity (50%) share of labor-elected directors on their boards, respectively. Local average treatment effects on the number of patents and the forward citation-weighted number of patents per LCF are significantly positive at both the minority and parity cutoffs, although forward citations per patent are significantly negative at the parity cutoff. The results suggest that labor control causes innovative productivity to increase at the expense of a relative shift from exploratory toward exploitative search. Auxiliary tests support this conclu- sion. Labor control insures employed inventors against adverse labor market shocks, increasing firm-related specialization through longer employment spells while reducing the intensive margin of innovative labor supply. Moreover, inventors' marginal income per patent is insensitive to the quality of the patent when the employer is labor-controlled, suggesting a lack of financial incen- tives for exploratory search in LCFs. In Chapter 2, we estimates that shares in Private Investments in Public Equity (PIPEs) offered a discount of 3% for each year during which these shares could not be resold. The discount can be substantially larger in offerings in which marketability is a greater concern. Our estimates make use of the duration of the resale restriction and information about the effects of a regulatory change. In 2008, the SEC amended Rule 144 to shorten the default statutory holding period. Our estimates are smaller than previous estimates and robust to various controls and endogeneity concerns. In Chapter 3, we offer evidence from acquisition decisions that suggests that antitakeover pro- visions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provi- sions, are better acquirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They also lead managers to engage more often in value- creating long-term and innovative investing, and increase their sensitivity to investment opportu- nities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.

Download or read book Entrepreneurial Finance Innovation and Development written by Vi Dung Ngo and published by Routledge. This book was released on 2021-11-29 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Entrepreneurship is now unanimously considered a major engine for socio-economic development, mainly because it creates jobs and innovation. Governments around the world pay special attention to removing entrepreneurial barriers in order to support development via different policies, especially entrepreneurial finance. Developing, emerging and transition economies (DETEs) significantly differ from industrialized countries because of their specific conditions: institutions, infrastructure facilities, and bureaucratic procedures within the administrative system. Thus, firms and their entrepreneurs in and from DETEs may behave differently, particularly in terms of their financial strategies. Therefore, contextualizing is critical to better understand the relationship between entrepreneurial finance, innovation, and development in DETEs. This book provides a systematic and profound understanding of how finance, entrepreneurship, innovation, and their interactions contribute to economic development in DETEs, which cover a large number of countries in Asia, Central and Eastern Europe, Latin America, and Africa. The book mainly includes empirical studies and is divided into four parts. Part A includes four chapters which adopt a multinational approach to examine different sources and types of finance for entrepreneurship and small business in different groups of countries classified as DETEs. Part B also includes four chapters and focuses on entrepreneurial finance in specific countries belonging to the DETEs. Part C goes beyond the business scope of entrepreneurial finance and includes three chapters concerned with the relationship between finance, women's entrepreneurship, and poverty. Part D includes three chapters focusing on the comparison within developing countries as well as between developing and developed countries. This essential and comprehensive resource will find an audience amongst academics, students, educators, and practitioners, as well as policymakers and regulators.

Download or read book Essays in International Entrepreneurship written by Michael Louis Troilo and published by . This book was released on 2007 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Finance and Business Cycle Analysis written by Pao-Lin Tien and published by . This book was released on 2008 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Public Sector Entrepreneurship written by David B. Audretsch and published by Springer. This book was released on 2016-02-05 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores public sector entrepreneurship from an international perspective. It features essays from eminent scholars in the field addressing entrepreneurial public policies from different countries. Public sector entrepreneurship is at the cusp of becoming a watchword in international policy circles. This book is a pioneer volume in this emerging field and provides topics and policies that are broadly applicable across different economies. Public sector entrepreneurship refers to innovative public policy initiatives that generate greater economic prosperity by transforming a status-quo economic environment into one that is more conducive to economic units engaging in creative activities in the face of uncertainty. In today’s economy, public sector entrepreneurship affects that transformation primarily by increasing the effectiveness of knowledge networks; that is, by increasing the heterogeneity of experiential ties among economic units and the ability of those same economic units to exploit such diversity. Through policy initiatives that are characterized by public sector entrepreneurship, there will be more development of new technology and hence more innovation throughout the economy.

Download or read book Essays in Financial Frictions Entrepreneurship and Economic Development written by Rasim Burak Uras and published by . This book was released on 2010 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that study the economic implications of financial frictions on entrepreneurial investment decision making and aggregate economic performance. The first essay studies investment horizon choice of a distribution of entrepreneurs when a fraction of the financiers within the economy consists of impatient type of lenders. The second essay studies the effects of financial contract enforcement in promoting productive entrepreneurship and economic development. The third essay studies the link between financial development and entrepreneurial capital-labor management. In the first essay, I study the effects of incomplete insurance in financial contracts on risk taking, investment horizon choice and productivity of a distribution of heterogeneous entrepreneurs. I develop a highly-stylized three-period OLG model in which young financiers are heterogeneous in terms of their liquidity needs. As a result, in the model only a fraction of financiers are patient enough to consider their long term lending opportunities. The lending options of financiers are short and long term and any combination of both which result in either short term or long term investment projects undertaken by entrepreneurs. In this setting, equilibrium investment composition (short term vs. long term) and productivity levels of entrepreneurs are determined by their intrinsic entrepreneurial ability distribution, as well as by the fraction of the patient type of financiers in the economy. When productivity improves, entrepreneurial firms increase their capital investment; however, whether they shift to long term oriented projects or not is strongly linked with the liquidity needs of the financiers. Cross-country data shows a positive correlation between a nation's contract enforcement level and its ability to adopt modern technologies. In the second essay of my dissertation, I study the role entrepreneurial incentives play in shaping this empirical observation. I develop and solve a life-cycle model with limited financial contract enforcement, entrepreneurial heterogeneity (ability and financial pledgeability) and technology choice. In the model production processes can be undertaken using either the Traditional or the Modern technology. Depending on the entrepreneurial ability, the modern technology can be more productive relative to the traditional technology, but the former requires a long-term investment making entrepreneur's pledgeability important in his choice. In equilibrium the level of contract enforcement and entrepreneurial characteristics endogenously determine (1) the investment size and (2) the technology choice. Key results of the paper indicate that when financial contract enforcement is weak, the investment size and the intensity of modern technology use of entrepreneurial firms are positively correlated with financial pledgeability. Collateral-building associated with short term investment is important for the results. I calibrate the model to study its quantitative properties. Quantitative experiments illustrate sizeable positive effects of financial contract enforcement on aggregate output and aggregate modern technology adoption for the U.S. economy. Furthermore, counterfactual analysis shows that if financial contract enforcement in Turkey (a low enforcement economy) improves to the U.S. level (a high enforcement economy), output rises by 13-15%; and one third of this change is due to the increase in the rate of modern technology adoption. The third essay in my dissertation provides a quantitative analysis on the effects of firm level financial characteristics in explaining the observed industry-wide productivity heterogeneity in U.S. firm level data. In the first part of the essay, I develop a model in which the interplay between capital and financial market frictions endogenously determine capital-labor ratio decisions of entrepreneurial firms. In this economy capital is costly to rent to some producers due to investment related moral hazard. Therefore, it is beneficial for such entrepreneurs to purchase the capital good instead of renting it. Entrepreneurs can internalize the cost of capital by borrowing in the financial market. However, the amount which can be borrowed is constrained by an entrepreneurs financial market reputation (pledgeability) and his financial asset liquidity (collateral). In equilibrium, firms with lower pledgeability and/or lower liquidity become more labor intensive relative to firms with higher pledgeability and/or liquidity. Distortions to capital rental rates augment the sensitivity of capital-labor choice with respect to firm level financial pledgeability and liquidity. In the second part of the essay, the analytical results are tested in a panel data analysis. Using proxies for "labor intensive production", "financial pledgeability", and "financial asset liquidity" for a large sample of U.S. firms from Compustat North America, I show that low pledgeability and low asset liquidity are associated with labor intensive production. The third part of the essay provides a quantitative analysis. I choose seven major industries in the U.S. economy. For these industries, I show that ability to borrow against financial pledgeability and asset liquidity mitigate the distortionary effects of non-uniform capital rental rates and decrease intra-industry productivity dispersion while increasing industry total factor productivity by quantitatively important proportions. However, there are differential effects of financial pledgeability and financial asset liquidity on aggregate industry performance. My results suggest that the way sectoral firms benefit from the presence of financial pledgeability and asset liquidity depend on sector specific characteristics.

Download or read book Essays in International Finance written by and published by . This book was released on 1952 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Clive M Schmitthoff s Select Essays on International Trade Law written by Clive Maximilian Schmitthoff and published by BRILL. This book was released on 1988-01-01 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Finance and Economic Growth written by Lai Wei and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Essays on Finance and Economic Growth: International Capital Markets and Corporate Innovation" by Lai, Wei, 魏錸, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays on finance and economic growth. Using the passage and the enforcement of capital market laws, the essays study whether and how the development of international capital markets can influence corporate innovation, a vital source for long-term economic growth around the world. In the first essay, I study the question: Do legal restrictions on insider trading accelerate or slow technological innovation? Based on over 75,000 industry-country- year observations across 94 economies from 1976 to 2006, I find that enforcing insider trading laws spurs innovation, as measured by patent intensity, scope, impact, generality, and originality. Consistent with theories that insider trading slows innovation by impeding the valuation of innovative activities, the relation between enforcing insider trading laws and innovation is larger in industries that are naturally innovative and opaque, and equity issuances also rise much more in these industries after a country enforces its insider trading laws. In the second essay, I examine the effect of activating M&A markets on the rate of technological innovation, using staggered adoption of international M&A laws. Based on more than 65,000 industry-country-year observations across 46 economies from 1976 to 2006, I find that adopting the M&A laws increases innovation in the high-tech industries of a country, as measured by patent intensity, scope, impact, generality, and originality. The results are consistent with the incentives provided by an active M&A market that amplifies the valuation of and returns to innovation, and boosts exit liquidity for the entrepreneurs and corporate investors. I also find that M&A volume increases in the high-tech industries, and the improvement of innovation is mainly contributed by the private firms. Subjects: Capital market - Law and legislation Technological innovations Economic development

Download or read book Case Studies in International Entrepreneurship written by Walter Kuemmerle and published by Irwin/McGraw-Hill. This book was released on 2005 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This collection of 29 cases is designed for instructors who want to bring real situations into their entrepreneurial finance or management courses. Each case speaks to students who are planning to start companies or join venture capital/private equity firms, investment banks, or multinational companies. Students will learn about entrepreneurial issues by comparing and contrasting opportunities, financing contexts, valuation approaches, and entrepreneurs in the US and other countries. These case studies present a broad, integrated approach to entrepreneurial ventures. They not only consider a wide range of business models, but also the people and relationships that make them work."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.

Download or read book Essays on International Venture Capital written by Arash Soleimani Dahaj and published by . This book was released on 2017 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture Capital firms (VCs), compared with other sources of financing, are known to be a value-adding source of finance for high-growth entrepreneurial firms. Venture capital has transitioned from a local to an international subject in recent years. In this thesis , I address three important aspects of the international venture capital research area. In the first essay, I answer these questions: do venture capital firms decide to invest in a cross-border company based solely on their own international experience, or do they also decide based on other venture capital firms' behaviour in investing in that country? I address these questions by investigating vicarious and experiential learning in the venture capital context, focusing on US cross-border venture capital investment data from 2000 to 2013. The analysis indicates that, on average, venture capital firms use both experiential and vicarious learning strategies in making their cross-border investment decisions. Moreover, the effect of experiential learning is greater than that of vicarious learning, and a venture capital firm's size moderates this effect. In the second essay, I answer this question: do government venture capital funds crowd-in or crowd-out international private venture capital investment? The crowding-in effect arises when international private venture capital benefits from government subsidies through the enhancement of an entrepreneurial ecosystem and investment syndication. The crowding-out effect arises when government venture capital competes with private venture capital, bidding up deal prices and lowering returns, thereby spurring local private venture capitalists to invest internationally. I examine data from 26 countries from 1998 to 2013. The analysis indicates that, on average, more mixed-structured government venture capital investments than pure-structured government investments in a country crowds-in domestic and foreign private venture capitalists internationally. Moreover, the effect of both structures is greater on domestic private venture capitalists than on foreign ones. In the third essay, I investigate whether government venture capital practices in Canada promote a robust entrepreneurial ecosystem, by analyzing the effect of these practices on domestic and cross-border venture capital investments by private venture capital firms separately. I research the following two questions in parallel: a) Does Canadian government venture capital investment attract private venture capital firms to invest in the domestic market? b) Does Canadian government venture capital investment lead to, or prevent, domestic private venture capital firms from investing in other countries? I find that Canadian government venture capital investment has no measurable impact on private venture capital firms' decisions to invest in the domestic market. I also find that certain of the Canadian government's venture capital programs have displaced private venture capital, although with negligible impact, towards cross-border VC markets, primarily to the United States.

Download or read book The Oxford Handbook of Entrepreneurship written by Mark Casson and published by Oxford Handbooks Online. This book was released on 2006 with total page 820 pages. Available in PDF, EPUB and Kindle. Book excerpt: Entrepreneurship has always been a key factor in economic growth, innovation, and the development of firms and businesses. More recently, new technologies, the waning of the 'old economy', globalization, changing cultures and popular attitudes, and new policy stances have further highlighted the importance of entrepreneurship and enterprise. Entrepreneurship is now a dynamic and expanding area of research, teaching, and debate, but there has been no standard reference work which is suitable for both established scholars and new researchers. This book fills that gap. All the major aspects of entrepreneurship are covered, including: * the start-up and growth of firms, * financing and venture capital, * innovation, technology and marketing, * women entrepreneurs, * ethnic entrepreneurs, * migration, * small firm policy, * the economic and social history of entrepreneurship. This is a comprehensive review of state-of-the-art research in entrepreneurship, written by an international team of leading scholars, and will be an essential reference for academics and policy makers, as well as being suitable for use on masters courses and doctoral programmes.