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Performance and Behaviour of Family Firms: Evidence from the French Stock Market
Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2004
We look at the corporate performance of family firms listed on the French stock exchange between 1994 and 2000. On the French stock market, approximately one third of the firms are widely held, another third are founder controlled and the remaining third are heir-controlled family firms. We find...
Persistent link: https://www.econbiz.de/10005124284
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Endogenous Firm Objectives
Renström, Thomas I; Yalcin, Erkan - C.E.P.R. Discussion Papers - 2002
We analyse the behaviour of a monopolistic firm in general equilibrium when the firm’s decision are taken through shareholder voting. We show that, depending on the underlying distribution, rational voting may imply overproduction as well as underproduction, relative to the efficient level....
Persistent link: https://www.econbiz.de/10005789161
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Entrepreneurial Entry: Which Institutions Matter?
Aidis, Ruta; Estrin, Saul; Mickiewicz, Tomasz - C.E.P.R. Discussion Papers - 2009
In this paper we explore the relationship between the individual decision to become an entrepreneur and the institutional context. We pinpoint the critical roles of property rights and the size of the state sector for entrepreneurial activity and test the relationships empirically by combining...
Persistent link: https://www.econbiz.de/10005792210
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What drives women out of entrepreneurship? The joint role of testosterone and culture
Guiso, Luigi; Rustichini, Aldo - C.E.P.R. Discussion Papers - 2011
entrepreneurship so that only women with well above average entrepreneurial skills find it attractive to self-select into … entrepreneurship. This finding can rationalize three facts: a) fewer women than men are entrepreneurs; b) the proportion of women among … entrepreneurs tends to be higher in countries with higher women emancipation; c) women who break the barrier into entrepreneurship …
Persistent link: https://www.econbiz.de/10008854553
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Keeping it Simple: Financial Literacy and Rules of Thumb
Drexler, Alejandro; Fischer, Greg; Schoar, Antoinette S - C.E.P.R. Discussion Papers - 2010
Individuals and business owners engage in an increasingly complex array of financial decisions that are critical for their success and well-being. Yet a growing literature documents that in both developed and developing countries, a large fraction of the population is unprepared to make these...
Persistent link: https://www.econbiz.de/10008611017
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The Impact of Consulting Services on Small and Medium Enterprises: Evidence from a Randomized Trial in Mexico
Bruhn, Miriam; Karlan, Dean S.; Schoar, Antoinette S - C.E.P.R. Discussion Papers - 2012
designed to elicit the SME owners’ confidence in their ability to manage their business and deal with any future difficulties …
Persistent link: https://www.econbiz.de/10011083751
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Do entrepreneurs matter?
Becker, Sascha O.; Hvide, Hans K - C.E.P.R. Discussion Papers - 2013
In the large literature on firm performance, economists have given little attention to entrepreneurs. We use deaths of more than 500 entrepreneurs as a source of exogenous variation, and ask whether this variation can explain shifts in firm performance. Using longitudinal data, we find large and...
Persistent link: https://www.econbiz.de/10011083991
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Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development
Karlan, Dean S.; Knight, Ryan; Udry, Christopher - C.E.P.R. Discussion Papers - 2012
Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...
Persistent link: https://www.econbiz.de/10011084680
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What are Firms? Evolution from Birth to Public Companies
Kaplan, Steven; Sensoy, Berk A.; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2005
We study how firm characteristics evolve from early business plan, to initial public offering, to public company for 49 venture capital financed companies. The average time elapsed is almost six years. We describe the financial performance, business idea, point(s) of differentiation, non-human...
Persistent link: https://www.econbiz.de/10005792538
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Bribery Environment and Firm Performance: Evidence from Central and Eastern European Countries
Hanousek, Jan; Kochanova, Anna - C.E.P.R. Discussion Papers - 2015
We examine the relation between bureaucratic corruption and firm performance in CEE countries. While previous research uses data from BEEPS, which suffers from excessive non-reporting of corporate performance, we combine reliable firm financials from the Amadeus database with information on...
Persistent link: https://www.econbiz.de/10011207394