We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a...

A puzzling but consistent result in the empirical literature on banking is that firms with close bank ties do not grow faster than bank-independent firms. In this paper, we reconsider the link between relationship lending and firms' growth, distinguishing firms by size and "health". The idea is...

The paper investigates the survival of newly created small and medium enterprises in Brazilian manufacturing taking as reference the 1996-2005 period. The econometric analysis relies on time-varying version of the proportional hazard rate model that controls for unobserved heterogeneity. The...

In this paper, we traced the survival status of 94,401 small businesses in 17 European emerging markets from 2007–2017 and empirically examined the determinants of their survival, focusing on institutional quality and financial development. We found that institutional quality and the level of...

We present a theoretical and empirical analysis of the links between the gender of an entrepreneur, access to finance, occupational choice, and business performance. Our theoretical model predicts that, when lenders discriminate against women entrepreneurs, the average entrepreneurial skill of...

Hidden Champions (HCs) are small- and medium-sized global market leaders that repeatedly show superior innovation capabilities and economic performance. However, empirical evidence on how the digital transformation may affect their success story remains scarce. I argue that HCs show stronger...

This paper investigates how access to finance and skilled workforce endowments affect the propensity of European small and medium sized enterprises (SMEs) to adopt different types of resource efficiency measures (REMs), possibly simultaneously. For this purpose, a Multinomial Logit model is...