In this study, we use data from the Federal Reserve’s 1993, 1998 and 2003 Surveys of Small Business Finances to classify small businesses into four groups based upon their credit needs and to model the credit allocation process into a sequence of three steps. First, do firms need credit? We...

If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan...

The aim of this paper is to assess which factors impact the development of early-stage venture capital in South Africa. Factors identified for other markets and countries are explored and their relative importance in South Africa determined from the perspective of market participants. These...

For a few years now, nanotechnology has been recognised as a promising new growth innovator. This leads to a shift from the exploration of nanotechnology knowledge towards a phase of exploitation. The coming years this commercialisation of nanotechnology will be extended. Nanotechnology is a...

This study examines executive compensation using data from two nationally representative samples of privately held U.S. corporations conducted ten years apart—in 1993 and 2003—and uses these data to test a number of hypotheses. We find that: (i) the level of executive pay at privately held...

This paper examines whether equity-based financial slack in the form of relatively high levels of founding equity will systematically hurt new venture performance. Drawing on data on 445 single-founder new ventures over the period 2004-2007, it uses the propensity score matching method to...

This paper examines whether equity-based financial slack in the form of relatively high levels of founding equity will systematically hurt new venture performance. Drawing on data on 445 single-founder new ventures over the period 2004-2007, it uses the propensity score matching method to...

This study empirically evaluates the impact of consolidation activity in the credit union system on the rate of business formation. Drawing on Canadian provincial-level data over the period 1992-2009, it provides evidence which suggests that consolidation activity is unlikely to hurt business...

Although the size of the informal economy is relatively large across Latin America and the Caribbean, it is not completely understood how deficiencies in the institutional environment may be related either to the propensity for entrepreneurship or the performance of entrepreneurs in the informal...

This study examines how consolidation activity in the credit union system may impact small business lending. Drawing on Canadian provincial-level data over the period 1992-2009, it provides systematic evidence which suggests that the size of credit unions has a statistically significant negative...