This paper tests whether local financial development matters for SMEs' growth performance. We develop a theoretical model framework based on banks' and firms' profit-maximizing behavior that critically hinges upon credit default risk ratio. We argue that an expansion of branch network would...

In order to exceed the circularity of formal economic thinking, the authors of the present paper favour the models of thinking specific to physics, which are also constructed statistically and mathematically, in an attempt to find an answer to the reunion of similar small and medium enterprises...

Objectives: Business transfers are posing a particular problem for several European countries as the age distribution of business owners rises and as the number of firms transferred within families' declines. This paper explores firm, market, and regional differences in firms which are expected...

Entrepreneurs exit their business due to selection mechanisms experienced in the market place. Next to this well known ex-post decision to exit, entrepreneurs select ex-ante whether they are willing to pursue an entrepreneurial career at all, or to give up these entrepreneurial intentions. This...

The entrepreneur’s life is a path of learning. This learning to a large extend results from critical events. The exit from an entrepreneurial endeavor as a particularly critical event thus represents an opportunity for rich learning. Entrepreneurs who subsequently re-engage in entrepreneurial...

In recent years, entrepreneurial teams and entrepreneurial exit have been emerging fields of study in entrepreneurship research. However, current efforts often neglect the dynamic nature of such teams and especially the exit of individual team members from ongoing team ventures. This lead to...

Business transfer as a research topic awakened the interest of researchers in the past few decades. Business transfer is defined as a change of ownership of any firm to another person or legal entity assuring the continuous existence and commercial activity of the enterprise, and it encompasses...

In a seminal paper Gibbons and Katz (1991; GK) develop and empirically test an asymmetric information model of the labor market. The model predicts that wage losses following displacement should be larger for layouts than for plant closings, which was borne out by data from the Displaced Workers...

In this paper we investigate how fertility decisions respond to unexpected career interruptions which occur as a consequence of job displacement. Using an event study approach we compare the birth rates of displaced women with those of women unaffected by job loss after establishing the...