We document the presence of multiple and varied constraints to small and medium firm growth. This presents both a practical problem for business training programs and a challenge to academic economists trying to identify mechanisms though which these programs may affect outcomes. External...

This article investigates empirically whether and to what extent initial capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this...

By employing a sample of 20,956 observations of non-financial SMEs headquartered in the Euro area, between 2009 and 2015, we test whether young businesses are more likely to face credit rejections from lenders than their older peers. Our findings appear to confirm our suspicions that new...

The COVID-19 pandemic had unprecedented consequences on businesses and, in particular, small and medium enterprises (SMEs). The aim of this paper is to empirically study the impact of the COVID-19 sanitary crisis on Swiss SMEs two years after the onset of the pandemic. Using a sample of 149 SMEs...

The German Bundestag has adopted the Small Investor Protection Act on 23 April 2015, which will enter into force in the coming weeks. By this Act the German legislator establishes for the first time – among other things – a regulation of the German crowdfunding market. This article describes...

The COVID-19 pandemic had unprecedented consequences on businesses and, in particular, small and medium enterprises (SMEs). The aim of this paper is to empirically study the impact of the COVID-19 sanitary crisis on Swiss SMEs two years after the onset of the pandemic. Using a sample of 149 SMEs...