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46862 results in Management

Page 775 of 2344

  • 17 - Venture Survival and Entrepreneurial Exit

  • from Part III - Performance
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 578-598

  • Summary

    Venture closure is not necessarily failure: closure, exits and failure carry distinct meanings which should not be conflated. After explaining carefully the distinctions between these terms, and after presenting some evidence about their incidence, the chapter reviews some theories of venture survival and exit. A thorough review of the determinants of exit is then presented, and some conclusions are drawn.

  • 8 - Female Entrepreneurship

  • from Part I - Selection
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 300-328

  • Summary

    Women comprise a minority of entrepreneurs in most developed countries, and are often found running comparatively small, as well as part-time, businesses. Various reasons are investigated for these features of female entrepreneurship, prominent among them being family and childcare factors and the desire among many women entrepreneurs for flexible forms of working. Evidence on the gender venture performance gap in developed countries is first presented, followed by an analysis of various determinants of this gap. Women entrepreneurs often raise less finance for starting their ventures: reasons for this are also explored. The chapter then turns its attention to female entrepreneurship in developing countries, where overt as well covert barriers may be present. The chapter closes with a conclusion about what is known and areas where more research is needed.

  • 12 - Wealth and Entrepreneurship

  • from Part II - Financing
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 415-450

  • Summary

    This chapter gives an overview of theory and evidence about the relationship between wealth and entrepreneurship. Entrepreneurs’ role in aggregate wealth accumulation and inequality is documented, and some anomalies in entrepreneurial behavior are identified. The wealth-entrepreneurship relationship can be interpreted in several ways, being indicative of credit constraints, decreasing absolute risk aversion, preferences for leisure, and other factors. The importance of appropriate estimation methods is emphasized. The wealth-entrepreneurship relationship speaks to important aspects of entrepreneurship including entry, survival, investment and performance. Direct and indirect evidence of credit constraints is discussed and weighed.

  • 20 - Regulation

  • from Part IV - Public Policy
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 642-668

  • Summary

    The third policy chapter focuses on various kinds of regulation that impact entrepreneurs. Both theory and evidence points to some clear-cut effects: for example, negative effects on entrepreneurship from entry regulations and employment protection legislation; on the other hand, positive effects are associated with relatively forgiving bankruptcy laws. Entrepreneurship policy is also shaped by the quality of legal institutions and the enforcement of property rights. The chapter also discusses how credit markets regulations affect entrepreneurs who seek to borrow funds from small business lenders. Entrepreneurs are often hit extra hard by costs of compliance with regulations, which are steeper for them than established incumbents. The chapter closes with a detailed discussion of how governments should go about regulating entrepreneurs if they want to minimize adverse impacts on this all-important driver of economic progress.

  • 10 - Venture Capital and Business Angel Finance

  • from Part II - Financing
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 365-390

  • Summary

    This chapter discusses another type of entrepreneurial finance, namely equity finance. The two main equity providers are venture capitalists and business angels. The chapter commences by discussing the size, organization and features of the venture capital markets in the USA and other countries around the world. A non-technical summary of theories of entrepreneurial equity finance contracts is then given, followed by evidence on the value-adding roles of venture capital and the private and social returns to this form of entrepreneurial finance. For completeness, literature on corporate venture capital is also reviewed, before turning to consideration of business angels, who tend to transact smaller deals but whose aggregate investment dollars match those of formal venture capital.

  • 19 - Finance and Innovation Policies

  • from Part IV - Public Policy
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 614-641

  • Summary

    The present chapter focuses on an important set of entrepreneurship policies dedicated to promoting entrepreneurial finance and innovation. Previous chapters have explained why free markets may generate insufficient amounts of both of these goods: a set of policies to correct for these deficiencies are analyzed theoretically before evidence is brought to bear on their effectiveness and impact. These policies include loan guarantee schemes designed to unlock bank credit to entrepreneurs who lack collateral; grants and subsidies to talented but credit-constrained entrepreneurs; and regulatory and taxation policies designed to stimulate the market for equity finance. The chapter then turns its attention to innovation policies, including policies encouraging the commercialization of academic research; the protection of intellectual property rights; R&D spending; and political leadership. Lessons are drawn at the end of the chapter about which entrepreneurial finance and innovation policies work well, and which work less well.

  • 2 - Individual-Level Theories of Entrepreneurship

  • from Part I - Selection
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 31-80

  • Summary

    After briefly reviewing historic theories of entrepreneurship dating back to Schumpeter, Knight and beyond, the reader is introduced to simple occupational choice theories which treat entrepreneurial participation as a voluntary economic decision. The famous Lucas `span of control' and Kihlstrom-Laffont risk aversion theories of entrepreneurship are first explained, followed by more recent contributions including the Jack-of-all-Trades idea of Lazear. We then go on to explain why many entrepreneurs come from small firms, while other employees become entrepreneurs within their companies, or `intrapreneurs’. The chapter closes with a theoretical treatment of habitual (i.e. serial and portfolio) entrepreneurs.

  • 21 - Taxation, Entrepreneurship Support Programmes and Indirect Government Policies

  • from Part IV - Public Policy
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 669-707

  • Summary

    The final chapter tackles the remaining policy interventions which help shape incentives for individuals to start and grow companies. The first topic is taxation of incomes, payrolls, corporations and wealth – all of which affect entrepreneurs directly. Second, a range of direct policies which offer various types of support selectively to potential entrepreneurs are analyzed: these include direct assistance schemes to reduce unemployment through new venture creation; affirmative action schemes; public procurement policies; and direct training policies. Third, the chapter discusses a set of `indirect policies’, i.e. policies which are not motivated by concerns about entrepreneurs, yet which still affect them. These include health insurance, the size of government, social security transfers, trade unions, the minimum wage, efforts to create an `entrepreneurial culture’, and political and economic instability. The final section closes the chapter and the book with some reflections and thoughts about the economics of entrepreneurship both in free market settings and in mixed economies where it is imperative to design appropriate public policies which foster, or at least do not actively undermine, entrepreneurship.

  • 15 - Venture Capital and Business Angel Finance

  • from Part III - Performance
  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 518-543

  • Summary

    A lively topic of current debate concerns whether entrepreneurs enjoy an income premium for their efforts, or pay a discount as the price of enjoying greater autonomy than employees. Addressing this question is fraught with difficulties, including income under-reporting by the self-employed as well as a host of other measurement problems. This chapter carefully chronicles these issues, before presenting theory and evidence on the mean returns, inequality and volatility of entrepreneurial incomes. Human capital theory as it relates to entrepreneurial performance is enunciated, followed by a thorough review of the evidence of performance drivers.

  • 1 - Introduction

  • Simon C. Parker, University of Western Ontario
  • Book:
    The Economics of Entrepreneurship
    Published online:
    16 March 2018
    Print publication:
    03 April 2018, pp 1-18

  • Summary

    This chapter introduces the reader to the economics approach to entrepreneurship. Various definitions and measures of entrepreneurship are outlined, including self-employment, business ownership, nascent entrepreneurship and habitual entrepreneurs. The pros and cons of the various measures are weighed. Data on levels and trends in entrepreneurship for developed, developing and transition economies are presented and discussed.

Page 775 of 2344