Search results for " FINANCING"

From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors

2017

Abstract We focus on new technology-based entrepreneurial ventures engaging in reward-based crowdfunding and examine the effect of their performance in such funding channel on the likelihood of securing subsequent funding from professional investors. We also study how this effect is influenced by the presence of patents granted for the new product idea and the entrepreneur social capital. Results from a sample of technology projects launched on Kickstarter demonstrate that pledging a higher amount of money in crowdfunding can ignite professional investors’ interest and thus help secure subsequent funding. However, this positive evidence is effective only when complemented by the presence of…

L’actionnariat des salariés influencet-il la rémunération des dirigeants ?

2017

International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…

L’actionnariat des salariés influence-t-il la rémunération des dirigeants ?

2017

International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…

On the Returns to Invention within Firms: Evidence from Finland

2018

International audience; In this paper we merge individual income data, firm-level data, patenting data, and IQ data in Finland over the period 1988–2012 to analyze the returns to invention for inventors and their coworkers or stakeholders within the same firm. We find that: (i) inventors collect only 8 percent of the total private return from invention; (ii) entrepreneurs get over 44 percent of the total gains; (iii) bluecollar workers get about 26 percent of the gains and the rest goes to white-collar workers. Moreover, entrepreneurs start with significant negative returns prior to the patent application, but their returns subsequently become highly positive.

EXPLORATION, EXPLOITATION AND INCENTIVES TO INNOVATE: THE DISCIPLINING ROLE OF DEBT

2014

Extant research suggests that when compared to equity, debt financing is less conducive to innovation activities. In this paper we challenge this view by suggesting that although equity sustains innovation by allowing risk-taking and experimentation, it may also encourage the pursuit of exploration at the expense of exploitation. Under these circumstances, the stricter governance associated with debt becomes important as it stimulates managers to shift resources towards exploitation in order to mitigate risk and improve short-term pay-offs. In support of these arguments our empirical analysis shows that, while leverage has a negative impact on standard measures of innovation quantity and qu…

Ethiopia's Growth Acceleration and How to Sustain It—insights from a Cross-Country Regression Model

2015

Ethiopia has experienced a growth acceleration over the past decade on the back of an economic strategy emphasizing public infrastructure investment and supported by heterodox macro-financial policies. To analyze the country’s growth performance during 2000–13, the paper employs a neoclassical cross-country System Generalized Method of Moments regression model. The analysis finds that accelerated growth was driven by public infrastructure investment and restrained government consumption, and supported by a conducive external environment. Macroeconomic challenges arising from declining private credit, real currency overvaluation, and relatively high inflation held back some growth. The model…

Women executives and financing pecking order of GEM-listed companies: Moderating roles of social capital and regional institutional environment

2021

Abstract This paper investigates the financing options of female executives within China’s unique environment. We examined 154 GEM enterprises listed on the Shenzhen Stock Exchange from 2009 to 2016. The data were analyzed using statistical procedures including multilevel regression analysis based on the existing financing pecking order models. Empirical evidence shows that women executives are less likely to use internal and debt financing. In terms of internal financing willingness, social capital and external institutional environment have negative and positive moderating effects respectively. In terms of debt financing willingness, social capital has a positive moderating effect. In add…

Tunisian start up support systems : what challenges facing young graduates entrepreneurs? : Sfax case study

2015

In this dissertation we identify the determinants of the longevity and the probability of survival of small businesses created by young graduates benefiting from bank loans at enhanced rates. The focus is on the policy impact of public support for the creation of companies. The data are based on a survey conducted in 2013 under the tutelage of the University of Sfax (Tunisia) of a cohort of 160 companies five years after they were first formed. The response rate was 81.25%. After discussing the issue of the survival of newly-established companies and the factors that promote their survival, we use duration models specifically the Cox model (1972). This analysis allows us to shed light on a …

THE PUBLIC HOSPITAL AS A SYSTEM: FINANCING POLICIES AND THEIR LONG-TERM IMPACT ON THE HEALTH SERVICES PROVIDED

Σκοπός: Οι νέες πολιτικές χρηματοδότησης που υιοθετήθηκαν κατά την περίοδο της οικονομικής ύφεσης συνέβαλαν αναμφισβήτητα στη μείωση των δαπανών του νοσοκομείου, αλλά φαίνεται να είχαν αρνητικό αντίκτυπο για τους ασθενείς και τους εργαζομένους των νοσοκομείων (Economou, Kaitelidou, Karanikolos, & Maresso, 2017; Keramidou & Triantafyllopoulos, 2018; Mitropoulos, Vasileiou, & Mitropoulos, 2018; OECD & European Observatory on Health Systems and Policies, 2019). Η παρούσα ποιοτική μελέτη χρησιμοποιεί τη μέθοδο των δυναμικών συστημάτων (system dynamics) για να αναλύσει και να εξηγήσει τα μακροπρόθεσμα αποτελέσματα των πολιτικών αυτών. Υλικό-Μέθοδος: Δημιουργήθηκε ένα ποιοτικό μον…

Information Disclosure and Sustainable Competitive Advantage: Evidence from the Spanish Tourism Industry

2022

Of all the resources and capabilities that have a well-established impact on decision-making, information stands out. With the advent of the digital economy, organizations have been making significant information and communication technology (ICT) investments, but the empirical evidence of the impact of these investments on business outcomes has been inconsistent. This article studies the conditions that disclosed information resources and ICT must fulfil in order to become a source of sustainable competitive advantage in tourism organizations. The results point to the need to identify distinct financial and non-financial information dimensions, distinguished according to their direct poten…