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The Evolution Of Financing Structure In U.S. Startups, Carmen Cotei, Joseph Farhat 2017 University of Hartford

The Evolution Of Financing Structure In U.S. Startups, Carmen Cotei, Joseph Farhat

The Journal of Entrepreneurial Finance

In this article we examine how startup businesses finance their operations over time. We employ the Latent growth modeling technique to test the financial growth cycle theory developed by Berger and Udell (1998). The data used in this study is the Kauffman Firm Survey, the largest longitudinal data set comprised of a random sample of U.S. startups launched in 2004 and surveyed annually through 2011. Consistent with the predictions of financial growth cycle theory, in the startup stage, entrepreneurs rely on initial insider capital sources such as personal savings, financing offered by friends and family, quasi-equity, and personal debt ...


Whse_And_Inventory_Familiarization_Chapt_1.Pdf, Anthony J. Jackson Prof 2017 Gyeongju University

Whse_And_Inventory_Familiarization_Chapt_1.Pdf, Anthony J. Jackson Prof

Anthony J Jackson Prof

Building sustainable and quality supply chains is now a central theme among distribution centers, manufacturers, and warehouses.  Linked to wider objectives such as lean processes, reverse logistics, and reducing environmental footprint.  Achieving this aim may be helped by having a quality workforce that understands the supply chain process and what contributes to quality excellence. 
Today, while most supply chains struggle with quality and having a knowledgeable workforce that can help achieve company goals nonetheless, most companies can’t afford to have expensive training programs or pay for costly supply chain courses that may or may not benefit them in the ...


When The Going Gets Tough, The Tough Get Going, Antti Fredriksson, Daniela Maresch, Matthias Fink, Andrea Moro 2017 University of Turku, School of Economics

When The Going Gets Tough, The Tough Get Going, Antti Fredriksson, Daniela Maresch, Matthias Fink, Andrea Moro

The Journal of Entrepreneurial Finance

A bank’s lending decision is affected by the amount of information it can access and by its capability to manage this information. The latter aspect implies that the bank has to decide whether borrowers should be managed in a local branch of the bank or in its headquarters. By looking at a sample of Finnish banks, the present research investigates a bank’s capability to extract profitability from both locally and centrally managed firms. We find that banks are able to properly discriminate between firms: those which should be managed by loan managers with expert knowledge in the bank ...


Start-Up Funding Via Equity Crowdfunding In Germany – A Qualitative Analysis Of Success Factors, Martin Angerer, Alexander Brem, Sascha Kraus, Andreas Peter 2017 University of Liechtenstein

Start-Up Funding Via Equity Crowdfunding In Germany – A Qualitative Analysis Of Success Factors, Martin Angerer, Alexander Brem, Sascha Kraus, Andreas Peter

The Journal of Entrepreneurial Finance

Entrepreneurs often struggle to find sufficient funding for their start-ups. A relatively new way for companies to attract capital is via an internet platform, locating investors who in return receive something in return for their ventures. Equity crowdfunding is one of several types of crowdfunding, and is also known as crowdinvesting in the German-speaking realm. This article predominantly advances the scientific knowledge regarding the success factors of equity crowdfunding for German start-ups. The study conducted nine qualitative interviews with start-ups and crowdinvesting platforms. Its first result is that German start-ups select crowdinvesting because (1) it is a funding opportunity and ...


Value Added As The Tax Base For Enterprise Income, Nicos ZAFIRIS 2017 Groupe INSEEC, London, UK

Value Added As The Tax Base For Enterprise Income, Nicos Zafiris

The Journal of Entrepreneurial Finance

The paper addresses the long standing asymmetry in the tax treatment of debt and equity costs through a direct comparison of two hypothetical regimes based exclusively on income taxation, broadly defined, and value added taxation. The model presented widens existing debate to encompass the choice between entrepreneurial and contractual use of inputs generally and including labour, as well as capital. Using representative functional forms and numerical illustrations the analysis explores the effect of the tax regimes on firm decisions concerning input selection, output level and vertical integration. The greater neutrality of value added taxation is shown to produce gains in ...


Private Equity In Family Firms: Drivers Of The Willingness To Cede Control, Marisa Henn, Prof. Dr. Eva Lutz 2017 Heinrich Heine University Duesseldorf

Private Equity In Family Firms: Drivers Of The Willingness To Cede Control, Marisa Henn, Prof. Dr. Eva Lutz

The Journal of Entrepreneurial Finance

Our aim is to empirically examine how reasons for using private equity (PE) and prior experience with PE affect the willingness of privately held firms to cede company control. Based on a questionnaire entailing 75 privately held firms backed by PE, we show that family firms cede less control than non-family firms when entering a PE transaction. However, if firms seek funds due to challenges related to ownership changes, the difference between family firms and non-family firms decreases. Moreover, we find that family firms sell more company shares if they are run by a PE-experienced manager.


Returns To Tilapia Fish Farming In Ghana – Implications For Tilapia Pooled Investment Vehicles, Kwami Adanu, Mawufemor Adanu 2017 GIMPA Business School, Ghana

Returns To Tilapia Fish Farming In Ghana – Implications For Tilapia Pooled Investment Vehicles, Kwami Adanu, Mawufemor Adanu

The Journal of Entrepreneurial Finance

In Ghana, the private sector’s response to financing constraints associated with aquaculture investment has been to employ Pooled Investment Vehicles (PIVs). Unfortunately, several of these PIVs faced insolvency with huge losses to investors as returns promised investors turn out to be unrealizable. The premise of this study is that such insolvency problems occur mainly because of the lack of reliable data on likely returns and risk associated with Tilapia farm investments. This study improves on the “single value” profitability estimates of previous studies by performing Value at Risk (VaR) analyses on estimated farm-level returns, and 5,000 Monte Carlo ...


Risk Appetites And Empirical Survival Pattern Of Small And Medium Enterprises In Nigeria, Joshua S. Adeyele Dr., Osazee G. Omorokunwa Dr. 2017 University of Benin

Risk Appetites And Empirical Survival Pattern Of Small And Medium Enterprises In Nigeria, Joshua S. Adeyele Dr., Osazee G. Omorokunwa Dr.

The Journal of Entrepreneurial Finance

ABSTRACT

Small and medium enterprises (SMEs) are vital to economic growth and development of a nation. However, many of them fail in the first five years of incorporation due to their exposures to risk financing and strategies employed to meet customers’ need during business shutdown. Hence, this study is designed to verify how SMEs’ risk financing affect their continuity, and to model their survival patterns in context of risk financing and risk management approach employed by the operators. Two hundred and nine copies of valid questionnaire distributed to the respondents were filled and returned. Cramer’s V and multiple regressions ...


Risk Management In The Venture Capital Industry: Managing Risk In Portfolio Companies, Dorian Proksch, Wiebke Stranz, Andreas Pinkwart, Michael Schefczyk 2017 HHL Leipzig Graduate School of Management

Risk Management In The Venture Capital Industry: Managing Risk In Portfolio Companies, Dorian Proksch, Wiebke Stranz, Andreas Pinkwart, Michael Schefczyk

The Journal of Entrepreneurial Finance

Managing risk is one of the main activities of venture capital companies. Despite the fact that this topic is of high practical relevance, only little research was published on risk management performed by venture capital companies in their ventures. Hence, we conducted a structured literature review which was the basis for developing five hypotheses concerning measures to decrease failure risk in venture capital-backed ventures. We tested these hypotheses with an empirical data set of 93 venture capital-backed ventures in Germany using original deal data from nine different venture capital funds using a structural equation model. We showed that the experience ...


Capital Markets Financing For Agricultural Business Development In Tanzania; A Case Of Cocoa Farming In Kyela And Rungwe Districts, Godfrey Frank Molela 2017 The University of Dodoma

Capital Markets Financing For Agricultural Business Development In Tanzania; A Case Of Cocoa Farming In Kyela And Rungwe Districts, Godfrey Frank Molela

The Journal of Entrepreneurial Finance

This study tries to explore the financing opportunity for smallholder cocoa farmers available at capital markets through enterprise growth market (EGM) financing window. The research findings from 122 cocoa farmers revealed that, in average a single cocoa farmer needed Tshs. 551,808.12 per acre as capital investment in a given season. At the time of data collection the cocoa prices at London and New York futures markets were Tshs. 6,266.75/Kg and Tshs. 6,148.62/Kg respectively at prevailed rates which were far above the production cost. In this case the envisaged gross margin was sufficient ...


Information Asymmetry And Adverse Wealth Effects Of Crowdfunding, Fathali Firoozi, Abol Jalilvand, Donald Lien 2017 University of Texas at San Antonio

Information Asymmetry And Adverse Wealth Effects Of Crowdfunding, Fathali Firoozi, Abol Jalilvand, Donald Lien

The Journal of Entrepreneurial Finance

The Jumpstart Our Business Startups (JOBS) Act of 2012 in the U.S. expanded the capital markets so that entrepreneurs can appeal directly to non-traditional small crowd investors for investment funds. The final rules and forms of the JOBS Act became effective in May 16, 2016. Existing literature is thus relatively small but contains ample praises for expected positive consequences of the new crowdfunding laws for the capital markets and for the crowd in general but has only limited analysis on the prospect of adverse wealth effects of crowdfunding for the crowd investors. A limited number of existing studies have ...


Blue The Bee Learns To Be Happy, Connie Reimers-Hild, Deborah J. Weitzenkamp, Connie Reimers-Hild, Kim Wellsandt 2017 University of Nebraska-Lincoln Extension

Blue The Bee Learns To Be Happy, Connie Reimers-Hild, Deborah J. Weitzenkamp, Connie Reimers-Hild, Kim Wellsandt

Kimmel Education and Research Center - Faculty & Staff Publications

Do you sometimes feel sad or blue and don't know what to do? If so, this book was written just for you!

Join Blue the Bee as she travels through Happy Orchard meeting her friends (Flutter, Buzz, Bonita and Ernie) to learn the 7 Happiness Habits. When happiness is a habit, it comes without thinking. You can choose how to spend your day and use your time. You choose how to live your life and what is on your mind.

Each page was designed to enjoy at any age. People can become pollinators of happiness in any life stage ...


Professional Occupations, Knowledge-Driven Firms, And Entrepreneurship: A National And Regional Analysis, Andrew C. Gross, Mark Holtzblatt, Rajshekar Javalgi, József Poór 2017 Cleveland State University

Professional Occupations, Knowledge-Driven Firms, And Entrepreneurship: A National And Regional Analysis, Andrew C. Gross, Mark Holtzblatt, Rajshekar Javalgi, József Poór

Mark Holtzblatt

The worldwide dominance of Western nations in commercial knowledge-intensive services has declined between 1995 and 2010, but the slippage in revenue was only from 88 to 79 percent. The European Union and North America remain the two largest regions in consumption and in exporting. Four professional service sectors—accounting, law, engineering, and management consultancy—have shown stability or even growth in the past decade. Entry and expansion requirements in these fields, at home and abroad, constitute barriers for both individual professionals and companies. Entrepreneurship is evident in these sectors, as small and medium size enterprises have maintained their viability against ...


Becoming The Boss: Discretion And Postsuccession Success In Family Firms, J. R. Mitchell, Timothy A. Hart, Sorin Valcea, David M. Townsend 2017 Western University

Becoming The Boss: Discretion And Postsuccession Success In Family Firms, J. R. Mitchell, Timothy A. Hart, Sorin Valcea, David M. Townsend

Sorin Valcea

Family firms can enjoy substantial longevity. Ironically, however, they are often imperiled by the very process that is essential to this longevity. Using the concept of managerial discretion as a starting point, we use a human agency lens to introduce the construct of successor discretion as a factor that affects the family business succession process. While important in general, successor discretion is positioned as a particularly relevant factor for productively managing organizational renewal in family businesses. This study represents a foundation for future empirical research investigating the role of agency in entrepreneurial action in the family business context, which consequently ...


Profile Of Corporate Social Media Consumer Segments, Beverly Wright, Aberdeen Leila Borders, Paul H. Schwager, S. Scott Nadler 2017 Georgia Institute of Technology

Profile Of Corporate Social Media Consumer Segments, Beverly Wright, Aberdeen Leila Borders, Paul H. Schwager, S. Scott Nadler

Aberdeen L Borders

The trade and academic literature is replete with commentary about the need for companies to develop promotional strategies and to adopt media platforms that are more engaging and conversational with customers than the traditional top-down company directed one-way communication strategies of the past (Thomas, Peters, Howell and Robbins, 2012; Foster, West and Francescucci 2011; Deighton and Kornfeld, 2009). This viewpoint is supported by Christodoulides (2008) who reported that many customers view information about a company or brand that they obtained from blogs, social networking sites and the like as being more relevant, believable and important to them in their interactions ...


The International Business Risk Of Terrorism: A Pragmatic Framework For Assessing Its Impact On The U.S.-Based, Small- To Medium-Sized Enterprise’S Supply Chain Operations, Scott A. Lemons 2017 Western Michigan University

The International Business Risk Of Terrorism: A Pragmatic Framework For Assessing Its Impact On The U.S.-Based, Small- To Medium-Sized Enterprise’S Supply Chain Operations, Scott A. Lemons

The Hilltop Review

Purpose - Subject paper examines the international business risk of terrorism’s impact on the focal firm’s supply chain operations, as proliferated by the acceleration of globalization, via a fundamental review of pertinent country- and firm-level considerations shaped by global environmental factors. Subsequently, a managerial risk assessment and mitigation planning framework is presented for the supply chain executive’s pragmatic use.

Design/methodology/approach – Broad evaluation of contemporary viewpoints precedes a risk assessment and mitigation planning framework from the supply chain executive’s point-of-view.

Findings – While observed research found the probability of the risk of terrorism to be low, the ...


Resources That Predict Microbusinesses Winning A U.S. Government Contract, James Marshall Ensign 2017 Walden University

Resources That Predict Microbusinesses Winning A U.S. Government Contract, James Marshall Ensign

Walden Dissertations and Doctoral Studies

The U.S. Government (USG) sets aside $133 billion annually to procure goods and services from small businesses. To increase efficiency and effectiveness, the USG employs e-commerce procedures that continually change, forcing small and microbusiness owners (MBO) to learn new technical skills. This continuum of change is adversely affecting MBO who lack technical skills. The purpose of this correlational study was to determine whether a relationship existed between the independent variables of formal training consisting of third party providers, consultants, and higher education (INTM); previous federal employment (PFE); and government-sponsored training (GST) and the dependent variable of MBO winning a ...


Strategies For Reducing The Effects Of Employee Absenteeism On Organizational Profitability, Marjorie D. Waye 2017 Walden University

Strategies For Reducing The Effects Of Employee Absenteeism On Organizational Profitability, Marjorie D. Waye

Walden Dissertations and Doctoral Studies

Employee absenteeism is a significant threat to organizational profitability. Finding solutions to mitigate the adverse effects of employee absenteeism on organizational profitability is critical to the success of organizations. The purpose of this case study was to explore the strategies human resource leaders used to mitigate the adverse effects of employee absenteeism on organizational profitability. The conceptual framework was performance prism theory. Data were gathered from in-depth interviews and publicly available organizational documents, including wellbeing program resources and annual investment presentations and Securities and Exchange Commission (SEC) reporting documents. Participants included 4 human resource managers and a third party service ...


Strategies Needed For Small Business Sustainability: A Case Study Of Thai Restaurants, Vanida Sirilarbanan 2017 Walden University

Strategies Needed For Small Business Sustainability: A Case Study Of Thai Restaurants, Vanida Sirilarbanan

Walden Dissertations and Doctoral Studies

According to U.S. Small Business Association, the failure rates for small businesses in 2014 were as high as 50% to 80% within the first 5 years of establishment. Failure rates were especially high among restaurant businesses. The purpose of this study was to explore the strategies that small business owners needed to sustain their businesses beyond the first 5 years. Guided by entrepreneurship theory as the conceptual framework, a case study was conducted with semistructured interviews of 3 successful Thai restaurant owners in Salt Lake City, Utah. Member checking and methodological triangulation with field notes, interview data, company websites ...


Return On Investment Of The Cftp Framework With And Without Risk Assessment, Anne Lim Lee 2017 Walden University

Return On Investment Of The Cftp Framework With And Without Risk Assessment, Anne Lim Lee

Walden Dissertations and Doctoral Studies

In recent years, numerous high tech companies have developed and used technology roadmaps when making their investment decisions. Jay Paap has proposed the Customer Focused Technology Planning (CFTP) framework to draw future technology roadmaps. However, the CFTP framework does not include risk assessment as a critical factor in decision making. The problem addressed in this quantitative study was that high tech companies are either losing money or getting a much smaller than expected return on investment when making technology investment decisions. The purpose of this research was to determine the relationship between returns on investment before and after adding risk ...


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