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The Entrepreneurial Society
This timely book analyses the emergence of new firms in a broad context where economics, management and sociological approaches may be joined for a new perspective. The Entrepreneurial Society reveals that the market benefits of an entrepreneurial economy are evident in the new technology that has been made available to consumers over the past ten to 20 years. It illustrates that entrepreneurial firms provide the market with innovations that create new products and, in turn, generate new employment and tax revenue, thus playing a critical role in surviving the economic crisis. The expert contributors explore the diverse conditions that explain, permit and support entrepreneurship, allowing thinking outside the box and enhancing breakthrough innovations. At a time when new challenges relating to the ecological footprint are appearing, this work will prove crucial. The eclectic approaches to entrepreneurship within this book, gathered from different countries and fields of research, will prove to be hotly sought after by researchers and postgraduate students of entrepreneurship and social policy.
The Shift to the Entrepreneurial Society
'The concept of the "entrepreneurial economy" stems from the widespread belief that entrepreneurship is perhaps the most important and scarcest input factor of modern highly developed economies. This has resulted in a multitude of studies on the drivers and consequences of entrepreneurship in its many manifestations. Less is known about how entrepreneurship interlinks with modern institutions and policy aims such as education, finance, regulation, and the struggle with crises. The present volume fills this gap in our understanding of the "entrepreneurial economy". It shows that the concept of the "entrepreneurial economy" is so broad that "entrepreneurial society" is the better term.' – Ro...
Bank Relationships
This paper analyses the effect of bank relationships on the interest rate and personal and real guarantees borne by a sample of small and medium-sized enterprises in their indebtedness. The results of this paper indicate that the SMEs that work with fewer financial intermediaries obtain debt at a lower cost. This reflects that the advantages linked to debt concentration are greater than the disadvantages. Additionally, financial institutions show a clear tendency towards raising the use of personal guarantees as the relationship progresses and the these become better known. Likewise, the companies that go into debt with banks instead of with savings banks bear higher interest rates and real guarantees. Finally, the companies that have a more intense relationship of trust with their lender obtain loans at a lower cost, but supplying more real guarantees.
La financiación de las pyme europeas: su relación con el entorno bancario e institucional
Las pequeñas y medianas empresas (pyme) suelen encontrar grandes dificultades en el acceso a la financiación que necesitan para el desarrollo de su actividad empresarial. Estas empresas, en comparación con aquellas de mayor tamaño, son percibidas como empresas de alto riesgo debido a que sus estados financieros no suelen estar auditados, a la falta de un amplio historial crediticio o a la ausencia de activos que ofrecer como garantías. Estas características agravan las asimetrías informativas y los problemas de agencia y, como consecuencia, las pyme acaban experimentando graves restricciones financieras. Sin embargo, las decisiones de financiación de las pyme no sólo dependen de sus...
Essays on Risk and Uncertainty in Economics and Finance
This book adds to the resolution of two problems in finance and economics: i) what is macro-financial uncertainty? : How to measure it? How is it different from risk? How important is it for the financial markets? And ii) what sort of asymmetries underlie financial risk and uncertainty propagation across the global financial markets? That is, how risk and uncertainty change according to factors such as market states or market participants. In Chapter 2, which is entitled “Momentum Uncertainties”, the relationship between macroeconomic uncertainty and the abnormal returns of a momentum trading strategy in the stock market is studies. We show that high levels of uncertainty in the economy ...
Exploring the Entrepreneurial Society
Entrepreneurship is the engine of economic development, which in turn impacts upon the challenges facing future entrepreneurs. This timely book explores institutional, behavioural and policy issues of primary importance to understanding the entrepreneurial society. Topics covered include entrepreneurship in relation to formal and informal institutions; entrepreneurial choice, orientation and success; entrepreneurial behaviours; entrepreneurial finance, growth and economic crises; and entrepreneurship, social dimensions and outcomes.
