Search results for: entrepreneurial firms

Authors: Carole A. El Raheb, Hassan K. Abdel-Salam, Ingi Elcherif

Abstract:

An architect carrying the design process alone is the main reason for the deterioration of the quality of the architectural product as the complexity of the projects makes it a multi-disciplinary work; then, the Integrative Design Process (IDP) must be applied in the architectural firm especially from the early design phases to improve the product’s quality and to eliminate the ignorance of the principles of design causing the occurrence of low-grade buildings. The research explores the Integrative Design (ID) principles that fit in the architectural practice. Constraints facing this application are presented with strategies and solutions to overcome them. A survey questionnaire was conducted to collect data from a number of recognized Egyptian Architecture, Engineering and Construction (AEC) firms that explores their opinions on using the IDP. This survey emphasizes the importance of the IDP in firms and presents the reasons preventing the firms from applying the IDP. The aim here is to investigate the potentials of integrating this approach into architectural firms emphasizing the importance of this application which ensures the realization of the project’s goal and eliminates the reduction in the project’s quality.

Keywords: application, architectural firms, integrative design principles, integrative design process, the project quality

Procedia PDF Downloads 231

Authors: Sheng-Hung Chen, Grace Mmametena Mahlangu, Hui-Cheng Wang

Abstract:

This study aims to explore the trends of the Entrepreneurial Framework Conditions (EFCs) in the five African regions. The Global Entrepreneur Monitor (GEM) is the primary source of data. The data drawn were organized into a panel (2000-2021) and obtained from the National Expert Survey (NES) databases as harmonized by the (GEM). The Methodology used is descriptive and uses mainly charts and tables; this is in line with the approach used by the GEM. The GEM draws its data from the National Expert Survey (NES). The survey by the NES is administered to experts in each country. The GEM collects entrepreneurship data specific to each country. It provides information about entrepreneurial ecosystems and their impact on entrepreneurship. The secondary source is from the literature review. This study focuses on the following GEM indicators: Financing for Entrepreneurs, Government support and Policies, Taxes and Bureaucracy, Government programs, Basic School Entrepreneurial Education and Training, Post school Entrepreneurial Education and Training, R&D Transfer, Commercial And Professional Infrastructure, Internal Market Dynamics, Internal Market Openness, Physical and Service Infrastructure, and Cultural And Social Norms, based on GEM Report 2020/21. The limitation of the study is the lack of updated data from some countries. Countries have to fund their own regional studies; African countries do not regularly participate due to a lack of resources.

Keywords: trend analysis, entrepreneurial framework conditions (EFCs), African region, government programs

Procedia PDF Downloads 71

Authors: Burkhard Hehenkamp, Tahmina Faizi

Abstract:

In this paper, we analyze the formation of cartels along with the stability of the cartel for the case of three firms that produce differentiated products and differ in their cost of production. Both cost and demand are linear, and firms compete in quantities once a cartel has been formed (or not). It turns out that the degree of product differentiation has a direct effect on the incentive to form a cartel. Firstly, when goods are complements or close substitutes, firms form a grand coalition. Secondly, for weak and medium substitutes, the firm with the lowest cost prefers to remain independent, while both other firms form a coalition. We also find that the producer profit of the stable coalition structure is nonmonotonic in the degree of product differentiation.

Keywords: collusion, cartel formation, cartel stability, differentiated market, quantity competition, oligopolies

Procedia PDF Downloads 96

Authors: Laszlo Szerb, Zsofia Voros

Abstract:

In this article, we seek to answer why many attempts to empirically link entrepreneurial self-efficacy to growth expectations have failed. While doing so, we reconcile the literature on entrepreneurial self-efficacy and overconfidence. By analyzing GEM APS (Global Entrepreneurship Monitor Adult Population Survey) data, we show that early-stage entrepreneurs’ self-efficacy statements are systematically inflated. Our results also indicate that entrepreneurial overconfidence is fading and its form changes as business owners learn and gather experience. In addition, by using Ajzen’s Theory of Planned Behavior (2006) as a modeling framework, we illustrate that early stage business owners’ overconfidence results in overly high firm growth expectations. However, the changes in the form of overconfidence and the adjustments of expectations on market conditions as a venture ages alter the relationship between overconfidence and growth expectations across the business life-cycle stages. Overall, our study empirically links young entrepreneurs’ overconfidence to their growth expectations at the firm level. This link is important to establish as expected growth was linked to realized growth both on micro and macro levels. Moreover, we detected several moderators of this relationship providing a potential answer to why many studies failed to link entrepreneurial self-efficacy to growth expectations.

Keywords: self-efficacy, overconfidence, entrepreneurship, expected growth

Procedia PDF Downloads 272

Authors: Hashem Dadashpoor, Sadegh Saeidi Shirvan

Abstract:

While with the evolution of the economy towards a knowledge-based economy, innovation is a requirement for metropolitan regions, the adoption of an open innovation strategy is an option and a requirement for many industrial firms in these regions. Studies show that investing in research and development units cannot alone increase innovation. Within the framework of the theory of learning regions, this gap, which scholars call it the ‘innovation gap’, is filled with regional features of firms. This paper attempts to investigate the factors affecting the open innovation of firms in metropolitan regions, and it searches for these in territorial innovation models and, in particular, the theory of learning regions. In the next step, the effect of identified factors which is considered as regional learning factors in this research is analyzed on the innovation of sample firms by SPSS software using multiple linear regression. The case study of this research is constituted of industrial enterprises from two groups of food industry and auto parts in Toos industrial town in Mashhad metropolitan region. For data gathering of this research, interviews were conducted with managers of industrial firms using structured questionnaires. Based on this study, the effect of factors such as size of firms, inter-firm competition, the use of local labor force and institutional infrastructures were significant in the innovation of the firms studied, and 44% of the changes in the firms’ innovation occurred as a result of the change in these factors.

Keywords: regional knowledge networks, learning regions, interactive learning, innovation

Procedia PDF Downloads 179

Authors: Sumedha Weerasekara, Morgan Miles, Mark Morrison, Branka Krivokapic-Skoko

Abstract:

This paper is aimed at exploring the interrelationships among entrepreneurial ecosystem factors and entrepreneurial cognition in regional and metropolitan ecosystems. Entrepreneurial ecosystem factors examined include: culture, infrastructure, access to finance, informal networks, support services, access to universities, and the depth and breadth of the talent pool. Using a multivariate approach we explore the impact of these ecosystem factors or elements on entrepreneurial cognition. In doing so, the existing body of knowledge from the literature on entrepreneurial ecosystem and cognition have been blended to explore the relationship between entrepreneurial ecosystem factors and cognition in a way not hitherto investigated. The concept of the entrepreneurial ecosystem has received increased attention as governments, universities and communities have started to recognize the potential of integrated policies, structures, programs and processes that foster entrepreneurship activities by supporting innovation, productivity and employment growth. The notion of entrepreneurial ecosystems has evolved and grown with the advancement of theoretical research and empirical studies. Importance of incorporating external factors like culture, political environment, and the economic environment within a single framework will enhance the capacity of examining the whole systems functionality to better understand the interaction of the entrepreneurial actors and factors within a single framework. The literature on clusters underplays the role of entrepreneurs and entrepreneurial management in creating and co-creating organizations, markets, and supporting ecosystems. Entrepreneurs are only one actor following a limited set of roles and dependent upon many other factors to thrive. As a consequence, entrepreneurs and relevant authorities should be aware of the other actors and factors with which they engage and rely, and make strategic choices to achieve both self and also collective objectives. The study uses stratified random sampling method to collect survey data from 12 different regions in regional and metropolitan regions of NSW, Australia. A questionnaire was administered online among 512 Small and medium enterprise owners operating their business in selected 12 regions in NSW, Australia. Data were analyzed using descriptive analyzing techniques and partial least squares - structural equation modeling. The findings show that even though there is a significant relationship between each and every entrepreneurial ecosystem factors, there is a weak relationship between most entrepreneurial ecosystem factors and entrepreneurial cognition. In the metropolitan context, the availability of finance and informal networks have the largest impact on entrepreneurial cognition while culture, infrastructure, and support services having the smallest impact and the talent pool and universities having a moderate impact on entrepreneurial cognition. Interestingly, in a regional context, culture, availability of finance, and the talent pool have the highest impact on entrepreneurial cognition, while informal networks having the smallest impact and the remaining factors – infrastructure, universities, and support services have a moderate impact on entrepreneurial cognition. These findings suggest the need for a location-specific strategy for supporting the development of entrepreneurial cognition.

Keywords: academic achievement, colour response card, feedback

Procedia PDF Downloads 143

Authors: A. W. Chalmers, O. M. van den Broek

Abstract:

This article examines the relationship between the global financial crisis and corporate social responsibility activities of financial services firms. It challenges the general consensus in existing studies that firms, when faced with economic hardship, tend to jettison CSR commitments. Instead, and building on recent insights into the institutional determinants of CSR, it is argued that firms are constrained in their ability to abandon CSR by the extent to which they are subject to intense public scrutiny by regulators and the news media. This argument is tested in the context of the European sovereign debt crisis drawing on a unique dataset of 170 firms in 15 different countries over a six-year period. Controlling for a battery of alternative explanations and comparing financial service providers to firms operating in other economic sectors, results indicate considerable evidence supporting the main argument. Rather than abandoning CSR during times of economic hardship, financial industry firms ramp up their CSR commitments in order to manage their public image and foster public trust in light of intense public scrutiny.

Keywords: corporate social responsibility (CSR), public scrutiny, global financial crisis, financial services firms

Procedia PDF Downloads 306

Authors: Sara atibi, Azzeddine Atibi, Salim Ahmed, Khadija El Kababi

Abstract:

Given the crucial impact of entrepreneurship on socio-economic development, nations are making various efforts to support and encourage it. Entrepreneurship education has proven to be a vital lever in stimulating business creation. This research is part of this dynamic, which is increasingly attracting the attention of educational policymakers. Indeed, entrepreneurship education provides students with the skills, knowledge, and motivation needed to succeed in various entrepreneurial contexts. it objective is to demonstrate the impact of entrepreneurship education on the development of entrepreneurial intention among students at Al Akhawayn University and to determine whether introducing this discipline at the secondary school level can strengthen this intention, with the aim of proposing measures to foster entrepreneurship. To achieve this objective, it conducted a literature review on entrepreneurship, entrepreneurial intention, and entrepreneurship education to draw from existing experiences in the field. it then carried out an exploratory study through a qualitative survey. it collected real data via an online questionnaire hosted on Google Drive. This questionnaire was tested on a sample of 100 students, adjusted, and validated by three university professors who are experts in the field, and then administered to the students of Al Akhawayn University. The results of our survey among students at Al Akhawayn University clearly show that the development of entrepreneurial intention increases among students who have taken entrepreneurship courses or participated in seminars, thus promoting business creation and entrepreneurship. A minority of these students still choose to work in the private or public sector; however, the majority express a strong desire to become entrepreneurs. We also noted that some students believe entrepreneurship depends solely on entrepreneurial training, while others think it relies on a combination of training, resources, and personal will.

Keywords: entrepreneurship education, entrepreneurial intention, business creation, al akhawayn university, secondary school curriculum

Procedia PDF Downloads 33

Authors: Saira Maqbool, Qaisara Parveen, Muhammad Arshad Dahar

Abstract:

Improving females' involvement in management and enterprises in Pakistan requires the development of female entrepreneurs as leaders. Entrepreneurial education aims for providing students the knowledge, aptitudes and motivation to energize innovative accomplishment in various settings. Assortments of venture instruction are advertised at all stages of mentoring, from fundamental or discretionary institutes through graduate institutional platforms. The business enterprise will be considered the procedure by which a looming business visionary or business person pursues after openings without respect to the resources they directly regulate. This entails the ability of the business visionary to join every single other generation. This study explores the relationship between developing Women's Leadership skills and Entrepreneurship Education The essential reason for this consider was to analyze the role of Entrepreneurship Edification (EE) towards women's Leadership and develop entrepreneurial intentions among students. The major goal of this study was to foster entrepreneurial attitudes among PMAS Arid Agriculture University undergraduate students concerning their choice to work for themselves. This study focuses on the motivation and interest of female students in the social sciences to build entrepreneurial leadership skills. The quantitative analysis used a true-experimental, pretest-posttest control group research design. Female undergraduate students from PMAS Arid Agriculture University made up the study population. For entrepreneurial activity, a training module has been created. The students underwent a three-week training program at PMAS Arid Agriculture University, where they learned about entrepreneurial leadership abilities. The quantitative data were analyzed using descriptive statistics and T-tests. The findings indicated that students acquired entrepreneurial leadership skills and intentions after training. They have decided to launch their businesses as leaders. It is advised that other PMAS Arid Agriculture University departments use the training module and course outline because the research's usage of them has important results.

Keywords: business, entrepreneurial, intentions, leadership, women

Procedia PDF Downloads 67

Authors: V. Suganya, V. Balasuriya

Abstract:

The functioning of Micro and Small Scale (MSS) businesses in the northern part of Sri Lanka was vulnerable due to three decades of internal conflict and the subsequent post-war economic openings has resulted new market prospects for MSS businesses. MSS businesses survive and operate with limited resources and struggle to access finance, raw material, markets, and technology. This study attempts to identify the manner in which entrepreneurial orientation puts into practice by the business operators to overcome these business challenges. Business operators in the traditional food processing sector are taken for this study as this sub-sector of the food industry is developing at a rapid pace. A review of the literature was done to recognize the concepts of entrepreneurial orientation, defining MMS businesses and the manner in which business performance is measured. Direct interview method supported by a structured questionnaire is used to collect data from 80 respondents; based on a fixed interval random sampling technique. This study reveals that more than half of the business operators have opted to commence their business ventures as a result of identifying a market opportunity. 41 per cent of the business operators are highly entrepreneurial oriented in a scale of 1 to 5. Entrepreneurial orientation shows significant relationship and strongly correlated with business performance. Pro-activeness, innovativeness and competitive aggressiveness shows a significant relationship with business performance while risk taking is negative and autonomy is not significantly related to business performance. It is evident that entrepreneurial oriented business practices contribute to better business performance even though 70 per cent prefer the ideas/views of the support agencies than the stakeholders when making business decisions. It is recommended that appropriate training should be introduced to develop entrepreneurial skills focusing to improve business networks so that new business opportunities and innovative business practices are identified.

Keywords: Micro and Small Scale (MMS) businesses, entrepreneurial orientation (EO), food processing, business operators

Procedia PDF Downloads 494

Authors: Rianne Voet

Abstract:

This paper uses a literature review to search for keys of success for entrepreneurial regional media collaborations in the Netherlands and elsewhere. It specifies keys on general aspects: a digital-first strategy, innovation, a particular journalistic mission and a new role for the public. It outlines keys in practicalities: competencies, revenue model, legal structure, communication structure and organization structure. The paper elaborates on a new public function and a new concept of citizenship which, according to several authors in the literature, are required in order to be successful. Finally, it offers a model of keys for success in regional entrepreneurial media collaboration.

Keywords: media collaboration, factors of success, keys of success, regional media cooperation

Procedia PDF Downloads 269

Authors: Cameron Truong, Mikhail Bhatia, Yangyang Chen, Viet Nga Cao

Abstract:

Using a sample of U.S. firms between 1996 and 2011, this paper documents a positive association between options trading volume and future stock price crash risk. This relation is evidently more pronounced among firms with higher information asymmetry, business uncertainty, and short-sale constraints. In a dichotomous cross-sectional setting, we also document that firms with options trading have higher future crash risk than firms without options trading. We further show in a difference-in-difference analysis that firms experience an increase in crash risk immediately after the listing of options. The results suggest that options traders are able of identifying bad news hoarding by management and choose to trade in a liquid options market in anticipation of future crashes.

Keywords: bad news hoarding, cross-sectional setting, options trading, stock price crash

Procedia PDF Downloads 449

Authors: An-an Chiu, Shaio Yan Huang, Ling-Na Chen, Wei-Hua Lin

Abstract:

Research has primarily focused on listed companies, less is done regarding small and medium-sized enterprises. Under the authorities' support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This platform is designed to help small-sized innovative companies grow and to enter the capital market in the future. This research yield insight into earnings management activities around seasoned equity offerings (SEO) based on Taiwan’s GISA firms and the effectiveness of external corporate governance. Data for the study come from the GISA Market Observation Post System from January 2014 to December 2016. The result finds that GISA firms prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than NT$ 30 million, higher fundraising amounts, or smaller-sized firms, tend to increase discretionary accruals. Finally, consistent with prior literature, CPA firms effectively serve as the role of external corporate governances on mitigating earnings management.

Keywords: GISA, earnings　management, CPA, seasoned equity offerings

Procedia PDF Downloads 139

Authors: Ana Verde

Abstract:

Higher education is now a source of new paradigms, advanced research in various fields of knowledge and an essential element in providing solutions to the major problems it faces today. In the education sector, more and more attention is being paid to the importance of entrepreneurship and the need for students to acquire skills in the classroom in order to be successful in their future careers. In the field of education, the term "teacherpreneur" has been coined in recent years to describe a teacher who is committed to educational change, passionate about his or her work, charismatic, self-confident, flexible, responsible, able to dare to break the established rules and take risks, and whose work is student-centred and action oriented. This research analyses the characteristics of the entrepreneurial professor and educational leader, and how their practice can be directed towards educational improvement.

Keywords: higher education, entrepreneurial, skills, leadership

Procedia PDF Downloads 61

Authors: Aleksandar Chonevski

Abstract:

The free-market economy provides many opportunities for entrepreneurship or starting one’s own business, attracting many students to study business at for-profit colleges in the United States. This is also true for international students, many of whom are filled with the hope of making a better life for themselves and their families through entrepreneurial endeavors. This qualitative research showed that not all graduates business students start their own business. In investigating this phenomenon, the effectiveness of entrepreneurship curricula at international colleges needs to be examined in order to adjust, improve and reform entrepreneurship curricula. This qualitative study will explore how business skills learned in college for-profit play a role in the entrepreneurial readiness of undergraduate business students in the south Florida. Business curricula helps international students achieve goals and transform their actions to understand challenges in a corporate society. Students will be interviewed to gain information about the students’ experience with entrepreneurship curricula in a for-profit college in south Florida.

Keywords: business skills, college curriculum, entrepreneurial readiness, international students

Procedia PDF Downloads 76

Authors: Tomotaka Yanagida

Abstract:

The Corporate Governance Code, revised in 2015, requires firms listed within the first and second sections of Japan’s Tokyo stock exchange to select two or more independent outside directors (the Corporate Governance Code4-8). Therefore, Japanese listed firms must do this or explain the reason why they are not able to do so. This study investigates how the Corporate Governance Code affects Japanese listed firms. We find that the Corporate Governance Code increases the ratio of outside directors by nearly 8.8% for a sample of Japanese firms comprising nearly 4,200 firm-year observations from 2014 to 2015 using a difference-in-differences approach. This implies that they felt it would have been difficult to explain why it was not appropriate to have an outside director at the annual shareholders' meeting. Moreover, this suggests that they appoint outside directors as defined by the Corporate Governance Code, but maintain board size. This situation shows that compliance in Japan may simply be 'window dressing,' that is, more form than substance.

Keywords: board structure, comply or explain, corporate governance code, soft law

Procedia PDF Downloads 173

Authors: Motaz Alsolaim

Abstract:

Nowadays, the challenges of running a start-up can be very complex and are perhaps more difficult than at any other time in the past. Changes in technology, manufacturing innovation, and product development, combined with intense competition and market regulations are factors that have put pressure on classic ways of managing firms, thereby forcing change. As a result, the rate of closure, exit or discontinuation of start-ups and young businesses is very high. Despite the essential role of small firms in an economy, they still tend to face obstacles that exert a negative influence on their performance and rate of survival. In fact, it is not easy to determine with any certainty the reasons why small firms fail. For this reason, failure itself is not clearly defined, and its exact causes are hard to diagnose. In this current study, therefore, the barriers to survival will be covered more broadly, especially personal/entrepreneurial, enterprise and environmental factors with regard to various possible reasons for this failure, in order to determine the best solutions and make appropriate recommendations. Methodology: It could be argued that mixed methods might help to improve entrepreneurship research addressing challenges emphasis in previous studies and to achieve the triangulation. Calls for the combined use of quantitative and qualitative research were also made in the entrepreneurship field since entrepreneurship is a multi-faceted area of research. Therefore, explanatory sequential mixed method was used, using questionnaire online survey for entrepreneurs, followed by semi-structure interview. Collecting over 750 surveys and accepting 296 valid surveys, after that 13 interviews from government official seniors, businessmen successful entrepreneurs, and non-successful entrepreneurs. Findings: The first phase findings ( quantitative) shows the obstacles to survive; starting from the personal/ entrepreneurial factors such as; past work experience, lack of skills and interest, are positive factors, while; gender, age and education level of the owner are negative factors. Internal factors such as lack of marketing research and weak business planning are positive. The environmental factors; in economic perspectives; difficulty to find labors, in socio-cultural perspectives; Social restriction and traditions found to be a negative factors. In other hand, from the political perspective; cost of compliance and insufficient government plans found to be a positive factors for small business failure. From infrastructure perspective; lack of skills labor, high level of bureaucracy and lack of information are positive factors. Conclusion: This paper serves to enrich the understanding of failure factors in MENA region more precisely in SA, by minimizing the probability of failure in small-micro entrepreneurial start-up in SA, in the light of the Saudi government’s Vision 2030 plan.

Keywords: small business barriers, start-up business, entrepreneurship, Saudi Arabia

Procedia PDF Downloads 177

Authors: Mohsin Sadaqat, Hilal Anwar Butt

Abstract:

Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

Procedia PDF Downloads 199

Authors: Sangyun Han, Minki Kim

Abstract:

R&D outsourcing is a strategy for acquiring the competitiveness of firms as an open innovation strategy. As increasing total R&D investment of firms, the ratio of amount of R&D outsourcing in it is also increased in Korea. In this paper, we investigate the determinants and effects of R&D outsourcing of firms. Through analyzing the determinants of R&D outsourcing and effect on firm’s performance, we can find some academic and politic issues. Firstly, in the point of academic view, distinguishing the determinants of R&D outsourcing is linked why the firms do open innovation. It can be answered resource based view, core competence theory, and etc. Secondly, we can get some S&T politic implication for transferring the public intellectual properties to private area. Especially, for supporting the more SMEs or ventures, government can get the basement and the reason why and how to make the policies.

Keywords: determinants, effects, R&D, outsourcing

Procedia PDF Downloads 506

Authors: Imen Latrous

Abstract:

Family firm is the most common form of business organization in the world. Many family businesses rely heavily on their own capital to finance their expansion. This dependence on internal funds for their investment may be deliberate to maintain the family dominant position or involuntary as family firms have limited access to external funds. Our understanding of family firm’s choice to fund their own growth using existing capital is somewhat limited. The aim of this paper is to study whether the presence of a controlling family in the company either mitigates or exacerbates external financing constraints. The impact of family ownership on investment–cash flow sensitivity is ultimately an empirical question. We use a sample of 406 Canadian firms listed in Toronto Stock exchange (TSX) over the period 2005–2014 in order to explore this relationship. We distinguish between three elements in the definition of family firms, specifically ownership, control and management, to explore the issue whether family firms are more efficient organisational form. Our research contributes to the extant literature on family ownership in several ways. First, as our understanding of family firm’s investment cash flow sensitivity is somewhat limited in recession times, we explore the effect of family firms on the relation between investment and cash flow during the recent 2007-2009 financial crisis. We also analyse this relationship difference between family firms and non family firms before and during financial crisis. Finally, our paper addresses the endogeneity problem of family ownership and investment-cash flow sensitivity.

Keywords: family firms, investment–cash flow sensitivity, financial crisis, corporate governance

Procedia PDF Downloads 325

Authors: Marko Kolaković, Mladen Turuk

Abstract:

Entrepreneurship is a valuable discipline important for the competitiveness of the European economy. The European Union's economy is constantly changing, and there is an increased demand for special knowledge and skills to help actors cope in a turbulent business environment. By promoting entrepreneurship in education, the citizens of the European Union are encouraged to be enterprising, innovative, and creative in designing solutions to perceived commercial and social problems in the form of offered products and services created as a result of the entrepreneurial process. The European Union has developed a series of guidelines to encourage entrepreneurship in education and training, and it supports entrepreneurship itself through various activities such as Erasmus + and other programs. A number of tools have been developed to support the development of entrepreneurial spirit among the citizens of the European Union. Special emphasis is placed on the methods of developing creativity, critical thinking, and the development of digital competencies. The aim of this paper is to investigate the initiatives of the European Union in the field of entrepreneurship education and to analyze the concept of entrepreneurship education in selected EU member states. Also, an overview of the desired learning outcomes acquired as a result of the successfully completed entrepreneurship education process will be provided.

Keywords: entrepreneurship, entrepreneurial education, EU, croatia

Procedia PDF Downloads 123

Authors: Mahmoud Ahmad Mahmoud

Abstract:

The surge in unemployment among nations and the understanding of the important role played by entrepreneurship in job creation by researchers and policy makers have steered to the postulation that entrepreneurship activities can be spurred through the development of entrepreneurial intentions. Notwithstanding, entrepreneurial intention studies are very scarce in the developing world especially in the African continent. Even among the developed countries, studies of entrepreneurial intention were mostly focused on the undergraduate candidates. This paper therefore, aimed at filling the gap by employing the descriptive quantitative survey method to examine the entrepreneurial intention of 158 Nigerian postgraduate candidates of Universiti Utara Malaysia (UUM), comprising 46 Masters and 112 PhD candidates who are studying in the College of Business (COB), College of Arts and Sciences (CAS) and College of Legal, Government and International Studies (COLGIS), the theory of planned behaviour (TPB) model was used due its reputable validity, with attitudes, subjective norms and perceived behavioural control as the independent variables. Preliminary analysis and data screening were conducted which qualifies the data to the multivariate analysis assumptions. The reliability test was performed using the Cronbach Alpha method which shows all variables as reliable with a value of >0.70. However, the data is free from the multicollinearity issue with all factors in the Pearson correlation having <0.9 value and the VIF having <10. Regression analysis has shown the sufficiency and predictive capability of the TPB model to entrepreneurship intention with attitude, subjective norms and perceived behavioural control being positively and significantly related to the entrepreneurial intention of Nigerian postgraduates. Considering the Beta values, perceived behavioural control emerged as the strongest factor that influences the postgraduates entrepreneurial intention. Developing countries are therefore, recommended to make efforts in redesigning their entrepreneurship development policies to fit candidates of the highest level of academia. Further studies should replicate in a larger sample that comprises more than one university and more than one developing country.

Keywords: attitude, entrepreneurial intention, Nigeria, perceived behavioral control, postgraduates, subjective norms

Procedia PDF Downloads 433

Authors: SeungKu Ahn, Sewon Lee

Abstract:

This study examines the effects of regulatory policies on corporate R&D activities and innovation and suggests regulatory directions for the enhancement of corporate performance. This study employs a regression model with R&D activities as dependent variables and the regulatory index as an independent variable. The results of this study are as follows: The regulation is negatively associated with the input and output of R&D activities. The regulation encourages small and medium-sized firms to invest in R&D. The regulation has a positive effect on patent applications for small and medium-sized firms.

Keywords: governmental regulation, research and development performance, small and medium-sized firms, technological innovation

Procedia PDF Downloads 268

Authors: A. Briseno, A, Zorrilla

Abstract:

Firms are increasingly responding to social and environmental claims from society. Practices oriented to attend issues such as poverty, work equality, or renewable energy, are being implemented more frequently by firms to address impacts on sustainability. However, questions remain on how the responses of firms vary across industries and regions between the social and the economic objectives. Using concepts from organizational theory and social network theory, this paper aims to create a theoretical framework that explains the internal and external influences that make a firm establish its objective. The framework explains why firms might have a different objective orientation in terms of its economic and social prioritization.

Keywords: organizational identity, social network theory, firm objective, value maximization, social responsibility

Procedia PDF Downloads 308

Authors: Anna Czarczynska

Abstract:

Creativity is taken as a requirement for a personal anti-fragile career path in the context of regional competitive advantage in the terms of socio-economics creative environment. At the personal level, the competence and value-based approach to creativity are proposed, is an elaboration of the resource-based view of the group of individuals selected from given country. Entrepreneurial creativity competence (measured by the Schein anchor questionnaire) is based on an independent way of thinking and empowerment presents one aspect of creative capability, however quickly verified by the market, that’s why we treat this as a basic exemplification of average creative attitude combine with the entrepreneurial attitude. This introductory instrument enables further scientific research based on the same group in the context of multi-cultural external creative or the non-creative environment.

Keywords: creativity, value-based approach, entrepreneurship, regional culture

Procedia PDF Downloads 201

Authors: Priscilla Adoley Moffat

Abstract:

Over the years, entrepreneurship has been promoted as an important tool for bridging the socioeconomic gap between the male gender and the female gender. In the face of the efforts to advance gender equity, however, there exist sociocultural factors whose influence on these efforts cannot be ignored or underrated. This study explored the influence of gender role socialization on entrepreneurial decisions in the male-dominated African society, with special focus on Ghana. The study essentially sought to find out whether gender role socialization in the Ghanaian culture affects the individual’s entrepreneurial choices and/or ventures. And if it does, how? The study analyzed the common gender roles found in the Ghanaian culture and the perceptions about these gender roles. 2507 male and female Ghanaian entrepreneurs were randomly sampled and interviewed. One particularly interesting finding of the study is that, while some entrepreneurs have interests in other enterprises, they fear becoming challengers of societal norms, as those ventures have been assigned to the other gender by the culture. Additionally, most of these entrepreneurs fear low or no patronage from members of the society. The study, thus, revealed a significant relationship between culture, especially gender role socialization, and patronage of businesses, as well as the success and profitability of an enterprise. It was, thus, concluded that most entrepreneurs’ entrepreneurial decisions or choices are influenced by the entrepreneur’s gender role socialization. By extension, gender role socialization was found to influence and limit entrepreneurial ventures.

Keywords: gender, role, socialization, entrepreneur, culture, ghana

Procedia PDF Downloads 108

Authors: Patricia Chinyere Oranefo

Abstract:

This study examined the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The dearth of empirical evidence and literature on “governance disclosure” as one of the explanatory variables of sustainability accounting reporting were the major motivation for this study. The main objective was to ascertain the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. An ex–post facto research design approach was adopted for the study. The population of this study comprises of five (5) Brewery firms quoted on the floor of the Nigeria exchange group (NSX) and the sample size of four (4) listed firms was drawn using purposive sampling method. Secondary data were carefully sourced from the financial statement/annual reports and sustainability reports from 2012 to 2021 of the Brewery firms quoted on the Nigeria exchange group (NSX). Panel regression analysis by aid of E-views 10.0 software was used to test for statistical significance of the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The results showed that economic sustainability disclosure indexes do not significantly affect return on asset of listed Brewery firms in Nigeria. The findings further revealed that environmental sustainability disclosure indexes do not significantly affect return on equity of listed Brewery firms in Nigeria. More so, results showed that Social Sustainability disclosure indexes significantly affect Net Profit Margin of listed Brewery firms in Nigeria. Finally, the result established also that governance sustainability disclosure indexes do not significantly affect Earnings per share of listed Brewery firms in Nigeria. Consequent upon the findings, this study recommended among others; that managers of Brewers in Nigeria should improve and sustain full disclosure practices on economic, environmental, social and governance disclosures following the guidelines of the Global Reporting Index (GRI) as they are capable of exerting significant effect on financial performance of firms in Nigeria.

Keywords: sustainability, accounting, disclosure, financial performance

Procedia PDF Downloads 59

Authors: Balarabe Z. Ahmad, Anne-Lorène Vernay

Abstract:

The emergence of electricity in Nigeria was dated back to 1896. The power plants have the potential to generate 12,522 MW of electric power. Whereas current dispatch is about 4,000 MW, access to electrification is about 60%, with consumption at 0.14 MWh/capita. The government embarked on energy reforms to mitigate energy poverty. The reform targeted the provision of electricity access to 75% of the population by 2020 and 90% by 2030. Growth of total electricity demand by a factor of 5 by 2035 had been projected. This means that Nigeria will require almost 530 TWh of electricity which can be delivered through generators with a capacity of 65 GW. Analogously, the geographical location of Nigeria has placed it in an advantageous position as the source of solar energy; the availability of a high sunshine belt is obvious in the country. The implication is that the far North, where energy poverty is high, equally has about twice the solar radiation as against southern Nigeria. Hence, the chance of generating solar electricity is 66% possible at 11850 x 103 GWh per year, which is one hundred times the current electricity consumption rate in the country. Harvesting these huge potentials may be a mirage if the entrepreneurs in the solar panel business are left with the conventional business models that are not uncertainty resilient. Currently, business entities in RE in Nigeria are uncertain of; accessing the national grid, purchasing potentials of cooperating organizations, currency fluctuation and interest rate increases. Uncertainties such as the security of projects and government policy are issues entrepreneurs must navigate to remain sustainable in the solar panel industry in Nigeria. The aim of this paper is to identify how entrepreneurial firms consider uncertainties in developing workable business models for commercializing solar energy projects in Nigeria. In an attempt to develop a novel business model, the paper investigated how entrepreneurial firms assess and navigate uncertainties. The roles of key stakeholders in helping entrepreneurs to manage uncertainties in the Nigeria RE sector were probed in the ongoing study. The study explored empirical uncertainties that are peculiar to RE entrepreneurs in Nigeria. A mixed-mode of research was embraced using qualitative data from face-to-face interviews conducted on the Solar Energy Entrepreneurs and the experts drawn from key stakeholders. Content analysis of the interview was done using Atlas. It is a nine qualitative tool. The result suggested that all stakeholders are required to synergize in developing an uncertainty resilient business model. It was opined that the RE entrepreneurs need modifications in the business recommendations encapsulated in the energy policy in Nigeria to strengthen their capability in delivering solar energy solutions to the yawning Nigerians.

Keywords: uncertainties, entrepreneurial, business model, solar-panel

Procedia PDF Downloads 149

Authors: Francesca Croce

Abstract:

Governmental development strategies aimed at entrepreneurship as a major resource for economic development and poverty reduction of indigenous people. As initiatives and programs are local based, there is a need to better understand the contextual factors of indigenous entrepreneurial models. The purpose of this paper is, therefore, to analyze and integrated the indigenous entrepreneurship literature in order to identify the main models of indigenous entrepreneurship. To answer this need, a systematic literature review was conducted. Relevant articles were identified in selected electronic databases (ABI/Inform Global, Business Source Premier, Web of Science; International Bibliography of the Social Sciences, Academic Search, Sociological Abstract, Entrepreneurial Studies Sources and Bibliography of Native North America) and in selected electronic review. Beginning to 1st January 1995 (first International Day of the World’s Indigenous People), 59 academic articles were selected from 1411. Through systematic analysis of the cultural, social and organizational variables, the paper highlights that a typology of indigenous entrepreneurial models is possible thought the concept of entrepreneurial ecosystem, which includes the geographical position and the environment of the indigenous communities. The results show three models of indigenous entrepreneurship: the urban indigenous entrepreneurship, the semi-urban indigenous entrepreneurship, and rural indigenous entrepreneurship. After the introduction, the paper is organized as follows. In the first part theoretical and practical needs of a systematic literature review on indigenous entrepreneurship are provided. In the second part, the methodology, the selection process and evaluation of the articles are explained. In the third part, findings are presented and each indigenous entrepreneurial model characteristics are discussed. The results of this study bring a new theorization about indigenous entrepreneurship and may be useful for scientists in the field in search of overcoming the cognitive border of Indigenous business models still too little known. Also, the study is addressed to policy makers in charge of indigenous entrepreneurial development strategies more focused on contextual factors studies.

Keywords: community development, entrepreneurial ecosystem, indigenous entrepreneurship model, indigenous people, systematic literature review

Procedia PDF Downloads 280

Authors: Tissa Ravinda Perera

Abstract:

An open economic policy was introduced by Sri Lanka in 1977, before many other countries in Asia to align her economy to world economic trends and it was affected indigenous businesses since they had to compete with foreign products, processes, technology, innovations and businesses. The year 2010 was a milestone in Sri Lankan history to achieve the developmental goals when Foxbuisness rated Sri Lanka as the best performing global economy. However, Sri Lanka missed her chances of achieving development with the political and social chaos, consequent the regime change in 2015. This paper argues that to support the development of the country, Sri Lanka must develop an entrepreneurial culture. In this endeavor, creativity and innovation will play a pivotal role to achieve the desired level of development. In this study, it was used secondary data from various local and international sources to understand and explore the existing scenario of Sri Lankan economy, state of entrepreneurial culture and innovation, and challenges and competencies for the development of an entrepreneurial culture in Sri Lanka. The data was collected from secondary sources were depicted in tables in this paper in a meaningful manner. Based on the tables many findings were aroused and conclusions were made to support the argument in this paper. This paper revealed that the development of an entrepreneurial culture has to be associated with creativity and innovation to gain a competitive advantage over the development strategies of other countries. It is exposed that an entrepreneurial culture will help minorities, women and underprivileged societies to empower themselves. This product will help to confront and manage youth unrest which has created anarchy in the country from time to time. Throughout this paper, it was highlighted the past, present and future scenario of Sri Lankan economy along with modification to be done to it through the development of an entrepreneur culture in light of innovation and creativity to achieve the desired level of development.

Keywords: economy, industry, creativity, innovation, entrepreneurship, entrepreneurial culture

Procedia PDF Downloads 180