Firms can be identified as high growth, stable or declining. This paper investigates the links between these different phases in the life of a firm, investment activity, financing needs and financing constraints. Using the representative EIBIS survey of EU companies, it finds that firms in a high growth phase are more likely to apply for equity financing and more likely to be financially constrained. Further, it identifies firms with a high growth potential. The most severe barriers for high-growth enterprises are the availability of skilled staff and business regulations, while potential high-growth enterprises are more constrained by uncertainty about the future.
Research into firm growth has been accumulating at a terrific pace, and Alex Coad s survey of this multifaceted field provides a detailed, comprehensive overview of the latest developments. Much progress has been made in empirical research into firm growth in recent decades due to factors such as the availability of detailed longitudinal datasets, more powerful computers and new econometric techniques. This book provides an up-to-date catalogue of empirical work, as well as a coherent theoretical structure within which these new results can be interpreted and understood. It brings together a large body of recent research on firm growth from a multidisciplinary perspective, providing an up-to-date synthesis of stylized facts and empirical regularities. Numerous empirical findings and theories of firm growth are also surveyed and compared in order to evaluate their validity. Drawing on a vast and diverse body of research, this book will prove invaluable to students, academics, policy makers and practitioners with a need to keep abreast of studies in industrial organization, firm growth and management.
Europe faces a historic opportunity. We need to reimagine European unity as a collective endeavour, as the only way in which we can turn threats to our way of life into the possibility to create a better life for all. This report focuses on three core areas where EU-wide political ambition and investment are truly necessary: Rapid technological change amid increasing global competition Increasing breakdown of the global climate and other ecosystems due to our economic system Growing threats to social cohesion and social sustainability from multiple trends Competitiveness, sustainability and inclusion have to be addressed together, holistically. This is why this report addresses all three with a focus on the complex interlinkages between them. The vital role of far-sighted investment is a key theme that emerges from this investigation. The critical role of European-level collaboration is another. Instead of merely adapting to change, we need to be proactive through timely reform and investment that sets us on a pathway towards a society that is productive, sustainable and inclusive, by design.
The 2008 financial crisis and the COVID-19 pandemic have made the authorities to increasingly turn inward and use ethnocentrism, protectionism, and top-down approaches to guide policy on trade, competition, and industrial development. The continuing aftereffects of such policies range from the rise and seeming success of authoritarian states, rise of populist and protectionist trends, and evolving academic agendas inspiring the reemergence of top-down industrial policies across the world. This open access edited volume contains contributions from over 30 scholars with expertise in economics, innovation, management, and economic history. The chapters offer unique theoretical and empirical contributions discussing topics such as how industrial policies affect risk, incentives, and information for investments. They also address the policy perspectives on new technologies such as AI and its implications for market entry, the role for independent entrepreneurship in increasingly regulated markets, and whether governments should focus on market interventions or institutional capacity-building. Questioning the Entrepreneurial State initiates a much sought-after debate on the notion of an Entrepreneurial State. It discusses the dangers of top-down approaches to industrial policy, examines lessons from such approaches for future policy design, and calls attention to the progress of open and contestable markets in a sound economy and society. “Creative destruction, innovation and entrepreneurship are at the core of economic growth. The government has a clear role, to provide the basic fabric of a dynamic society, but industrial policy and state-owned companies are the boulevard of broken dreams and unrealized visions. This important message is convincingly stated in Questioning the Entrepreneurial State.” Anders Borg, former Minister of Finance, Sweden “Misreading the dynamism of American entrepreneurship, European intellectuals and policy makers have embraced a dangerous fantasy: catching up requires constructing an entrepreneurial state. This book provides a vital antidote: The entrepreneur comes first: The state may support. It cannot lead.” Amar Bhidé, Thomas Schmidheiny Professor of International Business, Tufts University “This important new book subjects the emergence of the entrepreneurial state, which reflects a shift in the locus of entrepreneurship from the individual to the public sector, to the scrutiny of rigorous analysis. The resulting concerns, flaws and biases inherent in the entrepreneurial state exposed are both alarming and sobering. The skill and scholarly craftsmanship brought to bear in this crucial analysis is evident throughout the book, along with the even, but ultimately consequential thinking of the authors. A must read for researchers and thought leaders in business and policy." David Audtretsch, Distinguished Professor, Ameritech Chair of Economic Development, Indiana University
The Europe Union's massive efforts to rebuild after the coronavirus pandemic present a unique opportunity to transform its economy, making it more green and digital – and ultimately more competitive. The Investment Report 2020-2021 looks at the toll the pandemic took on European firms' investment and future plans, as well as their efforts to meet the demands of climate change and the digital revolution. The report's analysis is based on a unique set of databases and data from a survey of 12 500 firms conducted in the summer of 2020, in the midst of the COVID-19 crisis. While providing a snapshot of the heavy toll the pandemic took on some forms of investment, the report also offers hope by pointing out the economic areas in which Europe remains strong, such as technologies that combine green and digital innovation.
Innovative businesses and startups contribute to job creation, economic growth, and technological advancement in most countries. Finance helps nurture innovative firms like startups. Unfortunately, most startups and innovative projects cannot secure finance through the usual and conventional methods. This book goes beyond traditional financing to explore innovative ways to help finance startups and novel businesses. The book covers institutional innovation, innovation in products and processes, and the recent progress in financial innovations in various countries through empirical and case studies. It gives an in-depth look at regulatory, policy frameworks, and risk assessments for financial innovations. It also assesses the role of various innovations, including Fintech, machine learning, big data, scoring models, credit databases, digital platforms, credit guarantees in funding startups, and novel technologies. This book offers valuable insights into how policymakers can nurture a more conducive ecosystem for startups and technologies through innovative finance.
This book presents the proceedings of the 2019 International Conference on Digital Science (DSIC 2019), held in Limassol, Cyprus, on October 11–13, 2019. DSIC 2019 was an international forum for researchers and practitioners to present and discuss the most recent innovations, trends, results, experiences and concerns in digital science. The main goal of the conference was to efficiently disseminate original findings in the natural and social sciences, art & the humanities. The contributions in the book address the following topics: Digital Art & Humanities Digital Economics Digital Education Digital Engineering Digital Finance, Business & Banking Digital Healthcare, Hospitals & Rehabilitation Digital Media Digital Medicine, Pharma & Public Health Digital Public Administration Digital Technology & Applied Sciences Digital Virtual Reality
Designed to assist managers in companies of any size to understand the nature of project financing in the new European Community, enabling them to anticipate the requirements of project finance institutions. Coverage includes new sources of project finance, the changing criteria of large project financial organizations, the most popular financing techniques, cross-border projects, Russian privatization, emerging markets and the distribution of resources across the EC. Features numerous case studies of project finance.
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
