Finanza Imprenditoriale: Teoria del Portafoglio e Costo del Capitale

This thesis focuses on the limits that may prevent an entrepreneur from maximizing her value, and the benefits of diversification in reducing her cost of capital. After reviewing all relevant literature dealing with the differences between traditional corporate finance and entrepreneurial finance, we focus on the biases occurring when traditional finance techniques are applied to the entrepreneurial context. In particular, using the portfolio theory framework, we determine the degree of under-diversification of entrepreneurs. Borrowing the methodology developed by Kerins et al. (2004), we test a model for the cost of capital according to the firms' industry and the entrepreneur's wealth commitment to the firm. This model takes three market inputs (standard deviation of market returns, expected return of the market, and risk-free rate), and two firm-specific inputs (standard deviation of the firm returns and correlation between firm and market returns) as parameters, and returns an appropriate cost of capital as an output. We determine the expected market return and the risk-free rate according to the huge literature on the market risk premium. As for the market return volatility, it is estimated considering a GARCH specification for the market index returns. Furthermore, we assume that the firm-specific inputs can be obtained considering new-listed firms similar in risk to the firm we are evaluating. After we form a database including all the data needed for our analysis, we perform an empirical investigation to understand how much of the firm's total risk depends on market risk, and which explanatory variables can explain it. Our results show that cost of capital declines as the level of entrepreneur's commitment decreases. Therefore, maximizing the value for the entrepreneur depends on the fraction of entrepreneur's wealth invested in the firm and the fraction she sells to outside investors. These results are interesting both for entrepreneurs and policy makers: the former can benefit from an unbiased model for their valuation; the latter can obtain some guidelines to overcome the recent financial market crisis.

Entrepreneurial opportunities, capability development and the performance of new firms

This study aims at providing a theoretical framework encompassing the two approaches towards entrepreneurial opportunity (opportunity discovery and opportunity creation) by outlining a trajectory from firm creation to capability development, to firm performance in the short term (firm survival) and the medium/long term (growth rate). A set of empirically testable hypotheses is proposed and tested by performing qualitative analyses on interviews on a small sample of entrepreneurs and event history analysis on a large sample of firms founded in the United States in 2004.

Reti di contratti e reti di imprese

Il lavoro di ricerca prende le mosse da una premessa di ordine economico. Il fenomeno delle reti di impresa, infatti, nasce dalla realtà economica dei mercati. In tale contesto non può prescindere dal delineare un quadro della situazione- anche di crisi- congiunturale che ha visto coinvolte specialmente le imprese italiane. In tale prospettiva, si è reso necessario indagare il fenomeno della globalizzazione, con riferimento alle sue origini,caratteristiche e conseguenze. Ci si sofferma poi sulla ricostruzione dogmatica del fenomeno. Si parte dalla ricostruzione dello stesso in termini di contratto plurilaterale- sia esso con comunione di scopo oppure plurilaterale di scambio- per criticare tale impostazione, non del tutto soddisfacente, in quanto ritenuto remissiva di fronte alla attuale vis espansiva del contratto plurilaterale. Più convincente appare lo schema del collegamento contrattuale, che ha il pregio di preservare l’autonomia e l’indipendenza degli imprenditori aderenti, pur inseriti nel contesto di un’operazione economica unitaria, volta a perseguire uno scopo comune, l’“interesse di rete”, considerato meritevole di tutela secondo l’ordinamento giuridico ex art. 1322 2.co. c.c. In effetti il contratto ben si presta a disegnare modelli di rete sia con distribuzione simmetrica del potere decisionale, sia con distribuzione asimmetrica, vale a dire con un elevato livello di gerarchia interna. Non può d’altra parte non ravvisarsi un’affinità con le ipotesi di collegamento contrattuale in fase di produzione, consistente nel delegare ad un terzo parte della produzione, e nella fase distributiva, per cui la distribuzione avviene attraverso reti di contratti. Si affronta la materia della responsabilità della rete, impostando il problema sotto due profili: la responsabilità interna ed esterna. La prima viene risolta sulla base dell’affidamento reciproco maturato da ogni imprenditore. La seconda viene distinta in responsabilità extracontrattuale, ricondotta nella fattispecie all’art. 2050 c.c., e contrattuale.

An Input-Process-Output Approach to Interorganizational Teams: The Influence of Work Group Diversity, Trust and Shared Leadership on Communication Network and Team Outputs.

The market’s challenges bring firms to collaborate with other organizations in order to create Joint Ventures, Alliances and Consortia that are defined as “Interorganizational Networks” (IONs) (Provan, Fish and Sydow; 2007). Some of these IONs are managed through a shared partecipant governance (Provan and Kenis, 2008): a team composed by entrepreneurs and/or directors of each firm of an ION. The research is focused on these kind of management teams and it is based on an input-process-output model: some input variables (work group’s diversity, intra-team's friendship network density) have a direct influence on the process (team identification, shared leadership, interorganizational trust, team trust and intra-team's communication network density), which influence some team outputs, individual innovation behaviors and team effectiveness (team performance, work group satisfaction and ION affective commitment). Data was collected on a sample of 101 entrepreneurs grouped in 28 ION’s government teams and the research hypotheses are tested trough the path analysis and the multilevel models. As expected trust in team and shared leadership are positively and directly related to team effectiveness while team identification and interorganizational trust are indirectly related to the team outputs. The friendship network density among the team’s members has got positive effects on the trust in team and on the communication network density, and also, through the communication network density it improves the level of the teammates ION affective commitment. The shared leadership and its effects on the team effectiveness are fostered from higher level of team identification and weakened from higher level of work group diversity, specifically gender diversity. Finally, the communication network density and shared leadership at the individual level are related to the frequency of individual innovative behaviors. The dissertation’s results give a wider and more precise indication about the management of interfirm network through “shared” form of governance.

Shareholder protection and stock market development

The dissertation contains five parts: An introduction, three major chapters, and a short conclusion. The First Chapter starts from a survey and discussion of the studies on corporate law and financial development literature. The commonly used methods in these cross-sectional analyses are biased as legal origins are no longer valid instruments. Hence, the model uncertainty becomes a salient problem. The Bayesian Model Averaging algorithm is applied to test the robustness of empirical results in Djankov et al. (2008). The analysis finds that their constructed legal index is not robustly correlated with most of the various stock market outcome variables. The second Chapter looks into the effects of minority shareholders protection in corporate governance regime on entrepreneurs' ex ante incentives to undertake IPO. Most of the current literature focuses on the beneficial part of minority shareholder protection on valuation, while overlooks its private costs on entrepreneur's control. As a result, the entrepreneur trade-offs the costs of monitoring with the benefits of cheap sources of finance when minority shareholder protection improves. The theoretical predictions are empirically tested using panel data and GMM-sys estimator. The third Chapter investigates the corporate law and corporate governance reform in China. The corporate law in China regards shareholder control as the means to the ends of pursuing the interests of stakeholders, which is inefficient. The Chapter combines the recent development of theories of the firm, i.e., the team production theory and the property rights theory, to solve such problem. The enlightened shareholder value, which emphasizes on the long term valuation of the firm, should be adopted as objectives of listed firms. In addition, a move from the mandatory division of power between shareholder meeting and board meeting to the default regime, is proposed.

Entrepreneurship influential factors in development of rural tourism as diversified rural activity in Republic of Macedonia

Rural tourism is relatively new product in the process of diversification of the rural economy in Republic of Macedonia. This study used desk research and life story interviews of rural tourism entrepreneurs as qualitative research method to identify prevalent success influential factors. Further quantitative analysis was applied in order to measure the strength of influence of identified success factors. The primary data for the quantitative research was gathered using telephone questionnaire composed of 37 questions with 5-points Likert scale. The data was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) by SmartPLS 3.1.6. Results indicated that human capital, social capital, entrepreneurial personality and external business environment are predominant influential success factors. However, human capital has non-significant direct effect on success (p 0.493) nonetheless the effect was indirect with high level of partial mediation through entrepreneurial personality as mediator (VAF 73%). Personality of the entrepreneur, social capital and business environment have direct positive affect on entrepreneurial success (p 0.001, 0.003 and 0.045 respectably). Personality also mediates the positive effect of social capital on entrepreneurial success (VAF 28%). Opposite to the theory the data showed no interaction between social and human capital on the entrepreneurial success. This research suggests that rural tourism accommodation entrepreneurs could be more successful if there is increased support in development of social capital in form of conservation of cultural heritage and natural attractions. Priority should be finding the form to encourage and support the establishment of formal and informal associations of entrepreneurs in order to improve the conditions for management and marketing of the sector. Special support of family businesses in the early stages of the operation would have a particularly positive impact on the success of rural tourism. Local infrastructure, access to financial instruments, destination marketing and entrepreneurial personality have positive effect on success.

Ringier (Familie)

Famille de pasteurs, politiciens et entrepreneurs de Zofingue, attestée pour la première fois en 1527, lorsque leur aïeul Jean, tonnelier originaire de Nîmes, obtint la bourgeoisie de Zofingue. Michael (1521-1605), avoyer, l'un de ses cinq fils, est l'ancêtre de la branche des imprimeurs et éditeurs. Après lui, de nombreux R. consolidèrent durablement l'influence de la famille. A partir du XVIIIe s., divers membres firent des carrières politiques, tels Samuel (1706-1786), avoyer, et Rudolf Friedrich (1805-1886), président de la ville. Les R. furent aussi très liés à l'Eglise. Le fils de Michael, Moritz (1557-1615), fut pasteur et doyen à Zofingue. Jusqu'au XIXe s., la famille compta une trentaine d'ecclésiastiques, essentiellement des pasteurs officiant sur le territoire bernois, tels Johann Heinrich ( -> 3) et Michael ( -> 8). Les conseillers Beat (1712-1778) et Niklaus (1734-1766) furent les premiers R. actifs dans la production protoindustrielle de drap. D'autres négociants suivirent jusqu'au milieu du XIXe s. L'architecte Niklaus Emanuel (1744-1815) construisit l'hôtel de ville de Zofingue (1792-1795) de style baroque tardif. Johann Rudolf ( -> 4) se distingua sous la République helvétique (1798-1803). Samuel (1767-1826), conseiller municipal de Zofingue, créa les armoiries du canton d'Argovie en 1803. Les R. s'affirmèrent sur le plan cantonal avec Karl Ludwig ( -> 6), chancelier, et Arnold ( -> 1), conseiller d'Etat et plusieurs fois landamman, et sur le plan fédéral avec Johann Rudolf ( -> 5), conseiller national, et Gottlieb ( -> 2), conseiller aux Etats et chancelier de la Confédération. Johann Rudolf (1803-1874) fonda, en 1833, l'imprimerie Ringier à Zofingue, reprise par son fils Franz Emil (1837-1898). A partir de 1898, Paul August ( -> 9), représentant de la troisième génération d'imprimeurs, agrandit l'entreprise dont il fit la principale imprimerie et maison d'édition de Suisse. Cette expansion se poursuivit après 1960 sous son fils Hans (1906-2003). Avec les fils de celui-ci, Christoph (naissance1941, dans la firme jusqu'en 1991) et Michael (naissance1949), Ringier devint, à partir de 1985, une entreprise multinationale et multimédia. Bibliographie – F. Schoder, Ortsbürger von Zofingen, 1962 – P. Meier, T. Häussler, Zwischen Masse, Markt und Macht, 2009

How Do We Teach Economics?

The teaching of economics in Hungary has changed fundamentally since the 1980s for two main reasons. Firstly, the transformation towards a market economy has changed the needs of students, and secondly, there has been a move to harmonise Hungarian methods of teaching with Western ones. The number of institutions involved in economics education has increased substantially to meet new demand and these institutions offer a wide range of programs, though the topics covered tend to be more practically based than previously. A survey of students set out to evaluate economics as a profession by investigating social esteem, financial compensation, career prospects, and mobility within the profession. Amongst full-time students there was a strong correlation between the parents' background and the students' career prospects. Full-time students were more optimistic than part-time students, although the latter had a higher opinion of the academic level of their educational establishments. A second survey, this time of economics teachers, revealed the disturbing fact that teachers rated themselves in the last but one position according to social esteem and felt that society had a poor opinion of them. Fifty percent expressed a desire to leave the profession and 70% supplemented their income with work outside their school, rarely within the domain of economics. The final part of the research analysed the situation in private educational institutions, nothing that unemployment retraining grants offered by the Ministry of Labour have created an incentive for private entrepreneurs to organise courses and that the quality of these courses varies considerably.

Trust and Social Networks in a Changing Europe.

This project set out to investigate the effects of the recent massive social transitions in Eastern Europe on the everyday social lives of the inhabitants of three very different nations: Georgia, Russia and Hungary. It focused in particular on the availability and nature of the support networks available to three different segments of each of the societies (manual workers, students and entrepreneurs) and the impact of network participation on psychological and physical well-being. The group set four specific questions to investigate: the part played by individual psychological beliefs in the formation and maintenance of social networks and the consequent formation of trusting relations; the implication of the size and quality of these networks for mental health; the nature of the social groups inhabited by the respondents and the implication of their work schedule and daily routines on the maintenance of a social and family life; and an analysis of how cultures vary in their social networks and intimacy. Three different methods were used to examine social support and its implications: structured questionnaires, semi-structured short interviews and a media analysis of newspaper materials. The questionnaires were administered to 150 participants in each country, equally divided between students studying full time, manual workers employed in factories, and business people (small kiosk owners, whose work and life style differs considerably from that of the manual workers). The questionnaires investigated various predictors of social support including the locus of control, relationship beliefs, individualism-collectivism and egalitarianism, demographic variables (age, gender and occupation), social support, both in general and in relation to significant events that have occurred since the transition from communism. Those with an internal locus of control were more likely to report a higher level of social support, as were collectivists, while age too was a significant predictor, with younger respondents enjoying higher levels of support, regardless of the measures of support employed. Respondents across the cultures referred to a decline of social support and the group also found a direct correlation between social support and mental health outcomes. All 450 respondents were interviewed on their general responses to changes in their lives since the fall of communism and the effects of their work lives on their social lives and the home environment. The interviews revealed considerable variations in the way in which work-life offered opportunities for a broader social life and also provided a hindrance to the development of fulfilling relationships. Many of the work experiences discussed were culture specific, with work having a particularly negative impact on the social life of Russian entrepreneurs but being seen much more positively in Georgia. This may reflect the nature of support offered in a society as overall support levels were lowest in Russia, meaning that social support may be of particular importance there. The way in cultural values and norms about personal relationships are transmitted in a culture is a critical issue for social psychologists and the group examined newspaper articles in those newspapers read by the respondents in each of the three countries. These revealed a number of different themes. The concept of a divided society and its implications for personal relationships was clearest in Russian and Hungary, where widely-read newspapers dwelt on the contrast between "new Russians/Hungarians" and the older, poorer ones and extended considerable sympathy to those suffering from neglect in institutions. Magyar Nemzet, a paper widely read by Hungarian students reflects the generally more pessimistic tone about personal relationships in Russia and Hungary and gave a particularly detailed analysis of the implications this holds for human relations in a modern society. In Georgia, however, the tone of the newspapers is more positive, stressing greater social cohesion. Part of this cohesion is framed in the context of religion, with the church appealing to a broader egalitarianism, whereas in less egalitarian Hungary appeals by the Church are centred more on the nuclear family and its need for expansion in both size and influence. The division between the sexes was another prominent issue in Hungary and Russia, while the theme of generational conflict also emerged in Hungarian and Georgian papers, although with some understanding of "young people today". The team's original expectation that the different newspapers read by the different groups of respondents would present differing images of personal relationships was not fulfilled, as despite variations in style, they found little clear "ideological targeting" of any particular readership. They conclude that the vast majority of respondents recognised that the social transition from communism has had a significant impact on the well-being of social relationships and that this is a pertinent issue for all segments of society. While the group see the data collected as a source to be worked on for some time in the future, their initial impressions include the following. Social support is clearly an important concern across all three countries. All respondents (including the students) lament the time taken up by their heavy work schedules and value their social networks and family ties in particular. The level of social support differs across the countries investigated, with Georgian apparently enjoying significantly higher levels of social support. The analysis produced an image of a relatively cohesive and egalitarian society in which even the group most often seen as distant from the general population, business people, is supported by a strong social network. In contrast, the support networks available to the Russian respondents seem particularly weak and reflect a general sense of division and alienation within the culture as a whole. The implications of low levels of social support may vary across countries. While Russians reported the lowest level of mental health problems, the link between social support and mental health may be strongest in that country. In contrast, in Hungary it is the link between fatalism and mental health problems which is particularly strong, while in Georgia the strongest correlation was between mental health and marital quality, emphasising the significance of the marital relationship in that country.

Birth, Survival and Growth of Small and Medium Sized Enterprises in Poland: 1990-1994

This research is based on a unique and extensive database which tracks the employment, payroll and sales of individual Polish firms for the period 1990 to 1995. This allowed the authors to calculate the birth, survival and growth rates for different categories of enterprises (state-owned, cooperative, private, foreign-owned and privatised after 1990) and regions. These data match data collected in the United States, making it possible to compare the Polish situation with that of the state of Michigan. Analysis of the data and lessons from the Poland-Michigan comparisons provide a solid basis for the formulation of new policy recommendations for Poland. Allowing for certain important differences, Poland would still seem to need a higher rate of births of new companies. New small private companies and companies with foreign capital can be seen as the main source of job creation and economic revitalisation. To strengthen positive trends in the economy, Poland should create a model of institutional support for both potential entrepreneurs and foreign investors.

Asia Comes to Main Street and May Learn to Speak Spanish: Globalization in a Poor Neighborhood in Worcester

This paper considers how and why an Asian enclave of small businesses has appeared in a poor neighborhood characterized by Puerto Rican and other Latino immigration in the post-industrial city of Worcester, Massachusetts. We begin by examining the role of the US in the world system, and argue that the US hegemonic role and specific political economic aspects of global capitalism (ie. deindustrialization) account for some of the migration stream. Next, using socioeconomic and historical data, interviews, and observations, we outline the history of Worcester’s economy and immigration patterns. We demonstrate that the increasing economic inequality leaves few promising employment options for newcomers to Worcester. Drawing on existing literature on immigrant entrepreneurs and ethnic enclaves, we argue that some aspects of the literature appear to shed light on the Vietnamese enterprises which have so visibly appeared (e.g., ethnic niches), while others, (e.g., middle-man minority theory) are not now reflected in local conflict. We conclude by considering the prospects for immigrants to this neighborhood in light of its political economic context.

Market, Management and Profession. Social Business in the Polder

In a recent policy document of the organized employers in the care and welfare sector in The Netherlands (the MO Group), directors and board members of care and welfare institutions present themselves as "social entrepreneurs", managing their institutions as look-a like commercial companies. They are hardly criticized and there is not any countervailing power of significance. The workers are focusing on their own specialized professional fields and divided as a whole. Many government officials are in favour or do not bother. The relatively small number of intellectual workers in Dutch care and welfare are fragmented and pragmatic. From a democratic point of view this is a worrying situation. From a professional point of view the purpose and functions of professional care and welfare work are at stake. The penetration of market mechanisms and the take-over by commercially orientated managers result from unquestioned adaptation of Anglo-Saxon policy in The Netherlands in the 1990's, following the crisis of the Welfare State in the late 1980's. The polder country is now confronted fully with the pressure and negative effects of unbalanced powers in the institutions, i.e. Managerialism. After years of silence, the two principal authentic critics of Dutch care and welfare, Harry Kunneman and Andries Baart, are no longer voices crying in the wilderness, but are getting a response from a growing number of worried workers and intellectuals. Kunneman and Baart warn against the restriction of professional space and the loss of normative values and standards in the profession. They are right. It is high time to make room for criticism and to start a debate about the future of the social professions in The Netherlands, better: in Europe. Research, discussion and action have to prove how worrying the everyday situation of professional workers is, what goals have to be set and what strategy to be chosen.

Leadership: A Crucial Ingredient in Unstable Times

Social work is experiencing an unprecedented degree of institutional instability, particularly in the advanced industrial nations which, to varying degrees and via differing paths, have abandoned the Keynesian Welfare State. It has been replaced with a fundamentally different workfare regime in which operates on quite different assumptions – all of which pose fundamental challenges to social work. The degree of change is such that it can be understood as institutional change. The profession needs a number of strategies in response the contemporary de-stabilization. Drawing on theoretical and empirical literature about institutional change we show why it is that professional leadership is crucial in the current environment. The paper reviews what in currently know about leadership, both in general and in relation to social work. Referring to the notion of institutional entrepreneurs and on the role played by other non-social work professional associations in situations of change, we articulate what role leadership can play. We conclude with recommendations about how leadership could be promoted, particularly by the professional associations.

Firm Building and Entrepreneurship in Second-Tier High-Tech Regions

This paper examines how a second-tier high-technology region leveraged corporate assets—mostly from transnational firms—in building a knowledge-based economy. The paper reviews how firm building and entrepreneurship influence the evolution of a peripheral regional economy. Using a case study of Boise, Idaho (the US), the research highlights several important sources of entrepreneurship. Entrepreneurial firm formation is closely linked with a region's ability to grow incubator organizations, particularly innovative firms. These innovative firms provide the training ground for entrepreneurs. Firms, however, differ and the ways in which firm building activities influence regional entrepreneurship depend on firm strategy and organization. Thus, second-tier high-tech regions in the US are taking a different path than their well-known counterparts such as Silicon Valley or Route 128 around Boston.

Gründungsausbildung und Gründungsabsicht: eine empirische Untersuchung an der TU Dortmund

Für das wirtschaftliche Wachstum und die Innovationskraft einer Volkswirtschaft sind junge Unternehmen von herausragender Bedeutung. Ein wichtiges Ziel von Politik und Wirtschaft muss folglich die Sensibilisierung und Förderung potenzieller Gründer sein. Die vorliegende Untersuchung geht der Frage nach, ob eine universitäre Gründungsausbildung die Gründungsabsicht von Studierenden positiv beeinflussen kann. Aufbauend auf dem intentionsbasierten Modell von Krueger /Carsrud (1993) wurden im Rahmen einer Befragung an der TU Dortmund 111 Studierende der Wirtschaftswissenschaften zu ihren Gründungsabsichten befragt. Es zeigte sich, dass die Gründungsabsicht durch den Besuch von Veranstaltungen zum Gründungsmanagement deutlich gesteigert werden kann. Für die deutsche Wirtschafts- und Bildungspolitik ergibt sich aus den Ergebnissen die Handlungsempfehlung, die universitäre Gründungsausbildung auszubauen und intensiv zu fördern.