Born to be alive? The survival of innovative and non-innovative French micro-start-ups

Boyer, Tristan; Blazy, Régis

doi:10.1007/s11187-013-9522-8

Cited by 128 publications

(110 citation statements)

References 73 publications

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“…There can be a few explanations for this result. First, banks perceive female-owned firms as riskier because they often have less experience in business management and more attachment with the family than the business (Garwe, Fatoki 2012;Boyer, Blazy 2014). Second, female-owned firms usually lack a past business record and, hence, receive strict credit conditions from banks (Irwin, Scott 2010).…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

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Collateral Requirements for Sme Loans: Empirical Evidence From the Visegrad Countries

Rahman

Belás

Klieštik

et al. 2017

Journal of Business Economics and Management

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Abstract. The purpose of this paper is to examine the determinants of collateral for small and medium enterprises (SMEs) in the context of Visegrad countries: Czech Republic, Slovak Republic, Hungary and Poland. The data set for this paper was obtained from the Business Environment and Enterprise Performance Survey (BEEPS), which was conducted by the World Bank and the European Bank for Reconstruction and Development (EBRD) from 2012-2014. A binary logistic regression model with different specifications was employed to examine the effect of independent variables on the incidence of collateral. The results show that risky borrowers need to pledge collateral and the reduction of asymmetric information can lower the incidence of collateral for SMEs. Moreover, we find that female borrowers are more likely to pledge collateral than male borrowers are. The results also suggest that loans with a longer maturity are more likely to be collateralized than short-term loans. We find evidence that bank-borrower proximity can alleviate the incidence of collateral whereas bank concentration may increase collateral requirements. Policy makers may consider these results to implement policies that can promote bank competition and can lower collateral requirements for female borrowers. The paper contributes to the ongoing debate on the determinants of collateral.

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Section: Empirical Results and Discussionmentioning

confidence: 99%

“…Boyer and Blazy (2014) find that default rates are higher for women-owned firms than those that are male owned. Moreover, Garwe and Fatoki (2012) find that female-owned firms have difficulty in accessing financing because they lack sufficient management skills.…”

Section: Firm Characteristicsmentioning

confidence: 88%

Collateral Requirements for Sme Loans: Empirical Evidence From the Visegrad Countries

Rahman

Belás

Klieštik

et al. 2017

Journal of Business Economics and Management

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“…Blanchard et al (2012) also use French firmlevel data (in the food industry) covering the period 1996-2002 and show that productivity has a negative and significant impact on firm exit probability. Based on the French data, Boyer and Blazy (2014) consider among others the firms' financing characteristic effect on survival. They show that sources of financing (personal financing as well as bank financing) have a positive effect on survival.…”

Section: A Brief Literature Reviewmentioning

confidence: 99%

Economic and financial determinants of firm bankruptcy: evidence from the French food industry

Aleksanyan

Huiban

2016

Rev Agric Food Environ Stud

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Despite the strong resilience of the French food industry during the recent economic crisis, the bankruptcy rate for this sector has dramatically increased since 2010. This paper focuses on the economic and financial determinants of firm exit due to bankruptcy in the French food industry and compares them with those for other manufacturing industries. Based on a large sample of firm-level data for the period 2001-2012, we show that the bankruptcy risk pattern differs between food industry firms and other manufacturing firms. Firm productivity is an important determinant of a firm's probability of going bankrupt; productivity begins deteriorating 3 years before a failure. Controlling for firm productivity, we also show that credit cost has a positive and significant impact on the probability of bankruptcy. However, we observe smaller effect of credit cost on firms' bankruptcy risk. In contrast, productivity appears to have an important beneficial effect on bankruptcy risk reduction.

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“…Con respecto a la edad, los estudios realizados muestran una relación positiva entre la edad del emprendedor y la supervivencia de sus empresas (Abdesselam, Bonnet & Pape, 2004;Bates, 1987;Block & Sandner, 2009;Fertala, 2008;Nafziger & Terrell, 1996;Korunka, Kessler, Frank & Lueger, 2010;Boyer & Blazy, 2013). No obstante, algunos autores argumentan que la relación entre la edad y la supervivencia presenta una forma de U, puesto que han mostrado que cuando los emprendedores superan los 55 años la probabilidad de supervivencia de las empresas disminuye (Bates, 1990;Preisendörfer & Voss, 1990), posiblemente debido a una reducción del nivel de esfuerzo de los emprendedores atribuido al fenómeno de la vejez (Bates, 1990).…”

Section: Características De Perfil Del Emprendedor Y La Supervivenciaunclassified

“…En tanto que Stuart y Abetti (1990), Brüderl et al, (1992), Gimeno et al, (1997) (2013) reportan que no existe un efecto significativo. En estos últimos casos, es posible que algunas particularidades del entorno puedan modificar el efecto de la experiencia, como por ejemplo: la experiencia del emprendedor y de su equipo (Stuart & Abetti, 1990); el sector analizado (Arribas & Vila, 2007), el mercado laboral en cierta área geográfica (Nafziger & Terrell, 1996) o incluso, el tipo de empresa creada (Criaco et al, 2013;Boyer & Blazy, 2013). Por otra parte, la explicación de esta aparente contradicción podría encontrarse en la capacidad que tienen algunos emprendedores de "aprender a aprender" producto de la experiencia; así pues, quienes tienen esta capacidad podrían tener una mayor probabilidad de éxito.…”

Section: Características De Perfil Del Emprendedor Y La Supervivenciaunclassified

Factores del servicio y del perfil del emprendedor que inciden en la superviviencia empresarial: una revisión crítica

Morales-Gualdrón

Zapata

Urbano

2014

Rev. Lasallista Investig.

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Born to be alive? The survival of innovative and non-innovative French micro-start-ups

Cited by 128 publications

References 73 publications

Collateral Requirements for Sme Loans: Empirical Evidence From the Visegrad Countries

Collateral Requirements for Sme Loans: Empirical Evidence From the Visegrad Countries

Economic and financial determinants of firm bankruptcy: evidence from the French food industry

Factores del servicio y del perfil del emprendedor que inciden en la superviviencia empresarial: una revisión crítica

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