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Current concepts and developments related to Small and Medium-Sized Enterprises are examined. An argument for a more balanced policy support for SME internationalization is also presented.

The association between ownership and management profiles and the performance and objectives of family firms are explored using agency and stewardship theories.

Leo-Paul Dana (ed.) Handbook of Research on International Entrepreneurship. Cheltenham: Edward Elgar, 2004. 864 pp. ISBN 1-84376-069-X, 165 £ (hbk). The Department of Trade and Industry (DTI) (2004) in the [...]

In recent years new forms of entrepreneurship have begun to emerge from the synergies between Information and Communication Technology (ICT) developments and changing paradigms of economic transactions. The resulting 'turbulence' [...]

Some policy makers and practitioners are considering whether resources could be more effectively utilized if they were targeted towards experienced entrepreneurs (i.e. individuals with prior private business ownership experience), rather [...]

This exploratory study provides a review of the neglected area of entrepreneurial founder team turnover. A novel distinction is made between entrepreneurial founder team member entry and team member exit. [...]

This study explores the internal and external environmental characteristics of private family companies associated with succession decision-making outcomes (i.e. the propensity of family firms to report whether the board has [...]

26(3): 91-100. Many policy-makers and practitioners view female entrepreneurs as a 'special group', worthy of research and policy attention. A summary of key themes in the academic literature has been [...]

WESTHEAD P., UCBASARAN D. and WRIGHT M. (2003) Differences between private firms owned by novice, serial and portfolio entrepreneurs: implications for policy makers and practitioners, Reg. Studies 37, 187-200. Policy makers can target 'hard' (i.e. financial) and 'soft' (i.e. technical) assistance to firms. Some policy makers and practitioners are considering whether resources could be more effectively utilized if they were targeted towards habitual entrepreneurs, rather than in the form of additional initiatives to increase the pool of pure nascent entrepreneurs and novice entrepreneurs. To inform this policy debate, similarities and differences between 354 firms owned by novice, serial and portfolio entrepreneurs in Scotland are highlighted with regard to the process of financing businesses, organizational capabilities as well as the size and performance of the surveyed businesses. Presented empirical evidence confirms that portfolio entrepreneurs have more diverse experiences and more resources than either serial or novice entrepreneurs. On average, portfolio entrepreneurs appear to offer more attractive growth prospects than other entrepreneurs. A case for targeted support tailored to the aspirations and needs of portfolio (and serial) entrepreneurs is presented. Habitual entrepreneurs, Financing Organizational capabilities, Firm performance, Policy implications WESTHEAD P., UCBASARAN D. et WRIGHT M. (2003) Les differences entre les entrepreneurs debutants, en serie ou de portefeuille: les retombees pour les decideurs et les practiciens, Reg. Studies 37, 187-200. Les decideurs peuvent cibler l'aide aux entreptises, soit aux conditions du marche (a savoir de l'aide financiere), soit aux conditions favorables (a savoir de l'aide technique). Certains decideurs et practiciens considerent si, oui ou non, on pourrait mieux valoriser les ressources si elles ciblaient les entrepreneurs habituels, plutot que de les valoriser sous forme d'initiatives supplementaires visant l'elargissement du bassin d'entrepreneurs naissants et debutants. Dans le but d'alimenter ce debat, on souligne les similarites et les differences entre 354 entreprises situees en Ecosse quant au processus de financement des entreprises, leurs capacites organisationnelles ainsi que leur taille et leur performance, et dont les proprietaires sont des entrepreneurs ou debutants, ou en serie, ou de portefeuille. Les resultats empiriques viennent a l'appui du constat suivant: les entrepreneurs de portefeuille ont des experiences plus diverses et des ressources plus importantes par rapport aux entrepreneurs en serie et aux entrepreneurs debutants. En regle generale, il semble que les entrepreneurs de portefeuille offient un potentiel de croissance plus propice que ne le font les autres entrepreneurs. On donne des arguments en faveur d'un soutien cible et adapte aux attentes et aux besoins des entrepreneurs de portefeuille (et en serie) Entrepreneurs habituels Financement, Capacites organisationnelles Performance de l'enterprise, Retombees pour la politique WESTHEAD P., UCBASARAN D. und WRIGHT M. (2003) Unterschiede zwischen Privatfirmen, die sich im Besitz von Anfanger-, Serien- und in einem breiten Geschaftsbereich tatigen Unternehmern befinden: Implikationen fur Praktiker und Vertreter grundsatzlicher Erwagungen, Reg. Studies 37, 187-200. Vertreter von grundsatzlichen Erwagungen konnen 'harte' (finanzielle) und 'weiche' (technische) Hilfestellung fur Firmen ansteuern. Manche, und auch Praktiker, uberlegen, ob Ressourcen wirksamer genutzt werden konnten, wenn sie auf erfahrene Unternehmer abzielten, statt in Form von zusatzlichen Initiativen angewandt zu werden, um den Bestand unbeleckter, im Werden begriffener und in Anfangen steckender Unternehmer zu vermehren. Zur Untermauerung dieser Grundsarzdebatte werden Ahnlichkeiten und Unterschiede zwischen 354, im Besitz von Anfanger-, Serien- und in einem breiten Geschaftsbereich tatigen Unternehmern befindlichen Firmen in Schottland sowohi in bezug auf den Vorgang der Finanzierung von Unternebmen und organisatoris che Fahigkeiten, als auch auf Gro[beta]e und Leistung der untersuchten Unternehmen hin beleuchret. Vorgelegte empirische Beweise bestatigen, da[beta] in einem breiten Geschaftsbereich tatige Unternehmer einen vielseitigeren Erfahrungsschatz und mehr Ressourcen aufweisen als Serien-oder Anfangerunternehmer. Im Durchschnitt scheinen die in einem breiter gefacherten Geschaftsbereich Tatigen attraktivere Wachstumsaussichten als andere Unternehmer zu versprechen. Es wird fur gezielte, auf Aspirationen und Bedurfnisse von den im breitem Geschaftsbereich tatigen Unternehmern zugeschnittene Unterstutzung pladiert. Gewohnheirsunternehmer Finanzierung, Organisatorische Fahigkeiten Firmenleistung, Implikationen der grundsatzlichen Erwagungen

Byline: Donald S. Siegel (1), Paul Westhead (2), Mike Wright (3) Abstract: Science parks were established to stimulate the formation and development of new technology-based firms (NTBFs). Despite the potential importance of these institutions as a mechanism for generating technological spillovers and employment growth, there has been little systematic analysis of their impact on NTBFs. In this paper, we review some recent evidence comparing the performance of firms located on and off U.K. science parks. This preliminary evidence suggests that the 'returns' to being located on a science park are negligible. We conjecture that these results may be due to imprecise estimates of these returns and may also be masking important differences in the returns to different types of science parks. In addition, we outline an agenda for additional research on the effects of these institutions on NTBF performance. Author Affiliation: (1) Nottingham University Business School, Nottingham, NG8 1BB, United Kingdom (2) Nottingham University Business School, Nottingham, NG8 1BB, United Kingdom (3) Nottingham University Business School, Nottingham, NG8 1BB, United Kingdom Article History: Registration Date: 11/10/2004

Policy-makers and practitioners are seeking to promote the development of established firms. This paper suggests they may need to target customized export programmes to the specific situational demands of established `micro' and `small' firms. The following broad research question is explored: are there differences between `micro' and `small' firms with regard to the decision to sell goods or services abroad? In 1990/91, survey responses were gathered from 621 independent businesses located in Great Britain. In 1997, a follow-on telephone survey was conducted with 150 surviving firms. This survey gathered information on the propensity to export goods or services abroad and the mode of export behaviour reported by established `micro' as well as `small' firms. The performance of exporting and non-exporting firms was also compared. Implications for policy-makers, practitioners and researchers are highlighted. Keywords: Internationalization; Exporting firms; Firm size; Resources; Entry modes; Performance; Policy implications, 1. Introduction To encourage wealth creation and to secure greater international competitiveness, governments in developed countries are concentrating their attention towards encouraging more small- and medium-sized enterprises (SMEs) to enter [...]

Low and MacMillan (1988) suggested that research into entrepreneurial behavior should consider contextual issues and identify the processes that explain rather than merely describe the entrepreneurial phenomenon. Recent studies focusing [...]

Byline: Paul Westhead (1) Abstract: A novel 'NED employment in unquoted companies model' was formulated to 'explain' the employment of NEDs by unquoted companies. Eleven 'explanatory' variables presumed to be associated with the employment of NEDs in unquoted companies were identified. Less than 20% of the 427 surveyed unquoted companies located throughout the United Kingdom reported they employed a NED. Only 11.5% of micro companies that employed 9 or fewer employees reported they employed NEDs. In marked contrast, 53% of companies, which employed 50 or more employees, employed NEDs. This bivariate evidence tentatively suggested that resource availability (i.e., the ability to pay a NED) might be a key trigger influencing the employment of NEDs. Multivariate logistic regression analysis was used to identify the combination of variables associated with the employment of NEDs by unquoted companies. The analysis focused upon four samples of unquoted companies: companies which employed 1 or more employees (i.e., the total sample), micro companies which employed between 1 and 9 employees, small companies which employed between 10 and 49 employees and medium and large companies which employed 50 or more employees. In the total sample model, five 'explanatory' variables were found to be significantly associated with the employment of NEDs. As hypothesised, the total sample model found that older and larger employment sized companies were significantly more likely to have employed NEDs. Further, the employment of NEDs was markedly less likely to be reported by owner-managed companies. The strategic focus of a company was associated with the employment of NEDs. Companies focusing upon technology concerns and/or a focus upon external financing were markedly more likely to have employed NEDs. Interestingly, four 'explanatory' variables were found to significantly influence the employment of NEDs in the small companies' model. In marked contrast, only one 'explanatory' variable was found to significantly influence the employment of NEDs in the micro companies' model. Most notably, owner-managed micro companies were significantly less likely to have employed a NED. Presented evidence suggests that many micro companies may be 'ignorant' of the benefits associated with the employment of a NED. Policy implications and directions for future research surrounding the employment and contribution of NEDs in unquoted companies are discussed. Author Affiliation: (1) Department of Entrepreneurship, Faculty of Management, University of Stirling, FK9 4LA, Scotland, U.K. Article History: Registration Date: 03/10/2004

To improve the internal efficiency and business performance of small- and medium-sized enterprises (SMEs) a number of training initiatives have been introduced in the United Kingdom over the last decade [...]

High-technology firms are currently seen by national and local governments in the United Kingdom as significant contributors to job and wealth creation. Recent research has, however, shown that new and [...]

A matched pairs methodology was used to determine the differences and similarities of new owner-managed businesses in rural areas of the UK with new owner-managed businesses in urban areas. The results show that rural and urban new owner-managed businesses differed only in 16 out of 147 variables studied. The implications for government policies on support for new businesses and the provision of incentives for new business start-ups are discussed., Westhead P. (1995) New owner-managed businesses in rural and urban areas in Great Britain: a matched pairs comparison, Reg. Studies 29, 367-380. This paper makes a contribution to the debate [...]

'In determining the original parameters for the monitoring of the small firms in the sample, the major barrier was the absence of an established acceptable theory of small firms development [...]

A comparison of the results of studies of the relationship between regional characteristics and new firm birth rate in seven Western countries reveals the similarity in average new firm birth rate and the degree of regional variation. The same processes are responsible for regional variations in new firm births. The main empirical findings should therefore be applicable to firm birth rates in other Western countries., BACKGROUND Small firms have been seen as a major source of job creation in advanced countries for at least one decade. The initial work by Birch in the United States [...]

The factors leading to the birth of new firms are similar in countries with advanced market economies. A study of regional variations in new firm formation in seven Western countries reveals the strong relationship between regional characteristics and new firm birth rates. The effect of new firms on economic growth is not clear and more research is necessary to frame policy guidelines., No feature of a region is more critical than its economic well-being. Maintaining the prosperity of the citizens may require continuous economic change and adaptation. Central to such shifts is [...]

Owner-managers are not a single homogeneous group with equal enthusiasm or ability to grow (Bevan et al, 1989). Indeed, empirical evidence suggests that there are different `types' of owner-managed new [...]

This substantial book is the third in a series which have explored since 1980 the state of the art of entrepreneurship (as perceived by North Americans) (Kent et al, 1982; [...]

The interrelationships of small-firm strategies were investigated, along with theories about small-firm growth. The number of employees, sales turnover, and profitability were used as measures of comparative growth. The strategies of 222 small firms were classified into eight categories based on internal variables of ownership, management, production, and external variables of positioning. The results indicated that firms did not follow a prescribed sequence of growth stages. A combination of variables appeared to contribute to the growth of the firms, but no explanation was found for predicting which firms were more likely to grow.

Bruno and Tyebjee (1982, p. 307) asserted that much of the research literature exploring the environment for independent business initiation is 'wisdom-based and observational'. Moreover, '. . . much of [...]

Zoltan, J. Acs, Bo Carlsson and Charlie Karlsson (1999) (editors), The Linkages Among Entrepreneurship, SMEs and the Macroeconomy, Cambridge: Cambridge University Press, pp405, 49 £(hbk), ISBN 0 521 62105 4. [...]

J. O. S. Wilson and J. E. Morris (2000), `The Size and Growth of UK Manufacturing and Service Firms', Services Industries Journal, Vol. 20, No. 2, pp25-38. TO ENCOURAGE JOB [...]

POLICY-MAKERS ARE CONCERNED THAT SKILL shortages may reduce the competitiveness of small and medium-sized enterprises (SMEs). To encourage the development of a highly skilled and competitive workforce British governments have [...]

A study was conducted to evaluate the contribution of the 1994 Shell Technology Enterprise Program (STEP) that supplemented the employment of students in small and medium-sized enterprises in the UK. The effectiveness of the program was evaluated by analyzing the responses of STEP businesses with those of independent companies. Results indicated that the program supported business needs and the employment of students in a number of industries., Introduction In many countries, the number of mass-production jobs has gradually decreased. Increasing job complexity and skill requirements now characterise all employees (Buechtemann & Soloff, 1994). Skill shortages and mismatches [...]

This study explores the perceived benefits of a science park location in the UK for independent technology-based firms. Property needs of independent science parks firms were compared with the property needs of a 'control' group of similar firms located off-park. Factors which influenced owner-managers to locate their ventures on a science park or an off-park location were ascertained. Further, the perceived benefits of selected locations were explored. Conclusions and implications for policy-makers and practitioners are detailed., Introduction The uneven spatial distribution of technology-based firms (Keeble, 1994) and employment in these firms (Fingleton, 1994) has generated considerable research interest. It has been suggested that property-based initiatives (Henneberry, [...]

This study explores the perceived benefits of a science park location in the UK for independent technology-based firms. Property needs of independent science parks firms were compared with the property needs of a 'control' group of similar firms located off-park. Factors which influenced owner-managers to locate their ventures on a science park or an off-park location were ascertained. Further, the perceived benefits of selected locations were explored. Conclusions and implications for policy-makers and practitioners are detailed., Introduction The uneven spatial distribution of technology-based firms (Keeble, 1994) and employment in these firms (Fingleton, 1994) has generated considerable research interest. It has been suggested that property-based initiatives (Henneberry, [...]

Several studies in many western developed economies have concluded that family firms account for over two-thirds of all businesses (Kirchhoff & Kirchhoff, 1987; Donckels & Frohlich, 1991; Stephenson & Montieth, [...]