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This study explores the following novel research question: Do attributes relating to the resources and signals of lead entrepreneurs, particularly prior business ownership experience quality signals, reduce the probability that entrepreneurs will be chronic credit-rationed entrepreneurs in a developing economy context with resource deficiencies? Guided by insights from signalling, resource-based view of the firm and human capital theory, profiles of credit-rationed entrepreneurs (i.e. debt finance obtained but below the amount requested) are highlighted. The length of the debt finance gap was considered with regard to temporary (over one year), major (over two years) and chronic (over three years) finance gaps. We find support for our hypotheses relating to entrepreneurs whose firms are more innovative being more likely to be chronically credit-rationed, whilst firms with partners, entrepreneurs with longer prior business ownership experience and habitual entrepreneurs are less likely to be credit-rationed. The interaction with serial or portfolio entrepreneur reduces the chronic credit-rationing problem faced by innovative firms. A case for developing linkages between inexperienced novice entrepreneurs and habitual entrepreneurs, particularly successful portfolio entrepreneurs, is made. Notably, we suggest that building upon the experienced entrepreneurs who do exist may be particularly beneficial in resource deficit contexts such as Ghana [ABSTRACT FROM AUTHOR]

Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Family firms that can leverage entrepreneurial experience and knowledge can shape local economic development. Practitioners concerned with fostering enterprise sustainability need to be aware that family firms cite contrasting goals, resource profiles and requirements. Family firms are not a homogeneous entity. The 'targeting' of support to 'types' of family firms could enable practitioners to satisfy their wealth creation and social inclusion objectives. To stimulate increased critical reflection, insights from agency and stewardship theories were drawn upon to illustrate six conceptualized 'types' of private firms based on company ownership and management structures as well as company objectives. Cross-sectional survey evidence was gathered from key informants in family firms in the UK. An agglomerative hierarchical QUICK CLUSTER analysis identified seven empirical 'types' of family firms. Four out of the six conceptualized 'types' were validated by the exploratory empirical taxonomy. Implications for policy-makers and practitioners as well as researchers are discussed. [ABSTRACT FROM AUTHOR]

Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Successive British governments have encouraged young people to accumulate skills and attributes that would enable them to obtain jobs in small and medium-sized enterprises (SMEs) as well as develop careers in enterprise. This article evaluates the contribution of the 1994 Shell Technology Enterprise Programme (STEP) that subsidised the placement of students in SMEs. In 1997, responses were gathered from STEP students as well as a control group of non-STEP students. The human capital profiles of students reporting full-time employment positions in smaller private firms as well as those reporting a favourable attitude towards self-employment or business ownership were ascertained. Participation in the programme was not found to be significantly associated with the selected outcomes. Skills and attributes honed by the programme were, however, significantly associated with the selected outcomes. Policy-makers need to appreciate that the skills and attributes reported by students associated with the propensity to obtain employment positions in smaller private firms are not the same as those associated with the propensity to report a favourable attitude towards self-employment or business ownership. [ABSTRACT FROM AUTHOR]

This paper evaluates a fellowship scheme aiming to overcome attitudinal and operational barriers towards university technology transfer. We propose barriers exist because of the focus of many academics exclusively within a peer review research network. We explore the case of the Medici Fellowship programme that was implemented in biomedical departments across five universities located in the midlands of England. Our evidence suggests that such fellowship programmes, through the retraining of academics, may have a positive impact on the commercialisation of research. In particular, the fellows, through the enhancement of their social and human capital, are able to act as agents of attitudinal change in their host departments and are seen to build bridges into external business networks that can provide early stage funding, market and legal information and help identify potential customers for nascent academic entrepreneurs. [ABSTRACT FROM AUTHOR]

A conceptual framework is extended to take into account differences between inexperienced novice entrepreneurs (that is, individuals with no prior private business ownership experience) and experienced serial and portfolio entrepreneurs. Some policymakers and practitioners are considering whether resources could be more effectively utilized if they were targeted toward serial and portfolio 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 novice, serial, and portfolio entrepreneurs are highlighted with regard to their decisions, actions, performance, and aspirations. We detected that portfolio entrepreneurs were more likely to express dimensions of entrepreneurial behavior. A case for targeted support tailored to the aspirations and needs of novice, serial, and portfolio entrepreneurs is presented. [ABSTRACT FROM AUTHOR]

Profiles of exporting and superior-performing private small and medium-sized enterprises (SMEs) are presented. Multivariate regression evidence suggests that SMEs focusing upon an offensive and market differentiation strategy of product/service protection is associated with the propensity and the intensity of exporting. Exporting SMEs are also associated with younger and manufacturing firms as well as firms with product or service quality and/or technology resources. The perceptions by SMEs of external environmental turbulence were not significantly associated with the exporting-dependent variables. Most notably, variables associated with exporting SMEs are not the same as those associated with superior firm performance. Moreover, exporting firms did not report superior levels of performance. Implications for policy-makers, practitioners and researchers are discussed. [ABSTRACT FROM AUTHOR]

This study provides insights into the characteristics and behaviour of habitual starter entrepreneurs (i.e. individuals who have established more than one business) and habitual acquirer entrepreneurs (i.e. individuals who have purchased/acquired more than one business). A human capital perspective is utilized to illustrate that the human capital accumulated by a habitual entrepreneur may influence their subsequent behaviour. Prior business ownership experience is discussed in relation to an entrepreneur's human capital accumulation, as well as their search and business opportunity identification behaviour. A case study approach is used to develop propositions that highlight the similarities and differences between habitual starter and acquirer entrepreneurs. Implications for researchers and practitioners are discussed. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

A matched sample methodology was utilized to detect ownership and management differences between first generation and multi-generation independent unquoted family companies in the UK. Chief Executive Officers (CEOs) in first generation and multi-generation companies were generally drawn from the family owning the company. Both types of companies also had small management teams. Several statistically significant differences were detected. CEOs served longer apprenticeships in multi-generation rather than first generation companies. Multi-generation rather than first generation companies were more likely to employ managers drawn from the family owning the company. In other respects, multi-generation companies generally appeared to be better managed than first generation companies. Multi-generation companies had larger boards of directors. Moreover, a larger proportion of multi-generation rather than first generation companies employed a non-executive director. Owners of both types of family companies, but particularly the owners of first generation companies may be 'control averse'. Many first generation companies (and some multi-generation companies) associated with a shallower managerial pool had failed to address this potential managerial and strategic weakness by selective use of 'outside' managerial expertise. Implications for practitioners and researchers are discussed. [ABSTRACT FROM AUTHOR]

The following broad research question is explored in this study: do manufacturing firms cite the same exporting methods and modes as those cited by firms engaged in construction or service activities? This study, therefore, addresses a major weakness associated with stage models of internationalization (i.e. a focus solely upon manufacturing firms). 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. Implications for researchers, practitioners and policy-makers are highlighted. [ABSTRACT FROM AUTHOR]

Explores the applicability of the M. Bullock model which suggests firms established to provide soft services transform over time to provide hard manufactured products. Focus on a comparative data from technology-based firms in British Science Parks; Findings showing the contribution of soft and hard Science Park firms to wealth creation and job generation.

This study revealed that the level of venture capitalist involvement in the pre-flotation as well as the post-flotation period influenced the short-run performance of JASDAQ companies in Japan. We detected that JASDAQ companies differed in several ways from NASDAQ and EASDAQ companies. JASDAQ companies tended to be larger in size. Moreover, JASDAQ companies were older than NASDAQ or EASDAQ companies when they selected an initial public offering (IPO). In part, the IPO decision was influenced by the subsequent desire of owners to realize capital gains and exit via personal share sales. Further, we found that JASDAQ companies with high levels of venture capital investment reported inferior short-run performance with regard to share value. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

This study explores the benefits of a managed science park location in the UK for independent technology-based firms. Property needs of independent technology-based firms located on managed science parks are compared with the property needs of technologybased firms located on non-managed parks. The role played by the science park manager/ director in the development of firms located on managed and non-managed science parks is also explored. Conclusions and implications for policy-makers and practitioners are detailed. [ABSTRACT FROM AUTHOR]

Presents information on a study of the potential and actual role of different forms of entrepreneur to urban and rural economic development. Identification of the importance of habitual entrepreneur; Role of enterprises in economic development; Results of the study.

Presents an article which focused on the potential of money as a mechanism for the relocalization of economic and social relations within the global community. Nature of money; Form of local currency; Discussion and conclusion.

Assesses the contribution of the 1994 Shell Technology Enterprise Programme (STEP) which subsidized the employment of students in small and medium-sized enterprises (SME) in Great Britain. Short-term effectiveness of the program; Results of the program for `host' business and participating businesses; Impact of the program on recruitment.

Based upon the presumed importance of manufacturing firms in both wealth and job generation, the majority of research in the field of new ventures over the past 20 years has focused upon this sector. However, with the down-sizing of many large organisations and the growth of spin-outs and management buy-outs, many of which continue to serve their former owners, attention has shifted to a questioning of the role of 'producer services'. This article adds to this debate by posing one broad research question: Are there any significant differences in the characteristics of new business founders and new business performance and growth between 'manufacturing' and 'producer services' business? Overall, the paper concludes that there are many more similarities than there are differences. However, the final discriminant model also confirms many of the anticipated trends. [ABSTRACT FROM AUTHOR]

Irrespective of the chosen measure of technological sophistication for a sample of independent high technology firms, the most technologically sophisticated appeared much more likely to report that a continual financial constraint had impeded firm growth, compared with the less technologically sophisticated. [ABSTRACT FROM AUTHOR]

This article looks at gender and nationality differences in the perceptions of environmental influences on business formation for a sample of entrepreneurs from Norway, New Zealand, and Great Britain. It was hypothesized that female entrepreneurs in all countries would perceive their business start-up environment to be characterized by a higher degree of resource scarcity, turbulence, and hostility than would male entrepreneurs. The results support the notion that male and female entrepreneurs perceive their business start-up environment differently, but this difference appears to be mainly due to one questionnaire item only. The national differences in perceptions of the start-up environment were greater than gender differences, and the interaction of gender and nationality was not significant. [ABSTRACT FROM AUTHOR]

Family firms are regarded as an important phenomenon throughout the world. It is, however, surprizing to note that empirical research surrounding the ambitions, ‘external’ environments and strategies of family firms is scarce. This exploratory paper addresses this research gap. To detect real rather than sample differences between independent family i and non–family unquoted companies in the UK, a matched sample methodology was utilized. In total, data was collected on 51 variables. Chi–square tests revealed 16 statistically significant contrasts between the two matched groups of companies. A discriminant analysis model, in addition, revealed the combination of variables that best dichotomized family from non–family companies. This model confirmed that family companies faced a number of unique issues that influ–enced their competitive stance. Interestingly, family companies that were resistant to change and unaware of emerging industry and market opportunities were markedly less likely to have focused upon technology concerns in order to improve their competitive position. [ABSTRACT FROM PUBLISHER]

In order to understand the reasons for marked spatial variations in business failure rates in the United Kingdom over the period 1987 to 1990 a macro-level interpretation of organizational survival was utilized. We were able to delineate empirically the environment as a set of factors that lead to the deregistration of businesses registered for Value Added Tax (VAT) purposes. Eleven factors presumed to be statistically associated with spatial variations in business failure were identified. Seven of the identified factors were statistically significantly associated with business deregistration rates. This led to the need for the development of a classification of ‘ business deregistration environments’. The process of classification and grouping allowed each of the sixty-five sub-areas of the United Kingdom to be allocated to seven contrasting and mutually-exclusive groups. Moreover, the seven groups are decidedly non-random in terms of relative deregistration rates. In conclusion, we believe this type of analysis provides; a worthwhile sampling frame for a more targeted and environmentally controlled micro-level study of the role played by a further range of factors influencing business failure. [ABSTRACT FROM PUBLISHER]

During the 1980s governments at all levels in western economies focused increasingly on new and small firms as a crucial ingredient in the development of a healthy economy. In recognition of this, in the European Community, the SME Task Force was elevated to the Twenty Third Directorate General. At the national level, governments sought to develop schemes and initiatives which would both stimulate the formation of new firms and encourage existing firms to grow. Attention was particularly focused on those areas or regions with special needs as reflected in, for example, mature and declining industries and growing unemployment. In Great Britain, these areas were selected for assisted area status and a special package of schemes designed. This paper examines the effect of these schemes by comparing the characteristics of new firm founders in non–assisted and assisted areas, their personal reasons for start–up, local culture as reflected in their personal attitudes to entrepreneurship, their perceptions of the environmental factors which affected their business at the start, and their perception of the availability of support services. [ABSTRACT FROM PUBLISHER]

An increasing body of theory suggests that some environments are more favourable than others for new firm foundation (NFF). The characteristics of favourable environments for production firm formation in the UK are isolated and then related to county-scale variations in new business registration rates over the 1980-88 period. Bivariate correlation analysis identified 24 independent variables which have a high statistical association with rates of NFF. In order to identify the combination of factors which best ‘explain’ variations in NFF, data for 16 independent variables found to be associated with rates of NFF at the 0.01 level of significance were standardized and made orthogonal by Principal Components Analysis. Three composite indices or independent variables were abstracted and labelled and the component scores for these independent variables were used in a stepwise multiple correlation and regression analysis. Results from the final model indicate that at a county level a wide range of factors ‘explain’ spatial variations in new business registration. It is inferred from the final model that a high rate of NFF is positively associated with areas having a ‘high level of self-employment, a tradition of smaller scale manufacturing and a political ethos fostering the role of the individual and self–help’ and ‘turbulent and volatile environments with a strong tradition of non-production entrepreneurship’, whilst negatively related to a ‘limited entrepreneurial and educational experience in depressed local environments where individuals have limited access to finance’. It is suggested from this model that no overriding factor can statistically explain the marked spatial variations in NFF during the ‘Thatcher’ years, 1980–88. A combination of factors best explain the spatial unevenness in this phenomenon. The residuals from the final stepwise multiple regression model suggest that targeted intervention by local development agencies has enabled more new businesses to be established in local environments than would have been expected based on the existing social and economic structure alone. [ABSTRACT FROM PUBLISHER]

In recent years there has been considerable interest in spatial differences and inequalities in the United Kingdom. Empirical evidence has indicated that there are ‘north-soudi’ contrasts with areas in the ‘soudi’ of England having recorded higher levels of economic prosperity, rates of new firm formation, levels of disposable income and ‘wealth’, and a greater tendency to retain and create jobs. These contrasts have led some commentators in the media and die popular press to suggest that these contrasts are leading to the development of a ‘divided kingdom’ rather than a United Kingdom. This study analyses die characteristics of small firms in the two locations and refutes a number of anecdotal tales and myths. The study draws upon data from 243 small firms in the Cranfield Small Firms Data Base (CSFDB) almost equally split between die ‘north’ (51%) and die ‘south’ (49%). Firms in die sample range in size from 1 to 181 employees, and from less than £99,999 to over £10 million sales turnover. Data was first subjected to univariate Chi-Squared Analysis and the results show both some clear differences and some surprising similarities. It is clear that some of the variations could be explained by industry differences. However, firms in all locations demonstrated similarities in die pattern for example of: employment size, dependence upon single products or services, customer and competitor base, use of computer technology, preference for owning rather than hiring or leasing assets, lack of training for either management or workforce, lack of formal market research, the use of solicitors and accountants as die major source of advice and information, and a lack of contact with small firms assistance agencies. The univariate analyses provided basic information about die differences between die sample firms in the ‘north’ and those in the ‘south’. In order to identify the combination of factors which best characterised the firms, a discriminant analysis was conducted using the diirteen variables found to show differences at die 0.01 level of significance. The results showed that firms in die ‘north’ are primarily firms with a large number of YTS trainees, have product liability insurance, are run by the founders, have some contact with small firms agencies, relatively small sales revenue, ‘non-local’ suppliers, received Development Board finance, and an: manufacturing firms. Firms in the ‘soudi’ are service firms with ‘local’ suppliers having no contact with Government schemes or assistance agencies but have received finance from employees. [ABSTRACT FROM PUBLISHER]

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 surrounding the characteristics and the performance of new firms and firm founders in rural as opposed to urban areas in Great Britain. It was appreciated that sample differences may overwhelm the exploratory analysis. Consequently, in order to overcome this potentially distorting influence a matched pairs methodology was utilized. Ninety matched pairs of rural and urban firms were identified. In total, data were collected on 147 variables covering the firm, the founder and the environment. Dichotomizing between the two defined area types statistically significant differences were observed with regard to only 16 variables (11%). The policy implications of the survey findings are discussed. WESTHEAD P. (1995) Les nouvelles entreprises individuelles situées dans les zones rurales et urbaines en Grande-Bretagne: une comparaison par paires assorties, Reg. Studies 29, 367–380. Cet article cherche à contribuer au débat portant sur les caractéristiques et la performance des nouvelles entreprises et des créateurs d'entreprises situés dans les zones rurales par rapport à ceux qui sont situés dans les zones urbaines en Grande-Bretagne. On s'est rendu compte du fait que des différences entre des échantillons pourraient fausser l'analyse exploratoire. Par conséquent, afin de surmonter cette possibilité, on a utilisé des ‘paires assorties’. Quatre-vingt-dix ‘paires assorties’ d'entreprises rurales et urbaines ont été identifiées. En tout, des données ont été rassemblées sur 147 variables qui englobent l'entreprise, le créateur et l'environnement. Tout en différenciant entre les deux types de zones ainsi délimitées, il s'est avéré que seulement 16 variables (à savoir 11%) ont démontré des différences significatives du point de vue statistique. On discute des implications de l'enquête pour la politique. WESTHEAD P. (1995) Von Eigentümern betriebene Unternehmen in ländlichen und städtischen Gebieten Großbritanniens: ein Vergleich gut zu einanderpassender Paare, Reg. Studies 29, 367–380. Dieser Aufsatz stellt einen Beitrag zu der Debatte um Eigenschaften und Leistung neuer Firmen und Firmengründer in ländlichen im Gegensatz zu städtischen Gebieten Großbritanniens dar. Es versteht sich, daß Stichprobenunterschiede den Rahmen den Forschungs-analyse sprengen. Um diesen potentiell verzerrenden Einfluß zu überwinden, wurde deshalb eine Methode ‘zu einander passender Paare’ benutzt. Es wurden neunzig ‘zu einander passende Paare’ ländlicher und städtischer Firmen identifiziert, und insgesamt Daten von 147 Veränderlichen in Bezug auf Firma, Gründer und Umwelt gesammelt. Bei der Unterscheidung der zwei festgelegten Gebietstypen ließen sich bei nur 16 Veränderlichen (11%) statistisch signifikante Unterschiede beobachten. Die Implikationen der Untersuchungsbefunde für die Wirtschaftspolitik werden besprochen. [ABSTRACT FROM PUBLISHER]