Journal of Small Business Management

Articles from Vol. 45, No. 1, January

A Note on Agency Conflicts and the Small Firm Investment Decision
This paper explains how agency conflicts--and potential agency conflicts--can influence the investment decisions of small firms, and provides evidence of these effects using data from a recent survey of small firm investment practices. The survey asks...
Board Composition in Small and Medium-Sized Family Firms
This study focuses on the determinants of board composition in Belgian small and medium-sized family firms. It extends the empirical literature on board composition in private small and medium-sized family enterprises by integrating several dimensions...
Distinguishing Economically from Legally Formal Firms: Targeting Business Support to Entrepreneurs in South Africa's Townships
Although the government of South Africa (SA) has formally adopted a policy of proactive support of entrepreneurship, providing business assistance to all of its entrepreneurs is beyond SA's financial and human resource capabilities. This study utilizes...
Investment Patterns of Informal Investors in the Alberta Private Equity Market
This study identifies three main types of informal investors in private equity markets: relationship investors, opportunity-based investors, and angel investors. We find evidence that the first two investor types are a major total source of capital...
On Governance and Agency Issues in Small Firms
The study of small businesses has received limited attention by financial economists. This volume makes important strides in redressing this oversight. I believe that small businesses offer important research opportunities but also present substantial...
On Government Programs That Increase Small Firms' Access to Capital
This comment addresses two interesting research projects in the field of entrepreneurship. The papers under discussion are Bradford (this issue) and Craig, Jackson, and Thomson (this issue). Both of these papers represent strong and effective research...
On Investing in the Equity of Small Firms
This comment provides a brief discussion of the roles of different investors in small business firms. It then evaluates the contribution made in papers by in this issue by Robinson and Cottrell on informal investors in Alberta, Canada, and by Pintado,...
On Lending to Small Firms
Lending to small firms is difficult because of the problems of information asymmetry. Innovative ways to address these problems have the potential to increase credit availability to these firms. The papers in this section provide a discussion of two...
Small Business Credit Scoring and Credit Availability
U.S. commercial banks are increasingly using small business credit-scoring models to underwrite small business credits. The paper discusses this lending technology, evaluates the research findings on the effects of this technology on small business...
Small Enterprise Finance, Governance, and Imperfect Capital Markets: An Introduction to the Inaugural Office Depot Forum Special Issue
This special issue is based on the papers and discussant reports presented at the inaugural Office Depot Forum, whose theme was "Small Enterprise Finance, Governance, and Imperfect Capital Markets." The forum covered topics such as venture capital,...
Small Firm Finance, Credit Rationing, and the Impact of SBA-Guaranteed Lending on Local Economic Growth
Increasingly, policymakers look to the small business sector as a potential engine of economic growth. Policies to promote small businesses include tax relief, direct subsidies, and indirect subsidies through government lending programs. Encouraging...
The Question of Sustainability for Microfinance Institutions
Microentrepreneurs have considerable difficulty accessing capital from mainstream financial institutions. One key reason is that the costs of information about the characteristics and risk levels of borrowers are high. Relationship-based financing...
Venture Capital in Spain by Stage of Development
This paper examines the investment decisions of 51 Spanish venture capital firms by stage of development. The results showed that venture capitalists ranked evaluation criteria related to the characteristics of the entrepreneurs, manager background,...
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