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  • 1
    Electronic Resource
    Electronic Resource
    The strategic orientation of owner-managers of small ventures: Evidence from the UK small business economy (2003)
    Bingley : Emerald
    International journal of entrepreneurial behaviour & research 9 (2003), S. 185-214 
    Details
    ISSN: 1355-2554
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This explorative research paper considers the strategic development objectives of small owner-managed ventures in order to have an insight into how to systematically categorise the heterogeneous owner-managed small business economy. It commences with a review of the literature and other studies pertinent to the strategic objectives of small business owner- managers from which the general research hypothesis is established; small firms have a variant form of strategic orientation owing to a plethora of internal (behavioural) and external market economic factors. This is followed by the research methodology and statistical analysis of a database which incorporates the views of 922 small firm owner-managers on strategic objectives. The empirical evidence identifies four generic clusters of owner-managers namely: growth stars, exiteers, survivors, and controllers. In order to throw more light on the profile of the variant clusters of owner-managed small firms, the paper briefly examines the inter-relationship of small business strategic orientation with structure (e.g. size, age, sectoral distribution), behaviour (e.g. legal form, family business control) and performance (e.g. growth, profitability). In conclusion, some tentative policy implications from the perspective of management, service providers (financiers and advisors) and policy makers, are discussed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/13552550310488929
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    A model of capital structure decision making in small firms (1998)
    Bradford : Emerald
    Journal of small business & enterprise development 5 (1998), S. 246-260 
    Details
    ISSN: 1462-6004
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Although earlier capital structure theories, grounded within the finance paradigm (agency theory, transaction cost theory etc), have contributed to a deeper understanding of the capital structure puzzle, recent efforts suggest that research for the missing pieces of the puzzle should continue. This paper considers that these missing pieces of the puzzle could be diverse non-financial and behavioural factors influencing capital structure decisions, that have received relatively little attention from finance researchers. The paper reports on an exploratory attempt to use interview techniques for the study of capital structure in small firms. Interviews can provide evidence about non-financial and behavioural variables that quantitative analysis cannot. The paper develops a model for understanding capital structure decision making in small firms. It analyses the responses of small business owners/managers concerning the management of the financial structure of their firms and the factors that influence their capital structure decisions. Small business owners' responses indicate that although a number of different financial variables may affect their capital structure decisions, other non-financial and behavioural factors such as the need for control, risk propensity, experience, knowledge and goals may be more important in influencing the capital structure of their firms, at any time. The results indicate that significant progress in understanding the factors that influence capital structure may be achieved if financial researchers incorporate management theory in their studies, so that financial as well as non-financial and behavioural factors are explored.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/EUM0000000006786
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    Paper (German National Licenses)
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  • 3
    Electronic Resource
    Electronic Resource
    Evidence on the tax and investment affairs of small firms (1999)
    Bradford : Emerald
    Journal of small business & enterprise development 6 (1999), S. 7-25 
    Details
    ISSN: 1462-6004
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This paper documents the findings from an extensive postal survey conducted in 1997-98, which looks at the tax affairs of small firms, both incorporated and unincorporated. Tax planning practices of small firms in the UK, and the implications of these practices on working capital and investment in these businesses, are considered. The results indicate that tax planning in most small firms is not very sophisticated and this has an effect on investment decisions in these businesses. As a result of poor tax planning practices small firms are not in a position to utilise fully all available tax reduction mechanisms. Instead they have to rely on mechanisms that can be decided upon after the accounting year end; unfortunately these involve the withdrawal of money from the business (eg pension schemes, salaries/bonuses). The results presented in this paper illustrate that the decision concerning the level of pension fund contributions and drawings/salaries, and subsequently the level of retained profits, will depend on both financial (business needs and market characteristics) as well as non-financial (management characteristics) factors. However, the present combination of these factors in the small business sector favours the extraction of profits out of the business rather than the reinvestment of profits that will enhance the creation of wealth and employment. Based on the beliefs and expectations of small business owner/directors a number of tax incentives are discussed that the government could introduce in order to enhance the financial development and prosperity of small firms.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/EUM0000000006671
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    Paper (German National Licenses)
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  • 4
    Electronic Resource
    Electronic Resource
    Chinese entrepreneurship: the development of small family firms in China (2002)
    Bradford : Emerald
    Journal of small business & enterprise development 9 (2002), S. 383-399 
    Details
    ISSN: 1462-6004
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This explorative paper considers the recent developments in the emerging small family business sector in post-reform China as the country embraces socio-economic and structural transition from a centrally planned to a market-orientated system. The important contributions that Chinese small family firms play in the acceleration of private sector development across the social and industrial sectors as well as the geographic boundaries of the Pacific Rim are highlighted. The authors propose typologies of Chinese entrepreneurship and tentative enterprise policy recommendations for the future development of small private family businesses in China.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/14626000210450568
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  • 5
    Electronic Resource
    Electronic Resource
    A problem-based phenomenological growth model for small manufacturing firms (1999)
    Bradford : Emerald
    Journal of small business & enterprise development 6 (1999), S. 139-152 
    Details
    ISSN: 1462-6004
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: The development of small firms tends to follow certain growth patterns usually referred to as business growth models. This paper reports on the conceptualisation of a "problem-based phenomenological life cycle model", which delineates the growth pattern of micro and small manufacturing firms in Cyprus. The empirically validated model offers guidance to small business managers, financiers and advisers as to the challenges and growth complexities accompanying the transitions taking place in small businesses as they develop along their organisational life cycle. Enhanced understanding of the barriers to the development of small business contributes to the better design of policy initiatives that seek to foster the survival, sustainable growth and prosperity of small enterprises.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/EUM0000000006674
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    Paper (German National Licenses)
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  • 6
    Electronic Resource
    Electronic Resource
    Guest editorial A commentary on family business entrepreneurial developments (2004)
    Bingley : Emerald
    International journal of entrepreneurial behaviour & research 10 (2004), S. 7-11 
    Details
    ISSN: 1355-2554
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Introduces the special issue which focuses on family business entrepreneurial developments. Outlines the articles in the issue which not only increase our repository of family business research, but also provide useful insights for new research addressing topics such as family business centred ethnic entrepreneurship, "interpreneurship" and "intrapreneurship", succession planning, financial philosophies; governance-boards, consultation-communication practices, and strategy formulation.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/13552550410521344
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    Paper (German National Licenses)
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  • 7
    Electronic Resource
    Electronic Resource
    The views of UK family business owners on flotation (2004)
    Bingley : Emerald
    International journal of entrepreneurial behaviour & research 10 (2004), S. 106-126 
    Details
    ISSN: 1355-2554
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This empirical research paper draws evidence from a database of UK independent private companies (n=250) and reports on the financial aspirations of owner-managers of family firms with respect to the flotation route. Following a brief review of the literature, the paper proceeds with an introduction of the UK survey into the financial development of private SMEs. Then evidence is presented on the perceived factors that influence the decision of owner/directors of family companies to consider the flotation option. Phase A employs univariate statistical analysis to contrast financial philosophies of the owner-managing directors (OMDs) of family firms against those of their mainstream private counterparts. Phase B employs cluster analysis to categorise sample family companies into four generic groups that evidently highlight that the PLC route is not always tailored to financial issues. The empirical results demonstrate that the financial strategies of family companies are more or less in line with the behavioural issues shaping all private companies irrespective of family control. Finally, the paper concludes with a set of tentative policy implications. To encourage the public equity development of smaller privately held companies, particularly family firms, there is scope for more policy initiatives that are tuned to the "socio-behavioural-cultural" ethos of private-OMDs as they master their corporate and entrepreneurial odyssey.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/13552550410521407
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    Paper (German National Licenses)
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  • 8
    Electronic Resource
    Electronic Resource
    Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data (1999)
    Springer
    Small business economics 12 (1999), S. 113-130 
    Details
    ISSN: 1573-0913
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article utilises up-to-date financial panel data, and investigates the capital structure of small and medium sized enterprises (SMEs) in the U.K. Different capital structure theories are reviewed in order to formulate testable propositions concerning the levels of debt in small businesses, and a number of regression models are developed to test the hypotheses. The results suggest that most of the determinants of capital structure presented by the theory of finance appear indeed to be relevant for the U.K. small business sector. Size, age, profitability, growth and future growth opportunities, operating risk, asset structure, stock turnover and net debtors all seem to have an effect on the level of both the short and long term debt in small firms. Furthermore, the paper provides evidence which suggest that the capital structure of small firms is time and industry dependent. The results indicate that time and industry specific effects influence the maturity structure of debt raised by SMEs. In general terms, average short term debt ratios in SMEs appear to be increasing during periods of economic recession and decrease as the economic conditions in the marketplace improve. On the other hand, average long term debt ratios exhibit a positive relationship with changes in economic growth.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008010724051
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    Paper (German National Licenses)
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  • 9
    Electronic Resource
    Electronic Resource
    Taxation and the Performance of Technology Based Small Firms in the U.K. (2000)
    Springer
    Small business economics 14 (2000), S. 11-36 
    Details
    ISSN: 1573-0913
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper analyses a database of U.K. small companies in order to establish the profile of Technology Based Small Firms (TBSFs) in terms of their demography, financial structure and performance, and tax affairs. Following the evaluation of the impact of direct taxation on the high technology small companies, compared to that of their low technology counterparts, the paper briefly discusses the current policy debate about the nature and appropriateness of tax-based incentives for the development of this strategically important scale and type of enterprise.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008135432319
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    Paper (German National Licenses)
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