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The purpose of this paper is to move beyond individual level characteristics of founders to explain the performance gap between white and black majority owned new ventures. It specifically investigates three potential mediators: demographic characteristics of venture’s location, financial size of the venture and its credit riskiness.

The Kauffman Firm Survey, a longitudinal data set of 4,928 new ventures started in the USA in 2004, has been utilized in this paper. Pooled OLS and Logit regression models were employed for direct effects. Mediation effects were tested using two different approaches: the Baron and Kenny approach and decomposition analysis.

The paper finds that the financial size and credit riskiness mediate the relationship between majority race ownership and the performance of a venture.

The data were collected for a single cohort (2004) of nascent firms; furthermore, the sample draws from firms based in the USA. Future studies could replicate this research utilizing samples of different cohorts and from other parts of the world.

The paper provides important guidance to policy makers. In general, to reduce the performance gap between black and white owned ventures, providing access to subsidized assets, capital and credit could be very helpful.

Past research suggests that the majority race ownership of a new venture impacts its performance and attributes these differences to heterogeneous endowments, usually of the primary owner. In this paper, analyses are conducted at multiple levels and new mechanisms through which the internal resources and capabilities of a new venture mediate the relation are discovered.

This study aims to analyze the contribution of business angels (BAs), defined as wealthy individuals who provide risk capital to entrepreneurial firms without family connections, in Estonia, an emerging country in Eastern Europe.

This study compared the data of the financial and non-financial performance of BA-backed firms with that of “twin” non-BA-backed firms, extracted from all Estonian unlisted firms using propensity score matching.

The results of the comparative analysis showed that BAs were patient enough to allow their investees to spend for future growth rather than squeezing profit from increased sales. This is not patience without options for a BA in a situation in which the investee's sales are deteriorating, but rather deliberate patience in the presence of options for a BA where the investee's sales growth is increasing, contrary to conventional investor behavioral principles. It also showed that BAs' post-investment involvement did not make a direct contribution to their investees' sales, although BAs contributed to the sales increase through BA funding itself.

This study has two unique research contributions. First, it shows that the patience of BAs was not a by-product but was intentional, and adds to the debate on whether BAs are patient investors. Second, there are only a few studies on the contribution of BAs to their investees in emerging countries; this study aims to help fill this research gap using the case of Estonia.

This study aims to investigate the impact of international diversification on the value and operating efficiency of European real estate firms.

The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured via the negative of the Herfindahl–Hirschman Index (HHI) using property-level data. Firm value and operating efficiency are proxied by financial ratios observed annually from 2002 to 2021 at the firm level.

The results demonstrate that international diversification has a negative effect on firm value. Additionally, it lowers operating efficiency by weakening a firm's ability to generate operating earnings from its assets. By examining whether the reduction in operating efficiency is due to the rental income channel or the capital gains channel, the authors find strong statistical evidence that international diversification negatively impacts capital gains. International diversification is negatively associated with net gains from property valuations (unrealized capital gains) and net profits from property disposals (realized capital gains).

The empirical analysis is limited to Europe.

This paper extends the geographical diversification literature. While existing literature focuses on domestic diversification within the United States, this paper explores the effects of international diversification on European real estate firms. To the extent of the authors' knowledge, this is the first paper to examine the impact of geographical diversification on capital gains.

This study aims to investigate the influence of economic policy uncertainty (EPU) and geopolitical risk (GPR) on corporate cash holding level and speed of adjustment (SOA) in one of the most important emerging markets in the Middle East and North Africa, Saudi Arabia. It also investigates whether Shariah-compliance as well as financial constraints affect the relationship between both EPU and GPR and corporate cash holdings.

The study employs GMM regression considering a sample of 140 nonfinancial firms drawn from the Saudi stock market over the period 2002 to 2019.

The authors find evidence in support of the precautionary motive hypothesis. Facing costly external financing induced by economic policy-related uncertainty and geopolitical tension, Saudi firms tend to accumulate cash as a buffer against negative shocks to their cash flows. The results also show that the positive impact of EPU and GPR on the level of cash holding is less pronounced in Shariah-compliant firms, whereas it is more pronounced in more financially constrained firms. Evidence also reveals that the estimated adjustment coefficients show that Saudi firms adjust more quickly toward their target cash ratio in periods of high economic instability and geopolitical risks.

This study has important implications for managers, policymakers and regulators. For managers, the study is an important reference to understand and design cash management policies by considering factors measured at the country level. More specifically, managers should pay more attention to periods of heightened uncertainties and geopolitical tensions in which the availability of funds is reduced. For policymakers and regulators, this study may be useful in assessing the effect of economic instability on firm’s cash holding decision. Therefore, in an effort to increase the supply of external financing available to firms, policymakers may devise investment friendly environment by controlling country-specific factors.

This paper shows how EPU and GPR as institutional environment factors affect cash holding decision in an oil-rich country.

The paper examines the impact of foreign direct investment (FDI), either greenfield investment or cross-border mergers and acquisitions (M&As), on domestic entrepreneurship.

This paper uses a panel dataset of 104 countries over ten years from 2006 to 2015 and multiple econometric techniques to control for potential endogeneity bias.

FDI, both in the form of greenfield investment and cross-border M&As, exerts positive spillover that encourages domestic entrepreneurial activities. While the benefit of greenfield investment in entrepreneurship is more pronounced in countries with higher levels of market capacity and institutional support, that of cross-border M&As is not influenced by these factors. On the other hand, human capital is important in promoting the positive effects of both types of FDI, and unless the level of human capital in the host economies reaches a certain threshold, greenfield investment can adversely affect domestic entrepreneurship.

Policies toward FDI need to focus on promoting the driving forces behind FDI spillover to counteract the potential negative crowding-out effect of FDI.

The paper contributes to the existing literature investigating the impact of FDI on domestic entrepreneurship by distinguishing between the two FDI modes of entry and taking into account the moderating effects of sociopolitical characteristics of the host economies.

Malaysia is one of the fastest-growing Asian economies with a properly designed and developed Islamic financial system. This unique feature of the Malaysian economy made it an important case study, and the purpose of this study is to assess for the dynamic contribution of Islamic finance to the growth of the real economy.

The study uses a quarterly data set of 20 years analysed via the autoregressive distributive lag bounds test approach to cointegration.

The results in the short-run show a non-significant relationship between Islamic banking indices and the real economy. However, in the long-run, financing and deposits of Islamic banks are favourable and contribute significantly to the growth of the Malaysian economy. There was an accumulation of meaningful and wide-ranging investment over the period of the study and productivity of capital was also extra-efficient. The direction of causality is found to be bidirectional between Islamic banking deposits and Malaysian gross domestic product (GDP), but there is a weak causal effect from Islamic banking financing to GDP.

Malaysia has a dual financial system (conventional and Islamic) and both can affect its real economy. This research is limited to Islamic banking’s effects on Malaysian economic growth. The research also limits the scope and coverage for 20 years, from 1998 to 2017 to cover the years for which data is available for all the variables used in the study.

The results confirm that the Islamic banking sector in Malaysia is performing well in carrying out its major function of financial intermediation, which is the pooling and channelling of funds to productive investment activities. Consequently, the fact that Malaysia excels in Islamic finance is not a fluke. It is because of the effective performance of Islamic financial institutions in the country. Furthermore, Malaysian authorities are doing their level best in promoting Islamic financial activities.

The study fulfills the need to uncover the relationship between the Islamic financial system and the real economy in Malaysia. It differs from other studies as it uses the most recent available data, introduces new variables and identifies the channel by which Islamic banking development transmits growth.

This paper aims to investigate the link between agency costs mitigation via three levels of rights protection (minority rights protection, enforcing contracts, resolving insolvency issues) provides the propitious climate for financing investment opportunities around the world.

We use Bartlett’s three-group method to stratify countries based on how well they protect investors as measured by the scores provided in the Doing Business dataset developed by the world bank for 189 countries. We then test a variety of independent hypotheses that the alleviation of agency costs via three levels of protection (minority investors’ rights, contract enforcement, resolving insolvency issues) is associated with better access to credit via the banking system, better valuation of listed firms via the stock market and higher investment and growth.

Our findings support Agency Theory which explains why the absence of legal protection of external investors leads to stock markets and financial institutions failing to fulfill their role of financing the economy.

The policy implication from this study indicates that countries ought to (1) develop legislation that protects investors’ rights, (2) improve the quality of their judicial system in terms of enforcing the legislation and (3) build the framework for resolving disputes during insolvency as these are important ingredients for a developed financial system.

We use the World bank dataset and a new methodology to quantify the significance of the relationship between minority rights protection, ineffective enforcement, lack of bankruptcy laws and access to firm financing via the banking sector and the stock market. It provides new evidence that the quality of the judicial system in a country matter for firms’ ability to raise financing and enhance value creation.

本文旨在探討一個假設，該假設為透過三級別權利保障（保障少數群體的權利、執行合同、解決破產問題）的代理成本緩減會為世界各地的金融性投資機會提供良好的氣侯。

我們以巴特利特（Bartlett）的三組法把國家分組，分組方法是基於該國家保障投資者的程度，而保障程度是以世界銀行為189個國家而制定的營商資料集內提供的評分來衡量的。我們把國家分組後，便就各樣的獨立假設進行測試。這些假設是：透過三級別保障（保障少數股權投資者的權利、合同的執行、解決破產問題）的代理成本緩減是連繫於透過銀行系統而產生的更佳信貸途徑，透過股市的更佳上市公司估值及更高的投資和增長。

研究結果証實了代理理論，該理論說明為何當外來投資者沒有得到法律保障時，結果會導致股票市場和金融機構不能履行其為經濟提供資金的角色。

本研究具有政策方面的意義，因研究顯示了國家應該：（1）設立保障投資者權利的法律；（2）在執行法律方面，改善其司法系統的素質；（3）建立解決破產時爭議的體系。這些是應該做的，因它們是一個已發展的金融體制的重要元素。

本文強調了一個保障投資者權利的法律環境所需的三個特定要素：對少數股權投資者權利的保障、有效的執行、有效的破產法律及透過銀行部門和股票市場而取得公司融資。這提供新的證據, 證實這三級別權利保障對公司籌集資金及提高價值創造的能力而言至為重要。

This paper aims to illustrate where facility management (FM) is having an impact on the urban environment and what other work needs to be done to easier facilitate achievement of the sustainable development goals (SDGs). This is important for practices as it highlights opportunities where the FM discipline can develop and to research to illustrate where the discipline is going. The societal benefit is that we see Urban FM as an intermediator between citizens, public and private practices providing the platform of how they can work together for mutual benefit.

The method used is a literature review, looking latest state-of-art in the mentioned field has been assessed and the developments along with potential future research focuses, have been identified. The current scope to expand FM role were also taken into consideration from a recent workshop at the EuroFM conferences 2019 and 2020, several presentations at the CIB World Congress Hong Kong 2019, CIRRE 2018 and 2019, and special Facilities’ issue, illustrating how FM works within Urban environments and the potential contribution the discipline makes on neighbourhoods, communities and broader city-scale.

The authors present how FM fits in with a Smart and Sustainable City context by positioning communities as core for meeting SDGs, but they often fall out of needs perspective for hard and soft services. Since 2018, the authors have intensely worked on this topic developing conference papers at both a European and international level. The topic of Urban FM is growing in importance based on out interactions at these conferences and interactions with FM network groups. In addition, the authors have been identifying gaps, with communities that are currently not being met by current urban practice perspectives but could be met through an Urban FM practice perspective. They have engaged an educational perspective of Urban FM by developing workshops, summer schools with students from around Europe and new courses. With a specific focus on this concept, it is important to branch out ideas and disseminate of what a more structured urban FM is.

Smart and Sustainable Cities has been a focus for many years now from various perspectives such as urban planning and technology providing solutions and frameworks on how to manage increasing populations in cities. What these studies neglect is a service-oriented perspective supporting the livability requirements and social values of future and current communities living in cities which goes beyond operating and maintaining infrastructure of cities. This neglect which highlights the need to develop an understanding where FM expands its role in the urban environment.

The aim is to highlight solidify research that is happening in this area where FM links to the urban environment and the benefit it has in terms of sustainability. It illustrates to practice and teaching that the concept of FM is relevant within an urban environment, creates stronger connections within and between citizens and cities and illustrate how Urban FM is necessary in facilitating community facilities.

High-growth firms generate a large share of new jobs and are thus the key drivers of innovation and industry dynamics. As the employees' education supports innovation and productivity, this article hypothesizes that employee competences explain high growth.

The study approaches this by examining intangible capital and specialized knowledge to evaluate how these characteristics support the probability of becoming a high-growth firm. The estimation uses linked employer–employee data from Danish registers from 2005 to 2013.

As the authors measure high growth with the size-neutral Birch index, they can examine the determinants of high growth across different firm size classes. The findings imply that intangible capital relates positively to the firm's high growth.

Previous research on high-growth firms is concentrated on the owners’ education. This article broadens to the high education of all employees and accounts for the employees’ occupation and capitalization of knowledge with intangible capital.