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Bootstrapping is a practitioner-based term adopted in entrepreneurship to describe the techniques employed in micro, small and medium-sized enterprises (MSMEs) to minimise the need for external funding by securing resources at little or no cost and applying strategies to effectively use resources. Working capital management (WCM) is a term used in financial management to define a set of practices used to manage business resources, including cash management. This paper explores the overlap and divergence between these two disciplinary distinct concepts.

A dual methodology is employed. First, the usage of the two terms in prior literature is analysed and synthesised. Second, the study uses factor analysis to explore how bootstrapping practices described by owners of 167 established MSMEs relate to the components of WCM in financial management.

The factor analysis identifies two main bootstrapping practices employed by MSMEs: (1) delaying payments and owner-related bootstrapping and (2) customer-related bootstrapping. Delaying payments is an integral practice in trade payables management and customer-related bootstrapping includes practices that are integral to trade receivables management. Therefore, links between bootstrapping practices and WCM practices are firmly established.

The study is not without limitations. Based on cross-sectional evidence for established firms in Ireland only, future studies could explore cross-country longitudinal panel data to fully examine life cycle and sectoral effects, as well as other external shocks (for example, COVID-19) on bootstrapping and WCM practices. This study does not explain why some factors (for example, joint utilisation and inventory management) are present in some bootstrapping studies and not in others; further case study research might help explain this. Finally, changes in the business environment facing start-ups and established enterprise, including increased digitalisation, online trading, self-employment, remote hub working and sustainability, offer new avenues for bootstrapping research.

This is the first study to comprehensively explore the conceptual and empirical links between bootstrapping and WCM. This study will enable researchers and practitioners in these two distinct disciplines to learn from each other. Accounting researchers and practitioners can broaden their understanding of how WCM “works” in MSME settings. Similarly, entrepreneurship researchers and practitioners can deepen their understanding of how bootstrapping can be adopted by businesses to manage resources effectively.

Despite agreement on the importance of adopting governance structures for developing competitive advantage, we still know little about why or how governance mechanisms are adopted in the first place. We also acknowledge that family businesses with formal governance mechanisms in place still resort to informal means to make decisions, and we lack knowledge about why certain governance mechanisms are sometimes, but not always, effective and functional. Given these research gaps, and drawing on institutional theory, we aim to explore: How are governance structures adopted and developed in family firms? Once adopted, how do family businesses perceive these governance structures?

Using Mokken Scale Analysis, a method suitable to uncover patterns/sequences of adoption/acquisition over time, we analyze a dataset of 1,488 Spanish family firms to explore if there is a specific pattern in the implementation of governance structures. We complement the analysis with descriptive data about perceived usefulness of such structures.

Our findings highlight two important issues. Family businesses follow a specific process implementing first business governance (board of directors, then executive committee), followed by family governance (family council then family constitution). We suggest they do so in response to institutional pressures, given the exposure they have to business practices, and their need to appear legitimate. Despite formal adoption of governance structures, family businesses do not necessarily consider them useful. We suggest that their perception about the usefulness of the implemented governance structures may lead to their ceremonial adoption, resulting in a gap between the implementation and functionality of such structures.

Our article contributes to the family business literature by bringing novel insights about implementation of governance structures. We take a step back to explain why these governance mechanisms were adopted in the first place. Using institutional theory we enrich governance and family business literatures, by offering a lens that explains why family businesses follow a specific process in adopting governance structures. We also offer a plausible explanation as to why governance structures are ineffective in achieving their theorized role in the context of family businesses, based on the family's perception of the unusefulness of such structures, and the concept of ceremonial adoption.

There is no single recipe that can serve the multiple needs of different family businesses. This indicates that family businesses may need diverse levels of development and order when setting up their governance structures. Accordingly, this study constitutes an important point of demarcation for practitioners interested in examining the effectiveness of governance structures in family firms. We show that an important pre-requisite for examining the effectiveness of governance structures is to start by investigating whether these structures are actually being used or are only adopted ceremonially.

Our paper expands current knowledge on governance in family firms by taking a step back hinting at why are governance structures adopted in the first place. Focusing on how governance is implemented in terms of sequence is novel and relevant for researcher and practitioners to understand how this process unfolds. Our study uses institutional theory, which is a strong theory to support the results. Our paper also uses a novel method to study governance structures in family firms.

This study aims to systematise the links between firms’ strategies (corporate and business) and the cluster dynamics (through the cluster life cycle [CLC] perspective) and propose an integrative framework bridging firms’ strategic behaviour and cluster dynamics (CLC).

The methodology used is an integrative literature review, which provides a distinctive form of research.

The study identifies several links between firms’ strategies (corporate and business) and the cluster dynamics (CLC), namely: (1) firms’ strategies as a triggering factor of cluster evolution; (2) firms’ strategies and path's decline; (3) firms’ strategies and cluster’s renewal; (4) resilience strategies and the cluster life cycle; and (5) cluster’s features and firms’ strategies.

This study contributes to developing strategic management theory and cluster theory by bridging firms' strategies and cluster dynamics (CLC). It proposes a new conceptualisation of the impact of cluster dynamics on firms' strategic choices – firstly, it proposes a specific approach to identify the CLC; and secondly, it develops an integrative framework model that relates firms' strategies and each stage of the CLC. These are theoretical tools relevant for further advancements in this area of research, as they can be applied in studies of different clusters for validation, something that was not done.

The integrative framework is expected to be helpful to company managers, allowing them to design better strategies that account for dynamic cluster environments.

This study aims to fill this gap in the literature by systematising the links between firms' strategies (corporate and business) and the cluster dynamics (CLC).

This study aims to analyse the effects of Economic Policy Uncertainty (EPU) on the return of growth/value and small/large-cap stocks during expansionary and recessionary periods across a conditional distribution.

The authors selected a sample covering the period between 01/1995–05/2021. Quantile regressions were applied to the EPU and Russell indices. Business cycles were established following the NBER.

The results show that EPU has a negative effect on stocks with the intensity of the effect depending on the stock's profile. Small-cap and growth stocks were found to be most sensitive to EPU, especially during recessions. The negative effect is moderated by the economic cycle but is progressively diluted at the lower tail of the stock return distribution.

The findings shed more light on investment strategies for growth/value investors that pursue opportunities arising from a changing economic cycle.

This study makes the following contributions: (1) explores the impact of EPU on the return of different stocks across a conditional distribution, and (2) provides evidence on how the economic cycle influences EPU impact on growth/value stocks and small/large stocks.

:本研究擬分析跨條件分佈、以及於擴張期和衰退期,經濟政策不確定性對成長型股票/價值股和小盤股/大型股的收益的影響。

我們選擇了涵蓋1995年1月與2021年5月期間的樣本進行研究。我們於經濟政策不確定性指數和羅素指數上採用分位數迴歸法進行研究; 並跟隨著美國國家經濟研究局,建立了多個經濟週期。

研究結果顯示,經濟政策不確定性對股票是有負面影響的,而影響的強度則視乎股票的投資組合而定。我們發現,小盤股和成長型股票對經濟政策不確定性是非常敏感的,尤其是在經濟衰退期間。這負面影響會被經濟週期緩和,唯這緩和作用卻會在股票收益的低尾處逐漸減輕。

研究結果使我們更容易理解為尋找因經濟週期改變而衍生的機會的增長/價值投資者所提供的投資策略。

本研究有以下的貢獻:(一) 、 探究了經濟政策不確定性對跨條件分佈、不同的股票收益的影響; (二) 、為經濟週期會如何左右經濟政策不確定性對成長型股票/價值股和小盤股/大型股的影響,提供了證據。

This study describes how maintenance capability should be created during the design and construction phases of construction projects. Purpose of the abstract to define the elements for creating the maintenance capability and the process to be used in construction life cycle projects for buildings.

An inductive and qualitative research method was used to construct the proposed process based on the literature and 18 interviews in two large construction companies.

The results indicate that the maintenance phase is usually overlooked during the design and construction phases, and capabilities are not systematically built. In particular, processes are lacking in data management, causing severe problems in maintenance.

This study presents a process including key requirements and activities for creating maintenance capability in conjunction with the design and construction phases, which is novel to the literature. The validated process can be adapted based on the needs of the construction company.

The circular economy business models (CEBMs) provide ways for firms operating in the construction industry to move from a linear to a circular approach. Thus, this study aims to explore CEBM research within the construction sector to show the focus area of studies, highlighting new areas that require attention.

This study adopted a bibliometric approach, using the Scopus database as the data source. The keywords used for paper extraction from the database were “circular economy business” OR “circular business” AND “model” OR “models” AND “construction industry” OR “building industry”. The VOSviewer software was then used to prepare a co-occurrence and co-authorship map based on the bibliographic data gathered.

The study’s findings reveal five research clusters in the construction industry. These clusters include circular construction intelligence, modular business modelling, eco-construction, sustainable construction economics and smart energy-efficient buildings. The two most cited scholars had two publications each, while the top journals are the Journal of Cleaner Production and Sustainable Production and Consumption. This study concludes that there is a need for research within the construction sector to focus on CEBMs’ archetypes and frameworks. This will enable a smooth transition from linear to circular business models in the sector.

The information was gathered from a single database, Scopus; hence, using other databases, including Web of Science, Google Scholar and Dimensions, might produce more articles for examination and, consequently, different findings on the subject under investigation.

These findings would assist researchers in considering the areas mentioned, which are yet to receive attention, and, by extension, enhance economic development while maintaining environmental sustainability.

This paper made a significant contribution to the body of knowledge by identifying scholars and platforms that have been instrumental in advancing CEBM research and highlighting new areas that require attention in the construction sector.

Policy for women's entrepreneurship is designed to promote economic growth, not least in depleted rural areas, but very little is known about the contributions of rural women entrepreneurs, their needs or how the existing policy is received by them. Using a theoretical framework developed by Korsgaard et al. (2015), the authors analyse how rural women entrepreneurs contribute to rural development and discuss the implications for entrepreneurship policy. This paper aims to focus on the aforementioned objectives.

The authors interviewed 32 women entrepreneurs in rural Sweden representing the variety of businesses in which rural Swedish women are engaged. The authors analysed their contributions to rural development by analysing their motives, strategies and outcomes using Korsgaard et al.’s framework of “entrepreneurship in the rural” and “rural entrepreneurship” as a heuristic, interpretative device.

Irrespective of industry, the respondents were deeply embedded in family and local social structures. Their contributions were substantial, multidimensional and indispensable for rural viability, but the policy tended to bypass most women-owned businesses. Support in terms of business training, counselling and financing are important, but programmes especially for women tend to miss the mark, and so does rural development policy. More important for rural women entrepreneurs in Sweden is the provision of good public services, including for example, schools and social care, that make rural life possible.

Theoretically, the findings question the individualist and a-contextual focus of much entrepreneurship research, as well as the taken-for-granted work–family divide. How gender and how the public and the private are configured varies greatly between contexts and needs contextual assessment. Moreover, the results call for theorising place as an entrepreneurial actor.

Based on the findings, the authors advise future policymakers to gender mainstream entrepreneurship policy and to integrate entrepreneurship and rural development policy with family and welfare state policy.

The paper highlights how rural women respond to policy, and the results are contextualised, making it possible to compare them to other contexts. The authors widen the discussion on contributions beyond economic growth, and the authors show that policy for public and commercial services and infrastructure is indeed also policy for entrepreneurship.

This paper highlights the need for future studies researching the subject of resilience in family firms on different levels.

This paper reviews the literature on resilience in family businesses.

Resilience has become more important due to the recent multiple crises, starting with the coronavirus pandemic, followed by high inflation and energy prices, partly resulting from the war in Ukraine. These multiple crises affect the family and the business level. Future research must account for multiple levels when addressing it, i.e. the individual, the team, the family, and the business level. Resilience has to encompass all levels to sustain family business continuity.

By giving an overview of the concept of resilience, taking the family's perspective, and suggesting future avenues of research, the paper contributes to the development of family business research.

This study investigates (1) whether democratization drives sovereign credit ratings (SCR) changes (the “democratic advantage”) or whether SCR changes affect democratization, (2) whether the degree of democratization in sub-Saharan African (SSA) countries affects the associations and (3) whether the associations are significantly affected by resource dependence.

This study investigates the effects of SCR changes on democracy in 22 SSA countries over the period of 2000–2020 VEC Granger causality/block exogeneity Wald tests, and impulse responses and variance decomposition analyses with Cholesky ordering and Monte Carlo standard errors in a panel VECM framework.

The full sample impulse responses find that a SCR shock has a long-run detrimental effect on the democracy and political rights but only a short-run positive impact on civil liberties. Among the sub-samples, it is found that the extent of natural resource dependence does not affect the magnitude of SCR shocks on democratization mentioned above but it is found that a SCR shock affects long-run democracy in SSA countries that are relatively more democratic but is more likely to drive democratic deepening in less democratic SSA countries. The full sample variance decompositions further finds that the variance of SCR to a political rights shock outweighs the effects of all the macroeconomic factors, whereas in more diversified SSA countries, the variances of SCR are much greater for democracy and political rights shocks, which suggests that democratization and political rights in diversified SSA economies are severely affected by SCR changes. In the case of the high and low democracy sub-samples, it is found that the variance of SCR in the relatively higher democracy sub-sample is greater than in the low democracy sub-sample.

These results have three implications for democratization in SSA. First, the effect of a SCR change is not a democratically agnostic and impacts political rights to a greater extent than civil liberties. Second, SCR changes have the potential to spark a negative cycle in SSA countries whereby a downgrade leads to a deterioration in socio-political stability coupled with increased financial economic constraints that in turn drive further downgrades and macroeconomic hardship. Finally, SCR changes are potentially detrimental for democracy in more democratic SSA countries but democratically supportive in less democratic SSA countries. Thus, SSA countries that are relatively politically sophisticated are more exposed to the effects of SCR changes, whereas less politically sophisticated SSA countries can proactively shape their SCRs by undertaking political reforms.

This study is the first to examine the associations between SCR and democracy in SSA. This is critical literature for the Africa’s scholarly work given that the debate on unfair rating actions and claims of subjective rating methods is ongoing.

Distancing people socially as a precautionary measure against the mushrooming of COVID-19’s health and economic crisis has deleteriously affected the performance of the eatery industry to a great extent. Many food outlets failed to cope up with crisis and opted to move out, and many still vie to survive through pandemic. It becomes vital for researchers to understand what factors influence the performance and survival of eateries during the pandemic? The study makes an attempt to fabricate new factors which affect the performance and contribute significantly towards the survival of eateries in this new COVID-19-prone world.

The present study is a cross-sectional analysis with the sample of 150 eateries from the walled city of Punjab (India), i.e. Amritsar. Factor analysis is employed to scrutinise the factors which influence the performance of eateries during the pandemic, and to analyse factors which contribute significantly for the survival of eateries, logistic regression is performed.

The empirical analysis reveals that at prior psychological factor, followed by turnover factor, external factor, financial factor and marketing factor influence the performance of eateries during the pandemic. Only three factors, namely turnover factor, external factor and financial factor, turned up to be significant towards the survival rate of an eatery. The marketing factor which is a crucial contributor for survival of business in literature has turned out to be insignificant during the times of pandemic.

With the arrival of pandemic, the preference of people has changed, and the business environment in which entities operate has turned more complex. The present study is one of the pioneer attempts to evaluate whether the factors responsible for performance or survival of an eatery during normal times is relevant during the pandemic as well. The study contributes to the literature of eatery industry by adding a new variable namely psychological factor, i.e. changes witnessed in customers’ preference to visit an eatery.