Domingo García Pérez de Lema

Managerial behaviour of small and medium‐sized family businesses: an empirical study

Purpose – The aim of the present study is to test the main differences between private small/medium‐sized family businesses and non‐family businesses with regard to management variables such as: strategy, strategic planning, managers training and professionalism and financial techniques implementation.Design/methodology/approach – In this empirical research, we use a sample of 639 small and medium‐sized industrial firms, distributed in 456 family and 183 non‐family firms, with the intention of determining whether family SMEs possess specific structural characteristics distinct from non‐family ones. The data collection technique used was a questionnaire obtained from a postal survey, and addressed to the manager of the company.Findings – Results show that managers of family firms use some management tools such as management accounting systems and cash budgets for the decision making process and also give less importance to strategic planning and personnel training programmes as a competitiveness factor.Re...

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, and management team experience as more important than market and product characteristics. Factors affecting the required rate of return were more important for the early‐stage firms than for late‐stage firms. Discounted cash flow analysis is the most frequently used valuation method. Private venture capital firms invest more during late development stages, while public venture capital firms invest more during the early stages. The results can be used by firms seeking venture capital, venture capital firms, consultants, and support agencies that provide capital‐acquisition assistance. By gaining insight into decision criteria and processes, firms can develop better and more targeted materials to attract capital. Venture capital firms can use the information from this study to better understand their decision processes, individually and relative to competitors. Consultants and support agencies can use the information to provide better advice to both firms and venture capital firms. Information is this study could easily be built into training programs for both new and existing businesses. Finally, the results can also be incorporated directly into university courses that include material related to venture capital.

Innovative Culture, Management Control Systems and Performance in Young SMEs

We identify organizational culture and assess the relationship between organizational culture, management control systems (MCS) use and their effects on performance. With this purpose, we carry out an empirical analysis on a sample of 89 young SMEs. Results show that young firms’ predominant culture is clan, whereas adhocratic culture is less relevant. Additionally, we found some evidence that the innovative culture (mix of clan and adhocratic culture) and the use of MCS have positive effect on firm performance.

Financial Strategies of Spanish Firms: A Comparative Analysis by Size of Firm

Abstract This study uses canonical correlation analysis to examine the interrelationships among balance sheet accounts for 3,152 Spanish firms. The sample was segmented and results compared by size of firm. All firms demonstrated evidence of hedging relationships, maturity matching of current accounts, and risk management through the concurrent use of cash and long-term debt. This study adds to the growing body of literature on the financing strategies of firms in different countries. Some constraints associated with the development of SME financial strategies, such as difficulty in raising capital, are common among firms in all countries. Other constraints, such as the differences in the development of the capital markets and cultural expectations, may be unique to particular countries. The results have implications that can enable owners to better manage the acquisition and allocation of capital. As firms grow and mature, finance-related skills must correspondingly also improve.

El emprendimiento: una aproximación internacional al desarrollo económico

Querido lector, estamos seguros de que frases como “El emprendimiento como motor del crecimiento y desarrollo economico y social de los paises” le resultan de sobra conocidas, ya que en los ultimos anos han sido habitualmente empleadas, tanto en el ambito academico como social o politico. Pero ?podemos esperar que los efectos sean iguales en todos ellos? La obra que tiene en sus manos trata de contribuir a la respuesta de esta pregunta desde un enfoque internacional y multidisciplinar. Un amplio elenco de academicos y profesionales procedentes de paises tan diversos como Colombia, Cuba, Ecuador, Espana, Mexico y Uruguay, aunan sus conocimientos para alcanzar una vision de conjunto del fenomeno emprendedor. Confiamos en que la cuidada seleccion de trabajos, teoricos y empiricos, que emplean diversas y actuales metodologias tanto a nivel macro como micro, y que muestran experiencias de exito en diferentes entornos economicos, sera del interes de publicos tan diversos como son los investigadores, reguladores, politicos o los propios emprendedores. Al promover esta obra, la Universidad de Cantabria, la Universidad de La Habana y la Fundacion FAEDPYME esperan estar contribuyendo al avance del conocimiento de este importante fenomeno, ayudando asi al desarrollo de posibles politicas de fomento del emprendimiento.

Contemporary Entrepreneurship: An Overview

The analysis of modern capitalism is an analysis of economic, occupational and social dynamics, which are inherent to capitalism and which give color and contribute to the speed of economic development. New terms and semantics diffuse into our vocabulary, such as economy 5.0, 2.0 world, iConomy, or cloud working, which transport ideas of economic and social progress, prosperity and well-being. These terms are closely linked to thought about entrepreneurship and individual entrepreneurs in a changing world. The article provides a brief overview and introduction to selected elements of that discussion. Specifically, by referring to classics such as Adam Smith, Joseph Schumpeter and Israel Kirzner, authors endeavor to relate contemporary entrepreneurship to items of classic thought in the history of economics. The evolving discussion leads automatically to recent research questions. Finally, the structure of the book is explained and the individual sections and contributions are introduced.

Innovation, Information Technology and Performance: An Examination of the Iberoamerican SMEs Context

Innovation is considered an important factor and key variable to improve both the use and adoption of information and communication technologies as well as to achieve better business performance levels in Small and Medium-sized Enterprises (SMEs). At the same time, an appropriate alignment of innovation activities with the use of information technologies helps businesses to improve their levels of performance. The purpose of this paper is to present an empirical research that closely examines the current relationship among innovation, information and communication technologies, and SMEs performance. For this, a sample of 1989 enterprises was obtained from 21 countries in Iberoamerica. The results have revealed that innovation has a positive and significant impact on both information and communication technologies (ICT) and SMEs performance.