Type of ownership and the creation of new enterprises in Navarre, Spain: differences in financial survival

Melgarejo, Zuray; Arcelus, F.J.; Simon, Katrin

doi:10.1504/ijtpm.2007.015108

Cited by 3 publications

(4 citation statements)

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“…We start with the objective function that was at the core of the early research. Excellent reviews on this rather voluminous literature appear in Dow (), Melgarejo (), and Melgarejo, Arcelus, and Simon (2007a, 2007b), among many others. According to the economics literature, firms’ objective functions vary according to two main factors.…”

Section: The Lof/pcf Dividementioning

confidence: 99%

“…Note that i o is an approximation intended to cover the lack of available data on liabilities with and without explicit interest costs. Further justification of their use, except with respect to λRISK , appears in Melgarejo, Arcelus, and Simon (2007a, 2007b). ZRISK and λRISK serve to test for differences between LOFs and PCFs with respect to dynamic aspects of long‐term solvency.…”

Section: The Database the Variables And The Specification Of The Modelmentioning

confidence: 99%

“…Nevertheless, it is the different role played by the labor factor in LOFs and PCFs that gives rise to the main behavioral differences in performance between these two types of firms (Monzón 1989). These differences are primarily related to the size of the labor force, and to output and owner/worker remuneration policies (Melgarejo et al 2010;Melgarejo et al 2007c). In terms of size, the number of workers remains virtually unchanged in the short term, thereby being much less sensitive to changes in market conditions than is the case for a PCF (Robinson 1967).…”

Section: The Lof/pcf Dividementioning

confidence: 99%

“…In addition, Navarre has the legal taxing ability to regulate the formation of new enterprises and a proven commitment to foster the creation of LOFs. More on these firms and on the nature of the extant legislation appear in Melgarejo, Arcelus, and Simon (2007b) and Melgarejo (). As a result of such support, from 1994 to 2007 the entrepreneurial density index, the ratio of the number of enterprises per 1,000 inhabitants, a measure of social business integration within a given community (e.g., Urbano ), rose from 0.13 to 0.44 in Spain and from 0.48 to 0.88 in Navarre, with the largest increases occurring after the implementation of the aforementioned Law 4 of March 24, 1997.…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms

Arcelus¹,

Melgarejo²,

Simon³

2013

Journal of Small Business Management

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This paper tests for differences in the managerial performance of micro and small firms, classified by capital‐ownership configuration, be they labor‐owned or participatory capitalist firms. Measures of managerial performance comprise indices of economic performance, profitability, financial structure, worker remuneration, and solvency. Explanators of these differences include the age of the firm, its economic sector of operations, its capital‐ownership configuration and an ordinal measure of strategic risk. The evidence rejects Gibrat's law of proportional effects, in favor of the life cycle hypothesis. It also leads to inconclusive short‐term effects and to a nondifferential role of the type of key capital‐ownership configuration in a firm's long‐term prospects.

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Section: The Lof/pcf Dividementioning

confidence: 99%

Section: The Database the Variables And The Specification Of The Modelmentioning

confidence: 99%

Section: The Lof/pcf Dividementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms

Arcelus¹,

Melgarejo²,

Simon³

2013

Journal of Small Business Management

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Differences in Financial Performance Amongst Spanish Smes According to Their Capital‐ownership Structure: A Descriptive Analysis

Melgarejo

Simon

Arcelus

2010

Ann Public Coop Econ

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The purpose of this paper is to assess whether financial performance differences between labourmanaged (LOFs) and mercantile (PCFs) firms are due to differences in their capital-ownership configuration or to the particular measurement indexes commonly used to quantify performance. The empirical evidence rests upon a 1994-2003 data set of LOFs and PCFs that operate in the Industrial and Services sectors of the economy of Navarre, Spain. The results do not detect significant differences in financial performance between LOFs and PCFs, especially in the long-term and suggest the need to develop performance indices more akin to the special nature of the LOFs.

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A three-stage DEA-SFA efficiency analysis of labour-owned and mercantile firms

Melgarejo¹,

Arcelus²,

Simón-Elorz³

2011

Journal of Industrial &Amp; Management Optimization

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Type of ownership and the creation of new enterprises in Navarre, Spain: differences in financial survival

Cited by 3 publications

References 0 publications

Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms

Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms

Differences in Financial Performance Amongst Spanish Smes According to Their Capital‐ownership Structure: A Descriptive Analysis

A three-stage DEA-SFA efficiency analysis of labour-owned and mercantile firms

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