Table of Contents

This paper conceptually synthesizes prior studies on sustainable entrepreneurship against the background of the multi-level perspective. It thereby relates separate streams of literature on sustainable entrepreneurship, sustainability transformations and ecopreneurship, which have previously not been systematically connected and synthesized, to the multi-level perspective. The paper furthermore provides suggestions on how the multi-level perspective can be advanced based on the inspirations of these previously only sparsely-connected streams of literature. Finally, implications for entrepreneurs, academia and politics are presented: means to increase the contribution of sustainable entrepreneurship to sustainability transitions are suggested, and the importance of growth and degrowth is discussed in the context of sustainable entrepreneurship. Full article

Green start-ups contribute towards a transition to a more sustainable economy by developing sustainable and environmentally friendly innovation and bringing it to the market. Due to specific product/service characteristics, entrepreneurial motivation and company strategies that might differ from that of other start-ups, these companies might struggle even more than usual with access to finance in the early stages. This conceptual paper seeks to explain these challenges through the theoretical lenses of entrepreneurial finance and behavioural finance. While entrepreneurial finance theory contributes to a partial understanding of green start-up finance, behavioural finance is able to solve a remaining explanatory deficit produced by entrepreneurial finance theory. Although some behavioural finance theorists are suggesting that the current understanding of economic rationality underlying behavioural finance research is inadequate, most scholars have not yet challenged these assumptions, which constrict a comprehensive and realistic description of the reality of entrepreneurial finance in green start-ups. The aim of the paper is thus, first, to explore the specifics of entrepreneurial finance in green start-ups and, second, to demonstrate the need for a more up-to-date conception of rationality in behavioural finance theory in order to enable realistic empirical research in this field. Full article

This paper evaluates current payment schemes employed by the Pantawid Pamilyang Pilipino Program (4Ps) in the Philippines using six assessment criteria: transaction cost, security/risks, speed and timeliness, acceptability, resilience and flexibility. Employing data collected at the regional level, we establish four main findings: (1) all 4Ps payment conduits present trade-offs; (2) a payment approach that uses mainstream financial infrastructure is beneficial if cost, speed and simplicity of the payment system are critical; (3) competition for 4Ps contracts for Payment Service Providers (PSPs) has improved the quality of payment services and minimized costs; and (4) the efficiency of the program is greatly influenced by the commitment of the PSP to deliver the cash benefits to the recipients in a timely manner rather than by maximizing conduit branches. Full article

Cluster policies have attracted increasing attention worldwide, but only a few studies have focused on their management by local cluster organizations. We investigate the relationship between national cluster policies and their management by local cluster organizations from a comparative perspective. For this purpose, we provide a detailed comparison of national cluster policies in Japan, Germany, and France as well as six prominent biotechnology clusters in these countries. Information on the focal clusters and on the management of cluster policies was obtained using semi-structured interviews with cluster managers. We find that national cluster policies considerably differ among these countries according to basic conditions of clusters and that the patterns of national cluster policy are closely related to those of local cluster management, despite some differences between clusters in the same country caused by various regional characteristics. Full article

The business environment in transition countries is often extraordinarily challenging for companies. The transition process these countries find themselves in leads to constant changes in the institutional environment. Hence, institutional voids prevail. These institutional voids cause competitive disadvantages for small and medium enterprises. Cluster policy can address these competitive disadvantages. As cluster policy generally aims at supporting companies’ competitive advantage by spurring innovation and productivity, it can help to bridge institutional voids. This article’s research question aims at analyzing and comparing cluster policies in the institutional context of two transition countries (Serbia and Tunisia) and analyzes to what extent cluster policies in these two countries are adapted to institutional voids prevailing there. The case studies offer insights into apparent difficulties of clusters in bridging formal institutional voids, as well as, notably, into the informal void of skill mismatches in the labor market. Still, for some specific voids, clusters do at least implicitly assume a bridging role. While the cluster policies examined do not explicitly target the institutional voids identified, cluster management can—in the course of time—align its service offering more closely with these voids. Bottom-up designed cluster policies can play an especially important role in such an evolution towards bridging institutional voids. Full article

The final article published in this Special Issue on nonprofit governance provides a platform for myself as the guest editor in two ways: both to reflect in a Postscript on the editorial process in which I became involved since posting a call for papers, as well as to write this Foreword that helps readers to become engaged in a meaningful discourse with the contributing authors. Incongruous as it may appear to be, I begin with the Postscript, as the Introductory Note to the Special Issue is not meant to integrate the articles published into a consistent concluding argument, but rather to evaluate my role ex post and at the same time to reveal to readers ex ante the premises based on which as guest-editor I selected articles for this Special Issue on nonprofit governance. [...] Full article