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Entrepreneurial Finance, Innovation and Technology
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Entrepreneurial Finance, Innovation and Technology

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (30 September 2020) | Viewed by 13705

Special Issue Editor

Prof. Dr. Zélia Maria Silva Serrasqueiro

E-Mail Website
Guest Editor
Department of Management and Economics, University of Beira Interior, 6200-209 Covilhã, Portugal
Interests: corporate finance; financial institutions and small business financing; small business management and entrepreneurship

Special Issue Information

Dear Colleagues,

The entrepreneurial finance literature has developed plentiful research on financial intermediaries, such as venture capitalists and angels. However, the emergence of new sources of funding such as crowdfunding, as well as limited analysis of bootstrapping sources, offer opportunities for the development of theoretical and empirical research focusing on the challenges for firms to raise capital. Young and innovative firms are an important source of new jobs, innovation, productivity, and growth, playing a key role in modern knowledge-based economies. Entrepreneurial finance literature addresses the financial constraints faced by young and innovative firms, which opens avenues for future research. Over the past two decades technology has impacted not only on entrepreneurial firms, especially in knowledge-intensive sectors, but also on financial markets and intermediaries such as venture capitalists, private equity firms and investment/commercial banks. The challenge will be to research the effects of technological innovation on the role of venture capitalists and other financial intermediaries in funding young, innovative and fast-growing firms.

This Special Issue seeks to extend entrepreneurial finance, innovation, and technology literature contributing to new theory building. We invite researchers to submit empirical and theoretical papers focusing on these and related issues. All submissions must contain original unpublished work not being considered for publication elsewhere.

Prof. Dr. Zélia Maria Silva Serrasqueiro
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • entrepreneurial finance
  • innovation
  • techonology
  • financial intermedaries
  • financial markets

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Published Papers (3 papers)

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Research

19 pages, 407 KiB  
Article
Bank Profitability and Efficiency in Portugal and Spain: A Non-Linearity Approach
by Maria Elisabete Neves, Catarina Proença and António Dias
J. Risk Financial Manag. 2020, 13(11), 284; https://doi.org/10.3390/jrfm13110284 - 17 Nov 2020
Cited by 19 | Viewed by 3781
Abstract
This paper aims to analyze the determinants of profitability and bank efficiency in the Iberian Peninsula. To achieve the proposed objective, a sample of 66 Portuguese and Spanish banks was analyzed. To test the hypotheses formulated according to the proposed literature review, the [...] Read more.
This paper aims to analyze the determinants of profitability and bank efficiency in the Iberian Peninsula. To achieve the proposed objective, a sample of 66 Portuguese and Spanish banks was analyzed. To test the hypotheses formulated according to the proposed literature review, the panel data methodology was used; specifically, the Generalized Method of Moments (GMM) system model proposed by and the Tobit model. The results point out that the banking performance, measured in terms of profitability and efficiency, in the Iberian Peninsula, is influenced by internal management variables, but also by the macroeconomic environment. More interestingly, and new in the Iberian banking sector literature, the results prove a positive and negative non-linear relationship between bank size and their levels of profitability and efficiency, respectively. Full article
(This article belongs to the Special Issue Entrepreneurial Finance, Innovation and Technology)
19 pages, 650 KiB  
Article
Technology Acquisition and SMEs Performance, the Role of Innovation, Export and the Perception of Owner-Managers
by Edmund Mallinguh, Christopher Wasike and Zeman Zoltan
J. Risk Financial Manag. 2020, 13(11), 258; https://doi.org/10.3390/jrfm13110258 - 29 Oct 2020
Cited by 18 | Viewed by 5960
Abstract
Sufficient literature supports small and medium ‘enterprises’ (SMEs) significant role in emerging and mature economies. Still, the same research highlights varying challenges that innovative firms in developing economies face, like access to formal credit and external markets. This study examines the effect of [...] Read more.
Sufficient literature supports small and medium ‘enterprises’ (SMEs) significant role in emerging and mature economies. Still, the same research highlights varying challenges that innovative firms in developing economies face, like access to formal credit and external markets. This study examines the effect of a capital budget’s proportion for acquiring new technology and sale performance between 2017–2019 using a sample of 101 Kenyan SMEs. The ordinary least square moderated mediation results indicate that: (1) the proportion of the capital budget allocated for the acquisition of technology positively and significantly influences sales; (2) the index of moderated mediation suggests that the perception of firm owner-managers towards the availability of formal credit moderates the mediated relationship between the capital budget’s portion spent on technology and sales as mediated by innovation activities. However, the index is insignificant for the second mediator, export longevity. However, in the final model, both the level of innovation and export longevity positively and substantially affect sales. Full article
(This article belongs to the Special Issue Entrepreneurial Finance, Innovation and Technology)
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14 pages, 229 KiB  
Article
Towards an Optimal IPO Mechanism
by Fred E. Huibers
J. Risk Financial Manag. 2020, 13(6), 115; https://doi.org/10.3390/jrfm13060115 - 4 Jun 2020
Cited by 5 | Viewed by 3288
Abstract
Concerns about the negative consequences of the excessive underpricing of the current arrangement in the initial public offering (IPO) market for the provision of entrepreneurial finance—book building—have led to research into the viability of auctions for IPO pricing and allocation. IPO firms face [...] Read more.
Concerns about the negative consequences of the excessive underpricing of the current arrangement in the initial public offering (IPO) market for the provision of entrepreneurial finance—book building—have led to research into the viability of auctions for IPO pricing and allocation. IPO firms face a trade-off between the benefit of accurate and reliable IPO price discovery and the cost of underpricing. The main aim of this paper was to gain new scientific knowledge about this trade-off by measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price. Using controlled experiment methodology in multi-unit uniform price auctions we found that the most capacity-restricted auctions that also offer investors a discount are likely to produce the most accurate and reliable price discovery and consequently, the most predictable auction outcome. There are indications that a discount of 8% may suffice to incentivize investors to reliably contribute to price discovery. The resulting underpricing (and its variability) of these auctions is likely to be significantly lower than if book building would be used to price and allocate IPOs. Technological innovation in the IPO market through the application of recent advances in data science, experimental economics and artificial intelligence allows for the optimization of IPO mechanisms and crowdfunding platforms which in turn improves the access to equity required for entrepreneurial finance. Full article
(This article belongs to the Special Issue Entrepreneurial Finance, Innovation and Technology)
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