Influencia del capital físico y humano en la supervivencia de nuevas empresas
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El propósito de este estudio es analizar la influencia del capital físico y humano en la supervivencia de nuevas empresas en diferentes contextos económicos. Para ello, se lleva a cabo un estudio utilizando un modelo logit que analiza las probabilidades de supervivencia de las empresas de nueva creación. Los resultados muestran que tanto el capital humano como el físico influyen en la supervivencia de las empresas en el corto y largo plazo, siendo especialmente importante el papel que desempeña el capital humano. Las implicaciones del estudio giran en torno a dos hallazgos sustanciales. El primero es que destaca el potencial de los gobiernos en la promoción de formas más eficientes de emprendimiento. El segundo es que el tipo de motivación... Ver más
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Influencia del capital físico y humano en la supervivencia de nuevas empresas Keasy, K. & Watson, R., (1999). The state of the art of small business failure prediction: achievements and prognosis. International Small Business Journal, 9(4), 11-29. https://doi.org/10.1177/026624269100900401 Parker, S. C. (2011). Small firms and innovation. In D. B. Audretsch, O. Falck, S. Heblich, and A. Lederer, (Eds.), Handbook of Research on Innovation and Entrepreneurship, Chentelham: Edward Elgar Publishing Limited, pp. 356-364. https://doi.org/10.4337/9781849807760.00032 Newman, H. H. (1978). Strategic Groups and the Structure Performance Relationship. The Review of Economics and Statistics, 60(3), 376-383. https://doi.org/10.2307/1924167 Naudé, W. (2011). The Global Financial Crisis and Development. Implications for the Entrepreneurial Economy. Working Paper No. 2011/01, Maastricht School of Management, Maastrich, January. Moody's Investors Service. (2009). Moody's Rating Symbols & Definitions. Available from: http://www.moodys.com/sites/products/AboutMoodysRatingsAttachments/MoodysRatingsSymbolsand%20Definitions.pdf. Last accessed 13 May 2013. Moody's Investors Service. (2012). Moody's downgrades Spain's government bond rating to Baa3 from A3, on review for further downgrade. Available from: http://www.moodys.com/research/Moodys-downgrades-Spains-government-bond-ratingto-Baa3-from-A3--PR_248236. Last accessed 13 May 2013. Mills, P. K. & Margulies, N. (1980). Toward a Core Typology of Service Organizations. Academy of Management Review, 5(2), 255-265. https://doi.org/10.5465/amr.1980.4288746 McGee, J. & Thomas, H. (1986). Strategic Groups: Theory, Research and Taxonomy. Strategic Management Journal, 7(2), 141-160. https://doi.org/10.1002/smj.4250070204 Mahoney, J. T. & Pandian, J. R. (1992). The Resource-Based View within the Conversation of Strategic Management. Strategic Management Journal, 13(5), 363-381. https://doi.org/10.1002/smj.4250130505 Luk, S. (1996). Success in Hong Kong: factors self-reported by successful small business owners. Journal of Small Business Management, 34(3), 68-75. Krueger, A. & Tuncer, B. (1982). An Empirical test of the infant industry argument. American Economic review, 72(5), 1142-1152. Kerr, W. & Nanda, R., 2011. Financing constraints and Entrepreneurship. In Audretsch, D., Falck, O. and Heblich, S. (Eds.), Handbook on research on Innovation and Entrepreneurship, Chentelham: Edward Elgar Publishing Limited, pp. 88-103. Kelley, D., Bosma, N. & Amorós, J. E. (2010). Global Entrepreneurship Monitor 2010 Global Report, available from: http://www.gemconsortium.org/docs/download/266. Last accessed 20 May 2013. Johnson, W. H. (1999). An integrative taxonomy of intellectual capital: measuring the stock and flow of intellectual capital components in the firm. International Journal of Technology Management, 18(5-8), 562-575. https://doi.org/10.1504/IJTM.1999.002788 Pérez, C. (2013). Bruselas desmonta las previsiones de crecimiento, déficit y paro de Rajoy. El País, 22 February. Jacquemin, A. (1987). The New Industrial Organization: Market Forces and Strategic Behaviour, Oxford: Oxford University Press. International Monetary Fund. (2007). "The Global Economy continues to grow strongly", available from: http://www.imf.org/external/pubs/ft/weo/2007/update/01/. Last accessed 13 May 2013. Instituto Nacional de Estadística. (2013). Directorio Central de Empresas, available from: http://www.ine.es/jaxiBD/tabla.do?per=12&type=db&divi=-DIR&idtab=13. Last accesded 13 May 2013. Huselid, M. A. (1995). The Impact of Human Resource Management Practices on Turnover, Productivity, and Corporate Financial Performance. The Academy of Management Journal, 38(3), 635-672. https://doi.org/10.2307/256741 Hunt, M. S. (1972). Competition in the Major Home Appliance Industry. PHD Thesis, Harvard University. Hoskinsson, R. E., Hitt, M. A., Wan, W. P. & Yiu, D. (1999). Theory and research in strategic management: Swings of a pendulum. Journal of Management, 25(3), 417-456. https://doi.org/10.1177/014920639902500307 Honig, B. (1998). What determines success? Examining the human, financial, and social capital of Jamaican microentrepreneurs. Journal of Business Venturing, 13(5), 371-394. https://doi.org/10.1016/S0883-9026(97)00036-0 Ho, Y. & Wong, P. (2007). Financing, regulatory costs and entrepreneurial propensity. Small Business Economics, 28(2), 187-204. https://doi.org/10.1007/s11187-006-9015-0 Management Journal, 22(6-7), 479-491. Hitt, M. A., Ireland, R. D., Camp, S. M. & Sexton, D. L. (2001). Guest editors' introduction to the special issue - Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic https://doi.org/10.1002/smj.196 Headd, B. (2003). Redefining business success: distinguishing between closure and failure. Small Business Economics, 21(1), 51-61. https://doi.org/10.1023/A:1024433630958 Penrose, E. (1959). Teoría del Crecimiento de la Empresa Ediciones Aguilar, Madrid: John Willey & Sons. Peteraf, M. (1993). The Cornerstones of ompetitive Advantage -A Resource-based view. Srategic Management Journal, 14(3), 179-191. https://doi.org/10.1002/smj.4250140303 Harris, C. M., McMahan, G. C. & Wright, P. M. (2012). Talent and Time together. Personnel Review, 41(4), 408-427. https://doi.org/10.1108/00483481211229357 Wernerfelt, B. (1984). A Resource-based view of the firm. Strategic Management Journal, 5(2), 171-180. https://doi.org/10.1002/smj.4250050207 Text http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/publishedVersion http://purl.org/coar/resource_type/c_6501 info:eu-repo/semantics/article Yli-Renko, H., Autio, E. & Sapienza, H. J. (2001). Social Capital, Knowledge Acquisition, and Knowledge Exploitation in Young Technology-based firms. Strategic Management Journal, 22(6-7), 587-613. https://doi.org/10.1002/smj.183 Xavier, S. R., Kelley, D., Kew, J., Herrington, M. & Vorderwülbecke, A. (2012). Global Entrepreneurship Monitor 2012 Global Report. Available from: http://www.gemconsortium.org/docs/download/2645. Last accessed 20 May 2013. Wright, P. M., McMahan, G. C. & McWilliams, A. (1994). Human resources and sustained competitive advantage: a resource-based perspective. International Journal of Human Resource Management, 5(2), 301-326. https://doi.org/10.1080/09585199400000020 West, G. & Noel, T. (2009). The impact of knowledge resources on new venture performance. Journal of Small Business Management, 47(1), 1-22. https://doi.org/10.1111/j.1540-627X.2008.00259.x Verbeke, A. & Yuan, W. (2013). The drivers of multinational Enterprise Subsidiary Entrepreneurship in China: A new Resource-based view perspective. Journal of Management Studies, 50(2), 236-258. https://doi.org/10.1111/joms.12001 Porter, M. (1979). How competitive forces shape strategy. Harvard Business Review, 57(2), 137-145. Economics, 21(1), 1-17. Van Praag, M. (2003). Business survival and success of young small business owners. Small Business Stinchcombe, A. L. (1965). Social structures and organizations. In J. G. March (Ed.), Handbook of Organizations, Chicago: Rand McNally, pp. 142-193. Stevenson, H. H. & Jarillo, J. C. (1990). A Paradigm of Entrepreneurship research: Entrepreneurial Management. Strategic Management Journal, 11 Special Issue: Corporate Entrepreneurship: 17-27. Starr, J. A. & MacMillan, I. C. (1990). Resource Cooptation Via Social Contracting: Resource Acquisition Strategies for New Ventures. Strategic Management Journal, 11 Special Issue: Corporate Entrepreneurship: 79-92. Sieger, P., Zellwegerd, T., Nason, R. S. & Clinton , E.(2011). Portfolio entrepreneurship in family firms: a resource-based perspective. Strategic Entrepreneurship Journal, 5(4), 327-351. https://doi.org/10.1002/sej.120 Sheperd, D. (1999). Venture capitalists' assessment of new venture survival. Management Science, 45(5), 621-632. https://doi.org/10.1287/mnsc.45.5.621 Shane, S. & Venkataraman, S. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, 25(1), 217-226. https://doi.org/10.5465/amr.2000.2791611 Shane, S. & Stuart, T. (2002). Organizational Endowments and the Performance of University Startups. Managament Science, 48(1), 154-170. https://doi.org/10.1287/mnsc.48.1.154.14280 Sarathy, S. P. (2013). TQM practice in real-estate industry using AHP, Quality and Quantity, 47(4), 2049-2063. https://doi.org/10.1007/s11135-011-9641-8 Roca-Puig, V., Beltrán-Martín, I. & Segarra Cipres, M. (2012). Combined effect of human capital, temporary employment andorganizational size on firm performance. Personnel Review, 41(1), 4-22. https://doi.org/10.1108/00483481211189910 Reynolds, P. D., Camp, S. M., Bygrave, W. D., Autio, E. & Hay, M. (2001). Global Entrepreneurship Monitor 2001 Executive Report. Available from: http://www.gemconsortium.org/docs/download/255. Last accessed 20 May 2013. Hart, S. L. (1995). A Natural-resource-based view of the firm. Academy of Management Review, 20(4), 986-1014. https://doi.org/10.5465/amr.1995.9512280033 Haber, S. & Reichel, A. (2005). Identifying performance measures of small ventures-the case of the tourism industry. Journal of Small Business Management, 43(3), 257-286. https://doi.org/10.1111/j.1540-627X.2005.00137.x Grether, E. (1970). Industrial Organization: Past History and Future Problems. American Economic Review, 60(2), 83-89. Núm. 1 , Año 2015 : enero-junio https://creativecommons.org/licenses/by-nc-sa/4.0/ Español https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/view/45 Revista Perspectiva Empresarial Sabaneta: Fundación Universitaria Ceipa, 2014- application/pdf application/pdf Artículo de revista 1 Amburgey, T. L., Kelly, D. & Barnett, W. P. (1993). Resetting the Clock: The Dynamics of Organizational Change and Failure. Administrative Science Quarterly, 38(1), 51-73. https://doi.org/10.2307/2393254 2 supervivencia de las empresas empresas de nueva creación capital humano capital físico Simón Moya, Virginia Revuelto Taboada, Lorenzo El propósito de este estudio es analizar la influencia del capital físico y humano en la supervivencia de nuevas empresas en diferentes contextos económicos. Para ello, se lleva a cabo un estudio utilizando un modelo logit que analiza las probabilidades de supervivencia de las empresas de nueva creación. Los resultados muestran que tanto el capital humano como el físico influyen en la supervivencia de las empresas en el corto y largo plazo, siendo especialmente importante el papel que desempeña el capital humano. Las implicaciones del estudio giran en torno a dos hallazgos sustanciales. El primero es que destaca el potencial de los gobiernos en la promoción de formas más eficientes de emprendimiento. El segundo es que el tipo de motivación –necesidad u oportunidad– del emprendedor y la importancia de ciertos tipos de capital también determinan las probabilidades de supervivencia de las empresas. Aghion, P. (2011). Industrial policy, entrepreneurship and growth. In D. B. Audstrech, O. Falck, S. Heblich and A. Lederer (Ed.), Handbook of Research on Innovation and Entrepreneurship, Chentelham: Edward Elgar Publishing Limited, pp. 45-54. https://doi.org/10.4337/9781849807760.00012 Publication Amit, R. & Schoemaker, P. J. (1993). Strategic Assets and Organizational Rent. Strategic Management Journal, 14(1), 33-46. https://doi.org/10.1002/smj.4250140105 Block, J. & Sandner, P. (2009). Necessity and opportunity entrepreneurs and their duration in self-employment: evidence form German micro data. Journal of Industry, Competition and Trade, 9(2), 117-137. https://doi.org/10.1007/s10842-007-0029-3 Del Hierro Hernández, M. (2012). La Contrarreforma laboral. El País, 26 March. Management, 17(10), 1323-1339. Chen, Y.-S., Lin, M.-J. J. & Chang, C.-H. (2006). The Influence of Intellectual Capital on New Product Development Performance - The Manufacturing Companies of Taiwan as an Example. Total Quality https://doi.org/10.1080/14783360601058979 Castrogiovanni, G. J. (1996). Pre-startup planning and the survival of new small businesses: theoretical linkages. Journal of Management, 22(6), 801-822. https://doi.org/10.1177/014920639602200601 Bain, J. S. (1959). Industrial Organization. New York: John Willey and Sons. Escribano, G. (2012). ¿Qué bancos dan crédito?, Cinco días, 8 May European Comission. (1996). Concerning the definition of small and medium-sized enterprises. Comission Recommendation 96/280/EC, 3 April. Brüderl, J., Preisendörfer, P. & Ziegler, R. (1992). Survival chances of newly founded business organizations. American Sociological Review, 57(2), 227-242. https://doi.org/10.2307/2096207 Brüderl, J. & Schussler, R. (1990). Organizational mortality: The liabilities of newness and adolescence. Administrative Science Quarterly, 35(3), 530-547. https://doi.org/10.2307/2393316 Becker, G. S. (1962). Investment in Human Capital: A theoretical analysis. Journal of Political Economy, 70(5), 9-49. https://doi.org/10.1086/258724 Duncan, R. B. (1972). Characteristics of Organizational Environments and Perceived Environmental Uncertainty. Administrative Science Quarterly, 17(3), 313-327. https://doi.org/10.2307/2392145 , 99-120. Foster, A. D. & Rosenzweig, M. R. (1995). Learning by doing fronm others -Human Capital and technical change in agriculture. Journal of Political Economy, 103(6), 1176-1209. https://doi.org/10.1086/601447 Freeman, J., Carroll, G. R. & Hannan, M. T. (1983). The liability of newness: Age dependence in organizational death rates. American Sociological Review, 48(5), 692-710. https://doi.org/10.2307/2094928 Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, https://doi.org/10.1177/014920639101700108 Barney, J. B. (1986). Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science, 32(10), 1231-1241. https://doi.org/10.1287/mnsc.32.10.1231 Greenwald, B. & Stiglitz, J. (2006). Helping infant economies economic grow: foundations of trade policies for developing companies. American Economic Review, 96(2), 141-146. https://doi.org/10.1257/000282806777212206 Bates, T. (1985). Entrepreneur Human Capital Endowments and Minority Business Viability. The Journal of Human Resources, 20(4), 540-554. https://doi.org/10.2307/145683 Dierickx, I. & Cool, K. (1989). Asset Stocks Accumulation and Sustainability of Competitive Advantage. Management Science, 35(12), 63-80. https://doi.org/10.1287/mnsc.35.12.1504 human and physical capital firm survival new ventures The purpose of this study is to analyze the influence of physical and human capital on the survival of new ventures in different economic contexts. We conduct an empirical study by using a logit model to analyze new ventures’ probabilities of survival. The results show that both human and physical capital influence the survival of ventures in the short and long term, with human capital playing a particularly important role. The implications of the study hinge on two key findings. First, the government’s potential to promote more efficient forms of entrepreneurship is a prominent factor. Second, the motivations —necessity or opportunity—of the entrepreneurs embarking on business ventures, and the importance of certain types of capital also determine the venture’s prospects for survival. Journal article Influence of human and physical capital on the survival of new ventures 2014-12-19T00:00:00Z 2014-12-19T00:00:00Z https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/download/45/17 https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/download/45/90 2014-12-19 2389-8186 2389-8194 https://doi.org/10.16967/rpe.v2n1a3 45 59 10.16967/rpe.v2n1a3 |
institution |
CEIPA BUSINESS SCHOOL |
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https://nuevo.metarevistas.org/CEIPABUSINESSSCHOOL/logo.png |
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Colombia |
collection |
Revista Perspectiva Empresarial |
title |
Influencia del capital físico y humano en la supervivencia de nuevas empresas |
spellingShingle |
Influencia del capital físico y humano en la supervivencia de nuevas empresas Simón Moya, Virginia Revuelto Taboada, Lorenzo supervivencia de las empresas empresas de nueva creación capital humano capital físico human and physical capital firm survival new ventures |
title_short |
Influencia del capital físico y humano en la supervivencia de nuevas empresas |
title_full |
Influencia del capital físico y humano en la supervivencia de nuevas empresas |
title_fullStr |
Influencia del capital físico y humano en la supervivencia de nuevas empresas |
title_full_unstemmed |
Influencia del capital físico y humano en la supervivencia de nuevas empresas |
title_sort |
influencia del capital físico y humano en la supervivencia de nuevas empresas |
title_eng |
Influence of human and physical capital on the survival of new ventures |
description |
El propósito de este estudio es analizar la influencia del capital físico y humano en la supervivencia de nuevas empresas en diferentes contextos económicos. Para ello, se lleva a cabo un estudio utilizando un modelo logit que analiza las probabilidades de supervivencia de las empresas de nueva creación. Los resultados muestran que tanto el capital humano como el físico influyen en la supervivencia de las empresas en el corto y largo plazo, siendo especialmente importante el papel que desempeña el capital humano. Las implicaciones del estudio giran en torno a dos hallazgos sustanciales. El primero es que destaca el potencial de los gobiernos en la promoción de formas más eficientes de emprendimiento. El segundo es que el tipo de motivación –necesidad u oportunidad– del emprendedor y la importancia de ciertos tipos de capital también determinan las probabilidades de supervivencia de las empresas.
|
description_eng |
The purpose of this study is to analyze the influence of physical and human capital on the survival of new ventures in different economic contexts. We conduct an empirical study by using a logit model to analyze new ventures’ probabilities of survival. The results show that both human and physical capital influence the survival of ventures in the short and long term, with human capital playing a particularly important role. The implications of the study hinge on two key findings. First, the government’s potential to promote more efficient forms of entrepreneurship is a prominent factor. Second, the motivations —necessity or opportunity—of the entrepreneurs embarking on business ventures, and the importance of certain types of capital also determine the venture’s prospects for survival.
|
author |
Simón Moya, Virginia Revuelto Taboada, Lorenzo |
author_facet |
Simón Moya, Virginia Revuelto Taboada, Lorenzo |
topicspa_str_mv |
supervivencia de las empresas empresas de nueva creación capital humano capital físico |
topic |
supervivencia de las empresas empresas de nueva creación capital humano capital físico human and physical capital firm survival new ventures |
topic_facet |
supervivencia de las empresas empresas de nueva creación capital humano capital físico human and physical capital firm survival new ventures |
citationvolume |
2 |
citationissue |
1 |
citationedition |
Núm. 1 , Año 2015 : enero-junio |
publisher |
Sabaneta: Fundación Universitaria Ceipa, 2014- |
ispartofjournal |
Revista Perspectiva Empresarial |
source |
https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/view/45 |
language |
Español |
format |
Article |
rights |
http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/4.0/ |
references |
Keasy, K. & Watson, R., (1999). The state of the art of small business failure prediction: achievements and prognosis. International Small Business Journal, 9(4), 11-29. https://doi.org/10.1177/026624269100900401 Parker, S. C. (2011). Small firms and innovation. In D. B. Audretsch, O. Falck, S. Heblich, and A. Lederer, (Eds.), Handbook of Research on Innovation and Entrepreneurship, Chentelham: Edward Elgar Publishing Limited, pp. 356-364. https://doi.org/10.4337/9781849807760.00032 Newman, H. H. (1978). Strategic Groups and the Structure Performance Relationship. The Review of Economics and Statistics, 60(3), 376-383. https://doi.org/10.2307/1924167 Naudé, W. (2011). The Global Financial Crisis and Development. Implications for the Entrepreneurial Economy. Working Paper No. 2011/01, Maastricht School of Management, Maastrich, January. Moody's Investors Service. (2009). Moody's Rating Symbols & Definitions. Available from: http://www.moodys.com/sites/products/AboutMoodysRatingsAttachments/MoodysRatingsSymbolsand%20Definitions.pdf. Last accessed 13 May 2013. Moody's Investors Service. (2012). Moody's downgrades Spain's government bond rating to Baa3 from A3, on review for further downgrade. Available from: http://www.moodys.com/research/Moodys-downgrades-Spains-government-bond-ratingto-Baa3-from-A3--PR_248236. Last accessed 13 May 2013. Mills, P. K. & Margulies, N. (1980). Toward a Core Typology of Service Organizations. Academy of Management Review, 5(2), 255-265. https://doi.org/10.5465/amr.1980.4288746 McGee, J. & Thomas, H. (1986). Strategic Groups: Theory, Research and Taxonomy. Strategic Management Journal, 7(2), 141-160. https://doi.org/10.1002/smj.4250070204 Mahoney, J. T. & Pandian, J. R. (1992). The Resource-Based View within the Conversation of Strategic Management. Strategic Management Journal, 13(5), 363-381. https://doi.org/10.1002/smj.4250130505 Luk, S. (1996). Success in Hong Kong: factors self-reported by successful small business owners. Journal of Small Business Management, 34(3), 68-75. Krueger, A. & Tuncer, B. (1982). An Empirical test of the infant industry argument. American Economic review, 72(5), 1142-1152. Kerr, W. & Nanda, R., 2011. Financing constraints and Entrepreneurship. In Audretsch, D., Falck, O. and Heblich, S. (Eds.), Handbook on research on Innovation and Entrepreneurship, Chentelham: Edward Elgar Publishing Limited, pp. 88-103. Kelley, D., Bosma, N. & Amorós, J. E. (2010). Global Entrepreneurship Monitor 2010 Global Report, available from: http://www.gemconsortium.org/docs/download/266. Last accessed 20 May 2013. Johnson, W. H. (1999). An integrative taxonomy of intellectual capital: measuring the stock and flow of intellectual capital components in the firm. International Journal of Technology Management, 18(5-8), 562-575. https://doi.org/10.1504/IJTM.1999.002788 Pérez, C. (2013). Bruselas desmonta las previsiones de crecimiento, déficit y paro de Rajoy. El País, 22 February. Jacquemin, A. (1987). The New Industrial Organization: Market Forces and Strategic Behaviour, Oxford: Oxford University Press. International Monetary Fund. (2007). "The Global Economy continues to grow strongly", available from: http://www.imf.org/external/pubs/ft/weo/2007/update/01/. Last accessed 13 May 2013. Instituto Nacional de Estadística. (2013). Directorio Central de Empresas, available from: http://www.ine.es/jaxiBD/tabla.do?per=12&type=db&divi=-DIR&idtab=13. Last accesded 13 May 2013. Huselid, M. A. (1995). The Impact of Human Resource Management Practices on Turnover, Productivity, and Corporate Financial Performance. The Academy of Management Journal, 38(3), 635-672. https://doi.org/10.2307/256741 Hunt, M. S. (1972). Competition in the Major Home Appliance Industry. PHD Thesis, Harvard University. Hoskinsson, R. E., Hitt, M. A., Wan, W. P. & Yiu, D. (1999). Theory and research in strategic management: Swings of a pendulum. Journal of Management, 25(3), 417-456. https://doi.org/10.1177/014920639902500307 Honig, B. (1998). What determines success? Examining the human, financial, and social capital of Jamaican microentrepreneurs. Journal of Business Venturing, 13(5), 371-394. https://doi.org/10.1016/S0883-9026(97)00036-0 Ho, Y. & Wong, P. (2007). Financing, regulatory costs and entrepreneurial propensity. Small Business Economics, 28(2), 187-204. https://doi.org/10.1007/s11187-006-9015-0 Management Journal, 22(6-7), 479-491. Hitt, M. A., Ireland, R. D., Camp, S. M. & Sexton, D. L. (2001). Guest editors' introduction to the special issue - Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic https://doi.org/10.1002/smj.196 Headd, B. (2003). Redefining business success: distinguishing between closure and failure. Small Business Economics, 21(1), 51-61. https://doi.org/10.1023/A:1024433630958 Penrose, E. 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