Money and Ideas Four Studies on Finance, Innovation and the Business
The lifecycle of businesses is complicated. Right from birth, businesses experience not just opportunities but also many hurdles. The primary obstacle for all businesses is access to capital; drawing from a variety of fields and research perspectives, thi
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International Studies in Entrepreneurship Series Editors: Zoltan J. Acs George Mason University Fairfax, VA, USA David B. Audretsch Indiana University Bloomington, IN, USA
For other titles published in this series, go to http://www.springer.com/series/6149
Prashanth Mahagaonkar
Money and Ideas Four Studies on Finance, Innovation and the Business Life Cycle
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Prashanth Mahagaonkar Abt. Entrepreneurship Growth and Public Policy Max Planck Institute of Economics Kahlaische str. 10, 07745 Jena Germany [email protected]
ISBN 978-1-4419-1227-5 e-ISBN 978-1-4419-1228-2 DOI 10.1007/978-1-4419-1228-2 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2009940200 c Springer Science+Business Media, LLC 2010 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
This is the age of start-ups and up-starts. At the same time, we are passing through a phase of financial meltdown and series of economic and geo-political uncertainties. Therefore, the central question for economic research is: how to support small firms and encourage new start-ups such that they can sustain through such volatile times? Small firms and start-ups generally face many problems with finance, especially in times of financial crises. Along with it, the problems of inherent bureaucratic regulations and banking restrictions often obstruct the growth of entrepreneurs. I tried to study these inter-related issues through this book. In this process I have been lucky to have valuable co-authors. The first paper in this book, ‘Financial Signalling by Innovative Nascent Entrepreneurs’, was co-authored with Prof. David B. Audretsch and Prof. Werner B¨onte. The second paper, ‘What do Scientists Want: Money or Fame?’, was co-authored with Dr. Devrim Goktepe-Hult´en. The third paper, ‘Regional Financial System and the Financial Structure of Small Firms’, and the fourth, ‘Corruption and Innovation: A Grease or Sand relationship?’, are both solely authored by me. These papers have been presented in prominent academic international conferences. These include, for instance, the 55th North American Regional Science Association Conference (NARSC) 2008, the annual conference of European Public Choice Society (EPCS) 2008, 3rd ZEW Conference on the Econom
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