The impact of government-supported participative loans on the growth of entrepreneurial ventures

We study the employment and sales growth of entrepreneurial ventures that have received a governmentsponsored participative loan (PL), a hybrid form of financing between debt and equity. We use propensity-score matching (PSM) and instrumental variable analysis (2SLS) to study a sample of 512 entrepr...

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Detalhes bibliográficos
Autores: Bertoni, Fabio, Martí Pellón, José, Reverte Maya, Carmelo
Formato: artículo
Estado:Versión publicada
Fecha de publicación:2019
País:España
Recursos:Universidad Politécnica de Cartagena(UPCT)
Repositorio:Repositorio Digital UPCT
OAI Identifier:oai:repositorio.upct.es:10317/8575
Acesso em linha:https://www.sciencedirect.com/science/article/abs/pii/S0048733318302270
http://hdl.handle.net/10317/8575
Access Level:acceso abierto
Palavra-chave:Participative loans
Long-term financing
Government support
Entrepreneurial ventures
Employment growth
Economía Financiera y Contabilidad
5308 Economía General
G21
G28
H81
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oai_identifier_str oai:repositorio.upct.es:10317/8575
network_acronym_str ES
network_name_str España
repository_id_str
spelling The impact of government-supported participative loans on the growth of entrepreneurial venturesBertoni, FabioMartí Pellón, JoséReverte Maya, CarmeloParticipative loansLong-term financingGovernment supportEntrepreneurial venturesEmployment growthEconomía Financiera y Contabilidad5308 Economía GeneralG21G28H81We study the employment and sales growth of entrepreneurial ventures that have received a governmentsponsored participative loan (PL), a hybrid form of financing between debt and equity. We use propensity-score matching (PSM) and instrumental variable analysis (2SLS) to study a sample of 512 entrepreneurial Ventures that received a PL from a Spanish government agency between 2005 and 2011. We find evidence that PLs significantly boosted their beneficiaries’ employment and sales. In the two years following loan issuance, a 1-million-Euro PL generated an increase in average employment of between 12.1 (PSM) and 14.7 (2SLS) units and an increase in sales of between 1.09 and 1.97 million Euro relative to the average for the two years prior to loan issuance. The effect is larger for high-tech, young and small entrepreneurial ventures and for those that received a PL during the global financial crisis. The effect on growth is significant and stable, and PLs increase their beneficiaries’ annual growth by 10.6% for employment and by 18.0% for sales. We do not find evidence of industry or regional spillovers, nor do we find differences in the probability of survival of PL beneficiaries after we control for their characteristics.We are grateful to two anonymous referees and to the associate editor Maria Savona for the constructive comments. We acknowledge financial assistance from the Spanish Ministry of Economics and Competitiveness (ECO2014-55674-R).ElsevierMinisterio de Economía y Competitividad202020202019info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://www.sciencedirect.com/science/article/abs/pii/S0048733318302270http://hdl.handle.net/10317/8575reponame:Repositorio Digital UPCTinstname:Universidad Politécnica de Cartagena(UPCT)InglésECO2014-55674-RAtribución-NoComercial-SinDerivadas 3.0 España© Copyright 2019 Elsevier B.V.http://creativecommons.org/licenses/by-nc-nd/3.0/es/info:eu-repo/semantics/openAccessoai:repositorio.upct.es:10317/85752026-05-15T06:39:02Z
dc.title.none.fl_str_mv The impact of government-supported participative loans on the growth of entrepreneurial ventures
title The impact of government-supported participative loans on the growth of entrepreneurial ventures
spellingShingle The impact of government-supported participative loans on the growth of entrepreneurial ventures
Bertoni, Fabio
Participative loans
Long-term financing
Government support
Entrepreneurial ventures
Employment growth
Economía Financiera y Contabilidad
5308 Economía General
G21
G28
H81
title_short The impact of government-supported participative loans on the growth of entrepreneurial ventures
title_full The impact of government-supported participative loans on the growth of entrepreneurial ventures
title_fullStr The impact of government-supported participative loans on the growth of entrepreneurial ventures
title_full_unstemmed The impact of government-supported participative loans on the growth of entrepreneurial ventures
title_sort The impact of government-supported participative loans on the growth of entrepreneurial ventures
dc.creator.none.fl_str_mv Bertoni, Fabio
Martí Pellón, José
Reverte Maya, Carmelo
author Bertoni, Fabio
author_facet Bertoni, Fabio
Martí Pellón, José
Reverte Maya, Carmelo
author_role author
author2 Martí Pellón, José
Reverte Maya, Carmelo
author2_role author
author
dc.contributor.none.fl_str_mv Ministerio de Economía y Competitividad
dc.subject.none.fl_str_mv Participative loans
Long-term financing
Government support
Entrepreneurial ventures
Employment growth
Economía Financiera y Contabilidad
5308 Economía General
G21
G28
H81
topic Participative loans
Long-term financing
Government support
Entrepreneurial ventures
Employment growth
Economía Financiera y Contabilidad
5308 Economía General
G21
G28
H81
description We study the employment and sales growth of entrepreneurial ventures that have received a governmentsponsored participative loan (PL), a hybrid form of financing between debt and equity. We use propensity-score matching (PSM) and instrumental variable analysis (2SLS) to study a sample of 512 entrepreneurial Ventures that received a PL from a Spanish government agency between 2005 and 2011. We find evidence that PLs significantly boosted their beneficiaries’ employment and sales. In the two years following loan issuance, a 1-million-Euro PL generated an increase in average employment of between 12.1 (PSM) and 14.7 (2SLS) units and an increase in sales of between 1.09 and 1.97 million Euro relative to the average for the two years prior to loan issuance. The effect is larger for high-tech, young and small entrepreneurial ventures and for those that received a PL during the global financial crisis. The effect on growth is significant and stable, and PLs increase their beneficiaries’ annual growth by 10.6% for employment and by 18.0% for sales. We do not find evidence of industry or regional spillovers, nor do we find differences in the probability of survival of PL beneficiaries after we control for their characteristics.
publishDate 2019
dc.date.none.fl_str_mv 2019
2020
2020
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://www.sciencedirect.com/science/article/abs/pii/S0048733318302270
http://hdl.handle.net/10317/8575
url https://www.sciencedirect.com/science/article/abs/pii/S0048733318302270
http://hdl.handle.net/10317/8575
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv ECO2014-55674-R
dc.rights.none.fl_str_mv Atribución-NoComercial-SinDerivadas 3.0 España
© Copyright 2019 Elsevier B.V.
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Atribución-NoComercial-SinDerivadas 3.0 España
© Copyright 2019 Elsevier B.V.
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositorio Digital UPCT
instname:Universidad Politécnica de Cartagena(UPCT)
instname_str Universidad Politécnica de Cartagena(UPCT)
reponame_str Repositorio Digital UPCT
collection Repositorio Digital UPCT
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,301629

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