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  • 1.
    Abbasian, Saeid
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Attitudes towards participation in business development programmes: An ethnic comparison in Sweden2015In: European Journal of Training and Development, ISSN 2046-9012, Vol. 39, no 1, p. 59-75Article in journal (Refereed)
    Abstract [en]

    Purpose – The aim of the study is to investigate whether there are any differences between the attitudes towards participation in development programmes of entrepreneurs who are immigrants and those who are native-born. Design/methodology/approach – Several statistical methods, including a binary logistic regression model, were used to analyse a unique, firm-level dataset collected by the Swedish Small Business Forum in October and November 2012. The dataset was based on a questionnaire composed of 60 closed questions that was completed by 531 participants representing 395 companies. Findings – Based on the analysis of 15 different attitude variables, the empirical findings are that immigrant managers/owners are more likely to show a positive attitude to participation in development programmes, in terms of nine of those attitude variables, than their native counterparts. Because there are no data about second generation of immigrants in the sample, thus, this category may have had an impact on the results. However, there is no possibility to identify any impact on the results. Originality/value – There is no prior research focusing specifically on this question, and to the authors' knowledge, this study is the first that has attempted to deal with the issue. This study is based on a recent and unique database, and provides new evidence on the relationship between ethnicity and attitude towards participation in development programmes among entrepreneurs. Its context is different from that of prior research.

  • 2.
    Abbasian, Saeid
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Exploring the financing gap between native born women- and immigrant women-owned firms at the start-up stage: Empirical evidence from Swedish data2013In: International Journal of Gender and Entrepreneurship, ISSN 1756-6266, E-ISSN 1756-6274, Vol. 5, no 2, p. 157-173Article in journal (Refereed)
    Abstract [en]

    Purpose: The main purpose of this study is to provide empirical evidence which identifies the impact of ethnicity and other relevant variables on external capital acquisition among Swedish women-owned businesses at start-up. Design/methodology/approach: Several methods have been employed to analyze the sample including a binary logistic regression model. The sample consists of 836 women-owned businesses in southeast Sweden; 97 immigrant-owned, 739 native born-owned. Findings: The results indicate that there are partly significant differences between native women-owned firms and immigrant woman-owned businesses at start-up. Unlike the native-owned firms, the immigrant woman-owned businesses rely more on loans from family members and less on bank loans. Practical implications: The results reveal that age has a positive impact on loans from family members, while the additional job outside one's own business, the amount of the owner's personal start-up capital and firm size positively influenced access to capital from banks. The owners' level of education, previous business experience, the legal form taken by the firm and the industry affiliation conversely played no significant role in explaining the women owners' attitudes toward loans from either friends or the bank. Originality/value: To the authors' knowledge, this study is the first empirical investigation addressing this issue in the Swedish context. 

  • 3.
    Abbasian, Saeid
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Gender and informal financing at Start-up Stage2013Conference paper (Refereed)
  • 4.
    Abbasian, Saeid
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Gender as a determinant of informal capital in the financing of small firms' start-ups: Swedish data2015In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 24, no 2, p. 249-267Article in journal (Refereed)
    Abstract [en]

    This research explores the differences in informal capital acquisition between female- and male-owned firms in the start-up stage in Sweden. A binary logistic regression model is used to analyse a sample including 836 female- and 1928 male-owned firms in 2008, providing 47,022 observations. The results indicate that the main explanatory variable, gender, is significant in distinguishing between female- and male-owned firms with regards to the use of informal capital in terms of loans from family members. Thus, female-owned firms tend to rely more on loans from family members than male-owned firms. The findings also indicate that one control variable, namely owners previous experience of starting up a company, negatively influences the use of loans from family members as a financing source in the start-up stage. This study is based on a unique and large sample including many different variables compared with previous research. Knowledge on the differences between Swedish female- and male-owned firms in using informal capital in the start-up stage is limited and ambiguous. The presented results contribute to research into small firm financing by adding insight into the relationships between informal capital acquisition, gender, and other relevant variables.

  • 5.
    Abbasian, Saeid
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Impact of Owner and Firm Characteristics on External Capital Acquisition at Start-up: Empirical Evidences from Swedish Data2012In: International Business Research, ISSN 1913-9004, E-ISSN 1913-9012, Vol. 5, no 12, p. 19-30Article in journal (Refereed)
    Abstract [en]

    The present study investigates whether owner and firm characteristics influence the use of external financing sources among Swedish small-owned firms at start-up stage. Several methods, including multinomial binary logistic regression have been employed to analyse a unique and comprehensive firm-level database, consisting of 2,814 firms gathered through interviews. The results show that three variables, i.e., loans from family members and friends, bank debt and funding from angel investors, are significant in distinguishing between Swedish native and immigrant-owned firms in the acquisition of financial sources in start-up. In addition, immigrant-owned firms tend to relay more on informal financial sources e.g. loan from family member, friends and angel investors, and less on bank loan. Furthermore, whereas, ethnicity influences the change of all these four variables significantly, gender merely affects loans from family members. Other variables, such as the owners’ age, prior experience in business, education, having an additional job beside one’s own business, the amount of personal start-up capital and firm size, as well as legal form and industry affiliation are partly important to explain the acquisition use of external capital at start-up stage.

  • 6.
    Abbasian, Saeid
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Hedberg, Charlotta
    Department of Human Geography, Stockholm University, 106 91 Stockholm, Sweden .
    The determinant of external financing at the start-up stage: Empirical evidences from Swedish data2014In: World Review of Entrepreneurship, Management and Sustainable Development, ISSN 1746-0573, E-ISSN 1746-0581, Vol. 10, no 1, p. 124-141Article in journal (Refereed)
    Abstract [en]

    Small firms in general have limited access to funding, which is a major problem for entrepreneurs. In particular, this problem is evident for women and ethnic minority groups. The purpose of the study is to examine empirically the impact of gender, ethnicity and other relevant variables on the access to external financing of new small firms. A sample of 2,764 female- And male-owned small businesses, based on a unique and large database gathered through interviews, was investigated employing binary logistic regression models. The results suggest that both gender and ethnicity are significant explanatory variables influencing the access to external capital at the start-up stage. Entrepreneurs' age, experience of starting businesses and education, as well as additional jobs beside their own business, are other variables that influence the way in which entrepreneurs finance their business. Moreover, firm characteristics in terms of personal start-up capital, firm size and legal form have an impact on financing behaviour at start-up. Since the knowledge about this issue is limited, the results of this study add to our understanding of the variables affecting the behaviour of small business endeavours in seeking funding at start-up.

  • 7.
    Dimitrova, Irina
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Economics, Geography, Law and Tourism.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Economics, Geography, Law and Tourism.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Economics, Geography, Law and Tourism.
    Challenges in the Limited Choice of Payment Methods in Terms of Cashless Society: Bank Customers' Perspective (work in progress)2019In: ICEEG 2019 Proceedings of the 2019 3rd International Conference on E-commerce, E-Business and E-Government, 2019, p. 45-48Conference paper (Refereed)
    Abstract [en]

    This paper aims to give insights upon the main challenges that bank customers can encounter and their relationships to digital payment methods usage. An online survey will be applied for collecting data and sent to critical network groups (who are also bank customers). Additional virtual observations will be employed. Factor analysis is considered to be conducted to purify the data and to prepare for further analysis, i.e. regression models.

  • 8.
    Kachlami, Habib M.
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Regional demand and supply factors of social entrepreneurship2018In: International Journal of Entrepreneurial Behaviour & Research, ISSN 1355-2554, E-ISSN 1758-6534, Vol. 24, no 3, p. 714-733Article in journal (Refereed)
    Abstract [en]

    Purpose

    The purpose of this paper is to empirically investigate determinants of social entrepreneurship.

    Design/methodology/approach

    The study uses a large-scale database covering Sweden’s 290 municipalities over the 1990-2014 period. The theoretical analysis is based on the demand and supply theory of entrepreneurship, while the empirical analysis is based on feasible generalized least-squares regression models.

    Findings

    The results indicate that the male proportion of the workforce, education level, the presence of entrepreneurial role models, wealth, unemployment rate, age, and urbanization positively influence the rate of social venture creation in a region.

    Originality/value

    This is one of few studies that empirically investigate determinants of social entrepreneurship, and the very first in the Swedish context. The study uses a large-scale database and advanced regression methods.

  • 9.
    Kachlami, Habib
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Determinants of SME growth: The influence of financing pattern.: An empirical study based on Swedish data2016In: Management Research Review, ISSN 2040-8269, E-ISSN 2040-8277, Vol. 39, no 9, p. 966-986Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of this paper is to study the firm-level financial variables affecting the growth of small and medium-sized enterprises (SMEs). Design/methodology/approach: The study applies a resource-based view to analyze the firm-level as well as industry-level determinants of SME growth. Empirical evidence has also been provided from a data set of SMEs in Sweden to support the hypotheses. For a robust statistical analysis, three models – ordinary least squares (OLS) regression, random-effects regression and fixed-effects regression – are used to examine the influence of explanatory variables on growth. Findings: The findings of this study show a positive and significant influence of profitability, short-term debt and size on a firm’s growth across all three models. Results regarding the influence of long-term debt on growth, however, are mixed. While the results of a fixed-effect model show the negative and significant influence of long-term debt on growth, the results according to OLS and random effects show long-term debt positively related to growth. Research limitations/implications: This study has been conducted over a period of four years and in the context of Sweden which may limit the generalizability of its results for longer periods and for different contexts. Moreover, the low explanatory power of the models implies the need to also consider other types of variables, such as managerial or socio-economic variables, to better explain the determinants of SME growth. Practical implications: Understanding the determinants of growth can be important for policy makers, SME managers and financial institutions. The findings of this study can be used for designing policies which stimulate SME growth. Realizing the financial resources that influence growth can also help SME managers and financial institutions to understand each other’s need for better cooperation. Originality/value: This paper applies different models for analyzing large and cross-sectoral data regarding SME growth in the context of Sweden.

  • 10.
    Kremel, A.
    et al.
    The School of Business, Society and Engineering, Mälardalen University, Västerås, Sweden .
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Business advisory services and risk among start-ups and young companies: A gender perspective2015In: International Journal of Gender and Entrepreneurship, ISSN 1756-6266, E-ISSN 1756-6274, Vol. 7, no 2, p. 168-190Article in journal (Refereed)
    Abstract [en]

    Purpose – This study aims to investigate the demand for business advisory services by owners of start-ups and young companies by taking a gender perspective. The study also examines whether risk-taking is more characteristic of masculine than feminine behaviour in this context. Design/methodology/approach – Aliterature review examines business advisory services and risk aversion from a gender perspective. The empirical data are derived from interviews with owners of more than 2,700 start-ups and young companies in Sweden.Anumber of key variables compare how the company owners (women and men) view business advisory services as a way to overcome risk and to gain access to information in networks. Several statistical tests are used to analyse these data. Findings – Women owners of start-ups and young companies use more and different business advisory services than men owners. There are differences among the men owners and women owners with regard to the amount of start-up capital, company size and industry sector. Given the risks associated with start-up, business advisory services are important to women in helping them reduce their risk in the start-up and early stages of their companies. Research limitations/implications – Companies in Sweden’s largest city, Stockholm, were not included in the sample. Financial data were not used as variables. Practical implications – Policymakers should address women owners’ greater demand for business advisory services in their companies’ early stages. Originality/value – This study’s originality is its gender perspective on the demand for business advisory services by start-ups and young companies and its challenge to previous findings about entrepreneurial behaviour and risk-taking. © Emerald Group Publishing Limited.

  • 11.
    Kremel, Anna
    et al.
    Mälardalen University College, School of Business, Society and Engineering, P.O. Box 883, SE- 721 23 Västerås, Sweden .
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Business Networks at Start-up: Swedish Native-Owned and Immigrant-Owned Companies2014In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 22, no 3, p. 307-325Article in journal (Refereed)
    Abstract [en]

    The aim of this study is to examine the differences between native Swedish and immigrant entrepreneurs' business networks at start-up stage. The study is based on a database consisting of 261 immigrant- and 2,463 native-owned companies, applying several univariate and multivariate statistical methods. Immigrant entrepreneurs' business networks are less likely to include mainstream contacts at the start-up stage than native born entrepreneurs. Thus, ethnicity is an important variable explaining differences in such networks at the start-up stage. A combination of both mainstream and immigrant networks has the potential to give rise to more growth for immigrant-owned businesses. As a result, these businesses may have potential to create new jobs for unemployed immigrants. This study provides a deeper understanding of how ethnicity may influence the entrepreneurs' use of business networks. It may lead to policy makers considering access to mainstreaming networks as an important issue in the social and economic integration.

  • 12.
    Lindvert, Marta
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Boter, H.
    Department of Business, Umeå School of Business and Economics, Umeå, Sweden.
    Perceptions of financial sources among women entrepreneurs in Tanzania2015In: African Journal of Economic and Management Studies, ISSN 2040-0705, E-ISSN 2040-0713, Vol. 6, no 2, p. 197-218Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to empirically investigate how women entrepreneurs in Tanzania assess their accessibility to different external financial sources. The aim is further to discuss financial preferences among this group of entrepreneurs. Design/methodology/approach – The study is based on a unique database consisting of 114 firms, obtained by a questionnaire during 2009-2010. Differences between mean values on perceptions of financial sources were tested via a paired samples t-test. Findings – Overall, the empirical results provide support for the hypothesis that the sampled women entrepreneurs perceive semi-formal capital, such as loans from MFIs, SACCOS, ROSCAS and VICOBA, as the most accessible external capital. Governmental subsidies are ranked second, followed by informal capital, such as loans from family, friends and investors. As expected, loans from formal banks are ranked as the least accessible financing alternative. However, there are strong indications that the entrepreneurs in our study, if given a choice, would prefer external capital from formal sources, rather than semi-formal or informal capital. Practical implications – The authors suggest that the formal banks work to find ways to lower agency costs and thereby work for an inclusion of women entrepreneurs, and for the semi-formal financial actors to improve financial services in ways that better serve the entrepreneurs. Originality/value – The knowledge about attitudes and preferences concerning financial solutions among women entrepreneurs in developing countries is very limited. Results from this study is therefore important, as it adds to previous understanding, especially as this particular group of entrepreneurs have the potential to play an important role in the development of their regions. © Emerald Group Publishing Limited.

  • 13.
    Rad, Alexander
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Female and male risk aversion: An empirical study of loan officers’ assessment of SME loan applications2014In: International Journal of Gender and Entrepreneurship, ISSN 1756-6266, E-ISSN 1756-6274, Vol. 6, no 2, p. 121-141Article in journal (Refereed)
    Abstract [en]

    Purpose – The aim of the paper is to analyse female and male loan officers' (LOs) risk aversion as they assess different types of small- and medium-sized enterprises' (SMEs) loan applications.

    Design/methodology/approach – The data were gathered from a sample of 75 Swedish LOs, using the repertory grid technique and related questions. The data were analysed statistically.

    Findings – The findings demonstrate that female LOs focus more on collateral (used as a proxy for risk aversion) in their evaluations of first-time loan applications than male LOs. However, the findings also suggest that there are no significant differences between the two groups as far as risk aversion when they evaluate additional loan applications. The other variables controlled for (age, tenure, insight, education, and location) did not significantly affect the LOs' risk aversion.

    Research limitations/implications – The study might have benefited from the use of complementary data collection approaches. Access to actual assessment and decision-making procedures could have increased the understanding of female and male LOs' attitudes toward risk.

    Practical implications – The findings suggest that by the use of female-male LO teams, banks may achieve more balanced assessments of SMEs' loan applications.

    Originality/value – To the authors' knowledge, the literature has not explicitly addressed risk aversion among female and male LOs with respect to different types of bank loans. Moreover, the authors investigated risk aversion in the context of standardised assessments procedures used to reduce exposure to credit risk.

  • 14.
    Rad, Alexander
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Kvinnliga och manliga kreditgivares riskbenägenhet2014Report (Other (popular science, discussion, etc.))
  • 15.
    Roxenhall, Tommy
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    CSR commitment as window dressing strategy driven by dissatisfied customer2018In: 2018 ANZMAC Conference Proceedings / [ed] Jodie Conduit, Carolin Plewa, Dean Wilkie, 2018Conference paper (Refereed)
    Abstract [en]

    Despite a growing body of literature about firm CSR commitment, no empirical study has yet focused on the issue. Therefore, the aim of this study is to empirically examine how customers’ experiences and attitudes affect firms’ attitudinal and behavioral CSR commitment. The OLS regression model was applied to analyze a sample of 414 companies operating in 49 countries. The results demonstrate a negative relationship between attitudinal CSR commitment and behavioral CSR commitment implying that that sampled firms do not do what they claim to do. The findings also indicate that firms with less satisfied customers show higher attitudinal CSR commitment  than those firms that have more satisfied customers. The findings of this study can be used for designing policies of efficient implications of CSR. 

  • 16.
    Salman, A. Khalik
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Profitability in Swedish Micro-Firms: a quantile regression approach2012In: International Business Research, ISSN 1913-9004, E-ISSN 1913-9012, Vol. 5, no 8Article in journal (Refereed)
    Abstract [en]

    The purpose of this study is to identify a function for the profitability of Swedish micro firms in the sectors of health, transport, trade and metal. In order to understand how micro firms relate to key variables, such as firm size, growth of sales, productivities, lagged profits, asset turnover and firm’s age, OLS (Ordinary Least Squares), and the more robust quantile regression techniques, are used to estimate micro-firm profitability. Data from 2007 is used for this purpose. The results show that growth (competitive condition) and total factor productivity (comparative advantage) have a significant positive effect on micro-firm profitability, and that size (diminishing returns states) is found to have a rather significant negative effect on micro-firm profitability. The results also indicate a strong relationship between microeconomic theory suggestions and micro-firm profitability for the all micro firms except those in the metal sector. Moreover, the quantile regression approach provided a better understanding, regarding the dynamics of the factors that affect profitability, and provided more interesting results than OLS normally do.

  • 17.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Acquisition of external capital at start-up stage:: Differences between female and male owned firms Evidence from female and male owned firms in Sweden.2011Conference paper (Refereed)
  • 18.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Agency costs theory and the financing life cycle, Empirical Evidence from Swedish firm-level data’2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 8, no 2, p. 226-238Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to empirically examine the financing life cycle pattern of micro-firms in Sweden from the agency costs theory perspective. The study shows that the financing structures of firms change over the firms' life cycles. Firms generally rely on internal financial sources such as equity capital and retained profits, particularly at the start-up stage. They also use short-term debt as the second most important financial source at this stage. As firms age and develop, the use of short-term debt decreases and the use of both equity capital and long-term debt simultaneously increase. The financing patterns of firms in different industries over their life cycles follow the general pattern of the total sample. The results from the statistical tests support the applicability of the financial life cycle model and the agency costs theory to explain it.

  • 19.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    GARCH model and predictive performance of volatility forecasting: Evidence from oil market2015In: World Review of Entrepreneurship, Management and Sustainable Development, ISSN 1746-0573, E-ISSN 1746-0581, Vol. 11, no 4, p. 345-357Article in journal (Refereed)
    Abstract [en]

    This study investigates the predictive performance of the GARCH (1, 1) model in forecasting the return volatility of the three major items on the oil market, WTI crude, Brent crude and heating oil, for horizons of one, five, twenty and thirty days ahead. The empirical results indicate that the predictive performance of the GARCH model is best for short horizons, from one day ahead for WTI, one to five days ahead for Brent and one to twenty days ahead for heating oil, at the 5% significant level. For horizons from twenty days ahead, no robust forecasting model can be observed for any of these items. Thus, although the results show that the GARCH (1, 1) model has high predictive performance in forecasting the volatility for the short-term horizons, it cannot produce reliable results when the forecast horizon increases. The findings also show how volatility clustering on returns emerges on the oil market, which creates periods of high volatility followed by small movements.

  • 20.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Impact of capital structure on micro firm productivity: Empirical evidence from Swedish firm-level data2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 16, no 2, p. 223-237Article in journal (Refereed)
    Abstract [en]

    The paper examines the impact of key productivity determinants at the firm level using data on 24,257 Swedish micro firms, including approximately 194,000 observations for the 2007-2008 period. The regression model includes a firm-level measure of total factor productivity as the dependent variable and capital structure and other relevant control variables as independent variables. Analysis reveals that firm-level variables, such as lagged productivity, size, age, profitability, short-term debt ratio, and industry affiliation, significantly affect firm productivity. Agency cost theory seems applicable in partly explaining the relationship between capital structure and productivity. Copyright © 2012 Inderscience Enterprises Ltd.

  • 21.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Industry Effects and SMEs' Capital Structure Determinants2008Conference paper (Refereed)
  • 22.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Information asymmetry and capital structure: An empirical study of micro firms in Sweden2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 17, no 3, p. 304-318Article in journal (Refereed)
    Abstract [en]

    This study empirically examines the capital structure determinants of

    Swedish micro companies by testing hypotheses based on information

    asymmetry theory. The study sample contains 20,270 micro firms for which

    complete 2007 to 2008 financial information is available, giving a total of

    182,430 observations. The empirical results indicate that six explanatory

    variables, that is, lagged long-term debt, size, age, profitability, tangibility, and

    industry affiliation, are related to capital structure to various extents. The

    results suggest that information asymmetry theory is relevant in explaining the

    financial behaviour of micro firms in Sweden. These findings can help SMEs to

    improve their awareness of financial management and to use resources more

    effectively.

  • 23.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Predicting bankruptcy among SMEs, Evidence from Swedish firm-level data2011In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 14, no 4, p. 551-564Article in journal (Refereed)
    Abstract [en]

    The failure rate of small and medium enterprises (SMEs) in Sweden is high, with about 6,000 SMEs claiming bankruptcy every year. This paper attempts to identify the main prediction variables that are believed to forecast the failure of Swedish SMEs. The research is principally based on an analysis of a panel data sample consisting of 1,412 bankrupt and 3,084 non-bankrupt Swedish SMEs for the period 2004 to 2006. The statistical technique of logistic regression model is employed to analyse the data. The results, which have a high rate of accuracy, indicate that a set of six variables are significant as bankruptcy predictors: the ratio of short-term debt to total assets, total leverage (the ratio of short- and long-term debt to total assets), change in total assets from the previous year, firm size (natural logarithm of sales), financial expenses to total debt, and return on assets.

  • 24.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Profitability determinants among micro firms: evidence from Swedish data2013In: international journal of managerial finance, ISSN 1743-9132, Vol. 9, no 2, p. 151-160Article in journal (Refereed)
    Abstract [en]

    This study investigates the variables affecting firm profitability applying the seemingly unrelated regression method to a large sample of approximately 87,000 observations covering 12,530 non-financial micro firms operating in four industry sectors from 2006 to 2007. The study considers profitability determinants at the firm as well as industry affiliation levels in examining hypotheses developed from resource-based approaches. The findings indicate that while firm size, lagged profitability, growth, and productivity positively influence profitability, firm age and industry affiliation negatively influence it. The empirical results suggest that productivity is the most significant determinant of profitability. These results are fairly robust across the various industry sectors covered in the study and are largely consistent with the hypotheses developed from the resource-based approach.

  • 25.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Capital Structure Determinants of Swedish SMEs in Jamtland2007Conference paper (Refereed)
    Abstract [en]

    This study examines empirically capital structuredeterminants of Swedish SMEs located in Jamtland through testing hypotheses formulated from pecking theory. The study focuses on a sample contains 1710SMEs for which complete financial information was available for 2003–2005 andrepresents a target population of 4116 firms located in the studied region.While most previous research has focused on publicly traded firms, the presentstudy uses a broad database and pays attention to unlisted SMEs in a rural areawhere small businesses occupies a prominent social position and reflect aspecial financial environment. In addition, more explanatory variables are usedthan in prior research. The empirical results indicate that the explanatoryfactors are associated to various extents with capital structure. However, theresults are somewhat mixed, suggesting that both pecking order and trade-offtheories are relevant, but giving stronger support to pecking order theory.SMEs can use these findings to improve their awareness of financial managementand of how to use resources more effectively. Moreover, potential SMEs willhave a better understanding of how to approach financial problems encountered inthe start-up stage. Finally, both the financial sector and policy makers areexpected to re-evaluate their policies regarding SME financing.

  • 26.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Growth determinants among Swedish SMEs2009Conference paper (Refereed)
  • 27.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Growth Determinants among Swedish SMEs, Evidence from firm-level data2011In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 6, no 3/4, p. 313-328Article in journal (Refereed)
    Abstract [en]

    This paper identifies the firm-level internal determinants that explain the economic growth of Swedish SMEs. The analysis is based on a sample consisting of 989 growth SMEs and 6,119 non-growth SMEs with 95,475 observations, and applies logistic regression models for the period 2004-2006. The results, which have a high rate of accuracy, indicate that a set of four factors – age, size, leverage rate and profitability – had a significant impact on the growth probability of sample firms over a period of three years. The results can be summarised as follows. First, younger SMEs have a better chance of seeing growth. Second, financial constraints significantly decrease the probability of growth in terms of employees. Third, profitability plays a significant role in the growth process. Lastly, access to external financial resources has a positive effect on the growth of firms. The results of this paper are useful for firm stakeholders, including managers, shareholders, debt holders and potential investors, as well as academic researchers and policy makers

  • 28.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Impact of Financing Pattern on Firm Growth: Evidence fromSwedish Micro Firms2012In: International Business Research, ISSN 1913-9004, E-ISSN 1913-9012, Vol. 5, no 9, p. 16-25Article in journal (Refereed)
    Abstract [en]

    This study examines the impact of financial structures on the growth of micro firms in Sweden. The objective of

    this paper is to explore whether firms’ growth can be associated with patterns of financial acquisition and

    whether these patterns influence firms’ growth differently when the source is either internal or external. Based

    on agency cost theory, hypotheses were formulated and tested with panel data consisting of 12 101 micro firms,

    using 84 707 observations for the period 2006–2007. The data were analysed using the seemingly unrelated

    regression (SUR) model. The empirical results reveal that internal financial sources – retained profit –

    significantly influence firm growth. Similarly, short-term debt and growth are positively related. However, firm

    growth is generally more sensitive to retained profit than short-term debt. Interestingly, long-term debt generally

    has no effect on growth. The findings also indicate that size, age, and industry affiliation influence firm growth. Finally, agency cost theory is relevant in explaining the relationship between financing pattern and growth.

  • 29.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The patterns of financial bootstrapping behavior, Empirical evidence from Swedish SMEs’2011In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 7, no 3, p. 255-264Article in journal (Refereed)
    Abstract [en]

    The aim of this study is to explore the patterns of financial bootstrapping behaviour of SMEs in Ostersund/Sweden. The present research is based on a structured questionnaire survey and focuses on a sample of 146 SMEs. 'Financial bootstrapping' denotes a set of techniques such as reliance on internal funding sources, low-cost acquisition of financial resources, and avoidance of external financial resources. The empirical results show that the sample firms use a wide variety of bootstrapping techniques. In addition, although the internal resources and social oriented techniques emerged as the most- and second most highly used financial bootstrapping techniques respectively, other techniques such as minimising accounts receivable, minimising capital, and subsidy bootstrapping have been ranked as the most important bootstrapping techniques. The results from this study contribute to the understanding of informal financial behaviour of SMEs.

  • 30.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The patterns of financial bootstrapping behaviour: An empirical explorative study of Swedish SMEs in Jämtland.2007Conference paper (Refereed)
    Abstract [en]

    The aim of this study is to explore the patterns of financial

    bootstrapping behaviour of SMEs in Östersund/Sweden. The present research is

    based on a structured questionnaire survey and focuses on a sample of 146

    SMEs. ‘Financial bootstrapping’ denotes a set of techniques such as reliance on

    internal funding sources, low-cost acquisition of financial resources, and

    avoidance of external financial resources. The empirical results show that the

    sample firms use a wide variety of bootstrapping techniques. In addition,

    although the internal resources and social oriented techniques emerged as the

    most- and second most highly used financial bootstrapping techniques

    respectively, other techniques such as minimising accounts receivable,

    minimising capital, and subsidy bootstrapping have been ranked as the most

    important bootstrapping techniques. The results from this study contribute to

    the understanding of informal financial behaviour of SMEs.

  • 31.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Debt financing among native- and immigrant-owned firms: empirical evidence from Swedish small business at start up stage2014In: World Review of Entrepreneurship, Management and Sustainable Development, ISSN 1746-0573, E-ISSN 1746-0581, Vol. 10, no 4, p. 422-434Article in journal (Refereed)
    Abstract [en]

    This paper provides evidence on ethnic differences in bank debtfinancing among small Swedish firms at the start-up stage. The empiricalanalysis is carried out on a sample of small firms consisting of 2,814native- and immigrant-owned firms for year 2008. The method of binarylogistic regression analysis was mainly performed to analyse the data. Theempirical results suggest that immigrant-owned firms tend to use less bank debtthan their native counterparts. Moreover, the variables related to human capital,previous experience of starting a business, university education and anadditional job beside the business have a positive impact on the use of bankdebt. There is also a positive influence of personal start capital and the size offirm in terms of number of employees on access to debt capital. However, firmcharacteristics, legal form and industry affiliation affect the debt fundingnegatively, indicating that firms with less formalised legal status operating inless developed market segments and with less physical capital are less likely tohave access to debt capital.

  • 32.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Ethnicity and aquisition of external capital at start-up stage: differences between small native Swedish- and immigrant-owned firms2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 9, no 4, p. 442-460Article in journal (Refereed)
    Abstract [en]

    The aim of the study was to explain empirically the differences in external financing between native- and immigrant-owned small businesses in terms of ethnicity and other relevant variables. A sample of 2,814 native- and immigrant-owned small businesses, based on a unique and comprehensive database gathered through interviews, was analysed employing several univariate and multivariate methods. The results suggest that ethnicity is an important explanatory variable differentiating between acquisitions of external capital at start-up stage. Owner characteristics such as age, experience of starting businesses and education also have an impact on finance-seeking behaviour and thereby on the acquisition of external capital. The findings indicate that characteristics of the firm, such as personal start-up capital, firm size, legal form and industrial sector, do partly influence access to external capital. Since knowledge about this issue is limited, the results of this study add to our understanding of variables affecting the behaviour of small business endeavours in seeking funding at start-up.

  • 33.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Ethnicity and the pattern of capital acquisition at start-up stage:: differences between small Swedish native and immigrant-owned firms2013In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 10, no 4, p. 357-371Article in journal (Refereed)
    Abstract [en]

    The aim of the study was to explain empirically the differences in external financing between native– and immigrant–owned small businesses in terms of ethnicity and other relevant variables. A sample of 2,814 native– and immigrant–owned small businesses, based on a unique and comprehensive database gathered through interviews, was analysed employing several univariate and multivariate methods. The results suggest that ethnicity is an important explanatory variable differentiating between acquisitions of external capital at start–up stage. Owner characteristics such as age, experience of starting businesses and education also have an impact on finance–seeking behaviour and thereby on the acquisition of external capital. The findings indicate that characteristics of the firm, such as personal start–up capital, firm size, legal form and industrial sector, do partly influence access to external capital. Since knowledge about this issue is limited, the results of this study add to our understanding of variables affecting the behaviour of small business endeavours in seeking funding at start–up.

  • 34.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    External capital acquisition at start-up stage among small business owners in Sweden: A comparison between Swedish native and immigrant-owned firms2012In: ABSTRACTS, 2012Conference paper (Refereed)
  • 35.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Gender and the use of external business advice: A Swedish study2015In: International Journal of Gender and Entrepreneurship, ISSN 1756-6266, E-ISSN 1756-6274, Vol. 7, no 1, p. 105-124Article in journal (Refereed)
    Abstract [en]

    Purpose – The aim of this study is to examine whether there are significant differences betweenfemale and male entrepreneurs’ use of consultation during business start-ups.Design/methodology/approach – Using several statistical tools, including ANOVA and seeminglyunrelated regressions, empirical analyses are conducted on a unique and firm-level panel database of837 female- and 1926 male-owned active small firms.Findings – The results indicate that gender may be an important variable in the use of advice amongsmall business owners in Sweden. Female owners in this study are shown to be more eager than maleowners to use external business advice, and do so to a higher extent.Practical implications – One implication of this study is that firms may not be able to use allbusiness advice types simultaneously during their start-up stage, so an ordered list of consultancyservices would help them prioritize and adjust their needs accordingly. Because the use of businessadvice is context-based, the findings of this study may not be generalized to firms in othercountries. This paper shows some gender-based attributes/features relating to the use of businessadvice, which need to be better integrated into policymaking for the future assistance of smallbusinesses.Originality/value – This article focuses on an important issue and is unique partly because fewstudies have examined the relationship between gender and external business advice. By explicitly andempirically examining this issue, this article makes a contribution to the small- and medium-sizedenterprises’ literature.

  • 36.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    The Determinants of Informal Capital in the Financing of Small Firms at Start-Up:: An Ethnic Comparison of Small Firms in Sweden2013In: International Journal of Economics and Finance, ISSN 1916-971X, Vol. 5, no 3, p. 62-72Article in journal (Refereed)
    Abstract [en]

    This study explains empirically the differences in the use of informal financing between native- and immigrant-owned small businesses in terms of ethnicity and other relevant variables. A sample of 2814 native- and immigrant-owned small businesses, consisting of a unique database gathered, was analysed and several univariate and multivariate methods employed. The results suggest that ethnicity is a significant explanatory variable and an important factor in informal capital access in the start-up stage in terms of loans from family members and friends. Moreover, the other independent variables, namely gender, age, experience of starting businesses, the amount of start capital, and firm size, affect loans from family members, whereas loans from friends are influenced by age, size, and industry affiliation. Since knowledge about informal capital determinants is limited, the results of this study add to our understanding of the variables that explain the financing behaviour of small businesses at start-up.

  • 37.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The external capital acquisition at start-up stage: Differences between small Swedish native and immigrant-owned firms2012In: ABSTRACTS, 2012Conference paper (Refereed)
  • 38.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Brouder, Patrick
    School of Tourism and Hospitality, University of Johannesburg, South Africa.
    Business Advice Strategies of Immigrant Entrepreneurs in Sweden2015In: Baltic Journal of Management, ISSN 1746-5265, E-ISSN 1746-5273, Vol. 10, no 1, p. 98-118Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to examine whether there are any significant differences between native Swedish and immigrant entrepreneurs in business advice sought at start-up.

    Design/methodology/approach – The study, based on a unique and large database consisting of 304 immigrant and 2,512 native-owned firms, applies several univariate and multivariate statistical methods including ANOVA and regression analysis.

    Findings – According to the results there are certain similarities and differences between Swedish native- and immigrant-owned firms concerning the type of external business advice they seek. The results suggest there are significant differences between native and immigrant-owned firms for four of 20 types of advice received. Native-owned firms, on average, tend to seek more advice on accounting and on the choice of business form as well as the help of a knowledgeable person. On the other hand, immigrants seek, on average, more advice on export questions than their native counterparts.

    Research limitations/implications – This research contributes to policy-making by helping authorities gain a better understanding of the impact of immigrant background on business network decisions at the nascent stage of development. Immigrant access to good advice in the nascent stage should increase new firm survival. This study does not, however, measure performance. As this research is based on aggregate level secondary data, more specific analysis has been impossible. This is an important limitation of this paper. In addition, immigrants are not homogenous groups and they differ in age, education, work experiences, etc. The results should therefore be interpreted carefully.

    Originality/value – This paper is one of the first and few empirical studies investigating the issue of immigrant business advice strategies in the Swedish context. The study provides a detailed overview of how ethnicity influences entrepreneurs’ use of external business advice in the firm formation stage for micro and small firms.

  • 39.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Hellgren, Carina
    Division of Education and Research Administration, Mälardalen University, Västerås, Sweden.
    Competence development and performance among Swedish micro firms2014In: European Journal of Training and Development, ISSN 2046-9012, Vol. 38, no 3, p. 162-179Article in journal (Refereed)
    Abstract [en]

    Purpose: This study examines the association between performance and competence development among Swedish micro firms, measured as number of hours per person a company allocates annually to competence development. Design/methodology/approach: A panel dataset consisting of around 395 firms will be analyzed using seemingly unrelated regression-model (SUR-model) for relationships between the hours allocated to competence development and various proxies for business performance, and the relationship between attending a business training program and various proxies for business performance. Findings: The empirical results are mixed showing a positive association between owners' attendance on a business training program and company performance merely with regard to four performance variables: better job satisfaction within a company, increased number of employees, organizational improvements and increased exports. However, the findings provide no evidence to suggest that there is a link between competence development and other performance variables. Practical implications: The present study provides a better understanding of the relationship between company performance and competence development. An investment in entrepreneur training and education could ensure the improvement of the performance of micro firms. This implication is especially relevant to firms in such industries as the service sectors, which are highly competitive. Originality/value: This study is based on a unique sample including many relevant variables, compared to previous researches. To the authors' best knowledge, this study is the one of the first empirical investigations focusing on this issue in the Swedish context.

  • 40.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Jahandar, S.
    Nottingham Business School, Nottingham Trent University, Chaucer 4711, Nottingham NG1 4BU, United Kingdom.
    Acquisition of external capital at start-up stage: Differences between Swedish female- and male-owned firms2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 15, no 4, p. 435-451Article in journal (Refereed)
    Abstract [en]

    This research explores differences in external capital acquisition between female- and male-owned firms at start-up stage in Sweden. The study sample is taken from a unique and large database including 836 female- and 1928 male-owned firms in 2008, giving a total of 47,022 observations. ANOVA, multinomial logistic regression, and other robust statistical tests are employed to analyse the data. The results indicate that two variables, i.e., loans from family members and government grants, are significant in distinguishing between female- and male-owned firms in terms of external start-up capital. The findings also indicate that owners' previous experience and having an additional job outside one's own business influence the use of external capital at start-up stage. Knowledge of the difference between female- and maleowned firms' use external capital at start-up stage is limited and ambiguous. The present results contribute to research into small firm financing by adding insight into the relationships between capital acquisition, gender, and other variables. Copyright © 2012 Inderscience Enterprises Ltd.

  • 41.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Jahandar, Sara
    School of Business and Economics,Loughborough University.
    The impact of internal finance on growth,: empirical evidence from Swedish firm-level data2011Conference paper (Refereed)
  • 42.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Lindvert, Märta
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The impact of capital structure on productivity among micro firms: Empirical Evidence from Swedish firm-level data2010Conference paper (Refereed)
  • 43.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Nilsson, Mattias
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The bankruptcy determinants of Swedish SMEs.2008Conference paper (Refereed)
  • 44.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Salman, A. Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Life Cycle of Growth Path among Micro Firms: Swedish Data2012In: International Business Research, ISSN 1913-9004, E-ISSN 1913-9012, Vol. 5, no 10, p. 107-114Article in journal (Refereed)
    Abstract [en]

    The main purpose of this study is to empirically examine whether the implications of the life cycle model hold on the growth path of a sample of Swedish micro firms. The study is based on a sample containing 22001 Swedish micro firms across six industries for the year 2007. Several methods are used to analyse the impact of the life stage and two control variables, size and industry, to analyse the impact on firm growth. The empirical results of the study confirm a clear pattern of the growth life-cycle process among Swedish micro firms. Young micro firms, generally, grow on average more than their older counterparts and as they age and develop, their growth rate decreases. Additionally, firm growth among firms of different sizes and in various industries still follows the general pattern of the total sample. Thus, it appears from the results that the growth rate of Swedish micro firms included in the sample follows a systematic and predictable pattern associated mainly with the life stage.

  • 45.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Salman, A. Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Arnesson, Leif
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Life Cycle of profitability among Swedish micro firms2013In: World Review of Entrepreneurship, Management and Sustainable Development, ISSN 1746-0573, E-ISSN 1746-0581, Vol. 9, no 3, p. 340-351Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to examine the profitability life cycle among Swedish micro firms. The study sample contains 22,710 micro firms across six industries for which complete financial information is available for the year (2007, giving a total of 68,130 observations. The results of the empirical study indicate that the firm profitability changes systematically over its life cycle stages. The profitability is high in the first life cycle stage, and as firms age and develop, it decreases. The change of firm profitability in different industries over their life cycles follows the general pattern of the total sample. Empirical tests provide support for two additional predictions of the life cycle model: specifically, that firm size influences profitability, and that the industry affiliation has a more pronounced effect on firms’ profitability than the variables size and life cycle stage. The results from the statistical tests support the applicability of the life cycle model to explain the profitability development pattern.

  • 46.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Salman, Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Assessing determinants on job creation at the firm level: Swedish micro firm data2012In: International journal of economics and finance, ISSN 1916-971X, Vol. 4, no 12Article in journal (Refereed)
    Abstract [en]

    This study analyses job-creation determinants at the firm level for a panel of Swedish micro firms across four industry sectors, using the GMM (Generalized Method of Moments) system to analyse a database consisting of 12532 Swedish micro firms during 2007. It was found that the firms’ size and age, the importance of debt financing and increased availability of liquidity are positively related to job creation as well as industry affiliation. Finally, the results suggest that a resource-based approach is at work in explaining job creation in micro firms. Unlike the majority of previous studies, this study is characterized by being based on a large and cross-sectoral firm-level dataset, testing a number of hypotheses driven from the resource-based approach. The present study contributes to the literature on the determinants of employment at the firm level as it investigates the importance of liquidity and financial leverage to firm labour demand dynamics in Sweden.

  • 47.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Salman, Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Arnesson, Leif
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Assessing determinants on job creation at the firm level Swedish Micro Firm Data2012In: International Journal of Economics and Finance, ISSN 1916-9728, E-ISSN 1916-971X, Vol. 4, no 12, p. 105-113Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to examine the profitability life cycle among Swedish micro firms. The study sample contains 22,710 micro firms across six industries for which complete financial information is available for the year 2007, giving a total of 68,130 observations. The results of the empirical study indicate that the firm profitability changes systematically over its life cycle stages. The profitability is high in the first life cycle stage, and as firms age and develop, it decreases. The change of firm profitability in different industries over their life cycles follows the general pattern of the total sample. Empirical tests provide support for two additional predictions of the life cycle model: specifically, that firm size influences profitability, and that the industry affiliation has a more pronounced effect on firms’ profitability than the variables size and life cycle stage. The results from the statistical tests support the applicability of the life cycle model to explain the profitability development pattern.

  • 48.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Turner, S.
    School of Business and Economics, Loughborough University, Ashby Road, Loughborough, Leicestershire LE11 3TU, United Kingdom .
    The impact of internal finance on growth empirical evidence from Swedish firm level data2013In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 19, no 1, p. 51-63Article in journal (Refereed)
    Abstract [en]

    This paper examines the impact of firms' internal liquidity access and related firm characteristics on the growth of Swedish micro firms across six industry sectors, based on a database of over 62,000 observations covering 10,383 Swedish micro firms over the 2007-2008 period. Using a seemingly unrelated regression model with four explanatory variables (i.e., liquidity access, size, age, and industry affiliation), this study found a significant relationship between growth and the explanatory variables. Consistent with much previous research, this paper demonstrates that liquidity access positively affects firm growth. Furthermore, other firm-level variables, such as size, age, and industry affiliation, significantly affect firm growth. This article contributes to the literature by employing a seemingly unrelated regression model to analyse a comprehensive, cross-sectoral sample. Copyright © 2013 Inderscience Enterprises Ltd.

  • 49.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Turner, Sara
    School of Business and Economics,Loughborough University.
    The structure of external financing at start-up stage: The differences between Swedish Female- and Male-Owned firms2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, The International Journal of Business and Globalisation, Vol. 9, no 2, p. 157-170Article in journal (Refereed)
    Abstract [en]

    This article identifies the differences in external capital acquisition pattern between female- and male-owned firms at start-up stage in Sweden. The study sample is based on a unique and compressive database including 836 female- and 1,928 male-owned firms in 2008. Various statistical tests, such as factor analysis, are employed to analyse the data collected. The results indicate that significant differences exist in external capital structure between female and male-owned firms with regards to the use of individual financial sources. The structure of financing sources was also found having a different pattern at start-up stage between male and female owners. While the female owners prefer to use the formal capital sources, their male counterparts prioritise informal capital sources. In addition, female business owners prefer government grants as the third financing alternative before the risk capital while male counterparts behaved the opposite.

  • 50.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Ödlund, Linda
    Industry Effects and micro firms’ Capital Structure Determinants: Empirical Evidence from Swedish data2010In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 5, no 4, p. 373-387Article in journal (Refereed)
12 1 - 50 of 81
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