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1、本文格式为Word版，下载可任意编辑小额贷款与创业能力中英文对照外文翻译文献 文献信息 文 献 标 题 ：An empirical investigation of the interplay between microcredit, institutional context, and entrepreneurial capabilities（小额信贷、制度环境与创业力量之间相互作用的实证讨论） 文献：Jonathan Kimmitt， Mariarosa Scarlata，Dimo Dimov 文献出处：Venture Capital ,2021,18(3):257276 字数统计：英文
2、3661 单词，21609 字符；中文 6504 汉字 外文文献 An empirical investigation of the interplay between microcredit, institutional context, and entrepreneurial capabilities Abstract Understanding under which conditions microcredit is used by new, growing ventures is becoming increasingly pertinent to scholars. This pa
3、per investigates the interplay of the use of microcredit with entrepreneurial capabilities and the moderating role of institutional development in sub-Saharan Africa. Our findings show that higher constraints to entrepreneurial capabilities are associated with higher use of microcredit. In addition,
4、 we find that new, growing ventures use microcredit more where either economic or political institutions are less developed. Our findings suggest the importance of the existence of some type of institutional strength that must be in place to form the basis for microcredit activity. This allows for s
5、peculation as to whether microcredit works as the literature currently assumes. KEYWORDS: Capabilities; entrepreneurial finance; institutions; microfinance 1.Introduction Entrepreneurial activity is strongly influenced by the context it is embedded in (Baumol 1990, 1993; Autio and Acs 2021; Welter 2
6、021). Particularly in emerging markets, entrepreneurs face a number of challenges, such as the mixed success of innovation (Bradley et al. 2021), weak institutions (Acemoglu 2021), and low human capital levels (Acs and Virgill 2021). One particular challenge for these entrepreneurs is access to fina
7、nce (Honohan 2021) which can lead them into poverty traps (Berthelemy and Varoudakis 1996), ultimately undermining their ability to freely choose among options (Gries and Naud 2021) and pursue the goals they value (Alkire 2021). A financial sector that is well developed, on the contrary, would give
8、them the instrumental capability to more adequately participate in economic exchange (Sen 1999; Beck, Demirg-Kunt, and Levine 2021). To respond to funding challenges that particularly characterize developing economies, the provision of microfinance to entrepreneurs has been regarded as an important
9、part of the strategy through which livelihoods could be improved (Mair and Marti 2021; Peredo and Mclean 2021; Khavul 2021). Microfinance institutions (MFIs) pursue profit-making strategies that facilitate and support the ongoing activity of capital provision to entrepreneurs while also trying to ex
10、tend their services and drive outreach (Morduch 1999; Fernando 2021). By providing microcredit, savings, insurance, and retirement plans, individuals are able to obtain capital which can be used to finance the creation and the survival of new ventures (Campbell 2021; Khavul 2021). As such, microcred
11、it allows entrepreneurs to build assets and economic resources, while creating employment opportunities and services for local communities (Helms 2021). This can ultimately have an effect on individuals capabilities and the contexts entrepreneurs operate in (Mair and Marti 2021). Current debates in
12、the microcredit and microfinance literature have focused on the dynamics through which microcredit is deployed, particularly to women, as well as its effectiveness (cfr. among others Mair, Marti, and Ventresca 2021; Milanov, Justo, and Bradley 2021; Chliova, Brinckmann, and Rosenbusch 2021), how mic
13、rofinance institutions function (cfr. among others, Morduch 1999; Armendariz and Morduch 2021) as well as their level of sustainability (cfr. among others, Gonzalez- Vega 1994; Morduch 2021), and their ability to shape the context they operate in (cfr. among others, Mair and Marti 2021; Khavul, Chav
14、ez, and Bruton 2021). Research has also indicated that institutional quality determines the performance of MFIs in periods of financial crisis (Silva and Chvez 2021) and that institutions influence how entrepreneurial finance is channeled to entrepreneurs in developing economies (Eid 2021). However,
15、 Beck (2021) and McKenzie and Woodruff (2021) indicate that small and medium-sized businesses, often called missing middle, offer high returns on investments in these contexts. Yet, they remain underserved financially and overlooked by researchers. We also know that empirical access to finance is a
16、critical issue for firms in developing economies and microcredit is a particular type of high- risk debt which may not always be sought after (Hulme 2021; George 2021). In addition, if context shapes entrepreneurship and sets the boundaries for entrepreneurial action (Welter 2021), it is not clear (
17、a) whether ventures using microcredit are those whose capabilities are constrained the most by the environment they operate in and (b) under which institutional conditions these ventures actually use microfinance to fund their business needs. The question about when and where entrepreneurs decide to
18、 pursue or forgo the option of using microfinance loans still remains unanswered (Khavul 2021). In this paper, we ask the following question: How do formal institutions shape the use of microcredit by firms with varying entrepreneurial capabilities? To answer these questions, our empirical analysis
19、focuses on the use of microcredit by firms in sub-Saharan Africa, characterized as a context with a high level of constrained capabilities. Often viewed as institutionally homogenous (Rivera-Santos et al. 2021), we highlight the institutional heterogeneity of this context and the varying capabilitie
20、s associated with it. We test predictions using data from the World Banks Enterprise Survey, the Economic Freedom of the World Report index (2021), as well as the World Economic Forum Global Competitiveness Report (2021). Our findings indicate that microcredit is indeed used in areas where individua
21、ls entrepreneurial capabilities are more constrained. At the same time, in these contexts, microcredit tends to be mostly used where there is either a well-developed market or a well-functioning politicaljudicial system which guarantee a minimalrule of game. It is only under those institutional cond
22、itions that firms, constrained by their capabilities, are prone to/can use microcredit to finance their business activities. 2.Theoretical background Sens (1999, 2021) capabilities approach introduced the notion that development should be conceptualized as freedoms, i.e., how and why individuals are
23、 able or constrained in their ability to act. Because individuals have ideas about the type of lives they want to live, they act in accordance with such aims (Sen 1999). Following the capabilities approach, antecedents and consequences of individual circumstances can be highlighted using non-monetar
24、y indicators: Capability constraints need to be understood with respect to the individuals freedom, i.e., how and why individuals are able or constrained in their abilities to do or to be (Alkire 2021). In the capabilities approach, a persons freedom refers to the genuine opportunity to realize what
25、ever it is that they are trying to achieve (Alkire 2021). This, in turn, determineswhat they do (Anand et al. 2021). Building on Sens (1999) argument, Nambiar (2021) further reports that capabilities are synonymous with individuals feeling constrained or enabled by their immediate circumstances, whe
26、reas Robeyns (2021), Sen (2021) and Nussbaum (2021) indicate that it is an individuals environment which creates heterogeneities in capabilities. Severely restricted capabilities are therefore associated with an inability to act in accordance with ones aims. Prior work shows that context is particul
27、arly important in shaping entrepreneurial capabilities: By setting boundaries, it can be the space for the emergence of opportunities while also placing limitations upon them (Welter 2021; Estrin, Korostelevab, and Mickiewiczc 2021). Context influences enterprising activities at the intersection of
28、different levels of analysis, situating theories, and empirical patterns within their natural settings (Zahra, Wright, and Abdelgawad 2021). Evans (2021) and Sen (1999), among others, indicate that the institutional context indeed influences capability development. Both Sen (2021) and Nussbaum (2021
29、) explain that expanding individual freedoms are central to advancing capabilities; this expansion is guided by institutional frameworks. The proposition here is that institutional development impacts freedoms, such as those related to economic opportunities, property, finance, and other basic servi
30、ces (Stiglitz 1998; Nussbaum 2021), and this impacts capability development. On the one hand, as Robeyns (2021) reports, the capabilities of entrepreneurs require appreciating that there are heterogeneities in their abilities to achieve their aims. On the other hand, institutional failure can increa
31、se transaction costs which limit the appropriability of entrepreneurial rents, reducing the perceived attractiveness of entrepreneurial opportunities and leading to suppression of entrepreneurial activity (Baker, Gedajlovic, and Lubatkin 2021). The development of financial institutions, which provid
32、e adequate financial services, is categorized by Sen (1999) as an instrumental capability. Contexts where financial institutions are underdeveloped contribute to the creation ofpoverty traps (Berthelemy and Varoudakis 1996) as it reduces the perceived attractiveness of entrepreneurial opportunities.
33、 This, in turn, hinders the ability of individuals to adequately participate in economic exchange and overall capabilities (Sen 1999). Microcredit developed in contexts characterized by limited access to resources (Peredo and Chrisman 2021) as a solution for individuals who are constrained by the en
34、vironment, which inhibits the pursuit of lucrative opportunities (Sen 2021). As such, microcredit acts as a means toward the expansion of entrepreneurs capabilities (Ansari, Munir, and Gregg 2021) who can incrementally improve their capabilities of achieving small-scale solutions to macro social pro
35、blems (Moyo 2021). This leads to the formulation of the following hypothesis: Hypothesis 1. New ventures are more likely to use microcredit where capabilities are constrained. Hypothesis 2. New ventures are more likely to use microcredit where economic institutions are less developed. Hypothesis 3.
36、New ventures are more likely to use microcredit where political- judicial institutions are less developed. Hypothesis 4. New ventures are more likely to use microcredit in environments characterized by high constrained capabilities where economic institutions are more (less) developed and political-
37、judicial institutions less (more) developed. 3.Methodology To test our hypotheses, we used data by the World Bank through its annual Enterprise Survey. We focused on countries in sub-Saharan Africa since this has been consistently depicted as one of the areas with seriously restricted capabilities.
38、In particular, the World Bank (2021) reports an increase in sub-Saharan urban population by 114% between 1990 and 2021, and an increase in people living with less than $1 a day by 183%; also, the average life expectancy at birth results to be 52.5 years, compared with 71.5 years for North Africa and
39、 69.2 years for the world. Still, the prevalence of HIV for people aged 1549 is nearly 7 times the worlds average (World Bank 2021). Twenty-seven sub-Saharan countries were included in the survey. The enterprise surveys collect firm level information on the business environment, how it is perceived
40、by individual firms, how it changes over time, and the various constraints to firm performance and growth (World Bank 2021). Firm-level data are available from 2021; however, since data prior to 2021 were collected by different units within the World Bank and employed different survey questions for
41、different countries, our analysis focuses on data collected from 2021. In addition, the enterprise survey is addressed to operating businesses that employ a minimum of five employees; this eliminates most of the subsistence-driven and self-employment forms of entrepreneurship, something that Karnani
42、 (2021) has defined as misguiding in that the focus on subsistence entrepreneurship does not help us in understanding and/or explaining economic development. Similarly, Mead and Liedholm (1998) have shown that within an African context, small and medium-sized enterprises generate significantly more
43、jobs than larger scale enterprises yet remain chronically underfunded. By concentrating on ventures with five or more employees, we are able to focus on themissing middle of the microfinance sector which have the greatest potential for driving economic growth and is consistently under-researched (Sl
44、euwaegen and Goedhuys 2021). To date, this is a group of entrepreneurs who have received sparse attention within the microfinance literature, which has heavily focused on microfinance institutions themselves rather than on recipients of their services (cfr. among others, Mair and Marti 2021; Moss, N
45、eubam, and Meyskens 2021; Silva and Chvez 2021). For what concerns our conceptualization of entrepreneurship as new ventures, consistent with prior research in both developed and developing countries, we limited our analysis to those firms that were not part of larger firms and were less than 10 yea
46、rs old (Benson 2021; Fadahunsi and Rosa 2021; Reuber and Fischer 2021; Barnir, Gallaugher, and Auger 2021; Park and Bae 2021; Bhagavatula et al. 2021). Based on these parameters, our sample size for analysis was 5255 of the 16847 firms in the original Enterprise Survey data set. 4.Discussion, limita
47、tions, and future research Scholars have consistently linked entrepreneurial activity with economic growth. However, in developing countries, individuals often lack the capabilities to access the market and obtain capital to fund new business opportunities. Acknowledging these challenges, microcredi
48、t developed to provide small amount of loans to allow such individuals to efficiently engage in economic exchange and build their ventures, thus making wider economic contributions (Mcmullen 2021). However, entrepreneurship researchers have argued that contextual factors, both at the individual and
49、institutional level, augment entrepreneurial activity (Baumol 1990; Estrin, Korostelevab, and Mickiewiczc 2021). This paper highlights the contextual conditions under which new, growing ventures use microcredit. These ventures are classified as themissing middle and have been overlooked by mainstream academic research and practitioners work, where a focus has been on individuals receiving microcredit for subsistence purposes and/or t