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https://link.springer.com/content/pdf/10.1057%2Fjors.1974.92.pdf

The Nature of Managerial Work

The present article seeks to advance the theoretical knowledge of entrepreneurial learning by reviewing and synthesizing available research into a conceptual framework that explains the process of entrepreneurial learning as an experiential process. The framework identifies three main components in the process of entrepreneurial learning: entrepreneurs' career experience, the transformation process, and entrepreneurial knowledge in terms of effectiveness in recognizing and acting on entrepreneurial opportunities and coping with the liabilities of newness. Based on the arguments in the article, five major propositions were developed to refine our understanding of entrepreneurial learning. Finally, theoretical and practical implications were discussed.

The Process of Entrepreneurial Learning: A Conceptual Framework

Over the last 35 years, business failure prediction has become a major research domain within corporate finance. Numerous corporate failure prediction models have been developed, based on various modelling techniques. The most popular are the classic cross-sectional statistical methods, which have resulted in various ‘single-period’ or static models, especially multivariate discriminant models and logit models. To date, there has been no clear overview and discussion of the application of classic statistical methods to business failure prediction. Therefore, this paper extensively elaborates on the application of (1) univariate analysis, (2) risk index models, (3) multivariate discriminant analysis, and (4) conditional probability models in corporate failure prediction. In addition, because there is no clear and comprehensive analysis in the existing literature of the diverse problems related to the application of these methods to the topic of corporate failure prediction, this paper brings together all problem issues and enlarges upon each of them. It discusses all problems related to: (1) the classical paradigm (i.e. the arbitrary definition of failure, non-stationarity and data instability, sampling selectivity, and the choice of the optimisation criteria); (2) the neglect of the time dimension of failure; and (3) the application focus in failure prediction modelling. Further, the paper elaborates on a number of other problems related to the use of a linear classification rule, the use of annual account information, and neglect of the multidimensional nature of failure. This paper contributes towards a thorough understanding of the features of the classic statistical business failure prediction models and their related problems.

/pdf/35-years-of-studies-on-business-failure-an-overview-of-the-4ugpu79sd0.pdf

35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems

In recent years, literature has identified the increasing complexity of small and medium-sized enterprises (SMEs) and highlighted their sensitivity to differences in managerial culture and management systems. Research has shown that performance measurement systems (PMSs) could play an important role in supporting managerial development in these companies. In this paper, the literature on performance measurement in manufacturing SMEs is reviewed and the diffusion, characteristics and determinants of performance measurement in SMEs are analysed. Shortcomings in the performance measurement systems are highlighted and the many factors that seem to constrain PMSs in manufacturing SMEs are defined, e.g. lack of financial and human resources, wrong perception of the benefits of PMS implementation, short-term strategic planning. Moreover, using dimensions defined according to the information found in the literature, two PMS models specifically developed for SMEs are compared with generic PMS models. The comparison points out an evolution in PMS models over time; in particular, the models developed in the last 20 years are more horizontal, process-oriented and focus on stakeholder needs. However, it is not clear whether these changes are due to the evolution of the generic models or an attempt to introduce models suited to the needs of SMEs. To clarify this matter and better to understand PMSs in SMEs, further theoretical and empirical studies are necessary. The main issues still requiring investigation are listed in a research agenda at the end of the paper.

https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1468-2370.2005.00105.x

Performance measurement systems in SMEs: A review for a research agenda

Partnerships between companies receive a great deal of attention from top managers and researchers at the time of their formation. This attention results largely from the common perception that the initial structuring of partnerships and establishment of common goals determines partnership outcomes and success. In Alliance Advantage, Doz and Hamel shift the focus away from deal making to the internal processes within the partnership and the unfolding interactions among partners that play an important and relatively unexplored role in shaping outcomes. Focusing on the underlying reasons why companies enter alliances and the processes by which they continually learn from their interactions and re-evaluate common--and individual--goals, the authors paint a sophisticated picture of alliance dynamics over time. The authors challenge organizations to define their objectives for alliance formulation and consider whether their own corporate culture provides an "alliance ready" atmosphere.

Alliance advantage : the art of creating value through partnering

This paper presents a model for predicting crises in small businesses using early‐warning signals. It summarises the results of two separate studies carried out in Finland (with 72 per cent response) and the UK (26 per cent) on the decision process of corporate analysts (Finland) and bank managers (UK) in predicting the failure of small and medium‐sized enterprises (SMEs). Both studies consist of seven main headings and over 40 sub‐headings of possible factors leading to failure. Weighted averages were used for both studies to show the importance of these factors. There are significant similarities in the results of the two studies. Management incompetence was regarded as the most important factor, followed by deficiencies in the accounting system and attitude towards customers. However, low accounting staff morale was considered a very important factor in Finland but not in the UK. Unlike Finland, the UK results emphasised the importance of accounting systems and internal control. These two studies differ from previous studies as managerial auditing elements like the importance of internal control departments (UK evidence) and budgetary control systems were included. Similarities in the results of these surveys conducted under two separate EU environments imply that it would be interesting and beneficial to extend these studies to other member states.

Early‐warning system for crisis in SMEs: preliminary evidence from Finland and the UK

Prediction of failure of a newly founded firm

Predicting a corporate credit analyst's risk estimate by logistic and linear models

The aim of this study is to show how the key ratios of financial statement analysis differ in companies owned by women and men.In the study, nine hypotheses are derived based on previous studies.The central starting point for the hypotheses concerning the differences in key ratios is the first hypothesis that women-owned companies are more labor-intensive than menowned companies due to women's personal factors.It follows from this hypothesis that the cost structures and the balance sheet structures of companies owned by women and men are different, which leads to differences in key figures.In addition to labor intensity, the derived hypotheses concern three ratios of profitability, two ratios of solvency and three ratios of liquidity.The hypotheses are tested with data consisting of 6951 women-owned and 30,916 men-owned small and medium-sized Finnish companies from the year 2020.In these companies, the owner is the global Ultimate owner (GUO) who is at the top of the company's ownership structure.Financial ratios are compared to each other in a non-controlled situation and in a controlled situation where control variables are used.The results of the study mostly support the derived hypotheses. 

Financial Ratios in Women-Owned and Men-Owned Small Firms: Evidence from Finland

Financial and nonfinancial variables as long-horizon predictors of bankruptcy

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