Understanding the small business sector

The Control of EducationBy John Vaizey. Pp. 263. (London: Faber and Faber, 1963.) 30s.

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Economics of Education

A review of the measures of the stock of human capital used in empiricalgrowth research - including adult literacy rates, school enrollmentratios, and average years of schooling of the working-age population -reveals that human capital is mostly poorly proxied. The simple use ofthe most common proxy, average years of schooling, misspecifies therelationship between education and the stock of human capital. Based onhuman capital theory, the specification of human capital is extended toallow for decreasing returns to education and for differences in thequality of a year of education. The different specifications give riseto hugely differing measures of the stock of human capital acrosscountries, and development-accounting results show that misspecifiedhuman capital measures can lead to severe underestimation of thedevelopment effect of human capital.

Specifying human capital

Capital markets became global in the first half of the 1980s. This means that the techniques described in this book should be applied globally and not confined to the domestic system of any one country.

The Globalisation of Markets

Internationalization, digitalization, and sustainability: Are SMEs ready? A survey on synergies and substituting effects among growth paths

This study examines how digital technologies affect the international expansion of female‐led small and medium‐sized enterprises (SMEs). Digital technologies have the potential to democratize entre...

Democratizing Entrepreneurship? Digital Technologies and the Internationalization of Female-Led SMEs

Main objective of the analysis is to examine the present situation of the SME sector, the potential of development of the enterprises, and to describe the key effects from the state policies.Situation of the SME sector is investigated for the period of 2005-2011. Main statistical data covers the period of 2005-2009. Research indicators are complemented with national representative survey among SMEs carried out in the beginning of 2011. For the purposes of analysis, data from other surveys are used, along with statistical records and reports related to SME in EU-27. In addition, some parts of the analysis resume contemporary business paradigms treating various aspects of SME development.Analysis is focused on the key factors for sustainable development and competitiveness. For each factor, a specific methodology is elaborated and indeces are constructed. The latter give an opportunity for a general view over the processes passing through Bulgarian enterprises. The methodology allows comparison between diffent segments of SME as well reveal of their internal dynamics.Research on the main question, namely effects of the economic crisis over SME sector, is conducted through specification of econometric models, which are based on modern theories about competitiveness. As a result, mechanisms of affecting different groups of enterprises are extrapolated in correlation with level of enterprise competitiveness. It is the base, on which the most sustainable and least affected by the crisis enterprises are identified. It is exactly the enterprises with the largest potential to lead the sector through the crisis if shortterm state aid was addressed to them.

Analysis of the Situation and Factors for Development of SMEs in Bulgaria: SMEs in the Crisis Context

The English version of this paper can be found at http://ssrn.com/abstract=2290712 Основната цел на анализа е да изследва актуалното състояние на сектора на МСП, потенциала за развитие на дейността на предприятията, както и да оцени ефектите от факторите за конкурентоспособност на МСП върху бизнес представянето им в условията на икономическо възстановяване. Реализирането на тази цел е постигнато посредством: 1. Анализ на външната и вътрешната макроикономическа среда, в която функционират българските МСП. 2. Анализ на състоянието и развитието на сектора на МСП през последните години, както и анализ на устойчивостта на сектора по отношение демографското му развитие. 3. Анализ на основните фактори за развитие и конкурентоспособност на МСП (достъп до финансиране, иновации, интелектуална собственост, интернационализация и добри практики). 4. Оценка на ефектите от факторите за конкурентоспособност на сектора върху икономическото му представяне, SWOT анализ на българските МСП, както и анализ на икономическите политики, които биха могли да стимулират развитието им. Ситуацията в сектора на МСП е разгледана основно в рамките на периода 2009-2012 г. Стандартните статистически показатели за сектора, публикувани от НСИ са допълнени от национално представително емпирично проучване на МСП, проведено през месец март, 2012 г. За целите на анализа са използвани данни и от други изследвания, както и статистика и доклади, касаещи МСП в ЕС. Самата актуализация на миналогодишния анализ избягва повторения по теми, свързани с процеси, които се развиват в средносрочен и дългосрочен план и по които няма настъпили (почти) никакви съществени промени. Вместо тях са добавени нови теми, които са от съществено значение за икономическото възстановяване и устойчивост на сектора на МСП. Периодът, обхванат от анализа, съвпада с възстановяването на световната и европейската икономика от финансовата и икономическа криза. Ето защо, икономическото възстановяване на българските МСП и тяхната конкурентоспособност е основният фокус на документа. Освен тази специална тема, актуализацията добавя и една нова (както за миналогодишния анализ, така и за страната) тема, свързана с проблема на устойчивостта на сектора на МСП и по-специално – унаследяването на семейния бизнес. The main goal of the analysis is to study the current state of the SME sector, the potential to develop the activities of the enterprises, as well as to estimate the effects of the SME competitiveness factors on their business performance in times of economic recovery. The situation in the sector is reviewed mainly for the period 2009-2012. The standard statistical indicators of the sector as published by the NSI have been complemented with a nationally representative empirical survey of the SME carried out in March 2012. For the purposes of the analysis, data from other sources, as well as statistics and reports related to the SMEs in the EU, have also been used. The update of last year’s analysis itself tries to avoid repeating matter on topics related to processes developing over the medium and long run, and in which (almost) no major changes have occurred. Instead, new topics which are of key importance to the economic recovery and sustainability of the SME sector have been added. The period covered by the analysis coincides with the recovery of the world and European economies from the financial and economic crisis. Therefore, the economic recovery of the Bulgarian SMEs and their competitiveness are the main focus of the document. Besides this special topic, the update adds a new one (new both to last year’s analysis and to the country) related to the issue of sustainability of the SME sector, and more specifically family business inheritance.

Analysis of the Situation and Factors for Development of SMEs in Bulgaria 2011-2012: Economic Recovery and Competitiveness

Human capital has been considered as a factor in the macroeconomic production function for the first time in the seminal work of Lucas (1988). Later on, it was also used as a regressor in the empirical analysis of Mankiw, Romer and Weil (1990). Over the past twenty years, economists have explored the relationship between economic growth and human capital in numerous theoretical and empirical studies. The current paper attempts to review and generalize the developments of the theoretical and empirical models during this period as well as to summarize

Human Capital in Economic Growth: A Review of Theory and Empirics

The main goal of this research was to investigate the SMEs competitiveness in terms of leading and supporting factors, and to compare the influence of these factors on SMEs performance. The study focused on four leading and four supportive factors. For each of these factors the respective indexes were constructed and calculated on the basis of 300 Bulgarian SMEs. Through the econometric modelling the research addressed the interaction between two groups of factors. The main findings related to the factors ordering - with some of leading factors stepping back and supporting ones becoming more important in the times of crisis.

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Ralitsa Simeonova-Ganeva

Papers

Democratizing Entrepreneurship? Digital Technologies and the Internationalization of Female-Led SMEs

Analysis of the Situation and Factors for Development of SMEs in Bulgaria: SMEs in the Crisis Context

Analysis of the Situation and Factors for Development of SMEs in Bulgaria 2011-2012: Economic Recovery and Competitiveness

Human Capital in Economic Growth: A Review of Theory and Empirics

Interaction of leading and supporting factors for the SME competitiveness