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Capital Constraints and the Performance of Entrepreneurial Firms in Vietnam

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  • Hien Thu Tran

    (Centre of Commerce and Management, RMIT International University, Vietnam; Department of Economics, University of Bologna, Italy)

  • Enrico Santarelli

    (Department of Economics, University of Bologna, Italy; RCEA (Rimini Centre for Economic Analysis), Italy)

Abstract

Entrepreneurship has been among the key driving forces of the emergence of a dynamic private sector during the recent decades in Vietnam. This paper addresses for Vietnam the questions "how capital constraints affect the performance of family firms" and "how entrepreneurs' human and social capital interact with capital constraints to leverage entrepreneurial income". A panel of 1721 firms in 4 years is used. Results are consistent with the resource dependency approach, indicating an adverse effect of capital constraints on firm performance: firms suffering capital constraints perform substantially better, suggesting that they need more capital simply to finance newly-recognized profit opportunities. Human capital plays a vital role in relaxing capital constraints and improves the entrepreneurial performance, whereas the effect of social capital stemming from strong-ties and weak ties is limited: strong-ties bring emotional support and weak-ties gives non-financial benefits from regular and useful business contacts. Advanced econometric analysis tools to take into account the endogeneity of capital constraints are used to establish relationships among relevant variables.

Suggested Citation

  • Hien Thu Tran & Enrico Santarelli, 2013. "Capital Constraints and the Performance of Entrepreneurial Firms in Vietnam," Working Paper series 32_13, Rimini Centre for Economic Analysis.
    • Handle: RePEc:rim:rimwps:32_13
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    More about this item

    Keywords

    Capital constraints; Entrepreneurship; Performance of family firms; Vietnam;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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