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The Development and Survival of New Small Businesses: Empirical Evidence for Scotland 1994-97

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Author Info
Gavin C Reid

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Abstract

This paper has two goals. First, to provide an accurate characterisation of the new small firm in Scotland by reference to markets, finance, costs, business strategy, human capital, internal organisation and technical change. Second, to use these same features to discover salient differences between small firms which either survive or close, two or three years after inception. The empirical evidence is based on interview data from 150 entrepreneurs over a three year period. It was found that surviving firms were larger, better funded, lower geared, and more profit oriented. They also paid higher wages, and were both more attuned to, and realistic about, new technologies. The conclusion formed was that firms which survived generally displayed wider and deeper competencies than firms which closed.

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Publisher Info
Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 9712.

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Date of creation: Oct 1997
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Handle: RePEc:san:crieff:9712

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Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
Phone: 01334 462420
Web page: http://www.st-and.ac.uk/%7Ewww_crieff/discpaps.html

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Related research
Keywords: micro firms; business inception; business development; survival rates;

Find related papers by JEL classification:
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
M21 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - Business Economics
R12 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

References listed on IDEAS
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  1. Julia A Smith, 1997. "The Behaviour and Performance of Young Micro Firms: Evidence from New Businesses in Scotland," CRIEFF Discussion Papers 9711, Centre for Research into Industry, Enterprise, Finance and the Firm.
  2. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June. [Downloadable!] (restricted)
  3. Gavin C Reid & Lowell R Jacobsen., . "The Small Entrepreneurial Firm," Hume Papers 8, David Hume Institute.
  4. Yellen, Janet L, 1984. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. 74(2), pages 200-205, May. [Downloadable!] (restricted)
  5. Dobson, Stephen M & Gerrard, Bill J, 1989. "Growth and Profitability in the Leeds Engineering Sector," Scottish Journal of Political Economy, Scottish Economic Society, vol. 36(4), pages 334-52, November.
  6. Coase, R H, 1988. "The Nature of the Firm: Origin," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 3-17, Spring.
  7. Oi, Walter Y, 1983. "Heterogeneous Firms and the Organization of Production," Economic Inquiry, Oxford University Press, vol. 21(2), pages 147-71, April.
  8. Reid, Gavin C, 1992. "Scale Economies in Small Entrepreneurial Firms," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(1), pages 39-51, February.
  9. Bates, Timothy, 1990. "Entrepreneur Human Capital Inputs and Small Business Longevity," The Review of Economics and Statistics, MIT Press, vol. 72(4), pages 551-59, November. [Downloadable!] (restricted)
  10. Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn. [Downloadable!] (restricted)
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