IDEAS home Printed from https://ideas.repec.org/a/aic/saebjn/v66y2019i2p73-89n146.html
   My bibliography  Save this article

Cultural and creative entrepreneurs in financial crises: Sailing against the tide?

Author

Listed:
  • Elsa Fontainha
  • Elisabetta Lazzaro

Abstract

We focus on a number of idiosyncrasies of cultural and creative entrepreneurs (CCEs) to study CCEs’ capacity of resilience under times of downturn (economic, financial and debt crisis). We analyse CC firms’ demography (born and dead), trends and performance and the association between subsidies received and firm survival. We look at mostly micro firms in a country where CCEs are particularly challenged from the financial perspective, namely Portugal. We exploit the unique availability of accounting micro data at private firm level in a time span of 8 years (2004-2011), which allows to include the effects of the latest financial crisis, and to understand the evolution of the economic success criterion. The obtained results about the impact of subsidies on survival are interesting in both CCEs and policy perspectives, suggesting a positive impact of subsidies in periods of downturn, and negative impact of subsidies in periods of growth of the economy. Further, CC firms revealed to be more dynamic than other firms in other sectors. JEL Codes - L26; Z11; L82

Suggested Citation

  • Elsa Fontainha & Elisabetta Lazzaro, 2019. "Cultural and creative entrepreneurs in financial crises: Sailing against the tide?," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 66(2), pages 73-89, July.
    • Handle: RePEc:aic:saebjn:v:66:y:2019:i:2:p:73-89:n:146
    as

    Download full text from publisher

    File URL: http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1131
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
    2. Denis, David J., 2004. "Entrepreneurial finance: an overview of the issues and evidence," Journal of Corporate Finance, Elsevier, vol. 10(2), pages 301-326, March.
    3. Jacobs, Sofie & Cambré, Bart & Huysentruyt, Marieke & Schramme, Annick, 2016. "Multiple pathways to success in small creative businesses: The case of Belgian furniture designers," Journal of Business Research, Elsevier, vol. 69(11), pages 5461-5466.
    4. Antoncic, Bostjan & Hisrich, Robert D., 2001. "Intrapreneurship: Construct refinement and cross-cultural validation," Journal of Business Venturing, Elsevier, vol. 16(5), pages 495-527, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Brucal,Arlan Zandro Ilagan & Grover,Arti Goswami, 2023. "Masters of Disasters : The Heterogeneous Effects of a Crisis on Micro-Sized Firms," Policy Research Working Paper Series 10556, The World Bank.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Friedemann Polzin & Helen Toxopeus & Erik Stam, 2018. "The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders," Small Business Economics, Springer, vol. 50(2), pages 251-273, February.
    2. Tevfik Aktekin & Dev K. Dutta & Jeffrey E. Sohl, 2018. "Entrepreneurial firms and financial attractiveness for securing debt capital: a Bayesian analysis," Venture Capital, Taylor & Francis Journals, vol. 20(1), pages 27-50, January.
    3. Boris Mrkajic & Samuele Murtinu & Vittoria G. Scalera, 2019. "Is green the new gold? Venture capital and green entrepreneurship," Small Business Economics, Springer, vol. 52(4), pages 929-950, April.
    4. Moro, Andrea & Maresch, Daniela & Fink, Matthias & Ferrando, Annalisa & Piga, Claudio, 2020. "Spillover effects of government initiatives fostering entrepreneurship on the access to bank credit for entrepreneurial firms in Europe," Journal of Corporate Finance, Elsevier, vol. 62(C).
    5. Cécile Carpentier & Jean-Marc Suret, 2009. "Entrepreneurial Equity Financing and Securities Regulation: An Empirical Analysis," CIRANO Working Papers 2009s-10, CIRANO.
    6. Francesco Martielli & Vittorio Laus & Antonio Salvi & Anna Kotaskova, 2025. "Unlocking funding success: intercultural entrepreneurship dynamics in European startups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-31, December.
    7. Cole, Rebel A. & Sokolyk, Tatyana, 2018. "Debt financing, survival, and growth of start-up firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 609-625.
    8. Anton Miglo, 2022. "Crowdfunding and bank financing: substitutes or complements?," Small Business Economics, Springer, vol. 59(3), pages 1115-1142, October.
    9. Tas, Bedri Kamil Onur, 2020. "SME Participation in Public Purchasing: Procurement Policy Matters," CEPR Discussion Papers 14836, C.E.P.R. Discussion Papers.
    10. Cowling, Marc, 2010. "The role of loan guarantee schemes in alleviating credit rationing in the UK," Journal of Financial Stability, Elsevier, vol. 6(1), pages 36-44, April.
    11. Esthela Galván Vela & Yesenia Sánchez Tovar & Mónica Lorena Sánchez Limón & Rafael Ravina-Ripoll, 2022. "Intrapreneurship model in the software industry," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(5), pages 3699-3727, October.
    12. Francisco Díez-Martín & Alicia Blanco-González & Camilo Prado-Román, 2016. "Explaining nation-wide differences in entrepreneurial activity: a legitimacy perspective," International Entrepreneurship and Management Journal, Springer, vol. 12(4), pages 1079-1102, December.
    13. Filomena Pietrovito & Alberto Franco Pozzolo, 2021. "Credit constraints and exports of SMEs in emerging and developing countries," Small Business Economics, Springer, vol. 56(1), pages 311-332, January.
    14. Hussam Halbusi & Pedro Soto-Acosta & Simona Popa, 2023. "Analysing e-entrepreneurial intention from the theory of planned behaviour: the role of social media use and perceived social support," International Entrepreneurship and Management Journal, Springer, vol. 19(4), pages 1611-1642, December.
    15. de Andrés, Pablo & Gimeno, Ricardo & Mateos de Cabo, Ruth, 2021. "The gender gap in bank credit access," Journal of Corporate Finance, Elsevier, vol. 71(C).
    16. Bhaumik, Sumon Kumar & Das, Pranab Kumar & Kumbhakar, Subal C., 2012. "A stochastic frontier approach to modelling financial constraints in firms: An application to India," Journal of Banking & Finance, Elsevier, vol. 36(5), pages 1311-1319.
    17. repec:hal:journl:hal-00952641 is not listed on IDEAS
    18. Mao, Fengfu & Wang, Yuanfan & Zhu, Mengsi, 2023. "Digital financial inclusion, traditional finance system and household entrepreneurship," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    19. Osei-Tutu, Francis & Weill, Laurent, 2023. "Individualism reduces borrower discouragement," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 370-385.
    20. Gries, Thomas & Naudé, Wim, 2011. "Entrepreneurship and human development: A capability approach," Journal of Public Economics, Elsevier, vol. 95(3), pages 216-224.
    21. Fernando Cárdenas Echeverri & Andres García-Suaza & Juan Esteban Garzon Restrepo, 2023. "Revisiting the relationship between firm strategic capabilities and productivity in a multilevel analysis: Do labor market conditions matter?," Documentos de Trabajo 20641, Universidad del Rosario.

    More about this item

    Keywords

    cultural and creative entrepreneurship; resilience; policy;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aic:saebjn:v:66:y:2019:i:2:p:73-89:n:146. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sireteanu Napoleon-Alexandru (email available below). General contact details of provider: https://edirc.repec.org/data/feaicro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.