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An Empirical Investigation into the Size of Small Businesses


  • Jerome S. Osteryoung

    (Florida State University)

  • R. Daniel Pace

    (Valparaiso University)

  • Richard L. Constand

    (College of Business, Honolulu)


A fundamental understanding of small businesses begins with an adequate definition of what constitutes a small business. Often the definition of a small business incorporates the definitions employed by the Small Business Administration (SBA) which, in part, uses the number of employees as the definitive measure. This paper examines the SBA’s definitions of a small business which use the number of employees as the standard. We find little evidence that supports the use of SBA definitions or any definition that relies on the number of employees.

Suggested Citation

  • Jerome S. Osteryoung & R. Daniel Pace & Richard L. Constand, 1995. "An Empirical Investigation into the Size of Small Businesses," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 4(1), pages 75-86, Spring.
  • Handle: RePEc:pep:journl:v:4:y:1995:i:1:p:75-86

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    Cited by:

    1. Alfonso, Galindo Lucas, 2006. "Repercusiones de la definición de tamaño empresarial en los resultados empíricos sobre eficiencia y financiación
      [Repercussions of firm size definition on empirical results for firm efficiency and
      ," MPRA Paper 4731, University Library of Munich, Germany, revised 05 Sep 2007.

    More about this item


    Small Firms; Small Business; SME; Size;

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance


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