Entrepreneurial Finance Governance on SMEs: A Bibliometric Co-Authorship Analysis

Erna Maulina, Margo Purnomo, Yogi Sugiarto Maulana, Agus Taryana, Ahmad Hadi Fauzi, Francisco Carballo

Abstract


This article aims to find out the development of the government's role in providing SME financial governance policies. The development of knowledge is seen from the relationship and direction of collaboration of affiliation, country, and relationship between authors so that the dynamics of novelty can be known. The method used is bibliometric science mapping. Data was taken from the Scopus database in several stages, namely identification, filtering (inclusion and exclusion criteria), and data finalization. We use the Analyse Results and Source menus on Scopus, Scimago Journal, and Country Rank. Cluster co-authorship calculations and their visualisations use VOSviewer software version 1.6.12. The results showed that publications on the topic of entrepreneurial finance began to appear in 1992. The United States was the country with the most publications, with an output of 92 documents out of a total of 327 documents. The most prolific writer is Douglas Cumming, with a total of 18 articles. Based on the visualisation analysis of VOSviewer, Douglas Cumming has a strong relationship in terms of collaborative writing with Silvio Vismara, Massimo G. Colombo, and Joern Block. The results of his research found that venture capital was approached significantly by technology-based companies compared to other external sources of capital. The results of our mapping can be used to determine reference information and future research bases, both by author and by country, for the application and development of the topic of entrepreneurial finance research, especially for SMEs.


Keywords


Entrepreneurial Governance; SMEs; Co-Authorship; Scopus; VOSviewer

Full Text:

PDF 517-540

References


Ahlers, G K C, D Cumming, C Günther, and D Schweizer. 2015. “Signaling in Equity Crowdfunding.” Entrepreneurship: Theory and Practice 39 (4): 955–80. https://doi.org/10.1111/etap.12157.

Arner, D W, J Barberis, and R P Buckley. 2015. “The Evolution of Fintech: A New Post-Crisis Paradigm?” Geo. J. Int’l L. 47 (4): 1271–1319.

Bhaird, Ciarán Mac An, Robyn Owen, and Mark Freel. 2019. “The Evolution of Entrepreneurial Finance – 10 Years after the Global Financial Crisis.” International Journal of Entrepreneurship and Innovation 20 (4): 235–338. https://doi.org/10.1177/1465750319877017.

Blasco-Carreras, C, G Albort-Morant, and B Ribeiro-Navarrete. 2015. “International Impact of Crowdsourcing as a New Topic of Interest in the Scientific Field of Entrepreneurship: Bibliometric Analysis of 2008-2015.” Universitas: Gestão e TI 5 (2): 57–65.

Block, J H, M G Colombo, D J Cumming, and S Vismara. 2018. “New Players in Entrepreneurial Finance and Why They Are There.” Small Business Economics 50 (2): 239–50. https://doi.org/10.1007/s11187-016-9826- 6.

Cassar, G. 2004. “The Financing of Business Start-Ups.” Journal of Business Venturing 19 (2): 261–83. https://doi.org/10.1016/S0883-9026(03)00029-6.

Cole, R, D Cumming, and D Li. 2016. “Do Banks or VCs Spur Small Firm Growth?” Journal of International Financial Markets, Institutions and Money 41: 60–72. https://doi.org/10.1016/j.intfin.2015.12.005.

Colombo, Massimo G, Douglas J Cumming, and Silvio Vismara. 2016. “Governmental Venture Capital for Innovative Young Firms.” The Journal of Technology Transfer 41: 10–24.

Cosh, A, D Cumming, and A Hughes. 2009. “Outside Enterpreneurial Capital.” Economic Journal 119 (540): 1494–1533. https://doi.org/10.1111/j.1468-0297.2009.02270.x.

Cressy, R. 2012. “Funding Gaps.” Oxford Handbook of Entrepreneurial Finance.

Cumming, D, M Deloof, S Manigart, and M Wright. 2019. “New Directions in Entrepreneurial Finance.” Journal of Banking and Finance 100: 252–60. https://doi.org/10.1016/j.jbankfin.2019.02.008.

Cumming, D J, S A Johan, and Y Zhang. 2019. “The Role of Due Diligence in Crowdfunding Platforms.” Journal of Banking and Finance 108. https://doi.org/10.1016/j.jbankfin.2019.105661.

Cumming, D, S Johan, and Y Zhang. 2018. “Public Policy towards Entrepreneurial Finance: Spillovers and the Scale-up Gap.” Oxford Review of Economic Policy 34 (4): 652–75. https://doi.org/10.1093/oxrep/gry012.

Cumming, D, M Meoli, and S Vismara. 2019. “Investors’ Choices between Cash and Voting Rights: Evidence from Dual-Class Equity Crowdfunding.” Research Policy 48 (8). https://doi.org/10.1016/j.respol.2019.01.014.

Cumming, Douglas. 2007. “Government Policy towards Entrepreneurial Finance: Innovation Investment Funds.” Journal of Business Venturing 22 (2): 193–235.

Cumming, Douglas, Marc Deloof, Sophie Manigart, and Mike Wright. 2019. “New Directions in Entrepreneurial Finance.” Journal of Banking and Finance 100: 252–60. https://doi.org/10.1016/j.jbankfin.2019.02.008.

Degeorge, F, J Martin, and L Phalippou. 2016. “On Secondary Buyouts.” Journal of Financial Economics 120 (1): 124–45. https://doi.org/10.1016/j.jfineco.2015.08.007.

Deloof, M, M La Rocca, and T Vanacker. 2019. “Local Banking Development and the Use of Debt Financing by New Firms.” Entrepreneurship: Theory and Practice 43 (6): 1250–76. https://doi.org/10.1177/1042258718783486.

Deloof, M, and T Vanacker. 2018. “The Recent Financial Crisis, Start-up Financing and Survival.” Journal of Business Finance and Accounting 45 (7–8): 928–51. https://doi.org/10.1111/jbfa.12319.

Donati, Cristiana, Giuseppe Cinquegrana, and Domenico Sarno. 2012. “Inside Finance Constraints on the Growth of Italian Small Medium Sized Enterprises.” Theoretical and Practical Research in the Economic Fields, Vol. 3 (2): 59–70.

Due, Jean M, Delima Darmawan, and M Syukur. 1992. “Lessons for Africa from Indonesia’s Experience in Smallscale Entrepreneurial Finance.” African Development Review 4 (1): 47–63.

Godke Veiga, M, and J A McCahery. 2019. “The Financing of Small and Medium-Sized Enterprises: An Analysis of the Financing Gap in Brazil.” European Business Organization Law Review 20 (4): 633–64. https://doi.org/10.1007/s40804-019-00167-7.

Hallen, B, S Cohen, and C Bingham. 2018. “Do Accelerators Accelerate? If so, How? The Impact of Intensive Learning from Others on New Venture Development.” Do Accelerators Accelerate? If So How? The Impact of Intensive Learning from Others on New Venture Development.

Helleiner, Eric. 2008. “Understanding the 2007 – 2008 Global Financial Crisis : Lessons for Scholars of International Political Economy.” https://doi.org/10.1146/annurev-polisci-050409-112539.

Hervé, F, and A Schwienbacher. 2018. “CROWDFUNDING AND INNOVATION.” Journal of Economic Surveys Vol. 32 (5): 1514–30. https://doi.org/10.1111/joes.12274.

Hirsch, J, and U Walz. 2019. “The Financing Dynamics of Newly Founded Firms.” Journal of Banking and Finance 100: 261–72. https://doi.org/10.1016/j.jbankfin.2018.11.009.

Hornuf, L, and A Schwienbacher. 2018. “Internet-Based Entrepreneurial Finance: Lessons from Germany.” California Management Review 60 (2): 150–75. https://doi.org/10.1177/0008125617741126.

Hornuf, Lars, and Armin Schwienbacher. 2018. “Market Mechanisms and Funding Dynamics in Equity Crowdfunding.” Journal of Corporate Finance 50: 556–74.

Jelic, R, and M Wright. 2011. “Exits, Performance, and Late Stage Private Equity: The Case of UK Management Buy-Outs.” European Financial Management 17 (3): 560–93. https://doi.org/10.1111/j.1468- 036X.2010.00588.x.

Krikunov, Arseniy, Ainur Uteubayeva, Berik Nazhmidenov, Ansar Kabiev, Kulyash Syzdykova, and Gulnara Baibasheva. 2020. “Investment, Organizational and Environmental Aspects of Regulation of Small and Medium Business.” Journal of Environmental Management & Tourism 11 (7): 1841–56.

Liu, B, J Cao, S Johan, and T Leng. 2019. “The Real Effect of Liquidity Provision on Entrepreneurial Financing: Evidence from a Natural Experiment in China.” European Journal of Finance 25 (6): 568–93. https://doi.org/10.1080/1351847X.2017.1307771.

Lockett, A, G Murray, and M Wright. 2002. “Do UK Venture Capitalists Still Have a Bias against Investment in New Technology Firms.” Research Policy 31 (6): 1009–30. https://doi.org/10.1016/S0048-7333(01)00174-3.

Ma, Y, and D Liu. 2017. “Introduction to the Special Issue on Crowdfunding and FinTech.” Financial Innovation, Vol. 3 (1). https://doi.org/10.1186/s40854-017-0058-9.

Martínez, Ma Angeles, Manuel Jesús Cobo, Manuel Herrera, and Enrique Herrera-Viedma. 2015. “Analyzing the Scientific Evolution of Social Work Using Science Mapping.” Research on Social Work Practice 25 (2): 257–77.

Maulana, Yogi Sugiarto, Erna Maulina, Nenden Kostini, and Tetty Herawati. 2022. “Integration of Electronic Business on Tourism: A Bibliometric Network Analysis.” Journal of Environmental Management & Tourism Vol. 13 (6): 1779–97.

Mejia, J, and A Gopal. 2015. “Now and Later? Mentorship, Investor Ties and New Venture Performance in Entrepreneurial Seed-Accelerators.” Paper Presented at DRUID Conference, Rome, Italy.

Minola, T, and M Giorgino. 2011. “External Capital for NTBFs: The Role of Bank and Venture Capital.” International Journal of Entrepreneurship and Innovation Management 14 (2–3): 222–47. https://doi.org/10.1504/IJEIM.2011.041733.

Nassanbekova, Samalgul, and Gaukhar Yeshenkulova. 2022. “Mapping Analysis of the Research Trends on Digital Technologies and Circular Economy in Tourism.” Journal of Environmental Management & Tourism 13 (7): 2048–57.

O’Dair, M, and R Owen. 2019. “Monetizing New Music Ventures through Blockchain: Four Possible Futures?” International Journal of Entrepreneurship and Innovation 20 (4): 263–76. https://doi.org/10.1177/1465750319829731.

Prijcker, S De, S Manigart, V Collewaert, and T Vanacker. 2019. “Relocation to Get Venture Capital: A Resource Dependence Perspective.” Entrepreneurship: Theory and Practice 43 (4): 697–724. https://doi.org/10.1177/1042258717739003.

Robb, A M, and D T Robinson. 2014. “The Capital Structure Decisions of New Firms.” Review of Financial Studies 27 (1): 153–79. https://doi.org/10.1093/rfs/hhs072.

Roundy, P T, and M A Bayer. 2019. “Entrepreneurial Ecosystem Narratives and the Micro-Foundations of Regional Entrepreneurship.” International Journal of Entrepreneurship and Innovation 20 (3): 194–208. https://doi.org/10.1177/1465750318808426.

Schiliro, Daniele. 2013. “Bounded Rationality: Psychology, Economics and the Financial Crises.” Theoretical and Practical Research in Economic Fields (TPREF) 4 (07): 97–108.

Schwienbacher, Armin. 2019. “Equity Crowdfunding: Anything to Celebrate?” Venture Capital 21 (1): 65–74.

Smyrnova-Trybulska, Eugenia, Nataliia Morze, Olena Kuzminska, and Piet Kommers. 2017. “Bibliometric Science Mapping as a Popular Trend: Chosen Examples of Visualisation of International Research Network Results.” International Association for Development of the Information Society.

———. 2018. “Mapping and Visualization: Selected Examples of International Research Networks.” Journal of Information, Communication and Ethics in Society.

Sohl, Jeffrey E. 1999. “The Early-Stage Equity Market in the USA.” Venture Capital: An International Journal of Entrepreneurial Finance 1 (2): 101–20.

Terjesen, S, J Hessels, and D Li. 2016. “Comparative International Entrepreneurship: A Review and Research Agenda.” Journal of Management 42 (1): 299–344. https://doi.org/10.1177/0149206313486259.

Vismara, S. 2016. “Equity Retention and Social Network Theory in Equity Crowdfunding.” Small Business Economics 46 (4): 579–90. https://doi.org/10.1007/s11187-016-9710-4.

Vismara, Silvio. 2019. “Sustainability in Equity Crowdfunding.” Technological Forecasting and Social Change, 141: 98–106.

Walthoff-Borm, X, A Schwienbacher, and T Vanacker. 2018. “Equity Crowdfunding: First Resort or Last Resort?” Journal of Business Venturing 33 (4): 513–33. https://doi.org/10.1016/j.jbusvent.2018.04.001.

Wilson, K E, and F Silva. 2013. “Policies for Seed and Early Stage Finance: Findings from the 2012 OECD Financing Questionnaire. Technology and Industry Policy Papers, 9.” Organisation for Economic Cooperation and Development.

Winston Smith, Sheryl, and Thomas J Hannigan. 2014. “Home Run, Strike out, or Base Hit: How Do Accelerators Impact Exit and VC Financing in New Firms?” In Academy of Management Proceedings, 2014:13811. Academy of Management Briarcliff Manor, NY 10510.

World Bank Group. 2019. DOING BUSINESS 2013: Smarter Regulations for Small and Medium-Size Enterprises. Doing Business 2013. Washington: International Bank for Reconstruction and Development. https://doi.org/10.1596/978-0-8213-9615-5.

Wright, M, S Pruthi, K Amess, and Y Alperovych. 2019. “Private Equity: Where We Have Been and the Road Ahead.” Venture Capital 21 (1): 51–64. https://doi.org/10.1080/13691066.2018.1518665.

Zalan, T, and E Toufaily. 2017. “The Promise of Fintech in Emerging Markets: Not as Disruptive.” Contemporary Economics 11 (4): 415–30. https://doi.org/10.5709/ce.1897-9254.253.




DOI: http://dx.doi.org/10.31506/jog.v8i4.20831

Refbacks

  • There are currently no refbacks.


Recent Issues

⟨Upcoming Issues⟩


Recent Issues

Volume 6, Issue 2: (2021)

 Volume 6, Issue 1: (2021)

 Volume 5, Issue 2: (2020)

Volume 5, Issue 1: (2020)

Volume 4, Issue 2 (2019)

  
                  
                                                                                                                View My Stats
 
Creative Commons License

Journal of Governance is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
  
Copyright © 2019 Journal of Governance. All rights reserved.