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Cognitive financial constraints and firm growth
Small Business Economics ( IF 7.096 ) Pub Date : 2021-06-15 , DOI: 10.1007/s11187-021-00503-7
Jun Du , Bach Nguyen

This study distinguishes entrepreneurs’ cognitive financial constraints from financial supply constraints and assesses their relative importance to small business growth. Drawing from the literature on cognitive styles and institutional theory, we argue that small businesses’ financial constraints derive not only from financial market failures but also from the cognitive factors of entrepreneurs. Analysing a comprehensive dataset of more than 200,000 small businesses in Vietnam, we show that both financial supply and cognitive financial constraints impede firm growth. Given this significantly deleterious effect, the cognitive financial constraints originating from the demand side of firm financing deserve more attention.



中文翻译:

认知财务约束与企业成长

本研究将企业家的认知财务约束与财务供应约束区分开来,并评估它们对小企业增长的相对重要性。借鉴认知风格和制度理论的文献,我们认为小企业的财务约束不仅源于金融市场失灵,还源于企业家的认知因素。分析越南超过 200,000 家小企业的综合数据集,我们表明金融供应和认知金融约束阻碍了公司的增长。鉴于这种显着的有害影响,源自企业融资需求方的认知财务约束值得更多关注。

更新日期:2021-06-15
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