Ramon Saladrigues

This study aims to examine and identify differences with respect to the effect of the financial crisis on geographical sources of venture capital (VC) fundraising and investment activities, with a macro data from Invest Europe, World Bank and TheGlobaEconomy databases, covering the period of 2007–2017 for 22 EU/EEA countries. It employs a panel quantile regression model that takes unobserved individual heterogeneity into consideration. Also, to avoid an omitted variable bias, control variables are included in our model. Our analyses reveal that the effect of the crisis on geographical sources of VC fundraising and investment activities is heterogenous across quantiles. Specifically, the effect of the financial crisis on geographical sources of VC fundraising and investment activities is negative and stronger for countries with high levels of VC activity, the unknown source of VC fundraising and seed stage investments. Finally, the analysis validates our expectations of differences with respect to a negative effect of the financial crisis on geographical sources of VC fundraising and investment activities. The study provides policymakers with some recommendations.

Objective: The objective of the article is to understand entrepreneurial intentions among female high school students in Ghana using the theory of planned behaviour. Moreover, it investigates differences based on parental entrepreneurship background and academic specialization. Research Design & Methods: We selected a sample of 1286 senior high school females across 20 schools in Ghana via convenience sampling. We gathered data through a structured questionnaire by Liñán and Chen (2009) and analysed it using confirmatory factor analysis (CFA) and structural equation modelling (SEM) post-screening. Findings: The results revealed strengthened entrepreneurial intentions for females with parent role models compared to those without. Although all programs significantly impacted intentions, the business track exhibited the largest effect. Hypothesis testing confirmed the theory of planned behaviour’s core antecedents as significant drivers. Implications & Recommendations: The findings can guide education policies and interventions aimed at strengthening female entrepreneurial intentions. However, future studies may consider more senior high or secondary schools in Ghana and other countries. Contribution & Value Added: This research makes key contributions. For instance, it provides greater clarity on the motivational factors shaping Ghanaian female students’ orientations toward future entrepreneurship.

Objective: The objective of the article is to investigate the relationship between environmental support and entrepreneurial intention, as well as the mediating and moderating effects involved. Research Design & Methods: A web-based survey was conducted among a sample of 612 students from institutions of higher education in Spain and Poland. Structural equation modelling (SEM) was used to evaluate the conceptual framework and hypotheses. Findings: The findings revealed a positive impact of environmental support (ENSUP) on attitude, behavioural control, and intentions. Furthermore, the research reveals that attitude and behavioural control act as mediating factors in the relationship between ENSUP and intentions. The research showed that environmental support significantly predicted attitudes and intentions among Spanish students but not Poles. Moreover, the influence of support on perceived behavioural control was greater for individuals from non-entrepreneurial backgrounds compared to those with entrepreneurial backgrounds. Lastly, the influence of a person’s attitude towards entrepreneurship on their level of entrepreneurial intentions was stronger in families with entrepreneurship backgrounds compared to families without such a history. Implications & Recommendations: The practical implications of this research extend to universities and policymakers, providing recommendations for supporting young entrepreneurs and their networks. Contribution & Value Added: This article contributes to the existing entrepreneurship literature by enhancing the understanding of the connection between environmental support and intentions, the mediating role of attitude and behavioural control, and the moderating effect of family background.

Through a cross-cultural examination, this study aims to analyse a move from the field of entrepreneurship education (EE) to entrepreneurial intention (EI). Specifically, we carried out mediation (perceived behavioural control (PBC) and attitude towards entrepreneurship (ATE)) and moderation (gender and country) analysis. The study surveyed 546 Polish and Spanish university students and used a multi-group analysis to test the model across groups. The results reveal that attitude and PBC partially mediate the effect of EE on EI. Moreover, the results show that the model is consistent in both countries. The study contributes to the comparative international entrepreneurship literature on how the theory of planned behaviour (TPB) applies in different contexts and implications it has for this field of study.

The global financial crisis affected the supply of funds to finance equity capital, thus calling for innovative risk capital financing methods. The paper explores the sources of venture capital (VC henceforth) fundraising and determines the relationship between VC fundraising, stock market returns, and market capitalization in Spain. The study uses time-series data of VC fundraising and stock market variables from 1989 to 2020 in a vector error correction model analysis after performing cointegration. The paper reports short-run and long-run causal relations between VC fundraising, stock market returns, and market capitalization when VC fundraising and stock market returns are used as dependent variables. However, such relations do not exist when the model is dependent on market capitalization. Our results show that the VC market raises funds from diversified (geographical and institutional) sources. Our findings support the risk diversification theory of VC financing. The paper provides implications for using alternative innovative ways of financing equity risk capital to spur economic growth.

Purpose: The purpose of this paper is to identify the impacts and predictability of financial, accountingbased, and industrial factors (as well as corporate venturing) on survival‐based success of newly incorporated firms in Spain.Design/methodology/approach: Logistic regression is used for comparing the differences of factors in the prediction of future success after different time periods since the studying years (age 1, age 2, and age 3 respectively) in manufacturing and distributive sectors.Findings: Differences in predictability are observed between manufacturing and distributive sectors: it is obvious in distributive sector (rather than manufacturing sector) that liquidity, bank credit, trade credit, and concentration are positively related to success while entry rate is negatively related to success. In spite of that, some factors still show strong predictability in both two sectors. Firm size and profitability are the strongest positive factors, which are followed by corporate venturing and the growth of industrial operating revenues with positive and generally negative relationships to success separately. Besides, for some factors and variables frequently showing statistical significance, their impacts in the same age tend to be relatively stable.Practical implications: The findings of this paper can help to identify the predictability of different factors on the success of newly incorporated firms and catch the differences between manufacturing and distributive sectors.Originality/value: This paper enriches the empirical study of new firm success in Spain in depression and stagnant environment (because the observed years here are from 2009 to 2014); besides, the findings also contribute to the specific prediction study of manufacturing and distributive sectors.

Purpose: The main objective of this article is to go in-depth into the relationship between going concern audit opinion and certain characteristics of the company and auditor, including financial decline. Design/methodology/approach: A Logit analysis was carried out in order to enable us to discover the probability of receiving a going concern audit opinion. Findings: Characteristics of the company and characteristics of the auditor are discussed, and the analysis indicates that it is not financial decline, but rather registering losses and being audited by a small-scale auditor, that increase the likelihood of a company receiving a going concern audit opinion. Practical implications: The results obtained are interesting for the profession and users because they provide evidence of the reasons that converge in the cases where a going concern audit opinion is included in the auditing reports of companies characterised by being immersed in a financial crisis. Originality/value: This article considers the circumstances of both the company and the auditing process, which influence the fact that the auditing report includes a going concern audit opinion. In addition, the article includes the financial decline, and let us to analyze if the decline of the company’s financial position between t-1 and t causes the auditor to include a going concern audit opinion.