Forthcoming articles


International Journal of Globalisation and Small Business


These articles have been peer-reviewed and accepted for publication in IJGSB, but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.


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International Journal of Globalisation and Small Business (3 papers in press)


Regular Issues


  • Regional cultural diversities amongst small business entrepreneurs in India   Order a copy of this article
    by P. Prasannavadanan Thampi, Amalendu Jyotishi, Ramaratnam Bishu 
    Abstract: Small businesses are entrepreneur driven initiatives and are usually influenced by the entrepreneur's cultural environment including their attitudes, and beliefs. This paper attempts to study the nature of cultural diversities of the entrepreneurs across two different regions in India. The six cultural dimensions enunciated by Geert Hofstede and the ethnic orientation dimension brought out by Thampi et al are the core constructs for this study. Data collected from small business entrepreneurs across two sample Indian states were analysed. Significant variations were observed in the cultural attributes of small entrepreneurs across the two sample states, and within these states across locations (rural-urban), and business types (manufacturing and service). In all these contexts power distance, risk propensity, collectivism, masculinity, indulgence, and ethnic orientation significantly varied across different segment combinations. The finding of this study, therefore, could be useful pointers towards explicitly incorporating cultural factors in policy design.
    Keywords: MSME; Hofstede’s cultural dimensions; etic; emic; ethnic orientation; Kerala; Maharashtra; Malayalam; Kudumbashree; India.

Special Issue on: Financial Resources for SMEs From Bank Loans to Venture Capitalist Support. The Old and the New Ways to Raise Capital for Smaller Firms

  • When Do Subsidies Facilitate High-Tech Firms Access to Venture Capital? An Examination of Cross-National and National Grants   Order a copy of this article
    by Elmar Lins 
    Abstract: This study addresses the key question of how grant-based subsidies might serve differently as quality certificates for new technology-based firms (NTBFs) when trying to raise venture capital (VC). Therefore, we distinguish between cross-national, national, and sub-national subsidies. Based on the data of 1,568 German NTBFs, we apply a non-parametric matching procedure to control for the endogenous nature of subsidy reception. Our results show that cross-national grants have a strong certification effect, which reduces the information asymmetry between NTBFs and VC providers to the benefit of the new venture. Similarly, sub-national grants, awarded by regional government authorities, exhibit the same certification effect but less pronounced compared to cross-national grants. No significant effect can be observed for national subsidies.
    Keywords: Public subsidies; grants; subsidies; cross national subsidy; national subsidy; venture capital; venture capital access; new ventures; high tech start-ups; technology based firms.

  • How did the global financial crisis impact the determinants of SMEs capital structure?   Order a copy of this article
    by Antonio D'Amato 
    Abstract: While there is sufficient evidence that a crisis impacts lending behavior and corporate leverage, the literature on the effects of the global financial crisis on small and medium enterprises (SMEs) capital structure is limited if not absent. This paper aims to analyze how and to what extent various macroeconomic states impact the capital structure determinants of SMEs. Based on a comprehensive dataset of Italian SMEs during the 2006-2016 period, we use a fixed effects panel approach to examine SMEs capital structure decisions before, during and after the 2008 financial crisis. Our results show that the financial crisis negatively affected SMEs financial leverage, as the total debt ratio significantly declines in our sample period. However, we also find that the financial crisis negatively impacted trade credit, given that it does not substitute for the reduction of credit from financial institutions. Finally, the impact of capital structure determinants significantly changed during and after the crisis compared to the pre-crisis levels. Our results indicate that compared to the pre-crisis period, profitability, profit volatility and liquidity are the main determinants of the total debt ratio during and after the crisis. These results have implications for firms and policy makers.
    Keywords: Capital structure; Financial crisis; SMEs.