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Bootstrap financing refers to measures that entrepreneurial ventures undertake to preserve liquidity (e.g., reducing expenses, collecting receivables, delaying payments, preselling). Prior research shows that bootstrap financing is an important enabler for the growth of resource-constrained early-stage ventures. However, little is known about the use of bootstrap financing in crises, during which the preservation of liquidity is particularly salient. We investigate the determinants of bootstrap financing in the 2020 COVID-19 crisis using a sample of 17,046 German entrepreneurial ventures. We formulate hypotheses about the determinants of bootstrap financing from a necessity, human capital, and opportunity cost perspective. Among others, our results show that the severity of the crisis for the venture, the level of private consumption, and self-employment experience are positively associated with an increased use of bootstrap financing measures. Our study contributes to the literature on bootstrap financing and illuminates how entrepreneurial ventures maintain liquidity in crises. Plain English Summary Economic downturns or crises often lead to financial distress for ventures. To survive such tumultuous times, ventures need to preserve their liquidity. Bootstrap financing refers to measures that entrepreneurial ventures take to preserve liquidity (like sending payment reminders, paying invoices later, reducing tax advances, reducing commercial rent). Because little is known about how bootstrap financing is used during crises, we investigate how it was used during the COVID-19 crisis. Our study builds on a survey of 17,046 German entrepreneurial ventures and self-employed individuals. We find that the use of bootstrap financing is positively related to how severe the crisis was for the venture along with the level of private consumption and self-employment experience of the venture's owner. In contrast, a negative association exists with private liquidity, business liquidity, how long before the owner retires, and part-time self-employment. The positive association between self-employment experience and bootstrap financing indicates that targeted entrepreneurship education programs or webinars should focus on inexperienced entrepreneurs so that these individuals are prepared to use bootstrapping methods to maintain liquidity during crises.

A consensus has recently emerged that variables beyond the level, slope, and curvature of the yield curve can help predict bond returns. This paper shows that the statistical tests underlying this evidence are subject to serious small-sample distortions. We propose more robust tests, including a novel bootstrap procedure specifically designed to test the spanning hypothesis. We revisit the analysis in six published studies and find that the evidence against the spanning hypothesis is much weaker than it originally appeared. Our results pose a serious challenge to the prevailing consensus.

We develop an approach that combines the estimation of monthly firm-level expected returns with an assignment of firms to (possibly) latent groups, both based on observable characteristics, using machine learning principles with linear models. The best-performing methods are flexible two-stage sparse models that capture group-membership predictive relationships. Portfolios formed to exploit such group-varying predictions based on a parsimonious set of characteristics deliver economically meaningful returns with low turnover. We propose statistical tests based on nonparametric bootstrapping for our results, and detail how different characteristics may matter for different groups of firms, making comparisons to the existing literature.

COVID-19 may not only pose threats but also provided opportunities for innovation and growth for many high-tech small- and medium-sized enterprises (SMEs). This study investigates the relationship between entrepreneurial passion (EP), dynamic capability (DC) for innovation and product innovation performance in SMEs during COVID-19. Hierarchical regression and bootstrapping methods were employed per the survey data of 195 Chinese SMEs. The results reveal that EP is an imperative antecedent of DC and product innovation. DC also positively mediates the relationship between SMEs’ product innovation performance and top managers’ EP. In addition, this mediation effect of DC becomes more pronounced when firms are facing more opportunities. These findings advance the existing literature by specifying the process top managers use to cultivate product innovation within SMEs in times of crisis.

PurposeBootstrapping is a practitioner-based term adopted in entrepreneurship to describe the techniques employed in micro, small and medium-sized enterprises (MSMEs) to minimise the need for external funding by securing resources at little or no cost and applying strategies to effectively use resources. Working capital management (WCM) is a term used in financial management to define a set of practices used to manage business resources, including cash management. This paper explores the overlap and divergence between these two disciplinary distinct concepts.Design/methodology/approachA dual methodology is employed. First, the usage of the two terms in prior literature is analysed and synthesised. Second, the study uses factor analysis to explore how bootstrapping practices described by owners of 167 established MSMEs relate to the components of WCM in financial management.FindingsThe factor analysis identifies two main bootstrapping practices employed by MSMEs: (1) delaying payments and owner-related bootstrapping and (2) customer-related bootstrapping. Delaying payments is an integral practice in trade payables management and customer-related bootstrapping includes practices that are integral to trade receivables management. Therefore, links between bootstrapping practices and WCM practices are firmly established.Research limitations/implicationsThe study is not without limitations. Based on cross-sectional evidence for established firms in Ireland only, future studies could explore cross-country longitudinal panel data to fully examine life cycle and sectoral effects, as well as other external shocks (for example, COVID-19) on bootstrapping and WCM practices. This study does not explain why some factors (for example, joint utilisation and inventory management) are present in some bootstrapping studies and not in others; further case study research might help explain this. Finally, changes in the business environment facing start-ups and established enterprise, including increased digitalisation, online trading, self-employment, remote hub working and sustainability, offer new avenues for bootstrapping research.Originality/valueThis is the first study to comprehensively explore the conceptual and empirical links between bootstrapping and WCM. This study will enable researchers and practitioners in these two distinct disciplines to learn from each other. Accounting researchers and practitioners can broaden their understanding of how WCM “works” in MSME settings. Similarly, entrepreneurship researchers and practitioners can deepen their understanding of how bootstrapping can be adopted by businesses to manage resources effectively.

Theoretical framework--This research used the stimulus-response (S-R) and stimulus-organization-response (S-O-R) models to study perceived financial security in the application as a stimulus and its effect on trust as an organism and customer retention and switching costs as behavioral responses. Practical & social implications of research--This study shows that neobanks need to ensure and communicate to customers the perceived security of their applications for financial transactions, as it has a direct impact on customer retention. Moreover, the development of mechanisms that increase customer trust is key to retaining customers and building barriers to prevent the loss of users to traditional banking.

Critical success factors (CSF) and its impact on implementation of the food safety management system (FSMS) and business performance are pivotal for firms to sustain and upgrade their current practices. In this study, structural equation model and bootstrapping are used in the analysis of 324 food manufacturing and exporting firms in China and Vietnam to examine CSFs and their impacts on both FSMS and business performance. Twenty-two indicators of six CSFs from the organization, market, and governance levels were identified confirming a more noticeable contribution of the external factors than the organizational factors to FSMS implementation. Interestingly, organizational CSFs could lead to operational performance improvement only, while external CSFs could impact two dimensions of business performance: operational and financial aspects, through the mediating effect of FSMS. The study is the first to emphasize the vital role of external efforts in FSMS implementations by conceptualising the vital role of the collaboration level between food firms with other supply chain players and sources of support. The findings disclose that strengthening CSFs from the multi-level environments to improve FSMS will lead to better operational and financial performances within food businesses. Companies looking to achieve excellence in the food industry can benefit greatly from understanding the role of CSFs and taking steps to improve their FSMS implementation.

Estimation in extreme financial risk is often faced with challenges such as the need for adequate distributional assumptions, considerations for data dependencies, and the lack of tail information. Bootstrapping provides an alternative that overcomes some of these challenges. It does not assume a distributional form and asymptotically replicates the empirical density for resampled data. Moreover, advanced bootstrapping can cater for dependencies and stationarity in the data. In this paper, we evaluate the use of dependent bootstrapping, both for the original financial time series and for its GARCH innovations (under the Gaussian and Student t noise assumptions), in forecasting value-at-risk and expected shortfall. We also assess the effect of using different window sizes for these procedures. The two datasets used are daily returns of the S&P500 from NYSE and the ALSI from JSE.

Purpose - The aim of this paper is to make sense of the \"funding gap\" by exploring how and why informal entrepreneurial finance is made available to entrepreneurs. By challenging the epistemological and ontological assumptions of the \"funding gap\", an enactment perspective of entrepreneurial finance, supported by a social constructionist stance, is proposed in this paper. Design/methodology/approach - The study on which this paper reports was conducted through a longitudinal fieldwork process. Networks in two Chinese cities, Shanghai and Hong Kong, were chosen because of their differences in institutional context yet exceptionally high level of entrepreneurial activities. Findings - This paper highlights the active role entrepreneurs play in managing their financial needs in the process of new venture creation. The results show that entrepreneurs are actively managing the demand as well as supply of entrepreneurial finance to narrow the \"funding gap\". Furthermore, individuals work to fill the funding gap by creating required start-up capital. In other words, the \"funding gap\" is not static or concrete; rather it is dynamic, manageable and in many cases is within individuals' power and ability to overcome. Practical implications - The findings of this paper are particularly important to all stakeholders, including policy makers, educators, researchers, entrepreneurs and nascent entrepreneurs. Originality/value - This paper contributes to the conceptual, methodological and practical knowledge in advancing understanding of the \"funding gap\". First, it provides insight into the relationship between entrepreneurs and their environment that shapes the \"funding gap\". Second, the findings suggested that a positive, supportive enterprise culture can be particularly useful in driving individuals towards entrepreneurship. Third, in terms of methodology, the author argues that an \"inside-looking-lout\", interpretive, multi-stage fieldwork and network as unit of analysis is particularly distinctive in revealing the complex process of managing entrepreneurial finance in the process of new venture creation. [PUBLICATION ABSTRACT]

Bu çalışmanın amacı, 1994-2021 yılları arasında Arjantin, Mısır, Katar, Pakistan ve Türkiye'den oluşan \"Yeni Kırılgan Beşli\" ülkelerinde ticari açıklık ve finansal gelişmenin ekonomik büyüme üzerindeki etkilerini panel Otoregresif Daǧıtılmış Gecikme (ARDL) yöntemi ile incelemektir. Ayrıca, Könya Bootstrap nedensellik testi de uygulanmıştır. Panel ARDL uzun dönem sonuçlarına göre, ticaret açıklık ve finansal gelişmenin ekonomik büyümeyi pozitif ve anlamlı şekilde etkilediǧi bulunmuştur. Könya Bootstrap Nedensellik Yaklaşımı sonuçlarına göre ise, Arjantin, Mısır, Katar ve Pakistan'da ticari açıklıktan ekonomik büyümeye tek yönlü nedensellik tespit edilmiştir. Katar'da finansal gelişmeden ekonomik büyümeye ve Pakistan'da ekonomik büyümeden finansal gelişmeye tek yönlü nedensellik ilişkisi bulunmuştur. Ayrıca, Arjantin'de finansal gelişmeden ticari açıklıǧa ve Katar'da ticaret açıklıktan finansal gelişmeye doǧru tek yönlü nedensellik ilişkisi olduǧu belirlenmiştir. Türkiye'de ise herhangi bir nedensellik ilişkisi bulunmamıştır. Yeni Kırılgan Beşli ülkeleri için, ticari açıklık ve finansal gelişmeyi eş zamanlı olarak geliştiren politikalar hayati önem taşımaktadır. Bu politikalar, uluslararası pazarlara erişimi artırarak ihracat ve yatırımları teşvik ederken, güçlü bir finansal altyapı ile bu faydaların tam anlamıyla gerçekleşmesini saǧlayacaktır. Bu stratejiler, ekonomik istikrarı güçlendirmek ve sürdürülebilir büyümeyi saǧlamak açısından kritiktir.