Predicting new venture survival and growth: does the fog lift?

This paper investigates whether new venture performance becomes easier to predict as the venture ages: does the fog lift? To address this question we primarily draw upon a theoretical framework, initially formulated in a managerial context by Levinthal (Adm Sci Q 36(3):397–420, 1991) that sees new venture sales as a random walk but survival being determined by the stock of available resources (proxied by size). We derive theoretical predictions that are tested with a 10-year cohort of 6579 UK new ventures in the UK. We observe that our ability to predict firm growth deteriorates in the years after entry—in terms of the selection environment, the ‘fog’ seems to thicken. However, our survival predictions improve with time—implying that the ‘fog’ does lift

Kinetic analysis and mechanism of the hydrolytic degradation of squaramides and squaramic Acids

[eng] The hydrolytic degradation of squaramides and squaramic acids, the product of partial hydrolysis of squaramides, has been evaluated by UV spectroscopy at 37 °C in the pH range 3−10. Under these conditions, the compounds are kinetically stable over long time periods (>100 days). At pH >10, the hydrolysis of the squaramate anions shows first-order dependence on both squaramate and OH−. At the same temperature and [OH−], the hydrolysis of squaramides usually displays biphasic spectral changes (A → B → C kinetic model) with formation of squaramates as detectable reaction intermediates. The measured rates for the first step (k1 ≈ 10−4 M−1 s−1) are 2−3 orders of magnitude faster than those for the second step (k2 ≈ 10−6 M−1 s−1). Experiments at different temperatures provide activation parameters with values of ΔH⧧ ≈ 9−18 kcal mol−1 and ΔS⧧ ≈ −5 to −30 cal K−1 mol−1. DFT calculations show that the mechanism for the alkaline hydrolysis of squaramic acids is quite similar to that of amides

Measuring the Costs and Coverage of SME and Entrepreneurship Policy: A Pioneering Study

This paper documents a methodology used to assess, for the first time, the costs to the taxpayer of small and medium enterprise (SME) and entrepreneurship policy in Sweden. It then uses that data to compare the resulting expenditure patterns with the focus of policy as expressed by experts. It finds important areas where the two diverge, implying a possible mismatch between expenditure priorities and political rhetoric. This approach is then extended beyond Sweden to include Poland, Austria, and the Flanders region of Belgium to demonstrate the application of the approach to other countries and regions