st andrews crowdfunding research rbf15_009

8/20/2019 St Andrews Crowdfunding Research RBF15_009

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_brcmlo

Yapnrs ml

Pnspblsm`kn

@alcmlo &

Gmlalen

Farlnssmlo tfn Erbwd:

Tfn Dnhald-Umdn Dylahmes

bg Nqumty Erbwdguldmlo ml

Lasenlt Nltrnprnlnurmak

Wnlturns

@y Pbss @rbwl, Uuzalln

Hawsbl, Aknxaldnr Pbwn ald

Ebkml Hasbl

A`straet: Nqumty erbwdguldmlo fas rapmdky nsta`kmsfnd

mtsnkg as al mhpbrtalt part bg tfn guldmlo kaldseapn gbr

nltrnprnlnurmak vnlturns. Fbwnvnr, kmttkn ms clbwl a`but

tfn ‖dnhald” gbr nqumty erbwdguldmlo. Tfms papnr rnpbrts

bl a karon-seakn study bg ^C nqumty erbwdguldnd gmrhs.

Tfn study gbuld strblo dnhald gbr nqumty erbwdguldmlo

grbh nltrnprnlnurs ml eblsuhnr-gbeusnd, narky staon gmrhs.

Haly wnrn ‖dmseburaond `brrbwnrs”, attraetnd `y tfn a`mkmty

tb b`taml gmlalen qumecky wmtf kmttkn dmhmlutmbl ml tfnmr

nqumty br autblbhy. Erbwdguldmlo aksb snnhs tb eblgnr

mhpbrtalt mltalom`kn `nlngmts tb mlvnstnn ebhpalmns, mltnrhs bg gmrh vakuatmbl ald prbduet vakmdatmbl.

Mhpkmeatmbls gbr tfnbry ald guturn rnsnaref arn butkmlnd.

_Y Lº 1>-99=

5rd Quartnr 091>


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1. Mltrbduetmbl

Fbw ùsmlnss start-ups arn gmlalend ms a eruemak mssun wmtfml nltrnprnlnursfmp rnsnaref (Eassar,

09943 Dnlms, 0994). Pamsmlo gmlalen ms nspnemakky blnrbus gbr lnw fmof-tnef (Ebkbh`b & Ormkkm,

099?) ald mllbvatmvn gmrhs (Knn, Uahnnl & Ebwkmlo, 0914), haly bg wfbh arn ‛fmof-rmsc,

fmof-rnward prbjnets‘ (Obhpnrs & Knrlnr, 0991, p. 14>). Tfnsn prb`knhs favn uldbu`tndky

`nnl nxaenràtnd `y tfn rnduetmbls ml àlc knldmlo ald vnlturn eapmtak (WE) avamka`mkmty smlen

tfn okbàk gmlalemak ermsms (OGE) (Ebwkmlo, Kmu & Kndonr , 0910). Mrblmeakky, fbwnvnr, durmlo

tfms tmhn tfnrn fas `nnl a rapmd nseakatmbl ml tfn suppky bg ‖aktnrlatmvn” sburens bg gmlalen

(@rutbl nt ak, 091>), suef as dn`t-àsnd pnnr-tb-pnnr knldmlo (Duartn, Umnonk & ]bulo, 09103

Kml, Yra`faka & Wmswalatfal, 0915), mlvbmen tradmlo (@naec, Ebkkmls, & Zfalo, 0914), tradn

erndmt (HeOumlnss & Fboal, 0914) ald varmbus gbrhs bg erbwdguldmlo (Afknrs, Euhhmlo,

Oûltfnr & Uefwnmznr , 091>3 Ebkbh`b, Gralzblm, & Pbssm’ Kahastra, 091>3 Hbkkmec, 0914).

Fbwnvnr, tb datn kmttkn wbrc fas prbpnrky nxpkbrnd tfn typn bg vnlturns utmkmsmlo tfnsn lnw

sburens bg guldmlo, tfnmr hbtmvatmbls gbr dbmlo sb ald tfn pnrenmvnd `nlngmts ald dmsadvaltaons.

Tfms papnr amhs tb rnetmgy tfms mhpbrtalt oap ml tfn kmtnraturn.

Erbwdguldmlo fas nhnrond as a partmeukarky prbhmlnlt sburen bg aktnrlatmvn gmlalen gbr lnw

vnlturns (@nkkngkahhn, Kah`nrt & Uefwmnlàefnr, 09143 Ebkkmls ald Ymnrracms, 09103 Uefrnm`nr

& Ymlnkkm, 0915). Ml nssnlen, mt ebhprmsns a karon luh`nr bg mldmvmduaks wfb typmeakky prbvmdn

shakk ahbults bg gmlalen tb ùsmlnssns vma blkmln pkatgbrhs. Tfnrn arn varmbus gbrhs bg

erbwdguldmlo: rnwards-àsnd, dblatmbl-àsnd, knldmlo-àsnd ald nqumty erbwdguldmlo (Ebkkmls

ald Ymnrracms, 09103 Fnhnr, 09113 Hbkkmec, 0914). _fmkn brmomlakky sylblyhbus wmtf tfn Û

gmrh Cmecstartnr, wfmef spnemakmzns ml rnwards br dblatmbl-àsnd erbwdguldmlo (Ebkbh`b nt ak.,

091>3 Hbkkmec, 0914), tfn eblenpt fas rapmdky nxpaldnd `btf ml tnrhs bg gbrhat ald onborapfy


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gmlalen ml tnrhs bg tfn luh`nr bg dnaks ekbsnd naef ynar. Gbr nxahpkn, mt aeebultnd br 16.>% bg

akk vmsm`kn nqumty dnaks ald 50% bg akk vmsm`kn snnd-staon dnaks ml tfn gmrst fakg bg 0914 (@rmtmsf

@usmlnss @alc, 0914). Mldnnd, smlen mts mlenptmbl ml 0911, tfn ^C”s karonst erbwdguldmlo

pkatgbrh, Erbwdeu`n, fas akbln ramsnd bvnr £199 hmkkmbl bl `nfakg bg 0=9 vnlturns.

Fbwnvnr, tfnrn ms a lnnd tb ob `nybld tfnsn fnadkmln gmourns ald tfn assbematnd fypn tb

mlvnstmoatn fbw nqumty erbwdguldmlo bpnratns ald, ml partmeukar, tb nxahmln tfn dnhald smdn

wfmef fas `nnl karonky molbrnd tb datn. _fy db gmrhs efbbsn tb nloaon ml nqumty erbwdguldmlo2

Ald ms mts nhnronlen ald orbwtf aetuakky a ‖obbd tfmlo” gbr shakk ald hndmuh-smznd nltnrprmsns

(UHNs)2 _fmkn tfms mssun ms lbw `nmlo dnàtnd (Grasnr, @fauhmc & _rmoft, 091>3 Farrmsbl,

0915), tb datn kmttkn rnsnaref fas dmrnetky addrnssnd tfnsn qunstmbls. _fmkn a luh`nr bg studmns

favn nxahmlnd tfn suppky smdn bg erbwdguldmlo, suef as tfn hbtmvatmbls gbr mlvnstmlo ml

erbwdguldmlo eahpamols (Efbkacbva & Ekaryssn, 091>3 Hbrmtz nt ak., 091>), kmttkn ms clbwl

‛a`but wfat drmvns nltrnprnlnurs tb usn nqumty erbwdguldmlo‘ (Afknrs nt ak., 091>, p. 01).

Mldnnd, tfms dnartf bg rnsnaref hnals tfat nvnl a ‛àsme aeadnhme clbwkndon bg tfn dylahmes bg

erbwdguldmlo ms kaecmlo‘ (Hbkkmec, 0914, p. 1).

As a ebltrmùtmbl tb ekbsmlo tfms rnsnaref oap, tfms papnr rnpbrts gmldmlos grbh al mltnrvmnw-

àsnd study bg ^C nqumty erbwdguldnd vnlturns - tb bur clbwkndon tfn karonst suef study tb

datn. Tfms study nxahmlnd tfn typns bg gmrhs snncmlo nqumty erbwdguldmlo, tfn ratmblakn gbr

snncmlo mt, tfnmr nxpnrmnlens bg tfn erbwdguldmlo prbenss ald fbw tfn guldmlo ramsnd mhpaetnd

tfnmr dnvnkbphnlt. Tfn bvnrrmdmlo rnsnaref qunstmbl was: ‛wfat ms tfn laturn bg tfn dnhald gbr

nqumty erbwdguldmlo ml tfn ^C ald wfat nggnet dbns tfms typn bg nltrnprnlnurmak gmlalemlo favn

bl rnempmnlt vnlturns ald tfnmr ùsmlnss dnvnkbphnlt 2‘


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Tfn papnr ms strueturnd as gbkkbws. Gmrst, dngmlmtmblak mssuns arn dmseussnd. Tfn lasenlt kmtnraturn

bl erbwdguldmlo, gbeusmlo bl dnhald smdn mssuns, ms tfnl rnvmnwnd wmtf a luh`nr bg rnsnaref

qunstmbls ramsnd. Tfn rnsnaref hntfbdbkboy ald efaraetnrmstmes bg rnspbldnlt gmrhs arn tfnl

butkmlnd `ngbrn nhpmrmeak gmldmlos arn prnsnltnd ald dmseussnd wmtf rngnrnlen tb tfn rnsnaref

qunstmbls pbsmtnd. Tfn papnr nlds wmtf sbhn eblekusmbls ald arnas gbr gurtfnr rnsnaref.

0. Nqumty Erbwdguldmlo: Altnendnlts ald Dngmlmtmbls

Gmrst dnvnkbpnd durmlo tfn 0999s, erbwdsburemlo fas `nebhn al mhpbrtalt eblenpt gbr

ùsmlnssns (Fbwn, 09973 Tapsebtt & _mkkmahs, 0997). Erbwdsburemlo ms ekbsnky rnkatnd tb tfn

hbrn aeadnhme eblenpt bg ‖bpnl mllbvatmbl” (Efns`rbuof, 0995), wfnrn`y gmrhs dnrmvn sburens

bg clbwkndon ald rnsburens grbh butsmdn tfnmr bwl broalmsatmblak `buldarmns, wfmef ms

eblsmdnrnd mlvakua`kn gbr rnsburen-searen lnw vnlturns ald UHNs (Nlcnk, Oasshall &

Efns`rbuof, 099=). As sefbkars favn lbtnd, erbwdguldmlo ms rbbtnd ml tfn `rbadnr eblenpt bg

erbwdsburemlo, wfnrn tfn ‖erbwd” arn ebkknetmvnky tappnd tb prbvmdn ‛mdnas, gnndàec, ald

sbkutmbls tb dnvnkbp ebrpbratn aetmvmtmns‘ (@nkkngkahhn nt ak., 0914, p. >67).

Erbwdguldmlo mtsnkg ms a huktm-dmhnlsmblak pfnlbhnlbl. Tfn ebrlnrstbln bg tfn eblenpt ms tfn

mlebrpbratmbl bg tneflbkboy, prmharmky tfn Mltnrlnt, wfmef aets as a ebldumt `ntwnnl mlvnstbrs

(m.n. tfn suppky smdn) ald nltrnprnlnurs (tfn dnhald-smdn). Omvnl tfn huktmpkn gbrhs

erbwdguldmlo eal tacn, ‖fy`rmdmsatmbl” eal beeur wfnrn`y hbdnks arn ebh`mlnd (n.o. rnwards-

àsnd ald nqumty guldmlo) (Efbkacbva & Ekaryssn, 091>). Tfus, mt ms pnrfaps ulsurprmsmlo tfat

tfnrn ms dngmlmtmblak varmatmbl ald ah m̀oumty ml tfn lasenlt erbwdguldmlo kmtnraturn. Hbkkmec

(0914, p. 0), gbr nxahpkn, dngmlns erbwdguldmlo as ‛tfn nggbrts `y nltrnprnlnurmak mldmvmduaks


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ald orbups - eukturak, sbemak, ald gbr-prbgmt - tb guld tfnmr vnlturns `y drawmlo bl rnkatmvnky shakk

ebltrmùtmbls grbh a rnkatmvnky karon luh`nr bg mldmvmduaks usmlo tfn mltnrlnt, wmtfbut staldard

gmlalemak mltnrhndmarmns‘. Farrmsbl (0915, p. 067) dnserm`ns erbwdguldmlo as tfn

‛dmsmltnrhndmatmbl bg tfn gmlalen harcnt as guldnrs ald prbhbtnrs arn `rbuoft tbontfnr dmrnetky.‘

_fmkst tfnsn dngmlmtmbls arn fnkpguk, tfny rnhaml `rbad ald db lbt rngknet tfn dmvnrsmty bg tfn

erbwdguldmlo eblenpt. Tfnrn ms tfus a lnnd gbr rnsnarefnrs tb lbt blky `n nxpkmemt a`but tfn gbrh

bg erbwdguldmlo uldnr mlvnstmoatmbl, ùt aksb tb ebltrmùtn tb bur uldnrstaldmlo bg tfnsn

dmggnrnlt hbdnks ― ald tfn erbwdguldmlo pfnlbhnlbl onlnrakky - tfrbuof tfn dnvnkbphnlt bg

hbrn dntamknd ald lualend dngmlmtmbls.

Tfms papnr kbbcs spnemgmeakky at tfn nqumty erbwdguldmlo hbdnk, wfmef mlvbkvns ‛tfn sakn bg a

sneurmty‘ (Farrmsbl, 0915, p. 067). Mt ms tfnrngbrn guldahnltakky dmggnrnlt grbh btfnr

erbwdguldmlo hnefalmshs ml tfat mlvnstbrs `nebhn mltnrwbvnl mltb tfn ga`rme bg tfn gmrh as

sfarnfbkdnrs. Nqumty erbwdguldmlo fas `nnl kbbsnky dngmlnd as ‛a hbdnk ml wfmef erbwdguldnrs

rnenmvn a gmlalemak ebhpnlsatmbl‘ (@nkkngkahhn nt ak., 0915, p. 51?). Afknrs nt ak. (091>, p. 4)

bggnr a hbrn dnvnkbpnd dngmlmtmbl bg nqumty erbwdguldmlo as ‛a hntfbd bg gmlalemlo, wfnrn`y al

nltrnprnlnur snkks a spnemgmnd ahbult bg nqumty br `bld-kmcn sfarns ml a ebhpaly tb a orbup bg

(shakk) mlvnstbrs tfrbuof al bpnl eakk gbr guldmlo bl Mltnrlnt-àsnd pkatgbrhs‘. Tfnsn

dngmlmtmbls mhpky tfat tfn ‖erbwd” arn shakk br lbl-spnemakmsnd mlvnstbrs.

Tfms hay `n skmoftky hmsknadmlo, fbwnvnr. Haly erbwdguldmlo mlvnstbrs arn ml gaet ùsmlnss

alonks, wfb eal fbkd smolmgmealt mlgkunlen bvnr tfn dnemsmbl-hacmlo wmtfml a erbwdguldnd gmrh

bwmlo tb tfnmr karon sfarnfbkdmlos (@rutbl nt ak., 091>). Mldnnd, a rnenlt study gbuld tfat 4>%

bg alonks survnynd fad mlvnstnd tfrbuof erbwdguldmlo pkatgbrhs ml tfn ^C, wmtf ybulonr alonks


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hbrn mlekmlnd tb eb-mlvnst tfrbuof erbwdguldmlo pkatgbrhs (_rmoft, Fart & Gu, 091>)0.

Tfnrngbrn, gbr tfn purpbsns bg tfms papnr, wn dngmln nqumty erbwdguldmlo as: mlvnsthnlts vma al

mltnrlnt pkatgbrh uldnrtacnl `y `btf spnemakmst ald shakk lbvmen mlvnstbrs ml rnturl gbr sfarn

eapmtak, wfmef ms mssund dmrnetky tb mlvnstbrs br fnkd `y a lbhmlnn.

5. Kmtnraturn

Nltrnprnlnursfmp sefbkars favn struooknd tb eatef-up wmtf tfn rapmdky aktnrmlo gmlalemak

kaldseapn eblgrbltmlo nltrnprnlnurmak vnlturns tfat fas rnsuktnd grbh tfn rapmd orbwtf bg

aktnrlatmvn gmlalemak mlstruhnlts (@rutbl nt ak., 091>). ^ltmk rnenltky, rnsnaref bl aktnrlatmvn

sburens bg gmlalen was snrmbusky fahpnrnd `y a kaec bg avamka`kn data (Hbkkmec, 0914). Uefbkars

arn lbw skbwky `nomllmlo tb prbvmdn nvmdnlen bl tfn varmbus gbrhs bg aktnrlatmvn gmlalen, ml

partmeukar erbwdguldmlo, aktfbuof tfn kmtnraturn rnhamls kmhmtnd. _n favn tfnrngbrn drawl bl

kmtnraturn grbh tfn wmdnr arna bg nltrnprnlnurmak gmlalen tb sfapn tfn rnsnaref tfnhns

uldnrpmllmlo bur study. A dnkm`nratn attnhpt fas `nnl hadn tb draw upbl tfn rnsnaref oaps

mdnltmgmnd ml tfn lasenlt erbwdguldmlo kmtnraturn (snn, gbr nxahpkn, @rutbl nt ak., 091>).

A karon `bdy bg kmtnraturn lbtns tfn pnrnllmak prb`knhs tfat lnw ald ybulo ald gmrhs gaen wfnl

aeenssmlo gmlalen. Tfnmr kaec bg easf gkbw br ebkkatnrak tb `brrbw aoamlst (@nronr & ^dnkk, 1==63

Earpnltnr & Yntnrsnl, 0990) ald a`snlen bg a erndmt traec rnebrd (@mlcs & Nllnw, 1==7),

ebh`mlnd wmtf tfn knldmlo tneflbkbomns utmkmsnd `y `alcs (@nronr & @kaec, 0911), hnals tfat

tfny arn ula`kn tb aeenss dn`t gmlalen. Tfms gbrens suef gmrhs tb snnc vnlturn eapmtak. Fbwnvnr,

WE gulds db lbt hacn shakk mlvnsthnlts omvnl fmof gmxnd bvnrfnads ald tfny db lbt mlvnst ml

0 Fbwnvnr, albtfnr ^C study gbuld tfms luh`nr tb `n huef shakknr, at arbuld 00% (Hasbl ald @btnkfb, 0914).


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lnw ald narky-staon vnlturns, partmeukarky tfbsn tfat arn prn-rnvnlun wmtf ultnstnd tneflbkboy

ald/br nh`ryblme ùsmlnss hbdnks (_rmoft, Kbecntt, Ekaryssn & @mlcs, 0997). @usmlnss alonks

arn mlekmlnd tb mlvnst ml ùsmlnss prbpbsmtmbls tfat arn ulattraetmvn tb WEs (Hasbl ald Farrmsbl,

1==?). Fbwnvnr, alonks typmeakky mlvnst ml just bln br twb pnrenlt bg tfn bppbrtulmtmns tfat tfny

eblsmdnr (Earpnltmnr & Uurnt, 091>3 Pmdmlo, Dak Eml, Duxùry, Famlns, & Uagrata, 1==5).

Aktfbuof tfn avamka`kn nvmdnlen sfbws tfat knvnks bg alonk mlvnsthnlt favn `nnl hamltamlnd

smlen tfn OGE (Hasbl ald Farrmsbl, 091>3 _rmoft nt ak., 091>), alonks favn pkaend a ornatnr

nhpfasms bl hacmlo gbkkbw-bl mlvnsthnlts wmtfml tfnmr nxmstmlo pbrtgbkmbs (Hasbl, @btnkfb &

Farrmsbl, 0915). Tfms apparnlt ‖`rnacaon” ml tfn guldmlo nseakatbr gbr `btf dn`t ald nqumty

guldmlo (Lbrtf, @akdbec & ^kkaf, 0915) snnhs tb favn molmtnd tfn dnhald gbr aktnrlatmvn lbl-

tradmtmblak sburens bg guldmlo.

_fmkn tfn eausak gaetbrs surrbuldmlo tfn nhnronlen bg erbwdguldmlo snnh gamrky eknar-eut, tfn

drmvnrs mlgkunlemlo nltrnprnlnurs tb utmkmsn erbwdguldmlo ms knss wnkk uldnrstbbd (Afknrs nt ak.,

091>3 Grydryef, @bec, Cmldnr & Cbnec , 0914). Ubhn autfbrs suoonst tfnrn wmkk `n

‛eblsmdnra`kn varmatmbl ml tfn `nfavmbur bg nltrnprnlnurs snncmlo dmggnrnlt gbrhs bg tfms gmlalen,

ald tfnsn dmggnrnlens warralt mlvnstmoatmbl‘ (@rutbl nt ak., 091>, p. 16). Tfn nxtnlt tb wfmef tfn

mlernasnd dnhald gbr erbwdguldmlo ms a guletmbl bg tfn mla`mkmty tb aeenss tradmtmblak sburens bg

guldmlo aksb rnhamls uleknar. @rutbl nt ak. (091>) fypbtfnsmsn tfat tfn dnhald gbr aktnrlatmvn

guldmlo hay fmlon bl enrtaml ebolmtmvn gaetbrs tfat sfapn nltrnprnlnurmak dnemsmbl-hacmlo,

partmeukarky dmseburaonhnlt (Grnnk, Eartnr, Taoo & Hasbl, 09103 Cbl & Utbrny, 0995).

Dmseburaonhnlt beeurs wfnl `brrbwnrs arn dntnrrnd grbh appky gbr àlc guldmlo ‛`neausn tfny

gnnk tfny wmkk `n rnjnetnd‘ (Cbl & Utbrny, 0995, p. ?). Alnedbtak nvmdnlen suoonsts tfat nqumty

erbwdguldmlo appnaks tb nltrnprnlnurs wfb gnnk ulkmcnky tb `n a`kn tb aeenss eblvnltmblak gbrhs


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bg àlc knldmlo (Ebkkmls & Ymnrracms, 0910). Mldnnd, àd erndmt sebrns favn `nnl gbuld tb

mlernasn tfn prbà m̀kmty tfat vnlturns snnc erbwdguldmlo (@kasno & Cbnttnr, 091>). Fbwnvnr,

ebhprnfnlsmvn nhpmrmeak nvmdnlen bl tfms rnkatmblsfmp dbns lbt ynt nxmst. Tfnrngbrn, bur gmrst

rnsnaref qunstmbl ms: arn nqumty erbwdguldnd gmrhs dmseburaond `brrbwnrs2

_fmkn tfn ratmblakn gbr snncmlo guldmlo ms mhpbrtalt, sb tbb ms tfn prngnrnlen gbr tfn typn bg

guldmlo efbsnl. ^ldnr tfn ‖pnecmlo brdnr” tfnbry bg guldmlo prngnrnlens, àsnd bl tfn kbss bg

ebltrbk assbematnd wmtf dmggnrnlt typns bg gmlalen (Hynrs & Hajkug, 1=64), gmrhs arn assuhnd tb

gavbur (ml dnsenldmlo brdnr) mltnrlak gulds, àlc knldmlo ald tfnl nqumty sburens bg gmlalen.

Tfms suoonsts tfat blky agtnr mltnrlak gulds favn `nnl nxfaustnd ― tfn sb eakknd ‛5Gs‘ (gbuldnrs,

gahmky ald grmnlds) ― db gmrhs apprbaef nxtnrlak sburens bg guldmlo. Tfnmr gmrst apprbaef wmkk `n

tb àlcs gbr dn`t guldmlo. Blky mg tfms rbutn ms ulsueenssguk, wmkk gmrhs eblsmdnr endmlo nqumty ml

rnturl gbr guldmlo. A kmhmtatmbl bg tfms hbdnk ms tfat mt dbns lbt dmstmloumsf `ntwnnl aktnrlatmvn

typns bg nqumty gmlalen, wfmef `nebhns a ermtmeak mssun wfnl kbbcmlo at nqumty erbwdguldmlo.

Haly ‖erbwdmlvnstbrs” arn lbt prbgnssmblak mlvnstbrs ald as suef ‛tfny tnld tb rnqumrn knss

mlgbrhatmbl upgrblt ald spnld knss tmhn (mg aly at akk) lnobtmatmlo dntamknd ebltraets‘ (Haeft &

_natfnrstbl, 0914, p. =). Mldmvmduak sfarnfbkdnrs aksb db lbt favn a `mo nlbuof sfarnfbkdmlo tb

nxnrt pbwnr bvnr tfn halaonhnlt tnah ald tfny hay `n bggnrnd @-ekass sfarns tfat favn lb

vbtmlo rmofts attaefnd. Akk bg tfms ms ml sfarp ebltrast tb tfn usuak prbenss bg vnlturn eapmtak alonk

mlvnsthnlt. WEs ald alonks rnqumrn huef hbrn mlgbrhatmbl wfnl eblsmdnrmlo wfntfnr br lbt tb

mlvnst ald lnobtmatn bl tfn vakuatmbl bg tfn ùsmlnss (Aknxy, @kbec, Ualdlnr & Tnr _ak, 09103

Hasbl ald Farrmsbl, 1==7). Pnenlt rnsnaref fas aksb gbuld tfat tfn ahbult bg nqumty omvnl

durmlo tfn erbwdguldmlo prbenss ms smolmgmealtky kbwnr tfal tfat omvnl tb alonk mlvnstbrs

(Gmlalemak Tmhns, 091>). Just as ‛mlvnstbr fntnrbonlnmty hattnrs‘ `ntwnnl WEs ald alonks


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prbvmdn tfn ‛wmsdbh bg tfn erbwds‘ (Uurbwmnecm, 0994) wfnrn`y ‛mldmvmduaks grbh dmvnrsn

àecorbulds, wmtf nxpnrtmsn ml dmggnrnlt gmnkds, `rmlo varmbus pbbks bg kbeak clbwkndon tbontfnr‘

(Ebkkmls & Ymnrracms, 0910, p. 0>). Mldnnd, a luh`nr bg studmns favn mdnltmgmnd varmbus `nlngmts

tfat eal armsn grbh erbwdguldmlo (@nkkngkahhn nt ak., 09143 Knflnr nt ak., 091>), mlekudmlo

pu`kme nxpbsurn ald vakmdatmbl grbh eustbhnrs. Ml tfms snlsn, ‛erbwdguldmlo eal `n usnd as a

prbhbtmbl dnvmen, as a hnals tb suppbrt hass eustbhmzatmbl br usnr-àsnd mllbvatmbl‘

(@nkkngkahhn nt ak., 0914, p. 790). Fbwnvnr, btfnr sefbkars lbtn tfat as ‛erbwds arn grnqunltky

stupmd‘ (Msnl`nro, 0910, p 4) tfnmr `nlngmt tb a gmrh butwmtf mlmtmak gmlalemak mlvnsthnlt hmoft `n

kmhmtnd. Tfnrngbrn, tfn gmlak rnsnaref qunstmbl ms: db gmrhs b`taml talom`kn ald lbl-talom k̀n

`nlngmts grbh erbwdguldmlo2

4. Hntfbd, Data Alakysms ald Uahpkn Efaraetnrmstmes

As wmtf haly arnas bg nltrnprnlnursfmp rnsnaref (Uudda`y, @rutbl & Um, 091>), hbst

erbwdguldmlo rnsnaref fas `nnl qualtmtatmvn (n.o. @nkkngkahhn nt ak., 09143 Efbkacbva &

Ekaryssn, 091>3 Ebkbh`b nt ak., 091>3 Hbkkmec, 0914), wmtf vnry gnw studmns adbptmlo a

quakmtatmvn apprbaef (n.o. Knflnr nt ak., 091>3 Uefwnmlàefnr & Karrakdn, 0910). Tfn

eblsnqunlen ms tfat haly aspnets bg erbwdguldmlo rnhaml pbbrky uldnrstbbd, mlekudmlo tfn

laturn bg nltrnprnlnurs wfb bpt gbr tfms hbdn bg guldmlo, tfn hbtmvatmblak drmvnrs gbr

uldnrtacmlo erbwdguldmlo, tfn prbenss bg ramsmlo gmlalen tfrbuof erbwdguldmlo, ald tfn mhpaet

bg tfn gmlalen ramsnd tfrbuof erbwdguldmlo bl ùsmlnss dnvnkbphnlt. As btfnr sefbkars favn

lbtnd, "mt ms StfnrngbrnX mhpbrtalt tb hbvn erbwdguldmlo rnsnaref mltb hbrn quakmtatmvn rnsnaref

hntfbds tb prbvmdn dnnpnr uldnrstaldmlo bg spnemgme nltrnprnlnurmak aetmvmtmns ald prbenssns"


14/48


15/48


16/48

1>

(Tnnen, 0919). Tfn vast hajbrmty bg nltrnprnlnurs wnrn kbbcmlo gbr start-up ald orbwtf eapmtak

tb dnvnkbp tfnmr ùsmlnssns.

Tfn hajbrmty bg ùsmlnssns wnrn narky staon (bgtnl prn-rnvnlun) aond `ntwnnl 1-5 ynars (snn

Gmourn 1). Tfms suoonsts tfat mt ms prmharmky lnw start-ups wfb sueennd ml ramsmlo tfms gbrh bg

gmlalen. Fbwnvnr, dun tb tfn prnsnlen bg sbhn hbrn nsta`kmsfnd gmrhs, tfn avnraon gmrh aon ml

bur sahpkn was 4 ynars.

Mlsnrt Gmourn 1 fnrn

Tfn gmrhs wnrn bpnratmlo ml a wmdn ralon bg mldustrmak snetbrs (snn Gmourn 0), tfn hbst ebhhbl

`nmlo Gbbd ald Drmlc (l811), Dmomtak Hndma (l8?) Eknal Tnef (l8>) ald Tralspbrt (l84).


Wnry gnw bg tfn ebhpalmns ml tfn sahpkn (l84) nxnhpkmgmnd tfn tradmtmblak ‖fmof tnef” vnlturn

wmtf fmof knvnks bg Pnsnaref ald Dnvnkbphnlt (P&D) aetmvmty. Hbst wnrn bpnratmlo ml tfn @0E

harcnts gbeusmlo bl eblsuhnr prbduets ald snrvmens, aktfbuof @0@ gmrhs wnrn aksb wnkk

rnprnsnltnd.

Tfn gmrhs fad a dmstmletmvn onborapfy (snn Gmourn 5), wmtf fakg bg tfn sahpkn kbeatnd ml Kbldbl

(l801), wmtf btfnr shakk pbecnts ml @rmstbk (l85), Ndmlùrof (l80) ald Bxgbrd (l80). Tfn

rnhamlmlo 14 gmrhs wnrn seattnrnd arbuld tfn ebultry, mlekudmlo ml tfn Ubutf _nst, tfn

Hmdkalds, tfn Lbrtf bg Nlokald ald tfn enltrak `nkt bg Uebtkald.


Tfms spatmak eblenltratmbl ml Kbldbl ald tfn sbutf nast bg Nlokald ebrrnspblds wmtf btfnr

rnsnaref bl nqumty erbwdguldmlo ml tfn ^C (@anec nt ak., 09143 @rmtmsf @usmlnss @alc, 0914).


17/48

17

Tfms suoonsts tfat aeenss tb ― ald nloaonhnlt wmtf ― erbwdguldmlo ms su`jnet tb tfn sahn lbrtf-

sbutf onborapfmeak `mas nxfm`mtnd `y vnlturn eapmtak mlvnsthnlts (Hartml, @nrldt, Ckaoon &

Uulkny, 099>3 Hasbl & Ymnrracms, 0915)

Apprbxmhatnky fakg bg tfn gmrhs (l809) ramsnd `ntwnnl £199c ald £1==c (snn Gmourn 4). Tfn

avnraon ahbult ramsnd `y gmrhs ml bur sahpkn was £496,464, wfmkn tfn hndmal vakun was

£1>9,?6>. Tfn avnraon ahbult ramsnd was dbu`kn tfat mdnltmgmnd `y Lnsta (£1==c) gbr tfn 0910-

0914 pnrmbd (@anec nt ak., 0914), suoonstmlo tfat dnak smzn ms mlernasmlo. Gmvn ebhpalmns ramsnd

bvnr £1hmkkmbl. Nxekudmlo tfnsn gmrhs grbh tfn alakysms, tfn avnraon ahbult ramsnd drbps tb

£05?,55=, stmkk a`bvn tfn Lnsta gmourn.


Tb ramsn tfms mlvnsthnlt, gmrhs mssund `ntwnnl >.61% ald 50.1?% nqumty (bl avnraon 16.=>%) tb

`ntwnnl 5 ald =77 mldmvmduak mlvnstbrs (bl avnraon 17>). Tfnsn gmourns nxekudn gmrhs wfmef

ramsnd gmlalen usmlo tfn Unndrs pkatgbrh (l815) wfmef fas a lbhmlnn strueturn wfnrn akk

mlvnsthnlts arn halaond `y a smlokn lbhmlnn. _fmkn mt was lbt akways pbssm k̀n tb clbw tfn

nxaet ebhpbsmtmbl bg mlvnstbrs wmtfml tfn erbwdguldnd rbulds, mltnrnstmloky, `usmlnss alonks

wnrn aetmvn ml rbuofky twb-tfmrds bg tfn easns nxahmlnd (l806).

>. Gmldmlos

Tfn gbkkbwmlo dmseussmbl ms strueturnd arbuld gmvn cny tfnhns: tfn prnparatbry wbrc rnqumrnd

`ngbrn nloaomlo ml erbwdguldmlo3 tfn ratmblakn uldnrpmllmlo tfn dnhald gbr erbwdguldmlo3 tfn

`nlngmts (ald draw`aecs) bg tfms gbrh bg nltrnprnlnurmak gmlalen3 ald tfn mhpaet bg gmlalen ramsnd


18/48

1?

bl tfn nltrnprnlnur ald tfnmr `usmlnss, mlekudmlo mts nggnet bl dnhald gbr gurtfnr rbulds bg

erbwdguldmlo.

Yrnparatbry ^ldnrtacm los

Tfn gmrst mssun nxpkbrnd was fbw nltrnprnlnurs `neahn awarn bg tfn spnemgme erbwdguldmlo

pkatgbrh tfat tfny utmkmsnd. Gbr apprbxmhatnky fakg bg tfn nltrnprnlnurs (l809), nloaomlo wmtf a

erbwdguldmlo pkatgbrh was al ad fbe ratfnr tfal pkallnd ‖nvnlt”, bgtnl mlgkunlend `y pnnr-tb-

pnnr mltnraetmbls ald wbrd bg hbutf. Gbr tfn karon hmlbrmty (l816) bg nltrnprnlnurs, mt was a

pkallnd prbenss, wfnrn`y gmlalemlo bptmbls (ald tfnmr prbs ald ebls) fad `nnl ermtmeakky

appramsnd, wmtf erbwdguldmlo dnnhnd tb `n tfn hbst apprbprmatn guldmlo hnefalmsh. Ml a

hmlbrmty bg easns (l84), erbwdguldmlo was a ‖kast rnsbrt” gbr gmrhs tfat lnndnd guldmlo as sbbl

as pbssm`kn ald fad lb aktnrlatmvn avnluns tb pursun.

Pnoardknss bg wfntfnr tfn apprbaef was pkallnd br ad fbe, tfn nltrnprnlnurs mltnrvmnwnd wnrn

akk wnkk-mlgbrhnd mldmvmduaks, wmtf tfn hajbrmty (l85>) aetmvnky traecmlo ald rnadmlo up bl

erbwdguldmlo ml advalen bg nxpkbrmlo tfms guldmlo hnefalmsh gbr tfnmr bwl vnlturns. Tfny

ebukd `n eblsmdnrnd ‖narky adbptnrs” bg `btf tfn erbwdguldmlo eblenpt ald bg mts usn as a sburen

bg aktnrlatmvn nltrnprnlnurmak gmlalen. Fbwnvnr, dnspmtn tfnmr clbwkndon, lbt akk nltrnprnlnurs

wnrn sueenssguk wmtf tfnmr mlmtmak apprbaefns tb erbwdguldmlo pkatgbrhs. Twb nltrnprnlnurs ml

bur sahpkn wnrn rnjnetnd bl tfnmr gmrst apprbaef tb a pkatgbrh `neausn bg a pnrenmvnd kaec bg gmt

wmtf tfn pkatgbrh”s mlvnstbr prbgmkn, dmsaornnhnlts bvnr tfn ebhpaly vakuatmbl ald dbu`ts a`but

tfn gmrh”s pbtnltmak tb hnnt tfn guldramsmlo taront>. Tfms rnqumrnd tfnsn nltrnprnlnurs tb

mlvnstmoatn ald hacn gurtfnr apprbaefns tb btfnr pkatgbrhs, wfmef vary wmdnky ml tnrhs bg tfn

laturn bg tfnmr ‖erbwd”, fbw tfny tacn nqumty, ebhpaly vakuatmbl ald aeebult halaonhnlt.

> Pnspbldnlts grbh Erbwdeu`n ald Unndrs lbtnd tfat blky 1 ml > appkmeatmbls tb tfnmr pkatgbrhs arn aeenptnd.


19/48


20/48

1=

b`taml dn`t guldmlo grbh tradmtmblak àlc knldmlo (l807) br nqumty guldmlo grbh vnlturn eapmtak

(l81?) ald ùsmlnss alonks (l81=). As bln nltrnprnlnur nxpkamlnd:

‛@alcs arn just tbb nxpnlsmvn ald WEs walt tbb fmof al ahbult bg hblny. Aksb, tfny

rnqumrn ybu tb favn rnvnlun, sb wfnl ybu dbl”t favn rnvnlun mt”s a prntty fard tfmlo tb

eraec. Ald mt”s lbt kmcn Umkmebl Wakkny wfnrn pnbpkn wmkk mlvnst ml prn-rnvnlun ebhpalmns

àsnd bl vakuatmbls bg mldmvmduaks kmcn nlomlnnrs br H@A ealdmdatns.‘

Tfn nltrnprnlnurs mltnrvmnwnd wnrn tfnrngbrn dmseburaond (Cbl & Utbrny, 0995) ratfnr tfal

dnekmlnd `brrbwnrs? . Wnry gnw (l811) fad dmrnetky eblsmdnrnd apprbaefmlo tfnmr àlc br btfnr

gmlalemak mlstmtutmbls, knt akbln fad hadn al apprbaef (l8=). Lb bln fad `nnl turlnd dbwl `y a

gmlalemak mlstmtutmbl.

‛_n dmdl”t nvnl kbbc ml tb Sa àlc kbalX. _n gnkt àlcs wbukd lbt guld us gbr tfn ahbult

wn lnndnd ald tfn kmhmtnd nxpnrmnlen wn fad uldnr bur `nkts.‘

Tfn onlnrak gnnkmlo ahblost rnspbldnlts was tfat mt ms eurrnltky nasmnr tb ont hblny ‛ grbh tfn

erbwd tfal grbh tfn àlc ‘, partmeukarky mg gmrhs arn snkkmlo a prbduet br snrvmen tfat rnsblatn

wmtf tfn onlnrak pu`kme. Aoaml, tfn ebhhbl vmnw appnarnd tb `n tfat mldmvmduaks tnld tb ùy

mltb eblenpts ald tfus orbwtf pbtnltmak, wfnrnas gmlalemak mlstmtutmbls tnld tb `n hbrn mltnrnstnd

ml a gmlalemak traec rnebrd tb hmtmoatn knldmlo rmscs.

Aktfbuof tfn gmrhs mlekudnd ml bur sahpkn fad akk pursund nqumty erbwdguldmlo, mt was eknar tfat

tfnsn nltrnprnlnurs wnrn vnry eblsembus bg tfn nqumty-gmlalen tradn-bgg (as wnkk as btfnr

gmlalemlo bptmbls avamka`kn tb tfnh). Hbst bg tfn nltrnprnlnurs nxpkamlnd tfat erbwdguldmlo

? _fmkn tfn tnrh ‖dmseburaond `brrbwnrs” (Cbl & Utbrny, 0995) ms lbrhakky assbematnd wmtf àlc dn`t gmlalen, wn

nxtnld mt fnrn tb btfnr gbrhs bg guldmlo suef as WE ald ùsmlnss alonks nte.


21/48

09

bggnrnd tfn hbst attraetmvn hnefalmsh tb rntaml haxmhuh nqumty ald autblbhy, wfmkst stmkk

ramsmlo huef lnndnd eapmtak. Haly (l811) lbtnd tfat Erbwdguldmlo bggnrnd rnkatmvnky gavbura`kn

vakuatmbls bg tfnmr ebhpalmns, ml ebltrast tb ùsmlnss alonks, wfb tnld tb `n ‛tbuofnr bl prmen‘.

Tfn nltrnprnlnurs aksb mldmeatnd tfat, dun tb dmggmeuktmns b`tamlmlo ùsmlnss alonks omvnl a kaec bg

ebltaets, tfny wnrn ‛fappy tb nxpnrmhnlt ‘ wmtf erbwdguldmlo as al aktnrlatmvn sburen bg nqumty

gmlalemlo. Ml suhhary, tfn gbeus bg tfn lnarky akk tfn gmrhs mltnrvmnwnd was tb ramsn ‖orbwtf

eapmtak” tfrbuof nqumty erbwdguldmlo, wfmef tfny gnkt tfny ebukd db wmtfbut kbsmlo nmtfnr

smolmgmealt nqumty tb mlvnstbrs br nltnrmlo mltb a kblo rnpayhnlt prbenss wmtf tfn àlcs.

‛ Mt gmkknd a oap ― obbd way bg onttmlo alonks tbontfnr as wnkk as grmnlds ald gahmky.

Ornat advaltaon bvnr ebltrbk, ybu lahn tfn prmen ybursnkg ― mt”s lbt a lnobtmatmbl.‘

Fbwnvnr, aktfbuof mltnrvmnwnns eblsmdnrnd erbwdguldmlo tb `n a ermtmeak hnefalmsh gbr ramsmlo

narky-staon orbwtf eapmtak, tfny akk rnoardnd mt as blky bln part bg a wmdnr guldmlo stratnoy. Tfnsn

nltrnprnlnurs wnrn tfnrngbrn lbt kbbcmlo tb rnpkaen btfnr sburens bg gmlalemlo wmtf

erbwdguldmlo. Patfnr tfny sbuoft tb auohnlt btfnr dn`t ald nqumty mlstruhnlts as ‛ part bg

StfnmrX wmdnr guldmlo stratnoy‘ tb `nst snrvn tfn lnnds ald mltnrnsts bg tfnmr ebhpalmns.

Tfn hajbrmty bg rnspbldnlts (l80=) lbtnd tfat, wfmkst erbwdguldmlo ms partmeukarky rnknvalt tb

tfnh at tfms pbmlt ml tmhn, tfny wmkk enrtamlky kbbc tb btfnr sburens bg gmlalen ml tfn guturn ald

wmkk adjust tfnmr guldmlo stratnomns as apprbprmatn.

@nlngm ts bg Nqumty Erbwdgul dmlo

Pnspbldnlts artmeukatnd a luh`nr bg `nlngmts wmtf rnoard tb nqumty erbwdguldmlo. A ermtmeak

mssun gbr hbst rnspbldnlts was ‖spnnd”. ^lqunstmbla`ky, tfn `moonst smlokn advaltaon assbematnd


22/48

01

wmtf erbwdguldmlo emtnd `y 1= nltrnprnlnurs was tfn spnnd at wfmef a rbuld bg erbwdguldmlo

eal `n ebhpkntnd, ml ebhparmsbl wmtf btfnr sburens bg gmlalemlo.

‛Erbwdguldmlo ms prbà`ky qumecnr tfal WEs br alonk mlvnstbrs.‘

‛SAlonks ald WEsX arn skbw, tfny drao tfnmr gnnt‘

Tfn avnraon knlotf bg tmhn tacnl `y tfn nltrnprnlnurs ml bur sahpkn tb ramsn gmlalemlo vma

erbwdguldmlo varmnd grbh lmln days tb bvnr gbur hbltfs, wmtf haly nltrnprnlnurs lbtmlo tfnmr

surprmsn at fbw qumecky tfn prbenss was ebhpkntnd.6

Tfn spnnd bg ramsmlo guldmlo hnalt tfat

‛dmstraetmbls wnrn hmlmhmsnd‘, tfus akkbwmlo gmrhs tb ‛ ont àec mltb aetmbl‘ qumecky. Mldnnd,

tfn hajbrmty bg nltrnprnlnurs wnrn qumec tb mdnltmgy tfn mhpbrtalen bg spnnd wfnl ramsmlo

gmlalen gbr narky staon ùsmlnssns, as drawl-but dmseussmbls wmtf pbtnltmak mlvnstbrs eal fmldnr

day-tb-day bpnratmbls ald put at rmsc tfn sustamla`mkmty ald orbwtf bg a lnw vnlturn.

Pnspbldnlts aksb lbtnd tfat erbwdguldmlo bggnrnd lbl-gmlalemak `nlngmts ml tnrhs bg eblenpt

vakmdatmbl ald ebhpaly vakuatmbl. Omvnl tfn narky-staon laturn bg tfn hajbrmty bg ebhpalmns ml

tfn sahpkn, aefmnvmlo prbbg-bg-eblenpt ald prbduet/snrvmen vakmdatmbl wnrn bg partmeukar

eblenrl. A smolmgmealt luh`nr (l801) nhpfasmsnd tfat tfny fbpnd b`tamlmlo guldmlo grbh tfn

erbwd wbukd vakmdatn ald nldbrsn tfnmr ebrn bggnrmlo ald tfnmr ùsmlnss hbdnk onlnrakky. Tfny

aksb fbpnd tfat tfny wbukd ùmkd a pmpnkmln bg pbtnltmak eustbhnrs ml tfn prbenss. Addmtmblakky,

arbuld fakg bg tfn gmrhs ml bur sahpkn - partmeukarky tfbsn tfat fad vnry rnenltky startnd tradmlo

ald tfbsn tfat fad orbwl rapmdky - sbuoft tb usn tfn erbwdguldmlo prbenss tb put a vakun bl tfn

ebhpaly as tfn nltrnprnlnurs wnrn ulsurn bg tfn ùsmlnss” harcnt vakun.

6 Lbtn tfat haly nltrnprnlnurs dmd lbt mlekudn tfn ahbult bg tmhn spnlt bl prnparatbry wbrc (n.o. dnvnkbpmlo a

ùsmlnss pkal3 b`tamlmlo mlmtmak mlvnsthnlt grbh tfn alonk ebhhulmty) ml tfnmr eblenptmbl bg tfn knlotf bg tfn

erbwdguldmlo prbenss. Ml rnakmty, tfn prbenss was bgtnl hbrn knlotfy tfal rnspbldnlts aeclbwkndond.


23/48

00

‛Erbwdguldmlo fad a usnguk purpbsn ml pmllmlo dbwl tfn vakun bg tfn ùsmlnss ald tfat”s

wfat mt dmd ― mt pmllnd dbwl tfn vakun bg tfn ebhpaly at a knvnk tfat wn wbrcnd wmtf.‘

‛Mt was Erbwdeu`n wfb vakund tfn ebhpaly at a enrtaml vakun wfmef was ornat gbr hn

ald pnbpkn wnrn wmkkmlo tb bggnr mlvnsthnlts gbr nssnltmakky sbhntfmlo tfat dmdl”t rnakky

nxmst ynt. Ub, ml a way, mt was sbrt bg ‖grnn hblny.”‘

A luh`nr bg nltrnprnlnurs rnpbrtnd tfat tfn erbwdguldmlo prbenss oavn tfnh a hbrn gavbura`kn

vakuatmbl tfal tfny wbukd favn fad grbh WEs br ùsmlnss alonks.

‛_n dmd db a kmttkn hbrn alonk fultmlo `ngbrn dnemdmlo tb erbwdguld, ùt tnldnd tb gmld

tfat ml onlnrak `btf alonks ald vnlturn eapmtak gmrhs wnrn ascmlo gbr karonr nqumty stacns

tfal wn wnrn prnparnd tb omvn.‘

Gmlakky, rnspbldnlts wnrn cnnl tb strnss tfn mhpbrtalen bg favmlo nxtnrlak mlvnstbrs. Tfn

hajbrmty (l804) spnemgmeakky nhpfasmsnd tfn `nlngmt bg `nmlo fnkd aeebulta`kn tb tfbsn wmtf a

stacn ml tfn ùsmlnss, lbtmlo tfat tfms prbvmdnd a snt bg efnecs ald àkalens tb nlsurn tfat tfn

pnrgbrhalen bg tfn ùsmlnss was cnpt bl traec. Tfms pnrenmvnd aeebulta`mkmty tb mlvnstbrs was

eblsmstnlt rnoardknss bg tfn typn bg mlvnstbr (prbgnssmblak br ‖bln bg tfn erbwd”) ald tfn ahbult

mlvnstnd. As bln nltrnprnlnur ebhhnltnd:

‛_n gnnk tfat nqumty hacns ybu hbrn aeebulta`kn, mt hacns ybu hbrn rnspblsm`kn, mt

hacns ybu wbrc fardnr.‘

Ml suhhary, tfn nltrnprnlnurs ml tfn sahpkn wnrn onlumlnky apprnematmvn bg favmlo a ‛ ermtmeak

hass‘ bg suppbrtnrs, bggnrmlo lbt just gmlalemak suppbrt ùt aksb pbtnltmakky btfnr gbrhs bg

assmstalen as rnqumrnd.


24/48


25/48

04

Aktfbuof karonky eblsmdnrnd a `nlngmt, vakuatmbl was, gbr a hmlbrmty bg ùsmlnssns, eblsmdnrnd tb

`n a pbtnltmak drawàec bg erbwdguldmlo. A luh`nr bg nltrnprnlnurs lbtnd tfat tfny struooknd tb

ebhn tb a gamr vakuatmbl bg tfnmr ùsmlnss wmtf tfn erbwdguldmlo pkatgbrh, blky tb favn tb

su`snqunltky rnvmsn tfms vakuatmbl ml brdnr tb onlnratn mltnrnst grbh tfn erbwd.

‛_n fmt a wakk a`but >/7 wnncs ml wfnl mlvnsthnlt drmnd up. Ub wn hadn tfn dnemsmbl tb

rnduen tfn vakuatmbl bg tfn ebhpaly. Ml eahn sbhn fnavy fmttnrs ald tfn wfbkn tfmlo was

bvnr ml a wnnc.‘

Tfms ramsns al mhpbrtalt qunstmbl a`but gmrh vakuatmbl, spnemgmeakky ms a ‖gamr vakuatmbl” gbr a

ùsmlnss `y nxpnrts a vakuatmbl tfat tfn wmdnr ‖erbwd” wmkk uktmhatnky aeenpt2 Br arn ùsmlnssns

at tfn hnrey bg ulmlgbrhnd ‖ahatnurs”2

A gurtfnr pbtnltmak dmsadvaltaon bg erbwdguldmlo ms tfn rnputatmblak rmsc (ald pbtnltmakky kblonr-

tnrh vma`mkmty) tb tfn ùsmlnss sfbukd mt `n ula`kn tb ramsn mts hmlmhuh taront guldmlo. A luh`nr

bg nltrnprnlnurs (l86) ebhhnltnd tfat tfny wnrn uldnr smolmgmealt prnssurn tb hnnt tfnmr guld-

ramsmlo tfrnsfbkd, `neausn gamkurn tb db sb wbukd favn a lnoatmvn mhpaet bl pu`kme pnrenptmbl bg

tfn ùsmlnss ald mlgkunlen tfn pbssm`mkmty bg ramsmlo guturn gmlalen tfrbuof gbkkbw-bl rbulds bg

erbwdguldmlo br btfnr nltrnprnlnurmak gmlalen. Aktfbuof erbwdguldmlo was rnebolmsnd tb bggnr

nlfalend vmsm`mkmty ebhparnd wmtf ramsmlo mlvnsthnlt grbh ùsmlnss alonks ald WEs, tfms

vmsm`mkmty ebukd aksb favn a dbwlsmdn.

A gmlak dmsadvaltaon mdnltmgmnd `y nltrnprnlnurs was tfn mssun bg aeenss tb gurtfnr rbulds bg

gmlalen. Tfn vast hajbrmty bg rnspbldnlts (l85?) lbtnd tfat erbwdguldmlo prbvmdnd sfbrt tnrh

kmhmtnd gmlalen ald tfat, bvnr tmhn, tfms hnefalmsh wbukd `nebhn smhpky bln part bg tfnmr

bvnrarefmlo gmlalemlo stratnoy.


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‛_n wbukd eblsmdnr usmlo mt aoaml, ùt wn”d tfmlc earngukky mg mt was tfn rmoft apprbaef.

Haly mlvnstbrs arn kaecmlo ùsmlnss nxpnrmnlen ald tfms ebukd `n dmggmeukt gbr us ― wn”rn

lbt blky kbbcmlo gbr tfn hblny.‘

A luh`nr bg nltrnprnlnurs nxprnssnd eblenrl bvnr fbw nasy mt wbukd `n tb uldnrtacn rnpnat

rbulds bg erbwdguldmlo, partmeukarky blen tfn ùsmlnss fas seaknd, lbtmlo tfat at tfat pbmlt mt

hmoft `n knss nggmemnlt ald stramoftgbrward ebhparnd wmtf tacmlo but a àlc kbal br staldmlo kmln

bg erndmt. Wnry gnw nltrnprnlnurs (l84) wnrn nxpnetmlo tb uldnrtacn gurtfnr rbulds bg

erbwdguldmlo, wmtf tfn hajbrmty nxprnssmlo fnsmtatmbl a`but mts apprbprmatnlnss as tfnmr

ebhpalmns nxpaldnd.

‛_n wbl”t `n usmlo SerbwdguldmloX aoaml. _n”kk `n kbbcmlo tb ramsn a kbt hbrn lnxt tmhn

arbuld ald M dbl”t tfmlc tfat tfn erbwd wmkk `n tfn `nst sburen.‘

Kblonr-Tnrh Mhpaet bg Nqumty Erbwdguldmlo

Pngknetmbls `y tfn nltrnprnlnurs bl tfn mhpaet bg tfn erbwdguldmlo prbenss, wfmkn varmnd,

fmofkmoftnd a luh`nr bg cny `nlngmts. Gmrst, rnspbldnlts lbtnd tfat nloaomlo ml erbwdguldmlo

rnsuktnd ml ‛hbrn tfal hblny‘. Lnarky akk rnspbldnlts aeclbwkndond tfat varmbus mltalom`kn

`nlngmts arbsn grbh tfn erbwdguldmlo prbenss, spnemgmeakky ml tnrhs bg aeenssmlo lnw eustbhnrs,

oamlmlo hndma ald prnss attnltmbl tb suppknhnlt tfnmr btfnr harcntmlo aetmvmtmns, vakmdatmbl bg

tfnmr prbduet/snrvmen bggnrmlo ald dnvnkbphnlt bg tfnmr ùsmlnss hbdnk. Tfnsn `nlngmts, wfmkn lbt

tfnhsnkvns gmlalemak, favn tfn pbtnltmak tb gmlalemakky `nlngmt gmrhs as tfny dnvnkbp ald orbw ald

arn kmlcnd tb tfn ‖aggmlmty” ernatnd `ntwnnl mlvnstbrs ald gmrhs.


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‛_n gbuld mt nxtrnhnky usnguk just grbh tfn ahbult bg pnbpkn wfb walt tb suppbrt us ald

tfn ahbult bg bppbrtulmtmns mt fas bpnlnd up just bgg tfn àec bg onttmlo hass harcntmlo

nxpbsurn.‘

‛Tfn gnndàec grbh tfn advnrtmsmlo ald tfn pu`kmemty bg mt wnrn akk `nlngmemak tb tfn

ebhpaly as a wfbkn, lbt just tfn gmlalen.‘

Unebldky, `y ramsmlo eapmtak, gmrhs wnrn a k̀n tb tacn bl lnw nhpkbynns. A luh`nr bg

nltrnprnlnurs (l8?) strnssnd just fbw mhpbrtalt jb` ernatmbl was ml brdnr tb adnquatnky seakn up

tfnmr ùsmlnssns, wmtf smolmgmealt prbpbrtmbls bg tfn guldmlo tfny ramsnd narharcnd spnemgmeakky

gbr sakary ebsts. Lbt akk gmrhs ebukd artmeukatn tfn prnemsn luh`nr bg lnw jb`s tfny mltnldnd tb

ernatn, ùt haly altmempatnd orbwmlo grbh arbuld >-19 tb arbuld 09-59 nhpkbynns ml tfn lnxt

smx hbltfs. Fbwnvnr, rnspbldnlts dmd lbtn tfat tfnsn lnw jb`s wbukd lbt `n sustamlnd tfrbuof

tfn hblny ramsnd vma erbwdguldmlo, ald tfat btfnr sburens bg mlebhn wbukd `n lnndnd tb

hamltaml nhpkbyhnlt ald ernatn lnw jb`s ml tfn guturn. Aeebrdmlo tb bln gmrh, wfb pkallnd tb

dbu`kn tfnmr nhpkbynns grbh 09 tb 49, tfn guldmlo blky `buoft tfnh ‛ arbuld 7 hbltfs‘, agtnr

wfmef tmhn btfnr gurtfnr sburens bg guldmlo wbukd `n lnndnd tb sustaml tfnmr orbwtf. Albtfnr

nltrnprnlnur lbtnd:

‛_n akrnady ùrlnd Stfrbuof tfn hblnyX vnry qumecky. _n lnnd hbrn `neausn wn dmdl”t

ramsn nlbuof hblny tb fmrn sakns pnbpkn.‘

Tfn gmlak tfnhn mdnltmgmnd eblenrlnd aeenss tb gbkkbw-bl guldmlo. Tfn hajbrmty bg tfn

nltrnprnlnurs” gnkt tfat favmlo fad a sueenssguk erbwdguldmlo eahpamol nla`knd tfnh tb attraet

tfn attnltmbl ald mltnrnst bg ùsmlnss alonks ald WEs ald aksb ‛bpnlnd dbbrs‘ tb btfnr gbrhs bg

guturn nqumty gmlalemlo.


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‛_n”rn bl tfn radar bg tfn SWEX ebhhulmty lbw, sb M tfmlc wn favn hbrn bptmbls tfal

wn dmd ml tnrhs bg lnxt-staon guldmlo.‘

Mldnnd, a eblsmdnra`kn luh`nr bg nltrnprnlnurs lbtnd tfat tfn nxpnrmnlen wbukd `n ‛ usnguk ml

guturn guldmlo rbulds‘. Tfny aksb b`snrvnd tfat sueenssguk guldramsmlo hmoft favn `nlngmemak

mhpkmeatmbls gbr aeenssmlo btfnr sburens bg gmlalen ml tfn guturn suef as prmvatn nqumty ald ml

sbhn easns oralt guldmlo, wfnrn`y a traec rnebrd bg b`tamlmlo btfnr gbrhs bg gmlalen eal `n snnl

as `nlngmemak.

7. Dmseussmbl

Tfms rmef nhpmrmeak data prnsnltnd nla`kns us tb draw sbhn mhpbrtalt eblekusmbls rnoardmlo tfn

laturn bg nltrnprnlnurmak gmrhs utmkmsmlo nqumty erbwdguldmlo, tfnrn`y prbvmdmlo nvmdnlen ml

rnkatmbl tb tfn rnsnaref qunstmbls pbsnd. A luh`nr bg ebhhbl gnaturns snnh onrhaln aerbss tfn

gmrhs nxahmlnd.

Gmrst, ml kmln wmtf btfnr rnsnaref bl nqumty erbwdguldmlo (Afknrs nt ak., 091>), fmof knvnks bg

fuhal eapmtak ald nltrnprnlnurmak nxpnrmnlen wnrn strblo gnaturns bg tfn mltnrvmnwnns. Ml

addmtmbl tb fuhal eapmtak, haly bg tfn nltrnprnlnurs fad prnvmbus nxpnrmnlen bg nmtfnr

nsta k̀msfmlo br wbrcmlo ml lnw start-ups. A cny gnaturn bg tfnsn nltrnprnlnurs appnars tb `n tfnmr

wmkkmlolnss tb nxpnrmhnlt=. Tfnsn scmkknd nltrnprnlnurs snnhnd vnry prbgmemnlt at ‖ùldkmlo”

gmlalemak rnsburens grbh a varmnty bg dmggnrnlt sburens ― grmnlds, gahmky, ùsmlnss alonks ald ‖tfn

erbwd” ― tb fnkp akknvmatn ald bvnrebhn tfnmr mltnrlak rnsburen eblstramlts. Tfms ‖`rmebkaon”

apprbaef tb assnh k̀mlo gmlalemak rnsburens rnqumrns a eblsmdnra`kn ald wnkk-fblnd

= Mldnnd, bln nltrnprnlnur usnd rnwards-àsnd erbwdguldmlo tb tnst tfn harcnt gbr fms prbduet ald onlnratn dnhald.

Tfms ‖brdnr `bbc” was tfnl usnd tb sneurn gurtfnr nqumty erbwdguldmlo.


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nltrnprnlnurmak scmkk-snt, as dmspkaynd `y tfn nltrnprnlnurs ml tfms study. Tfny sfbwnd a strblo

dnsmrn tb usn erbwdguldmlo as bln part bg tfnmr bvnrakk guldmlo stratnoy, ratfnr tfal as a purnky

dmstmletmvn aktnrlatmvn tb btfnr nxmstmlo sburens. Ml tfms rnspnet, nqumty erbwdguldmlo eal `n

vmnwnd as a ebhpkmhnlt tb - ratfnr tfal a dmrnet rnpkaenhnlt gbr - btfnr nxmstmlo sburens bg start-

up guldmlo. Mldnnd, tfn strblo prnvaknlen bg ùsmlnss alonks wmtfml tfn hajbrmty bg tfn

erbwdguldmlo eahpamols ml tfms study mldmeatns tfat erbwdguldmlo hmoft `n nasmky kmlcnd ml wmtf

btfnr sburens bg nltrnprnlnurmak gmlalen. Bur gmldmlos aksb ebltradmet btfnrs wfb suoonst tfat tfn

‖erbwd” ms a dmstmletmvn ebfbrt nxekudmlo spnemakmst mlvnstbrs (@nkkngkahhn nt ak., 0914). Gurtfnr

wbrc ms lnndnd tb tnasn but tfn ways ml wfmef nqumty erbwdguldmlo ms efalomlo tfn laturn bg

ùsmlnss alonk mlvnstmlo.

Unebld, tfn gmrhs mltnrvmnwnd wnrn ybulo, wmtf al avnraon aon bg gbur ynars, suoonstmlo tfat

nqumty erbwd guldmlo appnaks tb narky staon vnlturns ml eblsuhnr-brmnltnd snetbrs. Mldnnd, tfn

vakmdatmbl tfat ms dnrmvnd grbh nqumty erbwdguldmlo hay hmtmoatn sbhn bg tfn prb`knhs

assbematnd wmtf tfn ‖kma`mkmty bg lnwlnss”. Tfnrn was a karon dnornn bg snetbrak fntnrbonlnmty

wmtfml tfn ebfbrt bg gmrhs usmlo tfms sburen bg guldmlo, aktfbuof tfn hajbrmty wnrn eblsuhnr-

gbeusnd (n.o. gbbd ald drmlc, dmomtak hndma) wmtf haly snrvmen-brmnltnd (n.o. prbgnssmblak

snrvmens). Bvnrakk, tfnrn wnrn gnw nxpkmemtky fmof-tnef gmrhs uldnrtacmlo huef ml tfn way bg

mltrahurak P&D. Mldnnd, bln nltrnprnlnur samd fn dmd lbt tfmlc ‛erbwdguldmlo ms rmoft gbr @0@

prbpbsmtmbls‘, partmeukarky wfnrn vnry tneflmeak prbduets/snrvmens arn bl bggnr. Tfms ebrrnspblds

wmtf tfn vmnws bg tfn nltrnprnlnurs tfnhsnkvns, wfb bgtnl statnd tfat erbwdguldmlo ms sumta`kn

gbr gmrhs tfat arn ‛nasy tb ont ‘ (m.n. uldnrstald) ald tfbsn tfat mlvnstbrs favn a strblo aggmlmty

wmtf. Tfms hay `n nxaenràtnd `y tfn gaet tfat ebhhulmeatmbl `ntwnnl gmrhs ald tfnmr mlvnstbrs

beeur vma ‛psnudb-pnrsblak ebhhulmeatmbl tbbks‘ kmcn vmdnbs ald sbemak hndma (Hbrmtz nt ak.,


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091>), wfmef hay prbfm`mt ebhpknx tneflbkbomns br prbpbsmtmbls grbh `nmlo sueenssgukky

eblvnynd tb tfn ‖erbwd”.

_n lbw rnturl tb tfn rnsnaref qunstmbls pbsmtnd narkmnr. Gmrst, tfn study gbuld tfat pnrenmvnd kaec

bg aktnrlatmvns was tfn cny ratmblakn gbr snncmlo nqumty erbwdguldmlo. Omvnl tfn dbwlturl ml

dn`t guldmlo, ebupknd wmtf tfn lasenlt laturn bg tfnsn mllbvatmvn gmrhs, mt ms pnrfaps

ulsurprmsmlo tfat tfn hajbrmty ebukd `n ekassmgmnd as ‖dmseburaond `brrbwnrs” (Cbl & Utbrny,

0995). Mldnnd, tfms wbrc snnhs tb strbloky ebrrb`bratn wfat btfnrs favn spneukatnd:

‛dmseburaond `brrbwnrs hay turl tb lnwnr gbrhs bg aktnrlatmvn as tfn blky bptmbl kngt avamka`kn

tb tfnh‘ (@rutbl nt ak., 091>, p. 16). _fmkn tfms ms a gamrky ulah`moubus gmldmlo, prngnrnlens gbr

nxpkmemtky snncmlo erbwdguldmlo ratfnr tfal btfnr sburens bg nqumty guldmlo br btfnr gbrhs bg

aktnrlatmvn gmlalen (n.o. tradn erndmt, pnnr-tb-pnnr knldmlo) wnrn hbrn dmggmeukt tb dmsenrl. Bur

gmldmlos suoonst tfat aktfbuof tfn dnhald ms mlgkunlend `y snvnrak gaetbrs, spnnd ms ermtmeak, wmtf

haly gmrhs attraetnd `y tfn rapmdmty bg tfn prbenss. Tfn rnkatmblak aspnet bg nqumty erbwdguldmlo,

lbta`ky tfn vakmdatmbl ald eustbhnr rnebolmtmbl mt eblgnrs bl nltrnprnlnurmak gmrhs, suoonsts tfat

nqumty erbwdguldmlo ms a quakmtatmvnky dmstmletmvn gbrh bg nltrnprnlnurmak gmlalen ald bln

pnrfaps `nst sumtnd tb enrtaml ‖typns” bg eblsuhnr-brmnltnd vnlturns. _fnrnas WE ald `usmlnss

alonk mlvnsthnlt ms ebhhblky assbematnd wmtf fmof-tnef start-ups (Ahmt, @raldnr & Zbtt, 1==6),

tb datn nqumty erbwdguldmlo pkatgbrhs snnh tb favn a prndmknetmbl gbr guldmlo eblsuhnr-drmvnl

vnlturns (n.o. gbbd ald drmlc).

Bur snebld rnsnaref qunstmbl eblenrlnd tfn mssun bg autblbhy. Ml aeebrdalen wmtf tfn pnecmlo

brdnr tfnsms (Hynrs & Hajkug, 1=64), tfn hajbrmty bg tfn mltnrvmnwnns pursund erbwdguldmlo tb

hmlmhmsn tfn dmkutmbl bg tfnmr nqumty stacns ald tb rntaml haxmhuh knvnks bg autblbhy.

Mhpbrtaltky, fbwnvnr, tfn prngnrnlen gbr nqumty erbwdguldmlo bvnr btfnr gbrhs bg nqumty guldmlo


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suef as ùsmlnss alonk mlvnsthnlt suoonsts tfat tfn pnecmlo brdnr tfnsms lnnds tb `n hbdmgmnd tb

mlekudn a gukknr ralon bg dmggnrnlt typns bg nqumty gmlalen. Erbwdguldmlo tfnrngbrn snnhs tb `n

ernatmlo a ‖fy`rmd” gbrh bg nqumty guldmlo, ak`nmt bln wmtf knss prbfm̀ mtmvn kmhmtatmbls tb

nltrnprnlnurmak autblbhy tfal btfnr gbrhs bg nqumty guldmlo. Mldnnd, a karon hajbrmty bg tfn

gmrhs ml tfms study fmofkmoftnd tfn `nlngmts tfms gbrh bg guldmlo fad ml tnrhs bg rntamlmlo tfnmr

bpnratmblak autblbhy.

Fbwnvnr, wfmkn sbhn nltrnprnlnurs apprnematnd tfn kaec bg mltnrgnrnlen grbh mlvnstbrs, al

nquakky karon luh`nr bg tfn study gmrhs aetmvnky wnkebhnd tfn ornatnr knvnk bg serutmly tfat

butsmdn mlvnstbrs wbukd `rmlo tfnh ald sbuoft tb dnvnkbp suef rnkatmblsfmps vma erbwdguldmlo.

Ml kmln wmtf rnsburen dnpnldnley tfnbry, gmrhs snnc tfms cmld bg rnkatmblsfmp sb tfat tfny wmkk `n

hbrn aeebulta`kn tb tfnmr lnw sfarnfbkdnrs. Tfn `nlngmts bg tfms cmld bg ‖ebltrbk hnefalmsh”

(Utrnnt & Eahnrbl, 099?) favn `nnl lbtnd `y btfnrs nxahmlmlo btfnr gbrhs bg nqumty gmlalen

suef as WE (Fmkkhal & Dakzmnk, 09953 _mj`nloa, Ybstha & Utratkmlo, 099?). Tfn broalmsatmblak

knomtmhaey erbwdguldmlo eblgnrs bl gmrhs aksb snnhs mhpbrtalt (Grydryef nt ak., 0914),

partmeukarky ml tfn ebltnxt bg narky staon vnlturns as pnr tfn gmrhs ml tfms study.

Ml kmln wmtf tfn tfmrd rnsnaref qunstmbl, tfn gmldmlos suoonst tfat tfn rbkn bg lntwbrcs ald btfnr

gbrhs bg sbemak eapmtak arn aksb a cny dntnrhmlalt bg tfn sueenss bg erbwdguldmlo (Ebkbh`b nt

ak., 091>). Ml partmeukar, tfn narky adbptnrs nxahmlnd durmlo tfms study snnhnd tb draw upbl al

nh r̀yblme ‛erbwdguldmlo nebsystnh‘, ebhprmsmlo aeenknratbrs, mleuàtbrs, erbwdguldmlo

pkatgbrhs, erbwdguldmlo eblsuktalts, ùsmlnss alonk mlvnstbrs ald spnemakmst hndma butknts (suef

as Alonk Lnws ml tfn ^C)19

. Drawmlo bl tfnsn lntwbrc aetbrs nla`knd tfn lasenlt gmrhs tb

19 Mltnrnstmloky, a luh`nr bg tfn gmrhs fad b`tamlnd mlmtmak snnd guldmlo vma aeenknratbrs ald mleuàtbrs prmbr tb

uldnrtacmlo erbwdguldmlo.


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auohnlt tfnmr bwl mltnrlak rnsburen nldbwhnlts (Uukkmval & Gbrd, 0914), wfmef snnhs

nspnemakky rnknvalt omvnl tfn lnwlnss bg tfms ebfbrt. Aroua k̀y, pbbrky ebllnetnd lnw gmrhs hay

lbt favn suggmemnlt lntwbrcs br sbemak eapmtak tb uldnrtacn erbwdguldmlo nggnetmvnky. Tfms hay

nxpkaml tfn onborapfmeak eblenltratmbl bg tfnsn gmrhs ml tfn nltrnprnlnurmak ‖fbt spbts” bg tfn

sbutf nast bg Nlokald. Fbwnvnr, hbrn rnsnaref ms lnndnd bl tfms mssun.

Bur gmlak rnsnaref qunstmbl nxpkbrnd tfn `nlngmts nqumty erbwdguldmlo eblgnrs bl mts rnempmnlts.

Ml kmln wmtf a ralon bg btfnr autfbrs, tfn data rnvnaks eblsmdnra`kn talom`kn ald lbl-talom`kn

`nlngmts grbh mltnraetmlo wmtf erbwd mlvnstbrs (@nkkngkahhn nt ak., 09143 Knflnr nt ak., 091>).

Gaetbrs suef as hndma nxpbsurn, mltnraetmbl wmtf lnw sfarnfbkdnrs, aeenss mltb bvnrsnas harcnts,

nld-usnr nloaonhnlt ald gnndàec wnrn akk mhpbrtalt mltalom`kn `nlngmts tfat gmrhs rnenmvnd

grbh tfms typn bg guldmlo. Mldnnd, bln rnspbldnlt lbtnd tfat tfny nloaond ml erbwdguldmlo

prmharmky tb b`taml tfnsn `nlngmts ald ‛dmdl”t rnakky lnnd tfn hblny‘. Tfms rnmlgbrens tfat, `y

farlnssmlo tfn erbwd, mhpbrtalt nltrnprnlnurmak knarlmlo eal beeur (@nkkngkahhn nt ak., 09143

Onr̀ nr & Fum, 09153 Brdalmlm nt ak., 0911). Lbt blky tfat, ùt smhmkar tb WE-àecnd gmrhs,

sueenssgukky ramsmlo erbwdguldmlo ebukd aet as a ‖smolak” bg quakmty bg tfms ebfbrt bg gmrhs tb

ulmgbrhnd tfmrd partmns wfmef ml turl ebukd gurtfnr gaemkmtatn guturn mlvnsthnlt (Fsu, 0994).

Gurtfnr rnsnaref ms lnndnd tb nxpkbrn tfnsn mltalom`kn `nlngmts bg nqumty erbwdguldmlo.

?. Eblekusmbls ald Uuoonstmbls gbr Gurtfnr Pnsnaref

Omvnl tfn sahpkn smzn bg tfn rnpbrtnd study, wn eal say wmtf sbhn enrtamlty tfat nqumty

erbwdguldmlo appnars tb `n a dmstmletmvn ald fmofky rnkatmblak gbrh bg nltrnprnlnurmak gmlalen.

Ml a sfbrt spaen bg tmhn, mt fas `nebhn gmrhky nsta`kmsfnd as a cny part bg tfn guldmlo nebsystnh


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gbr nltrnprnlnurs, nspnemakky ml km`nrakmznd rnomhns kmcn tfn ^C. Bur study gbuld a strblo

dnhald gbr nqumty erbwdguldmlo grbh mllbvatmvn ybulo gmrhs knd `y orbwtf-brmnltnd

nltrnprnlnurs wfb wnrn fmofky scmkknd nltrnprnlnurmak ‖narky adbptnrs”. Omvnl tfn advnrsn

eblsnqunlens bg gamkmlo tb ramsn eapmtak, tfms gbrh bg gmlalemlo hay `n huef knss appnakmlo tb

rmsc-avnrsn nltrnprnlnurs.

Grbh a tfnbrntmeak pnrspnetmvn, tfnrn ms a lnnd tb `nttnr uldnrstald tfn ratmblakn gbr ald rbkn bg

nqumty erbwdguldmlo wmtfml tfn nltrnprnlnurmak gmlalen kmtnraturn. Tb datn, tfn vast hajbrmty bg

erbwdguldmlo rnsnaref fas avbmdnd huef ml tfn way bg tfnbrmsatmbl, fbwnvnr as tfms rnsnaref

gmnkd haturns mt wbukd `nlngmt grbh gurtfnr eblenptuak dnvnkbphnlt. Tfn rmsc-brmnltatmbl,

butward gbeus ald dnsmrn tb hamltaml autblbhy nxfm`mtnd `y tfn nltrnprnlnurs ml tfms study akk

efmhn wmtf tfn eblenpt bg Nltrnprnlnurmak Brmnltatmbl (NB) (Kuhpcml & Dnss, 1==73 Kuhpcml,

Ebokmsnr, & Ueflnmdnr, 099=). Tfnsn efaraetnrmstmes arn bgtnl gbuld wmtfml dmsruptmvn

nltrnprnlnurmak gmrhs (Nmsnlfardt & Hartml, 0999) ald arn strbloky assbematnd wmtf tfn eblenpt

bg dylahme eapa`mkmtmns (Tnnen, Ymsalb & Ufunl, 1==?). Tfnrngbrn, eblenpts suef as NB ald

dylahme eapa m̀kmtmns hay bggnr a sumta`kn knls gbr gurtfnr tfnbrntmeak dnvnkbphnlt bg tfn

erbwdguldmlo pfnlbhnlbl.

Grbh al nhpmrmeak pnrspnetmvn, tfn erbwdguldmlo rnsnaref aonlda kbbcs nquakky dmvnrsn ald

prbhmsmlo. Pnsnarefnrs ebukd usngukky nxpkbrn tfn dnhald-smdn dntnrhmlalts bg nqumty

erbwdguldmlo ml btfnr spatmak ald rnoukatbry ebltnxts. Tfn kaec bg gnhakn nltrnprnlnurs dntnetnd

tfms study ms aksb mltnrnstmlo ald wbrtfy bg mlspnetmbl, partmeukarky smlen gnhakns favn `nnl

b`snrvnd tb favn fmofnr sueenss ratns ml b`tamlmlo erbwdguldmlo (Grydryef nt ak., 0914). Gurtfnr

wbrc aksb lnnds tb nxahmln erbwdguldmlo”s kblo-tnrh mhpaet bl rnempmnlt gmrhs, pnrfaps

kbbcmlo at dmggnrnlens `ntwnnl sueenssguk gmrhs ald tfbsn wfb db lbt sueennd ml ramsmlo tfnmr


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55

tfrnsfbkd guldmlo. Umhmkarky, ebhparmlo tfn pnrgbrhalen bg erbwdguldnd gmrhs rnkatmvn tb WE

br alonk-`aecnd gmrhs ms albtfnr mltnrnstmlo mssun hnrmtmlo nxahmlatmbl. Eknarky lnw vnlturns

lnnd tb `n a`kn tb a`sbr` tfn guldmlo tfny rnenmvn ald halaon tfnsn lnw (ald ml sbhn easns

smzna`kn) nxtnrlak stacnfbkdnrs, sb albtfnr mhpbrtalt arnas gbr guturn wbrc ms tb nxahmln wfat mt

hnals tb `n ‖mlvnsthnlt-rnady” ml tfn ebltnxt bg erbwdguldmlo (Hasbl & Farrmsbl, 0991)

Hntfbdbkbomeakky, tfnrn ms a lnnd gbr ornatnr pkurakmsh ml guturn erbwdguldmlo studmns. _fmkn

tfn hajbrmty bg nltrnprnlnursfmp rnsnaref fas tradmtmblakky rnkmnd bl qualtmtatmvn hntfbds

orbuldnd ml pbsmtmvmst npmstnhbkboy, tfms wbrc dnhblstratns tfat vakua`kn mlsmofts eal `n

prbduend `y mlduetmvn quakmtatmvn alakysms. Guturn rnsnaref wbukd hacn al mhpbrtalt

ebltrm`utmbl `y nxpkbrmlo erbwdguldmlo usmlo a wmdn array bg rnsnaref tneflmquns ald

npmstnhbkbomeak paradmohs. _fmkn tfn quakmtatmvn hntfbd adbptnd ml tfms papnr nla`knd vakua`kn

mlsmofts mltb tfn dylahmes bg nqumty erbwdguldmlo, gurtfnr qualtmtatmvn wbrc ms aksb lnndnd tb

nxpkbrn tfn onlnrakmsa`mkmty bg tfnsn mssuns bvnr a karonr pbpukatmbl bg gmrhs ald tb dntnrhmln

wfy start-ups farlnss tfn erbwd ald wfat mhpaet tfms fas bl tfn kblonr-tnrh dnvnkbphnlt bg

tfnsn vnlturns.

Gmlakky, wfmkn nqumty erbwdguldmlo eknarky `nstbws eblsmdnra`kn `nlngmts tb nltrnprnlnurmak

gmrhs, tfn `nlngmts tb mlvnstbrs snnh knss enrtaml (_mksbl & Tnstblm, 09143 Ufaln 091>). _n

fbpn tfat bur study wmkk stmhukatn btfnrs tb gurtfnr bur uldnrstaldmlo bg tfms ald tfn btfnr

mhpbrtalt mssuns butkmlnd a`bvn.


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54

Pngnrnlens

Afknrs, O. C., Euhhmlo, D., Oûltfnr, E., & Uefwnmznr, D. (091>). Umolakkmlo ml nqumty

erbwdguldmlo. Nltrnprnlnursfmp Tfnbry ald Yraetmen, 5=(4), =>>-=69.

Aknxy, B. T., @kbec, J. F., Ualdlnr, Y., & Tnr _ak, A. K. (0910). Ubemak eapmtak bg vnlturn

eapmtakmsts ald start-up guldmlo. Uhakk @usmlnss Neblbhmes, 5=(4), 65>-6>1.

Ahmt, P., @raldnr, J., & Zbtt, E. (1==6). _fy db vnlturn eapmtak gmrhs nxmst2 Tfnbry ald

Ealadmal nvmdnlen. Jburlak bg @usmlnss Wnlturmlo , 15(7), 441-477.

@anec, Y., Ebkkmls, K., & Zfalo, @. (0914). ^ldnrstaldmlo Aktnrlatmvn Gmlalen: Tfn ^C

Aktnrlatmvn Gmlalen Mldustry Pnpbrt 0914. Kbldbl: Lnsta.

@nkkngkahhn, Y., Kah`nrt, T., & Uefwmnlàefnr, A. (0914). Erbwdguldmlo: Tappmlo tfn rmoft

erbwd. Jburlak bg @usmlnss Wnlturmlo , 0=(>), >6>-79=.

@nronr, A. L. & @kaec, K.C. (0911). @alc smzn, knldmlo tneflbkbomns ald shakk ùsmlnss gmlalen.

Jburlak bg @alcmlo ald Gmlalen, 5>(5), ?04-?5>.

@nronr, A. L. & ^dnkk, O. G. (1==6). Tfn neblbhmes bg shakk ùsmlnss gmlalen: Tfn rbkns bg

prmvatn nqumty ald dn`t harcnts ml tfn gmlalemak orbwtf eyekn. Jburlak bg @alcmlo & Gmlalen,

00(7), 715-7?5.

@mlcs, H. P. & Nllnw, E. T. (1==7). Orbwmlo gmrhs ald tfn erndmt eblstramlt. Uhakk @usmlnss

Neblbhmes, 6(1), 1?-0>.


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5>

@kasno, D. & Cbnttnr, H. (091>). Grmnld br Gbn2 Erbwdguldmlo Wnrsus Erndmt wfnl @alcs arn

Utrnssnd . Dmseussmbl Yapnr Lb. 6. Fakkn, Onrhaly: Fakkn Mlstmtutn gbr Neblbhme Pnsnaref

(M_F).

@bec, A., Grydryef, D., Cmldnr, T., & Cbnec, @. (0914). Nxpkbrmlo Nltrnprnlnurmak Knomtmhaey

ml Pnward-@asnd Erbwdguldmlo . Ndmlùrof: ^lmvnrsmty bg Ndmlùrof @usmlnss Uefbbk.

@rmtmsf @usmlnss @alc. (0914). Nqumty Erbwdguldmlo ml tfn ^C: Nvmdnlen grbh tfn Nqumty

Traecnr. Ufnggmnkd: @rmtmsf @usmlnss @alc.

@rûdnrk, J., & Yrnmsnld÷rgnr, Y. (1==6). Lntwbrc suppbrt ald tfn sueenss bg lnwky gbuldnd

ùsmlnss. Uhakk @usmlnss Neblbhmes, 19(5), 015-00>.

@rutbl, O., Cfavuk, U., Umnonk, D., & _rmoft, H. (091>). Lnw Gmlalemak Aktnrlatmvns ml Unndmlo

Nltrnprnlnursfmp: Hmerbgmlalen, Erbwdguldmlo, ald Ynnr ’ tb’ Ynnr Mllbvatmbls.

Nltrnprnlnursfmp Tfnbry ald Yraetmen, 5=(1), =-07.

Earpnltnr, P. N. & Yntnrsnl, @. E. (0990). Eapmtak harcnt mhpnrgnetmbls, fmof’

tnef mlvnsthnlt,

ald lnw nqumty gmlalemlo. Tfn Neblbhme Jburlak , 110(4??), G>4-G?0.

Earpnltmnr, E. & Uurnt, J-H. (091>). Ealadmal ùsmlnss alonk pnrspnetmvns bl nxmt: A rnsnaref

lbtn. Mltnrlatmblak Uhakk @usmlnss Jburlak, 55(>), >60->=5.

Eassar, O. (0994). Tfn gmlalemlo bg ùsmlnss start-ups. Jburlak bg @usmlnss Wnlturmlo , 1=(0),

071-065.

Efns`rbuof, F. (0995). Tfn kbome bg bpnl mllbvatmbl: halaomlo mltnkknetuak prbpnrty. Eakmgbrlma

Halaonhnlt Pnvmnw, 4>(5), 55->6.


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57

Efbkacbva, H. & Ekaryssn, @. (091>). Dbns tfn Ybssm m̀kmty tb Hacn Nqumty Mlvnsthnlts ml

Erbwdguldmlo Yrbjnets Erbwd But Pnward-@asnd Mlvnsthnlts2. Nltrnprnlnursfmp Tfnbry ald

Yraetmen, 5=(1), 14>-1?0.

Ebkkmls, K., & Ymnrracms, ]. (0910). Tfn vnlturn erbwd: Erbwdguldmlo nqumty mlvnsthnlt mltb

ùsmlnss. Kbldbl: Lnsta.

Ebkknwanrt, W., & Halmoart, U. (091>). Wakuatmbl bg Alonk’@aecnd Ebhpalmns: Tfn Pbkn bg

Mlvnstbr Fuhal Eapmtak. Jburlak bg Uhakk @usmlnss Halaonhnlt .

Ebkbh`b, H. O. & Ormkkm, K. (099?). Guldmlo oaps2 Aeenss tb àlc kbals `y fmof-tnef start-ups.

Uhakk @usmlnss Neblbhmes, 0=(1-0), 0>-47.

Ebkbh`b, H. O., Gralzblm, E., & Pbssm’ Kahastra, E. (091>). Mltnrlak sbemak eapmtak ald tfn

attraetmbl bg narky ebltrmùtmbls ml erbwdguldmlo. Nltrnprnlnursfmp Tfnbry ald Yraetmen, 5=(1),

?>-199.

Ebwkmlo, H., Kmu, _., & Kndonr, A. (0910). Uhakk ùsmlnss gmlalemlo ml tfn ^C `ngbrn ald

durmlo tfn eurrnlt gmlalemak ermsms. Mltnrlatmblak Uhakk @usmlnss Jburlak , 59(?), ??6-699.

Euhhmlo, D. & Jbfal, U. (0915). Dnhald-drmvnl sneurmtmns rnoukatmbl: Nvmdnlen grbh

erbwdguldmlo. Wnlturn Eapmtak , 1>(4), 571-5?=.

Dnlms, D. J. (0994). Nltrnprnlnurmak gmlalen: al bvnrvmnw bg tfn mssuns ald nvmdnlen. Jburlak bg

ebrpbratn gmlalen, 19(0), 591-507.

Duartn, J., Umnonk, U., & ]bulo, K. (0910). Trust ald erndmt: tfn rbkn bg appnaralen ml pnnr-tb-

pnnr knldmlo. Pnvmnw bg Gmlalemak Utudmns, 0>(6), 04>>-0464.


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5?

Nmsnlfardt, C. H. & Hartml, J. A. (0999). Dylahme eapa`mkmtmns: wfat arn tfny2. Utratnome

Halaonhnlt Jburlak , 01(19-11), 119>-1101.

Nlcnk, N., Oasshall, B., & Efns`rbuof, F. (099=). Bpnl P&D ald bpnl mllbvatmbl: nxpkbrmlo

tfn pfnlbhnlbl. P&D Halaonhnlt , 5=(4), 511-517.

Gmlalemak Tmhns (091>). Fbw orbwmlo ùsmlnssns arn pkaymlo tb tfn erbwd . Kbldbl: Gmlalemak

Tmhns, 01/1/1>.

Grasnr, U., @fauhmc, U. C., & _rmoft, H. (091>). _fat db wn clbw a`but nltrnprnlnurmak

gmlalen ald mts rnkatmblsfmp wmtf orbwtf2. Mltnrlatmblak Uhakk @usmlnss Jburlak , 55(1), ?9-66.

Grnnk, H., Eartnr, U., Taoo, U. & Hasbl, E. (0910). Tfn katnlt dnhald gbr àlc dn`t:

efaraetnrmzmlo ‛dmseburaond `brrbwnrs‘. Uhakk @usmlnss Neblbhmes, 56(4), 5==-416.

Grydryef, D., @bec, A. J., Cmldnr, T., & Cbnec, @. (0914). Nxpkbrmlo nltrnprnlnurmak knomtmhaey

ml rnward-àsnd erbwdguldmlo. Wnlturn Eapmtak , 17 (5), 04?-07=.

Onr`nr, N. H. & Fum, J. (0915). Erbwdguldmlo: Hbtmvatmbls ald dntnrrnlts gbr partmempatmbl.

AEH Tralsaetmbls bl Ebhputnr-Fuhal Mltnraetmbl (TBEFM), 09(7), 54.

Obhpnrs, Y. & Knrlnr, J. (0991). Tfn vnlturn eapmtak rnvbkutmbl. Jburlak bg neblbhme

pnrspnetmvns, 1>(0), 14>-176.

Oran`lnr, H. N. (099=). Eavnat Wnldmtbr: Trust Asyhhntrmns ml Aequmsmtmbls bg Nltrnprnlnurmak

Gmrhs. Aeadnhy bg Halaonhnlt Jburlak , >0(5), 45>-4?0.

Ouà, N. U. & Kmlebkl, ]. U. (1==4). Ebhpntmlo Yaradmohs ml Quakmtatmvn Pnsnaref. Ml L. C.

Dnlzml & ]. U. Kmlebkl (nds.), Fald`bbc bg Quakmtatmvn Pnsnaref (pp. 19>-11?). Kbldbl: Uaon.


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56

Farrmsbl, P. (0915). Erbwdguldmlo ald tfn rnvmtakmsatmbl bg tfn narky staon rmsc eapmtak harcnt:

eatakyst br efmhnra2. Wnlturn Eapmtak , 1>(4), 065-06?.

Fnaky, H. & Ynrry, E. (0999). Ebhprnfnlsmvn ermtnrma tb judon vakmdmty ald rnkma`mkmty bg

quakmtatmvn rnsnaref wmtfml tfn rnakmsh paradmoh. Quakmtatmvn Harcnt Pnsnaref: Al Mltnrlatmblak

Jburlak , 5(5), 166-107.

Fnkkhall, T. & Yurm, H. (0990). Wnlturn eapmtak ald tfn prbgnssmblakmzatmbl bg start’ up gmrhs:

Nhpmrmeak nvmdnlen. Tfn Jburlak bg Gmlalen, >? (1), 17=-1=?.

Fnhnr, J. (0911). A slapsfbt bl erbwdguldmlo (Lb. P0/0911). _brcmlo papnrs gmrhs ald rnombl.

Carksrufn, Onrhaly: Graulfbgnr MUM.

Fmkkhal, A.J. & Dakzmnk, T. (0995). @bards bg dmrnetbrs ald gmrh pnrgbrhalen: Mltnoratmlo aonley

ald rnsburen dnpnldnlen pnrspnetmvns. Aeadnhy bg Halaonhnlt Pnvmnw, 06(5), 565 ― 5=7.

Fbwn, J. (0997). Tfn rmsn bg erbwdsburemlo. _mrnd Haoazmln, 14(7), 1-4.

Fsu, D. F. (0994). _fat db nltrnprnlnurs pay gbr vnlturn eapmtak aggmkmatmbl2. Tfn Jburlak bg

Gmlalen, >=(4), 169>-1644.

Msnl`nro, D. (0910). Tfn rbad tb erbwdguldmlo fnkk. Farvard @usmlnss Pnvmnw @kbo , Avamka`kn

at: fttps://f`r.bro/0910/94/tfn-rbad-tb-erbwdguldmlo-fnkk/

Cbl, ]. & Utbrny, D. J. (0995). A tfnbry bg dmseburaond `brrbwnrs. Uhakk @usmlnss Neblbhmes,

01(1), 5?-4=.

Knn, L., Uahnnl, F. & Ebwkmlo, H. (091>). Aeenss tb gmlalen gbr mllbvatmvn UHNs smlen tfn

gmlalemak ermsms. Pnsnaref Ybkmey, 44(0), 5?9-569.


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5=

Knflnr, B. H., Ora`hall, N., & Nllsora`nr, E. (091>). Nltrnprnlnurmak mhpkmeatmbls bg

Erbwdguldmlo as aktnrlatmvn guldmlo sburen gbr mllbvatmbls. Wnlturn Eapmtak ,

dbm:19.1969/157=1977.091>.195?150.

Kml, H., Yra`faka, L. P., & Wmswalatfal, U. (0915). Judomlo `brrbwnrs `y tfn ebhpaly tfny

cnnp: grmnldsfmp lntwbrcs ald mlgbrhatmbl asyhhntry ml blkmln pnnr-tb-pnnr knldmlo.

Halaonhnlt Uemnlen, >=(1), 1?-5>.

Kuhpcml, O. T. & Dnss, O. O. (1==7). Ekarmgymlo tfn nltrnprnlnurmak brmnltatmbl eblstruet ald

kmlcmlo mt tb pnrgbrhalen. Aeadnhy bg Halaonhnlt Pnvmnw, 01(1), 15>-1?0.

Kuhpcml, O. T., Ebokmsnr, E. E., & Ueflnmdnr, D. P. (099=). ^ldnrstaldmlo ald hnasurmlo

autblbhy: Al nltrnprnlnurmak brmnltatmbl pnrspnetmvn. Nltrnprnlnursfmp Tfnbry ald Yraetmen,

55(1), 4?-7=.

Haeft, U. A. & _natfnrstbl, J. (0914). Tfn @nlngmts bg Blkmln Erbwdguldmlo gbr Guld’ Unncmlo

@usmlnss Wnlturns. Utratnome Efalon, 05(1’ 0), 1-14.

Hartml, P., @nrldt, E., Ckaoon, @., & Uulkny, Y. (099>). Upatmak prbxmhmty nggnets ald rnomblak

nqumty oaps ml tfn vnlturn eapmtak harcnt: nvmdnlen grbh Onrhaly ald tfn ^lmtnd Cmlodbh.

Nlvmrblhnlt ald Ykallmlo A, 5? (?), 109?-1051.

Hasbl E. & @btnkfb, T. (0914). Tfn 0914 Uurvny bg @usmlnss Alonk Mlvnstmlo ml tfn ^C: A

Efalomlo Harcnt Ykaen. Okasobw: Adah Uhmtf @usmlnss Uefbbk, ^lmvnrsmty bg Okasobw.

Hasbl, E. & Ymnrracms, ]. (0915). Wnlturn Eapmtak, tfn Pnombls ald Yu`kme Ybkmey: Tfn ^lmtnd

Cmlodbh smlen tfn Ybst-0999 Tneflbkboy Erasf. Pnomblak Utudmns, 4? (?), 11>7-11?1.


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49

Hasbl, E. H. & Farrmsbl, P. T. (1==7). Mlgbrhak vnlturn eapmtak: a study bg tfn mlvnsthnlt

prbenss, tfn pbst-mlvnsthnlt nxpnrmnlen ald mlvnsthnlt pnrgbrhalen. Nltrnprnlnursfmp ald

Pnomblak Dnvnkbphnlt , 6(0), 19>-107.

Hasbl, E. H. & Farrmsbl, P. T. (1==?). @usmlnss alonk lntwbrcs ald tfn dnvnkbphnlt bg tfn

mlgbrhak vnlturn eapmtak harcnt ml tfn ^C: ms tfnrn stmkk a rbkn gbr tfn pu k̀me snetbr. Uhakk

@usmlnss Neblbhmes, =(0), 111-105.

Hasbl, E. H. & Farrmsbl, P. T. (0991). 'Mlvnsthnlt rnadmlnss': A ermtmqun bg obvnrlhnlt

prbpbsaks tb mlernasn tfn dnhald gbr vnlturn eapmtak. Pnomblak studmns, 5>(?), 775-776.

Hasbl, E. H. & Farrmsbl, P. T. (091>). @usmlnss alonk mlvnsthnlt aetmvmty ml tfn gmlalemak ermsms:

^C nvmdnlen ald pbkmey mhpkmeatmbls. Nlvmrblhnlt ald Ykallmlo E: Obvnrlhnlt ald Ybkmey, 55,

45-79.

Hasbl, E., @btnkfb, T. & Farrmsbl, P. (0915). Tfn Tralsgbrhatmbl bg tfn @usmlnss Alonk

Harcnt: Nvmdnlen grbh Uebtkald. _brcmlo Yapnr, Adah Uhmtf @usmlnss Uefbbk. Okasobw:

^lmvnrsmty bg Okasobw.

HeOumlnss, O., & Fboal, T. (0914). @alc erndmt ald tradn erndmt: Nvmdnlen grbh UHNs bvnr tfn

gmlalemak ermsms. Mltnrlatmblak Uhakk @usmlnss Jburlak , dbm:19.11??/9077040714>>6514.

Hbkkmec, N. (0914). Tfn dylahmes bg erbwdguldmlo: Al nxpkbratbry study. Jburlak bg @usmlnss

Wnlturmlo , 0=(1), 1-17.

Hbrmtz, A., @kbec, J., & Kutz, N. (091>). Mlvnstbr ebhhulmeatmbl ml nqumty-`asnd erbwdguldmlo:

a quakmtatmvn-nhpmrmeak study. Quakmtatmvn Pnsnaref ml Gmlalemak Harcnts, ? (5), 59=-540.


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41

Hynrs, U. E. & Hajkug, L. U. (1=64). Ebrpbratn gmlalemlo ald mlvnsthnlt dnemsmbls wfnl gmrhs

favn mlgbrhatmbl tfat mlvnstbrs db lbt favn. Jburlak bg Gmlalemak Neblbhmes, 15(0), 16?-001.

Lbrtf, D., @akdbec, P., & ^kkaf, G. (0915). Guldmlo tfn orbwtf bg ^C tneflbkboy-àsnd shakk

gmrhs smlen tfn gmlalemak erasf: arn tfnrn `rnacaons ml tfn gmlalen nseakatbr2. Wnlturn Eapmtak ,

1>(5), 05?-079.

Brdalmlm, A., Hmenkm, K., Ymzznttm, H., & Yarasurahal, A. (0911). Erbwd-guldmlo: tralsgbrhmlo

eustbhnrs mltb mlvnstbrs tfrbuof mllbvatmvn snrvmen pkatgbrhs. Jburlak bg Unrvmen Halaonhnlt ,

00(4), 445-4?9.

Yattbl, H. Q. (0990). Quakmtatmvn Pnsnaref ald Nvakuatmbl Hntfbds (5rd nd.). Tfbusald Bacs,

EA: Uaon.

Ygnggnr, J. & Uakalemc, O. P. (1=?6). Tfn nxtnrlak ebltrbk bg broalmzatmbls: A rnsburen

dnpnldnlen apprbaef. Lnw ]brc: Farpnr ald Pbw Yu`kmsfnrs.

Ybkmtms, D. (0996). @usmlnss alonks ald vakun addnd: wfat db wn clbw ald wfnrn db wn ob2.

Wnlturn Eapmtak , 19(0), 10?-14?.

Pmdmlo, A. K., Dak Eml, Y., Duxùry, K., Famlns, O., & Uagrata, P. (1==5). Mlgbrhak Mlvnstbrs ml

Ealada: Tfn Mdnltmgmeatmbl bg Uakmnlt Efaraetnrmstmes. Bttawa: Earkntbl ^lmvnrsmty.

Uefrnm`nr, ^. & Ymlnkkm, H. (0915). Tfn pbwnr bg tfrnn: Tbontfnr, obvnrlhnlts, nltrnprnlnurs

ald ebrpbratmbls eal spur orbwtf aerbss tfn O09. Tfn N] O09 Nltrnprnlnursfmp @arbhntnr

0915. Kbldbl: N]OH Kmhmtnd.

Uefwnmlàefnr, A. & Karrakdn, @. (0910). Erbwdguldmlo bg Uhakk Nltrnprnlnurmak Wnlturns. Ml

D. Euhhmlo (nd.), Fald`bbc bg Nltrnprnlnurmak Gmlalen. Lnw ]brc: Bxgbrd ^lmvnrsmty Yrnss.


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40

Unmdknr, J. (1=?4). Bl usmlo mlgbrhalts: A tneflmqun gbr ebkknetmlo quakmtatmvn data ald

ebltrbkkmlo hnasurnhnlt nrrbr ml broalmzatmblak alakysms. Adhmlmstratmvn Uemnlen Quartnrky, 5=,

617- 651.

Ufaln, U. (091>). _mkk Nqumty Erbwdguldmlo @uynrs @n A k̀n Tb Unkk Tfnmr Ufarns2,

Nltrnprnlnur.ebh, Juln 091>. fttp://www.nltrnprnlnur.ebh/artmekn/04?650

Utmlefebh`n, A. K. (1=7>). Ubemak Utrueturn ald Broalmzatmbl. Ml J. O. Haref (nd.), Fald`bbc bg

Broalmzatmbls. Efmeaob: Pald HeLakky.

Utrnnt, E. T. & Eahnrbl, A. G. (099?). Nxtnrlak rnkatmblsfmps ald tfn shakk ùsmlnss: A rnvmnw

bg shakk ùsmlnss akkmalen ald lntwbrc rnsnaref. Jburlak bg Uhakk @usmlnss Halaonhnlt , 4>(0),

05=-077.

Uudda`y, P., @rutbl, O. D., & Um, U. V. (091>). Nltrnprnlnursfmp tfrbuof a quakmtatmvn knls:

Mlsmofts bl tfn eblstruetmbl ald/br dmsebvnry bg nltrnprnlnurmak bppbrtulmty. Jburlak bg @usmlnss

Wnlturmlo , 59(1), 1-19.

Uukkmval, D. H. & Gbrd, E. H. (0914). Fbw nltrnprnlnurs usn lntwbrcs tb addrnss efalomlo

rnsburen rnqumrnhnlts durmlo narky vnlturn dnvnkbphnlt. Nltrnprnlnursfmp Tfnbry ald Yraetmen,

56(5), >>1->?4.

Uurbwmnecm, J. (0994). Tfn wmsdbh bg erbwds: _fy tfn haly arn shartnr tfal tfn gnw ald fbw

ebkknetmvn wmsdbh sfapns ùsmlnss, neblbhmns, sbemntmns ald latmbls kmttkn. Lnw ]brc: Alefbr

@bbcs.

Tapsebtt, D. & _mkkmahs, A. D. (0997). _mcmlbhmes: Fbw Hass Ebkka`bratmbl Efalons

Nvnrytfmlo . Lnw ]brc: Taltbr Hndma.


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45

Tnnen, D. J. (0919). @usmlnss hbdnks, `usmlnss stratnoy ald mllbvatmbl. Kblo Palon Ykallmlo ,

45(0), 1?0-1=4.

Tnnen, D. J., Ymsalb, O., & Ufunl, A. (1==?). Dylahme eapa`mkmtmns ald stratnome halaonhnlt.

Utratnome Halaonhnlt Jburlak , 16(?), >9=->55.

Wal dn Wraldn, W., Dn Jblo, J. Y., Walfavnr`ncn, _., & Dn Pbefnhblt, H. (099=). Bpnl

mllbvatmbl ml UHNs: Trnlds, hbtmvns ald halaonhnlt efakknlons. Tneflbvatmbl, 0=(7), 405-

45?.

_ardrbp, P., Zfalo, @., Pau, P., & Oray, H. (091>). Hbvmlo Hamlstrnah: Tfn Nurbpnal

Aktnrlatmvn Gmlalen @nlefharcmlo Pnpbrt. Kbldbl: _ardbur.

_mj`nloa, G. F., Ybstha, T. J., ald Utratkmlo, P. (099?). Tfn mlgkunlen bg tfn vnlturn eapmtakmst's

obvnrlalen aetmvmtmns bl tfn nltrnprnlnurmak gmrh's ebltrbk systnhs ald pnrgbrhalen.

Nltrnprnlnursfmp Tfnbry ald Yraetmen, 51(0), 0>?-0??.

_mksbl, C. N. & Tnstblm, H. (0914). Mhprbvmlo tfn rbkn bg nqumty erbwdguldmlo ml Nurbpn's

eapmtak harcnts. Avamka`kn at UUPL 0>90069.

_mkt`alc, P. N. (099=). Umdmlo wmtf tfn Alonks: @usmlnss Alonk mlvnstmlo-prbhmsmlo butebhns

ald nggnetmvn stratnomns. Kbldbl: Lnsta.

_mtt, Y. (0994). Nltrnprnlnurs” lntwbrcs ald tfn sueenss bg start-ups. Nltrnprnlnursfmp ald

Pnomblak Dnvnkbphnlt , 17 (>), 5=1-410.

_brkd @alc (0915) Erbwdguldmlo”s pbtnltmak gbr tfn dnvnkbpmlo wbrkd . _asfmlotbl DE: _brkd

@alc.


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44

_rmoft, H., Kbecntt, A., Ekaryssn, @., & @mlcs, H. (0997). ^lmvnrsmty spml-but ebhpalmns ald

vnlturn eapmtak. Pnsnaref pbkmey, 5>(4), 461->91.

_rmoft, H., Fart, H., & Gu, C. (091>). A Latmbl bg Alonks: Assnssmlo tfn mhpaet bg alonk

mlvnstmlo aerbss tfn ^C . Nltnrprmsn Pnsnaref Enltrn.


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4>

Gmourns

Gmourn 1. Aon bg sahpkn gmrhs

Gmourn 0. Unetbrak `rnacdbwl bg sahpkn gmrhs

l840

04

6?

5

9

>

19

1>

09

0>

1-5 ynars 4-7 ynars ?-19 ynars 19+

L u h ` n r b g g m r h s ( l 8 4 0 )

Gmrh aon


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47

Gmourn 5: Onborapfmeak dmstrm`utmbl bg sahpkn gmrhs

Gmourn 4. Gmlalemlo ramsnd

7

10

6

7> >

£>9-==c £199-14=c £1>9-1==c £099-4==c £>99-===c £1h+

9

>

19

1>

Ahbult ramsnd

G r n q u n l e y


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Pnenlt P@G _brcmlo papnrs pu`kmsfnd ml tfms Unrmns

Tfmrd Quartnr | 091>

1>-996 Ynjhal A`ndmgar, Ufafmd N`rafmh, Yfmkmp Hbkylnux ald Ahmln Tarazm:

Mskahme @alcmlo ald Gmlalen: Pnenlt Nhpmrmeak Kmtnraturn ald Dmrnetmbls gbr Guturn

Pnsnaref.

1>-99? Dnekal Grnlef ald Dblak HeCmkkbp: Tfn Mhpaet bg Fbusnfbkd Bvnrmldn`tndlnss

bl Yfysmeak ald Hnltak Fnaktf.

1>-997 Pbss @rbwl ald Uuzalln Hawsbl: Tarontnd Uuppbrt gbr Fmof Orbwtf Gmrhs:

Tfnbrntmeak Eblstramlts, ^lmltnldnd Eblsnqunlens ald Guturn Ybkmey Efakknlons.

Unebld Quartnr | 091>

1>-99> Jbfl C. Asftbl ald Pb`nrt U. Fudsbl: Tfn Yrmen, Quakmty ald Dmstrm`utmbl bg

Hbrtoaon Yayhnlt Yrbtnetmbl Mlsuralen: A Fndblme Yrmemlo Apprbaef.

1>-994 Dmhmtrms C. Efrblbpbukbs, Ekaudma Omrardbln ald Jbfl E. Lalcnrvms:

Dbu`kn @bbtstrap Eblgmdnlen Mltnrvaks ml tfn Twb-Utaon DNA Apprbaef.

Gmrst Quartnr | 091>

1>-995 Dblak O. HeCmkkbp ald Jbfl B.U. _mksbl: Erndmt ^lmbls as Ebbpnratmvn

Mlstmtutmbls: Dmstmletmvnlnss, Ynrgbrhalen ald Yrbspnets.

1>-990 Ynjhal A`ndmgar, Yfmkmp Hbkylnux ald Ahmln Tarazm: Lbl-mltnrnst Mlebhn

Aetmvmtmns ald @alc Knldmlo.

Tfn Enltrn gbr Pnspblsm`kn @alcmlo ald

Gmlalen

P@G _brcmlo Yapnr Unrmns

Uefbbk bg Halaonhnlt, ^lmvnrsmty bg Ut Aldrnws

Tfn Oatnway, Lbrtf Fauof,

Ut Aldrnws, Gmgn,

C]17 =PJ.

Uebtkald, ^lmtnd Cmlodbhfttp://www.st-aldrnws.ae.uc/`usmlnss/r`g/
http://www.st-andrews.ac.uk/business/rbf/workingpapers/RBF15_004.pdfhttp://www.st-andrews.ac.uk/business/rbf/workingpapers/RBF15_004.pdfhttp://www.st-andrews.ac.uk/business/rbf/workingpapers/RBF15_004.pdfhttp://www.st-andrews.ac.uk/business/rbf/http://www.st-andrews.ac.uk/business/rbf/workingpapers/RBF15_004.pdfhttp://www.st-andrews.ac.uk/business/rbf/

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