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Marc Cowling
University of Brighton
96Publications
23H-index
2,652Citations
Publications 96
Newest
#1Marc Cowling (University of Brighton)H-Index: 23
#2George Tanewski (Deakin University)H-Index: 16
After 26 years of growth, the Australian economy is beginning to show signs of stress and declining productivity. In this paper, we consider aspects of productive efficiency using an Australian business population data set. Using a production function approach, several key findings are uncovered. Firstly, decreasing returns to scale are identified as a significant feature of the Australian business sector. This implies that not all firm growth will lead to productivity gains. Secondly, there are...
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#1Elisa Ughetto (Collegio Carlo Alberto)H-Index: 13
#2Marc Cowling (University of Brighton)H-Index: 23
Last.Neil Lee (LSE: London School of Economics and Political Science)H-Index: 16
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This editorial introduces the papers addressing regional and spatial aspects relating to the demand for, and the supply of, finance for small and medium-sized enterprises (SMEs) and start-ups. Reflecting the breadth of financial instruments that are potentially available to SMEs and new ventures (e.g., business angel, bank credit and credit card financing), this special issue offers a combination of up-to-date studies that integrate the regional and spatial perspectives into the debate on SMEs a...
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#1Marc Cowling (University of Brighton)H-Index: 23
#2Paul Robson (RHUL: Royal Holloway, University of London)H-Index: 26
Last.G. Allinson (Durham University)H-Index: 3
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Loan guarantee schemes have existed since 1953 (in the US) and are widely used throughout the world to provide financial support to smaller firms by guaranteeing loans from commercial banks. The UK government has been an active supporter of loan guarantees since 1981, and has a long track record of modifying its scheme to reflect changing market conditions and the financing needs of its SME sector. Arguably the two most significant changes occurred in 2008 when the 5-Year Rule on eligibility was...
2 CitationsSource
#1Marc CowlingH-Index: 23
#2Elisa Ughetto (Polytechnic University of Turin)H-Index: 13
Last.Neil Lee (LSE: London School of Economics and Political Science)H-Index: 16
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High-technology firms per se are perceived to be more risky than other, more conventional, firms. It follows that financial institutions will take this into account when designing loan contracts, and that this will manifest itself in more costly debt. In this paper we empirically test whether the provision of a government loan guarantee fundamentally changes the way lenders price debt to high-tech firms. Further, we also examine whether there are differential loan price effects of a public guara...
6 CitationsSource
#1Marc CowlingH-Index: 23
#2Weixi Liu (University of Bath)H-Index: 6
Last.Ning Zhang (University of the West of England)H-Index: 4
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This paper examines the relationships between firm age and entrepreneurs experience on SME performance after the 2008/09 global financial crisis. We find that in general the crisis had a long-lasting scarring effect on the SME sector, but there is evidence of some recovery in performance. Interestingly, the well-established, and negative, firm age-growth relationship still holds, but entrepreneurial experience did not have any substantive effects on small business performance. Our findings sugge...
6 CitationsSource
#1Elisa Ughetto (Polytechnic University of Turin)H-Index: 13
#2Giuseppe Scellato (Polytechnic University of Turin)H-Index: 16
Last.Marc Cowling (University of Brighton)H-Index: 23
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In this paper, we study the determinants of the spread charged by banks under a UK policy intervention scheme, aimed at supporting access to the credit market for small firms through guarantee backed loans. We exploit a unique dataset containing data on 29,266 guarantee backed loans under the UK SFLG scheme over the period 2000 to 2005. Results suggest that lower spreads are offered for loans of larger amounts and higher durations, for service firms, for larger firms, and for those located in th...
8 CitationsSource
#1Alex Coad (University of Sussex)H-Index: 30
#2Marc Cowling (University of Brighton)H-Index: 23
Last.Josh Siepel (University of Sussex)H-Index: 7
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This article investigates whether high-growth firms grow in different ways from other firms. Specifically, we analyze how firms grow along several dimensions (growth of sales, employment, assets, and operating profits) using Structural Vector Autoregressions. Causal relations are identified by using information contained in the (non-Gaussian) growth rate distributions. For most firms, the growth process starts with employment growth, which is then followed by sales growth, then growth of operati...
7 CitationsSource
#1Marc CowlingH-Index: 23
#2Catherine MatthewsH-Index: 1
Last.Weixi Liu (University of Exeter)H-Index: 6
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In this paper we provide empirical evidence concerning the nature of loan commitment contracts as reflected by individual loan contract parameters in influencing the size of bank commitments. Specifically, we consider how the quantitative allocation of credit, the loan amount, is affected or altered by changes to other components of the total loan package. By doing so we shed some more light on the types of real world trade-offs that credit constrained firms might face when approaching banks for...
2 Citations
#1Marc CowlingH-Index: 23
#2Neil Lee (LSE: London School of Economics and Political Science)H-Index: 16
Purpose The creation and distribution of human capital, often termed talent, has been recognised in economic geography as an important factor in the locational decisions of firms (Florida, 2002), and at a more general level as a key driver of economic growth (Romer, 1990). The purpose of this paper is to consider how talent is created and distributed across the cities of the UK and the key factors which are driving this spatial distribution. They also consider what the economic outcomes of these...
2 CitationsSource
#1Marc Cowling (University of Brighton)H-Index: 23
#2Weixi LiuH-Index: 2
Last.Hang DoH-Index: 1
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Market entry decisions are complex and involve high sunk costs with uncertain or risky outcomes. In this study we explore how the owner, firm, and competitive pressures shape this decision. Using a large UK data set of SMEs, we find that the preferred form of growth, and growth is not always desired, is expansion in existing markets. Key determinants of the decision to pursue a new market entry strategy are formal education, and large firm based market competition. Further, these decisions are m...
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