Entrepreneurial borrowing : do entrepreneurs seek and receive enough credit?

Abstract:
This work reviews the literature on entrepreneurial borrowing. The dynamic concept of the “entrepreneurial credit journey†is developed to frame the discussion of supply and demand side issues affecting entrepreneurial borrowing. The entrepreneurial credit journey follows the entrepreneur from the development of credit needs, through application and lending decisions and, beyond, to the consequences of these earlier decisions for firm performance. The literature has traditionally focussed on the lending decision stage, including: problems of credit rationing which may arise due to asymmetric information; and lending technologies to reduce information issues. However, on the demand side, discouraged borrowers, who decide not to apply for fear of rejection, have received increasing attention. There is also greater attention to issues of entrepreneurial cognition (e.g., over-optimism, illusion of control) which may adversely affect borrowing decisions. In terms of the firm performance effects of credit access, the review highlights the widely used internal finance approach to testing financial constraints is unidentified because it is unable to disentangle financial from cognitive constraints. An alternative, more direct, external funding gaps test of underinvestment is therefore proposed. The policy literature is also reviewed which suggests that assistance in the form of loan guarantees has been both finance and economic additional (i.e., providing entrepreneurs with credit they cannot get elsewhere and helping to create jobs that would not otherwise have been created) especially following the Great Financial Crisis. A discussion of the literature relating to underrepresented groups in the entrepreneurial credit market highlights that female and ethnic minority entrepreneurs may receive less credit, and/or pay a higher rate on the credit they receive, than their male or white counterparts. This speaks to ongoing issues of gender stereotypes and ethnic discrimination in the credit market. The increasing role of peer-to-peer lending following the Great Financial Crisis, and its potential for ‘democratizing entrepreneurial finance’, is discussed. This literature highlights that, while peer-to-peer lending is helping to fill credit gaps following the Great Financial Crisis, there are issues relating to the performance of small business peer-to-peer loans and possible issues of ethnic discrimination. The review concludes with proposals for future research on entrepreneurial borrowing, including: collecting more data relating to entrepreneurial credit journeys; developing tests for the presence of information asymmetries and the nature of selection in entrepreneurial credit markets; testing relationships between stages of the entrepreneurial credit journey (e.g., to shed light on the causes of discouragement); developing tests which disentangle financial from cognitive constraints; and researching entrepreneurial and bank learning over recurrent entrepreneurial credit journeys.
Author Listing： Stuart Fraser
Volume： 15
Pages： 431-663
DOI： 10.1561/0300000076
Language： English
Journal： Foundations and Trends in Entrepreneurship

Foundations and Trends in Entrepreneurship

FOUND TRENDS ENTREP

影响因子：1.5 是否综述期刊：否 是否OA：否 是否预警：不在预警名单内 发行时间：- ISSN：1551-3114 发刊频率：- 收录数据库：ESCI/Scopus收录 出版国家/地区：- 出版社：Now Publishers Inc.

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年发文量 7
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国人发文占比 0%
自引率 6.7%
平均录取率 -
平均审稿周期 -
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偏重研究方向 BUSINESS-
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100.00% 0.00% - -

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期刊预警不是论文评价，更不是否定预警期刊发表的每项成果。《国际期刊预警名单（试行）》旨在提醒科研人员审慎选择成果发表平台、提示出版机构强化期刊质量管理。

预警期刊的识别采用定性与定量相结合的方法。通过专家咨询确立分析维度及评价指标，而后基于指标客观数据产生具体名单。

具体而言，就是通过综合评判期刊载文量、作者国际化程度、拒稿率、论文处理费（APC）、期刊超越指数、自引率、撤稿信息等，找出那些具备风险特征、具有潜在质量问题的学术期刊。最后，依据各刊数据差异，将预警级别分为高、中、低三档，风险指数依次减弱。

《国际期刊预警名单（试行）》确定原则是客观、审慎、开放。期刊分区表团队期待与科研界、学术出版机构一起，夯实科学精神，打造气正风清的学术诚信环境！真诚欢迎各界就预警名单的分析维度、使用方案、值得关切的期刊等提出建议！

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WOS期刊SCI分区是指SCI官方（Web of Science）为每个学科内的期刊按照IF数值排 序，将期刊按照四等分的方法划分的Q1-Q4等级，Q1代表质量最高，即常说的1区期刊。
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关于2019年中科院分区升级版（试行）

分区表升级版（试行）旨在解决期刊学科体系划分与学科发展以及融合趋势的不相容问题。由于学科交叉在当代科研活动的趋势愈发显著，学科体系构建容易引发争议。为了打破学科体系给期刊评价带来的桎梏，“升级版方案”首先构建了论文层级的主题体系，然后分别计算每篇论文在所属主题的影响力，最后汇总各期刊每篇论文分值，得到“期刊超越指数”，作为分区依据。

分区表升级版（试行）的优势：一是论文层级的主题体系既能体现学科交叉特点，又可以精准揭示期刊载文的多学科性；二是采用“期刊超越指数”替代影响因子指标，解决了影响因子数学性质缺陷对评价结果的干扰。整体而言，分区表升级版（试行）突破了期刊评价中学科体系构建、评价指标选择等瓶颈问题，能够更为全面地揭示学术期刊的影响力，为科研评价“去四唯”提供解决思路。相关研究成果经过国际同行的认可，已经发表在科学计量学领域国际重要期刊。

《2019年中国科学院文献情报中心期刊分区表升级版（试行）》首次将社会科学引文数据库（SSCI）期刊纳入到分区评估中。升级版分区表（试行）设置了包括自然科学和社会科学在内的18个大类学科。基础版和升级版（试行）将过渡共存三年时间，推测在此期间各大高校和科研院所仍可能会以基础版为考核参考标准。 提示：中科院分区官方微信公众号“fenqubiao”仅提供基础版数据查询，暂无升级版数据，请注意区分。

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